Garvin Bernstein Family Office · FY2026 Dashboard v14

GBFH · Key Performance Indicators

Tap any card for full detail · Bluff SC is the only wholly-owned property · All syndications managed by MaxProp / AvdV

Bluff SC Revenue · Full Year

R 20.52M

Full-year budget R 18.06M · Final vs budget +R 2.46M

▲ 13.6% above full-year budget

Net Income Before Interest · Full Year

R 7.84M

Full-year budget R 5.67M · 138% of budget achieved

▲ R 2.17M above full-year budget

Repairs & Maintenance · Full Year

R 864K

Annual budget R 600K · 144% of full year spent

▲ R 264K over annual budget

Electricity Net Surplus

+R 1.10M

Recovery R 6.97M vs Cost R 5.87M

Revenue-positive · Solar saving R 300K

Working Capital · Call Account

R 11.97M

Valgro call account · rate: Prime − 3.45% (6.80%)

Reduced by R 1.73M repayments in Feb 2026

GBFH Net Worth

R 126.47M

Total assets R 180.78M · Liabilities R 54.31M

Deferred tax R 15.3M non-cash

Investment Portfolio

R 80.7M

Listed shares R 11.74M + Syndications R 68.97M

14 investment entities · JSE REIT portfolio

Dividends Declared · FY2026

R 6.0M

To GBFT · 20% dividend withholding tax

Provision R 1.2M · Full Year net profit R 7.99M

GBFH Total Assets · 28 Feb 2026

R 180.78M

Fixed R76.3M · Investments R80.7M · Current R23.8M

GBFH Net Equity · 28 Feb 2026

R 126.47M

Assets R180.78M − Liabilities R54.31M · LTV 30% (17.4% excl. def. tax)

Bluff Shopping Centre · Income Statement vs Budget

Full Year · 1 Mar 2025 – 28 Feb 2026

Bluff Shopping Centre — GBFH's Wholly-Owned Property Budget is Bluff SC specific · Investment income tracked separately

Line Item	Feb Actual	Jan Budget	Jan Var	Full Year Actual	Full Year Budget	YTD Variance	vs FY Budget
INCOME
Rent Receivable	997,820	992,634	+5,186	11,402,811	11,387,942	+14,869	91% FY
Electricity Recovery OUTPERFORMER	679,032	410,000	+269,032	6,969,355	4,674,000	+2,295,355	149% FY
Rates Recovery	47,077	47,715	−638	548,745	557,049	−8,304	89%
Water Recovery	42,012	38,700	+3,312	471,145	448,200	+22,945	95%
Refuse Recovery	39,204	40,932	−1,728	450,278	477,663	−27,385	86%
Security Recovery	28,779	28,475	+304	344,997	336,600	+8,397	92%
Sewerage Recovery	13,779	10,350	+3,429	153,285	120,150	+33,135	116%
Interest on Arrears DEBTOR STRESS INDICATOR	22,529	5,000	+17,529	179,635	60,000	+119,635	286%
Total Income	1,870,231	1,573,806	+296,425	20,520,252	18,061,604	+2,458,648	+13%
EXPENDITURE
Electricity Cost	514,017	500,000	−14,017	5,874,018	5,700,000	−174,018	94%
Rates (Municipal)	83,887	84,667	+780	987,612	993,848	+6,236	90%
Accounting & Professional Fees	82,661	79,661	−3,000	982,935	955,932	−27,003	93%
Repairs & Maintenance OVER BUDGET	15,449	50,000	+34,551	863,556	600,000	−263,556	144% FY
Management Fees (MaxProp / AvdV) AvdV CEO	48,920	63,305	+14,385	673,638	726,499	+52,861	85%
Security	30,498	33,500	+3,002	374,275	396,000	+21,725	86%
Water Cost	38,869	43,000	+4,131	457,508	498,000	+40,492	83%
Cleaning	26,231	37,000	+10,769	419,429	428,000	+8,571	87%
Refuse Cost	42,874	43,086	+212	504,009	502,800	−1,209	91%
Salaries	13,197	12,625	−572	182,944	174,125	−8,819	95%
Depreciation	25,712	25,712	—	308,540	308,544	—	92%
Total Expenditure	1,036,216	1,056,821	+20,605	12,682,805	12,395,178	−287,627	93%
Net Income Before Interest · Bluff SC	834,015	516,985	+317,030	7,837,447	5,666,426	+2,171,021	Full Year
Bond Interest (Investec) FACILITY BEING RESTRUCTURED	126,854	866	−125,988	487,365	10,831	−476,534	budget error ①

① Bond interest budget: The R950/month budget figure is a known preparation error. Actual annualised cost is approximately R390K/year on the R17M Investec facility. As the bond is being paid down and the facility restructured, the FY2027 budget should reflect the revised position once confirmed. · Investment income (dividends from syndications, interest on loans) is tracked in the GBFT tab and the Consolidated view, not in this Bluff SC budget.

Working Capital & Loan Book

Position at 28 Feb 2026

Liquid Assets — GBFH

Call Account (Valgro Investments) REHOMING APR 2026R 11,969,807

Rate: Prime – [TBC]% · Confirm with InvestecAnnual yield TBC post-April rehoming

Standard Bank / Operating AccountR 243,854

Investec Wealth & Investment accountR 117,372

Maxprop Trust AccountR 129,192

Total Liquid AssetsR 12,460,225

SARS Tax Control Account (refund pending)R 3,374,867

Foregone income while at SARS (monthly)−R 11,970/month

Related-Party Loan Book

Loan to Dumbass / Valgro (call account) REDUCINGR 11,969,807

Rate: Prime – 3.45% = 6.80%Annual interest ≈ R 813K

Dumbass (Pty) Ltd equity investment (40% at balance sheet value)R 42,467,347

Total GBFH exposure to Dumbass / ValgroR 54,437,154

Bluff Retail (Pty) Ltd loanR 1,249,304

Rate: Prime + 2% = 12.25% · Repayments R 70K/monthWell-structured

Investec Bond on Bluff SC (liability)−R 17,006,644

Net loan book position (loans receivable less bond)−R 3,787,533

GBFH Investment Breakdown · Feb 2026

R millions · Full investment portfolio excluding Bluff SC (held as fixed asset) · R80.7M total

Syndicated Property Investments

All managed by MaxProp / AvdV as trustee · GBFH holds % interests

Property Syndications — Balance Sheet Values Jan 2026 All co-investments structured as property vehicles with similar assets; managed by AvdV / Aldaveen

Entity	Equity Value	Loan Advanced	Total Exposure	FY Income
Dumbass (Pty) Ltd 40% INTEREST	42,467,347	13,699,740	56,167,087	Divs + Int
Bluff Shopping Centre 100% OWNED	72,050,000	−17,030,103 bond	55,019,897	Core operating
Genna-Wae Properties (Pty) Ltd	5,070,516	—	5,070,516	Dividends
117 Old Main Rd Investments (Pty) Ltd NEW · MIDRAND Direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total 21% = R6,615,000 · Brenntag SA anchor	6,615,000	—	6,615,000	Rental income
Mpinvestone Investments (Pty) Ltd	4,578,792	2,603,600	7,182,392	Divs + Int
Aldaveen Investments (Pty) Ltd AvdV CO-INV	2,700,000	—	2,700,000	Divs + Int
Patamar Holdings 4 (Pty) Ltd	—	3,000,000	3,000,000	Interest
108 Old Main Road Investments	139,490	180,643	320,133	Interest
Prophold 102 (A & B)	146,570	146,570	146,640	Interest
Total GBFH Property & Syndication Exposure	135,232,794	2,600,450	137,686,744

All syndicated investments are managed by AvdV as trustee/CEO of MaxProp · Dumbass (Pty) Ltd (40% share) represents the single largest combined exposure at R56.2M · The intercompany loan rate (Prime – [TBC]%) should be reviewed once April Investec restructure is complete · 117 Old Main Rd is a new investment in Midrand with anchor tenant Brenntag SA · GBFH's listed share portfolio (Investec) valued at R 11.04M Jan 2026 is shown in the Consolidated view

GBFH · Balance Sheet Summary

28 Feb 2026

Assets

Fixed Assets (Land & Buildings, other fixed)R 76,273,303

Investments (syndications, listed shares)R 80,709,382

Current Assets (call acct R11.97M · Bluff Retail loan R1.25M · debtors R3.17M · SARS R3.37M · cash + other)R 23,798,052

Total AssetsR 180,780,737

Liabilities

Investec Bond (secured on Bluff SC)R 17,006,644

Group Company Loans (owed to GBFT)R 16,145,420

Deferred Taxation (non-cash; FV adjustments)R 15,300,190

Current Liabilities (unrealised gain R3.11M · creditors R0.92M · tenant deps R1.25M · VAT R0.22M · other)R 5,860,349

Total LiabilitiesR 54,312,603

GBFH Net Equity

R 126.47M

Net Equity = R180.78M assets − R54.31M liabilities

Share Capital & Reserves: R 53.86M
Retained Income + Net Profit: R 72.61M
Deferred tax R15.30M is non-cash

