CAPITAL TRUST GROUP

African Digital Bond Subsidy Initiative

10 Million Licenses • 53 African Countries • $300 Billion Capacity

Confidential Investment Presentation • February 2026

Investment Opportunity
ONCE-IN-A-GENERATION OPPORTUNITY
$20M
Entry Investment

20% fully diluted equity stake in CTG

$40B
Annual Revenue Potential

Compliance fees at full deployment

5,700x
Bull Case ROI

Conservative-to-bull scenario range: 1,000x–5,700x

99.9%
Entry Discount

Discount to conservative intrinsic value

Market Catalyst
CHINA ZERO-TARIFF POLICY FOR 53 AFRICAN NATIONS
Effective Date

May 1, 2026 — approximately 60 days from now. First-mover window is open and closing fast.

$1.4B Annual Tariff Savings

Direct economic benefit distributed across 53 qualifying African nations immediately upon activation.

25–40% Trade Growth

Projected increase in China-Africa bilateral trade volume, unlocking direct SME access to the world's 2nd largest economy.

Addressable Market
EXTREME SCARCITY: 185M+ SMEs vs. 10M Licenses
The Supply-Demand Imbalance
African SMEs: 125M Enterprises

Representing 90% of all African businesses — structurally underfinanced and trade-ready.

Chinese SMEs: 60M Enterprises

Actively seeking African export opportunities unlocked by zero-tariff access.

CTG License Cap: 10M Only

Non-negotiable hard cap creates structural scarcity and urgency for all participants.

18.5:1
African + Chinese SMEs per License

Demand-to-supply ratio at current market

36:1
Global SME Ratio

358–400M global SMEs vs. 10M license cap

Revenue Model
RECURRING $40B ANNUAL REVENUE POTENTIAL
Compliance Fees — Core

$4,000 per project/year

10M licenses × $4,000 = $40 Billion annually. Recurring, high-margin SaaS-style revenue with near-zero marginal cost at scale.

Administrative Fees

3% of subscription funds

$3M offering × 3% = $90,000 per project. One-time fee at issuance — scales linearly with license deployment volume.

Performance Fees

5% of investment returns

Variable upside participation that directly aligns CTG's interests with investor and SME success at every stage.

Financial Projections
FINANCIAL PROJECTIONS: CONSERVATIVE TO BULL CASE
Track Record
PROVEN INSTITUTIONAL-GRADE INFRASTRUCTURE
600+ Digital Bonds Issued

Successfully structured and settled across multiple jurisdictions with zero operational failures.

$100B+ Aggregate Volume

Issuance track record placing CTG among the world's most active digital bond platforms.

Fireblocks Network Member

Same platform as Israel Ministry of Finance, ABN AMRO, and UBS — institutional-grade security.

Exceeds GFMA/BCG Standards

Clifford Chance DLT bond standards fully met and exceeded across all operational frameworks.

Institutional Validation
BLUE-CHIP ENDORSEMENTS & PARTNERSHIPS
General Chavalit Yongchaiyudh

22nd Prime Minister of Thailand. Shareholder #17. Direct governmental credibility at the highest sovereign level.

China Cinda Asset Management

2 Trillion RMB AUM. Direct Ministry of Finance shareholder. Strategic alignment with China's Africa trade expansion mandate.

GreenPro Capital (NASDAQ)

Strategic partnership announced. Former Thai SEC Chairman endorsed $105B digital bond projects — covered on Morningstar.com, July 2025.

Press coverage: Yahoo Finance • Morningstar.com • NASDAQ.com

Valuation Analysis
99.9% DISCOUNT TO INTRINSIC VALUE
Conservative Case Assumptions
25% License Utilization

Only 2.5M of 10M licenses activated — the most conservative modeling assumption.

Compliance Fees Only

Excludes all administrative and performance fee streams from the calculation entirely.

10x Revenue Multiple

Industry-standard fintech SaaS multiple — below current sector median of 12–15x.

