KarooPrime Capretto Business Plan › Section 17 › Appendices

The appendices provide supporting detail underpinning the projections
in the main body. All figures reconcile to the single financial model
used throughout this document.

Appendix A — Revenue by stream (full 7-year)

Table A.1 — Revenue by stream, all years.

Appendix B — Operating cost by line

Table B.1 — Operating cost by line, all years.

Figure B.1

Appendix C — Depreciation by asset class

Table C.1 — Straight-line depreciation by asset class.

Appendix D — Operating drivers

Table D.1 — Core operating drivers.

Figure D.1

Appendix E — Implementation work packages

Table E.1 — Work-package breakdown with phase, accountable owner
and dependencies. FDM = Farmer Development Manager; Q&C = Quality
& Compliance; Comm. = Commercial/Export Director.

Appendix F — Processing capacity & utilisation

The table below reconciles annual throughput to daily slaughter rate
and implied plant utilisation, assuming an effective operating calendar
of approximately 300 days. Single-shift design capacity is progressively
unlocked through shift extension and the Phase-2/3 capacity expansions,
keeping utilisation within efficient bounds across the ramp.

Table F.1 — Throughput-to-utilisation reconciliation. Utilisation
stays within efficient single- and multi-shift bounds; spare capacity in
expansion years absorbs the subsequent ramp.

Biosecurity & animal-health protocol (summary)

• Intake screening, quarantine and vaccination records captured
  digitally at aggregation hubs.
• Traceability from farm to dispatch enables rapid isolation and
  recall in a disease event.
• Veterinary oversight, controlled-movement protocols and feedlot
  hygiene management.
• Livestock mortality and disease-interruption cover within the
  insurance programme.

Appendix G — Notes and definitions

• CFADS — cash flow available for debt service: EBITDA less tax and
  adjusted for working-capital movements and maintenance capital.
• DSCR — debt service cover ratio: CFADS divided by scheduled
  principal plus interest.
• EBITDA — earnings before interest, tax, depreciation and
  amortisation.
• IRR / NPV — internal rate of return and net present value,
  computed on unlevered (project) and levered (equity) cash
  flows.
• Chevon — goat meat.
• RCF — revolving credit facility used to bridge working-capital
  seasonality.

Sources: Industry statistics in Section 3 are
drawn from South African agricultural sources including the National
Agricultural Marketing Council (NAMC), the Department of Agriculture,
the Bureau for Food and Agricultural Policy (BFAP) and published sector
research current as at 2025. Figures are indicative and should be
independently verified during due diligence.

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 KarooPrime Capretto (Pty) Ltd.