GBFH · 117 Old Main Rd — Brenntag Investment

New Midrand industrial property · Anchor tenant: Brenntag South Africa · GBFH direct R5.25M + 40% of Dumbass R5.25M = R2.1M → total R6,615,000 (21% of R31.5M S/H loan)

Property & Lease Summary — Midway Place 247 Fifteen Road, Randjespark, Midrand · Forecast updated 04/04/2025

Parameter	Detail
Property Name	Midway Place, 247 Fifteen Road, Randjespark, Midrand
Tenant	Brenntag South Africa (sole anchor tenant)
Gross Lettable Area	9,834 m² — Warehouse 7,655 / Office 1,450 / Other 729 / Surplus Yard 3,000
Lease Expiry (prior)	31 December 2025 (renewed)
Renewed Rate (Jan 2026+)	R70/m² gross · Total monthly rental R 725,329
Prior Rate (to Dec 2025)	R80.05/m² · Total monthly rental R 824,143
Escalation	7% per annum
Monthly Recoveries (Jan 2026)	Rates R124,844 · Insurance R30,794 · Electricity R94,742 · Other R16,425
Total Gross Monthly Income (Jan 2026)	R 993,353 (rental + all recoveries)
Net Profit before interest & tax (forecast p.a.)	R 7,945,255 (19-month forecast total R7.945M)
Total Forecast Gross Revenue (to Dec 2026)	R 11,995,144

Funding Structure & GBFH Economic Exposure GBFH direct R5.25M + via Dumbass 40% × R5.25M = R2.1M → total R6,615,000 (21% of R31.5M)

Funding Line	Balance	Rate
Institutional Bond	R 35,000,000	10.5% p.a.
Shareholder Loan (total)	R 31,500,000	10.5% — rolled up & capitalised
GBFH direct S/H loan holding	R 5,250,000	10.5% — rolled up & capitalised
Dumbass (Pty) Ltd S/H loan holding	R 5,250,000	10.5% — rolled up & capitalised
GBFH indirect share (40% × R5.25M Dumbass)	R 2,100,000	40% of Dumbass holding
Total GBFH economic exposure (21% of R31.5M)	R 6,615,000	Direct R5.25M + indirect R2.1M
S/H interest treatment	Capitalised into S/H loan balance — not cash-paid until exit/refinance
Property asking price	R 65,000,000	Cap rate ~12.22%
GBFH implied equity upside at asking price	(R65M − R35M) × 21% = R 6,300,000	vs book R6.615M

Investment Advisory Notes

LEASE RENEWAL	Lease renewed at R70/m² — down from R80.05. Confirm signed lease received. Single-tenant property carries binary vacancy risk. Next renewal cycle should be monitored from 2027.
S/H LOAN ROLL-UP	S/H loan interest capitalising at 10.5% — growing from R31.5M toward R33.5M+ by Jan 2026. Redemption must be covered by sale or refinance. Monitor S/H loan balance annually.
HOLDING STRUCTURE	GBFH holds R5,250,000 directly in 117 Old Main Rd Investments (Pty) Ltd plus a further R2,100,000 indirectly via its 40% stake in Dumbass (Pty) Ltd, which also invested R5,250,000 in the same S/H loan. Combined GBFH economic exposure = R5.25M + R2.1M = R6,615,000 (21% of the R31.5M S/H loan). Confirm GBFH has board representation in Dumbass and receives annual audited accounts from both entities.
VALUATION NOTE	GV (COJ 2023 industrial): R59.7M. Asking price R65M implies total equity above bond of R30M. GBFH 21% economic share (direct + via Dumbass) = book R6.615M vs R6.3M implied equity at asking price — broadly in line. Independent valuation recommended at next FY-end.

GBFT · Key Performance Indicators

The Garvin Bernstein Family Trust · Pure investment entity · Beneficiaries: JB & MR Gamsu · AvdV is co-trustee (CEO MaxProp)

Total Income · Full Year

R 7.26M

Full-year budget R 2.28M · Above-budget dividends

+218% vs full-year budget

Dividends Received · Full Year

R 6.85M

GBFH R 1.62M · Tapa/Ald divs R 145K · REIT + other

Above budget · Full FY2026 dividends received

Distributions to Beneficiaries

R 4.80M

JB Gamsu R 2.40M · MR Gamsu R 2.40M

20% dividend withholding tax applies

Net Income · Full Year

R 2.16M

After expenses R 294K and distributions R 4.80M

108% of full-year budget

Listed Share Portfolio

R 12.71M

Investec Wealth · JSE listed equities

36 holdings · Unrealised gain R 2.73M

Tapa Property Holdings

R 24.07M

Largest GBFT holding · Industrial property vehicle

Managed by AvdV · Alrode properties

GBFT Net Worth

R 51.23M

Assets R 54.16M · Liabilities R 2.93M

Trust Capital: R 16.29M

Investment in GBFH

R 16.05M

Group company loan · GBFT → GBFH intercompany

Ordinary shares R 1.8K + Preference R 2.2K

GBFT Total Assets · 28 Feb 2026

R 54.16M

Tapa R24.1M · GBFH loan R16.0M · Listed R12.7M · Other R1.4M

GBFT Net Equity · 28 Feb 2026

R 51.23M

Assets R54.16M − Liabilities R2.93M · Trust Capital R16.29M

GBFT · Income Statement vs Budget

Full Year · 1 Mar 2025 – 28 Feb 2026

The Garvin Bernstein Family Trust Investment entity — income from dividends (Tapa, Aldaveen), interest, and listed shares

Line Item	Feb Actual	Jan Budget	Jan Var	Full Year Actual	Full Year Budget	YTD Variance	vs FY Budget
INCOME
Dividends — Tapa Property Holdings MAIN SOURCE	24,242	24,242	—	1,620,000	1,548,000	+72,000	95%
Dividends — Aldaveen Investments	24,242	24,242	—	145,455	145,452	+3	96%
Dividends — Other property vehicles ABOVE BUDGET	0	0	—	1,620,000	0	+1,620,000	unbudgeted
Interest Received (Aldaveen / Tapa)	1,215	23,000	—	309,843	288,750	+21,093	91%
REIT Dividends (listed portfolio)	0	10,000	−10,000	113,818	138,000	−24,182	95%
Local & Foreign Dividends (listed)	0	15,000	−15,000	74,508	165,000	−90,492	21%
Interest on Bank Accounts	0	0	—	0	0	—	above budget
Total Income	50,582	50,125	+457	7,257,773	2,282,202	+4,975,571	+327%
EXPENSES
Accounting Fees (Tome & Associates)	6,525	6,525	—	78,297	78,300	—	92%
Administration & Management Fees	12,103	250	−11,853	127,926	108,000	−19,926	107%
Audit Fees	5,978	5,978	—	71,741	71,736	−5	91%
Trustees Fees	0	0	—	11,500	11,500	—	100%
Dividend Tax (20% on taxable portion)	80	0	—	78,278	0	−78,278	on distributions
Distribution to JB Gamsu BENEFICIARY	0	0	—	2,400,000	0	−2,400,000	unbudgeted
Distribution to MR Gamsu BENEFICIARY	0	0	—	2,400,000	0	−2,400,000	unbudgeted
Total Expenses incl. Distributions	24,686	13,003	−11,683	5,094,454	257,030	−4,837,424
Net Income (GBFT) after distributions	25,896	37,122	−11,226	2,163,319	2,009,666	+153,653	+19%

Distributions of R2.4M each (R4.8M total) to JB & MR Gamsu are fully funded by the strong above-budget dividend performance from Tapa Property Holdings and other property vehicles · Dividend tax at 20% on the taxable portion is R 72,217 shown in the trial balance; total effective tax on distributions ≈ R 960K · The R4.996M "other dividends" above budget reflects exceptional distributions from Tapa and associated property vehicles — confirm sustainability for FY2027 budget · Local/foreign listed dividends tracking below budget as portfolio was partially repositioned (Anglogold partially sold, new positions in Goldfields and Glencore)

GBFT · Portfolio Holdings

As at 28 Feb 2026 · Investec Wealth Management

JSE Listed Shares Feb 2026 market values · Monthly FVA +R 598,030

Share	Jan 2026	Feb 2026	Move
Naspers Ltd	1,596,316	1,425,301	−171,015
Standard Bank Group	737,863	793,685	+55,822
FirstRand Ltd	680,909	717,144	+36,235
Anglogold Ashanti PLC	708,694	923,629	+214,935
Anglo American Plat	477,280	585,418	+108,138
Northam Platinum	528,538	577,222	+48,684
Capitec Bank	330,693	360,509	+29,816
ABSA Group	395,819	421,600	+25,781
BHP Billiton	342,198	397,867	+55,669
Glencore PLC	329,520	343,157	+13,637
Gold Fields Ltd	372,173	406,670	+34,497
Prosus N.V.	439,040	387,984	−51,056
Other (13 holdings)	3,208,198	2,871,129	mixed
Total Listed Portfolio	12,147,241	12,712,315	+565,074

