Forward sale of pre-let UK government office in Edinburgh 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” or “the Group”) FORWARD SALE OF PRE-LET UK GOVERNMENT OFFICE IN EDINBURGH Shareholders are referred to the announcement dated 13 July 2017, wherein MAS announced that it had, through its wholly-owned subsidiary, New Waverley 20 Limited, entered into a lease with the UK government (“the pre-let agreement”) for the office component of the New Waverley development in Edinburgh, Scotland (“the pre-let office”). The pre-let agreement encompasses a lease, with a UK government guarantee, for a term of 25 years commencing upon practical completion of the development. The lease has a tenant break at year 20 and option to extend for a further 10 years. The 189,111 sq ft development is expected to complete in June 2019. Shareholders are hereby advised that New Waverley 20 Limited entered into an agreement to dispose of the office land at New Waverley to Legal & General and to develop the pre-let office on a forward-sold basis for Legal & General (the “Forward Funding Agreement”). The Forward Funding Agreement provides for funds to be drawn down by the Company, as developer, from Legal & General against development costs incurred. New Waverley 20 Limited will initially receive the land value of £20.8 million (approximately €23.5 million) upon disposal of the office land, with further development profits payable upon practical completion. The transaction reflects the strong income stream, covenant strength and rare prime city centre development opportunity afforded by the New Waverley development. The risk-free nature of the income stream from the UK government lease and guarantee has attracted significant interest from large institutional investors. The disposal facilitates the recycling of capital into further opportunities as part of the Group’s stated investment strategy. This announcement is voluntary and for information purposes only. MAS is listed on both the Main Board of the JSE and the Euro MTF market of the LuxSE. 17 October 2017 For further information please contact: Telephone Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625 000 Java Capital, South African corporate advisor and JSE sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg +352 263 868 602 Date: 17/10/2017 02:00:00 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.