MAS PLC - Strategy and dividend policy update, appointment of chairman and LINED, and reconstitution of board committees

Strategy and dividend policy update, appointment of chairman and LINED, and reconstitution of board committees

MAS P.L.C.
Registered in Malta
Registration number C 99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
("MAS", or the "Company")



STRATEGY AND DIVIDEND POLICY UPDATE, APPOINTMENT OF CHAIRMAN AND LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR,
                                 AND RECONSTITUTION OF BOARD COMMITTEES


Following the first meeting of the newly reconstituted Board of Directors ("Board"), MAS wishes to provide shareholders with an update on its
strategy and dividend policy, as well as to inform shareholders of the election of a Chairman and Lead Independent Non-Executive Director
("LINED"), and the reconstitution of the Board committees.

Strategy and Dividend Policy Update

MAS remains committed to maximising total long-term returns per share, while maintaining an acceptable risk profile and moderate to low debt
levels. Since 2019, the Company's activities have been focused primarily on Romanian real estate. Looking ahead, MAS will continue to pursue
attractive opportunities in this market while also, on a gradual and carefully considered basis, expanding its investment activity into areas beyond
real estate and into other geographies where superior value can be created.

To support this strategy, MAS is recycling capital by disposing of properties expected to deliver lower returns than new investment opportunities.
Capital will therefore be redeployed where it can generate enhanced long-term value.

In parallel, the Company is strengthening its balance sheet. MAS is in the process of repaying its 2026 bond ahead of schedule. Development
Joint Venture ("DJV") has redeemed €75.9million of preferred equity to MAS, which investment DJV retains the right to recall by notice.

The Board stated, prior to its reconstitution, that it is firmly committed to resuming dividend payments at a sustainable pay-out ratio over the
medium to long-term, provided that such payments are consistent with the relative attractiveness of investment opportunities available at the
time. The reconstituted Board has adopted a different approach: its decisions regarding dividends are guided first and foremost by the objective
of maximising long term shareholder value on a per share basis.

Accordingly, MAS intends to prioritise the most attractive investment opportunities - including investment in MAS itself through accretive share
buybacks - over other uses of capital, including dividends. Dividends will therefore only be considered if no superior investment opportunities are
available to create shareholder value, including through buybacks.

Election of Chairman and LINED

The Board of Directors has elected Martin Slabbert as Chairman of the Board, and Dewald Joubert as LINED with effect from 9 October 2025.

Reconstituted Board Committees

The Board has, with effect from the same date, reconstituted its committees as follows:
• Audit and Risk Committee: Yovav Carmi (Chair), George Mucibabici, Dewald Joubert
• Investment Committee: George Mucibabici (Chair), Martin Slabbert, Mihail Vasilescu
• Remuneration and Nomination Committee: Dan Pascariu (Chair), Mihail Vasilescu, Nevenka Cresnar Pergar
• Environmental, Social and Ethics Committee: Nevenka Cresnar Pergar (Chair), Dan Pascariu, Yovav Carmi


10 October 2025

For further information please contact:
   Irina Grigore, MAS P.L.C.                                       +356 27 66 36 91
   PSG Capital, JSE Sponsor                                        +27 010 978 2434

Date: 10-10-2025 05:30:00
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