Methodology and basis of preparation

This plan was prepared from the sponsor brief with headline revenue and EBITDA preserved exactly. All statements below EBITDA were independently modelled: component depreciation from the capex register (poultry houses 20-year, hatchery 15-year, processing plant 12-year, cold storage 15-year, vehicles 6-year, solar 20-year; land not depreciated); interest on R85m of agri term debt at 12.0% (prime plus 150 basis points), with expansion capex part-debt-funded; 27% corporate tax with assessed-loss carry-forward; and working capital at 13% of revenue. The R165m raise is structured as R85m debt and R80m equity, with a modest follow-on equity draw maintaining minimum liquidity through the ramp. The income statement, balance sheet and cash flow are integrated so the balance sheet ties to zero in every year, enforced by an automated assertion (maximum difference: 0.0). Debt-service cover, returns, scenarios and sensitivities were computed independently, and the capital-intensity J-curve (a Year-1 loss during the utilisation ramp) is disclosed explicitly rather than smoothed. Poultry-market statistics are directional estimates from public industry sources current to mid-2026 and should be re-verified in due diligence. This document is not an offer of securities.

Golden Range Poultry (Pty) Ltd · Business Plan & Investment Prospectus · July 2026 · Private & Confidential