This information should be read in conjunction with McMillan Shakespeare Limited s 2017 Annual Report.

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1 21 February 2018 Manager Company Announcements ASX Limited Via E-lodgement Dear Sir/Madam McMillan Shakespeare Limited Interim Results Please find attached the Appendix 4D Half Year Report, Directors Report, the Financial Report and Independent Auditor s Review Report for the half-year ended 31 December This information should be read in conjunction with McMillan Shakespeare Limited s 2017 Annual Report. This announcement comprises the information required by ASX Listing Rule 4.2A and the statement required by Rule 4.2C.2. Yours faithfully McMillan Shakespeare Limited Mark Blackburn Chief Financial Officer and Company Secretary

2 McMillan Shakespeare Limited Interim Financial Statements and Appendix 4D ended 31 December 2017

3 MMSG 1 1. Details of the reporting period and the previous corresponding period Current period: 1 July 2017 to 31 December 2017 Previous corresponding period: 1 July 2016 to 31 December Results for announcement to the market Key information Percentage change 2.1 Revenues from ordinary activities Up 4% to 262, Profit from ordinary activities after tax attributable to members Down 14% to 34, Net profit after tax attributable to members Down 14% to 34, Underlying Net Profit After Tax and Aquisition Amortisation (UNPATA) attributable to members Up 5% to 44,320 Half-Year ended 31 December 2017 Dividends Amount per share 2.4 Interim dividend $0.33 $ Ex-dividend date 15 March 2018 Franked amount per share Record date for determining entitlements to the dividend 16 March 2018 Dividend payment date 29 March Commentary on results for the financial year Underlying Net Profit After Tax and Acquisition Amortisation (UNPATA), being net profit after tax but before the after-tax impact of acquisition-related items (including impairment charge for intangible assets, amortisation of intangible assets, fair valuation of acquisition deferred consideration and finance charges, and acquisition expenses) has been used to measure financial performance of the Group. The Company believes this measure of performance best represents the underlying operating results of the Group. For the half year ended 31 December 2017 Group UNPATA of $44.3m was 5% higher than the prior corresponding period (pcp). Dividends 31 Dec Dec 2016 Profit after income tax attributable to members of the parent entity (item 2.3) 34,941 40,424 Impairment of intangible assets after-tax 1 14,000 - Deferred consideration fair valuation and finance charges after-tax 2 (6,353) - Amortisation of intangible assets from acquisitions after-tax 1,732 1,217 Acquisition transaction costs after-tax Consolidated UNPATA 44,320 42,115 1 Non-cash impairment for the carrying value of intangible assets in Retail s warranty and insurance and the finance brokerage businesses which forms part of the Group s Retail Financial Services (RFS) segment (refer note 5 to the financial report). 2 Non-cash fair valuation of deferred consideration relating to the acquisition of Anglo Scottish Finance plc which is part of the Asset Management segment s business in the UK (refer note 5 to the financial report).

4 MMSG 2 Segment UNPATA for the half was higher than pcp Dividends 31 Dec Dec Dec Dec 2016 Revenue Revenue UNPATA UNPATA Group Remuneration Services 1 99,636 90,522 29,348 28,244 Asset Management 2 113, ,017 10,887 8,223 Retail Financial Services 48,907 55,897 4,579 6,151 Total segment operations 261, ,436 44,814 42,618 Unallocated public company costs and net interest (494) (503) Consolidated UNPATA 261, ,436 44,320 42,115 1 GRS segment includes the addition of its 75% interest in Plan Management Partners (PMP) which includes revenue of $763,000 and UNPATA of ($933,000). 2 Asset Management includes the acquisition in the UK of EVC on 1 December 2016 and CAPEX on 3 January Basic earnings per share as shown in the financial statements, using statutory NPAT, was 42.2 cents per share (1H17: 48.6 cents per share) and on a diluted basis was 42.3 cents per share (1H17: 48.5 cents per share). Basic UNPATA per share is 53.7 cents (1H17: 50.6 cents per share). Refer to the December 2017 Half-Year Results presentation announced to the ASX on 21 February Net tangible assets per share 31 Dec Jun 2017 Ordinary shares $1.77 $ Control gained or lost over entities during the period Name of entities where control was gained during the period None Date control acquired N/A Name of entities where control was lost during the period None Date control lost N/A

