Yield, Year 1 to Year 5, t per ha-cycle

38 / 44 / 49 / 51 / 54

Documented South African commercial range of 40 to 60 t/ha under irrigation; a learning curve applied to Year 1

Cropping intensity, ha-cycles per ha per year

1.95 to 2.15

90 to 110 day cycles with land preparation between; conservative against a theoretical 2.4

Field and pack-out loss

8%

Grading loss to Class 2 and outgrade, which is separately monetised through the processing channel

Plant population

500,000 to 600,000 per ha

Rows at 20 cm, in-row 5 to 10 cm

Seasonal yield index

0.82 (July) to 1.08 (December)

Highveld frost incidence and growing degree days

Seasonal price index

Inverse of yield; peak June to August

Johannesburg market historical seasonality

Agent commission

7.5%

Standard market agent mandate

Market levy

5.0%

Municipal market charge

Rotation gross margin

40%

Blended sweetcorn, cabbage, butternut and green beans at R125,000 per ha-cycle revenue

Depreciation, farm improvements

10 years straight line

Book life; tax deduction accelerated under the First Schedule

Depreciation, plant and packhouse

8 years straight line

Book life

Depreciation, vehicles

5 years straight line

Book life

Land appreciation for exit

5.5% per annum

Long-run South African irrigated farmland; applied only to the exit calculation

Exit multiple

6.0 times EBITDA

Midpoint of observed South African fresh produce transaction evidence

Cost of equity

18.5%

Land-backed agricultural equity

Working capital facility cost

prime + 4.00%

Unarranged; priced as an overdraft