US PLUS LIMITED - UsPlus - Financial Covenants Notification

UsPlus - Financial Covenants Notification

Us Plus Limited
Incorporated in the Republic of South Africa
(Registration number 2014/048709/06)
Stock Code: USPJ01     ISIN Code: ZAG000207523
Stock Code: USPS01     ISIN Code: ZAG000207515
("UsPlus" or "the Issuer")


FINANCIAL COVENANTS NOTIFICATION


In accordance with clause 6.3 of the Amended Terms and Conditions Schedule of the Applicable Pricing
Supplements, holders of the USPJ01 and USPS01 listed notes are hereby advised that financial covenant
requirements, as measured against the three-month period ended 28 February 2025 ("Measurement Period"),
are as follows:

                                                                                                           At
                                                                                                  Measurement
Covenant                                            Requirement                                       Period1

Debt to Equity Ratio                                Must be less than 4 times                           2.44

Interest Cover Ratio                                Must be at least 1.5                                1.95
(Commencing after the elapse of a period of six
months after the Issue Date of the Notes, being
5 August 2024)

Largest exposure of the Issuer to a single client   Must not exceed 15% of the Total                     12%
(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                    2%
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 Supplements.

1Based on management accounts. Should the financial covenants differ following the finalisation of the audit
of Us Plus' annual financial statements, a further announcement will be published.


Johannesburg
24 March 2025

Debt Sponsor
Merchantec Capital

Date: 24-03-2025 05:13:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.