AGRIB1 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")
AGRIB1 PORTFOLIO COVENANT TESTING
In accordance with Condition 1.1 of the Issuer's AGRIB1 Applicable Pricing Supplement dated 31
January 2024, AGRIB1 Sukuk holders are advised that the Portfolio Covenants, as measured
against the Issuer's audited annual financial statements for the period ended 31 March 2025, are
as follows:
Actual measurement at
Measurement at period-end period-end
Portfolio Covenant (31 March 2024 – 31 March 2025)
Maximum Loan to Value Ratio Must not exceed 70% 57% (fifty seven percent)
in respect of the Portfolio (seventy percent)
Minimum spread on pricing of Must be 2% (two percent) 3.26% (three-point two six
Underlying Transaction over the Portfolio Rate percent)
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://27four.com/agrib1-
portfolio-covenant-compliance-certificate-2025/
Rosebank
31 July 2025
JSE Debt Officer
Johan Fourie
27four Investment Managers
JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 31-07-2025 05:10:00
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