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MSM - Massmart Holdings Limited - Update on non-binding proposal and further 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") UPDATE ON NON-BINDING PROPOSAL AND FURTHER CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement dated 27 September 2010 wherein shareholders were advised that the Company had received a non- binding proposal from Wal-Mart Stores, Inc ("Walmart") which could lead to a cash offer to acquire the entire issued share capital of the Company for a price of ZAR148 per share ("the Proposed Offer"). Shareholders are further advised that Walmart has notified the Company that, after having consulted with major Massmart shareholders and key South African stakeholders regarding the Proposed Offer, Walmart is investigating potential options for and the merits of retaining Massmart`s listing on the exchange operated by JSE Limited. These investigations could lead to Walmart making a partial offer to acquire in excess of 50% of the entire issued share capital of the Company for a cash price of ZAR148 per share ("the Proposed Partial Offer"). In the event that a firm offer is received from Walmart, the Massmart Board will obtain an independent opinion and express a view on the firm offer to shareholders. These discussions may have a material effect on the price of the Company`s securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the securities of the Company until a further announcement is made. Johannesburg 28 October 2010 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 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: 28/10/2010 08:50:10 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.
