Stock Exchange News Service

Condensed interim consolidated financial statements
for the six-month period ended 31 December 2015

MAS REAL ESTATE INC
Registered in British Virgin Islands
Registration number 1750199
Registered as an external company in the Republic of South Africa
Registration number 2010/000338/10
ISIN: VGG5884M1041
SEDOL (XLUX): B96VLJ5
SEDOL (JSE): B96TSD2
JSE share code: MSP
("MAS" or "the company")

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2015

Highlights

FUNDING

- Interim distribution
  proposed of EUR6,7 million,
  or 2,27 euro cents per
  share based on the
  shares in issue
  at period end

- Like-for-like
  adjusted NAV per
  share increased
  1,28% to 118,5 euro cents

- Adjusted core
  income up by
  3,9% over the
  previous six months

- Attractive financing
  rates continue to be available

PORTFOLIO

- Obtained planning approval
  on the North Street Quarter development

- Completion of
  Whitbread hotels at
  the New Waverley
  development February 2016

- Further income
  accretive
  acquisitions in Germany

- Karoo Fund
  final
  redemption
  received January 2016

TEAM

- New European Asset
  Manager appointed

- # of staff increased to 21

- New Head Office

RELATIONSHIPS

- Included in
  the JSE
  SAPY index

- Replenished pipeline

- Relationships with
  debt providers enhanced

SUSTAINABILITY

- 6 000 square metres
  of photovoltaic farm at
  Chippenham

- Environmental
  credibility key to
  securing North
  Street quarter
  Pplanning approval

- All development
  plans substantially
  exceed
  environmental
  requirements

Portfolio breakdown

June 2015

Income-generating property      44%
Development property            22%
Investments                     21%
Treasury                        13%

December 2015

Income-generating property      46%
Development property            28%
Investments                     13%
Treasury                        13%

Market value

United Kingdom                  52%
Germany                         41%
Switzerland                      7%

Rental area

United Kingdom                  53%
Germany                         44%
Switzerland                      3%

Rent roll

United Kingdom                  26%
Germany                         65%
Switzerland                      9%

Key metrics

Adjusted core income per share (Euro cents)
June 2015           2,22
December 2015       2,29

Adjusted NAV per share* (Euro cents)
June 2015          121,2
December 2015      118,5
* See adjusted like-forlike NAV per share bridge December 2015 for an analysis of the movement in adjusted NAV per share.

Median daily share volume (number of shares)
June 2015         40 753
December 2015     47 254

Total assets (Euro million)
June 2015            410
December 2015        412

Investment property (Euro million)
June 2015          248,5
December 2015      275,9

Number of property locations (number)
June 2015             19
December 2015         20

Number of employees (number)
June 2015             20
December 2015         21

Loan to value (percentage)
June 2015            4,8
December 2015        4,6

Our key metrics are defined as follows:

KEY METRICS           OBJECTIVE                      EXPLANATION
Financial
Adjusted core         Income generation              The group's measure of underlying income which includes:
income per share      and growth                     operating income as adjusted for listing and structure costs that
                                                     are eliminated; net finance costs; normal taxation; and further
                                                     adjusted for realised profits or losses on investment property,
                                                     investments and treasury investments to the extent that the board
                                                     of directors deem it appropriate to distribute these

Adjusted NAV per      Capital preservation and       Net asset value per share, adjusted by adding back deferred tax
share                 growth

Loan to value         Optimal gearing                External finance to gross property portfolio (investment property
                                                     plus investments)

Portfolio
Total assets          Economies of scale             Total assets, including all property and non-property assets
Investment property   Portfolio construction         Income-generating, development properties and investment property held for sale
Property locations    Diversification and optimal    The number of locations in which we own properties
                      asset size

Team
Number of             Optimal operational capacity   The number of employees, including group directors, as at the
employees                                            period end

Market
Median daily share    Liquidity of traded share      The median number of shares traded per day during the financial
volume (annual)                                      period on the JSE

CEO review
                                                                                                   
The key financial metrics of the group continue to develop in an encouraging manner. Adjusted NAV, on a like-for-like basis(1),
has grown by EUR4,5 million reaching EUR348,9 million at the period end. Adjusted core income increased by EUR0,25 million over
the previous six-month period. The gross investment property portfolio reached EUR275,9 million as we have invested further in
both our income-generating and development portfolios, and gearing has been secured on very attractive terms and will be
accretive to our core income as this is invested in the pipeline.