GBFT Private & Unlisted Investments

Tapa Property Holdings (Pty) Ltd PROP VEHICLER 24,066,258

Investment in GBFH (P/L loan R16,045,420 + ord/pref shares R4,000)R 16,049,420

Aldaveen Investments (Pty) LtdR 900,040

Prophold 102 LimitedR 346,446

Total Private & UnlistedR 41,296,405

GBFT Net Equity

R 51.23M

Net Equity = R54.16M assets − R2.93M liabilities

Trust Capital: R 16.29M
Accumulated Surplus: R 32.77M
Full Year Net Income: R 2.16M

GBCT · Garvin Bernstein Family Charitable Trust

Charitable purpose trust · Full Year FY2026 · 28 Feb 2026 · Prepared by Tome & Associates CC

Net Worth (Equity)

R 620K

Trust Capital R1K · Accumulated Surplus R213K · Full Year Profit R406K

Fully solvent · surplus-generating

Listed Share Portfolio

R 1.620M

12 JSE-listed REITs & property funds · Investec Wealth Management

+R 92,010 FVA in Feb 2026 · FY FVA R417,601

Full Year Net Profit (FY2026)

R 405,852

Income R 490,941 · Expenses R 85,090 (incl. R43K donations)

Driven by FVA + REIT dividends

February Net Profit

R 70,366

Income R 92,241 · Expenses R 21,875

Strong month · FVA R92,010 · Donation R20,000

Loan to GBFH (Intercompany)

R 1.000M

GBCT has lent R1M to Garvin Bernstein Family Holdings P/L

Confirmed · rate & terms to be formalised

Donations Made FY2026

R 43,000

8 charitable beneficiaries · community & welfare focus

See donation analysis below

Cash & Bank

R 24,628

Investec Wealth Trading R20,916 · Standard Bank R3,712

Adequate working capital

REIT Dividend Income FY2026

R 67,380

REIT portfolio distributing well across 12 holdings

+ R 2,943 foreign dividends full year

GBCT · Balance Sheet

As at 28 February 2026

Assets

Listed Shares (REIT/property portfolio)R 1,620,295

Investec Current AccountR 3,712

Investec Wealth – Trading AccountR 20,916

Total AssetsR 1,644,923

Liabilities & Equity

Loan — Garvin Bernstein Family Holdings P/LR 1,000,000

Sundry CreditorsR 2,326

Provision for Audit FeesR 22,775

Total LiabilitiesR 1,025,101

Trust CapitalR 1,000

Accumulated SurplusR 212,971

Net Profit this yearR 405,852

Total Equity & LiabilitiesR 1,644,923

GBCT · Income Statement

February 2026 (month) & Full Year 1 Mar 2025 – 28 Feb 2026

Garvin Bernstein Family Charitable Trust Investment income + FVA + charitable donations · Prepared by Tome & Associates CC · 24/03/26

Line Item	Feb 2026 Actual	Full Year Actual	Notes
INCOME
Interest Received	230.97	3,017	Investec accounts · Current + Wealth Trading
Foreign Dividends Received	—	2,943	Sirius Real Estate (foreign REIT)
Fair Value Adjustments (FVA)	92,010.00	417,601	Mark-to-market gain on listed portfolio
REIT Dividends Received	—	67,380	12 SA REIT holdings · quarterly distributions
Total Income	92,241	490,941
EXPENSES
Accounting Fees	1,162.82	13,954	Tome & Associates · monthly
Administration & Management Fees	—	19,586	Annual admin costs
Audit Fees	712.50	8,550	Monthly provision
Donations Paid	20,000	43,000	7 beneficiaries · see analysis below
Total Expenses	21,875	85,090
Net Profit / (Loss)	70,366	405,852	Primarily FVA-driven · R67K cash dividend yield

YTD net profit of R335,486 is dominated by fair value adjustments (R325,591) on the listed REIT portfolio. Cash income (interest + dividends) is R73,109 YTD — modest but consistent. Donations of R23,000 represent 35% of cash income, which is healthy for a charitable trust of this scale. The large FVA gain should be viewed as unrealised until shares are sold.

GBCT · Listed Share Portfolio

12 JSE REIT & property fund holdings · Investec Wealth Management · 28 Feb 2026

REIT & Property Fund Holdings Feb 2026 · FVA +R 92,010 vs Jan 2026

Share	Jan 2026	Feb 2026	Move
Nepi Rockcastle PLC	333,178	334,126	+948
Growthpoint Properties Ltd	211,851	225,137	+13,286
Vukile Property Fund Ltd	122,165	125,170	+3,005
Redefine Properties Ltd	197,714	219,577	+21,863
Hyprop Investments Ltd	94,734	107,033	+12,299
MAS Real Estate Inc	103,089	102,946	−143
Resilient REIT Limited	96,852	106,094	+9,242
Attacq Limited	76,195	80,880	+4,685
Burstone Group Limited	94,239	103,592	+9,353
Equites Prop Fund Ltd	69,975	74,687	+4,712
Sirius Real Estate Ltd FOREIGN	53,674	59,827	+6,153
Stor-Age Prop REIT Ltd	45,349	49,017	+3,668
Total Portfolio	1,528,285	1,620,295	+92,010

FY2026 Donations Analysis

7 beneficiaries · R23,000 total · Community & welfare focus

Beth ShalomR 5,400

Durban Child Youth Care CentreR 2,000

Durban Jewish Social ServicesR 3,600

Durban United Hebrew CongregationR 3,600

HIAS South AfricaR 3,000

Royal Durban Golf ClubR 3,600

Sandringham GardensR 1,800

United Jewish CampaignR 20,000

Total Donations FY2026R 43,000

Prior donations Apr, Jul & Sept 2025 · R20,000 United Jewish Campaign in Feb 2026 · FY2026 total R43,000

Intercompany: GBCT → GBFH Loan

Principal OutstandingR 1,000,000

Interest RateNot confirmed

Interest Earned YTDNot in GBCT income statement

In GBFH books asCurrent liability

⚠ The loan does not earn interest per the GBCT income statement. If confirmed interest-free, section 7C of the Income Tax Act may apply — SARS could deem a donation equal to foregone interest and levy donations tax. Confirm with Tome & Associates before FY-end.

GBCT · Advisory Notes

01 · Section 7C — Interest-Free Loan Risk

The R1M GBCT loan to GBFH appears to be interest-free — no interest appears in GBCT income or GBFH expenses. If GBCT is a "connected person" to GBFH, section 7C deems foregone interest as a donation. At the official SARS rate (SA Prime – [applicable margin]), the deemed donation and resulting donations tax exposure should be quantified once the Prime rate adjustment is confirmed. Small but should be formalised.

Confirm with Tome & Associates

02 · FVA vs Cash Income — Portfolio Quality

Of the R406K full-year profit, R418K is fair value adjustments (unrealised). Cash income is only R73K (interest + REIT dividends). With donations now at R43K/year — 59% of cash income — the buffer has narrowed. Comfortable but monitor: any further donation commitments should be weighed against available cash yield, not FVA gains.

Cash cover ratio: 1.7× current donations

03 · PBO Status & Donation Eligibility

Confirm whether GBCT holds Public Benefit Organisation (PBO) status with SARS. If registered as a PBO, donations made to GBCT by donors are section 18A-deductible and the trust's own investment income may be exempt from income tax up to the approved purposes. Annual reporting to SARS is required to maintain status. Review the list of beneficiaries for PBO compliance.

Confirm PBO registration with Tome

Combined Family Office · Summary

GBFH + GBFT + GBCT · All values at 28 February 2026

Combined Total Assets — All 3 Entities

R 236.57M

GBFH R180.78M + GBFT R54.16M + GBCT R1.64M = R236.57M total gross assets

GBFH Assets

R180.78M

76.4% of total

GBFT Assets

R54.16M

22.9% of total

GBCT Assets

R1.64M

0.7% of total

Combined Net Equity

R 178.32M

Assets R236.57M − Liabilities R58.25M

GBFH equity: R126.47M
GBFT equity: R51.23M
GBCT equity: R0.62M

Combined Liabilities

R 58.25M

24.6% LTV on combined assets · Conservative

GBFH: R54.31M (incl. R15.3M def. tax)
GBFT: R2.93M
GBCT: R1.03M

Excl. deferred tax (non-cash): LTV 18.3%

GBFH

Net Equity (Assets − Liabilities)

R 126.47M

Total Assets: R 180.78M · Liabilities: R 54.31M

Full Year Net Profit: R 7.99M
Bluff SC NOI (Net Operating Income): R 7.84M

GBFT

Net Equity (Assets − Liabilities)

R 51.23M

Total Assets: R 54.16M · Liabilities: R 2.93M

Full Year Net Profit: R 2.16M
Distributions: R 4.80M

COMBINED

Combined Net Equity (Assets − Liabilities)

R 177.70M

= GBFH equity R126.47M + GBFT equity R51.23M

COMBINED TOTAL ASSETS

R 234.94M

R180.78M GBFH + R54.16M GBFT

Combined Full Year Profit: R 10.15M
Total Distributions FY2026: R 4.80M net

NET WORTH vs TOTAL ASSETS — HOW TO READ THIS
Net Worth (Equity) = Total Assets minus Total Liabilities · GBFH: R180.78M − R54.31M = R126.47M · GBFT: R54.16M − R2.93M = R51.23M · Combined equity: R177.70M · Combined total assets: R234.94M

M11 → M12 · Month-on-Month Analysis

February 2026 was the final month of FY2026 · This is the full-year close

FY2026 Year-End Commentary

MONTH 12 (FEBRUARY 2026) COMPLETED · FULL YEAR CLOSED

What moved in February

Combined net worth added R1.90M in the final month, moving from R175.8M to R177.7M. The primary drivers were a R598K fair value uplift on the GBFT listed equity portfolio — the strongest FVA month of FY2026 — and continued Bluff SC operating income. The Valgro call account reduced by R1.73M via scheduled repayments, which explains a small offsetting decline in GBFH liquidity.

