UsPlus - Financial Covenants Notification
Us Plus Limited
Incorporated in the Republic of South Africa
(Registration number 2014/048709/06)
Stock Code: USPN02 ISIN Code: ZAG000221284
("UsPlus" or "the Issuer")
FINANCIAL COVENANTS NOTIFICATION
In accordance with clause 6.3 of Schedule 1 of the Applicable Pricing Supplement, holders of the USPN02 listed
notes are hereby advised that financial covenant requirements, as measured against the 12-month period ended
28 February 2026 ("Measurement Period"), are as follows:
At
Measurement
Covenant Requirement Period1
Debt to Equity Ratio Must be less than 4 times 1.53
Interest Cover Ratio Must be at least 1.5 2.97
Largest exposure of the Issuer to a single client Must not exceed 15% of the Total 6.07%
(In respect of the Issuer's Current Financing Receivables
Products, and any new products)
Aggregate Receivables in respect of Purchase Must be less than 10% of the Total 4.39%
Orders Receivables from time to time
Unless expressly defined in this announcement, capitalised terms herein have the meaning ascribed to them in
the Applicable Pricing Supplement.
1Based on management accounts. Should the financial covenants differ following the finalisation of the audit of
UsPlus' annual financial statements, a further announcement will be published.
Johannesburg
20 March 2026
Debt Sponsor
Merchantec Capital
Date: 20-03-2026 10:15:00
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