MASSMART HOLDINGS LIMITED - Updated Trading Statement for the six months ended 1 July 2018

Updated Trading Statement for the six months ended 1 July 2018

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
JSE Code: MSM
ISIN: ZAE 000152617
("Massmart", “Company” or the “Group”)

UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 1 JULY 2018

In Massmart’s six-month sales update released on SENS on 19 July 2018 it was evident that
sales trends had lifted slightly subsequent to 24 May 2018, the release date of our previous sales
update and our first trading statement. The higher sales, combined with improved performances
in both Massdiscounters and Masscash primarily, has resulted in a better than forecast financial
result for the June 2018 interim period.

Shareholders are reminded of the restructuring programmes and costs in Massdiscounters and
Masscash referred to in our trading statement of 24 May 2018.

We now have a reasonable degree of certainty that the financial performance for the six months
to June 2018 is expected to be:

Excluding restructure costs:
                                                                     Actual
                                               Likely             Restated*            Expected
                                            June 2018             June 2017            % change

Headline earnings (Rm)                  269.9 to 306.3                 364.7       -26% to -16%
HEPS (cents)                            124.7 to 141.5                 168.5       -26% to -16%
Earnings (Rm)                           262.2 to 299.1                 369.3       -29% to -19%
Basic EPS (cents)                       121.1 to 138.2                 170.6       -29% to -19%

Including restructure costs:
                                                                     Actual
                                               Likely             Restated*            Expected
                                            June 2018             June 2017            % change

Headline earnings (Rm)                  193.3 to 229.8                 364.7       -47% to -37%
HEPS (cents)                             89.3 to 106.2                 168.5       -47% to -37%
Earnings (Rm)                           184.7 to 221.6                 369.3       -50% to -40%
Basic EPS (cents)                        85.3 to 102.4                 170.6       -50% to -40%

*Restated for change in the basis of accounting for rebates in 2017, as disclosed in the December 2017 financial results.

Massmart’s financial results for the six months to June 2018 will be released on 23 August 2018.




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The above information has not been reviewed and reported on by the Company`s external
auditors.

Johannesburg
30 July 2018

Sponsor
Deutsche Securities (SA) Proprietary Limited




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