Full-year verdict

FY2026 closed at R10.15M combined net income — materially ahead of any prior budget scenario. Bluff SC delivered R7.84M NOI — Net Operating Income (138% of its R5.67M budget). GBFT captured R7.26M income, driven by exceptional property dividends and a R417K FVA gain on its REIT portfolio. GBCT donated R43K in the year and grew its net worth to R620K. The SARS tax control account has grown to R3.37M DR — a meaningful liquidity item that needs active pursuit in FY2027.

GBFH · Feb movement

Net WorthR125.0M → R126.5M +R1.47M

Bluff SC RevenueR18.65M → R20.52M

NOI — Net Operating IncomeR7.00M → R7.84M +R834K

Call AccountR13.70M → R11.97M −R1.73M

SARS control acctR1.78M → R3.37M +R1.59M ⚠

GBFT · Feb movement

Net WorthR50.78M → R51.23M +R453K

Listed PortfolioR12.15M → R12.71M +R565K

Portfolio FVA (Feb)+R598K best month FY

Tapa HoldingsR23.64M → R24.07M

Feb Net ProfitR25,896 quiet month

GBCT · Feb movement

Net WorthR549K → R620K +R71K

REIT PortfolioR1.528M → R1.620M +R92K

Feb FVA+R92,010

Donations FY totalR23K → R43K +R20K UJC

Full Year Net ProfitR405,852

Key Metrics — M11 vs M12 Comparison

January 2026 (M11) vs February 2026 (M12) · Full Year close · All values in R millions

M11 (Jan 2026) M12 (Feb 2026)

Consolidated Income · FY2026 YTD

Consolidated Income Statement · Full Year to 28 Feb 2026 GBFH Bluff SC operations + all investment income (GBFH & GBFT)

Source	Entity	YTD Actual	FY Budget	Annualised Run-rate	Status
OPERATING — BLUFF SC
Total Revenue (rent + recoveries)	GBFH	20,520,252	18,061,600	20,520,252	+13.6% final
Total Expenditure (Bluff SC)	GBFH	−12,682,805	−12,395,178	−12,682,805	R&M overrun
Bluff SC Net Income Before Interest		7,837,447	5,666,426	7,837,447	+38% vs budget
INVESTMENT INCOME
Dividends (syndicated property — GBFH)	GBFH	4,445,120	3,204,485	4,445,120	+39% final
Call Account Interest (Prime – [TBC]%)	GBFH	1,808,739	est.	1,808,739	call acct + other int
Loan Interest (Dumbass (Pty) Ltd + Bluff Retail)	GBFH	390,689	154,369	390,689	+153% final
GBFT Total Income	GBFT	7,257,773	2,282,202	7,257,773	+218% final
OUTFLOWS
Bond Interest (Bluff SC)	GBFH	−487,365	−10,831	−487,365	budget error
GBFH Admin, Audit & Professional	GBFH	−1,112,699	est.	−1,112,699	tracking ok
GBFT Expenses (fees, trustees)	GBFT	−294,454	−272,536	−294,454	within budget
Distributions — JB & MR Gamsu	GBFT	−4,800,000	0	−4,800,000	unbudgeted
GBFH Dividends Declared (R6M to GBFT)	GBFH	−6,000,000	0	−6,000,000	unbudgeted
Combined Net Income (after distributions)		10,151,100	—	10,151,100	strong full year

Distribution Structure

FY2026 Actual Distributions

GBFH declares dividends → flows to GBFT (as GBFH shareholder)R 6,000,000

Dividend tax withheld on 20% taxable portion≈ R 1,200,000

GBFT distributes to JB Gamsu (beneficiary)R 2,400,000

GBFT distributes to MR Gamsu (beneficiary)R 2,400,000

AvdV (co-trustee / CEO MaxProp) — trustee feesR 11,500

Total cash to beneficiaries (net)R 4,800,000

The R6M GBFH dividend cascades through GBFT to the beneficiaries. The 20% dividend withholding tax applies to the taxable portion of dividends. This structure is tax-efficient for a family office context — both entities are separated and the flow is clean.

Sustainable Distribution Capacity (FY2027 outlook)

Bluff SC net operating (annualised after bond interest)≈ R 7.2M

Less: R&M revised provision (R 900K annual)≈ −R 300K additional

GBFH syndication dividends (sustainable floor)≈ R 1.5–2.5M/year

Call account income (post-April rehoming)≈ R 1.2–1.4M/year

GBFT income (Tapa + Aldaveen + listed divs)≈ R 2.0–3.0M/year sustainable

Implied SARS refund recovery (one-off boost)R 1.78M

Sustainable annual distributionsR 8–10M/year

Current R4.8M beneficiary distributions are well within sustainable capacity. A modest increase is supportable once the April rehoming confirms the new call account yield and Dumbass (Pty) Ltd capital requirements are known.

Family Office Structure

The Garvin Bernstein Family Trust & Subsidiaries · Structure at 29/02/2024 · Click any node to expand detail

Trusts Operating Cos Property Assets Charitable Personal Sold/Inactive Last updated 14/05/2024 · Prepared by Nafisa Chetty, Tome & Associates CC

Beneficiaries of GBFT: Joel Gamsu (50%) and Mark Gamsu (50%) · Bluff Shopping Centre belongs to Joel and Mark directly per amended trust deed (not held by GBFH) · Major Trust sold Nov 2020 · Structure accurate as at 29/02/2024 · Click any entity node to view holding detail

FY2026 Year-End Advisory & FY2027 Priorities

CONFIDENTIAL · FOR BENEFICIARIES (JB & MR GAMSU) AND AVDV AS MANAGING TRUSTEE · FY2026 FINAL · ISSUED 27 MARCH 2026

01 · Call Account Rehoming — April 2026 (Priority Action)

The call account (Valgro Investments) closed FY2026 at R11.97M — down from R13.7M at M11 following R1.73M in scheduled repayments during February. While the balance has naturally reduced, this capital must be rehomed to Investec by April 2026 to access a better rate and cleaner structure.

When selecting the new structure, the following priority order is recommended:

Negotiate Prime – 0.5% or better on a dedicated money market or call account. Every 50bps on R11.97M = R59,850/year at zero risk.
Avoid long lock-ups. A 32-day notice at +40–60bps over call is sensible; a 3–6 month fixed deposit makes sense only if the rate premium exceeds 100bps. Capital may be needed for R&M capex at Bluff SC or for Dumbass (Pty) Ltd if AvdV calls for capital.
Consider a split: R3–4M in 32-day notice (higher rate) and R10M in instant-access call (operational buffer and liquidity for unforeseen needs).
Formalise Dumbass (Pty) Ltd before deploying further: If any of this capital is intended for Dumbass (Pty) Ltd (which already holds R13.7M in loans from GBFH), the loan rate should be renegotiated to at least match the new Investec call account rate (Prime – [TBC]%) before advancing additional funds. This is a governance and tax compliance matter.

Action: Rehoming is now imminent. Confirm new Investec structure and rate by end of March. Clarify Dumbass / Valgro capital needs with AvdV before April 1. The R11.97M balance is confirmed — do not advance further until the new facility is formalised.

02 · Dumbass (Pty) Ltd Loan Rate — Review Warranted

GBFH has R54.3M total exposure to Dumbass / Valgro (R42.5M equity + R11.97M call account loan). In addition, Dumbass holds R5.25M in the 117 Old Main Rd Investments S/H loan — giving GBFH a further R2.1M indirect exposure (40% × R5.25M). GBFH also holds R5.25M directly in 117 Old Main Rd, bringing total exposure to R6,615,000 (21% of the R31.5M S/H loan). The Dumbass intercompany loan earns 6.80% (Prime – 3.45%). By comparison, the Bluff Retail loan earns 12.25% (Prime + 2%) — a significant spread that should be reviewed annually.

At the current balance, aligning the Dumbass (Pty) Ltd loan rate to match the new Investec call account rate (Prime – [TBC]%) would generate material additional annual income for GBFH with no capital deployment required.
If the loan is expected to grow (R4M was advanced in Dec/Jan alone), formalising the rate and repayment schedule is important for both transfer pricing compliance and GBFH's income base.
As a 40% equity participant managed by AvdV, GBFH should receive Dumbass (Pty) Ltd's annual audited financial statements. The equity value of R42.5M implies a total entity value of ~R106M — has this been independently verified recently?

03 · SARS Tax Refund — Urgently Pursue

The SARS Tax Control Account has grown to R3.37M DR at FY2026 close — up from R1.78M at M11. This is now a significant liquidity item. The increase indicates further provisional tax or VAT payments were made in February without a corresponding SARS refund receipt. Recovering R3.37M should be the highest priority administrative action for Q1 FY2027.

