Trade Profile | History | 2017/2018 Publication date: May 2018 Next publication: May 2019 Trade Profile | History | 2017/2018

History Year Event 1970 The first Game store opens in Durban The first Dion store opened in Yeoville by entrepreneur Dion Friedland 1971 Makro Germiston opens as a partnership between Dutch Group SHV & Rennies. This was the first mass merchandise cash & carry store in South Africa Makro operates on a two-card system whereby traders were issued with a general 'passport' affording them access to the entire store, while non-food customers make use of a non-food 'passport' giving them access to non-food and liquor merchandise only 1973 Shield Buying & Distribution is incorporated by its four founding members 1974 The Makro Dutch SHV management team is replaced by a Rennies team 1980’s Makro removes the barriers between food and non-food purchasing 1990 Massmart is founded, with Makro (6 stores), Massmart’s multi chain, organic and acquisitive growth strategy is formulated 1992 Massmart acquires Shield (with 378 members) as well as Drop Inn 1993 Makro acquires Dion (20 stores) 1996 SHV increases its shareholding with a sale of 25% of Massmart to SHV 1997 Massmart acquires Makro franchisee in Zimbabwe 1998 Massmart acquires Game (26 stores) Massmart acquires 51% of CCW (14 stores)

History Year Event 1999 Massdiscounters is formed to integrate and rationalise Dion and Game 2000 Massmart is listed on the Johannesburg Securities Exchange 2001 Massmart acquires Jumbo (6 stores), a wholesale cash & carry family business 2002 Massmart acquires wholesaler Browns and Weirs (22 stores) The Massmart Group is restructured into four divisions. Furnex is acquired (390 members) Wooltru unbundles its 41% shareholding in Massmart 2003 Massmart integrates Furnex into Masstrade, Massmart’s voluntary buying association division Builders Warehouse (5 outlets) and Tile Warehouse (4 outlets) are acquired 2004 Massmart acquires three independent cash and carry businesses with CBW (9 stores) SHV sells its 31% shareholding in Massmart 2005 Massmart acquires De Lay Rey (3 stores), Servistar (14 stores) and Federated Timber (34 stores) Builders Warehouse and Tile Warehouse, together with De Lay Rey, Servistar and Federated Timber, are restructured to form a new division of Massmart division called Massbuild Game Kampala in Uganda is opened in June Game Maputo opens in December 2006 In February, Massmart sells Furnex to a consortium 2007 DionWired is launched Masscash Retail Cash & Carry division is launched

History Year Event 2008 Massmart acquires Cambridge Foods (6 stores) in December 2009 Massmart acquires Buildrite (3 stores) in June 2010 Walmart expresses a non-binding interest in buying 51% of Massmart 2011 In June shareholders and the competition commission approve Walmart’s acquisition of 51% of Massmart Massmart achieves level 3 BBBEE rating 2012 Massmart acquires Fruitspot in January and Rhino Cash & Carry in March Following an appeal to the Competition Commission the Walmart-Massmart merger is finally finalised - Competition Appeal Court approves Massmart-Walmart merger on 9 March 2012 2013 Massmart acquires seven Makro stores Robin Wright appointed as Divisional Chief Executive of Massdiscounters in June 2013 2014 Grant Pattison resigns as CEO of Massmart and is replaced by Guy Hayward Mark Lamberti resigns as Non-Executive Chairman of the Massmart board, he is replaced by Kuseni Dlamini 2015 Johannes van Lierop appointed Chief Financial Officer March 2015 Makro launches Click-and-Collect locker system Jane Bruyns joins executive committee in May 2015 as Group Human Capital Executive Massmart opens 400th store Gerhard Hayes joins Massmart as the Group Financial Services Executive in October 2015

History Year Event Makro opens 20th store 2016 Albert Voogt appointed as Divisional Chief Executive of Massdiscounters in August 2016 2017 Builders Warehouse North Riding opens green store, powered by renewable energy Makro launches a loyalty rewards programme called mRewards Massmart launches a first of its kind Urban Bookshelf in Orland Soweto Team Massmart Athletics Club launched promoting women athletics Makro Springfield revamp complete – with roll out of solar panels Makro acquires majority stake in last-mile delivery start-up Wumdrop Flagship store of the 21st century Makro Riversands opens doors on 29th November Makro Marketplace launched 2018 Competition Tribunal has dismissed a claim brought by Massmart accusing SA Grocery Retailers of anti- competitive behaviour in malls Global Gold Award: Department Store: Makro Riversands voted Retail Shop  of the year in 2018

Maryla Masojada | Head Analyst Tarryn Butler | Senior Retail Analyst