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Tue 23 Nov 2004, 10:44 NOTIFICATION OF SUBSIDIARY DIRECTOR"S DEALING IN
MASSMART HOLDINGS LIMITED - NOTIFICATION OF SUBSIDIARY DIRECTOR`S DEALING IN    
MASSMART HOLDINGS LIMITED 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 have taken place by a director 
of a subsidiary company:                                                        
Director:                          RM Barrell                                   
Subsidiary Company:                Massdiscounters                              
Number of securities:              12,500                                       
Class of security:                 Ordinary                                     
Nature of interest:                Direct, beneficial                           
Nature of transaction:             Sale                                         
Date:                              22 November 2004                             
1.   Nature of transaction:        Exercise of options                          
Price:                             R12.25 per option                            
2.   Nature of transaction:        Sale of shares                               
Price:                             R48.19 per share                             
Total transaction value:           R602 375                                     
Shareholding:                      The shares sold represent 10.43% of Mr       
                                   Barrell`s 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 Barrell still holds  
107,365 shares or options                    
The required clearance per section 3.66 of the Listings Requirements was        
obtained.                                                                       
23 November 2004                                                                
Johannesburg                                                                    
Sponsor to Massmart:                                                            
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 23/11/2004 10:27:53 AM                   
Produced by the JSE SENS Department                                             
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