Meso-American Reef Fund Inc

“On december 8, 2014 a separate agreement was entered into for project no. Xxx-xx-xxxx where conditions for the use and management of funds are established. Investments correspond to contributions received from german cooperation through the kfw development bank for us$ 8,586,382 equivalent to eur 7,000,000 as financial support to mar funds' endowment fund, according to financial contribution agreement dated december 12, 2014. The endowment fund created through the german contribution does not expire. The beneficiary is required to maintain its actual value. If the temporary use of the endowment fund is necessary, then these funds should be replenished as soon as possible. The use of these funds is restricted to a maximum 5% of the principal. Any use of the capital, until december 31, 2019 always required a non-objection from kfw. The duration of the project was five years as from the capitalization of the endowment fund, ending on december 31, 2019. Between july and august 2020, kfw conducted a virtual evaluation of the project. In accordance with the provisions of the separate agreement, mar fund's executive direction submitted on september 4, 2020 a final report in relation to implement measures. Kfw has informed mar fund that the obligation to report on this contribution has ceased with the end of the year 2022. On june 24, 2013 financial agreement no. Afd czz 1755.01f was entered into between ffem and mar fund for eur 1,060,000, as a grant from which eur 60,000 will be used to evaluate the project and therefore, the projects disbursement will amount to eur 1,000,000. The financial contribution was exclusively provided to capitalize the mar fund endowment fund. This contribution was received on december 31, 2013 for us$ 1,368,500, originally expiring on december 31, 2018; and that was extended through july 31, 2019 according to amendment no. 1. On april 14, 2020, amendment no. 2 was entered into, which extended the term to disburse funds until june 30, 2021 and establishes december 31, 2021 as the expected date for the project's technical completion. The final evaluation of this agreement was conducted by afd/ffem started in february 2020. The final report was received in july 2021. On june 25, 2019, the financing agreement no. Czz2359.01-g for the french facility for global environment -ffem, was entered between the french development agency -afd and -mar fund-, for eur 1,115,800 as grant from which eur 460,500 equivalent to us$ 507,011 were allocated as an endowment fund and the remaining balance of eur 655,300 for project-related activities. The duration of the project is three years (2019-2022); however, due to the covid 19 pandemic situation, many activities were postponed until 2023. This does not affect the closing of the agreement, as it allows for expenditures to be made until december 31, 2023. On november 15, 2023, amendment no. 1 to financing agreement no. Czz2359.01-g was signed, extending the deadline for the disbursement of funds until december 31, 2024, and approving modifications to the budget included in the original agreement. The mar fund board of directors approved, on november 22, 2024, through resolution no. 43-179-2024, the use of us$ 350,000 from the kfw-1 reserve fund as matching funds required by the ffem for the cayman crown endowment fund (mar fish endowment account). On july 22, 2022, the "trust fund administration agreement for the caribbean guatemala - the conservation coast" signed between mar fund and fundacion para el ecodesarrollo y conservacion -fundaeco- for an amount of us$ 3,500,000. Through this agreement, mar fund became the custodian and administrator of this contribution owned by fundaeco, for which it opened an exclusive investment account. These funds come from totalenergies, a french company, whose objective is to exclusively support conservation activities and the sustainable management of natural resources in the area defined by the "redd+ project for caribbean guatemala: the”

“On december 20, 2011, the separate agreement was entered into for project no. Xxx-xx-xxxx where conditions for the use and management of the funds are defined. Investments correspond to contributions received from the german cooperation through the kfw development bank for us $ 13,051,170 equivalent to eur 10,000,000 as financial support to the mar fund according to financial contribution agreement dated december 22, 2011. The endowment fund created through the german contribution does not expire. The beneficiary is required to maintain its actual value. Except for those exceptional and emergency cases, the endowment fund shall not be used, except during the first year of operations when up to us $ 100,000 may be used to solve immediate cash flow necessities of the project. On march 5, 2013, addendum no. 1 for the separate agreement was signed, the purpose of which was to add paragraph no. 1.1.4 audit, where it specifies the requirements for hiring an audit firm that will annually evaluate the implementation of the funds. The contractual obligations with kfw for this contribution expired on december 31, 2016. In 2017, kfw conducted the final technical evaluation of the project with positive results. Mar fund was selected for an ex-post evaluation by kfw. The evaluation was carried out in 2020 and early 2021, and the final report was received on february 24, 2021. Kfw has informed mar fund that the obligation to report on this contribution has ceased at the end of 2022.”