Indices
The inclusion of MAS in the JSE SAPY index in December 2015 marks an important milestone in the development of the
company. We indicated at year-end that entering various indices was a strategic priority, and it is pleasing to have already
made this progress by the half-year stage. The much-improved liquidity makes the share more investable, and we are already
seeing the benefits of that with an increased shareholder base.

(1) Like-for-like adjustments relate to the removal of foreign exchange differences, and distributions, from the base, to allow a 
    deeper analysis of the change in the underlying portfolio

Market and pipeline
We are very well positioned at the start of 2016 to capitalise on various strong growth opportunities. In our core markets, we
continue to see large capital sums being invested as institutions seek exposure to both real estate debt and equity. The
continued competition has suppressed yields for our current and target assets, meaning in particular that careful consider-
ation and diligence is required in appraising new investment opportunities in these markets. The firmness of these core
markets has led us once again to seriously consider particular jurisdictions outside of Germany, Switzerland and the UK, where
we believe that the risk-adjusted value proposition is compelling. It appears that from our detailed research such opportunities
do exist, and we are diligently examining these in detail at the current time.

The pipeline has nonetheless been replenished with value-accretive investments in our markets. We expect to complete
the negotiations for acquisitions in the months ahead. This is no mean feat in the current environment, but reflects the
growing brand and presence of MAS, from which we are beginning to reap rewards. Our reputation as a serious yet
transparent investor is invaluable and continues to grow.

Currency
MAS has adopted a basket-of-currencies approach to investing and does not hedge between the base currency of euros, and
other investment currencies of sterling and Swiss francs. During the review period, the euro has strengthened against sterling
and Swiss franc. In turn, this has the notional effect of reducing the value, reported in euros, of the portfolio in Switzerland and
the UK.

Portfolio development and performance

Summarised statement of financial position

                                                         As at          As at         As at
                                                   31 December    31 December       30 June
Euro                                                      2015           2014          2015

Goodwill                                            28 449 119     26 475 251     29 351 139
Investment portfolio
? Income-generating property 
  (including investment property held for sale)    171 955 352    102 787 078    164 390 519
? Development property                             103 907 766     50 935 343     84 148 287
? Investments                                       50 232 879     75 152 433     79 568 758
? Treasury                                          51 053 961    103 190 261     47 716 754
Other assets                                         6 204 208      2 824 782      5 279 954
Total assets                                       411 803 285    361 365 148    410 455 411
Shareholder equity                                 348 408 569    319 140 168    353 140 598
Non-current liabilities                             22 063 767     37 874 976     22 468 897
Current liabilities                                 41 330 949      4 350 004     34 845 916
Total equity and liabilities                       411 803 285    361 365 148    410 455 411
Adjusted net asset value per share (euro cents)*         118,5          109,8          121,2
Number of ordinary shares in issue                 294 455 630    290 602 608    291 787 889

* Net asset value per share as adjusted for deferred tax

Income-generating property
Our income-generating portfolio has grown by EUR7,6 million to EUR172,0 million with the December 2015 acquisition of a German
retail warehouse tenanted by OBI, the prominent German retailer. The group has also exchanged conditional contracts on a logistics
unit in Munich, Germany, on which we are due to complete in the coming months. Both acquisitions represent a good strategic fit with
strong income, and with further investments imminent we will continue to deliver assets at similarly appealing yields.

