Polar Nexus Integrated Cold Storage Business Plan › Section 15 › Funding Request & Use of Funds

Polar Nexus Integrated Cold Storage is seeking total funding of
R780.0 million to develop, equip and commission the flagship facility
and to fund its ramp to stabilised operations. The Company proposes a
balanced capital structure of R390.0 million equity and R390.0 million
senior debt.

15.1 The ask

• Equity: R390.0 million from sponsors and
  institutional / strategic equity investors, in exchange for ordinary
  shares and customary minority protections.
• Senior debt: R390.0 million from one or more
  development finance institutions and/or commercial banks, on a 12-year
  amortising basis with a two-year principal moratorium, secured against
  the asset and supported by a DSRA and anchor-tenant cash flows.

15.2 What the capital delivers

The use of funds is set out in full in Section 14.7. In summary,
R673.9 million funds the land, building, refrigeration, racking,
materials handling, solar-plus-storage energy system and technology;
R18.0 million funds pre-opening and commissioning; R22.0 million funds
initial working capital; and R63.5 million is held in ring-fenced
reserves (DSRA and ramp-up) to protect early-stage debt service and
liquidity.

15.3 Investor proposition

• Attractive risk-adjusted returns: 21.7% equity
  IRR and 6.4x MOIC over ten years, with a clear exit at an institutional
  asset multiple.
• Downside protection: 38.7% cash break-even,
  anchor take-or-pay, conservative 50% gearing, and ring-fenced
  reserves.
• Real-asset backing: a tangible, appreciating,
  income-producing infrastructure asset in a structurally growing
  market.
• Scalable platform: a repeatable model with a
  defined roll-out path to additional nodes and capital
  recycling.
• Impact-aligned: measurable reductions in food
  loss, clean-energy operations and skilled job creation — attributes
  valued by development finance and ESG-mandated capital.

15.4 Indicative conditions and next steps

Closing would be subject to customary conditions, including
confirmatory due diligence, execution of the EPC contract, registration
of the anchor take-or-pay agreement(s), final environmental
authorisation, and agreement of the senior facility terms and security
package. The Company is ready to enter detailed discussions and to
provide a full data room, the underlying financial model, and management
presentations on request.

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.