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Sep 13, 2022 50 likes •381 views

Executive Summary ry Mid idgard Oil il & Gas LLC FZC Tank Farm & Waste Oil il Refin inery Proje ject in in Fuja jairah (UAE) STRICTLY CONFIDENTIAL Sep September 2019, Rev. 1.3 .3 In Search of Funding for Fujairah Tank Farm

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SLIDE 1

Executive Summary ry – Mid idgard Oil il & Gas LLC FZC Tank Farm & Waste Oil il Refin inery Proje ject in in Fuja jairah (UAE) STRICTLY CONFIDENTIAL

Sep September 2019, Rev. 1.3 .3

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SLIDE 2

2 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Starting Position & Objective

In Search of Funding for Fujairah Tank Farm & Refinery Project

Starting Point

  • MIDGARD Holdings Ltd., a company incorporated under

the laws of Mauritius (Reg.No.: 115750, FSC License No.: C213020001) is the applicant for the funding of the projects in Fujairah (UAE).

  • In order to be in accordance to the laws of Fujairah, two

companies have been incorporated in the Freeport of Fujairah, namely MIDGARD Oil Hub LLC FZC (Reg. No. 19- FZC-1912 – License No. 4133) – Petroleum Trading Company - and MIDGARD Oil & Gas LLC FZC (Reg. No. 19-FZC-1918 – License No. 4139) – Tank Farm and Refinery operator.

  • An account has been opened with Abu Dhabi Islamic

Bank (ADIB), branch of Fujairah (UAE).

  • All above mentioned MIDGARD entities are free of any

loans and up to now have been fully funded by its shareholders.

Objective

  • As Fujairah is geopolitically the perfect location

(supply side and access to markets) to construct and

  • perate a tank farm & waste oil refinery, that´s why

MIDGARD Holdings Ltd. intends to establish this project in Fujairah (UAE).

  • A plot of land has been identified and reserved for

MIDGARD Oil & Gas LLC FZC with the extent of 106,737.2 m² for the construction and operation of a tank farm storage facility and a waste oil refinery (phase 1). In direct neighborhood another 50. – 60.000 m² can be added in a phase 2 for the extension with further crude oil storage tanks.

  • HH Sheikh Saif Hamad Saif Alsharqi is the local

sponsor of MIDGARD Oil & Gas LLC FZC and has promised full support on grounds of Fujairah (UAE).

  • A brief synopsis on the key parameters of project is

shown on the following pages (Executive Summary).

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3 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Fujairah is the perfect Location

Fujairah is the basis for MIDGARD Oil & Gas LLC FZC

Why Fujairah?

Fujairah is the best location for MIDGARD Oil & Gas LLC FZC and MIDGARD Oil Hub LLC FZC as it serves the elements for successful trading operations:

  • geopolitical location with short

distances to the oil producers

  • Fujairah is the world´s #2

bunkering hub

  • Fujairah is a tax free zone
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4 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • Fujairah is the best location for MIDGARD Oil & Gas LLC FZC as it serves the elements for successful trading operations

(bunkering 1)

1) and waste oil 2) 2) refining supports the trading operations in best way):

 geopolitical location with short distances to the oil producers  Fujairah is the world´s #2 largest bunkering hub (#1 Singapore, #3 Rotterdam) with more than 12 million m³ of bunkering capacities (+ petrochemcial storage)  Fujairah is a tax free zone  excellent market opportunities (domestic markets in UAE + huge demand from African and Asian countries)  by 2020 a new loading terminal facility shall be taken into operation, which raises potential for bunkering + waste oil refining

  • We identified and reserved a plot of 106,737.2 m², which will be leased to

MIDGARD Oil & Gas LLC FZC, the according licenses have already been issued by the Fujairah authorities for the construction and future operation of a tank farm as well as a waste oil refinery:  tank farm for various petroleum products with approx. 400,000 m³ storage capacity (phase 1) + additional tanks with

  • approx. 434,000 m³ for crude oil (phase 2) incl. infrastructure (office, piping, pump station, power + water suppl, matrix, etc.)

 waste oil refinery with approx. 250,000 m/t refining capacity as integral part of the entire project area

1) See scheme of bunkering process. 2) “Waste oil” is defined as any petroleum-based or synthetic oil that, through contamination, has become unsuitable for its original purpose due to the presence of impurities or loss of original

  • properties. Any oil contaminated with hazardous waste may itself be a hazardous waste, and if so, must be managed subject to hazardous waste management standards. Both used oil and waste
  • il require proper recycling or disposal to avoid creating an environmental problem.

