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: 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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