Action: The balance has nearly doubled in one month — establish with Tome & Associates exactly why. Confirm whether overpayments were made, whether refund claims are lodged, and get a written timeline. At the current call account rate, R3.37M sitting with SARS costs GBFH approximately R19,000/month in foregone interest.

04 · Bluff SC Repairs & Maintenance — Budget Needs Revision

The R&M register reveals a sustained structural maintenance programme — primarily CBBA Building Contractors (waterproofing, spalling repairs, roof leaks, painting) and Pixelpop (signage, gate, boom). Final FY2026 R&M spend of R864K against a R600K budget confirms the provision is materially understated for a centre of this age and scale.

FY2027 recommendation: Budget R900K–R1.0M for R&M. Consider identifying any items (lift upgrades, HVAC, structural) that could be capitalised rather than expensed.
Review insurance programme — confirm Bluff SC is insured for full replacement value (building currently at R72M carrying value; replacement cost may be higher).
A multi-year capital maintenance plan (even informal) from AvdV would allow for better cash flow planning and may improve the asset's yield over time.

05 · Distribution Planning — Beneficiary Perspective

The FY2026 distribution of R2.4M each to JB and MR Gamsu (R4.8M total net) has been made and is supported by the exceptional FY2026 GBFT income of R7.26M. Combined family net worth has grown R1.90M in the final month alone, closing at R177.70M. The 20% dividend withholding tax is correctly applied to the taxable portion.

Looking ahead to FY2027, distributions can potentially be increased, subject to:

Confirmation of the new Investec call account yield in April (this determines the sustainable annual interest income from the R13.7M).
Dumbass (Pty) Ltd capital requirements — if further loan advances are expected, some liquidity needs to be preserved.
The R&M programme being adequately funded (avoid a situation where distributions are made but the property asset deteriorates).
SARS R1.78M refund recovery — once received, this is available for distribution or reinvestment.

Sustainable annual distribution capacity: R8–10M/year (R4–5M to each beneficiary). Current R4.8M is conservative. A R500K–R1M increase per beneficiary per year is achievable within the next 12–24 months as the call account is repositioned and Dumbass (Pty) Ltd income is formalised.

06 · Electricity Recovery — 148% of Budget Warrants Review

Bluff SC generated a R1.10M net electricity surplus for FY2026 (recovery R6.97M vs cost R5.87M) plus R300K in solar savings. While positive, the over-recovery at 148% of budget warrants understanding:

The 149%-of-budget recovery (full year) is driven by eThekwini tariff increases above the budget assumption. Revise the FY2027 electricity budget to R5.5M+ on both cost and recovery lines.
The Energy Capital metering contract shows billing adjustments and reversals in January — confirm with AvdV that the methodology is correct and compliant with leases.
Ensure the electricity debtor balance (R618K as at Jan 2026) is being recovered monthly and is not accumulating into a bad debt.

07 · FY2027 Budget Preparation (March/April)

When the new budget is drafted the following adjustments from the FY2026 budget are recommended:

R&M: Increase from R600K to R900K–R1.0M
Bond interest: Correct from R950/month to actual annualised cost (or remove if restructured)
Electricity recovery: Revise to R5.0M+ based on current tariff and consumption
Interest on arrears: Revise from R60K to R150K+ based on FY2026 actual run-rate
Call account income: Add a specific budget line for interest on the rehomed R13–14M at the confirmed new Investec rate (insert once April structure is confirmed)
Dumbass (Pty) Ltd loan interest: If rate is renegotiated, budget at the new rate
Distributions: Include budgeted distributions in both GBFH and GBFT budgets for transparency and cash flow planning
R&M capital items: Identify any items to be capitalised (cost vs budget will look cleaner)

Open Items for April Resolution

Items to confirm before FY2027 budget is finalised

Capital & Structural

Q1Call account rehoming: The balance is now R11.97M. What is the confirmed new Investec structure? What rate (Prime – [X]%) has been negotiated? Will any portion be directed to Dumbass (Pty) Ltd? This determines FY2027 investment income budgeting.

Q2Dumbass (Pty) Ltd total entity value: The 40% equity value is shown at R42.5M, implying a total entity value of approximately R106M. Has this been independently confirmed (audited accounts) recently? AvdV manages this entity — annual accounts should be available.

Q3Dumbass (Pty) Ltd loan rate formalisation: Should the loan rate be renegotiated to align with the new Investec call account rate (Prime – [TBC]%) before any further advances? A formal loan agreement (if not already in place) is important for SARS transfer pricing compliance.

Q4SARS refund — R3.37M: The balance has grown materially in February 2026. Establish the reason for the increase, confirm all refund claims are formally lodged with SARS, and obtain a written recovery timeline from Tome & Associates. At current rates this balance costs ~R19K/month in foregone interest.

Operational

Q5Bluff SC capital maintenance plan: Is there a 3–5 year maintenance plan for the centre? Knowing which major items (lift, HVAC, electrical) are upcoming allows the budget to be set more accurately and ensures the asset value is maintained.

Q6Electricity over-recovery: Is the 148% recovery vs budget due to tariff increases, higher consumption, or a methodology change with Energy Capital? The metering contract reversals in January need clarification.

Q7Tenant arrears: Debtors closed FY2026 at R2.49M. Interest on arrears ran at 286%+ of budget for the full year. Which tenants are in arrears and is any amount at risk of being irrecoverable? A provision may be needed in the FY2027 budget.

Available Funds for Investment

Liquidity analysis from Feb 2026 balance sheets · Three-tier framework

Tier 1 · Immediately Deployable

R 12.64M

Cash + call account · No restrictions

Tier 2 · Near-Term Recoverable

R 4.21M

SARS refund R3.37M + Bluff Retail repayments R840K/yr

Tier 3 · Liquid but Invested

R 24.45M

Listed shares GBFH R11.74M + GBFT R12.71M · JSE saleable

Investment Liquidity Analysis · February 2026

SOURCE: VERIFIED BALANCE SHEETS · GBFH + GBFT + GBCT · ALL FIGURES ZAR

TIER 1 — Immediately Deployable Cash (R 12.64M)

Source	Entity	Balance	Current Yield	Note
Valgro Call Account	GBFH	R 11,969,807	6.80% p.a.	Prime −3.45% · Being rehomed to Investec Apr 2026 — rate uplift expected
Standard Bank (operating)	GBFH	R 243,854	Nil	Operating float · Keep R200K minimum buffer
Investec WM Cash	GBFH	R 117,372	Low	Broker sweep account
Maxprop Trust Account	GBFH	R 129,192	Nil	Tenant collections float · Not freely deployable
GBFT Cash (all accounts)	GBFT	R 158,726	Low	Standard Bank + Investec × 2 + Nedbank
GBCT Cash	GBCT	R 24,628	Nil	Charitable trust — not available for investment
TIER 1 TOTAL		R 12,643,579		Less R2M operating reserve = R 10.64M net deployable

Net freely deployable cash after a prudent R2M operating buffer: R 10.64M. The Valgro call account (R11.97M) represents 94.7% of Tier 1 and is earning only 6.80%. Rehoming to Investec at Prime −0.5% (approximately 9.75% at current Prime of 10.25%) would add approximately R348K/year in additional interest income with no additional risk.

TIER 2 — Near-Term Recoverable (R 4.21M)

SARS TAX CONTROL ACCOUNT

R 3,374,867

Refund owed by SARS — shown as debit (asset) in GBFH books. Grown from R1.78M at M11 to R3.37M at M12 — a R1.59M increase in one month alone, indicating February VAT and/or provisional tax payments hit without a corresponding refund receipt.

At the current call account rate of 6.80%, this balance costs GBFH approximately R19,044/month in foregone interest. Over 6 months that is R114K of dead cost. Active SARS pursuit is the highest-return administrative action available.

BLUFF RETAIL LOAN REPAYMENTS

R 840K / year

The Bluff Retail loan (balance R1.249M at Feb 2026) repays at approximately R70K/month at 12.25% (Prime +2%). Annual repayment inflow of R840K flows back to GBFH. This is best left in place — at 12.25% it is the highest-yielding loan on the book and is self-liquidating without requiring management. Do not recall early.

TIER 3 — Liquid But Currently Invested (R 24.45M)

GBFH LISTED SHARES (Investec)

R 11,740,000

JSE-listed equities managed by Investec Wealth. Grew 39.1% from R8.44M (Mar 2025) to R11.74M (Feb 2026). Liquid — saleable in T+3 days. Unrealised gain estimated at R3.3M above cost basis.

GBFT LISTED PORTFOLIO (Investec)

R 12,712,315

36 JSE holdings including Naspers, Standard Bank, Anglogold, BHP, Glencore. Grew 28.7% from R9.88M (Mar 2025) to R12.71M (Feb 2026). Liquid — saleable in T+3. Unrealised gain estimated at R2.73M.

Tier 3 shares should only be liquidated for a specific investment with a risk-adjusted return materially above the current portfolio yield. Both portfolios are appreciating (combined +R6.1M or +33% in 11 months) and generating dividend income. Partial liquidation for a yield-accretive property syndication would be justified if the target return exceeds 12% — otherwise the existing equity outperformance argues for retention.

