Distribution for the six month period ended 31 December 2018 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 code: 213800T1TZPGQ7HS4Q13 ("MAS" or "the Company") DISTRIBUTION FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2018 As announced on Monday, 4 March 2019, an interim distribution of 3.78 Euro cents per share was proposed. Shareholders are now advised that the board of directors of the Company approved the interim distribution of 3.78 Euro cents per share for the six month period ended 31 December 2018 (the "Distribution"), and this Distribution will be paid in cash. As at the date of this announcement, the Company has 645 343 798 ordinary no par value shares in issue. SALIENT DATES AND TIMES The salient dates and times of the Distribution for shareholders on the European share register and shareholders on the South African share register are set out below: 2019 Announcement of the Euro to South African Rand exchange rate on Tuesday, 2 April Last day to trade on the LuxSE and the JSE in order to be eligible for receipt of the Distribution Tuesday, 9 April Trading commences ex-distribution on the LuxSE and the JSE on Wednesday, 10 April Record date for shareholders recorded on the European and South African share registers on Friday, 12 April Distribution cheques posted, and CREST/CSDP/broker accounts credited on or around Wednesday, 17 April Shares may not be transferred between registers between Tuesday, 2 April 2019 and Friday, 12 April 2019, both days included. Shares may not be dematerialised or rematerialised between Wednesday, 10 April 2019 and Friday, 12 April 2019, both days included. TAX CONSIDERATIONS General Shareholders are advised to consult their own tax advisors with regard to their individual tax liability, circumstances and reporting responsibilities. There is no withholding tax payable in the British Virgin Islands. South African resident shareholders The Distribution 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. Shareholders residing outside of South Africa The Distribution may have legal or tax implications for shareholders residing outside of South Africa and such shareholders are advised to obtain appropriate advice from their professional advisors in this regard. 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. 25 March 2019 For further information please contact: Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625000 Java Capital, JSE Sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg Stock Exchange Listing Agent +352 263 868 602 Investor Relations, Lizelle du Toit +27 82 465 1244 Date: 25/03/2019 12:00:00 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.