History Report Publication date: November 2018 Next publication: December 2019 History Report

History Year Key Milestone 2018 February – Masscash Retail and Wholesale merge into one entity Consolidation of management and buying structures and relocation to Johannesburg 2017 Total Masscash turnover increased +7.5% for FY2016 to R31,748.1 m May - Jumbo Wholesale Crown Mines re-opens after burning down in February 2016 Jumbo Wholesale rebranding exercise begins with Crown Mines - all Masscash Wholesale stores to be known as Jumbo Wholesale going forward Route-to-Market Project undergoes successful pilot, roll-out plan put in place for 2017/18 2016 Masscash saw sales growth of +6.1% to R29.53bn for FY2015, becoming the largest contributor to turnover in the Massmart Group at 34.9% Three-tiered buying structure implemented Continued with a programme to reconfigure assets for enhanced efficiencies at both store and fleet level Integration of integration of ARCH Enterprise system continues 2015 Masscash’s implementation of the regionalised buying model, together with the redesign of the outbound supply chain and the effective configuration of store and fleet assets has received significant focus and is firmly in place Masscash, trading in a highly competitive wholesale and retail food environment saw the division’s share of turnover decline to 34.8% in HY2015 from 36% in HY2014 Total Masscash turnover increased +4.8% to R13.54bn (HY2014: +8.7%) Like-for-like sales grew by +3.9%

History Year Key Milestone 2014 HY2014 Total Masscash turnover increased +8.7% to R12.9bn Like-for-like sales grew by +6.8% Masscash Wholesale comparable store sales +6.7% Masscash Wholesale South Africa sales grew by +1.4% Masscash Wholesale Non-SA sales grew by +12% 2013 April - Saverite store opens in Xai Xai, Mozambique, largest wholesale outlet, at 5,500 Sq. m, in Mozambique outside of Maputo June - OK Zimbabwe signs agreement with Kawena for a similar arrangement for the Zimbabwean market whereby Zimbabweans purchase grocery goods for transport back to family & friends at home 1 Retail store and 1 wholesale store opened in the period Jan-June 2013 Net trading space increased by 6,777m² (1.7%) July - Sales Update for the 26 weeks to 23 June 2013; Masscash sales increased by 5.6% (4.2% comparable) with inflation of 4.6%.

History Year Key Milestone 2012 March – completed the acquisition of Rhino Cash & Carry, with 15 stores across KZN and the Eastern Cape - 4 new Rhino store openings planned for the next 18 months Purchased the remaining minority shareholding of Rahme, the Masscash Johannesburg-based fruit and veg distribution business and took control of all operational aspects. Rahme now forms a key part of the Group’s produce initiative being run as Massfresh. In the process of selling Kawena back to original shareholders – based on non-delivery of expected supply chain efficiencies. Assets and liabilities have been classified as “held for sale” in the statement of financial position. However, Masscash believes that opportunities remain for Masscash and the Kawena owners to work together in the areas of logistics, distribution and warehousing in Mozambique The Saverite franchise base increases to 104 stores, with further growth in store numbers expected going forward Successfully piloted an enhanced buying functionality for Saverite members and pilot tested the integration of cash and carry and Shield deals into the Saverite members’ buying system, giving them the ability to order inventory off their system December - with the help of Absa's enterprise development unit, Masscash announces plans to open as many as 2,500 Fair Priced banner retail outlets in South African townships over the next 2-3 years

History Year Key Milestone 2011 Saverite retail brand grows to 80 members with plans to increase to 200 members over 3 years 54 new private label products launched – Econo now largest private label brand in the Massmart Group Arch IT system roll-out complete – all 80 stores operating off 1 central stock file Masscash HIV & AIDS employee progamme launched in support of the Massmart Impilo project 2010 The division purchases the remaining 49% in Cambridge Foods, a controlling interest in Sunshine Supermarkets and a controlling interest in Astor (a combination of retail & wholesale outlets) CellShack sold in the belief that the it did not fit within the core Masscash business model Controlling interests in DF Scott, Finro and Mikeva purchased – all wholesale businesses operating within the Eastern and Western Cape Arch system successfully implemented across a total of 70 stores 2009 Arch system roll-out continues into a total of 33 stores Top Spot & 2 Sunshine Supermarket stores acquired 2008 Kawena, a mining concession business (approximately 30 years old), acquired by Masscash. targeting migrant labor in SA and aimed as a base from which to expand the division’s retail & wholesale footprint in Mozambique The development of new retail franchise model namely Saverite, begins December – 6 KZN-based Cambridge Foods stores acquired, continuing the Masscash drive into retail cash & carry April - Arch Retail Management System roll-out begins

History Year Key Milestone 2007/8 Jumbo and Shield management teams integrated into Masscash with responsibility for CBW, Jumbo and Shield Thaba Cash & Carry (3 stores) acquired, spearheading the retail/wholesale hybrid model strategy 2006 Furnex disposed of due to potential conflict of the roll-out of smaller Game stores with the customers of Furnex 2005 Cellshack acquired – trading within the South African cellular wholesale market 2004 After significant restructuring in August 2004, Shield and Furnex shifted to fall within the Masscash division 2003 Trident, a Botswana-based wholesaler with six stores, acquired 2001 April - Family-owned, Jumbo Cash & Carry business acquired July – 22 Browns Cash & Carry and Weirs Cash & Carry stores acquired CBW formed from the combination of CCW, Jumbo and Browns & Weirs, a group of wholesale cash & carry outlets trading as independently branded stores and selling to independent traders operating in the lower LSM’s 1998 June - 14 CCW (Cash & Carry Wholesalers) stores acquired 1992 Massmart (Pty) Ltd, then a Wooltru subsidiary, acquired a controlling interest in Shield (and subsequently 100%) to form the Masstrade division comprising Shield and Furnex 1983 Shield concept extended to include retail stores 1973 Shield founded by a group of entrepreneurs who identified the need to assist independent wholesale outlets to effectively compete against recognised wholesale chains

Maryla Masojada | Lead Analyst Kate Shirley | Retail Analyst