PARTNERING WITH MANAGEMENT TEAMS TO CREATE VALUE

ACORN PRIVATE EQUITY Founded in 2009 Specialise in SME private equity investing & advisory Passionate about making a difference Acorn Fund 1 fully invested with IRR of 28% Acorn SME Fund 2 KEY EXECUTIVES Pierre Malan Eugene Jansen Carl Neethling Gerhard Visagie THE TEAM 8 individuals > 45 years experience Proven track record Complementary blend of experience & expertise SME specialists Strong experience in agriculture sector WHO WE ARE – IMPACT INVESTORS

WHAT WE DO Private Equity Investing Focused on : SME investing In family-owned/ managed businesses In defensive sectors (incl. agriculture) Corporate Advisory Advisory services Deal structuring & execution

PRIVATE EQUITY INVESTING ACORN SME FUND 2 Geographic Focus Focus on RSA companies with SSA growth ambitions & opportunities Focus on Investments that will benefit from the African Growth Story Preference: Defensive sectors (agriculture & food, water, education, healthcare ) Target Established & Profitable SMEs Preference: Owner-managed and family-owned Minimum Profit of R10m Stage Focus on growth & expansion capital opportunities Ability to make impact Growth extracted over 5 to 7 years Minority Interests Focus on acquiring minority stakes & support management to grow business Maximum equity investment of R100 m INVESTMENT PHILOSOPHY

ENABLE SMEs TO ACHIEVE THEIR FULL POTENTIAL Focus on key growth drivers Appoint Acorn shadow manager for CEO. He will assist CEO for first 6 months Drive the strategic plan through active participation ACORN TEAM ACTIVE INVOLVEMENT Strategic repositioning Growth strategies Efficiency and financial restructuring Financial oversight Superior corporate governance & risk management ESG compliance Provide support like accounting and legal services PRIVATE EQUITY INVESTING Partnering with Management

CORPORATE ADVISORY Strong networks in agriculture Vast experience in agriculture deal structure & execution Lead advisor in R920m Overberg Agri/ MKB merger

WHY PARTNER WITH ACORN? Strong background in: Agriculture SMEs Family businesses Proven track record of growing investee companies Acorn’s solid values

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