Mercantile Bank Auditors
We have audited the financial statements of Mercantile Bank Limited (the Company) set out on pages 9 to 63, which comprise the statement of financial position as of 29 February 2020, and the statement of comprehensive income, the statement of changes in equity, and the statement of cash
flows for the 14-month period then ended, and the notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements present fairly, in all material respects, the financial position of Mercantile Bank Limited as of 29 February 2020, and its financial performance and cash flows for the 14-month period then ended in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of South Africa.