Background Information on project parameters

Fujairah (UAE) is the perfect location for such project

1) bunkering process

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5 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Fujairah Oil Industry Zone (FOIZ)

Overview on Location

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6 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Shareholding Structure

Overview on Group of Companies

D.I. Vermögensverwaltungs- und Beteiligungs GmbH Ma Mana naging g Partner ner: Oliver er A. Dittmar ar Regi gistrat ation

  • n No
  • No. HRB 215

5 240 GE GERM RMANY MIDGARD Holdings Ltd. CEO: Thierry M. M.F. F.G. CATH THERI RINE Regi gistrat ation

  • n No
  • No. 11575

5750 FSC Li Licens ense e No No.: : C2130 130200 20001 01 MAU MAURI RITI TIUS MIDGARD Oil Hub LLC FZC Thier erry M. M.F. F.G. CATHERI RINE Oba baid d ALY LYAMMAHI Regi gistrat ation

  • n No
  • No. 19-FZ

FZC-19 1912 12 Li Licens ense No

  • No. 4133

33 FUJA UJAIRA RAH (UAE) 100% 0%

THE HE BORR RROWER TRA RADING & & MANAGEMENT

MIDGARD OIL & GAS LLC FZC Thier erry M. M.F. F.G. CATHERI RINE HH Shei eikh Saif Hamad Saif Al Al Shar arqi Regi gistrat ation

  • n No
  • No. 19-FZ

FZC-19 1918 18 Li Licens ense No

  • No. 4139

39 FUJA UJAIRA RAH (UAE)

TANK FARM & & REFI FINERY OPE PERA RATIONS

90% 90% 90% 90%

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7 May 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Commercial License and Certificate of Incorporation

MIDGARD Oil & Gas LLC FZC

  • Mr. Thierry M.F.G. Catherine holds presently 90% of the shares for and on behalf of MIDGARD

Holdings Ltd. (Mauritius), 10% are held by a local sponsor (HH Sheikh Saif Hamad Saif Alsharqi)

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8 May 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

MIDGARD Oil & Gas LLC FZC

Share Certificate

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9 May 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

MIDGARD Oil & Gas LLC FZC

Articles of Incorporation (8 pages)

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10 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Bank Account with Abu Dhabi Islamic Bank

MIDGARD Oil Hub LLC FZC

Upon request an account has been opened with Abu Dhabi Islamic Bank (ADIB) branch in Fujairah (UAE). MIDGARD Holdings Ltd. (Mauritius) would be the borrower of funds, but due to according funding agreements between the holding company (MIDGARD Holdings Ltd.) and the daughter companies (MIDGARD OIL HUB LLC FZC + MIDGARD OIL & GAS LLC FZC) the transfer could be made directly to the accounts of the daughter companies. Beneficiary Name: MIDGARD OIL HUB LLC FZC AED current account : 18927469 IBAN : AE980500000000018927469 USD current account : 18927470 IBAN : AE710500000000018927470

  • Mr. Thierry M.F.G. Catherine, CEO of MIDGARD OIL HUB LLC FZC, is signatory to

the account. The application for the account of MIDGARD OIL & GAS LLC FZC has been delayed, but the account opening shall be completed soon.

