Fresh Earth · Why A$15M? · Corporate Edition

01 / 07

SV · 01The valuation question

Why A$15M? Priced after proof, before scale.

Fresh Earth’s A$15M pre-money valuation reflects what has already been built and de-risked — not a forecast of where the company might go.

The valuation bridge · idea → platform scale

01 · Behind

Idea risk

concept · framework only

02 · Behind

Operating proof

real farms · pilots · audits underway

03 · Today · A$15M

First licensee

Fresh Earth Agriculture AUS established

04 · Today · A$15M

Verified revenue

project revenue precedent across pilot operations

05 · Ahead

Platform scale

investor infrastructure · multi-licensee · scaled revenue

What A$15M is supported by today · nine proof points

P-01

First licensee model established through Fresh Earth Agriculture AUS

P-02

Real farms and project pathways already in motion

P-03

Land-backed operating precedent

P-04

Carbon, soil, biodiversity and environmental project experience

P-05

Verified revenue precedent across pilot operations

P-06

Hillview Park as a working precedent for the model (1,167 ha)

P-07

Audit, verification and data pathways underway

P-08

Policy alignment · ZNE-Ag CRC (Tier 2 partner · 10-yr A$300M program)

P-09

Scalable infrastructure model designed to move beyond one farm

Illustrative only. Not a forecast, guarantee or promise of return or liquidity. Any future valuation uplift or liquidity pathway will depend on company performance, execution, dilution, legal and regulatory requirements, board approval, market conditions, investor demand and other risks.

For wholesale investors only under s708(8) and/or s708(11) Corporations Act 2001 (Cth). Minimum ticket A$25,000. Not a Product Disclosure Statement. Forward-looking statements made on reasonable grounds under s769C(1).

02 / 07

SV · 02What investors are really buying

Investors are buying the rails, not one farm.

FEU owns the infrastructure layer designed to make regenerative land investment repeatable. Assess it as an early-stage infrastructure platform with operating proof — not a single farm, project or consulting business.

The investable stack · five layers

L-01

Fresh Earth Universe

Platform · IP · standards · licence model

L-02

Fresh Earth Agriculture AUS

First licensee · project developer · operating partner

L-03

Farms & Projects

Land · carbon · biodiversity · soil · water · renewable pathways

L-04

Verification & Revenue

Audits · data · reporting · project revenue · licence economics

L-05

Future Capital Formation Layer

FEVT structure · investor participation infrastructure · if successfully developed

FEVT · what it is · what it is not

FEVT (Fresh Earth Value Token) is a future infrastructure layer. Part of this raise funds its legal, compliance and structuring pathway — but FEVT is not part of this raise, not a token sale, and does not directly liquidate FEU shares. If successfully developed and launched, FEVT may increase FEU’s enterprise value by enabling land acquisition and project funding at scale.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.

03 / 07

SV · 03Why the market supports the valuation

Fresh Earth sits where land, climate, capital and verification meet.

The valuation is not based on a single market. It is supported by FEU’s position at the intersection of four investable categories already attracting capital, policy support and institutional attention.

The four convergent markets

M-01

Regenerative agriculture

Soil · biodiversity · stocking · nutrition density

M-02

Environmental markets

Carbon · natural capital · biodiversity credits

M-03

Real-world asset infrastructure

Audited · land-backed · investment-grade structuring

M-04

Measurement, reporting & verification

On-farm sensing · third-party audit · audit-grade data

Intersection statement

Land + Climate + Capital + Verification = Fresh Earth

Building infrastructure in categories where demand, regulation and capital are already moving.

Market sizing is indicative only and does not imply market share, revenue or valuation outcomes.

04 / 07

SV · 04Multiple revenue streams

Fresh Earth is designed with multiple monetisation layers.

Diversified architecture supports the valuation because FEU is not dependent on a single project, farm or revenue stream.

Eight revenue streams · current and future potential

#Revenue streamStatusStage detail

R-01Project development fees● UnderwayPilot operations

R-02Measurement, reporting & verification fees● UnderwayPilot operations

R-03Share of project revenues● DesignedEarly projects

R-04Marketplace take-rates● FuturePlatform-led

R-05Software subscriptions● FuturePlatform-led

R-06Regional licences● DesignedLicensee economics with FEAG AUS

R-07Premium asset sales● FutureScaled operations

R-08FEVT-related infrastructure fees● FutureSubject to FEVT launch readiness

Wording discipline

Revenue streams are current and future potential. Not all streams are live today. The architecture of the model — not present-day revenue — is what supports the platform valuation framing.