5 MMSG 3 5. Dividend Dividends Amount per share Cents Franked amount per share Cents Final dividend in respect of the financial year ended 30 June 2017 per share Interim dividend The record date for determining entitlement to the interim dividend is 16 March The interim dividend is payable on 29 March Dividend reinvestment plan None 7. Investment in associates and joint ventures The Group s 50% joint venture interest in Maxxia Limited, a company operating in the UK, reported a loss after tax for the period of $548,000 (1H17: $677,000). 8. Foreign entities reporting in Australia Not applicable 9. Review This report contains an unqualified review opinion from an independent auditor.

6 Results Announcement McMillan Shakespeare Limited 4 McMillan Shakespeare Limited (ASX: MMS) today released its results for the half-year ended 31 December 2017, with a reported net profit after tax attributable to the parent of $34.9m and underlying net profit after tax of $44.3m. Highlights of the operating results were: 1H18 1H17 Variance Revenue % EBITDA % EBITDA margin (%) 25.9% 26.5% NPBT (13.2%) NPAT (13.6%) Underlying NPATA % Basic earnings per share (cents) (13.0%) Underlying earnings per share (cents) % Interim dividend per share (cents) % Payout ratio (%) % 61.3% Free cash flow % Return on equity (%) % 23.7% Return on capital employed (%) % 19.5% 1 Underlying earnings is based on UNPATA as described in paragraph 2.6 on page 1 2 Payout ratio calculated by total dividend per share (cents) divided by underlying earnings per share (cents) 3 Free operating cash flow before investing, financing activities and fleet increases 4 Return on equity and capital employed has been adjusted to reflect 6 months trading for acquisitions made during the period. Both calculations exclude one-off payments in relation to transaction costs incurred in the acquisitions, the amortisation of acquisition intangibles and the impairment of acquired intangible assets

7 MMSG 5 Review of operations The Group recorded strong financial and operating metrics for the half. Consolidated UNPATA of $44.3m was a 5% increase over the prior period. The GRS segment 1 continues to perform well with revenue and UNPATA increasing by 9% and 7% respectively. Salary packaging and novated lease units grew by 10% and 7% respectively. New client growth remains strong, with an additional 17,300 packages and 1,400 novated leases signing on for the half. The pipeline for new business remains strong for the remainder of FY18. The AM segment UNPATA increased by 32%. In A&NZ, assets managed (WDV) grew by 8%. Principal and Agency (P&A) funding continues to grow with a further $13m in assets financed off balance sheet in the half. In the UK, assets managed (WDV) grew 31%, with net amount financed doubling over the prior period. The RFS segment continues to operate with market and regulatory uncertainty. The Aggregation business is performing in line with expectations, generating a comparable NAF to the prior period. The Retail business, which makes up approximately 3% of the Group UNPATA and is more exposed to pricing changes within insurance products and flex commissions, recorded a NAF decline of 29%. Overall RFS UNPATA fell by 26% due to reduced volume and margins in finance originations. During the half Plan Management Partners (PMP), an investment with a minority interest held by Disability Services Australia, successfully completed a trial to provide plan management services to participants within the National Disability Insurance Scheme (NDIS). Following this success a national roll-out has commenced. Cash generation before investment in fleet was $35.8m, which represented a $1.6m increase over pcp. Cash at bank at 31 December 2017 was $47.8m. Excluding debt to fund fleet and other financed assets, the Group has net debt of $1.2m. Return on equity 2 was 23.5% and return on capital employed 2 was 18.4%. Underlying and basic earnings per share was 53.7 cents and 42.3 cents respectively. The Company declared an interim fully franked dividend of 33.0 cents per share. The record date is 16 March 2018 and it will be paid on 29 March GRS excludes revenue and costs associated with Plan Management Partners (PMP) 2 Return on equity and capital employed excludes one-off payments in relation to transaction costs incurred in acquisitions, the amortisation of acquisition intangibles and the impairment of acquired intangible assets