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11 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • UAE is the best location for MIDAGRD Oil Hub LLC FZC as it serves the elements for successful trading operations

(bunkering and waste oil refining supports the trading operations in best way):  geopolitical location with short distances to the oil producers  Fujairah is the world´s #2 largest bunkering hub (#1 Singapore, #3 Rotterdam) with more than 12 million m³ of bunkering capacities (+ petrochemcial storage)  Fujairah is a tax free zone  excellent market opportunities (domestic markets in UAE / Middle East + huge demand from African and Asian countries)  International Banking Structures

  • Aside from crude oil the petroleum products traded are Gasoline, Gasoil, Fuel Oil, Bitumen
  • Potential partners/stakeholders for trades are as follows:

 Suppliers / Sellers (National Oil Corporations, Refineries, etc.), such as ADNOC, SOMO, Saudi Aramco  Exit buyers (Governments, Traders, Refineries, Endusers, etc.), target market Asia - including China and Japan - and Africa (governmental oil corporations) Africa, local supply to companies like GPS Chemoil, Mabanaft, Aegean, ILFS  Network partners (other traders like Trafigura, AOT Energy. bankers, etc.)

  • the

he BC model is based on assumptions for quantities, margins and growth.

Background Information

UAE is the perfect location for such project

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12 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Key Parameters on Bunkering Capacity

Tank Farm with approx. 834,000 m³ Bunkering Capacity

Tank Farm B2 wi with th a tot total l bun bunkerin ing cap apacit ity y for

  • r Gas Oil

at at app pprox.120,000 m³ 2 tanks á 40,000 m³ 2 tanks á 15,000 m³ 2 tanks á 5,000 m³ Tank Farm B1 wi with th a tot total l bun bunkerin ing cap apacit ity y for

  • r Fuel Oil

at at app

  • pprox. 210,000 m³

4 tanks á 40,000 m³ 2 tanks á 20,000 m³ 2 tanks á 5,000 m³ Tank Farm B3 with a total bunkering capacity for Gasoline at approx. 60,000 m³ 2 tanks á 25,000 m³ 2 tanks á 5,000 m³ Tank Farm B4 with a total bunkering capacity for Base Oil at approx. 10,000 m³ 1 tank á 5,000 m³ 5 tanks á 1,000 m³ Tank Farm Q with a total bunkering capacity for Crude Oil at approx. 434,000 m³ 8 tanks á 50,000 m³ 2 tanks á 17,000 m³ PHASE 1 PHASE 2

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13 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Layout of Tank Farm & Waste Oil Refinery – Phase 1 + 2

Tank Farm with approx. 834,000 m³ Bunkering Capacity

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14 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Key Parameters of Tank Farm Project

CAPEX of approx. US$ 176 million for the Tank Farm

size of plot

integral plot of total area of 76,957.34 m² (phase 1) + approx. 55.000 m² (phase 2)

storage capacity

~ 400,000 m³ for different products (phase 1) and ~ 434,000 m³ for crude oil (phase 2)

additional required infrastructure

  • ffice facilities, piping, pump station, port matrix access, power + water supplies, etc.
  • no. of staff for operation

~ 90 persons

CAPEX for tanks

~ US$ 121,000,000.00 for 834,000 m³ storage

CAPEX for infrastructure

~ US$ 45,000,000.00

CAPEX for connection pipeline to port matrix (~ 2.7 km)

~ US$ 10,000,000.00

CAPEX total

~ US$ 176,000,000.00

OPEX annual rent (term 25 years with right of prolongation)

~ US$ 1,850,000.00 (AED 50.00 or US$ 14.00 / m² p.a.)

OPEX staff p.a. (~ 90 persons + overhead costs)

~ US$ 3,500,000.00

OPEX sponsor fee + others p.a. *)

~ US$ 2.000,000.00

Storage Revenues p.a.

~ US$ 35 - 40.000,000.00

Key Parameters of Tank Farm Project

$

*) more detailed numbers are shown in operational forecast / business case model

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15 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

STU-process by Eng. Eduard Buzetki

Conversion of used mineral oil (UMO) into bunker oil

  • Used mineral oils (UMO) represent an extremely complex and gradually changing material containing an exceptionally wide

spectrum of ingredients which are currently not fully classified.