SUMMARY — Net Investment Capacity

Tier 1 — Available cash (Valgro call + other)	R 12,643,579
Less: Prudent operating reserve (recommended)	−R 2,000,000
Net Deployable — Tier 1 (conservative)	R 10,643,579
Add: SARS refund (pending — once recovered)	+R 3,374,867
Net Deployable — Tier 1 + SARS (once recovered)	R 14,018,446
Add: Tier 3 liquid listed shares (if liquidated)	+R 24,452,315
Maximum theoretical deployment (all tiers)	R 38,470,761

Recommendation: Target Tier 1 deployment of R8–10M into a yield-accretive opportunity — keeping R2–3M as operational buffer and preserving the SARS refund as a bonus once recovered. At a target cap rate of 12%+, a R10M deployment would add approximately R1.2M/year in net income — a 45% uplift on GBFH's current investment income run-rate from the call account. Do not liquidate Tier 3 unless the target return materially exceeds current equity performance (33% gain in 11 months).

Dashboard Maintenance Guide

Monthly Update (10–15 mins from Tome & Associates reports)

This is a self-contained HTML file — open in any text editor or browser. To update:

KPI cards: Find the .k-val div for each card and update the number. Update the sub-text and badge text for the new variance.
Income statement tables: Find the row by line item name. Update Jan Actual (new month), YTD Actual (running total), and recalculate YTD Variance. Update Jan Budget from the budget Excel for the new month column.
Progress bars: Update style="width:XX%" on each .ubar-fill div. Use class ov (red) for over 100%, ok (amber) for 80–99%, default for under 80%.
Loan balances: Update Dumbass (Pty) Ltd and Bluff Retail balances from the LOAN schedule page in the monthly pack.
Listed shares: Update the GBFT portfolio table from the Investec "Analysis of Listed Shares" page at the back of the GBFT PDF.

FY2027 Budget Update (April 2026)

Open the new Excel workbook. The INCOME STATEMEN- BLUFF (linked) tab is the master source for Bluff SC budgets; INCOME STATEMEN- GBFT for trust budgets.
Replace all "Budget" column values in the income statement tables.
Update full-year budget totals in KPI card sub-text lines.
Change the reporting period pills in the top navigation: FY 01 MAR 2026 – 28 FEB 2027
Reset all YTD Actual columns to zero and progress bars to 0% width at year start.
Update the Advisory tab recommendations with the new call account rate and distribution policy once confirmed.

Sharing: Save as PDF from any browser (File → Print → Save as PDF) for distribution to beneficiaries and AvdV. The HTML file is fully self-contained — no internet connection or software required to view.

Growth & New Investments

Pipeline tracking for new investment properties · Tap any card for full detail

Active Acquisitions

1

117 Old Main Rd / Midway Place · Midrand

Industrial · Brenntag SA anchor

Total New Investment Exposure

R 6.615M

GBFH direct R5.25M + via Dumbass R2.1M

21% of R31.5M S/H loan

Forecast Gross Revenue (19M)

R 11.99M

Jun 2025 – Dec 2026 · Brenntag SA sole tenant

Net profit R 7.95M before interest & tax

S/H Loan Outstanding (Total)

R 31.5M

10.5% p.a. · Interest rolling up

Bond R 35M · Total funding R 66.5M

Active Investment · 117 Old Main Road Structure

Midway Place, 247 Fifteen Road, Randjespark, Midrand · Brenntag South Africa anchor tenant

Midway Place

247 FIFTEEN ROAD, RANDJESPARK, MIDRAND · HELD VIA 117 OLD MAIN RD INVESTMENTS (PTY) LTD

INDUSTRIAL · ACTIVE

Property Detail

TenantBrenntag South Africa

Property typeIndustrial / Logistics

GLA Total9,834 m²

Warehouse7,655 m²

Office1,450 m²

Other / Ancillary729 m²

Surplus Yard3,000 m²

COJ GV (2023 Industrial)R 59,700,000

Asking / Purchase priceR 65,000,000

Lease Summary

Prior rate (to Dec 2025)R 80.05/m²

Prior monthly rentalR 824,143

Lease expiry (original)31 Dec 2025

Renewed rate (Jan 2026+)R 70/m²

Renewed monthly rentalR 725,329

Annual escalation7%

Monthly recoveries (Jan 2026)R 268,024

Total gross monthly incomeR 993,353

GBFH Holding Structure

Total S/H loanR 31,500,000

Institutional bondR 35,000,000

GBFH direct in S/H loanR 5,250,000

Dumbass S/H loan holdingR 5,250,000

GBFH 40% of DumbassR 2,100,000

Total GBFH exposure (21%)R 6,615,000

Interest rate (S/H loan)10.5% p.a. rolled up

GBFH implied equity (at asking)(R65M−R35M)×21% = R6.3M

Brenntag Forecast — Revenue & Cost Summary (Jun 2025 – Dec 2026) 19-month forecast · Updated 04/04/2025

Category	Total Forecast	Monthly (Jan 2026)	Note
INCOME
Warehouse rental (7,655m²)	6,430,200	535,850	R70/m² from Jan 2026
Office rental (1,450m²)	1,218,000	101,500	R70/m²
Other / Ancillary (729m²)	612,360	51,030	R70/m²
Parking (covered + open)	443,384	36,948	Fixed monthly
Total Rental Income	8,703,944	725,328
Rates Recovery	1,573,036	124,844	R113K (Jun–Dec 25) / R125K (2026)
Insurance Recovery	369,531	30,794
Electricity Recovery	1,136,904	94,742	Pass-through
Water / Sewerage / Refuse	197,100	16,425	Municipal recoveries
Total Recovery Income	3,276,571	268,024
GROSS INCOME	11,995,144	993,353
OPERATING EXPENSES
Admin / Accounting / Audit / Bank	394,288	28,747	Admin at 2% of gross
Insurance	369,531	30,794	0.35% of insured value
Rates	1,573,036	124,844	COJ municipal rates
Repairs & Maintenance (General + Roof)	180,000	15,000	R10K + R5K/month
Directors & Secretarial Fees	52,000	2,167	Quarterly directors
Electricity	1,136,904	94,742	Pass-through to tenant
Utilities (water/refuse/sewage/meter)	197,100	16,425	Pass-through
Sundry	120,000	10,000
TOTAL OPERATING EXPENSES	4,049,859	322,719
NET PROFIT BEFORE INTEREST & TAX	7,945,255	670,634	NOI yield on R65M = ~12.2%

WATCH ITEMS

Lease renewal confirmed at R70/m² (down from R80.05). Confirm signed lease is in place. Next escalation cycle to R74.90/m² effective Jan 2027.

S/H loan interest rolling up at 10.5% — balance growing from R31.5M. Redemption must be covered by refinance or sale. Review balance annually.

Single-tenant risk — binary vacancy risk if Brenntag vacates. Industrial park has strong logistics demand drivers in Midrand corridor.

INVESTMENT THESIS

Cap rate ~12.22% at R65M purchase price on NOI of ~R7.95M p.a. Attractive for Midrand industrial.

7% annual escalation provides strong inflation-beating income growth. At 7% esc., rental reaches ~R93/m² by 2030.

Brenntag SA is a global chemical distributor — investment-grade anchor in a prime Gauteng industrial node.

Watchlist & Pipeline

Prospective acquisitions — update as opportunities are identified

NO ACTIVE PIPELINE

Add prospective investments here as they are identified. Include property name, location, asking price, cap rate, proposed funding, and target completion date.

March 2025 · M01 Actual Financial Statements

Verified from Tome & Associates management accounts · 31/03/2025 · All values in ZAR

GBFH Net Equity · 31/03/25

R 119.17M

Assets R156.19M · Liabilities R37.01M · +R0.40M on month

▲ +7.7% vs opening equity Mar 2024

GBFT Net Equity · 31/03/25

R 49.02M

Assets R49.16M · Liabilities R134K · +R380K on month

▲ +8.5% vs opening equity Mar 2024

Combined Net Equity · 31/03/25

R 168.37M

GBFH R119.17M + GBFT R49.02M + GBCT R0.18M

▲ +8.0% YoY · FY2025 full-year gain

Combined Total Assets · 31/03/25

R 206.54M

GBFH R156.19M + GBFT R49.16M + GBCT R1.20M

Opening position for FY2026

Bluff SC Revenue · March 2025

R 1.669M

Budget R1.651M · Variance +R18,073 · +1.1% vs budget

▲ +3.7% vs March 2024 (R1.609M)

Bluff SC NOI (Net Operating Income) · March 2025

R 656K

Budget R641,115 · Variance +R14,966 · +2.3% vs budget

▲ +11.9% vs March 2024 net profit

GBFH Net Profit · March 2025

R 403,470

Includes FVA gain R227,151 on listed shares

▲ +11.9% vs March 2024 (R360,498)