8 MMSG 6 Yours faithfully, McMILLAN SHAKESPEARE LIMITED Tim Poole Chairman Mike Salisbury Managing Director 21 February 2018 Melbourne, Australia For more information, please contact: Mr Mike Salisbury Managing Director and Chief Executive Officer McMillan Shakespeare Limited Telephone: mike.salisbury@mmsg.com.au Mr Mark Blackburn Chief Financial Officer and Company Secretary McMillan Shakespeare Limited Telephone: mark.blackburn@mmsg.com.au McMillan Shakespeare Limited ABN AFSL No Level 21, The Tower, Melbourne Central, 360 Elizabeth Street, Melbourne, Victoria 3000 Tel: Fax: Web:

9 Directors Report 7 Directors The Directors of McMillan Shakespeare Limited (the Company) present their report on the consolidated entity consisting of the Company and the entities it controlled at the end of, or during the half-year ended 31 December 2017 (the Group or Consolidated Group). The names of the Directors of the Company during the whole of the reporting period and up to the date of this report are as follows: Mr T. Poole Mr M. Salisbury Mr J. Bennetts Mr R. Chessari Mr I. Elliot Ms S. Dahn Review of Operations A review of the operations of the consolidated entity during the half-year ended 31 December 2017 and the results of these operations are set out in the attached results announcement. Results The consolidated net profit for the half-year ended 31 December 2017 attributable to the members of the Company after providing for income tax was $34.9m. Dividend On 21 February 2018, the Board of Directors declared a fully franked dividend of 33.0 cents per ordinary share. The record date is 16 March 2018 and the dividend will be paid on 29 March Rounding of amounts The Company is of a kind referred to in ASIC Corporations (Rounding in Financials/Directors Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the rounding off of amounts in the directors report and financial report. Amounts in the directors report and financial report have been rounded off to the nearest thousand dollars in accordance with that Corporations Instrument. Subsequent events There were no material events subsequent to the date of this report.

10 Directors Report 8 Auditor s independence declaration A copy of the auditor s independence declaration, as required under section 307C of the Corporations Act 2001 is included on page 9 of the half-year financial report. Signed in accordance with a resolution of the Directors made pursuant to section 306(3) of the Corporations Act Tim Poole Chairman Mike Salisbury Managing Director 21 February 2018 Melbourne, Australia

11 Auditor s Independence Declaration 9 Collins Square, Tower Collins Street Docklands Victoria 3008 Correspondence to: GPO Box 4736 Melbourne Victoria 3001 T F E info.vic@au.gt.com W Auditor s Independence Declaration To the Directors of McMillan Shakespeare Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of McMillan Shakespeare Limited for the half-year ended 31 December 2017, I declare that, to the best of my knowledge and belief, there have been: a b No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and No contraventions of any applicable code of professional conduct in relation to the review. GRANT THORNTON AUDIT PTY LTD Chartered Accountants B A Mackenzie Partner Audit & Assurance Melbourne, 21 February 2018 Grant Thornton Audit Pty Ltd ACN a subsidiary or related entity of Grant Thornton Australia Ltd ABN Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another s acts or omissions. In the Australian context only, the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation.

12 Independent Auditor s Review Report 10 Collins Square, Tower Collins Street Docklands Victoria 3008 Correspondence to: GPO Box 4736 Melbourne Victoria 3001 T F E info.vic@au.gt.com W Independent Auditor s Review Report To the Members of McMillan Shakespeare Limited Report on the Half Year Financial Report Conclusion We have reviewed the accompanying half year financial report of McMillan Shakespeare Limited (the Company), which comprises the consolidated statement of financial position as at 31 December 2017, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half year ended on that date, a description of accounting policies, other selected explanatory notes, and the directors declaration. Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that the half year financial report of McMillan Shakespeare Limited does not give a true and fair view of the financial position of the Company as at 31 December 2017, and of its financial performance and its cash flows for the half year ended on that date, in accordance with the Corporations Act 2001, including complying with Accounting Standard AASB 134 Interim Financial reporting. Directors Responsibility for the Half Year Financial Report The Directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Grant Thornton Audit Pty Ltd ACN a subsidiary or related entity of Grant Thornton Australia Ltd ABN Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another s acts or omissions. In the Australian context only, the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation.