  • UMO are always formed where mineral oils are used as lubricants in machines, engines, vehicles, etc. They are formed also at

manipulation with storage tanks, containers and oil-involving systems such as transformers, hydraulic equipment, etc. Their secure collection and at the same time their strict separation by the oil type are an important starting point to prevent their undesirable environmental impact. Used oils processing is desirable and necessary at the time being.

  • While a content of crude oil components exploitable for lubrication purposes (5–7 %) is rather low, their content in UMO

ranges from 70 to 90 %. In addition, UMO are a domestic raw material.

Fig.: Scheme of STU-process Fig.: Sample draft complex of waste oil refinery

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16 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Key Parameters of Waste Oil Refinery Project

CAPEX of approx. US$ 124 million for the Waste Oil Refinery

size of plot

integral plot of 29,779.86 m²

refining capacity

~ 250,000 m/t per year (base oil for lubricants + gasoil for bunkering)

additional required infrastructure

sharing facilities with tank farm (producing storages, piping, matrix, power + water, etc.)

  • no. of staff for operation

~ 50 persons

CAPEX for refinery

~ US$ 124,000,000.00 for 250,000 m/t capacity

CAPEX for infrastructure

partially already included in tank farm calculation

CAPEX for connection pipeline to port matrix (~ 2.7 km)

partially already included in tank farm calculation

CAPEX total

~ US$ 124,000,000.00

OPEX annual rent (term 25 years with right of prolongation)

~ US$ 417,000.00 (AED 50.00 or US$ 14.00 / m² p.a.)

OPEX staff p.a. (~ 50 persons + overhead costs)

~ US$ 1,500,000.00

OPEX sponsor fee + others p.a. *)

~ US$ 1.000,000.00 (partially already included in tank farm calculation)

Refining fee income

~ US$ 31.250,000.00 (US$ 125.00 per m/t x 250,000 m/t)

Key Parameters of Waste Oil Refinery Project

$

*) fees for financing are to be added and will be shown in detailed business case model

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17 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Results of Business Case Model

Total Project is economically feasible

BC results of Tank Farm & Waste Oil Refinery Project

NPV

(discout rate 5%,

  • incl. amortization + FOIZ fee)

USD 153,7 Mio.

 

Description / Year Total Yr 1-15 Working Capital (Project Funding by Financier)

300.000.000 USD

CAPEX total

  • 300.000.000 USD

OPEX - Operation Costs total

  • 200.386.303 USD

OPEX - Salaries total

  • 71.003.087 USD

OPEX - Administrational Costs total

  • 36.772.488 USD

OPEX - Contingencies total

  • 1.578.342 USD

Revenue total

862.376.212 USD

Total Project (non-discounted aggregate without amortization)

552.635.992 USD

Amortization (after moratorium period)

  • 300.000.000 USD

Total Project (non-discounted aggregate incl. amortization)

252.635.992 USD

Fee to FOIZ (future development of FOIZ) @ 10% of net profits

28.483.466 USD

Total Project (non-discounted aggregate incl. amortization + FOIZ fee)

224.152.526 USD

Total Project (NPV) - discounted aggregate incl. amortization

153.742.731 USD

Description / Year Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Total Yr 1-15 Working Capital (Project Funding by Financier)

300.000.000 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 300.000.000 USD

CAPEX total

  • 100.000.000 USD -100.000.000 USD -100.000.000 USD

0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD 0 USD -300.000.000 USD

OPEX - Operation Costs total

  • 2.000.000 USD
  • 1.494.321 USD
  • 22.774.207 USD -13.489.691 USD -13.119.485 USD -12.751.875 USD -12.386.912 USD -16.635.812 USD -16.243.528 USD -15.855.898 USD -15.473.016 USD -15.094.977 USD -14.721.876 USD -14.353.814 USD -13.990.890 USD -200.386.303 USD

