RA Williams Distributors Limited Audited Financial Statements for Financial Year ended April 30, 2026

R.A. WILLIAMS DISTRIBUTORS LIMITED FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026

R.A. WILLIAMS DISTRIBUTORS LIMITED FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 CONTENTS Page(s) Independent Auditor's Report 1 - 6 Statement of Financial Position 7 Statement of Comprehensive Income 8 Statement of Changes in Equity 9 Statement of Cash Flows 10 - 11 Notes to the Financial Statements 12 - 3 8

Page 1 INDEPENDENT AUDITOR'S REPORT To the members of R.A. WILLIAMS DISTRIBUTORS LIMITED Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of R.A. Williams Distributors Limited (the “Company”), set out on pages 7 to 3 8 which comprises the statement of financial position as at April 30, 2026, the statement of comprehensive income, the statement of changes in equity, and the statement of cash flows for the year then ended and a summary of material accounting policies and other explanatory notes. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Company as at April 30, 2026 and of its financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards and the Jamaican Companies Act (the "Act"). Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code) an d we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion there on, and we do not provide a separate opinion on these matters. Cont. /2 Leary Mullings FCA, FCCA, CPA, MBA Senior Partner Rohan Crichton FCA, CPA MActg Senior Partner CrichtonMullings & Associates Florida: (954) 862 - 2250 Atlanta: (770) 320 - 7786 Jamaica: (876) 946 - 1274 [email protected] http://crichtonmullings.com/

Page 2 Independent Auditor's Report (cont'd) To the members of R.A. WILLIAMS DISTRIBUTORS LIMITED Key audit matters (cont'd) Key Audit matters How the matter was addressed in our audit 1) Expected Credit Losses on Trade Receivables The C ompany is required to recognise expected credit losses (ECL) on trade receivables, the determination of which is highly subjective and requires m anagement to make significant judgement and estimates including determination of the appropriate variables and assumptions used and the application of forward - looking information. Our audit procedures in response to this matter included: • Obtaining an understanding of the model used by management for the calculation of expected credit losses on trade receivables. • Testing the completeness and accuracy of the data used in the ECL model to the underlying accounting records on a sample basis. The risk of material misstatement increases as significant management judgement is used in determining the appropriate variables and assumptions used in the ECL calculations . • Reviewing the ECL model to assess the appropriateness of the Company's impairment methodology and management’s assumptions and compliance with the requirements of IFRS 9, Financial Instruments. • Evaluating the appropriateness of the economic parameters including the use of forward - looking information. • Testing the accuracy of the ECL calculation. • Testing the recording and ageing of trade receivables. • Assessing the adequacy of the disclosures of the key assumptions and judgements for compliance with IFRS 9 Financial Instruments. Cont. /3

Page 3 Independent Auditor's Report (cont'd) To the members of R.A. WILLIAMS DISTRIBUTORS LIMITED Key audit matters (cont'd) Key Audit matters (cont’d) How the matter was addressed in our audit (cont’d) 2 Inventory Costing Carrying value of inventory Inventory is reported at $705.6 million and represents 47% of total assets of the Company as at April 30, 2026. Our audit procedures to address the key audit matter relating to the carrying value of inventory included the following: The significance of the balance, combined with the complexities associated with importing pharmaceutical products, such as supply chain delays, regulatory compliance, and handling/storage risks makes this area particularly susceptible to material misstatement. • Reviewing the Company’s standard operating procedures, in order to assess the effectiveness of internal controls over inventory. Additionally, there is a risk that inventory may be overstated due to expired, obsolete, or slow - moving items that are not adjusted to net realizable value. As drugs typically have limited shelf lives and are subject to strict regulatory requirements, mana gement's judgment in assessing impairment and provisioning for such inventory is inherently subjective and can impact valuation . • We observed stock counts at each of the Company’s locations. As a part of this process, we selected samples to conduct our independent counts. Due to the materiality of inventory and the judgement involved in allocating overheads, we considered this to be a key audit matter. • The samples from our stock counts were crossed checked against the inventory system and variances were extrapolated to the inventory population. • Testing controls over management review and recording of inventory costing. • Testing a sample of inventory items to assess whether all elements of costs have been accurately input into the costing. Cont. / 4

Page 4 Independent Auditor's Report (cont'd) To the members of R.A. WILLIAMS DISTRIBUTORS LIMITED Other Information Management is responsible for the other information. The other information comprises information included in the annual report but does not include the financial statements and our auditor’s report thereon. The annual report is expected to be made available to us after the date of this auditor’s report. Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to the Board of Directors. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards and the Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducte d in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic d ecisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is included in the Appendix to this auditor's report. This description, which is located at page 6 , forms part of our auditor's report. Cont. / 5

Page 6 Independent Auditor's Report (cont'd) To the members of R.A. WILLIAMS DISTRIBUTORS LIMITED Appendix to the Independent Auditor's Report As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basi s for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going conce rn. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that presents a true and fair view. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Board of Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our au ditor’s report unless law or regulation precludes public disclosure about the matters or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonabl y be expected to outweigh the public interest benefits of such communication.

Page 7 R.A. WILLIAMS DISTRIBUTORS LIMITED STATEME N T OF FI N A N CIAL POSITIO N AS AT APRIL 30, 2026 Note 2026 2025 $ $ ASSETS N on-current Assets Property, plant and equipment 5 66,671,609 113,379,348 Right-of-use asset 6 245,509,847 287,597,255 Total non-current assets 312,181,456 400,976,603 Current Assets Inventories 8 705,757,798 722,642,127 Trade and other receivables 9 384,646,043 554,706,573 Due from related parties 16 7,560,600 6,700,055 Cash and bank balances 10 103,658,604 64,620,880 Total current assets 1,201,623,045 1,348,669,635 TOTAL ASSETS 1,513,804,501 1,749,646,238 EQUITY A N D LIABILITIES Equity Share capital 11 (a) 355,253,323 355,253,323 Paid in capital 11 (b) 13,457,495 13,457,495 Accumulated profits 418,387,316 401,492,954 Total equity 787,098,134 770,203,772 N on-current Liabilities Lease liability 6 259,549,321 297,676,920 Deferred tax liability 7 1,345,866 1,571,556 Long term loans 13 8,779,769 13,197,125 Total non-current liabilities 269,674,956 312,445,601 Current Liabilities Lease liability 6 36,506,477 25,537,289 Trade and other payables 14 415,703,937 458,292,878 * Short term loans 15 - 173,183,824 * Current portion of long-term loans 13 4,127,527 4,138,711 Taxation payable 17 693,470 5,844,163 Total current liabilities 457,031,411 666,996,865 TOTAL EQUITY A N D LIABILITIES 1,513,804,501 1,749,646,238 APPROVED, on behalf of the Board of Directors on July 20, 2026 by: John Bailey Audley Reid Chairman Managing Director *-Reclassified to conform with current year presentation The accompanying notes form an integral part of the financial statements

