AgriNova Business Plan › Section 16 › Conclusion

AgriNova Milling Technologies presents a differentiated,
well-structured opportunity in a large, resilient and strategically
important market. By integrating staple-food milling, animal feed and
milling-equipment manufacturing, the Company spreads risk across revenue
pools that respond differently to the maize-price cycle, while
positioning itself to benefit from the structural decentralisation of
milling capacity across the region.

The financial projections — revenue rising to R547.7 million, EBITDA
to R104.1 million, and a project IRR of 24.8% by Year 5 — are built on a
conservative utilisation ramp and a prudent 50:50 capital structure with
coverage headroom above lender thresholds throughout. Management has
been deliberately transparent about the central sensitivity: the
consolidated margin benefits from currently soft maize prices and the
higher-margin equipment division, and would compress should maize prices
normalise. This candour is itself a feature of an investment-grade
plan.

With R240 million of capital, an experienced team, a
development-aligned mandate attractive to South Africa’s leading
financiers, and multiple credible exit routes, AgriNova is positioned to
deliver competitive risk-adjusted returns while making a tangible
contribution to food security and inclusive rural growth. Management
welcomes engagement with prospective lenders and investors and is ready
to support detailed 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 AgriNova Milling Technologies (Pty) Ltd.