Disclosure of disposal of beneficial interests in securities – Standard Life Aberdeen PLC Massmart Holdings Limited (Incorporated in the Republic of South Africa) Company registration No. 1940/014066/06 JSE Code: MSM ISIN: ZAE 000152617 ("Massmart" or the “Company”) Disclosure of disposal of beneficial interests in securities – Standard Life Aberdeen PLC Massmart shareholders are advised that between April and October 2019, the Company received Takeover Regulation Panel 121.1 notifications from the aggregate of Standard Life Aberdeen PLC’s affiliated investment and asset management entities on behalf of multiple managed portfolios (“the Standard Life Aberdeen group”) that the Standard Life Aberdeen group have disposed in aggregate of in excess of a multiple of 5% of their total securities held in Massmart. As at 24 October 2019, the aggregated beneficial interest of the Standard Life Aberdeen group in Massmart is 4.37%. Shareholders are advised that this announcement is published as a result of the disposal by the Standard Life Aberdeen Group breaching the 5% threshold as contemplated in paragraph 3.83(b) of the JSE Limited Listings Requirements and section 122(3)(b) of the Companies Act, No 71 of 2008. 25 October 2019 Sponsor JP Morgan Equities South Africa Proprietary Limited Sunninghill Date: 25/10/2019 05:12:00 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.