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MSM - Massmart - Competition Tribunal Hearing Process Massmart Holdings Limited (Incorporated in the Republic of South Africa) Registration number 1940/014066/06 Share code: MSM ISIN: ZAE000029534 ("Massmart") Wal-Mart Stores, Inc Incorporated in the State of Delaware United States of America Traded on the New York Stock Exchange under the symbol "WMT" Acting through its indirect wholly-owned subsidiary Main Street 830 (Proprietary) Limited Registration number 2010/016839/07 ("Walmart") COMPETITION TRIBUNAL HEARING PROCESS 1. Introduction Massmart shareholders are referred to the joint announcements previously published by Massmart and Walmart as well as the circular to shareholders dated 9 December 2010 regarding Walmart`s offer to acquire 51 Massmart ordinary shares from each Massmart ordinary shareholder (other than the excluded shareholders) for every 100 Massmart ordinary shares held for a cash consideration of R148,00 per ordinary share by way of a scheme of arrangement in terms of section 311 of the Companies Act (Act 61 of 1973), as amended ("the Scheme"). 2. Competition Tribunal hearing Shareholders are advised that the merger hearing of the Competition Tribunal ("the Tribunal") in relation to the Scheme commenced on 22 March 2011, as scheduled. The Tribunal had allocated the dates 22 to 25 March 2011 (both inclusive) for the hearing of evidence from factual and expert witnesses. Shareholders are advised that following submissions made to the Tribunal by legal representatives of the Department of Economic Development, the Department of Trade and Industry and the Department of Agriculture and Fisheries, and legal representatives of SACCAWU, FAWU, NUMSA and COSATU, the Tribunal reluctantly decided to stay the merger hearing until May 2011, on procedural grounds. The dates of 9 to 13 May were allocated by the Tribunal for the hearing of evidence from factual and expert witnesses. 16 May was reserved for legal argument. Massmart and Walmart are considering, together with their legal advisors, their options to facilitate an expeditious and fair regulatory hearing. Walmart remains firm in its belief that Massmart is a compelling investment opportunity. 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 23 March 2011 Sponsor to Massmart Deutsche Securities (SA) (Proprietary) Limited Legal advisors to Massmart Edward Nathan Sonnenbergs Communications advisors to Massmart Brunswick Date: 23/03/2011 10:19:01 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.
