This document has been prepared by the management of Rosebank Workspace Company (Pty) Ltd (the “Company”) to support discussions with prospective equity investors, commercial lenders and development finance institutions. It is issued on a confidential basis and may not be reproduced or distributed, in whole or in part, without the prior written consent of the Company.

Basis of preparation

• All financial figures are presented in South African rand (ZAR) and exclude value-added tax unless expressly stated otherwise. References to “R’m” denote millions of rand.
• The financial year is assumed to run from 1 January to 31 December. FY2027 is the first projection year and corresponds to the first twelve months following financial close.
• Projections are derived from a single integrated monthly financial model spanning sixty months. The income statement, balance sheet, cash flow statement, debt schedule, capital expenditure schedule and working-capital schedule are fully linked; interest is solved iteratively to convergence.
• The balance sheet balances in every one of the sixty projected months and in every scenario presented in Section 22.
• Market data has been assembled from published industry sources, broker research, operator disclosures and direct enquiry. Where published data was unavailable, the Company has applied clearly stated assumptions rather than omitting the analysis.
• The three target premises have been identified and are the subject of advanced but unsigned lease negotiations. Rental rates used in the model reflect current asking rates in the relevant nodes adjusted for the scale and term of the proposed leases.

Forward-looking statements

The projections in this document are forward-looking and depend on assumptions about future events that are inherently uncertain. Actual results will differ, potentially materially. Section 22 sets out downside and stress scenarios in which the Company breaches its liquidity floor and requires additional capital support; these outcomes are disclosed in the body of the document rather than confined to footnotes, and prospective investors should read them alongside the base case.

Independence of analysis

This memorandum states its findings at face value. Where the analysis produces results that are unhelpful to the fundraising, including a base-case equity return below conventional private-equity hurdle rates, a debt service cover ratio that falls to 1.18 times in FY2030, and a project-level cash payback that extends beyond the projection horizon, those findings are presented plainly and their implications discussed. Section 21.6 identifies the investor types for which this opportunity is suited and, equally, those for which it is not.