NOTES TO F I NANC I AL STATEMENTS 7. MARKETABLE INVESTMENTS (CONTINUED) The following table presents the analysis of the Company’s investments by level of input as required by IFRS 13: Figures in USD USD LEVEL 1 LEVEL 2 TOTAL DECEMBER 31, 2023 Asset-backed bonds – 2,417,300 2,417,300 Commercial mortgage bonds – 1,889,413 1,889,413 Corporate bonds – 18,435,010 18,435,010 Equities 408,993 – 408,993 Mutual funds 9,485,275 – 9,485,275 Government bonds – 24,509,075 24,509,075 9,894,268 47,250,798 57,145,066 DECEMBER 31, 2022 Asset-backed bonds – 4,700,927 4,700,927 Commercial mortgage bonds – 3,801,276 3,801,276 Corporate bonds – 15,974,897 15,974,897 Equities 193,947 – 193,947 Mutual funds 3,698,903 – 3,698,903 Government bonds – 1,955,099 1,955,099 3,892,850 26,432,199 30,325,049 The Company held futures with a notional value of $8,350,973 (2022: $8,942,573), which had a fair value of $nil (2022: $nil). The Company did not hold any currency forward buys and sells, swaps and options as at the year end. 8. INVESTMENT IN PULA ADVISORS AG In December 2020, the Company invested in 6.98% of the common shares and 16.67% of Series A preferred shares of Pula Advisors AG, a Swiss limited liability company engaged in the core business of providing consulting services and project management in the field of sustainable development. The directors of the Company do not consider that ARC Ltd. is able to exercise significant influence over Pula Advisors AG due to the level of shareholding in the company. The purchase consideration was $2,000,000. Management have assessed the carrying value (cost of the investment less a provision for impairment) of the investment to be $315,675 as at December 31, 2023 (2022: $315,675). 107
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