Recent Insider Transactions Derivative • Jul 28
CFO & Executive Director exercised options to buy R12m worth of stock. On the 24th of July, Duncan Church exercised options to buy 667k shares at a strike price of around R18.10, costing a total of R12m. This transaction amounted to 12% of their direct individual holding at the time of the trade. Duncan currently holds 5.70m shares (0.016996887748006416 of the company). Company insiders have collectively bought R42m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 16
Exemplar REITail Limited, Annual General Meeting, Jul 15, 2026 Exemplar REITail Limited, Annual General Meeting, Jul 15, 2026. Location: company`s registered office, 204 von willich avenue, clubview, centurion, South Africa Declared Dividend • May 28
Final dividend of R0.92 announced Shareholders will receive a dividend of R0.92. Ex-date: 10th June 2026 Payment date: 15th June 2026 Dividend yield will be 10%, which is higher than the industry average of 8.1%. Reported Earnings • May 27
Full year 2026 earnings released: EPS: R4.24 (vs R3.34 in FY 2025) Full year 2026 results: EPS: R4.24 (up from R3.34 in FY 2025). Revenue: R1.52b (up 14% from FY 2025). Net income: R1.42b (up 28% from FY 2025). Profit margin: 93% (up from 84% in FY 2025). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported August 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jan 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 16
Exemplar REITail Limited (JSE:EXP) acquired Stimela Crossing shopping centre from Zoviblox Proprietary Limited for approximately ZAR 240 million. Exemplar REITail Limited (JSE:EXP) acquired Stimela Crossing shopping centre from Zoviblox Proprietary Limited for approximately ZAR 240 million on October 15, 2025. A cash consideration of ZAR 235.47 million will be paid by Exemplar REITail Limited. As part of consideration, ZAR 235.47 million is paid towards assets of Stimela Crossing shopping centre. The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board, approval of offer by target shareholders and subject to antitrust regulations. Announcement • Sep 29
Exemplar REITail Limited to Report First Half, 2026 Results on Nov 10, 2025 Exemplar REITail Limited announced that they will report first half, 2026 results on Nov 10, 2025 Board Change • Aug 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jul 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jun 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 17
Exemplar REITail Limited, Annual General Meeting, Jul 16, 2025 Exemplar REITail Limited, Annual General Meeting, Jul 16, 2025. Location: company`s registered office, 204 von willich avenue, clubview, centurion., South Africa Announcement • May 27
Exemplar REITail Limited Announces Final Dividend for the Financial Year Ended 28 February 2025 Exemplar REITail Limited announced that the board of directors has approved a final dividend of 66.05324 cents per share as well as a return of contributed tax capital of 17.10395 cents per share for the year ended 28 February 2025. The Company has therefore declared a dividend of ZAR 452,911,474 and a return of contributed tax capital of ZAR 56,834,833 for the financial year ended 28 February 2025, being a total distribution of ZAR 509,746,307, or 153.40373 cents per share. Board Change • Apr 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Declared Dividend • Nov 06
First half dividend of R0.70 announced Shareholders will receive a dividend of R0.70. Ex-date: 20th November 2024 Payment date: 25th November 2024 Dividend yield will be 13%, which is higher than the industry average of 8.1%. Board Change • Sep 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Non-Executive Director Nyami Mandindi was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 19
Exemplar REITail Limited, Annual General Meeting, Jul 16, 2024 Exemplar REITail Limited, Annual General Meeting, Jul 16, 2024. Location: the company`s registered office, 204 von willich avenue, clubview, centurion., South Africa Reported Earnings • May 29
Full year 2024 earnings released Full year 2024 results: Revenue: R1.22b (up 16% from FY 2023). Net income: R708.7m (down 27% from FY 2023). Profit margin: 58% (down from 93% in FY 2023). Announcement • May 28
Exemplar Declares Dividend for the Six Months Ended 29 February 2024, Payable on 18 June 2024 Exemplar REITail Limited declared a distribution of 74.66425 cents per share for the six months ended 29 February 2024, which comprises (i) a dividend of 57.03275 cents per share; and (ii) a return of contributed tax capital ("CTC") of 17.63150 cents per share, which together with the interim distribution of 64.27220 cents per share for the six months ended 31 August 2023 equates to a total distribution for FY2024 of 138.93645 cents per share. The final distribution will be paid to shareholders in accordance with the timetable as follows: Last day to trade cum dividend is 11 June 2024; Shares trade ex-dividend is 12 June 2024; Record date is 14 June 2024; Payment date is 18 June 2024. New Risk • May 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported August 2023 fiscal period end). Dividend is not well covered by earnings (104% payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Nov 15