OPEX - Salaries total

  • 378.000 USD
  • 897.750 USD
  • 2.913.750 USD
  • 4.843.125 USD
  • 4.964.203 USD
  • 5.088.308 USD
  • 5.215.516 USD
  • 5.345.904 USD
  • 5.479.551 USD
  • 5.616.540 USD
  • 5.756.954 USD
  • 5.900.878 USD
  • 6.048.399 USD
  • 6.199.609 USD
  • 6.354.600 USD
  • 71.003.087 USD

OPEX - Administrational Costs total

  • 3.748.000 USD
  • 1.130.000 USD
  • 2.172.600 USD
  • 2.216.052 USD
  • 2.260.373 USD
  • 2.305.581 USD
  • 2.351.692 USD
  • 2.398.726 USD
  • 2.446.700 USD
  • 2.495.634 USD
  • 2.545.547 USD
  • 2.596.458 USD
  • 2.648.387 USD
  • 2.701.355 USD
  • 2.755.382 USD
  • 36.772.488 USD

OPEX - Contingencies total

0 USD

  • 51.000 USD
  • 104.040 USD
  • 106.121 USD
  • 108.243 USD
  • 110.408 USD
  • 112.616 USD
  • 114.869 USD
  • 117.166 USD
  • 119.509 USD
  • 121.899 USD
  • 124.337 USD
  • 126.824 USD
  • 129.361 USD
  • 131.948 USD
  • 1.578.342 USD

Revenue total

0 USD 0 USD 25.465.000 USD 51.599.475 USD 68.886.008 USD 69.772.121 USD 70.671.060 USD 60.280.449 USD 72.508.252 USD 73.446.931 USD 74.399.290 USD 75.365.553 USD 64.291.323 USD 77.340.700 USD 78.350.050 USD 862.376.212 USD

Total Project (non-discounted aggregate without amortization)

193.874.000 USD -103.573.071 USD -102.499.597 USD 30.944.486 USD 48.433.704 USD 49.515.950 USD 50.604.324 USD 35.785.139 USD 48.221.306 USD 49.359.349 USD 50.501.874 USD 51.648.903 USD 40.745.835 USD 53.956.561 USD 55.117.231 USD 552.635.992 USD

Amortization (after moratorium period)

0 USD 0 USD

  • 20.000.000 USD -20.000.000 USD -20.000.000 USD -20.000.000 USD -20.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -25.000.000 USD -300.000.000 USD

Total Project (non-discounted aggregate incl. amortization)

193.874.000 USD -103.573.071 USD -122.499.597 USD 10.944.486 USD 28.433.704 USD 29.515.950 USD 30.604.324 USD 10.785.139 USD 23.221.306 USD 24.359.349 USD 25.501.874 USD 26.648.903 USD 15.745.835 USD 28.956.561 USD 30.117.231 USD 252.635.992 USD

Fee to FOIZ (future development of FOIZ) @ 10% of net profits

0 USD 0 USD 0 USD 1.094.449 USD 2.843.370 USD 2.951.595 USD 3.060.432 USD 1.078.514 USD 2.322.131 USD 2.435.935 USD 2.550.187 USD 2.664.890 USD 1.574.584 USD 2.895.656 USD 3.011.723 USD 28.483.466 USD

Total Project (non-discounted aggregate incl. amortization + FOIZ fee)

193.874.000 USD -103.573.071 USD -122.499.597 USD 9.850.037 USD 25.590.333 USD 26.564.355 USD 27.543.891 USD 9.706.625 USD 20.899.175 USD 21.923.414 USD 22.951.686 USD 23.984.013 USD 14.171.252 USD 26.060.905 USD 27.105.508 USD 224.152.526 USD

Total Project (NPV) - discounted aggregate incl. amortization

193.874.000 USD

  • 98.641.020 USD -111.110.746 USD

8.508.833 USD 21.053.231 USD 20.813.867 USD 20.553.676 USD 6.898.317 USD 14.145.385 USD 14.132.028 USD 14.090.344 USD 14.022.955 USD 7.891.083 USD 13.820.654 USD 13.690.123 USD 153.742.731 USD

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18 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • The core technique of the tank farm and waste oil refinery facilities shall be supplied by MUC OG or European/German
  • companies. As there will be a tender, the final executing companies for the construction cannot be named yet at this stage.
  • The project management team can be recruited on short notice.
  • The overall project management could be undertaken by Eng. Nadim Aldach (partner of combine Consulting, the German-

based consulting company of Oliver A. Dittmar), who is an experienced project manager, especially for technical issues.

