Change in the nature of a director’s holdings of the company’s securities 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 (EMTF): B96VLJ5 SEDOL (JSE): B96TSD2 JSE share code: MSP ISIN: VGG5884M1041 (“MAS” or the “Company”) CHANGE IN THE NATURE OF A DIRECTOR’S HOLDINGS OF THE COMPANY’S SECURITIES Further to the announcement released on 22 March 2017, shareholders are advised that the dealing in securities of MAS by Gideon Oosthuizen as part of a subscription for shares pursuant to a book build process undertaken by the Company on 17 March 2017 is now being effected through Gondomark (Pty) Ltd, which is 100% beneficially held by Gideon Oosthuizen. Name of associate: Gondomark (Pty) Ltd Transaction date: 17 March 2017 Class of securities: Ordinary shares Number of securities: 240 000 Price per security: ZAR 21.00 Total value of transaction: ZAR 5 040 000.00 Nature of transaction: Off-market subscription for shares Nature and extent of director's interest: Indirect beneficial Clearance to deal received: Not applicable In accordance with the requirements of the EU Market Abuse Regulation, the notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them is set out below: NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 1. Details of the person discharging managerial responsibilities/person closely associated a) Name Gondomark (Pty) Ltd 2. Reason for the notification a) Position / status Person Closely Associated with a Person Discharging Managerial Responsibilities – which is 100% beneficially held by Gideon Oosthuizen b) Initial notification / Amendment – Gideon Oosthuizen, a PDMR of the Issuer, wishes for the amendment shares, which were acquired through an off-market purchase, to be registered in the name of Gondomark (Pty) Ltd, a private limited liability company of which he is the sole beneficial owner, and not in his personal capacity as was announced on the Luxembourg Stock Exchange website and reported to the Commission de Surveillance du Secteur Financier on 22 March 2017 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name MAS Real Estate Inc. b) LEI 4. Details of the transaction(s) section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the Ordinary Shares financial instrument, type of instrument Identification code ISIN: VGG5884M1041 b) Nature of the transaction Off-market purchase of ordinary shares c) Price(s) and volume(s) Price(s) Volume(s) Price per Security: ZAR 21.00 240 000 d) Aggregated information — Aggregated volume 240 000 — Price ZAR 21.00 e) Date of the transaction 17 March 2017 f) Place of the transaction Outside trading venue MAS holds a dual primary listing on the Main Board of the JSE and the Euro MTF Market of the LuxSE. 29 March 2017 For further information please contact: Sarah King, Acting Company Secretary, MAS Real Estate Inc. +44 1624 625000 Java Capital, JSE Sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg +352 263 868 602 Date: 29/03/2017 02:30:00 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.