Update relating to director 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 LEI code: 213800T1TZPGQ7HS4Q13 (“MAS”, the “group” or the “company”) UPDATE RELATING TO DIRECTOR MAS announces that Lukas Nakos has informed the board of his intention to step down from his responsibilities as chief executive officer before the end of the next financial year. This decision was taken to allow Lukas to continue his defence of the ongoing regulatory action against him in the Isle of Man concerning directorships that are unrelated to and that pre-date the establishment of MAS, as announced by the company on 24 June 2016. Lukas continues to enjoy the support of the board and whilst there are no implications for the group from the actions pursued by the regulator, the disruptive effect of the legal proceedings and the impact of this on Lukas’ role as CEO of MAS, and his personal life, has brought Lukas to the decision to step down. Lukas believes this to be in the best interests of the company and a necessary step to enable him to continue his defence against the proceedings. The board regretfully takes notice of Lukas' decision and wishes to extend its gratitude for the capable leadership Lukas has provided to the business for the past 8 years. The strategy of the group remains unchanged and Lukas continues to operate with the full support of the board until a suitable candidate who can continue to drive the current strategy forward has been appointed and inducted. Further announcements regarding succession will be made as and when appropriate. The chairman, Ron Spencer, commented: “Lukas has made an immense contribution to the growth and development of MAS. Lukas joined the group as a founding partner in 2009 and has served as CEO since its inception. Lukas was instrumental in establishing MAS as a recognised and well respected real estate investment company on the JSE and Euro MTF and more recently in the group’s expansion into the Central and Eastern European region with the establishment of a strategic partnership with Prime Kapital. The board is immensely grateful to Lukas for his contribution to MAS over the past 8 years”. MAS is listed on the Main Board of the JSE and on the Euro MTF market of the Luxembourg Stock Exchange. 15 June 2017 For further information please contact: Malcolm Levy, 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: 15/06/2017 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.