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MSP - MAS PLC - Acquisition of 154-160 Sauchiehall Street, Glasgow and investment into Artisan Investment Projects 10 Limited MAS PLC (Incorporated in the Isle of Man) (Registration number 2893V) (Registered as an external company in the Republic of South Africa) (Registration number 2010/000338/10) JSE share code: MSP ISIN: IM00B4LFGH00 ("MAS" or the "Company") ACQUISITION OF 154-160 SAUCHIEHALL STREET, GLASGOW AND INVESTMENT INTO ARTISAN INVESTMENT PROJECTS 10 LIMITED INTRODUCTION Shareholders are advised that MAS, which has a primary listing on the Luxembourg Stock Exchange and a secondary listing on the Alternative Exchange of the JSE, has concluded two transactions as detailed below. Through its wholly-owned subsidiary Sauchiehall Street Properties 1 Limited, MAS has completed the acquisition of 154-160 Sauchiehall Street, Glasgow (the "Sauchiehall Street property"). The Sauchiehall Street property is a high street retail unit in one of Glasgow`s primary shopping locations. The purchase price for the Sauchiehall Street property was an amount of EUR5 939 500* (GBP5 000 000), before stamp duty and acquisition expenses. No debt has been used to fund the acquisition. In addition, MAS has concluded a subscription agreement in terms of which the Company has agreed to invest EUR6 533 450* (GBP5 500 000) in Artisan Investment Projects 10 Limited, the acquisition vehicle of vacant land (the "Caltongate property") in the heart of the Edinburgh old town ("Caltongate investment"). Both the acquisition of the Sauchiehall Street property and the Caltongate investment were funded from the proceeds raised in terms of the capital raising which was concluded in September 2011. RATIONALE FOR THE TRANSACTIONS Sauchiehall Street property MAS is of the view that the Glasgow retail market currently offers value for investors. Glasgow is the largest city in Scotland and the third largest in the UK with a resident population of 610,000 and a catchment population of some 2.3 million. It is also the UK`s second largest retail provider behind London. As a result, the management team conducted a detailed review of opportunities available in the market. This property ranked as the most favourable of several opportunities examined. The Sauchiehall Street property benefits from its close proximity to Buchanan Galleries, which anchors the north end of the city`s prime retailing thoroughfare of Buchanan Street. The Sauchiehall Street property is an A-class retail building located on one of Glasgow`s main boulevards with convenient access to the main parking facility in the area. The property benefits from 3 levels of space, with the ground and first floor exclusively for retail, and the second floor for storage of retail goods. The Sauchiehall Street property is currently tenanted by HMV UK with a guarantee from EMI Group plc. Therefore a strong income stream and asset management opportunities are present. It is expected that the acquisition of the Sauchiehall Street property will contribute to the growth in core income for the shareholders of MAS. Caltongate investment MAS has agreed to invest EUR6 533 450* (GBP5 500 000) as part of a consortium of investors into Artisan Investment Projects 10 Limited. This investment vehicle will be managed by a joint venture between Artisan Real Estate Investors Limited and Atterbury Asset Managers (Mauritius) Limited. The Caltongate property represents a substantial development opportunity in the most prominent gap site in the Edinburgh city centre. Planning is already in place for residential, hotel and commercial uses on the site. Development is expected to begin in 2012. SALIENT TERMS OF THE TRANSACTIONS AND CONDITIONS PRECEDENT Sauchiehall Street property acquisition The effective date of the acquisition was 14 December 2011. The current annual rent roll, paid quarterly in advance, is EUR445 463 (GBP375 000). Scottish heritable title has been acquired free of all encumbrances. All conditions precedent in respect of the acquisition of the Sauchiehall Street property have been fulfilled. Caltongate investment The subscription date for the investment into Artisan Investment Projects 10 Limited was 19 December 2011. In addition to acquiring the Scottish Heritable title on the aforementioned site, Artisan Investment Projects 10 Limited have approached the Edinburgh City Council to acquire further properties that are owned by the Council and this has been tabled for debate by the full Council on 22 December 2011. All conditions precedent in respect of the Caltongate investment have been fulfilled. THE PROPERTIES Details of the Sauchiehall Street property are as follows: Property Region Sector Weighted Rentable Purchase description average area price rental (m2) (EUR) per m2 154-160 Glasgow, Retail EUR465* 958.4 5 939 500* Sauchiehall Street Scotland The Caltongate property is currently a single tract of vacant land. * Figures as disclosed in euros, the functional currency of the Company. The assumed exchange rate at the close of business on 13 December 2011 is 1.1879 EUR/GBP. 20 December 2011 For further information please contact: MAS plc, Helen Cullen +44 1624 625000 Charl Brand, M Partners, Luxembourg +352 263868 Java Capital, South African Sponsor +27 11 283 0042 Date: 20/12/2011 14:00:16 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). 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