Massmart - Wooltru Unbundling

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1940/014066/06)
Share code MSM ISIN ZAE000029534
("Massmart")
WOOLTRU UNBUNDLING

Massmart  draws its shareholders' attention to the announcement  by  Wooltru
Limited   ("Wooltru")  detailing  the  proposed  distribution  of  Wooltru's
holdings   in  Massmart,  Truworths  International  Limited  and  Woolworths
Holdings  Limited to its shareholders ("the Wooltru Unbundling").  The  full
text  of the Wooltru announcement, including the distribution timetable,  is
available on SENS and appears in today's financial press.

Wooltru  is  currently Massmart's largest shareholder holding  approximately
40.8%  of Massmart's issued shares.  Following the Wooltru Unbundling on  26
June  2002,  Massmart  management and its Netherlands-based  shareholder  of
reference, SHV, will together own almost 40.0% of Massmart's issued  shares.
The public will own the balance of the issued shares.
Sandton
3 May 2002