Kalahari Crown Exports Business Plan › Section 1 › Executive Summary

Company. Kalahari Crown Exports (Pty) Ltd is a South
African premium fruit agribusiness headquartered in Upington in the
Northern Cape. The Company is being established as a vertically
integrated enterprise spanning fruit production, packing, cold-chain
logistics, value-added processing, export marketing and international
distribution. Its operating philosophy is modelled on the proven,
vertically integrated success of established Orange River and Western
Cape agribusinesses that have built globally competitive,
counter-seasonal export franchises.

Opportunity. South Africa is one of the world’s
leading fresh fruit exporters and a critical counter-seasonal supplier
to the Northern Hemisphere. In 2024 the country exported 4.2 million
tonnes of fresh fruit, and in 2025 the citrus industry alone packed a
record 203.4 million 15kg-equivalent cartons for export. Global demand
for seedless table grapes, easy-peel citrus, premium dates, cherries,
nuts and traceable, sustainably grown produce continues to expand.
Kalahari Crown Exports is positioned to capture a share of this growth
through a diversified, climate-matched crop portfolio and integrated
route-to-market.

Strategy. The Company will develop and operate a
diversified portfolio of high-value crops — table grapes, citrus, dates,
apples, cherries, pecans and watermelons — across complementary climatic
regions in the Northern Cape, Western Cape and Limpopo. Vertical
integration of farming, packing, cooling, logistics and marketing
maximises margin capture, traceability and supply reliability, while
geographic and crop diversification extends the harvest window toward
year-round supply and materially reduces single-point risk.

1.1 Key Investment Highlights

• Large, growing and proven export market: South
  African fruit exports have grown at a 3.7% ten-year CAGR; the citrus
  sector targets 260 million cartons by 2032 (“Vision 260”), a 58%
  increase that could create 100,000 jobs.
• Vertical integration: Control of the chain from
  orchard to international retailer captures packing, cooling, logistics
  and marketing margin that growers typically forfeit.
• Counter-seasonal advantage: Southern Hemisphere
  timing supplies premium Northern Hemisphere markets in their off-season
  at attractive realisations.
• Diversified, de-risked portfolio: Seven crops
  across three climatic regions extend cash-flow seasonality and insulate
  against crop-specific weather, disease and price shocks.
• Attractive returns: Projected equity IRR of
  39.3% and NPV of approximately R3,987 million at a 15% discount rate,
  with EBITDA margins maturing toward 38.4%.
• Development-finance alignment: The model
  qualifies for blended finance from the IDC, Land Bank and DBSA, and
  advances rural employment, empowerment and food-security policy
  objectives.

1.2 Financial Summary

The Company seeks total capital of R2,390 million, funded through a
blend of equity, senior development-finance debt, a DFI grant/mezzanine
layer and a revolving working-capital facility. The business is
projected to reach EBITDA breakeven in Year 3 and net-profit breakeven
in Year 4, scaling to revenue of approximately R4.1 billion by Year
7.

Figure 1.

1.3 The Ask

The Company invites participation from senior lenders,
development-finance institutions and equity investors. The capital
raised will fund land acquisition and development, irrigation, orchard
and vineyard establishment, packing and cold-storage infrastructure, a
cold-chain logistics fleet, technology systems and pre-operating working
capital. A detailed sources-and-uses statement, funding structure and
security package are set out in Section 9.

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.