Enhanced Investments - Financial Portal

Update on the Salient Dates and Times of the Standby General Offer

Published: 2022-10-24 16:42:34 ET

0B   MASSMART HOLDINGS LIMITED
1B   (Incorporated in the Republic of South Africa)
2B   (Registration number 1940/014066/06)
3B   JSE Ordinary Share code: MSM
4B   ISIN: ZAE000029534
5B   ("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")


UPDATE ON THE SALIENT DATES AND TIMES OF THE STANDBY GENERAL OFFER


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”).

Shareholders are referred to the results of the General Meeting published on SENS on Friday, 21
October 2022 in terms of which Shareholders were advised that all of the resolutions tabled at the
General Meeting were approved by the requisite majority of Massmart Shareholders present or
represented by proxy and entitled to vote thereon.

As set out in the announcement, 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.

The dates in relation to the Standby General Offer as published on Friday, 21 October 2022 are being
postponed. Shareholders will be kept informed in this regard to the extent that the Standby General
Offer becomes effective.

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 (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
Monday, 24 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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.