Project SunRise Oils — Funding Request & Investor Proposition

The ZAR 850 million funding request and instrument structure, the use of proceeds, the projected investor returns including the 31.7% equity IRR, and the exit and value-realisation pathways.

Section 13 · Business Plan

Funding Request & Investor Proposition

The ZAR 850 million funding request and instrument structure, the use of proceeds, the projected investor returns including the 31.7% equity IRR, and the exit and value-realisation pathways.

13.1 Capital Requirement

Project SunRise Oils is seeking a total capital raise of ZAR 850
million, structured to balance senior security against equity returns
and to ensure adequate working-capital headroom during the
harvest-procurement window.

Figure 23

Figure 23: Use of funds — capital allocation

Figure 24

Figure 24: Sources of funds — capital structure

13.2 Detailed Use of Funds

Use of funds	Amount (ZAR M)	% of total	Phase
Crushing line upgrade	285	33.5%	Phase 1–2
Refining & bottling plant	235	27.6%	Phase 2–3
Storage & silo capacity	120	14.1%	Phase 1–2
Working capital	105	12.4%	Phase 1–4
Logistics & fleet	50	5.9%	Phase 2–3
Engineering & PM	20	2.4%	Phase 1–4
Contingency (reserve)	35	4.1%	All phases
Total uses	850	100.0%

13.3 Detailed Sources of Funds

Source	ZAR M	%	Indicative terms
Senior commercial debt	320	37.6%	10-year tenor, 24-month grace, prime + 2.0%, secured by PPE & working capital
DFI / blended-finance debt	230	27.1%	12-year tenor, 24-month grace, prime + 0.5%, ESG-linked margin step-down
Equity (existing & new)	250	29.4%	Promoter rollover + growth-equity sponsor + DFI minority stake
Working capital facility (revolving)	50	5.9%	Revolving 12-month facility, secured by inventory & receivables
Total sources	850	100.0%

13.4 Investor Proposition Summary

Equity Sponsor — Why Project SunRise Oils? Equity IRR of 31.7% over a 10-year horizon, with 4.3-year payback Asset-backed business with 65%+ of capital deployed into long-life processing infrastructure Defensive end-market: edible oil is a household staple with stable per-capita consumption Multiple optionality levers — SADC export, biodiesel feedstock, high-oleic premium Experienced management with 110+ years aggregate sector experience Clear path to a strategic exit at Year 7–10 — sector consolidation thesis is well established
Senior Lender — Why Project SunRise Oils? Average DSCR over Y1–Y5 of 2.15x, comfortably above the lender 1.30x threshold Tangible asset security covering 1.6x of senior debt at funding close Diversified revenue across 4 streams and 6 distribution channels — no single counterparty above 18% of revenue Tier-1 OEM equipment with manufacturer warranties, supported by proven engineering team Comprehensive insurance programme with 24-month business-interruption indemnity FSSC 22000 certified operations, established farmer-supply network, low concentration risk
DFI / Blended Finance — Development Impact 380 direct jobs and 950 indirect jobs in a high-unemployment economy Import substitution of refined edible oil — current import bill ~ZAR 8.5 billion p.a. 240+ commercial farmer households contracted with multi-year offtake guarantees B-BBEE Level 2 contributor by Year 5, advancing economic transformation Climate impact: 8 MW solar PV reduces emissions by ~11,500 tCO₂e p.a. Aligned with SDGs 2, 7, 8, 9, 12, 13 and 17

Equity Sponsor — Why Project SunRise Oils? Equity IRR of 31.7% over a 10-year horizon, with 4.3-year payback Asset-backed business with 65%+ of capital deployed into long-life
processing infrastructure Defensive end-market: edible oil is a household staple with stable
per-capita consumption Multiple optionality levers — SADC export, biodiesel feedstock,
high-oleic premium Experienced management with 110+ years aggregate sector
experience Clear path to a strategic exit at Year 7–10 — sector consolidation
thesis is well established

Senior Lender — Why Project SunRise Oils? Average DSCR over Y1–Y5 of 2.15x, comfortably above the lender 1.30x threshold Tangible asset security covering 1.6x of senior debt at funding close Diversified revenue across 4 streams and 6 distribution channels — no single counterparty above 18% of revenue Tier-1 OEM equipment with manufacturer warranties, supported by proven engineering team Comprehensive insurance programme with 24-month business-interruption indemnity FSSC 22000 certified operations, established farmer-supply network, low concentration risk

DFI / Blended Finance — Development Impact 380 direct jobs and 950 indirect jobs in a high-unemployment economy Import substitution of refined edible oil — current import bill ~ZAR 8.5 billion p.a. 240+ commercial farmer households contracted with multi-year offtake guarantees B-BBEE Level 2 contributor by Year 5, advancing economic transformation Climate impact: 8 MW solar PV reduces emissions by ~11,500 tCO₂e p.a. Aligned with SDGs 2, 7, 8, 9, 12, 13 and 17

13.5 Exit Strategy

Multiple credible exit pathways are available to equity investors.
The base-case assumption is a strategic trade sale to either a domestic
or international edible-oil group at the 7-10 year horizon, valued on an
EV/EBITDA multiple of 7-8x, in line with recent SA F&B sector
transactions. Alternative pathways include a JSE listing (subject to
scale and market conditions) and a partial recapitalisation by another
financial sponsor at Year 5-6.

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 Project SunRise Oils (Pty) Ltd.