Investor Presentaiton

Management assumptions used Estimated lost sales and estimated lost margin • The civil unrest lost sales impact was estimated at a store specific level. To estimate the impact, the YTD sales trends, prior to the civil unrest, of these stores were assessed; including the expected sales trend of that store, in comparison to underlying performance in 2020 and store level plans. Where it was noted that there were specific deflection of sales to neighbouring stores, the impact of deflected sales was also taken into account, effectively reducing the loss in sales estimate. Lost trading profit was calculated by applying the YTD average achieved margin for each store, up to the point of the civil unrest, to the estimated lost sales. The Covid-19 lost sales impact was estimated at a store specific level. To estimate the impact, we applied the expected sales trend of that store, in comparison to underlying performance in periods where trading was permitted and to store level plans. Where it was noted that there was a pent-up demand impact, this was also taken into account, effectively reducing the loss in sales estimate. Lost trading profit was calculated by applying the achieved margin for the period immediately preceding the restriction to the estimated lost sales value. • The information is provided only to allow for a more meaningful comparison of performance based on Management's best estimate. • This information on which our assumptions are based has not been reviewed and reported on by the Company's external auditors. Massmart powered by Walmart>< 44

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