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Unaudited condensed consolidated interim results for the six months ended 31 August 2025 and declaration of dividend
Exemplar REITail Limited
(Incorporated in the Republic of South Africa)
Registration number: 2018/022591/06
JSE share code: EXP
ISIN: ZAE000257549
LEI: 3789000558287E37F130
Approved as a REIT by the JSE
("Exemplar" or "the Company")
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
for the six months ended 31 August 2025 and declaration of dividend
NATURE OF BUSINESS
Exemplar is a listed Real Estate Investment Trust ("REIT") whose core focus is the provision and management of retail services to previously
under-serviced regions across six provinces of South Africa. There are currently 28 retail assets in the portfolio with a combined GLA of
457,830m2. We are the only South African fund focused exclusively on rural and township retail. We target sustainable rental levels, cost management
and viable development models in the pursuit of sustainable dividend growth.
KEY FINANCIAL INFORMATION
Unaudited Unaudited Audited
for the for the for the
6 months 6 months 12 months
ended ended ended
31 August 31 August Change 28 February
2025 2024 % 2025
Revenue (R'000) 744 596 638 471 16,62% 1 331 213
Net property income before fair value adjustments (R'000) 472 296 408 187 15,71% 864 517
Net property income before fair value
adjustments and operating lease equalisation (R'000) 464 677 402 394 15,48% 856 854
Basic earnings per share (cents) 126,24 111,99 12,72% 334,34
Headline earnings per share (cents) 73,46 62,47 17,59% 142,32
Diluted earnings per share (cents) 123,15 108,78 13,21% 325,45
Diluted headline earnings per share (cents) 71,66 60,68 18,09% 138,53
Net asset value per share (Rand) 17,07 15,26 11,86% 16,69
Interim dividend per share (cents) 84,92758 70,24654 20,90% 70,24654
Final Dividend per share (cents) N/A N/A N/A 66,05324
Return of contributed tax capital (cents) N/A N/A N/A 17,10395
DECLARATION OF DIVIDEND FOR THE SIX MONTHS ENDED 31 AUGUST 2025
An interim dividend of 84,92758 cents per share for the 6 months ended 31 August 2025 will be paid to shareholders in accordance with the timetable
set out below:
Last date to trade cum dividend Tuesday, 25 November 2025
Shares trade ex-dividend Wednesday, 26 November 2025
Record date Friday, 28 November 2025
Payment date Monday, 1 December 2025
Share certificates may not be dematerialised or rematerialised between Wednesday, 26 November 2025 and Friday, 28 November 2025, both days inclusive.
The dividend will be transferred to dematerialised shareholders' Central Securities Depository Participant ("CSDP")/broker accounts on Monday,
1 December 2025. Certificated shareholders' dividend payments will be paid to certificated shareholders' bank accounts on or about Monday,
1 December 2025.
In accordance with Exemplar's status as a REIT, shareholders are advised that the dividend meets the requirements of a "qualifying distribution" for
the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend,
for South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders and will not be exempt
from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i)
of the Income Tax Act) because it is a dividend distributed by a REIT.
This dividend is, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that such
shareholders provide the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the Company, in respect
of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP broker or the Company, as the case may be, should the circumstances affecting the exemption change or the
beneficial owner ceases to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP broker or
the Company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend which is exempt
from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any distribution received by a non-resident
from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of
double taxation ("DTA") between South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be withheld at
a rate of 20%, the net dividend amount due to non-resident shareholders is 67,94206 cents per share. A reduced dividend withholding rate in terms
of the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP or broker,
as the case may be, in respect of uncertificated shares, or the Company, in respect of certificated shares:
a) declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform their CSDP broker or the Company, as the case may be, should the circumstances affecting the reduced rate change
or the beneficial owner ceases to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to contact their CSDP
broker or the Company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the dividend if such
documents have not already been submitted, if applicable.
Shares in issue at the date of declaration of the dividend: 335 432 350
Exemplar income tax reference number: 9727063175
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the Board. It is a summary of the full announcement released on SENS on 10 November 2025 and
does not contain all the details of the full announcement. Any investment decisions by investors and/or shareholders should be based on consideration
of the full announcement published on SENS and the issuer's website as a whole.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2025/jse/isse/expe/HY2026.pdf as well as via Exemplar's website https://exemplarreit.co.za/UIR/EXPHY2026.pdf.
Any investment decisions made by investors and/or shareholders should be based on consideration of the full announcement.
The full announcement is available for inspection at the registered office of the Company and the office of the sponsor, Java Capital, at no charge
during normal business hours from Monday, 10 November 2025 to Thursday, 20 November 2025. This short-form announcement has not been audited or
reviewed by Exemplar's external auditors.
By order of the Board
10 November 2025
Executive directors Jason McCormick (CEO), DA Church (CFO), John McCormick (Executive director)
Non-executive directors FM Berkeley (Chair), PJ Katzenellenbogen (Lead independent director), GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen BA (Hons) LLB LLM
Registered Office 204 Von Willich Avenue, Clubview, Centurion, 0157. PO Box 12169, Clubview, 0014
Transfer Secretaries Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196
PO Box 61051, Marshalltown, 2107
Auditor BDO South Africa Incorporated, Wanderers Office Park, 52 Corlett Drive, Illovo, 2196
Sponsor Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Date: 10-11-2025 09:00:00
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