Agreement to lease on Caltongate Hotel concluded and sale of UK student residential property completed MAS Real Estate Inc. (formerly MAS plc) Registered in the British Virgin Islands Registration number 1750199 Registered as an external company in the Republic of South Africa Registration number 2010/000338/10 SEDOL (XLUX): B96VLJ5 SEDOL (ALTX): B96TSD2 JSE share code: MSP ISIN: VGG5884M1041 (“MAS” or the “Company”) AGREEMENT TO LEASE ON CALTONGATE HOTEL CONCLUDED AND SALE OF UK STUDENT RESIDENTIAL PROPERTY COMPLETED INTRODUCTION Shareholders are advised that MAS, which has its primary listing on the Euro MTF market of the Luxembourg Stock Exchange and a secondary listing on the Alternative Exchange of the JSE, has, through its wholly-owned subsidiary Artisan Investment Projects 10 Limited (“Artisan IP 10”), entered into an agreement to lease with Adagio Hotels UK Limited (“Adagio Agreement to Lease”), guaranteed by Accor SA and Pierre & Vacances SA (“Adagio”). Adagio will occupy the iconic hotel to be built fronting directly onto the Royal Mile in Edinburgh on the one side, and the newly built public square on the other. This hotel forms an integral part of the overall development, which includes a pedestrian-friendly urban hub mixing open public spaces with independent retailers, restaurants, and leisure offerings, as well as new homes and offices. In addition, through its wholly-owned subsidiary MAS (IOM) Holdings Limited, MAS has completed the sale of all the issued shares in Golden Cross Properties Limited which holds the Metchley Hall property situated in Birmingham, UK. RATIONALE AND SALIENT TERMS Adagio Agreement to Lease Adagio is a leading operator of aparthotels and is owned by Accor SA, the world's leading hotel operator and market leader in Europe, and Pierre & Vacances Center Parcs, the European leader in local tourism; both entities guarantee the lease. A high quality aparthotel offering on the Royal Mile is an integral part of the development of the former Caltongate site and the Adagio Agreement to Lease is an important step in the development of the scheme. The construction of the hotel is planned to start imminently. The Adagio Agreement to Lease is conditional upon the tenant obtaining a satisfactory premises license as well as the actual construction of the hotel. Metchley Hall Disposal The Company purchased the disused Golden Cross pub in 2010 and constructed the 67 bed student property to be ready in time for the student intake in September 2011. After a period of stabilisation of the asset, the directors have considered it appropriate to exit the student accommodation sector whilst the market cycle remains strong. This announcement is voluntary and is for information purposes only. 31 March 2014 For further information please contact: Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625000 Java Capital, JSE Sponsor +27 11 2830042 Charl Brand, M Partners, Luxembourg +352 263868602 Date: 31/03/2014 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.