13 Independent Auditor s Review Report 11 Auditor s Responsibility Our responsibility is to express a conclusion on the half year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company s financial position as at 31 December 2017 and its performance for the half year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations As the auditor of McMillan Shakespeare Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of a half year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Independence In conducting our review, we have complied with the independence requirements of the Corporations Act GRANT THORNTON AUDIT PTY LTD Chartered Accountants B A Mackenzie Partner - Audit & Assurance Melbourne, 21 February 2018

14 Directors Declaration 12 Directors Declaration (a) (b) The financial statements and notes of McMillan Shakespeare Limited for the half-year ended 31 December 2017 are in accordance with the Corporations Act 2001, including; i. giving a true and fair view of its financial position as at 31 December 2017 and of its performance for the half-year ended on that date; and ii. compliance with AASB 134 Interim Financial Reporting and the Corporations Regulations There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Tim Poole Chairman Mike Salisbury Managing Director 21 February 2018 Melbourne, Australia

15 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December Dividends Note ended 31 Dec 2017 ended 31 Dec 2016 Revenue from continuing operations 4 262, ,254 Expenses Employee expenses (66,495) (58,029) Depreciation and amortisation (44,494) (44,800) Leasing and vehicle management expenses (37,464) (33,871) Brokerage commissions and incentives (21,839) (24,115) Net claims incurred (5,108) (4,591) Consulting costs (1,067) (1,288) Marketing costs (2,619) (2,140) Property and corporate expenses (5,728) (5,287) Technology and communication expenses (5,761) (5,497) Other expenses (6,134) (5,483) Finance costs (5,198) (5,770) Share of joint venture result (548) (677) Impairment and fair value items 5 (8,525) - Acquisition expenses - (593) Total expenses (210,980) (192,141) Profit before income tax expense 51,312 59,113 Income tax expense (16,682) (18,689) Net profit for the period 34,630 40,424 Profit is attributable to: Owners of the Company 34,941 40,424 Non-controlling interests (311) - 34,630 40,424 Other comprehensive income Items that may be re-classified subsequently to profit or loss: Changes in fair value of cash flow hedges Exchange differences on translating foreign operations 1,336 (3,035) Income tax (29) (161) Other comprehensive income (loss), net of tax 1,418 (2,797) Total comprehensive income for the period 36,048 37,627 Total comprehensive income for the period is attributable to: Owners of the Company 36,359 37,627 Non-controlling interests (311) - 36,048 37,627 Basic earnings per share (cents) Diluted earnings per share (cents) Notes to the financial statements are annexed.

16 Consolidated Statement of Financial Position As at 31 December Dividends Note 31 Dec Jun 2017 Current assets Cash and cash equivalents 7 47,796 59,416 Trade and other receivables 47,563 45,922 Finance lease receivables 76,406 60,920 Deferred acquisition costs 2,108 2,246 Inventory 8,915 6,047 Prepayments 6,189 6,564 Assets under operating lease 72,762 75,195 Total current assets 261, ,310 Non-current assets Assets under operating lease 221, ,994 Finance lease receivables 122, ,255 Property, plant and equipment 8,047 7,542 Goodwill 8 180, ,186 Other intangible assets 8 54,368 59,560 Deferred acquisition costs 1,717 1,375 Other financial assets 1,926 1,583 Deferred tax assets 1, Total non-current assets 591, ,670 Total assets 853, ,980 Current liabilities Trade and other payables 72,233 73,301 Other liabilities 9 12,303 14,007 Provisions 10 11,908 12,997 Unearned premium liability 6,507 6,949 Current tax liability 4,513 7,833 Borrowings 11 13,570 88,727 Derivative financial instruments Total current liabilities 121, ,948

17 Consolidated Statement of Financial Position As at 31 December Dividends Note 31 Dec Jun 2017 Non-current liabilities Borrowings , ,877 Provisions 10 2,787 2,900 Other financial liability 12 4,836 10,815 Unearned premium liability 4,907 3,926 Deferred tax liabilities 4,501 5,519 Total non-current liabilities 351, ,037 Total liabilities 472, ,985 Net assets 380, ,995 Equity Issued capital , ,088 Reserves 2,951 (5,948) Retained earnings 241, ,855 Total equity 380, ,995 Notes to the financial statements are annexed.

