Investor relations

We strive to provide useful and frequent disclosure to our shareholders, regardless of how uncomfortable this may be in periods of difficulty or underperformance.

Massmart reports formally to shareholders twice a year (in February and August) when its half-year and full-year results, together with a thorough executive overview, are announced and issued to shareholders and the media. On both occasions the Chief Executive Officer, Chief Financial Officer and certain Group executives give presentations to institutional investors, analysts and the media.

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Analyst presentation and preliminary announcement

Final dividend declared

Cape Town institutional investor roadshow

Johannesburg institutional investor roadshow

Final dividend paid

United States institutional investor roadshow

United Kingdom institutional investor roadshow

Publication of Annual Report

Annual General Meeting

Financial half-year

Analyst presentation and interim preliminary

announcement

Interim dividend declared

Cape Town institutional investor roadshow

Johannesburg institutional investor roadshow

Interim dividend paid

Financial year-end

Early in January and July, shortly after the conclusion of the half-year and full-year trading periods, on release of the Annual Report and at the Group's annual general meeting in November, Massmart releases sales updates reporting on the Group's year-to-date sales performance. In addition, annually in May, the Group Chief Executive Officer and Chief Financial Officer host a day-long visit by institutional analysts and investors to Massmart stores. A sales update is released along with this visit.

During the year, apart from closed periods, the Chief Executive Officer and Chief Financial Officer together meet regularly with institutional shareholders and, in addition, are available for meetings or conference calls with analysts and any existing or prospective Massmart shareholder.

Profits are distributed to our shareholders at interim and year-end by way of a cash dividend. The dividend is calculated based on a dividend cover of 1.7 on headline earnings unless circumstances dictate otherwise. Despite the slightly lower headline earnings and this policy, the Board has decided to maintain this year's dividend at the same level as last year. A further dividend is distributed to our Thuthukani shareholders, arising from the Massmart black economic empowerment transaction which came into effect in October 2006. The Thuthukani dividend is now 100% of the ordinary dividend.

FOREIGN SHAREHOLDING


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MASSMART AT A GLANCE
More detail on our shares and shareholder information can be found here.

DIVIDEND PAYMENT VS DIVIDEND COVER