This business plan (the “Document”) has been prepared by the management of PurePastures Dairy (Pty) Ltd (“PurePastures”, “PPD” or the “Company”) solely for the information of prospective providers of debt and equity capital. It is furnished on a strictly confidential basis and may not be reproduced, distributed or disclosed, in whole or in part, to any other party without the prior written consent of the Company.

The financial projections contained herein are forward-looking and reflect a combination of management’s operating assumptions and an independent analytical re-underwriting of the capital structure, financing costs and taxation. Sponsor-supplied revenue and EBITDA figures have been preserved as the operating base case; all items below EBITDA — depreciation, interest and corporate income tax — have been independently re-derived. Where the independent view diverges materially from the sponsor’s illustrative figures, the divergence is disclosed transparently in the callout boxes throughout this Document.

Forward-looking statements are subject to significant business, economic, competitive and regulatory uncertainties, many of which are beyond the Company’s control. Actual results may differ materially from those projected. Nothing in this Document constitutes an offer of securities, investment advice, or a recommendation. Prospective investors should conduct their own due diligence and consult their own professional advisers.

All monetary figures are stated in South African Rand (ZAR) and, unless otherwise indicated, expressed in millions (R m). Financial years end 31 December. Market and industry statistics are drawn from public sources including Milk South Africa, the USDA Foreign Agricultural Service, the Milk Producers’ Organisation, the South African Reserve Bank and independent market research, current as at mid-2026.