Aspect Fund Report Q1 2024

• The Fund started its activities on the 14th of October, 2022. The total subscribed amount for the first subscription was €5.860.000,00. The amount raised will be used to purchase and support early development costs for PROJECT CANIDELO(CAN) and PROJECT MADALENA(MAD).

1QFY24

• During 1QFY24, we are preparing for the annual fund meeting on April 24, 2024. The meeting will address the result of 2023 as well as several changes to be made in year 2024, including proposal to change new fund management entity.
• No additional capital was raised.

4QFY23

• During 4QFY23, we are moving ahead with zoning change of Canidelo Project. The Madalena softcost loan has not been executed yet.
• No additional capital was raised.

3QFY23

• During 3QFY23, we were able to agree and negotiate with Heed Capital the borrow of €1.0M trough a mezzanine loan that will be used to finance Madalena's plot acquisition and further expenses related to licensing process. The junior loan provided will have a duration of 1 year with 8% of interest rate.
• No additional capital was raised.

2QFY23

• Heed Capital has rejected the equity investment in Project Madalena based on the tax concerns of acquiring shares of an existing company. We are since working on a plan to borrow debt financing from Aspect Fund I. The terms are being negotiated.

1QFY23

• We've finalized the due diligence and transaction for PROJECT CAN and the project is currently in licensing stage developed by the design and engineering teams.
• On the first shareholder's meeting (on the 31st of January, 2023), a capital increase is suggested and approved by shareholders to access other opportunities, and further diversify fund’s portfolio. Since the Capital Increase, we have confirmed fundraising of 600.000€ to add to the fund.