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Confirmation of Achievement of Sustainability Performance Target 1B in Respect of Agrarius AGRIB1 Sukuk
AGRARIUS SUSTAINABILITY ENGINEERED (RF) LIMITED
Incorporated in the Republic of South Africa with limited liability
(Registration Number: 2022/521382/06)
JSE Alpha Code: "AGRIB1"
ISIN: ZAG000202797
LEI: 378900376E9ADF2BD166
("Agrarius" or "the Issuer")
CONFIRMATION OF ACHIEVEMENT OF SUSTAINABILITY PERFORMANCE TARGET 1B IN RESPECT OF
AGRARIUS AGRIB1 SUKUK
Sukuk holders are referred to the Issuer's Applicable Pricing Supplement dated 31 January 2024 for AGRIB1
("APS") and the Sustainability-Linked Sukuk Framework 1 dated 26 January 2024 ("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 second Target Date where performance would be
assessed against the SPTs is required within 24 months post the deployment of the capital raised through the
issuance of the AGRIB1 Sukuk ("Performance Target 1B").
In terms of Performance Target 1B, 45% 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 28 February 2026, Agrarius has exceeded Performance Target 1B, with 81.31% of the portfolio having
been deployed in qualifying transactions, as detailed below:
KPI #1: Percentage of the portfolio (Rand value) certified with a third-party sustainability standard1
Month Total Capital Value Total Total Weighted Time
Deployed Certified Undeployed Certified and Certified (%) Weighted (%)
Value Uncertified
Value
PERFORMANCE TARGET 1A (2 FEBRUARY 2025)
Feb 2024 772 000 580 758 049 041 149 200 584 921 201 163 82,29% 3,29%
Mar 2024 735 029 640 721 078 101 94 103 198 829 132 838 86,97% 3,48%
Apr 2024 713 702 628 699 751 090 121 954 683 835 657 311 83,74% 3,35%
May 2024 741 287 340 727 335 801 100 819 663 842 107 003 86,37% 3,45%
Jun 2024 768 078 880 754 346 249 79 893 562 847 972 441 88,96% 3,56%
Jul 2024 830 933 540 817 200 909 22 393 772 853 327 313 95,77% 3,83%
Aug 2024 826 791 151 813 773 443 27 371 181 854 162 333 95,27% 3,81%
Sept 2024 821 215 290 810 750 384 22 613 887 843 829 178 96,08% 3,84%
1AgriA1 notes have been fully redeemed during the reporting period and as such the portfolio has only been weighted in proportion
with the value of listed notes out of total notes.
Oct 2024 751 442 094 744 387 090 90 240 929 841 683 023 88,44% 3,54%
Nov 2024 724 538 696 717 483 692 105 504 797 830 043 493 86,44% 3,46%
Dec 2024 704 314 777 697 259 773 125 013 205 829 327 982 84,08% 3,36%
Jan 2025 706 440 418 699 385 414 122 944 177 829 384 595 84,33% 3,37%
PERFORMANCE TARGET 1B (2 FEBRUARY 2026)
Feb 2025 718 693 572 711 638 568 176 201 988 894 895 560 79,52% 3,18%
Mar 2025 820 555 660 813 500 656 166 916 040 987 471 700 82,38% 3,30%
Apr 2025 699 402 192 692 827 482 176 262 669 875 664 861 79,12% 3,16%
May 2025 708 159 939 701 597 436 169 465 037 877 624 976 79,94% 3,20%
Jun 2025 737 310 303 730 747 800 136 414 939 873 725 242 83,64% 3,35%
Jul 2025 730 816 747 724 254 244 142 059 849 872 876 595 82,97% 3,32%
Aug 2025 802 987 493 792 055 372 182 208 686 985 196 179 80,40% 3,22%
Sept 2025 817 351 576 802 417 411 161 110 241 978 461 817 82,01% 3,28%
Oct 2025 774 274 710 763 395 149 204 448 318 978 723 028 78,00% 3,12%
Nov 2025 673 763 473 662 876 552 309 689 421 983 452 895 67,40% 2,70%
Dec 2025 694 591 223 647 922 193 315 191 584 1 009 782 807 64,16% 2,57%
Jan 2026 687 306 469 577 717 822 319 154 971 1 006 461 439 57,40% 2,30%
Feb 2026 692 995 141 582 992 997 328 391 612 1 021 386 753 57,08% 2,28%
Total 81,31%
Note: The second Target Date for Performance Target 1B was on 2 February 2026. However, as the relevant
deployment and certification data is compiled and verified on a monthly basis, the results reflected in the
table are as at 28 February 2026. For reference, the certified percentage as at 31 January 2026 stood at 88%.
Noteholders are referred to paragraph 4.2.10 of the APS – (Other terms and conditions relating to the AGRIB1
Notes) and are advised that as the Issuer has met the SPT relevant to Performance Target 1B, 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://27four.com/independent-
verification-report-to-the-directors-of-agrarius-on-the-progress-of-the-agrarius-sustainability-linked-
sukuk-sls-framework-1-sustainability-performance-target-1b-in-respect-of/
The next Sustainability Performance Target Observation Date date for Performance Target 1C will be
2 February 2027.
Rosebank
2 June 2026
JSE Debt Officer
Johan Fourie
27four Investment Managers
JSE Debt Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 02-06-2026 12:30:00
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