2019/03/28, 12:32:00
Johannesburg Stock Exchange - SENS NEWS DELAYED
Cash fraction applicable to the scrip distribution

Massmart Holdings Limited
(Incorporated in the Republic of South Africa)
Company registration No. 1940/014066/06
ISIN: ZAE 000152617
("Massmart" or the "Company")

Cash fraction applicable to the scrip distribution

Shareholders are referred to the Company´s reviewed consolidated financial results for the 52
weeks ended 30 December 2018, published on the Stock Exchange News Service ("SENS") on
Thursday, 28 February 2019, in which they were advised of the Company´s declaration of a
scrip distribution of fully-paid Massmart ordinary shares of R0.01 each ("the Scrip Distribution")
to ordinary shareholders ("Shareholders") recorded in the register of the Company at the close
of business on the Record Date, being Friday, 29 March 2019 ("the Record Date").

The ratio applicable to the Scrip Distribution entitlement was announced on SENS on
18 March 2019; being 1.57392 Scrip Distribution shares for every 100 ordinary Massmart
shares held on the Record Date, being Friday, 29 March 2019.

If the application of this ratio gives rise to a fraction of an ordinary Massmart share, such fraction
will be rounded down to the nearest whole number, resulting in allocations of whole ordinary
Massmart shares and a cash payment for the fraction ("Rounding Provision").

In accordance with the requirements of the JSE Limited, the cash payment has been
determined with reference to the volume weighted average price of an ordinary Massmart share
traded on the JSE on Wednesday, 27 March 2019 (being the day on which an ordinary
Massmart share began trading `ex´ the entitlement to receive the Scrip Distribution or Cash
Dividend alternative), discounted by 10%.

Shareholders are accordingly advised that the basis applicable in determining the cash payment
for the fractional entitlement is 7037 cents (7819 cents, discounted by 10%). Please note that
fractional payments are no longer subject to Dividends Withholding Tax.

Example of fractional entitlement:
This example assumes that a Shareholder holds 100 ordinary Massmart shares at the close of
business on the Record Date and does not elect to receive the Cash Dividend in respect of all
or part of their shareholding.

New ordinary share entitlement = 1.57392 new ordinary shares. The Rounding Provision
described above is then applied and the shareholder will receive:

1 Scrip Distribution share in respect of the 100 ordinary shares held and a cash payment for the
fractional entitlement of 0.57392 x 7037 = 4 039 cents.
28 March 2019

J.P. Morgan Equites South Africa (Pty) Ltd

Date: 28/03/2019 12:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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