US PLUS LIMITED - UsPlus - Updates to the Information Statement

UsPlus - Updates to the Information Statement

Us Plus Limited
(Incorporated with limited liability in South Africa under registration number 2014/048709/06)
Alpha Code: USPI
("UsPlus" or "the Issuer")


UPDATES TO THE INFORMATION STATEMENT


UsPlus has updated the Information Statement which is incorporated by reference into the UsPlus Limited
ZAR1,000,000,000 Domestic Medium Term Note Programme as follows:

o   expansion of the operational risk disclosure to include contract finance risk alongside purchase order risk
    and the transition to fully unsecured funding structure;
o   expansion of the macroeconomic risk disclosure to include global conflict considerations;
o   qualification that client concentration risk is actively managed by the Issuer;
o   update of SMME market statistics to reflect 2026 Small Enterprise Development and Finance Agency data;
o   tightened counterparty concentration exposure from 12% to 10%;
o   expansion of the exclusion framework to include additional funder-mandated exclusion lists;
o   update to assets as at 28 February 2026 reflecting an increase in invoice assets from 71% to ~82%, a
    reduction in cash balances from 19% to 12% of total assets, and the removal of convertible debentures and
    preference shares from the asset base;
o   expansion of risk management framework to include contract finance, with tighter controls introduced
    through a prohibition on purchase order ("PO") funding for new clients, enhanced exposure limits (including
    a combined client / end-user cap and a 10% PO cap), and an extended delinquency framework covering
    contract delays;
o   simplification of bank account controls through the removal of legacy transactor access structures,
    strengthening operational consistency;
o   updates to UsPlus' ownership details and the directors' external directorship; and
o   confirmation that the Issuer is in the process of transitioning from King IV to King V.


The amended Information Statement dated 1 June 2026 is available for viewing or download from the following
website: https://www.usplus.world/bond-issuance/


Johannesburg
1 June 2026

Debt Sponsor
Merchantec Capital

Date: 01-06-2026 03:25:00
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