Notification of acceptance of share options by Chief Operating Officer and Financial Director of Massmart Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1940/014066/06) Share Code: MSM ISIN: ZAE 0000152617 (“Massmart” or “the Company”) Notification of acceptance of share options by Chief Operating Officer and Financial Director of Massmart In compliance with rules 3.63 to 3.66 of the JSE Limited (“JSE”) Listings Requirements (“Listings Requirements”), we hereby advise that share options in Massmart securities (“share options”) have been offered and accepted by Messrs Guy Hayward and Ilan Zwarenstein (collectively “the directors”) in terms of the rules of the Massmart Holdings Limited Employee Share Trust. The share options were offered and accepted as follows:- Name: Guy Hayward Position held: Chief Operating Officer Company: Massmart Holdings Limited Number of securities: 149,542 Total value: R 23,870,088.45 Acceptance date: 27 July 2012 Class of security: Option on ordinary shares Nature of interest: Direct/Beneficial Name: Ilan Zwarenstein Position held: Financial Director Company: Massmart Holdings Limited Number of securities: 91,676 Total value: R 14,633,442.30 Acceptance date: 27 July 2012 Class of security: Option on ordinary shares Nature of interest: Direct/Beneficial Following the promotions of the directors announced on the Securities Exchange News Service (“SENS”) on 8 May 2012, the share options were offered at a strike price of R159.6213 being the five-day volume-weighted average price as at 15 May 2012. The share options were granted upon the recommendation of the Remuneration Committee. Due to unforeseen delays, the Trustees of Massmart Holdings Limited Employee Share Trust however, only approved this recommendation on 10 July 2012 and the offers were not available for acceptance by the directors before the Trustees’ approval. The acceptance period applicable to the offer of these share options expires on 13 August 2012. The Company is currently in a closed period which commenced on 1 June 2012 as its financial year-end is 24 June 2012 and will lapse on the publication of the financial year-end results which is expected to be 22 August 2012 (“closed period”). The trades for these share options were done off-market. The required clearance was obtained subject to the granting of a waiver by the JSE in terms of paragraph 3.70 of the Listings Requirements. The JSE waived its requirement not to deal in the Company’s securities during the closed period on 25 July 2012 on the basis that the directors had no control over the timing of the expiry date mentioned above. Johannesburg 27 July 2012 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 27/07/2012 03:00:00 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.