PHYSICAL INVENTORY INSPECTION Alkemya Luxembourg Sarl Client 26 boulevard Royal L2449 Luxembourg Numéro d'immatriculation : B265985 Inspection Date: 06/12/2022 Report Issue Date: 06/12/2022 Report Number 006/22 This report may not be reproduced in a partial manner without the written permission of ASACERT and Customer Company. ASACERT UK Ltd – Assessment & Certification 76 King Street M2 4NH Manchester England - United Kingdom Ph. +44 (0) 161 8841248 - info@asacert.co.uk – www.asacert.co.uk UNITED KINGDOM – ITALY – UNITED ARAB EMIRATES – CHINA – CZECH REPUBLIC SLOVAK REPUBLIC – INDIA – SAUDI ARABIA – IRAN – PAKISTAN INDONESIA – LEBANON – REPUBLIC OF SINGAPORE – MALESIA - GEORGIA – NIGERIA - BRAZIL Summary FOREWARD ...................................................................................................................................................... 3 PHYSICAL INVENTORY INSPECTION ......................................................................................................... 3 CONCLUSION ..................................................................................................................................................14 2 FOREWARD The Physical Inventory Inspection consists in verifying the adequacy of the place of custody of the asset both from the point of view of the microclimatic conditions and of the safety conditions by visual inspection. For this purpose, to the property of the Caveau will require documentary evidence on the control of microclimatic parameters and anti-theft management measures. The visual inspection will subsequently be concentrated on the asset by carrying out an inventory of the reels kept in the three aluboxes. The operations were carried out on 6th December 2022, inside the caveau of Helvetic Securgest in Lugano in Piazzetta Santa Lucia. PHYSICAL INVENTORY INSPECTION Inspection Object “Bobbins containing unalloyed nickel wire, stored in four "aluboxes", protected in a safe inside the caveau of Helvetic Securgest SA in piazzetta Santa Lucia - 6900 - Massagno (Lugano), Switzerland”. The inspection operations were launched in support of the General Manager of Alkemya Lux, Dr. Carlo della Peruta and the Keeper, Helvetic Securgest, Lorenzo Forni. Foto 1 - Caveau Only the Keeper can unseal the aluboxes for inspection of the inventory and only he can re-seal them to protect the security of the Collateral. The place looks to be safe and it seems not to be possible to enter into without a prior authorization. The Keeper, in person of Mr. Lorenzo Forni, tells us that there is an efficient alarm system with microphone walls. The inventory is kept in sealed aluboxes. Foto 2 - Aluboxes no. 1, 2 e 3 Foto 3 – Alubox no. 4 - “Reserve” 3 The Keeper takes the four aluboxes in the meeting room for our Physical Inventory Inspection and shows us the Collateral following the numerical order. Foto 4 - Breaking of seals Foto 5 - Box contents The Keeper tells us that he only has the key to open the strongbox containing the Collateral. The Keeper shows us that the aluboxes are intact, without apparent damage. We confirm that seals are intact (foto 2 and foto 3). For each alubox, the same procedure occurs: 1. The Keeper checks that the aluboxes are intact and without apparent damage or without any tampering of the seals or of the aluboxes; 2. The Keeper breaks the seals; 3. ASACERT checks that the bobbins are intact and without apparent damage; 4. ASACERT allows to begin the Inspection with the presence of the GM Alkemya Lux. Photographs are taken for every step of the Inspection; 5. After random checks made by ASACERT, as indicated in the tables hereinafter provided, the Keeper puts back and then re-seals each of the four aluboxes with his seals. Finally, the Keeper puts back the aluboxes in the safe (strongbox); then, the Keeper closes it and at the end he closes the caveau / the heavy safe door. Foto 6 - Alubox 1 re-sealed 4 Foto 7 - Alubox 2 re-sealed Foto 8 - Alubox 3 re-sealed Foto 9 - Alubox “Reserve” - re-sealed The following tables show the net and gross weight of the bobbins. Moreover, the bobbins that have been randomly verified by ASACERT (the gross weight was verified using a certified precision balance). The ones that have been inspected by ASACERT have been marked with *: 5 Label