Notification of acceptance of Restricted Share Grants in terms of the Massmart Holdings Limited Employee Share Plan Massmart Holdings Limited (Incorporated in the Republic of South Africa) Company registration No. 1940/014066/06 JSE Code: MSM ISIN: ZAE 000152617 ("Massmart") Notification of acceptance of Restricted Share Grants in terms of the Massmart Holdings Limited Employee Share Plan In compliance with paragraphs 3.63 to 3.66 of the JSE Limited Listings Requirements, we hereby advise that Restricted Share Grants in Massmart securities have been offered at R120.0275 being the 10-day weighted average price immediately prior to the offer date of 15 September 2017. These were accepted by Mr Guy Hayward, Mr Johannes Van Lierop and Mr Joe Ralebepa in terms of the rules of the Massmart Holdings Limited Employee Share Plan. Restricted Share Grants are offered annually in September and vest in terms as outlined below. The grants were accepted on 20 September 2017 by the aforementioned individuals as detailed below:- Name: Guy Hayward Position held: Chief Executive Officer Company: Massmart Holdings Limited Nature of Interest: Direct/Beneficial Grant of Restricted Shares: 16 038 Total value: R 1 925 000 Vesting date: In equal thirds on 14 September 2020, 2021 and 2022 Name: Johannes Van Lierop Position held: Chief Financial Officer Company: Massmart Holdings Limited Nature of Interest: Direct/Beneficial Grant of Restricted Shares: 12 086 Total value: R 1 450 562 Vesting dates: In equal thirds on 14 September 2020, 2021 and 2022 Name: Joseph Ralebepa Position held: Company Secretary Company: Massmart Holdings Limited Nature of Interest: Direct/Beneficial Grant of Restricted Shares: 5 551 Total value: R 666 250 Vesting dates: In equal thirds on 14 September 2020, 2021 and 2022 The above transactions were off-market trades. Clearance to accept these Restricted Share Grants has been given in terms of paragraph 3.66 of the JSE Limited Listings Requirements. 21 September 2017 Sponsor Deutsche Securities (SA) Proprietary Limited Date: 21/09/2017 04:35:00 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.