The Math
01
Annual Revenue

2.5M × $4,000 = $10 Billion

02
Enterprise Value

$10B × 10x = $100 Billion

03
20% Stake Value

$100B × 20% = $20 Billion

04
Entry Price

Investment cost: $20 Million

Historical Parallel
COMPARABLE: SOFTBANK'S $20M ALIBABA BET (2000)
SoftBank–Alibaba (2000)

Investment: $20 Million
Catalyst: China internet adoption
Market: 1.4B consumers (emerging)
Status: Pre-revenue startup
Returns: $100B+ gains, ~5,000x over 23 years

CTG–African Digital Bonds (2026)

Investment: $20 Million
Catalyst: China zero-tariff + Africa SME financing gap
Market: 185M+ SMEs (underfinanced)
Status: Post-revenue — 600 bonds, $100B volume
Projected: $20B–$114B value, 1,000x–5,700x

Competitive Moat
STRUCTURAL ADVANTAGES & BARRIERS TO ENTRY
Artificial Scarcity

10M license cap is non-negotiable by design. Hard ceiling creates sustained demand pressure and pricing power.

Geographic Exclusivity

Only 53 African nations qualify under zero-tariff requirements. Cannot be replicated outside this sovereign policy framework.

First-Mover Advantage

May 1, 2026 policy launch window. Brand, relationships, and liquidity pool established before any competitor can mobilize.

$300B Subsidy Barrier

10M × $30K waived fees = near-impossible capital requirement for any would-be competitor to replicate.

Network Effects

Fireblocks infrastructure and 600-bond liquidity pool create compounding advantages that widen with each issuance.

Regulatory Moat

Multi-jurisdictional compliance frameworks already built, tested, and operational across target markets.

Competitive Analysis
CAPITAL MARKETS RAIL vs. TRADE POLICY RAILS
Risk Management
RISK FACTORS & STRUCTURAL HEDGES
Adoption Rate Risk

Mitigation: Even 5% utilization (500K projects) = $2B revenue → $20B valuation → 50x return. The floor is exceptional.

Regulatory Change Risk

Mitigation: Multi-jurisdictional framework with Clifford Chance and Cravath counsel. Adaptive structure designed for regulatory evolution.

Competition Risk

Mitigation: 10M cap + $300B subsidy barrier + first-mover positioning + 600-bond credibility gap no competitor can close quickly.

China-Africa Policy Risk

Mitigation: FOCAC high-level commitment, 20-year deepening bilateral trend, and 53-country diversification eliminates single-point exposure.

Technology & Operations Risk

Mitigation: Fireblocks institutional-grade security (used by sovereign governments and Tier 1 banks) with 600-bond proof-of-concept already delivered.

Capital Deployment
CAPITAL DEPLOYMENT ROADMAP
$20M Allocation Breakdown
01
$6M — Platform Infrastructure (30%)

Scale technology architecture to support full 10M license deployment capacity.

02
$5M — Subsidy Deployment (25%)

Seed capital for first 500–1,000 live projects across priority markets.

03
$4M — Marketing & SME Outreach (20%)

China + Africa pipeline development, SME education, and channel partnerships.

04
$2.5M — Compliance & Regulatory (12.5%)

53-country legal framework finalization and ongoing regulatory maintenance.

05
$2.5M — Partnerships & Working Capital (12.5%)

AfDB, China agency relationships, and operational buffer through Year 1.

Investment Terms
20% EQUITY OFFERING STRUCTURE
$20M Investment

20% fully diluted equity stake. Implied post-money valuation: $100 Million.

Board Representation

1 director appointment with veto rights on M&A, equity raises, and debt exceeding $10M.

Liquidity Protections

Standard PE tag/drag rights. Quarterly financials and monthly KPI dashboards for full transparency.

Eligible Investors: Top 10 Global Private Equity Firms • Sovereign Wealth Funds with Emerging Markets Mandate • Fintech-Focused Institutional Investors

Exit Strategy
MULTIPLE LIQUIDITY PATHWAYS (5–7 YEAR HORIZON)
Strategic Acquisition

Banks, asset managers, or blockchain platforms (Coinbase, Binance, Fireblocks M&A). Target exit valuation: $10B–$50B.

