Dealings in securities by a director and by an associate of a director of MAS 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”) DEALINGS IN SECURITIES BY A DIRECTOR AND BY AN ASSOCIATE OF A DIRECTOR OF MAS Shareholders are advised of the following information relating to dealings in securities by a director and by an associate of a director of MAS pursuant to the distribution election in respect of the interim distribution for the six month period ended 31 December 2017, as announced on 13 March 2018, whereby the default option was the issue of new MAS shares at a price of ZAR 22.58172/ EUR 1.54398 per share (“the distribution election”): Transaction dates for the purposes of the JSE are taken as being the record date for the distribution election. Name of director: Ronald Spencer Transaction date: 29 March 2018 Class of securities: Ordinary shares Number of securities: 273 Price per security: EUR 1.54398 Total value of transaction: EUR 421.51 Nature of transaction: Off-market receipt of ordinary shares in terms of the default option under the distribution election Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of associate: Marie Goosen Name of director and relationship: Pierre Goosen, spouse of Marie Goosen Transaction date: 29 March 2018 Class of securities: Ordinary shares Number of securities: 1 057 Price per security: ZAR 22.58172 Total value of transaction: ZAR 23 868.88 Nature of transaction: Off-market receipt of ordinary shares in terms of the default option under the distribution election Nature and extent of director's interest: Indirect beneficial 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. Transaction dates for the purposes of the EU Market Abuse Regulations in the case of a receipt of shares under the distribution election are taken as being the date of issue and listing of the shares relating to the distribution election. 1. Details of the person discharging managerial responsibilities/person closely associated a) Name Ronald Spencer 2. Reason for the notification a) Position / status Director b) Initial notification / Initial notification amendment 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name MAS Real Estate Inc. b) LEI 213800T1TZPGQ7HS4Q13 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 financial Ordinary Shares instrument, type of instrument Identification code ISIN: VGG5884M1041 b) Nature of the transaction Receipt of ordinary shares in terms of the default option under the distribution election c) Price(s) and volume(s) Price(s) Volume(s) Price per Security: EUR 1.54398 273 d) Aggregated information — Aggregated volume 273 — Price EUR 1.54398 e) Date of the transaction 2018-04-06 f) Place of the transaction Outside trading venue 1. Details of the person discharging managerial responsibilities/person closely associated a) Name Marie Goosen 2. Reason for the notification a) Position / status Person Closely Associated with a Person Discharging Managerial Responsibilities – Spouse of Pierre Goosen, director b) Initial notification / Initial notification amendment 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name MAS Real Estate Inc. b) LEI 213800T1TZPGQ7HS4Q13 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 financial Ordinary Shares instrument, type of instrument Identification code ISIN: VGG5884M1041 b) Nature of the transaction Receipt of ordinary shares in terms of the default option under the distribution election c) Price(s) and volume(s) Price(s) Volume(s) Price per Security: ZAR 22.58172 1 057 d) Aggregated information — Aggregated volume 1 057 — Price ZAR 22.58172 e) Date of the transaction 2018-04-06 f) Place of the transaction Outside trading venue 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. 6 April 2018 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, LuxSE listing agent +352 263 868 602 Date: 06/04/2018 05:26:00 Produced by the JSE SENS Department. 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