dealing in securities by an associate of a director M&S Holdings Limited (Formerly Top Fix Holdings Limited) Incorporated in the Republic of South Africa Registration number 2006/011359/06 Share code: MSA ISIN code: ZAE000165411 DEALING IN M&S HOLDINGS LIMITED SECURITIES BY AN ASSOCIATE OF A DIRECTOR In compliance with rules 3.63 to 3.74 of the JSE Limited Listings Requirements, the following information is disclosed: NAME OF DIRECTOR N de Waal STATUS:EXECUTIVE/NON-EXECUTIVE Non-Executive TYPE OF SECURITIES Shares CLASS OF SECURITIES Ordinary DATE OF TRANSACTION 23 January 2013 (1-2) CENTS PER SHARE 50 (1) 55 (2) NUMBER OF SECURITIES TRANSACTED 9 000 (1) 50 000 (2) TOTAL RAND VALUE OF SECURITIES R4 500.00 (1) R27 500.00 (2) NAME OF ASSOCIATE PSG Private Equity Consortium (RF) Proprietary Limited RELATIONSHIP WITH DIRECTOR Director and shareholder NATURE OF TRANSACTION Acquisition of shares by an associate of the director(On-market transaction) NATURE AND EXTENT OF INTEREST IN Indirect, beneficial THE TRANSACTION CLEARANCE OBTAINED Not required Trading prices on 23 January 2013: High: 55 cents per share Low: 50 cents per share VWAP: 53 cents per share 24 January 2013 Designated adviser Sasfin Capital (a division of Sasfin Bank Limited) Corporate adviser PSG Capital Date: 24/01/2013 04:26:00 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.