Cash payment in respect of fractional entitlement

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
SEDOL (EMTF): B96VLJ5
SEDOL (JSE): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
LEI: 213800T1TZPGQ7HS4Q13
(“MAS” or the “Company")

CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENT

Shareholders are referred to previous announcements relating to the interim distribution for the six month period ended
31 December 2017 (the “Distribution”), the last of which was released on 13 March 2018.

Where a shareholder will receive the Distribution by way of an issue of new ordinary shares in MAS, any entitlement
which results in a fractional share will be rounded down to the nearest whole number, with a cash payment made to the
relevant shareholder in respect of the fraction (“Cash Payment”).

In accordance with the requirements of the JSE Limited (“JSE”), the value of a MAS share to be utilised in determining
the Cash Payment due to shareholders has been determined with reference to the volume weighted average traded
price of a MAS share on the JSE on Tuesday, 27 March 2018, discounted by 10%. On this basis, shareholders are
advised that the gross value of a MAS share to be utilised in determining the Cash Payment due to shareholders is
ZAR 19.68. For shareholders on the European register, this gross value is EUR 1.34558, being the aforementioned
Rand value converted to Euro at the Conversion Rate of EUR1.00: ZAR 14.6257 announced on Tuesday, 13 March
2018.

The receipt of the Cash Payment may have tax implications for shareholders. For those South African resident
shareholders receiving the Cash Payment, such amount may be regarded as a foreign dividend and, if it is, may be
subject to South African dividends tax at a rate of 20%, unless an exemption as set out in the South African Income Tax
legislation applies. For shareholders liable to pay dividends tax at the rate of 20%, the net value of a MAS share to be
utilised in determining the Cash Payment due to shareholders is ZAR 15.74.

Example of scrip dividend entitlement:

Assuming that a shareholder holds 100 MAS shares at the close of business on the record date, being Thursday,
29 March 2018, and will receive the Distribution by way of an issue of new ordinary shares in MAS in respect of all of
their shareholding, such shareholder is entitled to receive 2.31869 new MAS shares. Applying the rounding principles
above, such shareholder will receive 2 new MAS shares and a Cash Payment (after tax) in respect of the fractional
entitlement of 0.31869 x ZAR 15.74 = ZAR 5.02.

There is no withholding tax payable in the British Virgin Islands.

The salient dates and times announced on Wednesday, 7 March 2018 remain unchanged.

MAS is listed on the Main Board of the JSE and is listed and admitted to trading on the Euro MTF market of the
Luxembourg Stock Exchange.

28 March 2018

For further information please contact:
                                                                           Telephone
Helen Cullen, Company Secretary, MAS Real Estate Inc.                      +44 1624 625 000
Java Capital, JSE sponsor                                                  +27 11 722 3050
Charl Brand, M Partners, Luxembourg                                        +352 263 868 602

Date: 28/03/2018 04:15:00 
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