MASSMART HOLDINGS LIMITED - TRADING UPDATE FOR THE SIX MONTHS TO DECEMBER 2002

MASSMART HOLDINGS LIMITED - TRADING UPDATE FOR THE SIX MONTHS TO DECEMBER 2002  
MASSMART HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1940/014066/06)                                            
Share code MSM ISIN ZAE000029534                                                
("Massmart")                                                                    
TRADING UPDATE FOR THE SIX MONTHS TO DECEMBER 2002                              
For the 26 weeks to the 29th December 2002, sales including the Furnex          
acquisition for the first time, grew 32% to R10,5b.  Excluding Furnex, sales    
growth was 28%.  Comparable store sales grew 27%.                               
Although it declined significantly from mid November, Massmart`s weighted       
average sales inflation for the period was estimated to be 14% across all       
merchandise categories.                                                         
Massdiscounters and Masscash sales performed ahead of expectations throughout   
the six months, while food and liquor growth exceeded that of general           
merchandise. All divisions exceeded their sales budgets for the period and in   
December when there was a softening of consumer demand.                         
The full results for the half-year will be released on the 26th February 2003.  
Shareholders are reminded that the acquisition of Builders Warehouse is still   
subject to the fulfillment of certain suspensive conditions, including approval 
by the Competitions Commission, and will therefore not affect these results.    
Sandton                                                                         
7 January 2003                                                                  
Sponsor                                                                         
UBS Warburg                                                                     
Date: 07/01/2003 07:05:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department