information Alubox Bobbin Weight (g) Net Weight Gross Weight Note no. no. Checked by Asacert (g) (g) 1 1 236 301 1 2 214 279 1 3 265 330 Sample collection for 1 4* 225 290 291,342 scientific tests for a total of approx 11,5 meters 1 5 258 323 1 6 266 331 1 7 218 283 1 8* 224 289 291,183 1 9* 223 288 289,364 1 10 264 329 1 11 244 309 1 12 261 326 1 13 230 295 1 14 232 297 1 15 222 287 1 16 219 284 1 17 263 328 Sample collection for 1 18 243 308 scientific tests for a total of approx 105 meters 1 19 251 316 Sample collection for 1 20 310 375 scientific tests for a total of approx 4,5 meters 1 21 258 323 1 22 266 331 1 23 298 363 1 24 228 293 1 25 275 340 1 26* 215 280 282,063 1 27 272 337 1 28 250 315 1 29* 212 277 279,852 1 30 279 344 1 31 211 276 1 32 216 281 1 33 287 352 1 34 307 372 1 35 253 318 6 Label information Alubox Bobbin Weight (g) Net Weight Gross Weight Note no. no. Checked by Asacert (g) (g) 1 36 276 341 1 37 238 303 Sample collection for 1 38 236 301 scientific tests for a total of approx 10 meters 1 39 290 355 1 40 265 330 TOTAL 10.000,00 12.600,00 Table 1 – Content Alubox 1 7 Label information Alubox Bobbin Weight (g) Note no. no. Gross Checked by Asacert Net Weight (g) Weight (g) 2 41 263 328 2 42 225 290 2 43 235 300 2 44* 226 291 292,938 2 45 217 282 2 46 231 296 2 47 343 408 2 48 278 343 2 49 223 288 2 50 224 289 Sample collection for scientific tests 2 51* 233 298 299,455 for a total of approx 6 meters 2 52 221 286 2 53 270 335 2 54 226 291 2 55 252 317 Sample collection for scientific tests 2 56 256 321 for a total of approx 108 meters 2 57 265 330 2 58 330 395 2 59 246 311 2 60 293 358 2 61 251 316 2 62 225 290 Sample collection for scientific tests 2 63* 221 286 288,161 for a total of approx 10 meters 2 64 241 306 2 65 266 331 2 66 302 367 2 67 235 300 2 68 246 311 2 69 230 295 Sample collection for scientific tests 2 70 313 378 for a total of approx 11 meters 2 72 234 299 2 73 256 321 2 74 229 294 8 Label information Alubox Bobbin Weight (g) Note no. no. Gross Checked by Asacert Net Weight (g) Weight (g) 2 75* 222 287 289,049 2 76 252 317 2 77 221 286 2 78 223 288 2 80 208 273 TOTAL 9.432,00 11.902,00 Table 2 – Content Alubox 2 9 Weight (g) Label Information Note Alubox Bobbin Checked by Asacert no n° Net Weight Gross Weight (g) (g) 3 71 318 383 3 81 234 299 3 82 283 348 3 83 260 325 3 84 294 359 3 85* 222 287 288,328 3 86 244 309 3 87 228 293 3 88 217 282 3 89 242 307 3 90 233 298 3 91 253 318 3 92 223 288 3 93 242 307 3 94 302 367 3 95 249 314 Sample collection for scientific tests 3 96 239 304 for a total of approx 10 meters Sample collection for scientific tests 3 97* 228 293 294,716 for a total of approx 13 meters 3 98 222 287 3 99 223 288 3 100 246 311 3 101 240 305 3 103 245 310 3 104 343 408 3 114 240 305 3 115 237 302 Sample collection for scientific tests 3 116 234 299 for a total of approx 106 meters 3 117* 232 297 298,823 3 118 244 309 3 119 245 310 TOTAL 7.462,00 9.412,00 Table 3 – Content Alubox 3 10 Weight (g) Label Information Note Alubox Bobbin Checked by Asacert no. no. Net Weight Gross Weight (g) (g) RESERVE 79 247 312 RESERVE 105 331 396 Sample collection for RESERVE 106* 342 407 scientific tests for a total of approx 8 meters RESERVE 107 246 311 RESERVE 108 240 305 RESERVE 109* 226 291 292,74 RESERVE 110 228 293 RESERVE 111 249 314 RESERVE 112 252 317 RESERVE 113 258 323 TOTAL 2.619,00 3.269,00 Table 4 – Content Alubox “Reserve” The gross weight check has always highlighted a positive difference (higher gross weight detected than declared on the label of the sampled bobbin) 11 Below there are some images regarding, some of the bobbins inspected: 12 13 CONCLUSION Reading the data in tables 1, 2, 3 and 4, the following results: Label Information Samples for scientific test Alubox no. Net Weight (g) Gross Weight (g) (m) Alubox no. 1 10.000 12.600 -131 Alubox no. 2 9.432 11.902 -135 Alubox no. 3 7.462 9.412 -129 Alubox “reserve” 2.619 3.269 -8 TOTAL 29.513 37.183 -403 Table 5 – Summary information Table 1, Table 2, Table 3 and Table 4 with reference to the Helvetic Securgest “Safe Keeping Receipt” (S.K.R - No. 004 of 18/05/2022) – annex 1 and Nickel wire characterization analysis by Allkema Engineering s.r.l. – annex 2, we deduce the following: • Total quantity of Alubox 1 + 2 + 3 (m): 6,403,333.33 • Total quantity picked from Alubox 1 + 2 + 3 (m): 395 • Total quantity of Alubox Reserve (m): 623,571.43 • Total quantity picked from Alubox Reserve (m): 8 Total quantity (m): 6,403,333.33 – 395 + 623,571.43 – 8 ~ 7,026,501.76 Finally, based on what previously written and in relation to our mandate, ASACERT UK certifies that the whole Collateral is safe, without apparent damage and is kept in a safe place. Observers on behalf of Alkemya Luxembourg Sarl • Carlo Della Peruta – Managing Director Lugano, 6th December ASACERT UK Ltd Nicola Petta- Inspector Annex 1 – Safe Keeping Receipt – Helvetic Securgest Annex 2 – Nickel wire characterization analysis by Allkema Engineering s.r.l. 14 Alkemya Luxembourg Sarl 26 boulevard Royal L2449 Luxembourg Numéro d'immatriculation : B265985 ANNEX 1 Safe Keeping Receipt – Helvetic Securgest Alkemya Luxembourg Sarl 26 boulevard Royal L2449 Luxembourg Numéro d'immatriculation : B265985 ANNEX 2 Nickel wire characterization analysis by Allkema Engineering s.r.l. Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_O_04 SUPERFICIAL IMAGE S5_O_04 - SEM-EDS SUPERFICIAL IMAGE - MAGNIFICATION 4500 x S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 4500 – SPECTRUM 1 S5_O_04 - EDS SPECTRUM - MAGNIFICATION 4500 – SPECTRUM 1 – INSTRUMENT RAW DATA Pag.2 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_O_04 SPOT analytical study - MAGNIFICATION 7800X S5_O_04 - SEM SPOT IMAGE - MAGNIFICATION 7800 x S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 7800 – SPECTRUM 1 Pag.3 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 7800 – SPECTRUM 2 S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 7800 – SPECTRUM 3 S5_O_04 - EDS SPECTRUM - MAGNIFICATION 7800 – SPECTRA 1/2/3 – INSTRUMENT RAW DATA Pag.4 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_O_04 SPOT analytical study - MAGNIFICATION 8000X S5_O_04 - SEM SPOT IMAGE - MAGNIFICATION 8000 x S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 8000 – SPECTRUM 1 Pag.5 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 S5_O_04 - EDS SPECTRUM IMAGE - - MAGNIFICATION 8000 – SPECTRUM 2 S5_O_04 - EDS SPECTRUM - MAGNIFICATION 8000 – SPECTRA 1 / 2 – INSTRUMENT RAW DATA Pag.6 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_P_63 SUPERFICIAL IMAGE S5_P_63 - SEM-EDS SUPERFICIAL IMAGE - MAGNIFICATION 4500 x S5_P_63 - EDS SPECTRUM IMAGE - - MAGNIFICATION 4500 – SPECTRUM 1 S5_P_63 - EDS SPECTRUM - MAGNIFICATION 4500 – SPECTRUM 1 – INSTRUMENT RAW DATA Pag.7 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_P_63 SPOT analytical study - MAGNIFICATION 5800X S5_P_63 - SEM SPOT IMAGE - MAGNIFICATION 5800 x S5_P_63 - EDS SPECTRUM IMAGE - - MAGNIFICATION 5800 – SPECTRUM 1 Pag.8 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 S5_P_63 - EDS SPECTRUM IMAGE - - MAGNIFICATION 5800 – SPECTRUM 2 S5_P_63 - EDS SPECTRUM - MAGNIFICATION 7800 – SPECTRA 1/2 – INSTRUMENT RAW DATA Pag.9 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_P_63 SPOT analytical study - MAGNIFICATION 8800X S5_P_63 - SEM SPOT IMAGE - MAGNIFICATION 8800 x S5_P_63 - EDS SPECTRUM IMAGE - - MAGNIFICATION 8800 – SPECTRUM 1 Pag.10 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 S5_P_63 - EDS SPECTRUM IMAGE - - MAGNIFICATION 8800 – SPECTRUM 2 S5_P_63 - EDS SPECTRUM - MAGNIFICATION 8000 – SPECTRA 1 / 2 – INSTRUMENT RAW DATA Pag.11 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_Q_97 SUPERFICIAL IMAGE S5_Q_97 - SEM-EDS SUPERFICIAL IMAGE - MAGNIFICATION 4500 x S5_Q_97 - EDS SPECTRUM IMAGE - - MAGNIFICATION 4500 – SPECTRUM 1 S5_Q_97 - EDS SPECTRUM - MAGNIFICATION 4500 – SPECTRUM 1 – INSTRUMENT RAW DATA Pag.12 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_Q_97 SPOT analytical study - MAGNIFICATION 4800X S5_Q_97 - SEM SPOT IMAGE - MAGNIFICATION 4800 x S5_Q_97 - EDS SPECTRUM IMAGE - - MAGNIFICATION 4800 – SPECTRUM 1 Pag.13 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 S5_Q_97 - EDS SPECTRUM IMAGE - - MAGNIFICATION 4800 – SPECTRUM 2 S5_Q_97 - EDS SPECTRUM - MAGNIFICATION 4800 – SPECTRA 1/2 – INSTRUMENT RAW DATA Pag.14 di 16 Project ASACERT – Nichel Wires Modugno (BA), 21 october 2022 SAMPLE S5_Q_97 SPOT analytical study - MAGNIFICATION 6300X S5_Q_97 - SEM SPOT IMAGE - MAGNIFICATION 6800 x S5_Q_97 - EDS SPECTRUM IMAGE - - MAGNIFICATION 6800 – SPECTRUM 1 Pag.15 di 16