Cash payment in respect of fractional entitlement MAS Real Estate Inc. Registered in the British Virgin Islands Registration number 1750199 SEDOL (EMTF): B96VLJ5 SEDOL (JSE): B96TSD2 JSE share code: MSP ISIN: VGG5884M1041 LEI: 213800T1TZPGQ7HS4Q13 (“MAS” or the “Company") CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENT Shareholders are referred to previous announcements relating to the interim distribution for the six month period ended 31 December 2017 (the “Distribution”), the last of which was released on 13 March 2018. Where a shareholder will receive the Distribution by way of an issue of new ordinary shares in MAS, any entitlement which results in a fractional share will be rounded down to the nearest whole number, with a cash payment made to the relevant shareholder in respect of the fraction (“Cash Payment”). In accordance with the requirements of the JSE Limited (“JSE”), the value of a MAS share to be utilised in determining the Cash Payment due to shareholders has been determined with reference to the volume weighted average traded price of a MAS share on the JSE on Tuesday, 27 March 2018, discounted by 10%. On this basis, shareholders are advised that the gross value of a MAS share to be utilised in determining the Cash Payment due to shareholders is ZAR 19.68. For shareholders on the European register, this gross value is EUR 1.34558, being the aforementioned Rand value converted to Euro at the Conversion Rate of EUR1.00: ZAR 14.6257 announced on Tuesday, 13 March 2018. The receipt of the Cash Payment may have tax implications for shareholders. For those South African resident shareholders receiving the Cash Payment, such amount may be regarded as a foreign dividend and, if it is, may be subject to South African dividends tax at a rate of 20%, unless an exemption as set out in the South African Income Tax legislation applies. For shareholders liable to pay dividends tax at the rate of 20%, the net value of a MAS share to be utilised in determining the Cash Payment due to shareholders is ZAR 15.74. Example of scrip dividend entitlement: Assuming that a shareholder holds 100 MAS shares at the close of business on the record date, being Thursday, 29 March 2018, and will receive the Distribution by way of an issue of new ordinary shares in MAS in respect of all of their shareholding, such shareholder is entitled to receive 2.31869 new MAS shares. Applying the rounding principles above, such shareholder will receive 2 new MAS shares and a Cash Payment (after tax) in respect of the fractional entitlement of 0.31869 x ZAR 15.74 = ZAR 5.02. There is no withholding tax payable in the British Virgin Islands. The salient dates and times announced on Wednesday, 7 March 2018 remain unchanged. MAS is listed on the Main Board of the JSE and is listed and admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. 28 March 2018 For further information please contact: Telephone Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625 000 Java Capital, JSE sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg +352 263 868 602 Date: 28/03/2018 04:15:00 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.