NexaWave Fibre Networks Business Plan › Section 27 › Appendix — Detailed Financial Tables

A1. Network build & penetration metrics

A2. Capex, depreciation & asset base (R million)

A3. Operating expense detail (R million)

A4. Debt & leverage detail (R million)

A5. Tax computation with assessed-loss carry-forward (R million)

A6. Illustrative Year-1 monthly build & connection profile

The first year determines the plan’s credibility with funders. The
profile below shows the intended homes-passed ramp and early connections
across the first twelve months post-close — the granular evidence base a
project-finance lender uses to gate the second-round facility.

The ramp is deliberately gradual: early months are dominated by
wayleave approvals, contractor mobilisation and network commissioning,
with homes-passed velocity accelerating only once civils are in full
flow. Connections lag homes-passed by design, reflecting the sales cycle
through ISP partners. By month 12 the plan targets ~81,000 homes passed
and ~18,000 connected — consistent with the FY2027 headline.

Figure 24

Prepared July 2026. All projections are forward-looking and
subject to the risks described herein. Sponsor headline figures
(revenue, EBITDA, homes passed, subscribers, asset value, raise) are as
provided; all derived figures are the adviser’s independent computations
from the stated assumptions. The stated R11.5bn raise does not fully
fund the R19.8bn build; a second-round requirement of ≈R7.0bn is
disclosed throughout. This document does not constitute an offer of
securities.

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 NexaWave Fibre Networks (Pty) Ltd.