Wal-Mart Stores

:

Massmart Holdings (51%)

Dealogic Deal #  :

708049

Data as of :

11/29/2010

Target

Acquiror

Dates & Values

Massmart Holdings (51%)

Wal-Mart Stores

Target:

51

% stake

Buying:

51

% stake

Rumored

-

Deal Value $m

2,328.2

JO

MSM

201

m shares outstanding

Public (Listed)

Announced

27th Sep 2010

Value ex Debt $m

2,328.2

South Africa

United States

Retail

Retail

Expected

4Q 2010

Consideration

Goldman Sachs | Advisor

JPMorgan | Advisor

Completed

-

Deutsche Bank | Advisor

Rothschild | Advisor

Edward nathan | Attorney

Morgan Stanley | Fairness Opinion

Withdrawn

-

Webber Wentzel | Attorney

Termination Fee, Target $m

tbd

Termination Fee, Acquiror $m

tbd

Financials

30th Jun 2010

Balance Sheet

Debt/Equity:

3

Timeline Events

Premiums & Multiples

Initial Offer

SAR 148.00

Current Offer

SAR 148.00

Income Statement

Cash Flows

Operations $m

179

Profitability

Profit Margin

4%

Return on Equity

34%

League Table Impact

Sector Trend

2010 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Retail

1

Morgan Stanley

506.7

2

Goldman Sachs

482.1

3

JPMorgan

424.5

4

Credit Suisse

402.1

5

BOA Merrill Lynch

322.9

6

Deutsche Bank

322.0

7

Citi

307.7

8

UBS

304.9

9

Barclays Capital

291.4

10

Rothschild

254.0

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