Project COD & global RAS operations

The project is relying on two synergistic pillars. First, the strategic acquisition of "Project COD," a mature 50,000 m2 cod processing facility in Aveiro, Portugal. Second, the development of land- based Recirculating Aquaculture System (RAS) facilities in Kenya (33,000 m2) and Nigeria (18,000 m2) for the sustainable production of premium marine species (Yellowtail Kingfish, Sea Bass). Economic & Commercial Aspect: Project COD possesses strong financial fundamentals, with estimated 2024 annual revenues of €162 million and an EBITDA of €7.35 million. The combined enterprise projects an IRR of 42% to 48%. Commercially, the business leverages Portugal's trade networks to establish a "Blue Corridor" supplying ambient-stable stockfish to Sub-Saharan Africa to combat cold-chain deficits, while simultaneously exporting premium RAS-grown sashimi to China and sustainable seafood to the US. Environmental Impact: The initiative embodies the Green Economy mandate. The African RAS facility will be powered by 5 MWp floating solar arrays, ensuring carbon-neutral operations. The Portugal facility will utilize advanced wastewater electrodialysis to achieve Zero Liquid Discharge. Furthermore, we are implementing a 100% circular upcycling model, transforming biological byproducts into luxury fish leather, biomedical hydroxyapatite (HAp), and organic fertilizers. We are officially requesting 35% Equity Participation from the EBRD, with the remaining 65% to be raised through an Initial Public Offering (IPO) on an internationally recognized exchange. The EBRD's participation is sought to provide foundational institutional governance prior to the IPO. We are not seeking debt financing from the Bank at this juncture; instead, we aim to secure the EBRD as an equity anchor to validate the project's ESG credentials, facilitate European and African regulatory integrations, and establish multilateral credibility ahead of our targeted public market offering. This is a multi-jurisdictional initiative. The primary countries of investment are Portugal (acquisition and modernization of the Aveiro processing plant), alongside Kenya and Nigeria (development of the RAS infrastructure hub and Cold Storage). We believe these locations firmly align with the EBRD's operational regions and trade integration strategies.

These models encompass rapid revenue scaling driven by integrated RAS and processing operations. Audited historical cash flow statements and financials for the Project COD acquisition target is available, with 5 year projection for the RAS and Upcycle operations. This project is highly committed to establishing a partnership founded on shared values of environmental stewardship and economic transformation.