Portfolio Covenant Testing
AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED
Incorporated in the Republic of South Africa
with limited liability
(Registration Number: 2022/521382/06)
JSE Alpha Code: "AGRIB1"
ISIN: ZAG000202797
LEI: 378900376E9ADF2BD166
("Agrarius" or "the Issuer")
PORTFOLIO COVENANT TESTING
In accordance with Condition 1.1 of the Issuer's AGRIB1 Applicable Pricing Supplement dated 31 January
2024, Sukuk holders are advised that the Portfolio Covenants, as measured against the Issuer's audited
annual financial statements for the period ended 31 March 2024, are as follows:
Actual measurement at period-
Measurement at period-end end
Covenant (2 February 2024 – 31 March
2024)
Maximum Loan to Value Must not exceed 70% (seventy 53% (fifty three percent)
Ratio in respect of the percent)
Portfolio
Minimum spread on pricing Must be 2% (two percent) over 2.61% (two point six one percent)
of Underlying Transaction the Portfolio Rate
Accordingly, both Portfolio Covenants have been met.
The Portfolio Covenants Compliance Certificate is available for inspection at the Issuer's registered office
located at 5th Floor, Firestation Rosebank, 16 Baker Street, Rosebank, Johannesburg, 2196, during normal
business hours and has also been made available for download from the Issuer's website by accessing
the following link: https://www.27four.com/wp-content/uploads/2024/08/Agrarius-Sustainability-
Engineered_Portfolio-Covenant-Compliance-Certificate_d1_JF_31-July-2024-1.pdf
Rosebank
1 August 2024
JSE Debt Officer
Johan Fourie
27four Investment Managers
JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 01-08-2024 12:35:00
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