Revenue streams are indicative and may depend on execution, regulation, commercial agreements and market adoption.

05 / 07

SV · 05Valuation growth pathway

Valuation grows as Fresh Earth moves from proof to platform scale.

Future valuation uplift is tied to execution milestones — not a promised return curve. Each band is illustrative and depends on platform delivery, commercial traction and external conditions.

The milestone ladder · six bands · today → strategic

StageMilestoneIndicative rangeDriver

S-01

Today

A$15M pre-money

Operating proof · first licensee · land-backed project pathway · verified revenue precedent

S-02

Platform + FEVT structure

A$30M – A$50M

Rails build · reporting · verification · FEVT legal & compliance pathway · Hillview migration

S-03

FEVT live or launch-ready

A$75M – A$100M

Investor participation infrastructure activated · land acquisition funding pathway · more farms onboarded

S-04

Scale stage

inflection · platform-led

More projects · multiple revenue streams maturing · audit pipeline at scale

S-05

Licence / expansion

A$150M – A$300M+

Regional / country licence economics · stronger recurring revenue · scaled project pipeline

S-06

Strategic platform value

A$300M+ potential upside

Multi-region infrastructure · data · verification · royalties · strategic-acquisition or public-market optionality

Critical correction · FEVT positioning

FEVT is not part of this raise. FEVT does not directly liquidate FEU shares. FEVT may increase FEU’s enterprise value if successfully developed and launched. FEIT is excluded from this section to keep the investment story clear.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.

Valuation bands are illustrative ranges based on milestone delivery. Not a forecast. Not a guarantee. Subject to dilution, market conditions, execution and other risks.

06 / 07

SV · 06Potential liquidity pathways

Liquidity may come from platform value, not a single farm sale.

Liquidity has been thought through. This remains an early-stage private company investment. Liquidity is potential, not guaranteed. Six possible pathways below.

Six possible mechanisms · all subject to performance and board approval

Q-01

Strategic acquisition

A buyer acquires FEU for its infrastructure, licence model, data, verification, projects and market position.

Q-02

Country or regional licence sale

A major licence event may create enterprise value and non-dilutive cash inflows.

Q-03

Controlled secondary transfers

Subject to legal settings, governance and buyer eligibility, early shareholders may be able to sell to later-stage investors.

Q-04

Tender offers / buybacks

If cashflows and board approvals allow, FEU may explore structured liquidity windows in the future.

Q-05

Royalty-stream monetisation

Future contracted licence or royalty streams may be monetised to support shareholder liquidity without selling the core company.

Q-06

Public market pathway

If FEU reaches sufficient scale, revenue, governance maturity and market demand, a public listing may become a longer-term option.

Important correction

FEVT NAV-based liquidity is not presented as direct liquidity for FEU shareholders. FEVT may increase FEU’s enterprise value if successfully developed — but it is not part of this raise and does not directly liquidate FEU shares.

No liquidity pathway is guaranteed. Any future liquidity will be subject to company performance, board approval, legal and regulatory requirements, market conditions, investor demand and other risks.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.

07 / 07

SV · 07Illustrative ROI scenarios · optional

At A$15M, every A$15M of future enterprise value equals roughly 1× before dilution.

A simple way to understand the maths. Not a forecast. Examples are illustrative only and do not account for dilution, taxes, costs, fees or liquidity availability.

The uplift table · entry A$15M → future enterprise valuation

Future EVUplift · pre-dilutionIndicative milestone driver

A$30M2×Platform + FEVT structure developed

A$45M3×Early FEVT activity · additional farms onboarded

A$75M5×FEVT live or launch-ready · land-acquisition funding pathway active

A$150M10×Licence / regional expansion · multiple revenue streams maturing

A$300M20×Strategic platform value · multi-region infrastructure · royalties

Worked example · A$100,000 entry

A A$100,000 investment at a A$15M pre-money valuation represents approximately 0.67% ownership before dilution. If Fresh Earth later reaches a A$75M valuation, that ownership would be worth approximately A$500,000 before dilution. If diluted by 30%, that stake would be approximately 0.47% — worth approximately A$350,000 at A$75M.

Illustrative only. Not a forecast, guarantee or promise of return. Actual outcomes will depend on company performance, dilution, market conditions, legal and regulatory factors, investor demand and liquidity availability.

FEVT (Fresh Earth Value Token) is a future infrastructure layer. FEVT is not part of this raise. The current raise is a straight equity investment in FEU.