18 Consolidated Statement of Cash Flow For the half-year ended 31 December Dividends Cash flows from operating activities ended 31 Dec 2017 ended 31 Dec 2016 Cash receipts from customers 303, ,811 Cash payments to suppliers and employees (135,829) (127,311) Proceeds from sale of assets under lease 33,462 31,912 Payments for lease assets (155,470) (136,980) Interest received Interest paid (6,657) (4,846) Income taxes paid (22,905) (21,648) Subsidiaries acquisition expenses - (593) Net cash from operating activities 16,623 10,264 Cash flows from investing activities Payments for plant and equipment (2,404) (379) Payments for software (4,138) (3,288) Payments for joint venture subordinated loan (857) (466) Escrow payment for acquisition - (5,114) Acquisition of subsidiaries (net of cash acquired) - (3,321) Net cash used in investing activities (7,399) (12,568) Cash flows from financing activities Proceeds from borrowings 1 50,986 19,057 Repayment of borrowings 1 (44,988) (25,959) Payment for treasury shares (2,531) - Proceeds from exercise of employee options 4,480 - Dividends paid (28,938) (28,286) Net cash used in financing activities (20,991) (35,188) Effects of foreign currency translation 147 (581) Net decrease in cash and cash equivalents (11,620) (38,073) Cash and cash equivalents at the beginning of the half year 59,416 95,583 Cash and cash equivalents at the end of the half-year 47,796 57,510 1 Cash payments and proceeds relating to borrowings include the re-arrangement of facilities between participating banks. Notes to the financial statements are annexed.

19 Consolidated Statement of Changes in Equity For the half-year ended 31 December ended 31 December 2017 Issued capital Treasury Reserve Retained Earnings Option Reserve Cash flow Hedge Reserve Foreign Currency Translation Reserve Outside Equity Interest Equity as at beginning of period 141,088 (6,892) 235,855 10,092 (95) (9,053) - 370,995 Net profit for the period , (311) 34,630 Other comprehensive income after tax ,336-1,418 Total comprehensive income for the period Transactions with owners in their capacity as owners: Total , ,336 (311) 36,048 Other Employee share schemes value of employee services Treasury shares (4,943) 6, ,949 Dividends paid - - (28,938) (28,938) Equity as at 31 December , ,858 10,987 (13) (7,717) (306) 380,954 ended 31 December 2016 Issued capital Retained Earnings Option Reserve Cash flow Hedge Reserve Foreign Currency Translation Reserve Equity as at beginning of period 144, ,029 10,092 (615) (5,391) 370,495 Profit attributable to members of the parent entity Other comprehensive income/ (loss) after tax Total comprehensive income for the period Transactions with owners in their capacity as owners: Total - 40, , (3,035) (2,797) - 40, (3,035) 37,627 Dividends paid - (28,286) (28,286) Equity as at 31 December , ,167 10,092 (377) (8,426) 379,836

20 Notes to the Financial Statements For the half-year ended 31 December Corporate information McMillan Shakespeare Limited (the Company) is a company limited by shares, incorporated and domiciled in Australia. 2. Basis of preparation The consolidated half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. This half-year financial report does not include notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2017 and any public announcements made by the Company during the half-year period in accordance with the continuous disclosure requirements arising under the Australian Stock Exchange Listing Rules and the Corporations Act The Company is a for-profit entity for financial reporting purposes under the Australian Accounting Standards. The Company is of a kind referred to in ASIC Corporations (Rounding in Financials/Directors Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the rounding off of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar. The consolidated half-year financial report was approved by the Board of Directors on 21 February Significant accounting policies The same accounting policies and methods of computation have been followed in this interim financial report as were applied in the Group s last annual financial report for the year ended 30 June 2017 with the following updates. There were no new and revised accounting standards and interpretations issued by the Accounting Standards Board in the period that had any significant relevance to operations of the Group.

