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Fri 19 Nov 2004, 12:15 NOTIFICATION OF SUBSIDIARY DIRECTOR"S DEALING IN
MASSMART - NOTIFICATION OF SUBSIDIARY DIRECTOR`S DEALING IN SECURITIES          
MASSMART HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 1940/014066/06)                                            
(Share code:MSM))                                                               
(ISIN: ZAE000029534)                                                            
(`Massmart`)                                                                    
NOTIFICATION OF SUBSIDIARY DIRECTOR`S DEALING IN MASSMART HOLDINGS LIMITED      
SECURITIES                                                                      
In compliance with rule 3.63 to 3.74 of the JSE Listings Requirements, the      
following dealings in the securities of Massmart Holdings Limited have taken    
place by a director of a subsidiary company:                                    
Director:                          GVW Lourens                                  
Subsidiary Company:                Makro                                        
Number of securities:              25,000                                       
Class of security:                 Ordinary                                     
Nature of interest:                Direct, beneficial                           
Nature of transaction:             Sale                                         
Date:                              18 November 2004                             
1.   Nature of transaction:        Sale of shares                               
     Price:                        R46.68 per share                             
     Shareholding:                 The shares sold represent 15.63% of Mr       
                                   Lourens` Massmart shareholding comprising    
direct purchases and/or shares acquired in   
                                   terms of the rules of the Massmart Holdings  
                                   Limited Employee Share Trust.  After the     
                                   abovementioned sale, Mr Lourens` still holds 
134,961 shares or options.                   
The required clearance per section 3.66 of the JSE Listings Requirements was    
obtained.                                                                       
19 November 2004                                                                
Johannesburg                                                                    
Sponsor to Massmart:                                                            
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 19/11/2004 11:35:34 AM            
Produced by the JSE SENS Department
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