BOXER RETAIL LIMITED - Acceptance of share awards by directors

Acceptance of share awards by directors

Boxer Retail Limited
(formerly Boxer Retail Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2024/392006/06)
JSE share code: BOX
ISIN: ZAE000339891
(“Boxer” or the "Company")

ACCEPTANCE OF SHARE AWARDS BY DIRECTORS

The individuals listed below have been awarded restricted, forfeitable shares in terms of the Boxer
Retail Limited Long- Term Incentive Plan (“LTIP”), which was approved by shareholders.

The restricted forfeitable shares are ordinary shares issued at nil cost and may vest, subject to
performance conditions being met. The performance conditions combine personal key performance
indicators with financial and non-financial metrics linked to the performance of the Company. These
conditions are set out in the 2026 Remuneration Report and were approved by shareholders at the
2026 Annual General Meeting. Dividends earned over the term of the scheme are payable upon
vesting, pro-rated to the number of restricted forfeitable shares that vest in participants.

In compliance with paragraph 6.77 to 6.89 of the JSE Limited Listings Requirements, the following
information is disclosed:

 Director:                                   M. Masojada
 Name of Company:                            Boxer Retail Limited
 Nature of transaction:                      Off-market acceptance of restricted forfeitable
                                             shares in terms of the LTIP
 Date of transaction:                        28 August 2026
 Number of restricted forfeitable            130 000
 shares:
 Date of vesting:                            30 June 2029
 Deemed value of award*:                     R10 228 400
 Nature of interest:                         Direct beneficial
 Clearance obtained:                         Yes


 Director:                                   D. Wayne
 Name of Company:                            Boxer Retail Limited
 Nature of transaction:                      Off-market acceptance of restricted forfeitable
                                             shares in terms of the LTIP
 Date of transaction:                        28 August 2026
 Number of restricted forfeitable            58 000
 shares:
 Date of vesting:                            30 June 2029
 Deemed value of award*:                     R4 563 440
 Nature of interest:                         Direct beneficial
 Clearance obtained:                         Yes

 *based on the Company’s 20 day VWAP share price of R78.68 as at 7 August 2026.

By order of the Board
Durban
31 August 2026

Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 31/08/2026 14:30:00
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