1. Massmart Code of Ethical Conduct

A MESSAGE FROM MASSMART’S CHIEF EXECUTIVE OFFICER

What is Ethics?

The dictionary defines an “ethic” as a moral principle. Moral means virtuous, or based not on legal rights and obligations, but on people’s sense of what is right and just. A principle is defined as a basic truth or a general rule used as a guide to behaviour, or a personal code of right conduct.

Ethics then are a set of personal rules (above and beyond the laws or policies that govern our country, industry, profession or company) that ensure that we do what is right in all circumstances, with our family, friends, staff, company, shareholders, suppliers, customers, and competitors. Good ethics should enable all of our decisions to stand up to scrutiny over the long term, by a person of the highest integrity, commonsense and humanity.

To do what is right is not always easy. Sometimes the right way requires clear thinking and conviction. It requires self-discipline to resist the easy way. It requires character to stand up to pressure from others. It requires courage to take a stand. It requires the humility to learn from your mistakes and to try again. In short, doing what is right requires us to be individuals of true inner strength.

In Massmart we value strong individuals who know the difference between right and wrong. And we know that most people in Massmart do the right thing at all times. But when we are uncertain or weak it helps to have a beacon of well-founded personal ethics that guides towards the right way of life where we consistently treat others, under all circumstances, with the fairness and decency that we would like to be treated.

We must be strong to always do what is right. Our ethics are the foundation of that strength.

Thank you for learning about Massmart’s Code of Ethical Conduct and thank you for behaving in a way that we are all proud to be associated with. When you do the right thing, Massmart becomes the right place for employees to work, the right place for customers to shop, the right place for suppliers to distribute and the right place for shareholders to invest.

MARK J. LAMBERTI