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Investor Presentaiton

Perpetual bond Optimising our balance sheet 1 Massmart repaid $125m (~R2bn) of the existing Walmart Loan. This loan was classified as debt. Terms: Tenure Perpetual Value R2bn Interest 7.25% with an interest step up of 225bps on 31 December 2023 Walmart continued to demonstrate strong levels of support for Massmart. Replaced US$125m existing loan - subscribed to a perpetual fixed rate unsecured note • Treated as equity - Massmart Holdings Limited has no contractual obligation to deliver cash or any other financial asset(s) in any circumstances outside its control • Remaining US$117m Walmart loan: 6-month tenure, can be extended at the end of each tenure period 2 Walmart subscribed for the R2bn Massmart perpetual bond. The bond is classified as equity. Massmart powered by Walmart 20
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