Distribution and Dividend Policy

Massmart’s dividend policy is to declare and pay an interim and final cash dividend representing a 1,7 times dividend cover unless circumstances dictate otherwise. Despite the slightly lower headline earnings and this policy, the Board has decided to maintain this year’s dividend at the same level as last year.

Notice is hereby given that a final cash dividend of 134 cents per share in respect of the period ended 28 June 2009 has been declared payable to the holders of ordinary shares recorded in the books of the company on Friday, 18 September 2009. The last day to trade cum-dividend will therefore be Friday, 11 September 2009 and Massmart shares will trade ex-dividend from Monday, 14 September 2009. Payment of the cash dividend will be made on Monday, 21 September 2009. Share certificates may not be dematerialised or rematerialised between Monday, 14 September 2009 and Friday, 18 September 2009, both days inclusive.

A Thuthukani dividend equivalent to 75% of the Massmart ordinary dividend per share (100,5 cents) will be paid to the Massmart Thuthukani Empowerment Trust on Monday, 21 September 2009.

On behalf of the Board  
   
Grant Pattison Guy Hayward
Chief Executive Officer Chief Financial Officer
   
26 August 2009