  • We would consider to use local companies as EPC (Engineering, Procurement, Construction) contractor, such MUC OG –

https://www.mucog.com , who have also a branch in Fujairah and access to all local authorities, which is of great importance for permissions and execution in a timely manner.

  • Upon request an internationally recognized project management company (PMC) could be involved, such as i.e.

 www.arcadis.com (a Dutch based international PMC managing big infrastructure projects)  www.dreso.com (a German based international PMC managing big infrastructure projects)  www.turnerandtownsend.com (a UK based international PMC managing big infrastructure projects)

  • There will be a Steering Committee (SC) to which the project lead (commercial & technical PL) has to report to. Upon request a

member of the financier shall become a SC member and will get status reports (quality, time, budget, etc.) on the project on a regular basis.

  • The according qualified personnel will be recruited locally and internationally in due time.

Additional Information on Key Personnel

Professional Set-up for Project

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19 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Draft Project Organization

Professional Set-up for Project

Steering Committee

Midgard Holdings Ltd. (CT/OD) Midgard Oil & Gas LLC FZC (CT)

PMC Project Lead Commercial Project Lea Lead Tec echnical al Project Lea Lead Infr frastructure Faci acilities Was aste Oil il Refi finery Tan ank Far arm EP EPC EP EPC EP EPC …

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20 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Date of Birth: 21.12.1962 in Mauritius Nationality: Mauritian

  • Mr. Thierry M.F.G. Catherine has a vast experience with reputable overseas companies in the oil and gas sector

as well as financial services.

  • Mr. Catherine has through a JV agreement with Hybrid Innovation GmbH, is the International Marketing Manager

especially dealing with top Russian Companies in the Oil and Gas sector. We hold various letters of reference from recognized international oil and gas players, attesting his capabilities as CEO of Midgard Holdings .

  • Mr. Catherine is also the Vice President for special projects - http://rcrcommodities.com/?page_id=1019 - of Recycled Refuse

International Ltd of UK – https://www.rcrcommodities.com, a waste to Energy company. Conversion of all types of waste to Electricity and Ethanol production.

Key Personnel

Thierry M.F.G Catherine

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21 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Date of Birth: 07.09.1965 in Munich Nationality: German Univ niversit ity 1982 – 1987 Study of Economy at the Ludwig-Maximilians-University of Munich, Germany, degree Master of Business & Administration (MBO) Prof

  • fessio

ion 1998: Founder of macon, a management consultancy company 2000: Founder of PHOENIX OEL AG, an Oil & Gas company, mainly focusing on upstream E&P projects. PHOENIX was staffed by former top executives of major oil companies, such as Mr. Alain Bessiére, Jean-Michel Fonck, Dr. Hans Kind PHOENIX OEL AG has signed a PSA in August 2001 for exploration and production of petroleum in the Democratic People´s Republic of Korea. Due to the political situation PHOENIX did decide not to proceed with the project for the time being. PHOENIX was working on the acquisition of petroleum assets in North Africa by renegotiation of an EPSA. PHOENIX has signed a JV agreement with ESSAR E&P Ltd. (part of ESSAR Group India) in 2007. 2015: Founder of combine Consulting, which forms the merger of two reputable German players within the Corporate Real Estate consultancy (www.combine–consulting.com)

Key Personnel

MBO Oliver A. Dittmar

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22 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Date of Birth: 04.05.1975 in Koblenz Nationality: German Univ niversit ity 1995 – 2000 Study of Engineering at the Ruhr-University Bochum, Germany, degree Master of Engineering (M. Eng.) Prof

