• Transferring client relationships give a credible first-year revenue base that a true greenfield would not have • Combined production ownership and governance capability, which no competitor group holds • No legacy litho capital to defend or strand • Four production lines allow a full campaign to be produced in one building • Significant capacity headroom — 54.0% press utilisation at FY2031 • Contribution margin of 59.5% means incremental volume is highly accretive

• No operating history, no audited financials and a thin balance sheet through FY2029 • Debt service not covered from operations until FY2030 • Single facility and single province; no same-day capability outside Gauteng • Heavy dependence on founder relationships for FY2027 revenue • Key-person exposure across four roles in a 47-person organisation • Cash conversion cycle of 49 days makes growth cash-absorptive

• Corporate marketing operations outsourcing is growing and under-served in the mid-market • Regulatory and disclosure print demand is non-discretionary and counter-cyclical • Incumbent litho houses cannot pivot without stranding capital • B-BBEE improvement materially widens the addressable procurement universe • Capacity headroom allows growth without capital • Agency channel provides margin-accretive capacity fill

• Continued structural substitution of print by digital channels • Corporate procurement consolidation favouring national suppliers • Rand weakness raising import-exposed substrate cost • Interest rate increases on a leveraged, ramping balance sheet • Press OEM click-charge renegotiation at contract renewal • Power supply interruption raising cost and threatening delivery commitments