MASSMART HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1940/014066/06) JSE Ordinary Share code: MSM ISIN: ZAE000029534 ("Massmart") WALMART INC. (Incorporated in the State of Delaware, United States of America) Traded on the New York Stock Exchange under the symbol "WMT" (acting through its indirect wholly-owned subsidiary Main Street 830 Proprietary Limited) (Registration number 2010/016839/07) ("Walmart") RESULTS OF THE GENERAL MEETING OF MASSMART SHAREHOLDERS Capitalised words and phrases in this announcement shall, unless the context indicates otherwise, bear the same meanings ascribed thereto in the combined circular to Massmart Shareholders dated Thursday, 22 September 2022 (“Circular”). 1. INTRODUCTION Shareholders are referred to the Circular regarding— (i) an offer by Walmart to acquire the Massmart Shares, other than those Shares held by Walmart and the Treasury Shares, by way of a scheme of arrangement in terms of section 114(1) read with section 115 of the Companies Act, or if the Scheme fails to be implemented in accordance with its terms, a Standby General Offer by Walmart to the Shareholders in terms of section 117(1)(c)(v) of the Companies Act and paragraph 1.15(c) of section 1 of the Listings Requirements; and (ii) the delisting of all the Massmart Shares from the main board of the JSE pursuant to the implementation of the Scheme, or, if the Scheme fails to be implemented, pursuant to the Delisting Resolution being approved and Standby General Offer being implemented, unless the provisions of section 124 of the Companies Act are invoked by Walmart then the delisting shall occur following the Standby General Offer being implemented. Shareholders are advised that at the General Meeting held today, Friday, 21 October 2022, convened to consider and approve the Scheme Resolution and the Delisting Resolution, all of the resolutions tabled were approved by the requisite majority of Massmart Shareholders present or represented by proxy and entitled to vote thereon. 2. RESULTS OF VOTING AT THE GENERAL MEETING The total number of Massmart Shares voted in person or by proxy at the General Meeting including abstentions was 56,678,646 representing 54.77% of Massmart’s issued shares that were entitled to vote. The voting results were as follows: TOTAL MASSMART SHARES VOTED ABSTAIN RESOLUTION NUMBER FOR AGAINST % 56,653,382 13,437 Special Resolution Number 1 56,666,819 being being 11827 being Approval of the Scheme being 99.98% of 0.02% of 0.01% of the Resolution in accordance with 54.76% of the the Massmart sections 114(1)(c) and 115(2)(a) of the Massmart Massmart Shares the Companies Act Massmart Shares Shares entitled to Shares entitled to entitled to vote entitled to vote vote vote Ordinary Resolution Number 1 56,668,329 55,943,122 725,207 10,317 being Approval for the Delisting Resolution in terms beingof paragraphs 1.15(a) and 1.16 of the Listingsin being 98.72% being 1.28% 0.01% of the accordance with paragraphs 1.15(a) 54.76% of of the of the Massmart and 1.16 of the Listing the Massmart Massmart Shares Requirements Massmart Shares Shares entitled to Shares entitled to entitled to vote entitled to vote vote vote 3. IMPLEMENTATION OF THE SCHEME The Scheme remains subject to the fulfilment or waiver, as applicable, of the remaining Scheme Conditions, as set out in the Circular. Shareholders will be provided with a further update in due course. 4. SALIENT DATES AND TIMES Shareholders are referred to the salient dates and times included in the Circular. The remaining salient dates and times are also set out below: If the Scheme is approved at the General Meeting: Last day for Ordinary Shareholders who have voted against the Friday, 28 October 2022 Scheme to require Massmart to seek Court approval for the Scheme in terms of section 115(3)(a) of the Companies Act if the Scheme is approved by Eligible Shareholders at the General Meeting but the Scheme Resolution was opposed by at least 15% of the voting rights that were exercised on the Scheme Resolution at the General Meeting (where applicable) on Last day for Ordinary Shareholders who have voted against the Friday, 4 November 2022 Scheme to be granted leave by a Court to apply for a review of the Scheme in terms of section 115(3)(b) of the Companies Act if the Scheme Resolution is approved by Eligible Shareholders at the General Meeting (where applicable) on Last day for Massmart to give notice of adoption of the Scheme Friday, 4 November 2022 Resolution approving the Scheme in terms of section 164(4) of the Companies Act to Dissenting Shareholders in accordance with section 164 of the Companies Act on If the Scheme becomes unconditional (the following dates assume that no Court approval or review of the Scheme is required and will be confirmed in the finalisation announcement if the Scheme becomes unconditional): Expected finalisation announcement with regard to the Scheme Friday, 4 November 2022 published on SENS (assuming no Ordinary Shareholder exercises their right in terms of section 115(3)(a) or section 115(3)(b) of the Companies Act) on or about Expected finalisation announcement published in the