  • fessio

ion 2000 - 2008: consultant for macon, a management consultancy company 2008 - 2011: Project Manager for national and international projects for FUCHS Gewürze GmbH (World of Spices) 2012 until now: Equity Partner of combine Consulting (since 2015), which forms the merger of two reputable German players within the Corporate Real Estate consultancy (www.combine–consulting.com) Overvie iew 18+ years’ experience in international consultancy of major corporate real estate projects, such as construction of Headquarters for international groups (ABB Switzerland AG in Zurich, Tamedia AG in Zurich, Alstom in Baden/Switzerland). Responsible project lead for development of offices + production facilities for FUCHS Gewürze (World of Spices) in Germany and Romania. Member of Management Team of international real estate consultancy, responsible for processes & ICT (CIO).

Key Personnel

  • M. Eng. Nadim Aldach
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23 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Date of Birth: 29.10.1959 Nationality: Austrian Univ niversit ity 1974 – 1980 Mechanical Engineering, Höhere Technische Bundeslehranstalt Eisenstadt, Austria 1992 – 1997

  • Dipl. Ing. Physical Chemistry, Univerzita Priština, Physical Chemistry, Kosovo

Chemical thermodynamics, electrochemistry, chemical kinetics, material structure, colloid Prof

  • fessio

ion 1981 – 1983: Designer and project leader Babcock AG, Austria 1983 – 1984: Head of construction Dr. Bell GmbH 1985 - 1986: Technical manager Research Center Seibersdorf, Austria 1986 – 1988: Business leader Schneeberger, Austria 1988 - 1999: Confidential clerk Howorka Gesselschaft fűr Umwelttechnik, GmbH, Austria 1999 – 2001 Technical Supervision B&R AG, Germany 2001 – 2003 Technical consultant Ferrobrixx, AG, Germany 2003 – 2005 Expert consultant Silver Cay AG, Switzerland 2005 –2006 Expert consultant Energy Biodiesel, GmbH., Austria

Key Personnel

Master Eng. Eduard Stefan Buzetzki

since 2004 Expert consultant ISOMAG, GmbH, Austria 2006 – 2010 CEO Technical Solution, Slovakia since 2008 Researcher Slovak Technical University in Bratislava, Slovakia since 2010 CEO Technical Consulting, s.r.o 2011 – 2013 Manager WORLD TECHNICAL SOLUTION KFT., Hungary since 2013 CEO, SEITS, s.r.o., Slovakia since 2016 Sales manager Montitec GmbH, Austria

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SLIDE 24

24 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Date of Birth: 16.03.1955 in Linz Nationality: Austrian Univ niversit ity 1980 Master degree of Economics at University of Vienna (Magister rer.soz.oec. ) Prof

  • fessio

ion 1980 – 1988: Shipping & Operations Manager, OMV Vienna 1988 – 1991: Trader, Crude Oil Supply 1991 – 2002: Trading Manager, Crude Oil Supply & Trading 2002 – 2004: Head of Feedstock Supply 2003 – 2004: Project Lead, “Biofuels” 2005 – 2008: Director Crude & Feedstock Supply; PETROM Bucharest 2008 – 2009: Sales Manager Oil Products (International Oil Companies) 2009: Project Lead, „Romanian Crude Logistics“ 2010: Project Manager, „Crude Strategy OMV“ 2011 – 2014: Head of Crude Management, OMV Vienna 2014 – 2017: Senior Group Expert, Refining & Petrochemical

Key Personnel

  • Mag. Erwin Mahr
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SLIDE 25

25 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Indicative Project Schedule

Operation of Tank Farm + Refinery could start in year 2021

2019 2019 2020 2020 2021 2021

II II III III IV IV I II II III III IV IV I II II III III IV IV TANK FARM pr proje

  • ject set

set-up up app pplic licati tion for

  • r pe

permis ission

  • n

te tenderin ing pr proc

  • cess, engin

ngineerin ing constructio tion ph phas ase (ph phase 1 1 + + 2) 2) claim laim mg mgmt.

