We use the power of Latency to fund these changes DRIVING INCOME STATEMENT VALUE By using our networks and next generation thinking, we are able to drive traditional lodge ebitda margins to over 25% DRIVING BALANCE SHEET VALUE Through the use of big data and our bespoke land value matrix we use science to create massive value in big 5 wilderness land UPLIFTING RURAL COMMUNITIES • Creating over 1000 new jobs and R2.2bn in new wages • Transferring over R 1bn in equity to these local communities • Funding, mentoring and guaranteeing demand for over 30 new SME businesses

1. G
U
Q
U
L
A
GUQULA

2. G
U
Q
U
L
A
GUQULA
Its the Zulu word for ‘change’
And we have found a way to
• Return 25%+ IRR to investors
• Rewild, regreen & boost biodiversity
• Massively uplift local communities on the edge of our
nature reserves – all at the same time
That’s Guqula……

3. We use the power of latency to fund these changes.
• Driving Income statement value
by using our network and experience to buy and optimise nodes of cash positive
boutique tourism assets , and by using aggregation to reduce costs and increase
revenues – driving ebitda margins from 25% to 41%
• Driving Balance sheet value
The ownership of big 5 land is fragmented and supply is limited by human
encroachment, while global demand for big 5 tourism is booming. Aggregating Big 5
properties with plains game land creates massive revaluation profits
• Mitigating Risk
• Revenue is Dollar based, while most costs are Rand based
• 95% of funds are invested in hard assets which appreciate over time
• Massive community upliftment aligns communities’ interests with the investor’s
G
U
Q
U
L
A

4. G
U
Q
A
L
A
Income
Statement
A SUPER CHARGED MULTIPLIER
Balance
Sheet
Acquiring lodges in nodes
and harvesting the
aggregation benefits, Guqula
has the ability to increase
lodge EBITDA multiples from
25 % - 41%+
Acquiring land under lodge
nodes and upgrading it
though the land matrix (A-D),
we are able to increase land
values by over 100% in year
one, and 836% in real terms
over 21 years
G
U
Q
U
L
A

5. $500k EBITDA p/a
EBITDA margin =
25.1%
$25m EBITDA p/a
EBITDA margin = 25.1%
1 Lodge
50 Lodges
Standard EBITDA, and
EBITDA margin for high
cash generation lodge/s
Lodge based
improvement, and value
add opportunity after 5
years. Capacity, rate
10% Savings on the
supply chain (35% of
turnover after 5yrs)
Savings of 20% of
logistics costs (which is
25% of the supply chain
cost (.35* turnover
after 5 years))
Increases in Occupancies:
Overflow + Marketing +
upliftment positioning = 10%
increase from an occupancy of
60% less variable costs of
17,5% of turnover.
Inbound tour operation
Currently. Take over
25% of inbound
bookings at a profit
margin by 50%.
+$116.4k p/a
+23.3% EBITDA
margin on A
+$40.8k p/a
+8.2% EBITDA
margin on A
+$20.4k p/a
+4.19% of EBITDA
margin on A.
+$48k p/a
+9.6% EBITDA
margin on A
+$5.8m EBITDA
p/a
+23.3% EBITDA
margin on A
+$2.04m EBITDA
p/a
+8.2% of EBITDA
margin on A.
+$1,02m EBITDA p/a
+4.19% of EBITDA
margin on A
+$4.8m EBITDA p/a
+19.2% of EBITDA
margin on A.
+$2.6m EBITDA p/a
+9.6% of EBITDA
margin on A
Typical high
cash generating
Lodges are
worth $2.2m
with 20 beds
By acquiring 50 cash generative Big 5 lodges and harvesting the aggregation
benefits, Guqula will earn additional ebitda of $16.25m pa over the purchase
ebitda of $25m (65%) - and increase ebitda margin from 25.1% to 41.3%
LODGE AGGREGATION VALUE- DRIVERS
The aggregation of Boutique big 5 lodges preserves the charm and the
allure of Boutique while harvesting the commercial
advantages of big hotel groups
A
B
C
D
E
F
+$ 96,1k p/a
+19,2 EBITDA
margin on A
G
U
Q
U
L
A

6. Lodge
Aggregation
Acquiring high EBITDA
margin lodges In Madikwe
Game Reserve
ensures high levels of cash
flow and profit growth from
day one
G
U
Q
U
L
A