South African Monday, 7 November press on or about 2022 Expected last day to trade in Ordinary Shares on the JSE in order Tuesday, 15 November to participate in the Scheme on or about 2022 Expected suspension of the listing of the Ordinary Shares at the Wednesday, 16 commencement of trade on the JSE on or about November 2022 Expected Scheme Record Date, being the date on which Ordinary Friday, 18 November Shareholders must be recorded in the Register to participate in the 2022 Scheme, by close of trade on or about Expected Scheme Implementation Date on or about Monday, 21 November 2022 Scheme Consideration expected to be sent by EFT to Scheme Monday, 21 November Participants who are Certificated Shareholders and who have 2022 lodged their Form of Surrender and Transfer with the Transfer Secretary on or prior to 12:00 on the Scheme Record Date, on or about Dematerialised Scheme Participants expected to have their Monday, 21 November accounts with their Broker or CSDP credited with the Scheme 2022 Consideration on or about Expected date for the termination of listing of the Ordinary Shares Tuesday, 22 November in terms of the Scheme at commencement of trade on the JSE on 2022 or about If the Scheme does not become unconditional and the Standby General Offer is implemented: Expected finalisation announcement published on SENS on Friday, 21 October 2022 Expected Standby General Offer opening date on Monday, 24 October 2022 Expected last day to trade to take up the Standby General Offer on Tuesday, 1 November 2022 Expected suspension of the listing of the Ordinary Shares at the Wednesday, 2 November commencement of trade on the JSE on or about 2022 Expected Standby General Offer Record Date on Friday, 4 November 2022 Expected General Offer Closing Date on (forms to be submitted by Friday, 4 November 2022 12:00) Last date on which Standby General Offer Participants are Monday, 7 November expected to have their accounts with their Broker or CSDP credited 2022 with the Standby General Offer Consideration on or about Expected last Standby General Offer payment date on Monday, 7 November 2022 Expected termination of the listing of the Massmart Shares at Tuesday, 8 November commencement of trade on the JSE on 2022 Notes: 1. The above dates and times may be amended by Massmart and Walmart (subject to the approval of the JSE and/or the TRP, if required). The dates have been determined based on certain assumptions regarding the date by which certain Ordinary Shareholder and regulatory approvals will be obtained and that no Court approval or review of the Scheme Resolution will be required. 2. Any change in the dates and times will be published on SENS. 3. All dates and times quoted in this document are South African dates and times. 4. If any Ordinary Shareholder who votes against the Scheme Resolution exercises its rights in terms of section 115(3)(b) of the Companies Act and applies to Court for a review of the Scheme, the dates and times set out above will need to be amended. Ordinary Shareholders will be notified separately of the applicable dates and times under this process. 5. For the purpose of being eligible to participate in the (i) Standby General Offer, no Dematerialisation or re-materialisation of the Ordinary Shares may take place after Tuesday, 1 November 2022 or (ii) Scheme, no Dematerialisation or re-materialisation of the Ordinary Shares may take place after Tuesday, 15 November 2022. 6. The date of payment of the Scheme Consideration is expected to be Monday, 21 November 2022 in respect of Dematerialised Shareholders and in accordance with paragraph 10.4.2 of the Circular in respect of Certificated Shareholders. 7. Ordinary Shareholders should note that the Court is open during the December holiday period to accept applications and notices in terms of sections 115 and 164 of the Companies Act. 5. RESPONSIBILITY STATEMENTS The Massmart Board and Massmart Independent Board The Massmart Board and the Massmart Independent Board (to the extent that the information relates to Massmart) collectively and individually accept responsibility for the information contained in this announcement and certify that, to the best of their knowledge and belief, the information contained in this announcement relating to Massmart is true and this announcement does not omit anything that is likely to affect the importance of such information. Walmart Walmart (to the extent that the information relates to Walmart) accepts responsibility for the information contained in this announcement and certifies that, to the best of its knowledge and belief, the information contained in this announcement relating to Walmart is true and this announcement does not omit anything that is likely to affect the importance of such information. Johannesburg Friday, 21 October 2022 Financial Advisor and Transaction Sponsor to Massmart The Standard Bank of South Africa Limited Legal and Tax Advisor to Massmart ENSafrica Financial Advisor to Walmart Goldman Sachs International Legal and Tax Advisor to Walmart Webber Wentzel Independent Expert to Massmart PricewaterhouseCoopers Corporate Finance Proprietary Limited