Press release from the Competition Council regarding the economic concentration project concerning the acquisition by “INVICTUS INVESTMENT COMPANY PLC” of joint control of “GRADERCO SA” and its subsidiaries, through the acquisition of 60% of its share capital and associated voting rights.

In accordance with Article 13 of Law 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation as amended and supplemented, the Competition Council makes available to the public the “summary of the operation” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

– The acquirer: “INVICTUS INVESTMENT COMPANY PLC”;

– The target: “GRADERCO S.A.” and its subsidiaries

Nature of the operation

– Joint control acquisition.

Economic sectors concerned

– Market for trading agricultural raw materials for the human and animal nutrition industry.

Deadline for interested third parties to submit their observations

– 10 days from the date of publication of this press release, i.e. February 12, 2024.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the joint control acquisition of the company “Graderco SA” (“Graderco”) by the company “Invictus Investment Company PLC” (Invictus) through the acquisition of 60% of the share capital and voting rights of “Graderco”. This operation will also result in the indirect control of “Graderco”’s subsidiaries (namely “Alimaroc SA”, “Aligrains SARLAU”, and “Négoce Grain Tamou SARLAU”) jointly with Zalar Holding SA (“Zalar”).

“Invictus” is registered in the “Abu Dhabi Global Markets (ADGM)” and listed on the “Abu Dhabi Securities Exchange (ADX) Growth Market” under the symbol: “INVICTUS”. Through its subsidiary “Invictus Trading FZE”, specializing in the trading of raw materials, it offers a diversified portfolio of raw materials with a complete range of services throughout the value chain (sourcing, purchasing, transportation and logistics, processing, and trading). The product range includes cereals, sugar, oilseeds, edible oils, animal nutrition products, legumes, gum arabic, and meats.

“Graderco” is a Moroccan company, a subsidiary of “Zalar Holding SA”, specializing in trading agricultural raw materials for the animal and human nutrition industry.

“Alimaroc” is a Moroccan company, a subsidiary of “Graderco”, specializing in trading agricultural raw materials for the animal nutrition industry.

“Aligrains SARLAU” and “Négoce Grain Tamou SARLAU” are Moroccan companies, subsidiaries of “Graderco”, with the exclusive purpose of providing storage capacities operated by “Graderco” and “Alimaroc”.

Done in Rabat on February 01, 2024.