Trade Profile I Store Footprint | FY2018 Report updated: April 2019 Next update: September 2019 Trade Profile I Store Footprint | FY2018

Store Footprint Massmart Divisional Store Footprint As at the end of December 2018, the Massmart Group had 436 stores across four trading divisions (excluding franchises and buying groups) across 13 Sub-Saharan countries with 1,648,718m² trading space During FY2018, 19 stores were opened and 6 closed resulting in +2.2% more trading space Massdiscounters continues to be the biggest contributor to the store portfolio at 39% of stores, the division is still the biggest contributor to trading space at 34% Masswarehouse is only 5% of store count but 14% of trading space Group CAPEX has been focused on IT upgrades on store refurbishment During FY2018 the distribution centres for Massdiscounters and Makro joined to form Massmart Logistics, a business unit to be used as a Group asset in an effort to improve efficiencies and cost recoveries SOURCE: Massmart Holdings

Store Footprint Massmart Divisional Store Footprint cont. Massdiscounters This is Massmart’s largest division by store footprint with 171 stores, accounting for 39% of the Group’s portfolio The net increase of +5 stores takes the total to 171 (FY2017 : 166 stores) Game has a total of 146 stores with 5 openings (+3 in Non-SA and +2 in SA) and 1 closure in SA 2 In five years only net 6 new Game SA stores have opened New format rolled out to 12 stores (6 in SA, 6 in Non-SA), trading density reportedly +17% and shelf-space sales density +8.5% DionWired has 25 stores, with 3 stores opening and 2 closing in SA Trading space +2.2% in FY2018 from 548,544m² to 560,828m², accounting for 34% of the Group’s trading space. Trading space has increased +11.8% over the last five years Masswarehouse1 Masswarehouse’s portfolio remained at 21 in FY2018, five year growth +10.5% Trading space unchanged at 231,021m², five year growth +18.0% 3 All Makro stores are in South Africa Game Pavilion DionWired Canal Walk SOURCE: Massmart Holdings NOTE: 1 Makro Cornubia (KZN) opened in March 2019, 2 CAGR (compound Annual Growth rate) space growth over five years is reported at only +0.9% for Game SA, Game Non-SA +13.2%. 3 CAGR space growth for Makro +4.2% over five years Makro Riversands

Store Footprint Massmart Divisional Store Footprint cont. Massbuild Massbuild has a total of 114 stores as at December 2018 (FY2017: 108 stores), growth +24.0% over five years Builders Express has a total of 48 stores after 4 new stores opened (3 in SA,1 in Non-SA) Builders Warehouse has a total of 39 stores, with +1 in Mozambique Builders Trade Depot has a total of 13 stores after 2 closures, with strategic closures over the last five years Builders Superstore has 14 stores after 4 opened and 1 closed in SA Massbuild trading space increased +2.6% from 456,313m² to 468,155m², five year space growth +5.8%1 Masscash Masscash is the second largest division in terms of store footprint, with 130 stores Masscash Wholesale has 68 stores, unchanged in FY2018, however this is below the 87 stores from 10 years ago Masscash Retail has 62 stores, having opened 2 new stores in SA in FY2018, +32% growth in five years Masscash2 trading space increased +3.1% in FY2018 from 377,038m² to 388,714m², five year growth at -3.2% due to reduction in space during FY2015- 2016 Builders Trade Depot Rossburgh Rhino Cash & Carry Matubatuba Cambridge Food Cosmo City SOURCE: Massmart Holdings NOTE: 1 CAGR (compound Annual Growth rate) space growth over five years is reported at only +3.4% for Builders SA, +22% for Non-SA. 2 CAGR space growth for Jumbo SA -1.8% over five years and +7.1% for Cambridge SA

Store Footprint Massmart Divisional Store Footprint cont. Divisional Trading Space 2014 2015 2016 2017 2018 five year % change Massmart Group 1 539 295 1 550 385 1 568 744 1 612 916 1 648 718 7.1% Massdiscounters 506 188 532 839 545 094 548 544 560 828 7.8% Masswarehouse 195 794 195 783 217 907 231 021 18.0% Massbuild 436 538 449 212 456 313 468 155 5.8% Masscash 400 775 372 551 356 531 377 038 388 714 -3.2% SOURCE: Massmart Holdings

Store Footprint Non-SA Store Footprint Africa (Non-SA) continues to be a growth area for Massmart with 47 stores across 12 countries. Growth in portfolio remains strategic, 3 net new stores opened in FY2017 and 1 in FY2016 During FY2018 the Group opened 5 new stores, there were no closures Game opened 3 new stores, 2 in Ghana and 1 in Kenya taking the number of Game stores to 26 across 11 countries Massbuild opened 2 new stores, 1 Builders Express in Mozambique and 1 Builders Warehouse in Zambia, totalling 8 stores in 3 countries Masscash remains at 13 stores across 6 countries Botswana is the largest African market by store count with 11 stores (7 are Masscash), contributing 23% to the Non-SA store numbers Ghana doubled to 4 stores, now matching Nigeria and Namibia Swaziland is the only listed country to not have a Game store, it has 1 Masscash store Zambia has reported steady portfolio growth, with 1 – 2 new stores every year for the last four years Retail space increased +5.8% to 229,269m2 accounting for 14% of the Group’s trading space SOURCE: Massmart Holdings NOTE: Totals may vary due to source and timing

Trading Space as at the end of Dec 2021 Store Footprint Planned Store Numbers to December 2021 By the end of December 2021 Massmart have planned to have opened an additional 43 stores and increase their trading space by +7.6% to 1,774,263m2 30 SA stores and 13 Non-SA Stores Planned Stores to December 2021 Net New Stores Stores as at end of Dec 2021 Trading Space Growth Trading Space as at the end of Dec 2021 Massmart Group +43 479 +7.6% 1,774,263m2 Massdiscounters +14 185 +7.0% 600,225m2 Masswarehouse +1 22 +5.3% 243,328m2 Massbuild +11 125 +8.0% 505,466m2 Masscash +17 147 +9.4% 425,244m2 The additional 30 SA Stores are : 7 Massdiscounters (6 Game, 1 DionWired) to increase trading space +7.0% Masswarehouse: 1 Makro, +5.3% space 9 Builders (1 Builders Warehouse, 2 Express and 6 Superstores), +8.0% space 13 Masscash (all Retail) +9.4% space With CAPEX focus on IT and the slow SA economy the Group has reportedly begun curtailing new stores plans to focus on reducing working capital and manage cash flow Non-SA New Store Plan to December 2021 Game Builders Warehouse Masscash Retail Masscash Wholesale Total Non-SA 7 2 1 3 13 Zambia 5 Kenya 4 Lesotho Swaziland Botswana Namibia The additional 13 Non-SA Stores are to increase trading space by +17% (31% of the Group’s net new space) 1 : 7 Massdiscounters (all Game) 2 Builders (2 Builders Warehouse) 4 Masscash (1 Retail, 3 Wholesale) Zambia gaining 5 stores and 14,002m 2 trading space Kenya opening 4 stores ,including expanding into Builders Warehouse, gaining 14,002m 2 trading space SOURCE: Massmart Holdings NOTE: 1 CAGR (compound annual growth rate) is +7.8%

Maryla Masojada. |. Head Analyst Carey Leighton. | Maryla Masojada | Head Analyst Carey Leighton | Associate Economic Analyst