Executive Summary

Acquisition of a producing but under-optimised 141 ha macadamia orchard within a diversified agricultural platform, offering immediate income yield and clear upside through operational improvement. • Investment Size: R70 million (~USD $3.8m) • Structure: 100% Equity • Asset: Macadamia + citrus + pecan production system • Water: 858,000 m³ secured rights, fully irrigated Investment Positioning A high-yield, USD-linked agricultural private equity investment combining: • Real asset backing • Predictable cash generation • Operational upside • Defined exit strategy Total Investment of $3,8 million Lead Operator: Sean Weir • 36 years agricultural experience • Operations across South Africa, Mozambique, Malawi & Australia On-Site Execution: • Dedicated farm manager with 10+ years macadamia experience Phase Output Revenue @ R65/kg Current 280 tons R18,2 million Ramp-up (Years 1 -2) 350 - 400 tons R22,8m - R26 m Stabilised 420 - 450 tons R27,3m - R29,3m FINANCIAL PERFORMANCE (STABILISED) • Revenue: ~R27.3 million • Operating costs: ~R12.7 million • Net Operating Income: ~R14.5 million South Africa is the world’s largest producer and exporter of macadamia nuts, and the sector has expanded rapidly over the past decade as planted area, processing capacity, and export infrastructure have scaled significantly. The market is currently in a more mature phase, with strong global demand but increasing supply pressure and greater price differentiation between premium whole kernels and lower-grade products. Growers’ returns are increasingly driven by quality, cracking efficiency, and value addition within local processing, while export dynamics are shifting as Asia, Europe, and the Middle East absorb a growing share of volumes. At the same time, structural challenges are emerging, including currency volatility, rising global competition, and concerns that increased in-shell exports could weaken domestic processing margins. Overall, the industry remains attractive but is transitioning from high-growth expansion to a more efficiency- and margin-focused phase.