Sharenet Sites 
Sharenet Sites
MSM - Massmart Holdings Limited - Cautionary Announcement Massmart Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1940/014066/06 Share code: MSM ISIN: ZAE000029534 ("Massmart" or "the Company") CAUTIONARY ANNOUNCEMENT Shareholders are advised that the Company has received a non-binding proposal from Wal-Mart Stores, Inc, (`Walmart`) which could lead to Walmart making a cash offer to acquire the entire issued share capital of the Company for a price of ZAR148 per share (`the Proposed Offer`). In the event that a firm offer is received the board of directors of Massmart will obtain an independent opinion and express a view on the firm offer to shareholders. The making of the Proposed Offer is subject to a number of pre-conditions including, inter alia, due diligence, which will commence immediately. In order to satisfy these pre-conditions, a period of exclusivity has been granted by Massmart to Walmart. A reciprocal period of exclusivity has been granted by Walmart to Massmart. Shareholders are advised that there can be no certainty that these discussions will lead to a formal offer being made. The Proposed Offer may have a material effect on the price of the Company`s securities. Accordingly, shareholders are advised to exercise caution when dealing in the securities of the Company until a further announcement is made. Shareholders will be updated at the time of renewal of the cautionary announcement, as required in terms of the JSE Listings Requirements, which will be on 8 November 2010. Information on Walmart: Walmart serves customers and members more than 200 million times per week at more than 8,613 retail units under 55 different banners in 15 countries. With fiscal year 2010 sales of $405 billion, Walmart employs more than 2 million associates worldwide. A leader in sustainability, corporate philanthropy and employment opportunity, Walmart ranked first among retailers in Fortune Magazine`s 2010 Most Admired Companies survey. Additional information about Walmart can be found by visiting www.walmartstores.com. Information on Massmart: Massmart is a managed portfolio of four divisions, each focused on high-volume, low-margin, low-cost distribution of mainly branded consumer goods for cash, in 14 countries in sub-Saharan Africa, comprising 288 stores. The Company is the third largest distributor of consumer goods in Africa, the leading retailer of general merchanise, liquor and home improvement equipment and supplies, and the leading wholesaler of basic foods. Massmart has a market capitalisation of approximately R27.2 billion and 201.5 million ordinary shares in issue. Approximately 72% of Massmart`s ordinary shares are foreign owned. For media enquiries: Brunswick: Tel: +27 11 502 7300 Rob Pinker (Managing Partner) Tel: +27 83 326 7794 Cecilia de Almeida (Director) Tel: +27 83 325 9169 Johannesburg 27 September 2010 Financial advisors to Massmart: Deutsche Bank Goldman Sachs International Sponsor to Massmart: Deutsche Securities (SA) (Proprietary) Limited Legal advisors to Massmart: Edward Nathan Sonnenbergs Communications advisors to Massmart: Brunswick Date: 27/09/2010 07:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
