Good morning,

Last week at Africacom, management connected with various banks, DFIs, Impact funds, prospects and clients to review 2023 and pave the way to the year end AND next year. The conference is great opportunity to meet F2F and to agree on way forward with those stakeholders. While Africacom 2022 was focused on potential signature of the EIB loan asking all other players to standby for the new financial package to enable phase 2 debt, 2023 was more about discussing the short term action plan to aim to equity or debt financing as NuRAN now has 4642 sites under contract to deliver requiring important investments. The signature of MTN Ivory Coast for 1000 sites and Orange Madagascar for 500 sites, has completely change the picture for equity and debt players especially that NuRAN retains the ownership of its assets increasing the company future value due to the perpetuity. With now 7 countries, the busines model offers diversification reducing the risk. 

• Regarding EIB and 2nd DFI, we discussed the application to the infrastructure license as a way to unluck the situation.The file is being reviewed waiting for feedback.
• Management was able to announce a transformative termsheet during the event. The US$ 10M mezzanine/debt TS is expected allow the company complete the rollout of the sites in inventory in Cameroon, DRC and South Sudan. Combined with the US$ 800K credit facility, the raised capital is expected to unluck the rollout in those 3 countries and kickoff operations in Ivory Coast and Madagascar.
• The event also allowed the business development team to progress on several opportunities to help grow the pipeline.

Now back from Capetown, the team is now focusing on the action plan:

1. Complete the process to sign the US$ 800K credit facility in Cameroon
2. Continue the DD process aiming to signature of the US$ 10M facility
3. Resume in-country site inventory rollout
4. Progress towards additional financing options following Africacom
5. Accelerate the country setup and initial core network integration in Madagascar and Ivory Coast.

Important note:  Management will not pursue the CA$ 40M Equity offer. The Company continue to focus on non-dilutive NuRAN Africa financing.

We will keep the shareholders informed on the progression of the financing options. While NuRAN Cameroon continues to show important improvement, we will capitalize on this success and cash contribution to complete the deployment of the sites in inventory in this country.

Warm regards

NuRAN