21 Notes to the Financial Statements For the half-year ended 31 December Revenue Dividends ended 31 Dec 2017 ended 31 Dec 2016 Remuneration services 99,636 90,747 Lease rental services 68,104 68,061 Proceeds from sale of assets 30,338 28,929 Brokerage commissions and financial services 62,799 61,378 Interest - other persons Other 604 1, , , Impairment and fair value items ended 31 Dec 2017 Impairment of goodwill (note 8) 11,671 Impairment of other intangible assets (note 8) 3,327 Fair value adjustment for deferred consideration (note 12) (6,473) 8, Dividends On 21 February 2018, the Board of Directors declared a fully franked dividend of 33.0 cents per ordinary share. The record date is 16 March 2018 and the dividend will be paid on 29 March Dividends ended 31 Dec 2017 ended 31 Dec 2016 Cents per share Total Cents per share Total Recognised amounts Fully paid ordinary shares - Final dividend , ,286 Unrecognised amounts Fully paid ordinary shares - Interim dividend , ,790

22 Notes to the Financial Statements For the half-year ended 31 December Cash and cash equivalents Dividends 31 Dec Jun 2017 Cash on hand 5 5 Bank balances 39,549 32,566 Short term deposits 8,242 26,845 47,796 59,416 Cash and cash equivalents held in trust and not recognised in the statement of financial position Pursuant to contractual arrangements with clients, the GRS segment administers the cash flows on behalf of clients as part of the remuneration benefits administration service. Cash held in trust for clients has not been used in the Group s operations. For some clients, cash is held in bank accounts designated in their name and for other client monies they are held in pooled accounts that are specially designated as monies in trust for clients. All client monies are segregated from the Group s own cash. At reporting date, the balance of monies held in bank accounts in trust for clients representing all client contributions to operate their accounts were as follows. Dividends 31 Dec June 2017 Average interest rate Average interest rate Client monies in trust 2.33% 399, % 380,794 Client monies in trust free from administration fees 2.24% 34, % 29, , ,549 These balances are not included in the Consolidated Statement of Financial Position. Pursuant to contractual agreement with clients, the Company received interest of $4,606,000 at an average interest rate of 2.33% (half-year ended 31 December 2016: $4,699,000 at an average interest rate of 2.50%) for managing client monies.

23 Notes to the Financial Statements For the half-year ended 31 December Goodwill and other intangible assets Goodwill Brands Dealer Relationships Customer Lists and Relationships Software Development Contract Rights Total Carrying value Balance at beginning of period 191,186 13,734 21,109 4,451 19, ,746 Additions ,138-4,138 Impairment (11,671) (639) (1,795) (893) - - (14,998) Amortisation - (763) (1,221) (378) (3,372) (534) (6,268) Change in foreign currency ,056 Balance at end of period 180,306 12,332 18,326 3,189 20, ,674 The impairment charge before tax in the period of $14,998,000 relates to the warranty and insurance services and the finance brokerage business of the RFS Retail cash generating unit and has been recognised in the Statement of Profit and Loss. The impairment charge resulted from the assessment to test that the carrying value did not exceed the estimated recoverable amount. Goodwill is tested for impairment annually and was last tested for the annual financial report ended on 30 June 2017 but was re-tested for the current reporting date following performance under expectations to date. The recoverable amount of an asset is determined as the higher of the asset s fair value less costs to sell and its value-in-use. The value-in-use calculations were based on cash flow projections discounted at an after-tax discount rate of 12.6% (30 June 2017: 12.2%) and pre-tax rate of 15.8% (30 June 2017: 14.0%). For the purpose of assessing fair value, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of cash inflows from other assets (cash generating units - CGU). During the period, the RFS segment re-organised its operations into the Aggregation and Retail business groups. These business groups now target the wholesale and retail markets respectively and are managed by new leadership. Two new CGUs have resulted from the re-organisation in Aggregation, which is separated from the previous RFS Finance CGU, and the remainder of this CGU together with the previous Risk and Warranty CGU now forms the new RFS Retail CGU. Goodwill and other intangible assets have been re-allocated to these new CGUs accordingly, using fair values based on expected cash flows of the businesses. The RFS segment is exposed to a range of regulatory risks that may affect the business in originating consumer insurance and consumer lending products. It is not currently possible to measure the impact, if any, that these risks may have on RFS businesses and are accordingly, not factored into the key assumptions.

