EXECUTIVE SUMMARY ON NNPCL – RED, OYO-STATE / MAMSONS AUTOMOTIVE BIOFUEL PROGRAMME
(MEGA-AGRICULTURAL BUSINESS):

MAMSONS is a limited liability company incorporated on July 14, 1993 with a general objective of trading in
commodities, agro-allied business with limited scale in agricultural projects and arable farming. The
Company had its registered office in Lagos and later relocated to Ibadan, Oyo State to enable it align
effectively with the implementation of our Mega-Agricultural business involving global collaborative
potential partnership with the Oyo State Government, Nigerian National Petroleum Corporation LimitedRenewable Energy Division (NNPCL-RED), foreign bio-ethanol financial investors and technical partners.

The Nigerian National Petroleum Corporation Limited (NNPCL) is committed to the provision of bankable
feasibility and environmental impact assessment reports, under the Special Purpose Vehicle (SPV) umbrella
that is structured as follows: NNPCL-25%, MAMSONS & Core Investors-70%, (which would include the
Equity Funder) & the Oyo-State Goverment-5%. This structure is still open to accommodate the interest of
the financiers with interest in equity holding and or Joint Venture (JV) in the project.

PRESENT STATUS:
The Company Initial Investment projection is estimated at $373,114,529 (Three Hundred & Seventy Three
Million, One Hundred & Fourteen Thousand, Five Hundred & Twenty Nine) USD funded Turnkey MegaAgricultural Business opportunity – (Cassava Bio-Ethanol Project).
Funding need is in the minimum of about US$150m to about US$175m. This will cater for the acquisition of
the Ethanol Production Plant (2) sets, Cassava Cultivation and other field equipment’s, the Enzyme
Production Plant, spare parts, cost of installation of the Plants, Working Capital and contingencies.
It is a start-up Backward Integration Project, which will focus on everything from land-clearing to
harvesting, with Cassava as her main feedstock that will be produced from about 27,000 hectares of
farmland, vested in the Oyo-State Government, in accordance with the Federal Government of Nigeria’s
Promulgated Land Use Degree of 29th March, 1978.

By applying our Precision Farming and Mulching Techniques, from clearing of the Cassava farmland
plantation to harvesting Operations is under the Management, Advisory and Administration (OMAA) of the
International Institute of Tropical Agriculture (IITA) and www.soil-to-silo.com.

In November 2021, we signed a collaborative agreement with the International Institute of Tropical
Agriculture (IITA), Ibadan, Nigeria to cultivate 4000 hectares per year, with a target average
Cassava yield output of at least 22 to 40 tons per hectare per harvesting period.

This we believe should enable us to achieve, at least 200 liters of Ethanol per ton, resulting in an average
yield of 6000 – 8000 liters per hectare. Therefore, we should be able to produce about 400,000 liters per day from our Multi-Flex Bio-Ethanol plants. To achieve this goal, MAMSONS will initially install 2-plants in
Oyo State, in phases and each plant’s production capacity will be up to 200,000 liters per day.

Our Theme being the need to ‘be pro-active to succeed’ triggered our decision to include in our proposed
funding the capability to establish a laboratory with the TEAM in Nigeria to produce consumables, such as
enzymes, yeast, antibiotics, for our proposed 400,000 liters of Bio-Ethanol per day capacity for our use and
for export, if there is excess.

We have received very competitive quotation, are in high-level discussions with
EBS and INTERUNION of Brazil; and are awaiting response from PRAJ
of India.

Importantly, we have a provisional guarantee from NNPCL as off-takers and as investors to hold 25% stake
in the project, but with demand, potentially, outstripping supply, we agree to sell our products to a higher price buyer.

OUR PROJECTIONS AND ASSERTIONS INCLUDE:

i) Our projected revenue receipts from ethanol, Carbon Credit, Fertilizer, Animal feed and Energy
Waste accumulated CASHFLOW for 12 years is $478,880,830 USD (Four Hundred, Seventy-Eight
MILLION, Eight Hundred & Eighty Thousand, Eight Hundred & Thirty DOLLARS), with our loan pay
back schedule of 8 years 8 months; with 2 years moratorium (see Business Plan).

ii) In August 2022, when the average ethanol global average market price per litre was $1.06 per litre,
our projected Financial Accounting report and analysis indicated that with less than 200,000 litres
per day ethanol production level, our revenue is significantly above the Economic Break-Even Point,
with potential positive Gross Operating and Net Profit Margins. Whereas, and according to
the http://www.globalpetrolprices.com/ current ethanol global average market price per litre is $1.33 per
litre. Thus, significantly enhance our projected Financial Accounting report and analysis.

iii) Our Promoters’ Assets and Equity contributions to the project is over $110 Million (One Hundred &
Ten Million USD), which include the acquisition of 27,000 Hectares of Farmland, the procurement of
Agricultural Equipment, Machinery, Buildings, our share from the =N= 50Billion (Fifty Billion Naira)
=USD $50M (Fifty-Million USD) Land Clearing Cassava-Cultivation-Fund from the Federal
Government https://emsolabi.medium.com/president-bola-ahmed-tinubu-speech-31-july-2023-79da3d29cc94
the estimated USD $93million (Nine-Three Million USD) NNPCL
25% Cash-Equity contribution, the estimated $18million (Eighteen Million USD), 5% Enabling Equity contributions from the Oyo-State Government towards the achievement of our Corporate
Social Responsibilities (CSR), such as School, Healthcare, Clean Water systems, Mini Power Grid (5-
megawatts) and other Infrastructures, pre-operational and incorporation expenses, among others.

iv) The projected cash-flow, gross and net profit, for period of the 12-year period of loan servicing
which includes two-year moratorium is encouraging. However, this arrangement may differ if the
financiers are interested in going into a Joint Venture and or investing equity.

v) Accumulated cash for 12 years is over US$200million

vi) The pay back is 10 years with 2 years’ moratorium.

vii) We expect to generate over 10,000 (Ten thousand) direct employment opportunities with over
1,000,000 (One million) indirect employment opportunities due to the multiplier effect of the
project.

viii) We plan to Create Rural Zonal Development & Enablement.

ix) Our business culture will Incorporate conglomerate Corporate Social Responsibility (CSR).

x) Our Synergy will provide permanent solutions to community conflicts and land dispute resolutions.

xi) We intend to turn Marginal land into a source of Clean Renewable-Energy.

xii) We have assembled the best TEAM of Enzymologist Professionals.

xiii) On 21st October 2021, we received an Expression-of-Interest Letter from The Nigerian National
Petroleum Corporation Limited (NNPCL-RED).

xiv) In November 2021, we signed a collaborative agreement with IITA from clearing of
the Cassava farmland plantation to harvesting Operations, under the management, Advisory and
Administration with www.soil-to-silo.com.

xv) On 9th November 2022, we received a Letter-of-Interest from The Oyo State Government via The
Oyo State Agribusiness Development Agency (OYSADA), a parastatal Office of
The Executive Governor, indicating that they have conducted their due-delinquency incollaboration with The Oyo State Investment and Public Private Partnership
Agency (OYSIPPA) with positive feedbacks, directives and legal advice from
The Oyo-State Ministry of Justice.

xvi) In the interim, we have a guarantee Proposed Supply Sales agreement for Enzymes supply from
Novozymes/Multichem to ferment our 400,000 liters per day ethanol production.

In essence, we believe that “In Bitter Cassava comes Sweet Taste of Peace and Economic
Tranquility”