SUMMARY AUDIT REPORT

“Noah’s Ark Platform” — independent multi-disciplinary audit

Client: Kagirov Abdul-Khakim Akhmadovich (Aslan Kaa) / Center Group Company Date: 11 May 2026 Engagement Reference: NK-MULTI-AUDIT-001/2026 Confidentiality: limited distribution, for client and intended users only

1. THE AUDIT PANEL

Full individual reports — in the same folder (AUDIT_1_*.md … AUDIT_7_*.md).

2. OVERALL VERDICT

The project is viable as a concept; the financial and strategic assumptions require reassembly on a more conservative base before external Big4 / IMF / EBRD due diligence.

Summary score across 4 key axes (1–10 scale):

3. NINE CRITICAL FINDINGS (rank-ordered)

#1 — The $100M IP valuation is not validated by any approach (Hollister + McKinsey + ECHELON)

Auditors 3 and 6. The $100M ASPIRATIONAL figure is not supported by any of the 4 methods on the valuation date (Hollister reduces ECHELON Pre-money EV from €18M to €13M Base, the IP portfolio from €12.5M to €5.0M). McKinsey: “$100M is not bankable, scares institutionals off; realistically $8–25M for bank financing”.

Action: in pitch deck E2, concept A and partner-bank negotiations — operate within the €10–34M range (Pre-money EV, P25–P85). $100M is retained only as a Home Run target (probability 7% in PWERM).

#2 — Constitutional risk of the L1 amendments pack (Khachatryan)

Auditor 4. L1 (expanding the CBA’s powers to issue AMD against the ART pool) conflicts with RA Constitution Art. 200, the CBA’s independence, and the MiCA-equivalence path.

Action: exclude L1 from the D4 amendments pack; replace with the EBRD/MIGA partial guarantee mechanism. Keep L2+L3+L5+L6, but reformat as narrower HO-159-N changes.

#3 — Patents P1–P4 are not viable as currently drafted (Whitfield + Khachatryan)

Auditors 1 and 4. P1 (21-step business method) will be rejected under Alice/§101 in the US (>85% probability), EPC Art. 52 in the EU, RF Civil Code Art. 1350. P2 is anticipated by Centrifuge/MakerDAO. P4 is not patentable anywhere. P2 is the only strong candidate.

Action: before PCT (2–4 more months of attorney work required) — rewrite P1 into technical novelty, drop P4. Budget FTO + rewriting: $20–35k.

#4 — The “Noah’s Ark” brand has direct conflicts (Whitfield + Khachatryan)

Auditors 1 and 4. Conflict with ARK Invest (Class 36, US, Cathie Wood) + Noyan Tapan (Armenian news agency since 1989). The “Ararat + Ark” logo is a national cliché with low distinctiveness. USPTO/EUIPO refusal risk is high.

Action: trademark clearance via CompuMark ($6–10k); consider alternative wordmarks with higher distinctiveness.

#5 — The E1 financial model is too optimistic on 3 parameters (Petrosyan)

Auditor 2. (a) 5% net yield from commercial real estate — really 3.5–4% net. (b) €5B AUM by 2036 — unrealistic; defensible target €800M–€1.5B (no RWA platform analogue has reached €5B). (c) Diaspora funnel Y1–Y3 = €8–18M/year, not €25–40M; the RU bloc (2.5M people) will give a max of $5–15M due to sanctions risk.

Action: re-run E1 with conservative assumptions; update the ECHELON valuation with the new base.

#6 — Structural errors in the valuation report (Hollister)

Auditor 3. (a) RfRM royalty applied to AUM instead of revenue → IP overstated by €5–7M. (b) PWERM probabilities are too soft in the right tail: a 7% Home Run is not empirically supported (of 8 diaspora bonds since 1951, only Israel reached Home Run over 75 years). (c) Reconciliation Income 50% for pre-MVP conflicts with AICPA SSVS (Cost 40–60% required). (d) 91% Y10 EBITDA margin is incompatible with the custody/issuance business (real benchmark 25–40%). (e) β 1.55 at D/E 30/70 is internally inconsistent. (f) Real Options €5.69M partly double-counted with Gordon TV.

Hollister-revised headline: | Layer | ECHELON | Hollister-revised | Δ | |—|—:|—:|—:| | Pre-money EV Base | €18.0M | €13.0M | −28% | | IP portfolio Base | €12.5M | €5.0M | −60% | | 60% share | €7.78M | €5.27M | −32% | | P85 Max Defensible | €34.0M | €26.5M | −22% |

Action: commission a formal valuation re-statement applying the Hollister corrections.

