AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED - Confirmation of Achievement of Sustainability Performance Target 1A in Respect of Agrarius AGRIB1 Sukuk

Confirmation of Achievement of Sustainability Performance Target 1A in Respect of Agrarius AGRIB1 Sukuk

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")


CONFIRMATION OF ACHIEVEMENT OF SUSTAINABILITY PERFORMANCE TARGET 1A IN RESPECT OF
AGRARIUS AGRIB1 SUKUK


Sukuk holders are referred to the Issuer's Amended Applicable Pricing Supplement dated 31 January 2024 for
AGRIB1 ("APS") and the Sustainability-Linked Sukuk Framework 1 dated 26 January 2024 ("Framework 1")
(available on the Issuer's website at: https://www.27four.com/agrarius/investorcentre/) and the Sustainability
Performance Targets ("SPT") and Performance Targets mentioned therein.

As per the SPT conditions outlined in Framework 1, the first Target Date where performance would be assessed
against the SPTs is required within 12 months post the deployment of the capital raised through the issuance of
the AGRB1 Sukuk ("Performance Target 1A").

In terms of Performance Target 1A, 30% of the portfolio (Rand value) was required to be deployed in qualifying
underlying transactions in the agriculture sector value chain and certified with an independent sustainability
advisor.

As at 28 February 2025, Agrarius has exceeded Performance Target 1A, with 88% of the portfolio having been
deployed in qualifying transactions, as detailed below:

 KPI #1: % of the portfolio (Rand value) certified with a third-party sustainability standard

 Month                Total            Value          Total           Total           Weighted    Time
                      Capital          Certified      Undeployed      Certified       Certified   Weighted
                      Deployed                        Value           and             (%)         (%)
                                                                      Uncertified
                                                                      Value
 Feb 2024               257 333 527     252 683 014     49 733 528     307 067 055       82%          6%

 Mar 2024               255 779 430     251 128 917     31 367 733     287 147 163       87%          7%

 Apr 2024               255 425 707     250 775 194     40 651 561     296 077 267       85%          7%

 May 2024               264 547 642     259 970 098     33 606 554     298 154 196       87%          7%

 Jun 2024               273 551 124     268 973 580     26 631 187     300 182 311       90%          7%

 Jul 2024               294 524 473     289 946 929      7 464 591     301 989 064       96%          7%

 Aug 2024               293 121 881     288 782 645      9 123 727     302 245 608       96%          7%

 Sept 2024              291 263 260     287 774 958      7 537 962     298 801 223       96%          7%

 Oct 2024               268 005 528     265 653 860     30 080 310     298 085 837       89%          7%

 Nov 2024               259 037 729     256 686 061     35 168 266     294 205 995       87%          7%

 Dec 2024                252 296 423    249 944 755     41 671 068     293 967 491       85%          7%

 Jan 2025               253 004 970     250 653 302     40 981 392     293 986 362       85%          7%
 Feb 2025               257 089 355      254 737 686     58 733 996    315 823 351       81%          6%

   Total                                                                                             88%


Note: The first Target Date for Performance Target 1A was on 2 February 2025. However, as the relevant
deployment and certification data is compiled and verified on a monthly basis, the results reflected in the table are
as at 28 February 2025. For reference, the certified percentage as at 31 January 2025 stood at 89%.

Noteholders are referred to paragraph 4.2.10 of the APS – (Other terms and conditions relating to the AGRIB1
Notes) and are advised that as the Issuer has met the SPT relevant to Performance Target 1A, to the satisfaction
of the independent sustainability advisor, IBIS ESG Consulting Africa (Pty) Ltd ("IBIS"), and accordingly there will
be no adjustment to the Margin for the first Sustainability Performance Target Observation Date.

IBIS' report on the SPT is available for download from the Issuer's website at https://27four.com/independent-
sustainability-advisors-report-on-performance-target-1a-of-agrib1/

The next Sustainability Performance Target Observation Date dates for Performance Target 1B and Performance
Target 1C will be 2 February 2026 and 2 February 2027, respectively.

Rosebank
2 June 2025


JSE Debt Officer
Johan Fourie
27four Investment Managers


JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 02-06-2025 04:34:00
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