Vitalis Group SA Business Plan › Section 23 › Conclusion: The Investment Thesis

Vitalis Group SA represents a rare opportunity to back the
construction of an integrated insurance, banking and wellness platform
in one of the most attractive markets in the world for shared-value
insurance — South Africa, where the model originated, where the
regulator is sophisticated and supportive, and where the underlying
demographic, behavioural-data, and competitive conditions are aligned to
deliver exceptional risk-adjusted returns.

23.1 Summary of the Investment Case

• Large, growing, profitable market: R581 Bn in
  gross written premium in 2024; mid-single-digit growth; among the
  world’s highest insurance penetration emerging markets, with structural
  support from medical-scheme reform, the emerging middle class, and
  banking-insurance convergence.
• Proven business model: Discovery has
  demonstrated over 25 years that the shared-value insurance model
  delivers superior underwriting results, customer outcomes, and
  shareholder value in South Africa. Vitalis applies the same
  architectural principles with a modern technology stack and an
  integrated banking and wellness offer from day one.
• Differentiated technology and data moat: A
  behavioural-data platform that compounds in value with every
  member-month of engagement, generating proprietary actuarial insight
  that competitors cannot replicate without comparable scale and
  time.
• Experienced and aligned management: Senior team
  with cumulative 100+ years of South African financial-services
  experience, supported by a high-quality independent board and a robust
  governance framework.
• Disciplined capital plan: R1.0 Bn Series A,
  R600M Series B in Year 4, capital-efficient growth and prudent
  reinsurance use. SCR coverage above 150% throughout the build
  period.
• Compelling expected returns: Base case 28.4% IRR
  and 3.2x MOIC, with credible upside to 42% IRR and 4.6x MOIC. Downside
  protection of 15.8% IRR / 2.1x MOIC reflects the robustness of the
  underlying model.
• Multiple exit pathways: JSE IPO as the base case
  in Year 7, with credible alternative pathways via trade sale or
  secondary that offer flexibility on timing and pricing.
• Genuine impact: Material, measurable,
  third-party-verifiable social impact through financial inclusion, public
  health, and road safety. Aligned ESG and commercial objectives.

23.2 Key Risks Acknowledged

No business plan is without execution risk. The Company has assessed
and disclosed the principal risks in Section 13. The most material
include: regulatory licensing timing, customer-acquisition cost in a
competitive market, behavioural-incentive efficacy (which has been
independently calibrated), and macroeconomic conditions in South Africa.
Risk mitigations are operational, structural, and capital-based, and are
detailed throughout this document.

23.3 Call to Action

We invite qualified institutional investors, strategic
financial-services partners, and selected family offices to engage with
the founding team and management. The next stage is structured due
diligence with our advisor team and the agreement of formal term sheets.
The Company’s objective is to close the Series A round within nine
months of formal launch, contingent on regulatory licensing milestones,
and to commence pilot operations within thirteen months of close.

We thank prospective investors for their consideration of this
opportunity and look forward to building South Africa’s next great
financial-services franchise together.

— The Founding Team, Vitalis Group SA (Pty) Ltd

Appendix A: Glossary of Terms

The following terms are used throughout this Business Plan with
the meanings set out below.

Appendix B: Detailed Assumption Schedule

This appendix sets out the full schedule of detailed assumptions
underpinning the financial model. Assumptions are grouped by category.
The model is available in full to qualified investors under separate
NDA.

B.1 Customer-Level Economics by Product (Year 5 Mature Customer)

B.2 Distribution Channel Mix and Economics

B.3 Technology Investment Schedule

B.4 Headcount and Compensation

B.5 Reinsurance Programme Detail

B.6 Investment Portfolio Composition (Steady State, Year 5)

This concludes Appendix B. The full driver model, including
monthly detail, is available to qualified investors and their advisors
under non-disclosure, in either Excel or read-only cloud-hosted form.
Management is available to walk through each driver and assumption in
detail at the request of prospective investors.

— END OF BUSINESS PLAN —

Vitalis Group SA (Pty) Ltd

Investment-Grade Business Plan, 2026

Strictly Confidential — Not for Distribution

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 Vitalis Group South Africa (Pty) Ltd.