Trading Statement for the 26 weeks to 26 June 2016 Massmart Holdings Limited (Incorporated in the Republic of South Africa) (Registration Number: 1940/014066/06) Share code: MSM ISIN: ZAE000152617 (“Massmart" or "the Company") Trading Statement for the 26 weeks to 26 June 2016 This trading statement is required in terms of paragraph 3.4(b) of the JSE Limited Listings Requirements (“Listings Requirements”). The results for the 26 week period to June 2016 are favourably affected by an insurance gain arising from the excess of the insured replacement value over the net book value of the assets destroyed by the fire at the Jumbo Crown Mines store in February 2016. For this reason, in the table below we show Profit Before Interest and Tax (“PBIT”) before and after recording this insurance gain, and in terms of the Listings Requirements the Headline Earnings and Headline Earnings per Share (“HEPS”) figures specifically exclude any capital gains or losses. Currency movements across Africa remained volatile and mostly negative and so the likely net foreign exchange loss is slightly higher than that reported for the comparable 2015 period. Despite this, an improved effective tax rate results in the growth in Headline Earnings and HEPS being ahead of growth in PBIT excluding the insurance gain. Massmart therefore expects the following interim results for the 26 weeks ended 26 June 2016 (2015: 26 weeks): Expected ranges - June Actual 2016 June 2015 Expected % change PBIT- Excluding insurance gain (Rm) 742.8 - 794.1 685,2 8.4% - 15.9% Headline earnings (Rm) 303.8 - 324.8 269,3 12.8% - 20.6% HEPS (Cents) 140.2 - 149.9 124,2 12.9% - 20.7% PBIT- including insurance gain (Rm) 782.5 - 836.6 685,2 14.2% - 22.1% Earnings (Rm) 340.2 - 363.8 281,6 20.8% - 29.2% Basic EPS (Cents) 157.0 - 167.8 129,9 20.9% - 29.2% The above information has not been reviewed and reported on by the Company’s external auditors. Johannesburg 15 August 2016 Sponsor: Deutsche Securities (SA) Proprietary Limited Date: 15/08/2016 07:05:00 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.