Page 8 R.A. WILLIAMS DISTRIBUTORS LIMITED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED APRIL 30, 2026 Note 2026 2025 $ $ Revenues 1,975,934,461 1,600,697,579 Cost of sales 18 (1,191,110,250) (860,474,451) Gross profit 784,824,211 740,223,128 Administrative and general expenses 19 403,876,701 401,048,423 Selling and distribution 20 293,480,600 231,600,199 697,357,301 632,648,622 Operating profit 21 87,466,910 107,574,506 Other income 22 287,372 175,393 87,754,282 107,749,899 Finance costs 23 71,085,610 71,018,585 Profit before taxation 16,668,672 36,731,314 Taxation (credit) /charge 24 (225,690) 8,154,659 Net profit, being total comprehensive income for the year 16,894,362 28,576,655 Earnings per share of profit attributable to the shareholders 12 $0.01 $0.02 The accompanying notes form an integral part of the financial statements

Page 9 R.A. WILLIAMS DISTRIBUTORS LIMITED STATEMENT OF CHANGES IN EQUITY YEAR ENDED APRIL 30, 2026 Share Paid in Accumulated Capital Capital Profits Total $ $ $ $ Balance at April 30, 2024 6,000 13,457,495 372,916,299 386,379,794 Issue of share, net of transaction cost [note 11 (a)] 355,247,323 - - 355,247,323 Net profit, being total comprehensi ve income for the year - - 28,576,655 28,576,655 Balance at April 30, 2025 355,253,323 13,457,495 401,492,954 770,203,772 Net profit, being total com prehen sive income for the year - - 16,894,362 16,894,362 Balance at April 30, 2026 355,253,323 13,457,495 418,387,316 787,098,134 The accompanying notes form an integral part of the financial statements

Page 10 R.A. WILLIAMS DISTRIBUTORS LIMITED STATEMENT OF CASH FLOWS YEAR ENDED APRIL 30, 2026 2026 2025 $ $ CASH FLOWS FROM OPERATING ACTIVITIES: Net profit for the year 16,894,362 28,576,655 Adjustments for items not affecting cash resources: Loss on disposal of assets 127,554 - Taxation (credit) / expense (225,690) 8,154,659 Adjustment of property, plant and equipment - 567,710 Unrealised foreign currency loss 2,009,227 5,992,717 Increase in obsolete inventories 28,899,957 13,671,471 (Decrease) / increase in expected credit loss 1,643,979 (3,804,516) Interest expense 20,679,285 18,115,362 Interest expense on right of use asset 40,722,924 43,391,274 Depreciation right of use asset 42,087,408 42,087,408 Depreciation on property, plant and equipment 19,775,169 18,157,957 172,614,175 174,910,697 (Increase) / decrease in operating assets: Inventories (12,015,628) (168,752,133) Trade and other receivables 168,638,695 (257,767,667) (Decrease) / increase in operating liabilities: Trade and other payables (42,585,708) 105,335,453 * Due from related parties (860,545) 424,457 Cash flows provided by / (used in) operating activities 285,790,989 (145,849,193) Taxation paid (5,150,693) (26,485,240) Net cash provided by / (used in) operating activities 280,640,296 (172,334,433) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment (11,104,973) (68,052,570) Disposal of property, plant and equipment 37,909,989 - Net cash provided by / (used in) investing activities 26,805,016 (68,052,570) * - Reclassified to conform with current year presentation The accompanying notes form an integral part of the financial statements

Page 11 R.A. WILLIAMS DISTRIBUTORS LIMITED STATEMENT OF CASH FLOWS (CONT’D) YEAR ENDED APRIL 30, 2026 2026 2025 $ $ CASH FLOWS FROM FINANCING ACTIVITIES Short term loans received 260,169,698 173,183,824 Repayment of short - term loans (424,464,570) (91,706,082) * Repayment of long - term loans to related party - (114,171,204) Long term loans received - 12,985,613 Repayment of long - term loans (4,428,541) (60,452,146) Issue share capital, net - 355,247,323 Lease liability, net (79,079,076) (60,909,183) Interest expense paid (20,679,285) (18,115,362) Net cash (used in) / provided by financing activities (268,481,774) 196,062,783 NET INCREASE / (DECREASE) IN CASH AND BANK BALANCES 38,963,538 (44,324,220) Effects of movements on foreign currency balances 74,186 (2,677,186) CASH AND BANK BALANCES - Beginning of the year 64,620,880 111,622,286 CASH AND BANK BALANCES - End of the year 103,658,604 64,620,880 * - Reclassified to conform with current year presentation The accompanying notes form an integral part of the financial statements

Page 12 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 1. IDENTIFICATION R.A. Williams Distributors Limited (the "Company") is a company limited by shares, incorporated and domiciled in Jamaica under the Jamaican Companies Act (the "Act”). On August 28, 2024, the Company became a public listed entity on the Jamaica Stock Exchange Junior Market. Consequently, the Company is entitled to a 100% remission of income taxes for the first five (5) years and 50% remission for the next five (5) years thereafter, providing that the Company complies with the requirements of the Jamaica Stock Exchange Junior Market. The principal activity of the Company is the sale and distribution of pharmaceutical products. 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (a) Statement of Compliance The Company’s financial statements have been prepared in accordance and comply with IFRS Accounting Standards and the relevant requirements of the Jamaican Companies Act (the "Act"). The financial statements have been prepared under the historical cost convention and are expressed in Jamaican dollars, unless otherwise indicated. The preparation of financial statements in conformity with IFRS Accounting Standards and the Act requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the year then ended. Actual results could differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future period s, if the revision affects both current and future periods. There are no significant assumptions and judgements applied in these financial statements that carry a risk of material adjustment in the next financial year.

