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MSM - Massmart Holdings Limited - CEO AGM Statement Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration number: 1940/014066/06) Share Code: MSM ISIN Code: ZAE000029534 ("Massmart") CEO AGM Statement At the Annual General Meeting of Massmart shareholders held at 08h30 on Wednesday, 24 November 2010 the Chief Executive Officer of Massmart, Mr. Grant Pattison, delivered the following statement: "With consumer inflation and interest rates at their lowest levels in decades, Massmart is performing much as expected. With low Food inflation, our Food Retail and Wholesale businesses are under pressure. With low interest rates, our General Merchandise and Home Improvement businesses are performing well. "Whilst there is no indication that recessionary times will return, there does seem to be some evidence that the consumer recovery may no longer be accelerating but rather holding at current levels. Those consumers still employed are doing well, but we have seen little recovery in employment levels in general. "The strengthening Rand continues to put our non-Rand based businesses under pressure. "For the first 21 weeks of the 2011 financial year, Massmart`s total sales growth was 13.9% and comparable sales growth was 7.9%, with financial year-to- date sales deflation running at 3.0%. "Total and comparable sales growths in each Division are: * 16.7%, 10.5% (9.5% deflation) in Massdiscounters; * 10.2%, 8.0% (1.8% deflation) in Masswarehouse; * 18.2%, 11.5% (0.4% inflation) in Massbuild; and * 13.0%, 5.0% (0.5% deflation) in Masscash. "We have opened and acquired 19 stores in this financial year, a 5.5% increase in space. Each Division has opened a revised version of their main format: * Makro Vaal has trialed a new store look and a new approach to the Fresh category; * Game N1 City trialed a full-line food store within the traditional Game offering; * Cambridge De Villiers Street, in downtown Johannesburg, trialed its new look and the first branded store outside of KwaZulu Natal; and * Builders Warehouse opened its first store in Durban in its small-store format. "Looking forward, we have planned for a Christmas trading period at the current level of sales growth. "On 27 September 2010, we advised shareholders that we had received a Non- binding Expression of Interest from Wal-Mart Stores, Inc ("Wal-Mart"). We updated shareholders as to the status of these discussions on 28 October 2010. Discussions with Wal-Mart continue positively. "We are in communication with all major stakeholders concerning their interest in this potential transaction, recognising of course our regulatory obligations during an offer period. "We will make further announcements when necessary." Johannesburg 24 November 2010 Sponsor to Massmart: Deutsche Securities (SA) (Proprietary) Limited Date: 24/11/2010 08:56:53 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.
