Important Notice and Basis of Preparation

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• Overview & contents
• i. Important Notice and Basis of Preparation
• 1. Executive Summary
• 2. The Opportunity
• 3. The Product Ladder
• 4. Operations and Certification
• 5. Market and Competitive Position
• 6. SWOT and Strategic Response
• 7. Financial Projections
• 8. Working Capital, Funding and the Balance Sheet
• 9. Sensitivity and Scenario Analysis
• 10. Risk Analysis
• 11. Regulatory and Compliance
• 12. Organisation
• 13. Implementation Roadmap
• 14. Key Performance Indicators
• 15. Investor Returns and Recommendation
• 16. Assumption Register
• A. Appendix A: Consolidated Financial Summary
• B. Appendix B: Volume, Allocation and Price Schedules
• C. Appendix C: Funding, Working Capital and Balance Sheet Schedules
• D. Appendix D: Risk Register
• E. Appendix E: Glossary

This document has been prepared for Kenya Greenmaster Fresh Limited, a proposed smallholder-sourced horticulture exporter contracting growers in the Kenyan highlands and shipping to European retail and wholesale customers. It is not an offer of securities, nor a solicitation of an offer to buy, and it does not constitute investment, legal, tax or agronomic advice.

Basis of the figures. The model runs monthly across sixty months. The driver is delivered field weight, derived from contracted hectares at 19 tonnes a hectare a year across multiple cycles. Field weight is allocated to bulk, prepared and local destinations, and revenue and cost follow from that allocation. Vegetable volumes are seasonalised to the European demand calendar; avocado volumes are confined to a March to September window. The income statement, balance sheet and cash flow are fully articulated: the balance sheet is derived rather than plugged and balances in every year.

Prices, freight rates, farmgate costs and yields vary widely by season, region, crop and buyer. Those used here are plausible planning values, not quotations. European plant health and pesticide residue requirements, Kenyan export levies and inspection arrangements, and the operation of the Kenya–European Union Economic Partnership Agreement have all been subject to change. Any party relying on this document must verify the prevailing commercial and regulatory position independently.

The model reports uncomfortable outcomes where the arithmetic produces them. The modest return profile, the dependence on airfreight, the working capital absorption and the border interception risk are stated in the executive summary rather than confined to an appendix. They are the central features of the investment case.

Published benchmarks. Kenyan horticulture exports reached KES 87.3 billion in the first half of 2025, a 20 per cent increase on KES 73.3 billion in the same period of 2024, with export quantities rising to 252 083 tonnes from 210 053. The sector generates over KES 150 billion of annual export revenue and more than US$1 billion of horticultural produce a year. Avocado was Kenya’s sixth largest agricultural export by value in 2025 at US$159.1 million on 121 000 tonnes, revised down from an estimated US$175 million on 135 000 tonnes because of premature harvesting, Suez Canal shipment disruption and stricter regulatory controls on sea shipments imposed in October 2025; 2026 production is forecast to expand 4.8 per cent to approximately 727 000 tonnes with exports rising 7.4 per cent to 130 000 tonnes, and the Agriculture and Food Authority projects export revenues of KES 25.4 billion. Hass accounts for the majority of export volume with peak shipments between March and August. Nairobi’s Jomo Kenyatta International Airport handles over 70 per cent of East Africa’s fresh produce airfreight. Airfreight rates out of Kenya have risen, driven by competing demand from flower, herb and vegetable exports, and several European retailers have publicly committed to reducing carbon footprint and moving away from airfreighted fresh produce. These are cited where used.

Currency. Revenue is denominated in euro and translated at 1.08 dollars to the euro. Farmgate, packhouse, labour and administrative costs are incurred in shillings and translated at 129 shillings to the dollar. No currency movement is assumed in either direction, which is a simplification rather than a forecast.

Taxation. Kenyan corporate income tax is applied at 30 per cent with losses carried forward.

Confidentiality. This document is delivered in confidence to the named recipient. It may not be reproduced or circulated in whole or in part without prior written consent.