24 Notes to the Financial Statements For the half-year ended 31 December Other liabilities Dividends 31 Dec Jun 2017 Maintenance instalments received in advance 4,295 4,794 Receipts in advance 2,536 3,821 Unearned property incentives 5,472 5,392 Net carrying value 12,303 14, Provisions Current 31 Dec Jun 2017 Employee benefit entitlements 8,836 9,276 Provision for rebate and cancellations 2,802 3,356 Provision for onerous contracts Non-current 11,908 12,997 Employee benefit entitlements 1,421 1,379 Provision for onerous contracts 1,366 1,521 2,787 2,900

25 Notes to the Financial Statements For the half-year ended 31 December Borrowings Dividends Current 31 Dec Jun 2017 Bank borrowings 13,570 88,727 Non-current Bank borrowings 334, , , ,604 Details of the Group s facilities and amounts drawn are as follows: Borrowing Maturity dates Facility Local Currency 000 Facility $ 000 Used 4 $ 000 Unused $ 000 Revolving 31/03/2019 AUD 65,000 65,000 65,000 - Revolving 31/03/2020 AUD 60,000 60,000 60,000 - Revolving 31/03/2021 AUD 50,000 50,000 18,000 32,000 Amortising 1 31/03/2020 AUD 35,875 35,875 35,875 - Revolving 31/03/2019 GBP 35,000 60,485 60,485 - Revolving 31/03/2020 GBP 42,000 72,581 71,545 1,036 Revolving 31/03/2021 GBP 12,000 20,738 5,876 14,862 Amortising 3 31/03/2020 GBP 5,369 9,278 9,278 - Amortising 2 31/01/2021 GBP 3,500 6,048 6,048 - Revolving 31/03/2019 NZD 10,992 10,000 7,096 2,904 Revolving 31/03/2020 NZD 10,992 10,000 8,961 1,039 1 This facility has been used for the acquisition of the Presidian Group. 2 This facility has been used to finance the acquisition of CLM. 3 This facility has been used to finance the acquisition of EVC and CAPEX in the UK. 4 Drawn amounts are before borrowing costs. During the period, the Group re-organised the borrowing facilities between participating banks and extended the facilities for $50 million to 31 March 2021.

26 Notes to the Financial Statements For the half-year ended 31 December Other financial liability Contingent consideration 31 December 2017 Balance at the beginning of the period 10,815 Finance expense 150 Fair value adjustment (6,465) Change in foreign currency 336 Net carrying value 4,836 The contingent consideration recognised on the acquisition Anglo Scottish Finance plc (ASF) was assessed for its fair value at reporting date based on the existing contractual arrangements and the probability of the deferred consideration becoming payable, amongst other factors. Under the current arrangement the earn-out targets were structured for a fixed amount to be payable on the achievement of a minimum agreed EBITDA target that graduates to two higher amounts when the higher corresponding EBITDA targets are achieved. Although ASF has achieved strong growth post-acquisition, it is considered that the earn-out period under the existing agreement may not allow sufficient ramp-up to the required growth rate to meet the earn-out targets. Consequently, it has been determined as unlikely that the carrying amount of contingent consideration of $6,465,000 will be payable and has been adjusted to the Statement of Profit or Loss. If however, the earn-out terms under the existing agreement are modified, then any financial impact will be taken into account in the fair valuation process in the preparation of the FY18 Accounts. 13. Share capital ended 31 December 2017 (i) Movement in ordinary shares during the period. Number of shares Total issued capital at 1 July ,204, ,380 Premium from issue of employee options - 50 Shares acquired on-market - other (23,981) (366) Shares distributed on exercise of employee options 23, Proceeds from exercise of employee options - 4,186 83,204, ,494 Treasury shares brought forward (255,752) (3,292) Treasury shares acquired on-market (650,000) (9,057) Shares distributed to employees on exercise of options 382,011 - Shares held by external shareholders at 31 December ,680, ,145

27 Notes to the Financial Statements For the half-year ended 31 December Share capital (continued) (ii) Treasury shares Treasury shares are shares in McMillan Shakespeare Limited that are held by the McMillan Shakespeare Limited Share Plan Trust (EST) for the purpose of issuing shares under the McMillan Shakespeare Limited Executive Option Plan. Treasury shares are deducted from issued shares to show the number of issued shares held by external shareholders. Details of the treasury shares during the period are as follows. Number of shares Balance of treasury shares at the beginning of the period 255,752 Treasury shares acquired on-market by EST 650,000 Shares distributed from the EST to employees on exercise of options (382,011) Balance of treasury shares at 31 December ,741 (iii) Options Employee options on issue at 31 December Option class Number Exercise price Expiry date Employee Performance options 2 4,000 $ September 2018 Employee Performance options 1 538,129 $ September 2019 Employee Performance options 3 461,494 $ September 2020 Employee Performance options 3 17,340 $ September 2020 Employee Performance options 3 428,321 $ September 2021 Employee Performance options 3 15,920 $ September 2021 Employee Voluntary options 3 8,979 $ September 2020 Employee Voluntary options 3 12,500 $ September 2021 Employee Performance Rights 3 120, September 2019 Employee Performance Rights 3 126, September ,733,516 1 Performance options that vested during the period and available to be exercised before the expiry date but are subject to a holding lock where shares from the exercise of these options cannot be disposed until after the expiry date. 2 Performance options that have vested and can be exercised before the expiry date and are not subject to a holding lock. 3 Performance options and rights granted during the period under the company s Long Term Incentive Plan.

