MAS REAL ESTATE INC - Cautionary announcement

Cautionary announcement

MAS Real Estate Inc.
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”)

CAUTIONARY ANNOUNCEMENT

Shareholders were advised in the Company’s interim financial statements for the 10 months ended
31 December 2013 and in its private placement memorandum issued on 10 February 2014 in connection with the
Company’s March 2014 capital raising, that the Company intends migrating its listing from the Alternative Exchange
(“AltX”) of the JSE Limited (“JSE”) to the JSE’s Main Board as soon as circumstances allow it to do so. The board of
directors of the Company are focused on progressing the migration as quickly as possible and are working with the
Company’s JSE sponsors, Java Capital, to achieve this.

Pursuant to this stated intention, the board of directors of MAS considers that it may be opportune to explore the
internalisation of the investment management function of the MAS group, which is currently undertaken externally by
MAS Property Advisors Limited in accordance with the terms of an investment advisory agreement.

Because of the strategic importance of any change in the structure of the management of MAS, shareholders are
advised to exercise caution when dealing in their MAS shares pending further announcements in this regard.

MAS 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.



4 August 2014

For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.                              +44 1624 625 000
Java Capital, South African corporate advisor and JSE Sponsor                      +27 11 283 0042
Charl Brand, M Partners, Luxembourg                                                +352 263 868 602

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