MAILPAC GROUP LIMITED – UPDATE ON FILING OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2025

• June 18, 2026
• 2:32 pm

Mailpac Group Limited ("MGL" or the "Company") hereby notifies of a further extension of time to file its audited consolidated financial statements for the year ended December 31, 2025.

The audit process has required the completion of additional valuation and accounting procedures relating to the acquisition of the business and assets of MyCart Quick Limited ("MyCart"), including the finalization of the purchase price allocation, assessment of goodwill balances and related acquisition accounting matters. The completion and review of these procedures, together with the associated audit work, has resulted in additional time being required to finalize the audit.

Acquisition-Related Accounting Matters

As disclosed in Note 11 of the Company's unaudited financial statements for the year ended December 31, 2025, the purchase consideration relating to the acquisition of the business and assets of MyCart was contingent upon MyCart's financial performance and the acquisition accounting reflected provisional estimates prepared in accordance with IFRS 3 Business Combinations. The financial statements further disclosed that the actual determination of the purchase price allocation could result in adjustments to the provisional amounts recorded.

To support the completion of the acquisition accounting process, the Company engaged Ernst & Young ("EY") as an independent valuation specialist to perform the purchase price allocation exercise and related valuation analyses.

In addition, as part of the audit process, the Company's auditors requested an updated assessment of the goodwill balances recorded by the Group, including consideration of the impact of the final acquisition accounting conclusions arising from the MyCart transaction.
Given the significance of the MyCart acquisition to the Group's financial position and the materiality of the related goodwill balances, management agreed that completion of these procedures was necessary to ensure that the Company's financial statements provide transparent, reliable, and decision-useful information to shareholders and other stakeholders.

Clarification of Prior Disclosures Regarding the MyCart Transaction

The Company notes that in prior correspondence with the Jamaica Stock Exchange dated July 8, 2025 and March 3, 2026, management provided updates regarding the transaction based on the transaction structure and information available at those respective dates.

Subsequent to those disclosures, the parties entered into further agreements amending certain terms of the transaction, including the consideration structure and settlement arrangements, resulting in a revised basis for determining the final acquisition consideration.

Under the amended terms, the consideration for the acquisition was revised to comprise a cash payment of J$243 million together with the issuance of 50,000,000 ordinary shares of Mailpac Group Limited. The cash consideration of J$243 million was paid on April 15, 2026.
The issuance and listing of the consideration shares will be completed in accordance with the applicable corporate, regulatory, and Jamaica Stock Exchange requirements.

As a consequence of these amendments, additional valuation and accounting work became necessary to determine the appropriate purchase price allocation, goodwill balances, and related financial statement disclosures. Management's independent valuation advisors were therefore required to update aspects of the valuation analyses to reflect the amended transaction terms.

Additional audit procedures were subsequently required in relation to the updated valuation work and associated accounting treatment. These matters have resulted in additional time being required to complete the audit.

Status of Proposed Rebranding and Extraordinary General Meeting

The Company also notes that prior disclosures referenced a potential Extraordinary General Meeting ("EGM") and a proposed rebranding of the Group as "MyPac."

Following completion of integration activities and management's ongoing review of the business, the Board has not proceeded with the proposed rebranding initiative, and no EGM has been convened in relation to that matter.

Expected Completion Timeline

Based on discussions with management, valuation advisors, and the Company's external auditors, management currently expects to complete the outstanding procedures and file the audited consolidated financial statements for the year ended December 31, 2025, on or before July 17, 2026, and respectfully requests an extension of time to facilitate completion of the audit process.

The Company further notes that the delayed completion of the 2025 audited financial statements has also impacted the preparation and filing of the Company's unaudited consolidated financial statements for the quarter ended March 31, 2026, as those results are dependent upon finalized audited balances for the year ended December 31, 2025.

Assurances to the Jamaica Stock Exchange and Shareholders

The Company wishes to assure the Jamaica Stock Exchange and its shareholders that:

• This request is not the result of any identified fraud, irregularity, or material misstatement in the Company's financial records;
• This request is being made solely to facilitate completion of valuation and audit procedures associated with acquisition-related accounting matters and the finalization of the related financial statement disclosures;
• Management remains committed to maintaining the highest standards of financial reporting, transparency and corporate governance; and
• Every effort is being made to complete the audit process and publish the audited financial statements within the requested extension period.

The Company appreciates the continued patience and understanding of the Jamaica Stock Exchange and its shareholders and will provide further updates as appropriate.
Regards,