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Wed 1 Dec 2004, 16:53 Notification of Subsidiary Director"s dealing in M
Massmart - 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 Holdings Limited have taken    
place by a director of a subsidiary company:                                    
Director:                     CR Surmon                                         
Subsidiary Company:           CBW                                               
Number of securities:         14,008                                            
Class of security:            Ordinary                                          
Nature of interest:           Direct, beneficial                                
Nature of transaction:        Sale                                              
Date:                         30 November 2004                                  
1.   Nature of transaction:   Exercise of options                               
     Price:                   R10.95 per option                                 
2.   Nature of transaction:   Sale of shares                                    
Price:                   R51.16 per share                                  
     Shareholding:            The shares sold represent 15.22% of Mr Surmon`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 Surmon  
                              still holds 78,054 shares or options              
The required clearance per section 3.66 of the JSE Listings Requirements was    
obtained.                                                                       
1 December 2004                                                                 
Johannesburg                                                                    
Sponsor to Massmart:                                                            
Deutsche Securities (SA) (Proprietary) Limited
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