Page 13 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (b) Changes in accounting standards and interpretations: Certain new standards, interpretations and amendments to existing standards have been published that became effective during the current financial year. The Company has assessed the relevance of all such new standards, interpretations and amendments and has concluded that the following interpretations and amendments are relevant to its operations: • IFRS 7 & IFRS 9 'Classification and measurement of financial instruments - Amendment', issued May 30, 2024. Effective for annual periods commencing on or after January 1, 2026. • IFRS 1, IFRS 7, IFRS 9, IFRS 10 & IAS 7 'Annual Improvements to IFRS Accounting Standards - Volume 11, issued July 2024. Effective for annual periods commencing on or after January 1, 2026. • IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 & IAS 37 'Annual Improvements to IFRS Accounting Standards - Volume 11, issued July 2024. Effective for annual periods commencing on or after January 1, 2026. The following new standards, amendments and interpretations, which are not yet effective and have not been adopted early in these financial statements, will or may have an effect on the Company’s future financial statements: • IFRS 18 'Presentation and Disclosures in Financial Statements ' - issued April 2024. Effective for periods commencing on or after 1 January 2027. The board of directors anticipate that the adoption of the standards, amendments and interpretations, which are relevant to the Company in future periods is unlikely to have any material impact on the financial statements. (c) Use of estimates and judgements: The preparation of the financial statements to conform with IFRS Accounting Standards requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of, and disclosures relating to, assets, liabilities, contingent assets and contingent liabilities at the reporting date and the income and expenses for the year then ended. Actual amounts could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods.

Page 14 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONT'D) (c) Use of estimates and judgements: Judgements made by management in the application of IFRS Accounting Standards that have a significant effect on the financial statements and estimates with material uncertainty that have a significant effect on amounts in the financial statements or that have a significant risk of material adjustment in the next financial year are set out below: (i) Critical accounting judgements in applying the Company’s accounting policies For the purpose of these financial statements, prepared in accordance with IFRS Accounting Standards, judgement refers to the informed identification and analysis of reasonable alternatives, considering all relevant facts and circumstances, and the well - reasoned, objective and unbiased choice of the alternative that is most consistent with the principles set out in IFRS Accounting Standards. (a) Allowance for expected credit losses (ECL) on trade receivables In determining amounts recorded for impairment of financial assets in the financial statements, management makes assumptions in determining the inputs to be used in the ECL measurement model, including incorporation of forward - looking information. Manageme nt also makes estimates of the likely estimated future cash flows of impaired receivables, as well as the timing of such cash flows recoverable on the financial assets in determining loss given default. Historical loss experience is applied where indicator s of impairment are not observable on individual significant receivables with similar characteristics, such as credit risks. (b) Net realisable value of inventories: Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realise. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the reporting date, to the extent that such events confirm conditions existing at the reporting date. Estimates of net realisable value also take into consideration the purpose for which the inventory is held. (c) Depreciable assets Estimates of the useful life and the residual value of property, plant and equipment are required in order to apply an adequate rate of transferring the economic benefits embodied in these assets in the relevant periods. The Company applies a variety of methods in an effort to arrive at these estimates from which actual results may vary. Actual variations in estimated useful lives and resi dual values are reflected in profit or loss through impairment or adjusted depreciation provisions. (d) Provision for inventory obsolescence Estimates of provision for obsolescence of inventory are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realize. Estimates of provision for obsolescence also take into consideration the purpose for which the inventory is held.

Page 15 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONT'D) (c) Use of estimates and judgements (cont'd): (ii) Key assumptions and other sources of estimation uncertainty The following are the key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. (a) Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine fair value where an active market exists as it is the best evidence of the fair value of a financial instrument. The company’s equities are the only financial instrument that is carried at fair value, also where fair value of financial instrument s approximates carrying value, no fair value computation is done. IFRS Accounting Standards requires disclosure of fair value measurements by level using the following fair value measurement hierarchy: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The classification of an item into the above level is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. The fair values of financial instruments that are not traded in an active market are deemed to be determined as follows: The face value, less any estimated credit adjustments, for financial assets and liabilities with a maturity of less than one year are estimated to approximate their fair values. These financial assets and liabilities include cash and bank balances, loan, trade and other payables, due to director and related parties. The carrying values of long - term liabilities approximate their fair values, as these loans are carried at amortised cost reflecting their contractual obligations and the interest rates are reflective of current market rates for similar transactions. (b) Allowance for expected credit losses The Company establishes a provision matrix to calculate ECLs for trade receivables. The provision matrix is based on its historical credit loss experience, adjusted for forward - looking factors specific to the debtors and the economic environment.

Page 16 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 2. STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION (CONT'D) (c) Use of estimates and judgements: (ii) Key assumptions and other sources of estimation uncertainty (cont'd) (b) Allowance for expected credit losses (cont'd) The determination of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of the ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Company's historical credit loss experience and forecast of economic conditions may also not be representative of customer's actual default in the future. (c) Estimating the incremental borrowing rate for leases If the Company cannot readily determine the interest rate implicit in the lease, an incremental borrowing rate is used to measure lease liabilities. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right - of - use asset in a similar economic environment. The incremental borrowing rate reflects what th e company would have to pay, which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the incremental borrowing rate using available market interest rates. 3. MATERIAL ACCOUNTING POLICIES (a) Property, plant and equipment All property, plant and equipment held for use in the production or supply of goods or services, or for administrative purposes, are recorded at historical or deemed cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Cost includes expenditure that are directly attributable to the acquisition of the asset. The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied in the part will flow to the Company and its cost can be reliably measured. The cost of day - to - day servicing of property, plant and equipment is recognized in the statement of comprehensive income as incurred. With the exception of freehold land, on which no depreciation is provided, property, plant and equipment is depreciated on the straight - line basis over the estimated useful lives of such assets. The rates of depreciation s in use are: Furniture and fixtures 20% Motor vehicles 12.5% Computers and equipment 20% Computer software 33.33% Leasehold improvements 12.5% (over lease term) Assets are capitalized only when they are brought into use. While an asset is being constructed or is not yet available for use; the expenditure, including borrowing costs, is treated as advances, and is shown separately in the statement of financial position. Depreciation is not raised until an asset is brought into use.

