Polar Nexus Integrated Cold Storage – Business Plan

Investment-grade business plan for Polar Nexus Integrated Cold Storage (Pty) Ltd — an R780-million raise (50% equity and 50% senior debt) to develop a 25,000-pallet multi-temperature cold storage and value-added logistics facility in Ekurhuleni, Gauteng, scaling to R222 million of Year-5 revenue at a 53.7% EBITDA margin, with cash break-even at 38.7% occupancy, delivering a 21.7% levered equity IRR, a 17.1% unlevered project IRR, a 6.4× equity multiple and an equity NPV of R129.6 million at an 18% discount rate.

Confidential Business Plan & Investment Prospectus

Polar Nexus Integrated Cold Storage

A 25,000-pallet multi-temperature cold storage and value-added logistics facility in Ekurhuleni, Gauteng — anchoring South Africa’s cold chain with modern refrigerated storage, handling and value-added logistics — structured as an investment-grade R780-million opportunity for senior lenders and equity investors.

Legal Entity

Polar Nexus Integrated Cold Storage (Pty) Ltd

Location

Ekurhuleni, Gauteng, South Africa

Capital Sought

R780.0 million

Structure

R390m equity (50%) + R390m senior debt (50%)

Capacity

25,000 pallet positions

Year-5 Revenue

R222 million

Year-5 EBITDA Margin

53.7%

Equity IRR / Project IRR

21.7% / 17.1%

Equity MOIC · NPV @ 18%

6.4× · R129.6m

Sector

Cold Storage & Logistics

The Opportunity

South Africa’s cold-chain market was valued at roughly USD 6 billion and is growing steadily, anchored in real economic activity — yet the country loses an estimated 13 million tonnes of edible food each year to gaps that temperature-controlled storage and handling directly address, and modern multi-temperature capacity remains scarce in key logistics nodes. Polar Nexus Integrated Cold Storage captures this with a 25,000-pallet multi-temperature cold storage and value-added logistics facility in Ekurhuleni, Gauteng, positioned at the heart of the country’s freight and distribution network. A R780-million raise (50% equity of R390 million and 50% senior debt of R390 million — a conservative gearing level appropriate to a greenfield asset) funds the build and occupancy ramp — scaling to R222 million of Year-5 revenue at a 53.7% EBITDA margin (a stabilised EBITDA of about R119 million), with cash break-even at just 38.7% occupancy and a minimum post-grace debt-service-cover ratio of 1.25× — delivering a 21.7% levered equity IRR, a 17.1% unlevered project IRR, a 6.4× equity money multiple over a ten-year hold and an equity NPV of R129.6 million at an 18% discount rate.

Plan Contents

This investor-grade business plan is organised into the sections below. Each section is a dedicated page — select any to explore the full detail.

Important Notice & Disclaimer

This document and all information contained herein (the “Business
Plan”) are strictly private and confidential and are furnished solely
for the use of the intended recipient in evaluating a potential
financing of, or investment in, Polar Nexus Integrated Cold Storage
(Pty) Ltd (the “Company”). By accepting this Business Plan, the
recipient agrees to keep its contents confidential, not to reproduce or
distribute it in whole or in part, and to return or destroy it on
request.

This Business Plan does not constitute an offer to sell, or a
solicitation of an offer to buy, any security, nor shall it form the
basis of, or be relied upon in connection with, any contract or
commitment. It is provided for information and discussion purposes
only.

The financial projections, forecasts and illustrative returns
presented herein are based on assumptions that management considers
reasonable as at the date of preparation. They are forward-looking by
nature and are subject to significant business, economic, regulatory and
competitive uncertainties, many of which are beyond the Company’s
control. Actual results may differ materially from those projected.
Market data is drawn from third-party sources believed to be reliable,
including Grand View Research, Mordor Intelligence, the Food and
Agriculture Organization, Agbiz, the CSIR and NERSA; such data has been
paraphrased and summarised, and the Company does not warrant its
accuracy or completeness.

Nothing in this document should be construed as legal, tax,
accounting or investment advice. Prospective investors should conduct
their own independent due diligence and consult their own advisers
before making any investment decision. All figures are denominated in
South African Rand (ZAR) unless otherwise stated; references to USD use
an indicative rate of approximately R18.50/USD.

A note on the figures in this plan

Polar Nexus Integrated Cold Storage is a representative greenfield
project structured to institutional, bankable standards. The company,
site and management profiles are indicative and intended to demonstrate
a fully-costed, financeable proposition; named individuals and final
contracts would be confirmed at financial close.

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 Polar Nexus Integrated Cold Storage (Pty) Ltd.