Annual Financial Statements for the year ended 31 March 2018 and Restatement of Prior Year Annual Financial Statemen MW Asset Rentals (RF) Limited (“The Issuer”) MWAR01 ZAG000140617 MWAR02 ZAG000150475 Annual Financial Statements for the year ended 31 March 2018 and Restatement of Prior Year Annual Financial Statements Annual Financial Statements for the year ended 31 March 2018 The 2018 Annual Financial Statements have been audited and signed on 31 July 2018. They are available for viewing on the Merchant West website: http://www.merchantwest.co.za/docs/MWFS2018.pdf Restatement of Prior Year Annual Financial Statements In accordance with section 7.6(b) of the JSE’s Debt Listings Requirements, noteholders are advised of the Issuer’s restatement of the prior year’s Annual Financial Statements. This restatement is necessitated as result of the proactive monitoring process by the JSE. During the review it was agreed that the Issuer’s subordinated loan of R44 645 000 had been erroneously disclosed as equity instead of as a liability. In the prior year it was assessed that the instrument met the criteria of a puttable equity instrument. Not all requirements of IAS 32.16A were met and the subordinated loan has been reclassified as a long-term liability resulting in a restatement to the prior period error. This reclassification is disclosed and further detailed in note 23 to the 2018 Annual Financial Statements. There is no impact on the retained earnings of the entity. The JSE’s proactive monitoring process also identified that the Statement of Cash Flows disaggregated the repayment of debentures and repayments/proceeds of amounts from related companies. This presentation is not in compliance with paragraphs 21 and 31 of IAS 7. The impact of the error is detailed in note 23 to the 2018 Annual Financial Statements. 31 July 2018 Sponsor Nedbank CIB a division of Nedbank Limited Date: 31/07/2018 03:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.