Page 17 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 3. MATERIAL ACCOUNTING POLICIES (CONT’D) (b) Trade and other receivables Trade and other receivables are stated at amortized cost. Appropriate allowances for estimated irrecoverable amounts are recognized in the statement of comprehensive income when there is objective evidence that the asset is impaired [see note 2(c)(ii)(b)]. (c) Trade and other payables Trade and other payables are stated at amortised cost. (d) Cash and bank balances Cash comprises cash in hand and on demand and call deposits with banks. (e) Inventories Inventories comprising finished products are valued at the lower of cost, determined principally on the first - in first - out (FIFO) basis, and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less estimated selling expenses. (f) Related party identification A party is related to the Company if: (i) directly or indirectly the party: - controls, is controlled by, or is under common control with the Company; - has an interest in the Company that gives it significant influence over the Company; or - has joint control over the Company. (ii) the party is an associate of the Company (iii) the party is a joint venture in which the Company is a venturer; (iv) the party is a member of the key management personnel of the Company (v) the party is a close member of the family of an individual referred to in (i) or (iv) above (vi) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such entity resides with, directly or indirectly, any individual referred to in (iv) or (v) above. (vii) the party is a post - employment benefit plan for the benefit of employees of the Company, or of any company that is a related party of the Company. A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.

Page 18 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 3. MATERIAL ACCOUNTING POLICIES (CONT'D) (g) Taxation Income tax expense represents the sum of income tax currently payable and deferred tax. (i) Current income tax Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustments to income tax payable in respect of previous years. (ii) Deferred income tax Deferred income tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. (h) Foreign currencies The financial statements are presented in the currency of the primary economic environment in which the Company operates (its functional currency). In preparing the financial statements of the Company, transactions in currencies other than the Company’s functional currency, the Jamaican dollar, are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the reporting date. Non - monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items, are included in the statement of comprehensive income for the period. (i) Revenue recognition The Company recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefit will flow to the entity and when specific criteria have been met. Revenue from the provision of services is measured at the fair value of the consideration received or receivable, net of returns and allowances and discounts

Page 19 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 3. MATERIAL ACCOUNTING POLICIES (CONT'D) (j) Leases A contract is, or contains, a lease if it conveys the right of use/control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the customer has both the right to direct the identified asset’s use and to obtain substantially all the economic benefits from that use. Leases are recognize as assets and liabilities unless the lease term is 12 months or less or the underlying asset has a low value of less than US$5,000 or its Jamaica dollar equivalent. The Company applies the short - term lease recognition exemption to its short - term leases (that is, those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short - term leases are recognised as expense on a straight - line basis over the lease term. The right - of - use asset is initially measured at cost, at the lease commencement date, i.e. the date at which the underlying asset is available for use by the Company. The right - of - use asset is depreciated on a straight - line basis over the remaining lease t erm. Lease liability The lease liability is initially measured at the present value of lease payments to be made over the lease term. The present value of lease payments, uses an incremental borrowing rate at the commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate corresponds to the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a simila r economic environment, with similar terms and conditions. (k) Impairment At each statement of financial position date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recov erable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre - tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or cash - generating unit) is estimated to be less than the carrying amount, the carrying amount of the asset (cash - generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an expense immediat ely. When an impairment loss subsequently reverses, the carrying amount of the asset (cash - generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash - generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately.

Page 20 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 3. MATERIAL ACCOUNTING POLICIES (CONT'D) (l) Financial instruments Financial instruments include transactions that give rise to both financial assets and financial liabilities. Financial assets and liabilities are recognized on the Company’s statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its l iabilities. Financial assets include cash and bank deposits, accounts receivable, long - term receivables and other current assets except inventories and any prepayments. Financial liabilities include current liabilities except accruals and income tax payable. The particular recognition methods adopted are disclosed in the respective accounting policies The fair values of the financial instruments are discussed in Note 25. (m) Employee benefits Employee benefits are all forms of consideration given by the Company in exchange for service rendered by employees. These include current or short - term benefits such as salaries, bonuses, statutory contributions, vacation leave, non - monetary benefits such as medical care and other long term employee benefits such as termination benefits. Employee benefits that are earned as a result of past or current service are recognized in the following manner: - Short - term employee benefits are recognized as a liability, net of payments made, and charged to expense. The expected cost of vacation leave that accumulates is recognized when the employee becomes entitled to the leave. (n) Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value where th e effect is material.

Page 21 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 3. MATERIAL ACCOUNTING POLICIES (CONT'D) (o) Borrowing costs Borrowing costs are recognized in the statement of comprehensive income in the period in which they are incurred. (p) Segment reporting An operating segment is a component of the Company that engages in business activities from which it earns and incurs expenses; whose operation results are regularly reviewed by the Company's Chief Operating Decision Maker ("CODM") who decides about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Based on the information presented to and reviewed by the CODM, the operation of the Company is considered to be unsegmented. (q) Comparative information Where necessary, comparative figures have been reclassified and or restated to conform to changes in the current year. 4. REVENUES Revenues represent the value received or receivable from the sale of pharmaceutical product s , dietary supplements, cosmetics and other healthcare and wellness products to third parties in the ordinary course of business .

