BURSTONE GROUP LIMITED - Compliance with Financial Covenants as at 31 March 2024

Compliance with Financial Covenants – as at 31 March 2024

Burstone Group Limited
(Formerly Investec Property Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration Number 2008/011366/06)
Approved as a REIT by the JSE
Bond Code: BTN
ISIN: ZAE000180915
("Burstone")

Compliance with Financial Covenants – as at 31 March 2024

Pursuant to the Domestic Medium Term Note Programme, dated 04 June 2019, and referred to in the
Applicable Pricing Supplements, Burstone Group Limited has complied, in all material respects, with the
relevant financial loan covenants as at 31 March 2024 in respect of the financial covenants as follows:

 a)   The group issuer interest cover ratio is at least 2 times;
 b)   The group issuer loan to value does not exceed 50%;
 c)   The group encumbered assets to value ratio does not exceed 70%;
 d)   The group Net Asset Value is greater than R7,000,000,000; and
 e)   The individual tranche loan to value does not exceed 60%.


13 September 2024

Debt sponsor
Investec Bank Limited

Date: 13-09-2024 02:40:00
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