The completion of the first two hotels and The Arches at New Waverley, our major development in the heart of
Edinburgh in Scotland, will further boost the income-generating portfolio in the second half of the financial year. In addition,
Siemens, our anchor tenant at Chippenham, Wiltshire, has leased an additional 1 000 square metres during the review period
and has not exercised its lease break, thereby affirming its commitment to the site. This was expected, but having this secured
allows us to move onto the next phase of enhancing the profitability of the site. In addition, we have obtained planning
permission for a 6 000 square metre photovoltaic farm, which gives the site real green credentials. It will supply all of the
electricity required on the estate, and feed the excess into the national grid at a fixed price.

Development property
The value of our development property portfolio has increased by EUR19,8 million to EUR103,9 million due to the continued capital
investment in our development portfolio.

New Waverley
Our regeneration development in Edinburgh represents our most significant development to date. Phase 1 comprises three
pre-let hotels with accompanying retail and leisure outlets, the construction of which is well advanced. The two Whitbread
hotels were handed over to the tenant in late February, while completion later this year of the third hotel, to be occupied by
Adagio, is on track. The Arches are now let and open for business.

North Street Quarter
Located in the unique and delicate setting of the South Downs National Park, our North Street Quarter development in Lewes,
East Sussex, is another regeneration scheme. In December 2015 we received unanimous approval at planning committee on our
planning application. This is another significant achievement that demonstrates our expertise and experience in managing and
extracting value in highly sensitive locations, in a manner that ensures both a financially and socially viable scheme.

Langley Park
Our Langley Park development is situated on a large site in Chippenham, Wiltshire. The last six months have seen terms agreed
to sell a piece of the land to a discount food retailer, and to bring a leading budget hotel operator to the site on a long-lease
basis.

Investments
Despite recent declines in European and South African equity and real estate indices, our investment portfolio has performed
strongly over the period with a net gain of EUR4,5 million.

The Karoo Fund, which has been a strong performer, increased in value by a further EUR3,5 million in the period, with EUR37,8 million 
being redeemed. The Karoo Fund had a termination date of 31 January 2016, and as part of our final distribution we have
received an in-specie redemption of shares in Sirius Real Estate Limited ("Sirius"). The final redemption has triggered the
settlement of our liability to Attacq Limited, from whom we acquired the investment, through the issuance of MAS shares.
Per the overage arrangement detailed in the Sale and Purchase Agreement, these shares are to be issued at the 30-day
VWAP as at the date of each redemption. Accordingly, 21 317 449 shares will be issued to Attacq in settlement of this, which would
have increased the shareholding of Attacq to 48,6% as at the date of this report.

Our direct investment in Sirius has increased in value by EUR1,0 million. Together with the in-specie redemption from Karoo
we now hold 12,1% of Sirius. This remains a strategic and important investment for MAS, and we are encouraged by the
performance of its underlying portfolio and income-generating ability.

Funding
Our current loan-to-value of 4,6% gives us the opportunity to continue to gear the portfolio at low fixed rates of interest.
During the period, management has made significant progress in this regard securing a combined facility of EUR30,6 million at
a fixed interest rate below 2,5%. We are also in advanced discussion with other lenders as we look to optimise our gearing and
fund our investment pipeline.

Adjusted like-for-like NAV per share bridge December 2015 (Euro cents)
June 2015                         121,2
Distributions                     (2,2)
Foreign Exchange losses           (2,0)
Adjusted like-for-like NAV        117,0
Investements FV                     1,2
Core income                         0,8
Treasury FV                         0,3
Structural costs                  (0,1)
Income generating FV              (0,7)
December 2015                     118,5