Page 22 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 5. PROPERTY, PLANT AND EQUIPMENT Furniture and Motor Leasehold Equipment Fixtures Vehicles Improvement Total $ $ $ $ At Cost/Valuation Balance at April 30, 2024 21,570,221 15,913,870 49,615,020 7,658,654 94,757,765 Adjustment - (197,710) - (370,000) (567,710) Additions 48,557,678 3,275,858 14,651,543 1,567,491 68,052,570 Balance at April 30, 2025 70,127,899 18,992,018 64,266,563 8,856,145 162,242,625 Additions 11,030,651 27,500 - 46,822 11,104,973 Disposal (40,196,283) - (5,320,728) - (45,517,011) Balance at April 30, 2026 40,962,267 19,019,518 58,945,835 8,902,967 127,830,587 Accumulated Depreciation Balance at April 30, 2024 8,772,964 2,228,301 19,628,697 75,358 30,705,320 Charge for year 6,097,184 3,256,447 7,722,227 1,082,099 18,157,957 Balance at April 30, 2025 14,870,148 5,484,748 27,350,924 1,157,457 48,863,277 Charge for year 7,166,039 3,465,150 8,033,320 1,110,660 19,775,169 Eliminated on disposal (3,201,020) - (4,278,448) - (7,479,468) Balance at April 30, 2026 18,835,167 8,949,898 31,105,796 2,268,117 61,158,978 Net Book Value Balance at April 30, 2026 22,127,100 10,069,620 27,840,039 6,634,850 66,671,609 Balance at April 30, 2025 55,257,751 13,507,271 36,915,639 7,698,688 113,379,348 Balance at April 30, 2024 12,797,257 13,685,568 29,986,323 7,583,296 64,052,445

Page 23 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 6. RIGHT OF USE ASSETS / LEASE LIABILITIES Office Building At Valuation $ Balance at May 1, 2025 336,699,231 Additions during the year - Balance at April 30, 2026 336,699,231 Depreciation charge of right - of use asset Balance at May 1, 2025 49,101,976 Charge for year 42,087,408 Balance at April 30, 2026 91,189,384 Net Book Value Balance at April 30, 2026 245,509,847 Balance at April 30, 2025 287,597,255 Lease Liabilities: 2026 2025 $ $ Non - current lease liability 259,549,321 297,676,920 Current lease liability 36,506,477 25,537,289 The Company currently leases warehouse and office space in New Brunswick Village, Brunswick Avenue, Spanish Town, St. Catherine effective March 2024 for an initial eight (8) year period.

Page 24 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 7. DEFERRED TAX LIABILITY Certain deferred tax assets and liabilities have been offset in accordance with the Company’s accounting policy. The following is the analysis of the deferred tax balances (after offset) for financial statement purposes: 2026 2025 $ $ Deferred tax liability 1,345,866 1,571,556 Deferred tax assets and liabilities are attributable to the following: 2026 2025 $ $ Property, plant and equipment 1,345,866 1,571,556 The movement during the year in the Company’s deferred tax position was as follows: 2026 2025 $ $ Balance at the beginning of the year 1,571,556 140,815 Movement during the period (225,690) 1,430,741 Balance at the end of the year 1,345,866 1,571,556 8. INVENTORIES 2026 2025 $ $ (a) Finished goods 718,844,712 729,819,653 Provision for inventory obsolescence (13,086,914) (7,177,526) 705,757,798 722,642,127 Inventories represent pharmaceutical s and related goods. (b) Inventory obsolescence: Opening provision for inventory obsolescence 7,177,526 12,425,455 Write off of obsolete inventories (7,177,526) (12,383,946) Increase in provision for inventory obsolescence 13,086,914 7,136,017 Closing provision for inventory obsolescence 13,086,914 7,177,526

Page 25 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 9. TRADE AND OTHER RECEIVABLES 2026 2025 $ $ Trade receivables 260,881,217 238,805,469 Less: Expected credit losses (9,684,965) (8,053,205) 251,196,252 230,752,264 Prepaid expenses 3,599,690 8,051,225 Prepaid insurance 2,137,563 1,788,676 Advance to suppliers (i) 3,466,615 184,194,570 Other receivables (ii) 122,589,831 122,567,342 Security deposit 435,191 6,686,596 Staff loan 1,220,900 665,900 384,646,043 554,706,573 (i ) This represents advances made to suppliers for inventory items not yet shipped or received as at the year end. (ii) This includes goods given as free of charge (FOC) to customers of specific product lines as a form of promotion which are subsequently reimbursed by the respective suppliers. 10. CASH AND BANK BALANCES 2026 2025 $ $ Local currency accounts 47,230,322 59,277,006 Foreign currency accounts (US$102,697; 2025: US$33,60 6) 56,380,338 5,299,080 Petty cash 47,944 44,794 103,658,604 64,620,880

Page 26 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 11. SHARE CAPITAL 2026 2025 $ $ (a) Authorized: Unlimited (2024: 6,076) Ordinary shares at no par value - - Issued and fully paid: 1,600,000,000 (2024: 6,076) Ordinary shares (i) 6,000 6,000 Additional shares issued: 400,000,000 ordinary shares at no par value (ii) 355,247,323 355,247,323 355,253,323 355,253,323 (i) On June 18, 2024, by an ordinary resolution, the issued and fully paid shares of 6,076 were subdivided by a split factor of 263,331.139 for every existing share, resulting in the issued shares increasing to 1,600,000,000 prior to the initial public offering ("IPO"). (ii) On July 10, 2024, 400,000,000 new shares were offered to the general public in the IPO, resulting in the issued shares increasing to 2,000,000,000. (iii) The proceeds from the issuance of shares amounted to $400,000,000 less transactions costs of $44,752,677. 2026 2025 $ $ (b) Paid in capital: Paid in capital 13,457,495 13,457,495 12. EARNINGS PER SHARE The calculation of earnings per share is based on the profit after taxation and the weighted average number of shares in issue during the year. 2026 2025 $ $ Net profit attributable to shareholders 16,894,362 28,576,655 Weighted average number of shares in issue 2,000,000,000 1,869,589,041 Earnings per share for profit attributable to shareholders $ 0 .01 $ 0.02