7. A. Plains Game land.
Un-aggregated
B. Big 5 land with recent
reputation and control
(Karongwe, Makalali)
C. Big 5 land with med
term reputation and
control (Balulie and
Thornybush)
D. Big 5 land with long
term reputation (Sabie
Sand)
$4702/Hectare
Real growth over
10 years = 11.2% pa
$9500/Hectare
Real growth over 10
Years = 10.2%pa
LAND AQUISITION VALUE DRIVERS
(value increase of 836% from A to D over 21 years in real
terms – thereafter real growth of 12% pa)
$2212/Hectare
Real growth in
1 year
= 117.9%pa
$1015/Hectare
No real growth
G
U
Q
U
L
A
12% pa value increase in
real terms over the last
5 years
Limited supply and
increasing demand of
high reputation Big 5
land drives price
appreciation over time
G
U
Q
U
L
A

8. PHASE 1
Land Aggregation
Kruger 2 canyons
Acquiring,
Aggregating and Upgrading
land to create SA’s biggest
new reserve for nearly 100
years
G
U
Q
U
L
A

9. SOLUTION BENEFITS OF UPLIFTMENT TO LAND,
LODGES AND COMMUNITIES
Tourism
based
upliftment
model
Increase
biodiversity
/ green
areas +
Smart
climate
methods
Grant &
impact
funding for
56
Community
SMEs
Mentoring,
technical
training,
cash flow
and
guaranteed
demand for
SMEs
Supply
chain,
Aggregation
creates
jobs/reduces
costs
Block chain
creates
trust,
visibility
and
governance
Local
communities
become
equity
owners
$50m
• Reduces poverty, hunger and inequity by creating at
least 1000 jobs
• Transfers at least $50m of equity to turn
communities into partners
• Rewilds land lost to cattle grazing
• Protects and increases Biodiversity, and reduces
Human/wildlife conflict and poaching
• Actively slows climate change – creates carbon
credits
• Reduces costs for lodges (supply chain)
• Community/reserve relationships align
• Community upliftment “dividend” for lodges
yields higher occupancies (5%-10%)*

10. THE GUQULA MAKERS
Previous work positions:
•Product Manager Unilever
•Group Product Manger (Proctor &
Gamble)
•Marketing Manger Loreal
•Divisional Manager: Hoechst
•Managing Director: Media Graphics
•Managing Director: Terra Nova
EXTRA:
•Board of Madikwe Futures
Company and Superior Filtration
•Board Michaelhouse school
•Built Ukuthula lodge in Madikwe
Position in Guqula:
Executive Chairman
Years of experience:
45 years
Education:
Bcom Mar Econ UKZN
MBA WITS (Sans Thesis)
Areas of Expertise
Strategy and Leadership; Marketing;
Business Model Design; Business Start-
ups, Alliances and Joint Ventures;
Value Proposition, Product, Channel
and Service design.
Brett Bowes
Current work positions:
•Owner/founder at Jacis group of
Lodges
•Management Cheetah Plains Sabi
Sand
•Owner/founder Madikwe river
lodge
•Owner/founder Grand Daddy
boutique hotel Cape Town
•Management Jacis Villa Sabi Sand
EXTRA:
•Board of Madikwe Futures
Company
Position in Guqula:
Lodges Director
Years of experience:
41 years
Education:
Pretoria Boys high school.
Areas of Expertise
Lodge management, Management of
groups of lodges, Hospitality ,Inbound
tourism, Marketing, Lodge design,
Lodge maintainance, Staff selection
and training, Budgeting, management
accounts, cash flow management for
lodges
Jan van Heteren
Previous work positions:
•Exo Futures: Chief Entrepreneur
•Exo Group: Regional Director SADC
leveraging exponential technologies
to transform industries for inclusive
growth.
•Standard bank:
Built the team that deployed the
branch delivery systems software
infrastructure solutions.
Position in Guqula:
IT Director
Years of experience:
30 years
Education:
Bcom Management & information
systems
Areas of Expertise
Management consulting, solution
design, enterprise architecture,
business process improvement, Saas
implementation & management, PMO,
System development
Position in Guqula:
Growth Director
Years of experience:
11 years
Education:
Bcom PPE UCT
Advanced PGP Advertising &
Marketing Red & Yellow
Areas of Expertise
Marketing, Business development
Marketing Research and Feasibility
Studies, Channel planning,
Project Planning and Management
Monitoring and Evaluation, Small
Business Development, Operational
excellence
Previous work positions:
• Alexander Proudfoot Management
Consultant
• Vsolution
Management Consultant
• Zakusa Smart Supply chains
Business Development Director 2014
- 2017
• Willbrink Business Development
Director 2017 – Present
Matthew Bowes Rutger Deutch
Position in Guqula:
Commercial Director
Years of experience:
11 years
Education:
B.Bus Sci (Finance Honours) UCT
CA (SA)
Areas of Expertise
Property Development, Capital
Raising, Asset Sales, Deal
Structuring, Growth Strategy,
Mergers & Acquisitions and
General Finance and Accounting
Previous work positions:
• Deliotte: Growth and Strategy
consultant in South Africa and the
US, previously trained as a CA(SA)
• Stelling & Co: Investment Director
of UK based Family Office that
specialises in Property
Development and Hospitality
Craig Terreblanche