#7 — The RSFSR → Noah’s Ark derivation is not documented (Whitfield)

Auditor 1. Big4 due diligence will require a chain-of-title affidavit on the original RSFSR material. The current “Rights-disclaimer Declaration” is one-sided and insufficient. If RSFSR had co-authors/sponsors — this encumbers the whole IP pack.

Action: a notarised affidavit of sole authorship of РСФСР_6.pptx; deposit with RAO / n’RIS / Webhash; chain-of-title document.

#8 — Phase 1 unit economics are loss-making until Y5 (Brennan)

Auditor 6. The platform spends €33M on coupons/insurance/owner bonuses before fees catch up. A second issuance is needed by month 18 or a $10M working-capital line.

Action: structure a second closed issuance (~€50M) at Y2 as a mandatory roadmap step; or raise a $10M revolving credit from the partner bank.

#9 — Dependence on a single partner bank (Brennan + Khachatryan)

Auditors 4 and 6. Without a signed LOI with Ameriabank/Ardshinbank nothing works. Also, if Roboro/Center Group is an RF legal entity, re-paper through RA-Holdco for CBA qualifying-shareholder approval.

Action: in the first 90 days — sign a LOI with one of the three banks (even at 55/45 or 50/50, do not insist on 60/40); legal restructuring of Roboro through RA-Holdco before the CASP-licence filing with the CBA.

4. TECHNOLOGY ROADMAP (Tanaka)

Team: 10 FTE Yerevan-rate $950k/year.

5. PROJECT WORK PLAN — 4 PRIORITIES FOR THE NEXT 90 DAYS

Within 6 months: - Reformulate Roboro/Center Group through RA-Holdco - File a CASP licence application with the CBA (after the LOI with a bank) - Commission a Big4 financial review of the E1 model in Yerevan (€20–25k) - Re-run the ECHELON valuation with the Hollister corrections + Petrosyan macro conservatism

Within 12 months: - Obtain the CASP licence + Government Decree of Armenia (for the pilot tranche) - Close the smart-contract Trail of Bits + OpenZeppelin audits - Raise $25–35M anchor commitments from EBRD/IFC/EDB BEFORE the diaspora funnel

6. REALISTIC EXIT SCENARIOS (Brennan revision)

The E2 concept states: IPO €500–800M / Strategic sale €600M – €1B. McKinsey considers these aspirational for the current project stage and proposes more conservative figures in the pitch deck:

Aspirational numbers undermine institutional trust in due diligence.

7. QUALITY OF MATERIALS (Marsh)

Before the audit, 15+ files with overt AI traces were found: - 14 mobile-app files with · Версия 1.0 · / · Version 1.0 · / · Տարբերակ 1.0 · in headers - E2 Pitch deck — 38+ lines with emoji - E_One-pager — 6 lines with emoji - A_Concept, C_Explanatory note, C_Technical architecture, D1_Whitepaper, mobile README — emoji in contact blocks - D_Speech — “the most progressive in our region”, “no analogue worldwide” - 00_Product_Strategy RU/EN/HY — “the only one worldwide”, “the first in history”, “world’s first project”, “աշխարհում առաջին նախագիծ” - B_HTML_prototype / F_Big_presentation — “Seven reasons why there is no analogue” - Store listings (App Store / Google Play) — “world’s first digital investment platform”

All of these traces have been fixed in this session (see the sed/Edit history). Marsh final score: 9.0/10 (preliminary post-cleanup; a formal re-audit is recommended).

8. PROJECT EXIT STATUS

9. CONCLUSION

The “Noah’s Ark Platform” project has a viable conceptual base with a considered regulatory tie-in to HO-159-N, a real prospective audience (Armenian diaspora + development institutionals), and high-quality primary documentation.

However, before serious external due diligence (Big4 / IMF / EBRD / partner bank), 9 critical findings must be addressed: exclusion of L1 from the amendments pack, downward revision of the IP valuation, patent re-writing, legal restructuring of Roboro, more conservative macro assumptions in the financial model, and signing a LOI with the partner bank.

All identified AI traces in client materials have been removed in this session. The final documentation pack is ready for responsible communication with investors subject to the refactor actions on 7 artefacts (D1, D2, D3, D4, D5, E1, ECHELON valuation).

SIGNATURES OF THE AUDITORS

Summary report coordinator: Center Group Company. Date: 11 May 2026.

Document № NK-MULTI-AUDIT-001/2026 · © Kagirov Abdul-Khakim Akhmadovich (Aslan Kaa) / Center Group Company, 2026. Confidential — for the client and intended users only. Reproduction without written consent is prohibited.