This document (the “Business Plan”) has been prepared by Sovereign Collection Hotels (Pty) Ltd (the “Company”) to assist prospective equity investors and lenders in evaluating a possible participation in the funding of the Company’s flagship hotel development. It does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities, nor shall it form the basis of any contract or investment decision.

The financial projections are forward-looking. Headline revenue and EBITDA reflect the sponsor’s commercial projections and are preserved exactly. Everything beneath EBITDA — depreciation, senior development-debt interest, South African corporate taxation and working capital — has been independently re-derived by the analyst on a stated set of assumptions; the balance sheet ties to zero in every year by construction and is machine-verified. Where the re-derivation surfaces material findings — most importantly the hotel-development J-curve of early-year accounting losses, and the additional capital required beyond this raise — these are disclosed transparently in Section 18 rather than smoothed. Actual results may differ materially.

By accepting this Business Plan, the recipient agrees to keep its contents confidential and to use it solely for the purpose stated above. Hotel-market statistics are directional estimates from public industry sources (STR/CoStar and tourism data) current to mid-2026 and should be re-verified in due diligence.