WELCOME TO OUR ONLINE ANNUAL REPORT 2011

Chairman's letter to stakeholders

This report represents a new board appointed by a new controlling shareholder. It also marks the end of one era and the beginning of another in the history of Massmart.

Chief Executive Officer's review

The June 2011 financial year will be forever imprinted on our minds, and marks the transition of the Massmart Group into the next phase of its spectacular growth path – from being a strong regional player to being part of a leading global retail company.

Financial highlights

Massmart is a South African-based globally competitive regional management group, invested in a portfolio of differentiated, complementary, focused wholesale and retail formats, each reliant on high volumes and operational excellence as the foundation of price leadership, in the distribution of mainly branded consumer goods for cash.