Adjusted like-for-like NAV per share bridge June 2015 (Euro cents)
December 2014                     109,8
Foreign Exchange gains              7,5
Distributions                     (1,1)
Adjusted like-for-like NAV        116,2
Devlopment property FV              4,1
Core income                         1,1
Treasury FV                         0,9
Investements FV                     0,4
Structural costs                  (0,1)
Income generating FV              (1,4)
June 2015                         121,2

Distribution income statement
For the six months ended 31 December 2015

                                                    Six-month       Six-month       Six-month
                                                 period ended    period ended    period ended
                                                  31 December         30 June     31 December
Euro                                                     2015            2015            2014                                                                            
Rental income                                       6 586 450       6 108 461       2 625 058
Service charges                                       695 687         589 637               ?
Other income                                          145 964               ?               ?
Expenses
Portfolio related expenses                        (1 783 557)     (1 547 436)       (489 420)
Investment adviser fees                                     ?               ?     (1 248 330)
Administrative expenses*                          (2 817 825)     (1 453 849)       (466 405)
Net operating income                                2 826 719       3 696 813         420 903
Net finance income/(costs)                             15 184       (441 917)       (134 780)
Taxation**                                          (502 278)       (219 184)       (152 264)
Core income                                         2 339 625       3 035 713         133 859
Adjustments:
Realised profits on Karoo Fund redemptions          4 355 077       1 713 177       3 208 380
Realised profits on treasury portfolio                      ?       1 696 715               ?
Adjusted core income                                6 694 702       6 445 604       3 342 239
Adjusted core income per share                           2,29            2,22            1,18
Weighted average number of shares outstanding     292 516 780     290 688 212     283 885 876
Actual number of shares outstanding               294 455 630     291 787 889     290 602 608
Interim distribution*** (euro cents per share)           2,27            2,20            1,15

*    Excluding listing and structure costs of EUR174 809 (June: EUR129 131; December: EUR375 450)
**   Excluding deferred taxation of (EUR142 521) (June: (EUR253 868); December EUR526 128)
***  Based upon the number of shares in issue at interim period end

Underlying core income continues to increase, in-line with the growing portfolio and driven by acquisitions. The investment
case for acquiring income-yielding properties remains strong, whereby we continue to exploit the large yield gaps between
acquisition yields and the cost of debt funding. Further acquisitions are imminent, and the completion of the Whitbread
hotels, which will drive core income growth into the second half of this year.

Distribution
The directors are pleased to propose an interim distribution to shareholders of EUR6 694 702 or 2,27 euro cents per share based
upon the number of shares in issue at the period end. Details of the distribution will follow in due course.

Team
We continue to add to our growing team and, in doing so, improve our 'on the ground' capabilities. We have recently
employed a European asset manager based in Frankfurt, Germany. The financial performance of MAS is ultimately driven by
the collective output of our team. We have a very strong team now, and we are well positioned to continue leveraging this
team in our investment jurisdictions.

Reporting currency
The company's results are reported in euros.

Listings
MAS is listed on the Main Board of the Johannesburg Stock Exchange ("JSE") and the Euro MTF Market of the Luxembourg
Stock Exchange.

Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with International Financial
Reporting Standard IAS 34: Interim Financial Reporting, the JSE Listings Requirements, Luxembourg Stock Exchange
("LuxSE") rules and regulations and applicable legal and regulatory requirements of the BVI Companies Act 2004.

Assurance
KPMG Audit LLC has independently reviewed these condensed interim consolidated financial statements for the six-month
period ended 31 December 2015. The review report does not necessarily report on all information contained in these condensed 
interim consolidated financial statements. The directors take full responsibility for the preparation of these condensed interim 
consolidated financial statements.