  • t. / taki

aking into ope perati tion start t ope peratio ion (ph phase 1) 1) WASTE OIL REFINERY pr proje

  • ject set

set-up up app pplic licati tion for

  • r pe

permis ission

  • n

te tenderin ing pr proc

  • cess, engin

ngineerin ing constructio tion ph phas ase claim laim mg mgmt.

  • t. / taki

aking into ope perati tion start t ope peratio ion

buildi ding ng permit complet etion

  • n of

f first 100, 0,000 00 m³ buildi ding ng permit

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SLIDE 26

26 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • Following meetings held with various Fujairah authorities, we identified and reserved a plot of land with the extent of

106,737.2 m² for a 3 months period in order to complete the fund structuring and signing of lease agreement with the owner.

  • The total funding volume required for the entire project (tank farm phase 1 + 2 & waste oil refinery) would accumulate up to
  • approx. US$ 300 million considering a moratorium period of 3 years based on a total project term of 15 years until complete

refunding of initial loan.

  • A detailed personal presentation on the project will be held disclosing further technical and commercial details (with a

detailed business plan model including all fees for financing, etc.).

  • Subject to successful fund raizing the project acquisition could be closed within Q4 / 2019.

Next Steps

Securing of Project in Q3/2019

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SLIDE 27

27 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Some of International Network in the Petroleum Industry

Reference Letters (1/2)

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SLIDE 28

28 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Proof of International Network in the Petroleum Industry

Reference Letters (2/2)

slide-29
SLIDE 29

29 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Proof of International Network in the Petroleum Industry

JV Partners

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SLIDE 30

30 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

Contact Coordinates

Thank you for your kind consideration!

MIDGARD Holdings Ltd.

Inc./Registration No.: 115750 FSC License No.: C213020001 / FSC Code: FS 4.2 3rd Floor Esplanade Building Ebene City – 72201, Mauritius Thierry M.F.G. CATHERINE (CEO) Mobile UAE: +971 528052362 Mobile UAE: +971 554835380 Mobile Mauritius: +230 52567066 Skype: icitrade eMail: tc@midgard-holding.com or icitrade@gmail.com

MIDGARD Oil & Gas LLC FZC

Inc./Registration No.: 19-FZC-1918 License No.: 4139 Offices: Office No. 5, Block B, P.O. Box 1133 Fujairah Freeport Zone – Phase II Thierry M.F.G. CATHERINE (CEO) Mobile UAE: +971 528052362 Mobile UAE: +971 554835380 Mobile Mauritius: +230 52567066 Skype: icitrade eMail: contact.uae@midgard-holding.com or icitrade@gmail.com

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SLIDE 31

Executive Summary ry – Mid idgard Oil il & Gas LLC FZC Tank Farm & Waste Oil il Refin inery Proje ject in in Fuja jairah (UAE) BACK-UP UP

Sep September 2019, Rev. 1.3 .3

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SLIDE 32

32 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • strategic location
  • all oil terminals connected via 2 matrix manifolds to all existing and future berths
  • FOTT can accommodate 1 Handymax, 2 Aframax, 6 Suezmax and 1 stone VLCC simultaneously
  • under construction 2 additional barge jetties
  • expansion space for 11 more berths and 1 additional VLCC berth

Background Information on Port Facilities

Global Infrastructure Facilities in Fujairah (UAE)

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SLIDE 33

33 September 2019 MIDGARD Holdings Ltd. / MIDGARD Oil & Gas LLC FZC STRICTLY CO CONFIDENTIAL

  • One (1) VLCC berth with 22.6 meters draft restriction
  • DWT up to 320,000 m/tons
  • LOA up to 340 meters
  • Width up to 60 meters
  • 4 x 20” Marine Loading Arms
  • ship pump discharge pressure (minimum) 7 barge@ 12,000 cbm/hr
  • connected via MM2 to all berths and all terminals

Background Information on Port Facilities

Global Infrastructure Facilities in Fujairah (UAE)