The Morupule Coal Mine Rail Logistics Project 25-year concession.

Investment Highlights at a Glance:

• Net Present Value of BWP 11.1 billion @ 3.9% WACC

• Project Internal Rate of Return of 22.9%

• Asset-backed by BWP 3.19 billion in rolling stock and infrastructure

• Revenue anchored by 25-year inflation-escalating Botswana Railways contract

• Debt Service Coverage Ratios beginning at 2.20× (Year 1) and rising to 5.54× (Year 14)

• Exclusive strategic partnership formally appointed by Botswana Railways following competitive tender

Investment Opportunity Structure:

Track A: SPV Equity Co-Investment — Direct participation in the project Special Purpose Vehicle at a

22.9% IRR, with dividends commencing in Year 4.

Track B: Operational Capital Facility (R10 million) — Short-term quasi-equity instrument funding pre

financial-close activities, with principal repayment plus 5% SPV equity stake at financial close.

The project is anchored by formal Letters of Intent and Conditional Offer from Botswana Railways,

signed by the General Manager with Board and Ministry endorsement, following successful

completion of a competitive tender evaluation process. This ensures a robust counterparty and

revenue certainty for the duration of the concession.

PROJECT OVERVIEW Ntokoto Holdings (Pty) Ltd has been appointed as exclusive strategic partner by Botswana Railways to execute a long-term coal rail logistics contract, transporting coal from the Morupule Colliery (Botswana's largest coal mine) to South African and global markets. The 25-year Concession Agreement represents a transformative infrastructure opportunity underpinned by formal Letters of Intent and Conditional Offer from Botswana Railways, following successful completion of competitive tender evaluation. INVESTMENT HIGHLIGHTS Metric Value Net Present Value (@ 3.9% WACC) Project IRR Year 1 DSCR BWP 11.1 Billion 22.9% 2.20× Year 14 DSCR 5.54× Asset-backed Value Revenue Anchor BWP 3.19 Billion 25-year Inflation-escalating Contract with Botswana Railways FINANCIAL PROFILE Metric Year 1 (Ramp-up) Year 2 (Steady State) Revenue BWP 806M BWP 1.42B Year 5 EBITDA Margin ~BWP 1.6B ~43% 54.1% Net Profit Expanding BWP 350M BWP 645M Growing