BOXER RETAIL LIMITED - Appointment of Chief Executive Officer-designate

Appointment of Chief Executive Officer-designate

BOXER RETAIL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2024/392006/06)
JSE and A2X share code: BOX
ISIN: ZAE000339891
("Boxer" or "the Company")

APPOINTMENT OF CHIEF EXECUTIVE OFFICER-DESIGNATE

Shareholders are advised that, after 33 years of service to Boxer, Marek Masojada (61) will retire as
Chief Executive Officer ("CEO") at the end of the current financial year.

Marek Masojada was appointed Managing Executive of Boxer in 2019 and CEO in 2024. His
retirement is in accordance with the succession plan established by the Company at the time of
Boxer's listing in November 2024.

Following a formal and comprehensive succession process, which considered both internal and
external candidates, the Board of Directors is pleased to announce the appointment of Justin
Galloway as CEO-designate with immediate effect.

Justin Galloway, a Chartered Accountant, joined Boxer in 2012 and has been a member of the Group
Executive since 2020. Justin spent his early years with Boxer in the finance function before moving
into store operations, where he served as General Manager of the Punch division, and subsequently
assumed leadership of the Company's supply chain function. These executive roles have provided
him with broad operational experience and deep knowledge across the business.

Justin has been a key contributor to a number of the Company's most significant strategic initiatives,
including the development of Boxer's discount format between 2014 and 2020, and the
transformation of its supply chain and distribution network to support continued growth. Over the
course of his career at Boxer, he has established a strong track record of delivery across a range of
leadership roles, combining operational execution with a deep understanding of the business. He
currently leads the supply chain function and has played a central role in establishing, building and
scaling the distribution network that underpins Boxer's expansion, while helping the business
navigate periods of significant disruption and change, improve operational efficiency and support
the continued growth of its store footprint.

The Board is confident that Justin’s proven leadership, extensive operational experience and strong
understanding of the Boxer business position him well to lead the Company through its next phase
of growth. He is a highly regarded member of the Boxer Group Executive team whose appointment
reflects the strength and depth of Boxer's leadership pipeline. The Board also recognises the depth
of experience across the broader Group Executive team, whose collective leadership and continuity
will support the business as Boxer enters its next phase of growth.

Over the next five months, Marek and Justin will work closely together to ensure a smooth leadership
transition and continued strategic momentum. Justin will formally assume the role of CEO on 1
March 2027 and a further announcement of his formal appointment to the Board of Directors as CEO
will be made at that time. Thereafter, Marek will remain with the business until November 2027 to
support Justin and the Group Executive team.

The Board thanks Marek Masojada for his exceptional contribution to Boxer over more than three
decades of service and looks forward to recognising his contribution more fully when he steps down
as CEO. The Board congratulates Justin Galloway on his appointment and looks forward to working
with him as Boxer continues to grow and deliver long-term value for shareholders and stakeholders.

By order of the Board
Westville
12 October 2026
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 12/10/2026 07:30:00
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