Update to the Prime Kapital Development Joint Venture 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” or the “company”) UPDATE TO THE PRIME KAPITAL DEVELOPMENT JOINT VENTURE 1. INTRODUCTION On 2 March 2016, MAS announced that it had entered into a Development Joint Venture with Prime Kapital (“the Development JV”) focused on commercial opportunities in Central and Eastern Europe (“CEE”). The development opportunities acquired by and available to the Development JV have substantially exceeded initial expectations, with the Development JV now targeting in excess of EUR1 billion of high quality developments across CEE. In order to fund this pipeline, MAS has increased its commitment to the Development JV from EUR200 million to up to a maximum of EUR350 million of preference share capital, on the same terms as the previous commitment. MAS’ equity stake in the Development JV remains at 40%. The increased commitment accompanies an expansion of the scope of the Development JV to include residential developments. 2. RATIONALE The market opportunity in CEE remains compelling, with the Development JV offering many benefits to MAS, including the following: i. Access to high growth, euro denominated jurisdictions, with improving capital markets and investor sentiment and sufficient scale to impact significantly upon MAS’ future growth potential; ii. Access to good quality assets with higher income and capital returns, and growth in such returns, that are not readily available at this point in the cycle in Western European markets; iii. Access to an experienced team with a proven track record of delivery in the CEE market, in a manner that ensures MAS’ exclusive access to them for this investment strategy (being development and redevelopment of commercial and residential real estate assets in CEE); iv. Strong alignment of interest through Prime Kapital’s long-term co-investment; and v. Speed to market, given the experience of Prime Kapital’s management team and established pipeline in this region. The expansion of the Development JV further strengthens the relationship between Prime Kapital and MAS. 3. RESIDENTIAL OPPORTUNITY The shortage of modern, high quality residential accommodation in capital cities across CEE provides a further opportunity to benefit from high growth markets in which the purchasing power of residents is increasing strongly. The Prime Kapital team is well placed to leverage its experience in CEE to exploit this opportunity. Profits from the sale of completed residential developments will be used to support and drive distributions and distribution growth in the periods ahead. This announcement is voluntary and for information purposes only. MAS is listed on the Main Board of the JSE and on the Euro MTF market of the Luxembourg Stock Exchange. 3 August 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: 03/08/2017 10:37:00 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.