Kalahari Crown Exports – Business Plan

Investment-grade business plan for Kalahari Crown Exports (Pty) Ltd — an R2,390-million total project-capital programme to build a vertically-integrated premium fruit farming, packing, export and agri-logistics enterprise in Upington, Northern Cape, scaling to R4.1 billion of Year-7 revenue at a 91.7% revenue CAGR and EBITDA margins maturing toward 38.4%, delivering a 39.3% projected equity IRR and an NPV of approximately R3,987 million at a 15% discount rate.

Confidential Business Plan & Investment Memorandum

Kalahari Crown Exports

A vertically-integrated premium fruit farming, packing, export and agri-logistics enterprise in Upington, Northern Cape — producing and exporting citrus, table grapes and other premium fresh fruit across the orchard-to-port value chain — structured as an investment-grade R2.39-billion opportunity for development-finance institutions, senior lenders and equity investors.

Legal Entity

Kalahari Crown Exports (Pty) Ltd

Location

Upington, Northern Cape, South Africa

Total Project Capital

R2,390 million

Year-7 Revenue

R4.1 billion

Revenue CAGR (Y1–Y7)

91.7%

Mature EBITDA Margin

~38.4%

Projected Equity IRR

39.3%

NPV @ 15%

~R3,987 million

Plan Horizon

7 years

Sector

Agriculture — Fruit Export

The Opportunity

South Africa is one of the world’s leading fresh-fruit exporters — the citrus industry alone packed a record 203.4 million cartons in 2025 — and the Northern Cape’s climate, water access and harvest timing give the Orange River region a structural production and market-window advantage in citrus and table grapes. Kalahari Crown Exports captures this with a vertically-integrated, orchard-to-port platform spanning farming, packing and cold storage, export marketing, cold-chain logistics and value-add processing, anchored at Upington in the Northern Cape. A R2,390-million total project-capital programme funds a phased orchard development and infrastructure build that scales revenue to R4.1 billion by Year 7 at a 91.7% revenue CAGR, with EBITDA margins maturing toward 38.4%, a debt-service-cover ratio rising above the 1.3× lender covenant floor from Year 4, a 39.3% projected equity IRR and an NPV of approximately R3,987 million at a 15% discount rate.

Plan Contents

This investor-grade business plan is organised into the sections below. Each section is a dedicated page — select any to explore the full detail.

Confidentiality & Disclaimer

This business plan and the information contained herein are strictly
confidential and are furnished solely for the purpose of evaluating a
potential investment in, or the extension of credit facilities to,
Kalahari Crown Exports (Pty) Ltd (the “Company”). By accepting this
document, the recipient acknowledges and agrees to the terms set out
below.

The information herein is proprietary and may not be reproduced,
distributed or disclosed, in whole or in part, to any other party
without the prior written consent of the Company.

This document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities, nor shall it form the
basis of, or be relied upon in connection with, any contract or
commitment whatsoever.
The financial projections contained in this plan are based on
assumptions that management believes to be reasonable as at the date of
preparation. Actual results will differ, and such differences may be
material. Agricultural ventures are subject to biological, climatic,
market and macroeconomic risks described in the Risk Management
section.
Prospective investors and lenders should conduct their own
independent due diligence and obtain professional legal, financial, tax
and agronomic advice before making any investment or credit
decision.

Document control Version 1.0 • Prepared 2026 • Currency: South African Rand (ZAR) unless otherwise stated • Projection horizon: Year 0 (development) plus seven operating years. All figures rounded to the nearest million Rand in summary tables.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Kalahari Crown Exports (Pty) Ltd.