Stock Exchange News Service

Dealings in securities by a director and by an associate of a director of MAS

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”)

DEALINGS IN SECURITIES BY A DIRECTOR AND BY AN ASSOCIATE OF A DIRECTOR OF MAS

Shareholders are advised of the following information relating to dealings in securities by a director and by an associate
of a director of MAS pursuant to the distribution election in respect of the interim distribution for the six month period
ended 31 December 2017, as announced on 13 March 2018, whereby the default option was the issue of new MAS
shares at a price of ZAR 22.58172/ EUR 1.54398 per share (“the distribution election”): Transaction dates for the
purposes of the JSE are taken as being the record date for the distribution election.

 Name of director:                                       Ronald Spencer
 Transaction date:                                       29 March 2018
 Class of securities:                                    Ordinary shares
 Number of securities:                                   273
 Price per security:                                     EUR 1.54398
 Total value of transaction:                             EUR 421.51
 Nature of transaction:                                  Off-market receipt of ordinary shares in terms of the default
                                                         option under the distribution election
 Nature and extent of director's interest:               Direct beneficial
 Clearance to deal received:                             Yes

 Name of associate:                                      Marie Goosen
 Name of director and relationship:                      Pierre Goosen, spouse of Marie Goosen
 Transaction date:                                       29 March 2018
 Class of securities:                                    Ordinary shares
 Number of securities:                                   1 057
 Price per security:                                     ZAR 22.58172
 Total value of transaction:                             ZAR 23 868.88
 Nature of transaction:                                  Off-market receipt of ordinary shares in terms of the default
                                                         option under the distribution election
 Nature and extent of director's interest:               Indirect beneficial

In accordance with the requirements of the EU Market Abuse Regulation, the notification and public disclosure of
transactions by persons discharging managerial responsibilities and persons closely associated with them is set out
below. Transaction dates for the purposes of the EU Market Abuse Regulations in the case of a receipt of shares under
the distribution election are taken as being the date of issue and listing of the shares relating to the distribution 
election.

 1.   Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                         Ronald Spencer
 2.   Reason for the notification
 a)   Position / status                Director
 b)   Initial notification /           Initial notification
      amendment
 3.   Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
      monitor
 a)   Name                          MAS Real Estate Inc.
 b)   LEI                           213800T1TZPGQ7HS4Q13
 4.   Details of the transaction(s)
      section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
      each place where transactions have been conducted
 a)   Description of the financial   Ordinary Shares
      instrument, type of
      instrument
      Identification code           ISIN: VGG5884M1041
 b)   Nature of the transaction     Receipt of ordinary shares in terms of the default option under the
                                    distribution election
 c)   Price(s) and volume(s)        Price(s)                                                         Volume(s)
                                    Price per Security: EUR 1.54398                                  273
 d)   Aggregated information
      — Aggregated volume           273
      — Price                       EUR 1.54398
 e)   Date of the transaction       2018-04-06
 f)   Place of the transaction      Outside trading venue

 1.   Details of the person discharging managerial responsibilities/person closely associated
 a)   Name                         Marie Goosen
 2.   Reason for the notification
 a)   Position / status             Person Closely Associated with a Person Discharging Managerial
                                    Responsibilities – Spouse of Pierre Goosen, director
 b)   Initial notification /        Initial notification
      amendment
 3.   Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction
      monitor
 a)   Name                          MAS Real Estate Inc.
 b)   LEI                           213800T1TZPGQ7HS4Q13
 4.   Details of the transaction(s)
      section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)
      each place where transactions have been conducted
 a)   Description of the financial   Ordinary Shares
      instrument, type of
      instrument
      Identification code            ISIN: VGG5884M1041
 b)   Nature of the transaction      Receipt of ordinary shares in terms of the default option under the
                                     distribution election
 c)   Price(s) and volume(s)         Price(s)                                                         Volume(s)
                                     Price per Security: ZAR 22.58172                                 1 057
 d)   Aggregated information
      — Aggregated volume            1 057
      — Price                        ZAR 22.58172
 e)   Date of the transaction        2018-04-06
 f)   Place of the transaction       Outside trading venue

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.

6 April 2018
                                                                          Telephone
 Helen Cullen, Company Secretary, MAS Real Estate Inc.                    +44 1624 625 000
 Java Capital, South African corporate advisor and JSE sponsor            +27 11 722 3050
 Charl Brand, M Partners, LuxSE listing agent                             +352 263 868 602

Date: 06/04/2018 05:26:00 
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