Page 27 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 13. LONG TERM LOANS 2026 2025 $ $ Sagicor Bank Jamaica Limited (i) 2,996,309 3,681,535 Sagicor Bank Jamaica Limited (ii) 920,936 2,203,116 Sagicor Bank Jamaica Limited (iii) - 187,151 Sagicor Bank Jamaica Limited (iv) 3,814,290 4,779,094 Sagicor Bank Jamaica Limited (v) 5,175,761 6,484,940 12,907,296 17,335,836 Less: current portion of long term loans (4,127,527) (4,138,711) 8,779,769 13,197,125 (i) This is a loan of $6,605,200 which bears an interest rate of 7.5% per annum and is repayable over ten (10) years with equal instalments of $81,054 monthly. The loan is secured by a lien over the 2020 Toyota Rav4. (ii) This is a loan of $7,520,000 which bears an interest rate of 7.5% per annum and is repayable over 7 years with equal monthly instalments of $119,036. The loan is secured by a lien over the 2020 Ford Ranger. (iii) This is a loan of $4,522,618 which bears a fixed interest rate of 8.5% per annum and is repayable over five (5) years with equal monthly instalments of $94,417. The loan is secured by a lien over the 2020 Hyundai Van. The loan was repaid during the financial year. (iv) This is a loan of $5,509,523 to purchase a 2024 Toyota Hiace Panel Van 2.5L. The loan bears a fixed interest rate of 10.5% per annum and is repayable over five (5) years with equal monthly instalments of $118,421.14. The loan is secured by a security agreement over the 2024 Toyota Hiace Panel Van 2.5L. (v) This is a loan of $7,476,090 which bears a fixed interest rate of 10.5% per annum and is repayable over five (5) years with equal monthly instalments of $160,690.33. The loan is secured by a security agreement over the 2024 Toyota Hiace Panel Van 2.8L.

Page 28 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 14. TRADE AND OTHER PAYABLES 2026 2025 $ $ Trade payables 354,375,564 358,355,484 Statutory liabilities 8,662,812 10,559,417 Credit cards payable 16,555,502 15,190,228 * Accrued expenses (i) 35,292,958 71,990,143 Other payables 817,099 2,197,606 * 415,703,937 458,292,878 * - Reclassified to conform with current year presentation (i) This includes $23,394,757 for accrued rent and $67,968,143 in the prior year for accrued rent and maintenance charges for the Company's warehouse and office space in New Brunswick Village, Spanish Town, Saint Catherine. 15. SHORT TERM LOANS 2026 2025 $ $ Sagicor Bank Jamaica Limited (i) - 173,183,824 (i) This represents a demand revolving loan facility, not exceeding USD $2 million, granted to assist with the settling of supplier invoices for inventory. The loan has an interest rate of 8% per annum and is scheduled to be repaid over twelve months with a monthly interest payment of JMD $1,945,027.50 (US$12,500). This is secured by a demand debenture over the assets to cover USD$ 2 million. The loan was fully repaid during the financial period. 16. DUE FROM RELATED PARTIES 2026 2025 $ $ Due from directors (i) 940,545 80,000 Due from related parties (ii) 6,620,055 6,620,055 7,560,600 6,700,055 (i) These represented advances made to and from the Company by the directors. The amounts are unsecured, interest free and had no fixed date of repayment. (ii) This represents advances made on behalf of the Company's related party, Ranwill International Holdings Limited. The amounts are unsecured, interest free and have no fixed date of repayment.

Page 29 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 17. TAXATION PAYABLE Taxation payable is based on profits for the year, adjusted for taxation purposes, subject to the agreement of the Taxpayer Audit and Assessment Department less amount paid during the year and amounts that were outstanding at the beginning of the year. 2026 2025 $ $ Balance at the beginning of the year 5,844,163 25,605,487 Income tax charge for the year - 6,723,916 Less: tax payment made within the year (5,150,693) (26,485,240) Taxation payable at the end of the year 693,470 5,844,163 18. COST OF SALES 2026 2025 $ $ Opening inventories 722,642,127 567,561,465 Add: Net purchases 1,203,125,87 8 1,029,226,584 1,925,768,005 1,596,788,049 Less: Inventory obsolescence (28,899,957) (13,671,471) Less: Closing inventories (705,757,798) (722,642,127) 1,191,110,250 860,474,451

Page 30 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 19. ADMINISTRATIVE AND GENERAL EXPENSES 2026 2025 $ $ Audit fee 4,000,000 3,300,000 Executive directors' emoluments 36,014,005 28,233,692 Directors' fees 7,700,000 7,700,000 General office expenses 12,602,975 10,840,166 Irrecoverable general consumption tax 26,276,670 19,619,232 Insurance expense 11,945,212 9,934,410 Meals, travel and entertainment 6,929,637 6,583,991 Professional and legal fees 14,663,175 17,158,389 Stationery and office expenses 2,941,344 4,029,698 Equipment rental 40,000 - Short term leases 3,408,396 3,882,000 Repairs and maintenance 26,529,122 25,651,654 Salaries, wages and related costs 147,850,471 145,193,493 Subscriptions 15,068,075 10,448,622 Sponsorship and donation 823,147 376,040 Loss on disposal of property, plant and equipment 127,554 - Realized foreign exchange gain (11,590,926) (3,307,024) Realized foreign exchange loss 5,064,440 10,899,469 Unrealized foreign exchange loss 2,009,227 5,992,717 Depreciation - right of use asset 42,087,408 42,087,408 Depreciation on property, plant and equipment 19,775,169 18,157,957 Increase / (decrease) in expected credit loss 1,643,979 (3,804,516) Maintenance charges 11,028,261 22,482,076 Utilities 16,939,360 15,588,949 403,876,701 401,048,423

Page 31 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 20. SELLING AND DISTRIBUTION 2026 2025 $ $ Delivery expenses 26,662,900 18,998,540 Marketing expenses 68,066,631 48,318,755 Sales commissions and salaries 164,059,810 127,937,958 Registration and permit 227,801 347,300 Travelling and related expenses 34,463,45 8 35,997,646 293,480,600 231,600,199 21. OPERATING PROFIT 2026 2025 $ $ 87,466,910 107,574,506 Stated after charging the following: Key management personnel's remuneration 36,014,005 28,233,692 Directors' fees 7,700,000 7,700,000 Auditor's remuneration 4,000,000 3,300,000 22. OTHER INCOME 2026 2025 $ $ Miscellaneous income 222,888 40,321 Interest income 64,484 135,072 287,372 175,393 23. FINANCE COSTS 2026 2025 $ $ Bank charges and interest 6,925,300 8,545,863 Interest and penalty 2,758,101 966,086 Interest expense - right of use asset 40,722,924 43,391,274 Loan interest 20,679,285 18,115,362 71,085,610 71,018,585

