Distribution and dividend policy

Massmart’s 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 period to December 2011, the Board has resolved to pay an interim dividend equal to that of the prior period, notwithstanding the resultant lower dividend cover, due to the strong liquidity position of the Group and its growth prospects.

Notice is hereby given that an interim cash dividend of 252 cents per share in respect of the period ended 25 December 2011 has been declared payable to the holders of ordinary shares recorded in the share register of the Company on Friday, 16 March 2012. The last day to trade cum-dividend will therefore be Friday, 9 March 2012 and Massmart shares will trade ex-dividend from Monday, 12 March 2012. Payment of the cash dividend will be made on Monday, 19 March 2012. Share certificates may not be dematerialised or rematerialised between Monday, 12 March 2012 and Friday, 16 March 2012, both days inclusive.

Massmart shareholders who hold Massmart ordinary shares in certificated form (“certificated shareholders”) should note that dividends will be paid by cheque and by means of an electronic funds transfer (“EFT”) method. Where the dividend payable to a particular certificated shareholder is less than R100, the dividend will be paid by EFT only to such certificated shareholder. Certificated shareholders who do not have access to any EFT facilities are advised to contact the Company’s transfer secretaries, Computershare Investor Services at Ground Floor 70 Marshall Street, Johannesburg 2001, PO Box 61051 Marshalltown 2107, (011) 370 5000, 086 110 0933, in order to make the necessary arrangements to take delivery of the proceeds of their dividend.

Massmart shareholders who hold Massmart ordinary shares in dematerialised form will have their accounts held at their CSDP or broker credited electronically with the proceeds of their dividend.

A Thuthukani dividend equivalent to 100% of the Massmart ordinary dividend per share (252 cents) will be paid to the Massmart Thuthukani Empowerment Trust on Monday, 19 March 2012.

On behalf of the Board  
   
Grant Pattison Guy Hayward
Chief Executive Officer Chief Financial Officer
21 February 2012