Upcoming dividend of R0.64 per share at 14% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 27 November 2023. Trailing yield: 14%. Within top quartile of South African dividend payers (9.4%). Higher than average of industry peers (8.8%). Reported Earnings • Nov 10
First half 2024 earnings released: EPS: R1.09 (vs R1.00 in 1H 2023) First half 2024 results: EPS: R1.09 (up from R1.00 in 1H 2023). Revenue: R581.5m (up 17% from 1H 2023). Net income: R361.2m (up 8.8% from 1H 2023). Profit margin: 62% (down from 67% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R10.10, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 5x in the Retail REITs industry in South Africa. Total returns to shareholders of 48% over the past three years. Buying Opportunity • Aug 01
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be R13.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 54%. Buying Opportunity • Jul 12
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be R13.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 54%. Announcement • Jun 21
Exemplar REITail Limited, Annual General Meeting, Jul 18, 2023 Exemplar REITail Limited, Annual General Meeting, Jul 18, 2023, at 15:00 South Africa Standard Time. Location: The company's registered office, Sokatumi Estate cnr Lyttelton Road and Leyden Avenue, Clubview Centurion South Africa Upcoming Dividend • Jun 06
Upcoming dividend of R0.72 per share at 12% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 19 June 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.5%). Higher than average of industry peers (9.8%). Announcement • May 30
Exemplar Declares Dividend for the Six Months Ended 28 February 2023 , Payable on 19 June 2023 Exemplar declared a dividend of 72.40709 cents per share for the six months ended 28 February 2023, which together with the interim dividend of 68.71483 cents per share equates to a total dividend for FY2023 of 141.12192 cents per share, an increase of 20.0% on the prior year, and represents approximately 98.9% of distributable income for the year. The final dividend will be paid to shareholders in accordance with the timetable set out below: Last date to trade cum dividend is Monday, 12 June 2023 Shares trade ex dividend: Tuesday, 13 June 2023, Record date Thursday, 15 June 2023,Payment date is Monday, 19 June 2023. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to R9.00, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 5x in the Retail REITs industry in South Africa. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R10.00, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 5x in the Retail REITs industry in South Africa. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Nov 16
Upcoming dividend of R0.69 per share Eligible shareholders must have bought the stock before 23 November 2022. Payment date: 28 November 2022. Trailing yield: 12%. Within top quartile of South African dividend payers (8.7%). Higher than average of industry peers (9.3%). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 25% share price gain to R12.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 7x in the REITs industry in South Africa. Total returns to shareholders of 66% over the past three years. Announcement • Jun 15
Exemplar REITail Limited, Annual General Meeting, Jul 13, 2022 Exemplar REITail Limited, Annual General Meeting, Jul 13, 2022, at 15:00 South Africa Standard Time. Location: company's registered office, Sokatumi Estate, cnr Lyttelton Road and Leyden Avenue Centurion South Africa Upcoming Dividend • Jun 01
Upcoming dividend of R0.72 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 13 June 2022. Trailing yield: 12%. Within top quartile of South African dividend payers (7.9%). Higher than average of industry peers (8.2%). Reported Earnings • May 30
Full year 2022 earnings released: EPS: R2.75 (vs R0.71 in FY 2021) Full year 2022 results: EPS: R2.75 (up from R0.71 in FY 2021). Revenue: R884.6m (up 12% from FY 2021). Net income: R914.3m (up 295% from FY 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Nov 19
Upcoming dividend of R0.45 per share Eligible shareholders must have bought the stock before 24 November 2021. Payment date: 29 November 2021. Trailing yield: 9.8%. Within top quartile of South African dividend payers (7.5%). Higher than average of industry peers (8.4%). Upcoming Dividend • Jun 02
Upcoming dividend of R0.49 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 14 June 2021. Trailing yield: 8.8%. Within top quartile of South African dividend payers (7.7%). Lower than average of industry peers (11%). Reported Earnings • May 30
Full year 2021 earnings released: EPS R0.71 (vs R1.12 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: R806.0m (up 11% from FY 2020). Net income: R231.5m (down 36% from FY 2020). Profit margin: 29% (down from 50% in FY 2020). The decrease in margin was driven by higher expenses. Announcement • Feb 06
McCormick Property Development CC acquired an unknown minority stake in Exemplar REITail Limited (JSE:EXP). McCormick Property Development CC acquired an unknown minority stake in Exemplar REITail Limited (JSE:EXP) on February 5, 2021. Post acquisition, McCormick Property Development CC will hold 60.28% stake.
McCormick Property Development CC completed the acquisition of an unknown minority stake in Exemplar REITail Limited (JSE:EXP) on February 5, 2021. 