Valgro Call Account · 31/03/25

R 4.346M

Rate: Prime −1% = 10% · Reduced by R2.25M in March

Down from R6.552M at 01/03/25

GBFH · Balance Sheet

As at 31 March 2025 · Verified from management accounts

Assets

FIXED ASSETS

Land & Buildings — Bluff SCR 72,050,000

Other Fixed Assets (solar, etc.)R 4,279,713

IT Equipment (net)R 5,298

Motor Vehicles (net)R 221,121

Total Fixed AssetsR 76,556,132

INVESTMENTS

Listed Shares (JSE — Investec)R 8,441,680

Valgro Investments (equity 40%)R 42,467,387

Dumbass (Pty) LtdR 2,830,119

Genna-Wae PropertiesR 5,071,012

Mpinvestone (equity + loan)R 7,182,592

Aldaveen InvestmentsR 2,700,120

Patamar Holdings 4 (loan)R 3,000,030

117 Old Main Rd (investment)R 287,916

108 Old Main Rd (equity + loan)R 320,157

Total InvestmentsR 72,301,176

CURRENT ASSETS

Standard BankR 270,014

Investec Wealth & InvestmentR 122,736

Bluff SC DebtorsR 92,025

Short Term Loans (Bluff Retail + GBCT)R 2,454,104

DepositsR 2,306,903

Tax Control (SARS)R 1,161,670

Prepaid InsuranceR 188,915

Sundry Debtors (elec recovery)R 555,369

Other current assetsR 176,676

TOTAL ASSETSR 156,185,721

Liabilities

NON-CURRENT LIABILITIES

Investec Bond (secured · Bluff SC)R 96,713

Deferred Taxation NON-CASHR 15,300,190

Total Non-Current LiabilitiesR 15,396,903

CURRENT LIABILITIES

Group Company Loans — GBFT INTERCOR 14,045,420

Valgro (net of repayment in March)R 4,346,038

Sundry CreditorsR 1,633,137

Tenant Deposits — Bluff SCR 1,221,182

Provision for Audit FeesR 239,815

Unrealised Gain — InvestecR 38,484

VAT Control AccountR 93,075

Total Current LiabilitiesR 21,617,151

TOTAL LIABILITIESR 37,014,054

EQUITY

Share Capital (Ord R1,800 + Pref R2,200)R 4,000

Reserves (FV adj + general)R 53,853,316

Retained Income (opening)R 64,910,881

Net Profit this year (Mar 2025)R 403,470

TOTAL EQUITYR 119,171,668

GBFH Net Equity · 31 March 2025

R 119.17M

Total Assets R156.19M − Total Liabilities R37.01M

Opening equity (01/03/24): R 110.70M
FY2025 earnings: +R 8.07M
March 2025 profit: +R 0.40M
YoY growth: +7.7%

NOTE: Deferred Tax

R15.3M deferred taxation is a non-cash item arising from fair value adjustments to investment properties. It does not represent a current cash liability. Excluding deferred tax, adjusted net equity is R134.47M.

Group Company Loans

GBFT loan to GBFH: R14,045,420 (up R250K in March as Valgro interest was transferred). Valgro call account: R4,346,038 after R2.25M repayment in March 2025.

GBFH · Bluff SC Income Statement

March 2025 (M01) — Actual vs Budget · Source: Tome & Associates

Bluff Shopping Centre — March 2025 Actuals All figures ZAR · Budget from Excel workbook · Variance = Budget − Actual

Line Item	March 2025 Actual	March 2025 Budget	Variance	Status
INCOME
Rent Receivable	943,420	944,269	−849	On track
Electricity Recovery OUTPERFORMER	555,369	550,000	+5,369	+1.0%
Rates Recovery	43,140	44,990	−1,850	−4.1%
Water Recovery	39,271	32,400	+6,871	+21.2%
Refuse Recovery	35,934	38,086	−2,152	−5.6%
Security Recovery	28,817	26,648	+2,169	+8.1%
Sewerage Recovery	12,941	9,225	+3,716	+40.3%
Interest on Arrears ARREAR INDICATOR	9,799	5,000	+4,799	+96%
Total Income	1,668,691	1,650,618	+18,073	+1.1%
EXPENDITURE
Electricity Cost	462,535	500,000	+37,465	Solar saving
Electricity Savings (Solar) NEW	25,000	0	+25,000	Credit entry
Accounting Fees	79,661	79,661	—	On track
Admin & Management Fees	122,213	60,762	−61,451	▲ OVER BUDGET
Rates (Municipal)	79,128	79,128	—	On track
Repairs & Maintenance	21,648	25,000	+3,352	Under budget
Security	30,498	30,500	+2	On track
Cleaning	30,031	37,000	+6,969	Under budget
Water	37,416	36,000	−1,416	Minor
Refuse	39,528	40,090	+562	On track
Salaries	12,625	13,000	+375	On track
Sewerage	10,219	10,250	+31	On track
Depreciation	25,712	25,712	—	Fixed
Insurance	15,685	15,685	—	Fixed
Audit Fees	10,375	10,375	—	Fixed
Metering Charges	4,590	4,590	—	On track
Total Expenditure	1,012,611	1,009,503	−3,108	−0.3%
Net Income Before Interest	656,081	641,115	+14,966	+2.3% vs budget
Interest Received — Investments	3,695	0	+3,695
Interest Received — Loans (Bluff Retail)	16,191	14,969	+1,222
Interest Paid — Bond	875	900	+25
Interest Paid — Valgro Loan	44,471	45,000	+529
Fair Value Adjustments (listed shares)	227,151	0	+227,151	Non-cash
Net Profit After Interest (GBFH)	403,470	655,684	−252,214	Divs budget removed

Admin & Management Fees R122,213 vs budget R60,762: The overrun reflects MaxProp quarterly management fees (R80,894 monthly charge) and Investec broker/trustee fees. This is a known feature — the budget understates actual management fee run-rate. FVA of R227,151 is non-cash mark-to-market on listed shares. · Net profit below budget primarily because budget included dividend income that is not an operating item.

GBFT & GBCT · March 2025 Snapshots

Both entities — M01 actual · Source: Tome & Associates

GBFT — Garvin Bernstein Family Trust · March 2025

BALANCE SHEET

Investment in GBFH (group co. loan)R 14,049,420

Tapa Property Holdings (Pty) LtdR 23,640,956

Listed Shares (Investec Wealth) JSER 9,876,920

Aldaveen InvestmentsR 900,040

Prophold 102 LimitedR 346,446

The Major Investment Trust (net)−R 65,758

Unrealised Gains (Investec)R 198,593

Cash (3 accounts + Nedbank)R 158,726

Beneficiary Loan (JB Gamsu)R 50,000

Total Liabilities (creditors + audit prov)−R 134,063

Net EquityR 49,021,279

INCOME STATEMENT (MARCH 2025)

Dividends — Tapa Property HoldingsR 258,000

Interest received (Aldaveen/Tapa/bank)R 23,616

REIT Dividends (local) — 3 holdingsR 9,816

Foreign Dividends (BHP/Bidvest/Shoprite)R 11,686

Profit on Listed Investments (FVA)R 116,318

Total Expenses (fees + audit + bank)−R 38,980

Net Profit March 2025R 380,456

GBCT — Charitable Trust · March 2025

Listed Shares (12 SA REITs)R 1,173,713

Cash (Standard Bank + Investec)R 28,061

Loan from GBFH (liability) INTEREST-FREE RISK−R 1,000,000

Other liabilities (creditors + audit prov)−R 25,723

Net EquityR 176,051

Interest ReceivedR 236

Fair Value Loss — REIT portfolio−R 29,879

Total Expenses (fees + audit + donations)−R 8,277

Donation — Durban Child Youth Care−R 2,000

Net Loss March 2025−R 37,920

GBCT REIT portfolio had a FVA loss of R29,879 in March 2025. This is unrealised — portfolio total R1.174M vs Feb 2025 close R1.204M. Monitor; portfolio held for long-term income not capital.

Intercompany Positions · March 2025

GBFT loan to GBFH (Group Co. Loans)R 14,045,420

GBFH investment in GBFT (shares)R 4,000

GBCT loan from GBFH (in GBFH books as current asset)R 1,000,000

Valgro Investments — GBFH call accountR 4,346,038

GBFT advanced R250,000 to GBFH in March (interest on Valgro transferred). Valgro call account reduced R2.25M in March via repayments. Net intercompany flow: GBFH borrowed from both GBFT and Valgro during the year.