Public Listing (IPO)

NASDAQ/NYSE primary listing. Target: $1B+ at IPO, $10B+ post-scale. Dual-listing option on NZX available.

Secondary Sale

Institutional PE buyer or strategic investor. Likely valuation: $10B–$50B depending on license utilization at time of sale.

Dividend Recapitalization

Cash flow positive Year 2–3. Potential annual dividend yield: 15–25% on invested capital ongoing.

50–80%
Target IRR
10–50x
Target MOIC
Execution Timeline
CRITICAL PATH TO MAY 1, 2026 LAUNCH
1
Q1 2026 — NOW

Secure $20M strategic PE investment. Finalize 53-country regulatory frameworks. Launch pilots in Nigeria, South Africa, Kenya, Ethiopia, Egypt.

2
May 1, 2026

CHINA ZERO-TARIFF POLICY ACTIVATES. Full subsidy program deployment commences. First-mover advantages lock in.

3
Q2–Q3 2026

Deploy across all 53 African nations. Target: 100K–500K licenses issued. Validate compliance fee collection at scale.

4
Q4 2026–2027

Scale to 1M+ active projects. Prove revenue model at scale. Prepare for Series B or strategic acquisition discussions.

Urgency
FIRST-MOVER WINDOW CLOSING
May 1, 2026 Policy Launch

Zero-tariff regime activates in 60 days. First-mover captures premium SME projects, key markets, and distribution channels before all others.

10M License Scarcity

Hard cap creates adoption urgency across both African and Chinese SME communities. Late entrants face depleted inventory.

China-Africa Momentum

$400B+ bilateral trade target with African Union + FOCAC institutional alignment. A generational convergence with a defined activation date.

Historical Inflection Parallel

SoftBank-Alibaba (2000) was internet adoption. CTG-Africa (2026) is trade policy + FinTech convergence. The pattern is unmistakable.

Investment Verdict
THE VERDICT: GENERATIONAL WEALTH CREATION
Policy Catalyst Confirmed

China zero-tariff (May 1) unlocking $1.4B in annual savings and $400B+ in bilateral trade volume.

Structural Scarcity

185M SMEs vs. 10M licenses — an 18.5:1 demand ratio that cannot be arbitraged away.

Proven Operating Model

600 bonds, $100B+ volume, Fireblocks institutional validation. This is post-revenue — not speculative.

Recurring SaaS Economics

$40B annual potential with near-zero marginal cost per license at scale. The unit economics are exceptional.

99.9% Discount Entry

$20M purchases what conservative modeling values at $20B. The risk/reward profile is asymmetric by any institutional standard.

SoftBank–Alibaba Benchmark

$20M → $100B+ (5,000x over 23 years). Pre-revenue startup.

CTG–Africa Projection

$20M → $20B–$114B (1,000x–5,700x over 5–10 years). Post-revenue, proven infrastructure.

CAPITAL TRUST GROUP

20% EQUITY STAKE | $20 MILLION INVESTMENT

Limited to Top 10 Global Private Equity Firms, Sovereign Wealth Funds, and Fintech-Focused Institutional Investors.

Headquarters

Capital Trust Group Limited
New Zealand

Target Close Date

April 30, 2026
Ahead of May 1 zero-tariff activation

Investment Inquiries

Contact the Capital Trust Group Investor Relations team directly for full diligence materials and NDA.

CAPITAL TRUST GROUP20% EQUITY STAKE | $20 MILLION INVESTMENT

Limited to Top 10 Global Private Equity Firms, Sovereign Wealth Funds, and Fintech-Focused Institutional Investors.

Headquarters

Capital Trust Group Limited
406, 77 Halsey Street, Auckland, 1010, New Zealand

Target Close Date

April 30, 2026
Ahead of May 1 zero-tariff activation

Investment Inquiries

Contact the Capital Trust Group Investor Relations team directly for full diligence materials and NDA.

Website: www.ctgprime.com
X: x.com/capitaltrustnz