Prospects

For the eight weeks to 22 August 2010, total sales increased by 15.0% and comparable sales increased by 9.2%, continuing the trends experienced for most of the second half of the 2010 financial year, specifically with strong General Merchandise and Home Improvement trading performances.

In the short-term, we expect the Food and African businesses to underperform due to food deflation and the strong Rand respectively, but expect gradual improvement in both of these throughout the coming financial year.

Acknowledging the concerns and uncertainty permeating the global economy, if current South African economic and trading trends continue for the financial year, Massmart should achieve profit growth, before any foreign exchange translation adjustments, ahead of sales growth for the full year.

The financial information on which this outlook statement is based has not been reviewed or reported on by the Company’s external auditors.