11. in both lodge and land high service
lodges in a Big 5 reserve gives us
critical mass.
Enabling cost reduction,
G
U
Q
A
L
A
Address
49 15th Street, Parkhurst
Johannesburg, South Africa
Telephone
Brett Bowes: +27 82 452 7389
Matthew Bowes: +27 82 451 2938
Email
brett@guqulasafaris.com
matthew@ guqulasafaris.com
Website
www.guqulasafaris.com

12. 10/3/2022 12
Q & A
Q: What problem are you solving?
A 1: Lodge ownership in Africa is highly fractured, stifling their ability to create economies of scale, our solution enables
economies of scale and significantly boosts EBITDA using 6 different levers
A2: Big 5 land in Africa is an becoming increasingly scarce (Human encroachment), the supply shortage has created a 12 %
increase in big 5 land values over the past 20 years. We have a solution to take advantage of this.
Q: What is happening to demand like for Big 5 tourism globally?
A: The supply shortage of big 5 assets, coupled with the fact that globally the middle class is growing at 58 million people
per year has historically seen both bed night prices and occupancies surge over the last 20 years. We expect this trend to
gather pace into the future. Pricing and occupancies in our lodges are already approaching pre pandemic levels. As prices
and occupancies grow, we will also add capacity to cope with the demand.
Q: Competitors?
A1: Singita, Wilderness Safaries, & And Beyond. Our point of difference is that they all employ a decentralised lodge
strategy limiting their ability to create economies of scale; 36 lodges – 36 GMs – 36 kitchens etc . We buy our existing HIGH
cash generative lodges in small geographies (a node) and then we aggregate cost and revenue 36 lodges – 10 GMs – 20
kitchens etc. We do this without hindering the charm and allure of the boutique destinations. Our baked in profitability
advantage allows us to grow faster than our competitors and to produce considerably higher IRRs

13. 10/3/2022 13
Q & A
Q: Competitors?
A2: We also have a land strategy that differentiates us: Competitors tend to buy into established reserves or lease. Our land
strategy, based on the data and the land classification model sees us buy land on the edge of reserves, rewild, bring down
the fences and take advantage of significant land revaluations that emerge from land being reclassified as big 5, and then
revalued again as the land gains value with high class lodges being marketed over time.
Both our Land and Lodge strategies yield higher ebitda results than our competitors. This allows us to grow faster and more
profitably and so to uplift communities at a greater rate and provide superior returns to investors
Q: Risks?
A1: Communities on the edge of these reserves are either your greatest allies or your greatest enemies, our inclusive
solutions see including these communities as equity owners, suppliers of many items to the lodge supply chains, and
training their people filling crucial positions in the Big 5 tourism economy. By aligning our incentives with theirs we
fundamentally reduce risk.
At the same time we mitigate climate and biodiversity risk by committing thousands of hectares to become permanent
reserves, take these reserves off the grid and provide a home to rare flora and fauna. We have found a way to create an
environmentally kinder, less risky future and to boost returns for our investors and our communities in a shared endeavour.
A2: Political interference; Governments in Africa are compliant as long as there is direct benefit to their constituents. In the
South African government and its provinces that are home to our lodges we have long standing and deep relationships with
government stakeholders. We see them as enablers and potentially reputational beneficiaries. This new way of creating
inclusive growth in the tourism market is something they have long spoken of without having a solution. We will be
maximizing media coverage to show the project – and its supporters off and in a good light.

14. 10/3/2022 14
Q & A
Q: Vision for the Future?
A: The idea of aggregating boutique hotels in small geographic areas is a novel one in the African tourism industry. Its also a
concept that provides both competitive advantage and through that, an ability to grow faster than competitors, growing
market shares and superior returns for investors.
We believe that this is a strategy that can be replicated the world over. The Caribbean for example exhibits the same
opportunities as does the Safari industry in South Africa. We intend to build and develop the IP in this geographic region,
and once we are happy with where we are, we see Africa as our next target and then the rest of the world.
We have an ambitious team.
Q: Phase 1 funding requirement (Exchange rate $1:R16):
Rm 2022/Y0 2023/Y1 2024/Y2 2025/Y3 2026/Y4
Equity 300 300 175 50 0
Debt 125 100 25 100 100
Total 425 400 200 150 100