ReclaimHub Business Plan › Section 25 › Appendices

Appendix A — Detailed Profit & Loss

Appendix B — Detailed Balance Sheet

Appendix C — Detailed Cash Flow

Appendix D — Debt & Warehouse Schedule

D.1 Corporate term debt (R1.0bn, 11.5%, 6y, 1y grace)

D.2 Pawn warehouse facility (75% advance, 12.5%)

Appendix E — Store Rollout & Unit Economics

Note: revenue-per-store is a blended average across mature and
newly-opened stores. As discussed in Section 10.4, the fact that this
average rises during years of heavy expansion implies newly-opened
stores reach maturity quickly — an assumption underwriters should test
against a cohort-based ramp schedule.

Appendix F — Assumptions Register

Appendix G — Downside Case Financials

The downside (lender) case applies a 15% revenue haircut from Year 2,
a 6-point EBITDA-margin compression, and impairment at 9% of average
book. Depreciation and the debt structure are held constant. It is the
recommended stress case for credit underwriting.

Even in this stress case the business generates cumulative five-year
net profit of R600m and reaches positive net profit by Year 3. The
binding constraint remains debt-service coverage, which stays below 1.0x
through Year 4 — reinforcing the case for the extended grace, DSRA and
cash-sweep structure recommended in Section 20.

Appendix H — Scenario & Valuation Tables

H.1 Equity value by exit multiple

H.2 Equity IRR by scenario

The valuation deducts net debt of R2,183m — including the R2,850m
warehouse facility — in every case, so these returns already fully
absorb the funding-architecture finding. A sum-of-the-parts cross-check
(retail EBITDA at a retail multiple plus the credit book at a modest
premium to net book) corroborates the base equity value at approximately
R12,154m.

Appendix I — Glossary

Disclaimer

This business plan has been prepared for information purposes to
assist prospective lenders and investors in their evaluation of
ReclaimHub Retail Group (Pty) Ltd. The sponsor’s headline revenue,
EBITDA, store count and loan-book projections have been preserved as
provided; all figures below EBITDA, together with the balance sheet,
cash flow, scenarios and valuation, have been independently re-derived
and represent modelled estimates based on stated assumptions. They are
not guarantees of future performance. Actual results will differ,
potentially materially. Financial projections are illustrative and
depend on assumptions — including margin, store-maturity, credit-loss,
interest-rate and funding assumptions — that are subject to significant
uncertainty. Nothing herein constitutes an offer of securities,
investment advice, or a recommendation. Prospective investors should
conduct their own due diligence and obtain independent financial, legal,
tax and regulatory advice. Market statistics are indicative and should
be independently verified during due diligence.

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 ReclaimHub Retail Group (Pty) Ltd.