Issue and listing of new shares 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”) ISSUE AND LISTING OF NEW SHARES Shareholders are referred to the announcement published on the LuxSE website and JSE SENS on 3 October 2013 and the listing particulars issued on 12 December 2013, wherein it was detailed that the Company had entered into agreement to acquire shares (“the Acquisition”) in Karoo Investment Fund S.C.A SICAV-SIF and Karoo Investment Fund II S.C.A SICAV-SIF (collectively, “the Karoo Funds”). The agreement provided that if the realised proceeds attributable to MAS were greater than the net asset value of the Karoo Funds at the June 2013 reference date, an adjustment would be made to the purchase consideration for the acquisition, which would be settled through the issuance of new MAS shares to the vendor of the Karoo Funds. Accordingly, shareholders are advised that the board of the Company has approved the issue of 21 317 449 MAS shares of no par value at an issue price of EUR1.32087 per share (or R22.456 per share on the South African register) ("the Additional MAS Shares") to settle the purchase consideration for the Acquisition. The Additional MAS Shares have been issued and listed today, Friday, 11 March 2016 on the LuxSE and the JSE. Following the issue of the Additional MAS Shares, the issued share capital of MAS will comprise 315 773 079 shares. MAS is listed on the Euro MTF Market of the LuxSE and on the Main Board of the JSE. 11 March 2016 For further information please contact: Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625 000 Java Capital, JSE Sponsor +27 11 722 3050 Andrew Smith, M Partners, Luxembourg +352 263 868 610 Date: 11/03/2016 11:30:00 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.