Page 32 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 24 . TAXATION CHARGE Income tax charge is computed based on the profit for the twelve months (12) period ended April 30, 2026 (2025: 4 months) as a result of the Company's enlistment on the Jamaica Stock Exchange Junior Market effective August 28th, 2024, which entitles the Company to a 100% remission of income tax for the first (5) years after enlistment and 50% remission for the following five (5) years, providin g that it adheres to the rules and regulations of the Jamaica Stock Exchange Junior Market. Income tax is computed at 25% of the pre - tax profit for year, as adjusted for taxation purposes. Deferred taxation is computed at 12.5% for the financial year on the Company's property, plant and equipment which are estimated to have useful life during the Company's 50% remission entitlement. The taxation charge is made up as follows: 2026 2025 $ $ Current: Provision for income tax on current profit - 6,723,917 Deferred: Deferred tax for the year (225,690) 1,430,742 (225,690) 8,154,659 (b) Reconciliation of effective tax rate and charge: 2026 2025 $ $ Profit before taxation 16,668,672 36,731,314 Computed tax charge 4,167,168 25% 9,182,828 25% Employment tax credit - 0% (2,958,647) - 8% Taxation differences between profit for financial statements and tax reporting purposes on: Depreciation and capital allowances (594,950) - 4% (1,578,666) - 4% Items not currently allowable for tax purposes 18,709,078 112% 20,749,840 56% Remission of income taxes (22,506,986) - 135% (17,240,696) - 47% Actual tax rate and (credit) / charge (225,690) 0% 8,154,659 22%

Page 33 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 25. STAFF COSTS The aggregate payroll costs are as follows: 2026 2025 $ $ Salaries and profit related pay 305,377,560 301,365,143 Statutory payroll contributions 33,479,153 34,967,766 338,856,713 336,332,909 26. FINANCIAL INSTRUMENTS (a) Fair value Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. A market price, where an active market (such as a recognized stock exchange) exists, is the best evidence of the fair value of a financial instrument. Market prices are not available for some of the financial assets and liabilities of the Company. Fair values in the financial statements have therefore been presented using various estimation techniques based on market conditions existing at reporting date. Generally, considerable judgement is necessarily required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented in these financial statements are not necessarily indicative of the amounts that the Company would realise in a current market exchange. The following methods and assumptions have been used. The amounts included in the financial statements for cash and bank deposits, receivable, trade payables and current portion notes payable reflect the approximate fair values because of short - term maturity of these instruments. (b) Financial risk management The Company has exposure to the following risks from its use of financial instruments: - Credit risk - Liquidity risk - Market risk - Cash flow risk

Page 34 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 26. FINANCIAL INSTRUMENTS (CONT'D) (b) Financial risk management (cont’d): The Board of Directors, together with senior management has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company's risk management policies are established to identify and analyze the risks faced by the Company in order to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are revie wed regularly to reflect changes in market conditions and the Company’s activities. (i) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s principal financial assets are cash and bank deposits, accounts receivable and long - term receivables. Cash and bank balances The credit risk on cash and bank deposits is limited as they are held with financial institutions with high credit rating. Trade receivables The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each customer. Management has a credit policy in place to minimise exposure to credit risk. Credit evaluations are performed on all customers requiring credit. Management establishes an allowance for impairment that represents its estimate of losses in respect of trade and other receivables. Management's policy is to provide for balances based on past default experience, current economic conditions and expected re covery. At reporting date, there were no significant concentrations of credit risk and the maximum exposure to credit risk is represented by the carrying amount of each financial asset. 2026 2025 $ $ Cash and bank balances 103,658,604 64,620,880 Trade and other receivables 384,646,043 554,706,573 488,304,646 619,327,453 The aging of trade receivables at the reporting date was: 2026 2025 $ $ Past due 1 - 30 days 228,298,742 211,742,979 Past due 31 - 60 days 9,856,668 5,774,164 Past due 61 - 90 days 1,608,214 9,267,317 More than 90 days 13,431,753 12,021,009 253,195,377 238,805,469

Page 35 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 26. FINANCIAL INSTRUMENTS (CONT'D) (b) Financial risk management (cont’d): (ii) Liquidity risk Liquidity risk is the risk that the Company will not meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liability when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company. Management aims at maintaining sufficient cash and the availability of funding through an amount of committed facilities. The management maintains an adequate amount of its financial assets in liquid form to meet contractual obligations and other recurring payments. The following are the contractual maturities of the non - derivative financial liabilities, including interest payments and excluding the impact of netting agreements. Carrying Contractual Less than More than amount cash flow 1 year 1 year $ $ $ $ April 30, 2026: Trade and other payables 415,703,937 415,703,937 415,703,937 - Lease liabilities 296,055,798 296,055,798 36,506,477 259,549,321 Long - term loans 12,907,296 12,907,296 4,127,527 8,779,769 724,667,031 724,667,031 456,337,941 268,329,090 April 30, 2025: Trade and other payables 458,292,878 458,292,878 458,292,878 - Short term loans 173,183,824 173,183,824 173,183,824 - Lease liabilities 323,214,209 323,214,209 25,537,289 297,676,920 Long - term loans 17,335,837 17,335,837 4,138,711 13,197,126 972,026,748 972,026,748 661,152,702 310,874,046

Page 36 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 26. FINANCIAL INSTRUMENTS (CONT'D) (b) Financial risk management (cont’d): (iii) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, and interest rates will affect the Company’s income or the value of its holding of financial instruments. The objective of market is to manage and control market risk exposures within acceptable parameters, while optimizing the return. Interest rate risk: Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Company materially contracts financial liabilities at fixed interest rates for the duration of the term. When utilized, bank overdrafts are subject to fixed interest rates which may be varied by appropriate notice by the lender. At April 30, 2026 and 2025, there were no financial liabilities subject to variable interest rate risk. Interest - bearing financial assets comprises of bank deposits, which have been contracted at fixed interest rates for the duration of their terms. Fair value sensitivity analysis for fixed rate instruments The Company does not hold any fixed rate financial assets that are subject to material changes in fair value through profit or loss. Therefore, a change in interest rates at the reporting dates would not affect profit or equity. Foreign currency risk: Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to significant foreign currency risk, primarily on purchases that are denominated in a currency other than the Jamaican dollar. Such exposures comprise the monetary assets and liabilities of the Company that are not denominated in that currency. The main foreign currency obligations of the Company are denominated in United S tates dollars (US$), which is the principal intervening currency for the Company.

