TUHF LIMITED - TUHF Limited - Financial Covenants Notification

TUHF Limited - Financial Covenants Notification

TUHF Limited
Incorporated in the Republic of South Africa
(Registration number 2007/025898/06)
Stock Code: TUHF02
ISIN Code: ZAG000165689
(“TUHF” or “the Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Noteholders are advised that, for the quarterly periods ended 30 June 2020, 30 September 2020 and
31 December 2020, the financial covenant requirements applicable to the TUHF02 Notes, as set out in
Annexure "A" of the Applicable Pricing Supplement relating to the TUHF02 Notes (“Series 2A APS”),
have been calculated and meet the required levels pertaining to the Security Pool Financial Covenants
and the TUHF Group Financial Covenants, save for:

-   in respect of the quarterly period ended 30 June 2020:
    • Arrears Ratio (TUHF Group): 16.3% (covenant 10%); and
    • Arrears Ratio (Security Pool): 10.8% (covenant 10%);

-   in respect of the quarterly period ended 30 September 2020:
    • Arrears Ratio (TUHF Group): 20.13% (covenant 10%); and
    • Arrears Ratio (Security Pool): 20.1% (covenant 10%);

-   in respect of the quarterly period ended 31 December 2020:
    • Arrears Ratio (TUHF Group): 24.49% (covenant 10%).

The Arrears Ratio (Security Pool) was achieved in respect of the quarterly period ended December 2020.

The Arrears Ratios as contemplated in the Series 2A APS means principal value of loan balances
(including arrear instalments) expressed as a percentage of the loan book (Security Pool or TUHF
Group). The bad debts in respect of the Security Pool and the TUHF Group, which must be below 2.5%,
have never, since the issue of the TUHF02 Notes on 24 January 2020, been exceeded. This is due to
high historical recoveries even when loan instalments have not been fully collected.

The Noteholders have provided a written condonation of the breach of the aforementioned Arrears Ratio
Covenants for the periods ended 30 June 2020, 30 September 2020 and 31 December 2020.


Johannesburg
11 June 2021

Debt Sponsor
Merchantec Capital

Date: 11-06-2021 04:20:00
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