28 Notes to the Financial Statements For the half-year ended 31 December Segment reporting Reportable segments McMillan Shakespeare Limited and its controlled entities operate predominantly within one geographical location, Australia. There are three reportable segments in Group Remuneration Services, Asset Management and Retail Financial Services, in accordance with AASB 8 Operating Segments based on aggregating the operating segments taking into account the nature of the business services and products sold and the associated business and financial risks and how they affect the pricing and rates of return. Group Remuneration Services - This segment provides administrative services in respect of salary packaging and facilitates the settlement of motor vehicle novated leases for customers, but does not provide financing. The segment also provides ancillary services associated with motor vehicle novated lease products. During the period the segment added Plan Management Partners (75% equity interest) to augment the business. Asset Management - This segment provides financing and ancillary management services associated with motor vehicles, commercial vehicles and equipment. The segment was complemented by the acquisition of EVC on 30 November 2016 and CAPEX on 3 January Retail Financial Services - This segment provides retail brokerage services, aggregation of finance originations and extended warranty cover, but does not provide financing. Segment revenue Segment profit after tax Dec 2017 Dec 2016 Dec 2017 Dec 2016 Group Remuneration Services 1 99,636 90,522 29,348 28,244 Asset Management 113, ,017 16,609 7,895 Retail Finance Services 48,907 55,897 (10,522) 5,262 Total for segment operations 261, ,436 35,435 41,401 Net interest income Public company costs (819) (738) Acquisition expenses - (593) Tax on unallocated items Profit after tax from continuing operations for the half-year attributable to the parent 34,941 40,424 1 The GRS segment includes the addition of its 75% interest in Plan Management Partners (PMP) which includes revenue of $763,000 and UNPATA of ($933,000).

29 Notes to the Financial Statements For the half-year ended 31 December Segment reporting (continued) Segment assets and liabilities Segment assets 31 Dec Jun 2017 Group Remuneration Services 87,941 89,503 Asset Management 558, ,717 Retail Financial Services 156, ,069 Total segment assets 802, ,289 Unallocated 50,564 48,691 Consolidated assets per statement of financial position 853, ,980 Segment liabilities Group Remuneration Services 48,370 56,189 Asset Management 358, ,691 Retail Financial Services 29,253 28,548 Total segment liabilities 436, ,428 Unallocated 35,820 41,557 Consolidated liabilities per statement of financial position 472, , Financial instruments Information on the Group s financial assets and financial liabilities measured at fair value are provided below. Fair value of financial assets and financial liabilities measured on a recurring basis Financial asset / (financial liability) Fair value at 31 Dec 2017 Fair value at 30 June 2017 Valuation technique and key input Interest rate swaps (22) (134) Discounted cash flow using estimated future cash flows based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted to reflect the credit risk of various counterparties. Contingent consideration (4,836) (10,815) Discounted cash flows are based on probability weighted cash flow projections discounted at the incremental borrowing rate. Assumptions included average annual revenues were in the range of $3.0m to $16.0m and average annual profits within a range from $1.4m to $3.5m 1. 1 A 5% change in the probability-adjusted revenues and profits while holding all other variables constant, is not expected to have a significant change to the carrying amount of the contingent consideration.

30 Notes to the Financial Statements For the half-year ended 31 December Events subsequent to reporting date There were no material events subsequent to reporting date.

31 McMillan Shakespeare Limited ABN AFSL No Level 21, 360 Elizabeth Street Melbourne Victoria

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