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MSM - Massmart Holdings Limited - Changes to Massmart`s board Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1940/014066/06) Share code: MSM ISIN: ZAE000152617 ("Massmart" or "the Company") Changes to Massmart`s Board Introduction The circular to Massmart shareholders, issued on 9 December 2010, (giving details of the proposed acquisition by Wal-Mart Stores, Inc ("Walmart") of a controlling interest in Massmart) mentioned that, once finalised, the transaction would result in the Massmart board of directors ("the Board") being reduced from thirteen to nine members, comprising four independent non-executive directors, three non-executive directors and two executive directors. The following Board changes are effective from 20 June 2011. Resignation of Independent Non-Executive Directors Messrs Dods Brand, Kuseni Dlamini, Jim Hodkinson, Nigel Matthews and Peter Maw, and Ms Dawn Mokhobo have resigned from the Board. The average tenure of these directors is almost ten years, and their contribution to the evolution, growth, performance and governance of Massmart over a definitive decade could be no better acknowledged than by Walmart selecting the Company for its entry to Africa. On behalf of all stakeholders, we thank them for their service and diligence as directors and as members of board sub-committees, and wish them well in their future endeavours. Appointment of Non-Executive Directors Walmart has nominated Messrs Doug McMillon (President and CEO Walmart International), JP Suarez (Senior Vice President - International Business Development), and Jeffrey Davis (Senior Vice President - Finance & Treasury) to the Board, which nominees the Board has accepted for appointment. We welcome these new directors to the Board and look forward to them enhancing the strategic, operational and financial performance of Massmart as it enters a new phase of development under the control of Walmart. Board Composition The Board membership now will comprise: Mr Mark Lamberti - Independent non-executive (Chairman) Mr Grant Pattison - Chief executive officer Mr Jeffrey Davis - Non-executive Dr Lulu Gwagwa - Independent non-executive Mr Guy Hayward - Chief financial officer Ms Phumzile Langeni - Independent non-executive Mr Doug McMillon - Non-executive Mr Chris Seabrooke - Independent non-executive (Deputy Chairman) Mr JP Suarez - Non-executive Changes to the composition of the Board sub-committees will be finalised at the first meeting of the new Board later this month, and will be in keeping with good corporate governance practice. Johannesburg 20 June 2011 Sponsor: Deutsche Securities (SA) (Proprietary) Ltd Date: 20/06/2011 14:45:00 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.