March 2025 (M01) vs February 2026 (M12) · Opening vs Closing

FY2026 bookend comparison · All values in ZAR millions

FY2026 Opening (Mar 2025) vs Closing (Feb 2026) Full year movement in key metrics

Metric	Mar 2025 (M01)	Feb 2026 (M12)	FY2026 Change	% Change
EQUITY & NET WORTH
GBFH Net Equity	119,171,668	126,470,000	+7,298,332	+6.1%
GBFT Net Equity	49,021,279	51,230,000	+2,208,721	+4.5%
GBCT Net Equity	176,051	620,000	+443,949	+252%
Combined Net Equity	168,368,998	178,320,000	+9,951,002	+5.9%
ASSETS
GBFH Total Assets	156,185,721	180,780,737	+24,595,016	+15.7%
GBFT Total Assets	49,155,342	54,160,000	+5,004,658	+10.2%
GBFH Listed Shares	8,441,680	11,740,000	+3,298,320	+39.1%
GBFT Listed Portfolio	9,876,920	12,712,315	+2,835,395	+28.7%
BLUFF SC INCOME (MONTHLY)
Bluff SC Revenue	1,668,691	1,870,231	+201,540	+12.1%
Bluff SC NOI (Net Operating Income)	656,081	834,015	+177,934	+27.1%
Electricity Recovery	555,369	679,032	+123,663	+22.3%
LOAN BOOK
Valgro Call Account	4,346,038	11,969,807	+7,623,769	+175%
Bluff Retail Loan	1,454,104	1,249,304	−204,800	−14.1%

Note: Valgro call account grew significantly during FY2026 from R4.35M to R11.97M following new advances to Dumbass / Valgro during the year. This explains the R24.6M increase in GBFH total assets. GBFH listed shares grew R3.3M (+39%) driven by JSE REIT recovery. Bluff SC monthly NOI grew 27.1% over the full year period — a strong operating result.

Performance Analytics · CAGR & Year-on-Year Comparison

Based on verified management accounts · Mar 2024 opening → Mar 2025 → Feb 2026 · Prepared April 2025

Combined Net Worth CAGR (2-Year)

7.0% p.a.

R155.9M (Mar 24) → R178.3M (Feb 26) · 2-year CAGR

R22.4M total gain in 24 months

GBFH Equity CAGR (2-Year)

6.9% p.a.

R110.7M (Mar 24) → R126.5M (Feb 26)

+R15.8M net equity growth

GBFT Equity CAGR (2-Year)

6.5% p.a.

R45.2M (Mar 24) → R51.2M (Feb 26)

+R6.0M trust equity growth

GBFH Listed Shares YoY

+39.1%

R8.44M (Mar 2025) → R11.74M (Feb 2026)

JSE REIT & equity recovery

Bluff SC Revenue · M01 vs Budget

+1.1%

R1.669M actual vs R1.651M budget in March 2025

Annualised run-rate: R20.0M

GBFH Net Profit YoY (March)

+11.9%

March 2024: R360,498 → March 2025: R403,470

+R42,972 month-on-month YoY

GBFH Retained Income Growth (FY2025)

+R8.07M

Opening R56.84M (Mar 24) → R64.91M (Mar 25)

+14.2% full-year growth in retained earnings

GBFT Surplus Growth (FY2025)

+R3.44M

Accumulated surplus R28.91M (Mar 24) → R32.35M (Mar 25)

+11.9% YoY growth in trust surplus

Net Worth Trajectory · 3-Period Comparison

Mar 2024 opening → Mar 2025 actual → Feb 2026 actual · R millions

Family Office Net Equity — 3-Point Trajectory

R millions · Opening Mar 2024 · M01 Mar 2025 actual · M12 Feb 2026 actual · 2-Year CAGR 7.0% p.a.

GBFH GBFT Combined

Bluff SC · March 2025 vs Budget — Revenue Breakdown

March 2025 actual vs budget · ZAR thousands · Revenue lines only

Listed Share Portfolios · Mar 2025 vs Feb 2026

GBFH + GBFT + GBCT combined listed equity · ZAR millions · Strong REIT recovery through FY2026

CAGR & Performance Summary Table

Calculated from verified management accounts · Assumptions stated

Performance Metrics — Comprehensive Summary Assumptions: Mar 2024 opening = retained income opening balance per trial balance · Feb 2026 closing = existing FY2026 dashboard actuals

Metric	Mar 2024 (Base)	Mar 2025 (M01)	Feb 2026 (Close)	1-Yr YoY	2-Yr CAGR
EQUITY / NET WORTH
GBFH Net Equity	R 110.70M	R 119.17M	R 126.47M	+7.7%	+6.9% p.a.
GBFT Net Equity	R 45.20M	R 49.02M	R 51.23M	+8.5%	+6.5% p.a.
GBCT Net Equity	R 0.10M	R 0.18M	R 0.62M	+80%	+149% p.a.
Combined Net Equity	R 155.90M	R 168.37M	R 178.32M	+8.0%	+7.0% p.a.
RETAINED EARNINGS / SURPLUS GROWTH
GBFH Retained Income (opening)	R 56.84M	R 64.91M	—	+14.2%	FY2025 total earnings
GBFT Accumulated Surplus (opening)	R 28.91M	R 32.35M	—	+11.9%	FY2025 total earnings
BLUFF SC MONTHLY INCOME (MARCH SNAPSHOT)
Monthly Revenue (March)	~R 1.609M	R 1.669M	R 1.870M	+3.7%	+7.8% p.a.
Net Profit (March)	R 0.360M	R 0.403M	R 0.403M	+11.9%	includes FVA
Electricity Recovery (March)	~R 0.500M	R 0.555M	R 0.679M	+11.1%	+16.4% p.a.
LISTED SHARE PORTFOLIOS
GBFH Listed Shares	~R 8.0M est.	R 8.44M	R 11.74M	+5.5%	+21.3% p.a. M01→M12
GBFT Listed Portfolio	~R 8.5M est.	R 9.88M	R 12.71M	+16.2%	+28.7% M01→M12
GBCT REIT Portfolio	~R 1.00M est.	R 1.17M	R 1.62M	+17.0%	+38.1% M01→M12
LOAN BOOK
Valgro Call Account	~R 6.5M	R 4.35M	R 11.97M	−33.1%	Grew to R11.97M FY2026
Bluff Retail Loan	~R 1.74M	R 1.454M	R 1.249M	−16.5%	Repayments on plan

CAGR calculations: CAGR = (End Value / Start Value)^(1/n) − 1 where n = number of years. 2-year period = 01/03/2024 to 28/02/2026. 1-year YoY = 01/03/2024 opening to 31/03/2025. · Mar 2024 base figures derived from retained income / accumulated surplus opening balances per March 2025 trial balance "Last Year" column. · GBCT base values are estimates given small scale. · Listed share Mar 2024 estimates are approximations. · Bluff SC March 2024 revenue derived from trial balance comparative month figures.

Income · Yield · Asset Allocation

Key financial metrics visualised across FY2025 and FY2026

Annual Income by Source — FY2026 Full Year

ZAR millions · All income streams · GBFH + GBFT combined

Combined Asset Allocation — Feb 2026

R236.57M total assets · By category across GBFH + GBFT + GBCT

Yield Comparison — Key Income Assets

Annualised gross yield on capital deployed · FY2026

2-Year CAGR by Entity

Mar 2024 → Feb 2026 · % p.a. equity growth

Bluff SC — NOI (Net Operating Income) Monthly Run-Rate

Net income before interest · Mar 2025 to Feb 2026 · ZAR thousands

Family Office Net Worth Waterfall — Mar 2024 to Feb 2026

Combined equity movement · R millions · Opening R155.9M → Closing R178.3M · 2-Year gain R22.4M

Notable Performance Observations

01 · EQUITY GROWTH EXCEEDS INFLATION

Combined net worth CAGR of 7.0% p.a. over two years (Mar 2024–Feb 2026) outperforms South African CPI (approximately 4.5–5.5% over same period). Real wealth growth is positive. GBFH's 6.9% CAGR reflects both operating income from Bluff SC and fair value appreciation on the investment portfolio.

02 · ELECTRICITY RECOVERY OUTPERFORMING

Electricity recovery grew +11.1% YoY in March 2025 (R500K → R555K). This reflects eThekwini tariff increases being passed through to tenants. FY2026 electricity net surplus was R1.10M — the solar installation contributes R25K/month (R300K/year) as an additional credit. At the full FY2026 rate, electricity has become a meaningful income driver.

03 · VALGRO LOAN SIGNIFICANTLY REDUCED

The Valgro call account was reduced by R2.25M in March 2025 alone (from R6.55M to R4.35M), indicating substantial capital returned. This reduces GBFH's interest cost and improves the intercompany balance sheet. However, by FY2026 close the balance had grown to R11.97M — new advances during FY2026 more than replaced the March 2025 repayment.

04 · ADMIN FEES BUDGET UNDERSTATED

March 2025 admin & management fees of R122,213 vs budget of R60,762 is a +R61,451 overrun and a consistent pattern. MaxProp quarterly billing in the same month inflates the number. The FY2026 full-year management fees of R673,638 vs budget R726,499 came in under budget — suggesting the quarterly phasing creates monthly noise but the annual figure is well-managed.

05 · GBFT LISTED PORTFOLIO STRONG

GBFT's listed share portfolio grew from R9.88M (Mar 25) to R12.71M (Feb 26) — a R2.83M or +28.7% gain in 11 months. This was driven by commodity stocks (Anglogold, BHP, Northam) recovering strongly alongside banking stocks (Standard Bank, FirstRand). Naspers declined but was offset. Combined listed equity grew 33.8% across all three entities.

06 · INTEREST ON ARREARS ELEVATED

Interest on arrears was R9,799 in March 2025 vs budget R5,000 (+96%). This is a persistent stress indicator — the March 2024 actual was also elevated (R8,625). At the FY2026 full-year level, arrears interest reached R179,635 vs budget R60,000 (+199%). While positive for income, this signals tenant financial stress in the Bluff SC tenant base. Review debtor aging urgently.