Shareholder Engagement Session Regarding Massmart's Remuneration Implementation Report 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" or “the Massmart Group”) SHAREHOLDER ENGAGEMENT SESSION REGARDING MASSMART’S REMUNERATION IMPLEMENTATION REPORT With reference to the results of the Company’s Annual General Meeting announced on 21 May 2020, Massmart wishes to engage its shareholders on the non-binding advisory resolution regarding the endorsement of Massmart’s Remuneration Implementation Report. The Remuneration Implementation Report fell 0.3% short of the 75% of votes required by the King IV Report (“King IV”) on Corporate Governance for South Africa, 2016 and paragraph 3.84(k) of the Johannesburg Stock Exchange Limited Listings Requirements (“JSE LR”). It should be noted, however, that the non-binding advisory resolution on the endorsement of Massmart’s Remuneration Policy was approved by more than the requisite 75% majority of shareholder votes as previously announced on 21 May 2020. In the context of the Remuneration Implementation Report vote, the Chairman of Massmart’s Remuneration Committee, Ms. Phumzile Langeni, and the Chairman of the Board, Mr. Kuseni Dlamini therefore wish to engage those shareholders who cast dissenting votes as well as other interested shareholders. Interested shareholders are invited to attend a virtual engagement session with the Chairman of the Remuneration Committee and the Chairman of the Board. Should you wish to raise any concerns or have any further recommendations for the Remuneration Committee regarding its Remuneration Policy and practices, please submit your feedback in writing to info@massmart.co.za by no later than 17H00 on 5 August 2020. DETAILS OF THE SHAREHOLDER ENGAGEMENT SESSION The session will be convened electronically via a Zoom video facility on Thursday, 6 August 2020 from 13H30 – 14H30. Please register to attend the session first by emailing info@massmart.co.za thereafter, you will be emailed a meeting request for the session to be convened via Zoom. Once you register you will receive a passcode to attend the session on the date above. Please do not share the passcode. You are liable for your own costs to connect to the session. Massmart will not be accountable in the case of loss of network connectivity or other network failure due to insufficient airtime, internet connectivity, internet bandwidth and/or power outages which prevents any shareholder from participating or attending the aforementioned session. 30 July 2020 Sponsor JP Morgan Equities South Africa (Pty) Ltd Date: 30-07-2020 04:07:00 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.