Page 37 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 26. FINANCIAL INSTRUMENTS (CONT'D) (b) Financial risk management (cont’d): (iii) Market risk (cont’d): The Company jointly manages foreign exchange exposure by maintaining adequate liquid resources in appropriate currencies and by managing the timing of payments on foreign currency liabilities. The table below shows the Company’s main foreign currency exposure at the reporting date. 2026 2025 US$ US$ Bank and cash 102,967 33,606 Trade and other receivables 856,230 941,282 Loans - (1,086,045) Trade and other payables (1,737,656) (2,202,996) Net exposure (778,460) (2,314,153) The rate of exchange of Jamaican dollar for one United States dollar applied in respect of the year under audit was 157.39 (2025: 158.57). Sensitivity Analysis: The sensitivity analysis represents the changes in the carrying amounts of outstanding foreign currency assets and liabilities adjusted for translation at the year - end (April 30) to reflect changes in foreign currency rates to arrive at the corresponding impact on profit. A 1% (2025: 1%) increase in the foreign currency rate of the United States dollar against the Jamaican dollar would have decreased the profit for the year by $1,225,228 (2025: $3,669,599). The analysis assumes that all other variables, in particular interest rates, remain constant. A 1.5% (2025: 3.5%) decrease in the foreign currency rate of the United States dollar against the Jamaican dollar would have increased the profit for the year by $1,837,842 (2025: $12,843,598). The analysis assumes that all other variables, in particular interest rates, remain constant. (iv) Cash flow risk Cash flow risk is the risk that future cash flows associated with a monetary financial instrument will fluctuate because of changes in market interest rates. The Company manages this risk through budgetary measures, ensuring, as far as possible, that fluctuations in cash flows relating to monetary financial assets and liabilities are matched, to mitigate any significant adverse cash flows.

Page 38 R.A. WILLIAMS DISTRIBUTORS LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED APRIL 30, 2026 27. THE MIDDLE EAST CONFLICT The outbreak of the military conflict in the Middle East in February 2026 significantly disrupted global maritime logistics along the trade corridors, primarily by blocking the Strait of Hormuz, one of the most important trade routes for global trade and shipping. Due to the widespread rerouting of vessels to avoid conflict zones, the Company expects prolonged inbound transit, higher logistics costs, and increased uncertainty surrounding product availability. As of April 30, 2026, management identified the potential for delays in receiving inventory ordered from suppliers and the possibility of temporary shortages of products. These conditions may adversely affect inventory availability, customer service levels, gross margins, and operating cash flows in fut ure reporting periods if the disruptions continue. Management implemented several mitigation measures, including strengthening communication and forecasting with key suppliers, diversifying shipping routes/modes and logistics providers where available, and reviewing procurement and working capital strategies to enhance supply chain resilience. Based on information available at the reporting date and the date these financial statements were authorized, management concluded that while the conflict increased operational and supply chain risks, it had not resulted in an impairment of inventories, trade receivables, or other assets as of April 30, 2026. The financial impact on future reporting periods cannot be reasonably estimated due to the evolving nature of the conflict and the uncertainty surrounding the duration and severity of the associated disruptions. Management will continue to monitor developments and assess their impact on the Company's operations, financial position, financial performance, and cash flows as additional information becomes available.

T OP 10 LARGEST SHAREHOLDERS AS AT APRIL 30 , 2026 Shareholder Number of Shares Ranwill International Holdings Ltd. 789,993,417 Jorden Investments Limited 40 9 ,715,958 Shirley Williams/Bridgette K. Azan 131,665,568 Brigette K. Azan /Christina N. Azan 43,888,523 Suzanne Williams/Robert Williams 43,888,523 Marcelle D. Heerschap/Brigette K. Azan 43,888,523 Raby D. Williams (Jnr) 43,888,523 First Jam./H.E.A. R. T /NTA Pension Scheme 40,000,000 Sagicor Investments ( Principal Trading A/C) 25, 2 46,707 Sagicor Pooled Equity Fund 24,604,760 Total Units Owned by Top 10 Shareholders 1, 596,780,502 Total Issued Capital 2,000,000,000

DIRECTORS’ & MANAGEMENT TEAM’S INTERESTS IN ORDINARY SHARES AS AT APRIL 30 , 2026 Directors Shareholdings Connected Party Shareholdings John Bailey 5,070,808 John Bailey Nil Jorden Investments Ltd. 40 9 ,715,958 Evelyn Williams Nil Ranwill International Holdings Limited 789,993,417 Audley Reid Nil Ranwill International Holdings Limited 789,993,417 Jewel Reid Nil Ranwill International Holdings Limited 789,993,417 Tonoya Toyloy - Borrows 2,106,649 Douglas Lindo 2,106,649 Marjorie Fyffe - Campbell 2,106,649

Senior Managers Shareholdings Connected Party Shareholdings Audley Reid Nil Ranwill International Holdings Limited 789,993,417 Jewel Reid Nil Ranwill International Holdings Limited 789,993,417 Evelyn Williams Nil Ranwill International Holdings Limited 789,993,417 Deidra Virgo 2, 207,976 Matthew A. Tate Malik J. Tate Demar Williams 110,000 Kimroy Williamson 2, 341,449 Simeca Alexander Kimberley Johnson - Dockery 2, 405 ,649 Don Mark Smith 20,000