MASSMART HOLDINGS LIMITED - Trading Statement for the 26 weeks to 26 June 2016

Trading Statement for the 26 weeks to 26 June 2016

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number: 1940/014066/06)
Share code: MSM
ISIN: ZAE000152617
(“Massmart" or "the Company")


Trading Statement for the 26 weeks to 26 June 2016

This trading statement is required in terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements (“Listings Requirements”).

The results for the 26 week period to June 2016 are favourably affected by an insurance gain arising
from the excess of the insured replacement value over the net book value of the assets destroyed by
the fire at the Jumbo Crown Mines store in February 2016.

For this reason, in the table below we show Profit Before Interest and Tax (“PBIT”) before and after
recording this insurance gain, and in terms of the Listings Requirements the Headline Earnings and
Headline Earnings per Share (“HEPS”) figures specifically exclude any capital gains or losses.

Currency movements across Africa remained volatile and mostly negative and so the likely net foreign
exchange loss is slightly higher than that reported for the comparable 2015 period. Despite this, an
improved effective tax rate results in the growth in Headline Earnings and HEPS being ahead of
growth in PBIT excluding the insurance gain.

Massmart therefore expects the following interim results for the 26 weeks ended 26 June 2016 (2015:
26 weeks):


                                                   Expected
                                                 ranges - June      Actual
                                                     2016         June 2015    Expected % change


PBIT- Excluding insurance gain (Rm)              742.8 - 794.1        685,2      8.4% - 15.9%
Headline earnings (Rm)                           303.8 - 324.8        269,3     12.8% - 20.6%
HEPS (Cents)                                     140.2 - 149.9        124,2     12.9% - 20.7%

PBIT- including insurance gain (Rm)              782.5 - 836.6        685,2     14.2% - 22.1%
Earnings (Rm)                                    340.2 - 363.8        281,6     20.8% - 29.2%
Basic EPS (Cents)                                157.0 - 167.8        129,9     20.9% - 29.2%


The above information has not been reviewed and reported on by the Company’s external auditors.

Johannesburg
15 August 2016


Sponsor: Deutsche Securities (SA) Proprietary Limited

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