AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED - Confirmation of Achievement of Sustainability Performance Target in respect of Agrarius AGRIA1 Sukuk

Confirmation of Achievement of Sustainability Performance Target in respect of Agrarius AGRIA1 Sukuk

AGRARIUS SUSTAINABILITY
ENGINEERED (RF) LIMITED
Incorporated in the Republic of South Africa with limited liability
(Registration Number: 2022/521382/06)
JSE Alpha Code: "AGRIA1"
ISIN: ZAG000191214
LEI: 378900376E9ADF2BD166
("Agrarius" or "the Issuer")


CONFIRMATION OF ACHIEVEMENT OF SUSTAINABILITY PERFORMANCE TARGET IN RESPECT OF
AGRARIUS AGRIA1 SUKUK


Sukuk holders are referred to the Issuer's Amended Applicable Pricing Supplement dated 7 November 2022
for AGRIA1 ("APS") and the Sustainability-Linked Sukuk Framework 1 dated 17 October 2022
("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 AGRA1 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 30 September 2023, being the first Target Date, Agrarius has exceeded Performance Target 1A, with
41% 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 Deployed       Certified Value       Total Undeployed Total Certified and       Weighted       Time
                (ZAR)                (ZAR)                 Value (ZAR)           Uncertified Value    Certified      Weighted
                                                                                 (ZAR)                (%)            (%)
Oct 2022        103 878 639,00       103 878 639,00        396 121 361,00        500 000 000,00       21%            2%
Nov 2022        124 597 389,00       124 597 389,00        375 402 611,00        500 000 000,00       25%            2%
Dec 2022        124 597 389,00       124 597 389,00        375 402 611,00        500 000 000,00       25%            2%
Jan 2023        124 597 389,00       124 597 389,00        375 402 611,00        500 000 000,00       25%            2%
Feb 2023        130 597 389,00       130 597 389,00        369 402 611,00        500 000 000,00       26%            2%
Mar 2023        167 693 999,89       152 693 999,89        332 306 000,11        500 000 000,00       31%            3%
Apr 2023        184 872 921,86       169 872 921,86        315 127 078,14        500 000 000,00       34%            3%
May 2023        199 419 833,30       184 419 833,30        300 580 166,70        500 000 000,00       37%            3%
Jun 2023        324 773 244,15       299 692 438,57        175 226 755,8         500 000 000,00       60%            5%
Jul 2023        338 181 042,24       313 100 236,66        161 818 957,76        500 000 000,00       63%            5%
Aug 2023        369 782 156,34       344 701 350,76        130 217 843,66        500 000 000,00       69%            6%
Sept 2023       438 005 522,38       411 900 596,71        61 994 477,62         500 000 000,00       82%            7%
Total                                                                                                                  41%


Noteholders are referred to paragraph 4.2.10 of the APS – (Other terms and conditions relating to the
AGRIA1 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://www.27four.com/agrarius-sustainability-report/.

The next Sustainability Performance Target Observation Date dates for Performance Target 1B and
Performance Target 1C will be 30 September 2024 and 30 September 2025, respectively.

Rosebank
8 March 2024

JSE Debt Officer
Johan Fourie
27four Investment Managers

JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 08-03-2024 05:40:00
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