Goldenveld Grain — Appendix A: Key Assumptions and Sources

This business plan has been prepared using data and analysis from the following sources: USDA Foreign Agricultural Service (FAS) commodity production reports; the Agricultural Business Chamber of South Africa (Agbiz) market commentary; Statistics South Africa GDP and trade publications; Grain SA production…

Goldenveld Grain (Pty) Ltd Business PlanSection 12 › Appendix A: Key Assumptions and Sources

Section 12 · Business Plan

Appendix A: Key Assumptions and Sources

This business plan has been prepared using data and analysis from the following sources: USDA Foreign Agricultural Service (FAS) commodity production reports; the Agricultural Business Chamber of South Africa (Agbiz) market commentary; Statistics South Africa GDP and trade publications; Grain SA production…

This business plan has been prepared using data and analysis from the following sources: USDA Foreign Agricultural Service (FAS) commodity production reports; the Agricultural Business Chamber of South Africa (Agbiz) market commentary; Statistics South Africa GDP and trade publications; Grain SA production reports; the International Grains Council global wheat outlook; SAFEX market data; and primary research conducted by Highbridge Advisory’s Agribusiness Practice.

All financial projections are expressed in nominal ZAR terms. Inflation assumptions of 4.5 per cent per annum have been applied to input costs and operating expenses. Wheat price assumptions are based on a five-year moving average with a 5 per cent discount to account for potential continued global surplus conditions. Exchange rate assumptions are based on a ZAR/USD rate of 18.50, consistent with National Treasury’s medium-term projections.

For enquiries regarding this business plan, please contact: Highbridge Advisory — Strategy & Transactions | agri@highbridgeadvisory.co.za | +27 (0) 21 555 0100

This document contains proprietary and confidential information. Distribution without written consent is prohibited.