Aspect Fund Report Q4 2023

• 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).

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.