Distribution and Dividend Policy

Massmartís current dividend policy is to declare and pay an interim and final cash dividend representing a 1.7 times dividend cover unless circumstances dictate otherwise. For the 2011 financial year, the Board has resolved to pay a final dividend such that dividends for the year are maintained relative to the prior year, notwithstanding the lower cover, due to the strong cash position of the Group and growth prospects for the coming year.

Notice is hereby given that a final cash dividend of 134 cents per share in respect of the period ended 26 June 2011 has been declared payable to the holders of ordinary shares recorded in the share register of the company on Friday, 16 September 2011. The last day to trade cum-dividend will therefore be Friday, 9 September 2011 and Massmart shares will trade ex-dividend from Monday, 12 September 2011. Payment of the cash dividend will be made on Monday, 19 September 2011. Share certificates may not be dematerialised or rematerialised between Monday, 12 September 2011 and Friday, 16 September 2011, both days inclusive.

A Thuthukani dividend equivalent to 100% of the Massmart ordinary dividend per share (134 cents) will be paid to the Massmart Thuthukani Empowerment Trust on Monday, 19 September 2011.

On behalf of the Board  
   
Grant Pattison Guy Hayward
Chief Executive Officer Chief Financial Officer
   
24 August 2011