MASSMART HOLDINGS LIMITED - NOTIFICATION OF SUBSIDIARY DIRECTOR"S DEALING IN

MASSMART HOLDINGS LIMITED - NOTIFICATION OF SUBSIDIARY DIRECTOR"S DEALING IN    
MASSMART HOLDINGS LIMITED SECURITIES                                            
Massmart Holdings Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1940/014066/06)                                            
(Share code:MSM)                                                                
(ISIN: ZAE000029534)                                                            
("Massmart")                                                                    
Notification of Subsidiary Director"s dealing in Massmart Holdings Limited      
securities                                                                      
In compliance with rule 3.63 to 3.74 of the JSE Listings Requirements, the      
following dealings in the securities of Massmart Holdings Limited have taken    
place by a director of a subsidiary company:                                    
Director:                     BR Cayzer                                         
Subsidiary Company:           Makro SA                                          
Number of securities:         88,250                                            
Class of security:            Ordinary                                          
Nature of interest:           Direct, beneficial                                
Nature of transaction:        Sale                                              
Date:                         29 November 2004                                  
1.   Nature of transaction:   Exercise of options                               
Number of securities:    1    9,500                                             
Price:                        R12.37 per option                                 
Number of securities:         20,000                                            
Price:                        R12.25 per option                                 
Number of securities:         48,750                                            
Price                         R14.61 per option                                 
2.   Nature of transaction:   Sale of shares                                    
Price:                        R50.68 per share                                  
Shareholding:                 The shares sold represent 46.08% of Mr Cayzer"s   
                              Massmart shareholding comprising direct purchases 
and/or shares acquired in terms of the rules of   

                              the Massmart Holdings Limited Employee Share      
                              Trust.  After the abovementioned sale, Mr Cayzer  
                              still holds 103,250 shares or options             
The required clearance per section 3.66 of the JSE Listings Requirements was    
obtained.                                                                       
30 November 2004                                                                
Johannesburg                                                                    
Sponsor to Massmart:                                                            
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 30/11/2004 11:08:18 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department