Stock Exchange News Service

Financial update

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
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or the “Company”)


The directors of MAS are pleased to report that as at 31 March 2015 the adjusted net asset value (“NAV”)
per share was 114,5 euro cents. This represents an increase of 4,3% from the interim period at 31
December 2014 and cumulatively 10,3% for the 9 months since the end of the previous financial year being
30 June 2014.

The continued growth in the NAV per share is attributable to the strong net operating profit as the portfolio
benefits from increased scale, gains in the value of the indirect property investments, and exchange gains
from a stronger sterling and Swiss franc. The Company retains a basket of currencies hedging approach
as part of its diversification strategy, with exposure to euros, sterling and Swiss francs.

Net operating profit increased from EUR 0,045 million for the 6 months to 31 December 2014, to
EUR 1,985 million for the 9 months since the end of the previous financial year being 30 June 2014. This
increase of EUR 1,940 million was driven principally by the acquisitions completed late last year as well as
the Heppenheim and Bruchsal properties acquired in the third quarter of the financial year.

The assumptions on which the above results are based are consistent with the Company’s interim
reporting. Properties have not be re-valued since the end of the interim reporting period, except for
properties acquired after this period end which have been valued by an independent valuer at the date of

Lukas Nakos, CEO of MAS, said “the company’s strategy of investing in and developing high quality assets
in the core of Western Europe is paying off. The underlying profitability of the portfolio is underpinning the
growth in MAS’ NAV per share. This is all the more pleasing in the context of the substantial purchase
costs that are incurred at the time of acquisition. In addition, the inherent value in the development pipeline
is yet to be reflected in the NAV figures, with strong progress on this front in recent months. The
acquisitions in late 2014 and early 2015 have driven the strong growth in income over the quarter. This
improvement is expected to continue as further investments are made over the next 12 to 18 months. The
low cost of debt currently available in our core markets makes further investments particularly accretive to
both portfolio income and NAV per share. Our pipeline of identified acquisition opportunities makes us
confident that we’ll continue to deliver sustainable performance and value for investors."

The financial information on which this announcement is based has not been reviewed or reported on by
the Company’s auditors.

MAS is listed on the Euro MTF Market of the Luxembourg Stock Exchange and on the main board of the
Johannesburg Stock Exchange.

8 June 2015

For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.                             +44 1624 625000
Java Capital, South African corporate advisor and JSE Sponsor                     +27 11 722 3069
Charl Brand, M Partners, Luxembourg                                               +352 263 868 602

Date: 08/06/2015 11:00:00 
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