By order of the board

Lukas Nakos
Chief Executive Officer

Douglas, Isle of Man
24 February 2016

Registered office                 For correspondence                Directors
Midocean Chambers                 2nd Floor, Clarendon House        Ron Spencer (non-executive chairman)
Road Town                         Victoria Street                   Lukas Nakos (chief executive officer)
Tortola                           Douglas                           Malcolm Levy (chief financial officer)
British Virgin Islands            Isle of Man                       Jonathan Knight (chief investment officer)
                                  IM1 2LN                           Gideon Oosthuizen (non-executive)
Registrar                                                           Pierre Goosen (non-executive)
Computershare Investor Services   Transfer secretary                Morne Wilken (non-executive)
(BVI) Limited                     Computershare Investor Services   Jaco Jansen (non-executive)
Woodbourne Hall                   (Proprietary) Limited
PO Box 3162                       Ground floor                      Company secretary
Road Town, Tortola                70 Marshall Street                Helen Cullen
British Virgin Islands            Johannesburg, 2001
                                  South Africa                      JSE sponsor
                                                                    Java Capital Trustees and Sponsors
                                                                    Proprietary Limited

Review report by KPMG Audit LLC to MAS Real Estate Inc
For the six months ended 31 December 2015

We have been engaged by MAS Real Estate Inc (the "company") and its subsidiaries (collectively the "group") to review
the condensed set of consolidated financial statements for the interim report for the six-months ended 31 December 2015
which comprise the condensed consolidated statement of profit or loss, the condensed consolidated statement of other 
comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes 
in equity, the condensed consolidated statement of cash flows and the related notes.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been
undertaken so that we might state to the company those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities
The interim report is the responsibility of, and has been approved by, the directors. The directors are responsible for
preparing the interim report in accordance with International Financial Reporting Standard IAS 34 Interim Financial
Reporting, the Johannesburg Stock Exchange ("JSE") Listings Requirements, the Luxembourg Stock Exchange ("LuxSE")
rules and regulations and applicable legal and regulatory requirements of the BVI Companies Act 2004.

The annual financial statements of the group are prepared in accordance with IFRSs. The condensed set of financial
statements included in this interim report have been prepared in accordance with IAS 34 Interim Financial Reporting.

Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of consolidated financial statements in
the interim report based on our review.

Scope of review
We have conducted our review in accordance with International Standard on Review Engagements (UK and Ireland)
2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing
Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with applicable law and International
Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Opinion on the financial statements
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated
financial statements in the interim report for the six-months ended 31 December 2015 is not prepared, in all material
respects, in accordance with IAS 34 Interim Financial Reporting.

KPMG Audit LLC
Chartered Accountants

Heritage Court
41 Athol Street
Douglas
Isle of Man IM99 1HN
24 February 2016

Condensed consolidated statement of profit or loss
For the six months ended 31 December 2015

                                                                            Six-month       Six-month       Audited
                                                                         period ended    period ended    Year ended
                                                                          31 December     31 December       30 June
Euro                                                            Note             2015            2014          2015
Revenue                                                                                                        
Rental income                                                     4         6 586 450       2 625 058     8 733 519
Service charge                                                    4           695 687               ?       589 637
Other income                                                                  145 964               ?             ?                                                                                                                
Expenses                                                                                                         
Portfolio related expenses                                                (1 783 557)       (489 420)   (2 036 856)
Investment adviser fees                                                             ?     (1 248 330)   (1 249 295)
Administrative expenses                                                   (2 992 634)       (841 855)   (2 423 870)                                                                                                                
Net operating income                                                        2 651 910         45 453     3 613 135                                                                                                                
Fair value adjustments                                            5         2 378 038     16 296 691    27 877 364
Exchange differences                                                      (3 053 676)      2 543 511    17 660 295                                                                                                                
Profit before finance income/costs                                         1 976 272      18 885 655    49 150 794                                                                                                   
Finance income                                                               318 713         146 500         4 676
Finance costs                                                               (303 529)       (281 280)     (581 374)                                                                                                                
Profit before taxation                                                     1 991 456      18 750 875    48 574 096
Taxation                                                          6         (644 799)        373 864       (99 188)                                                                                                                
Profit for period/year attributable to the owners of the group             1 346 657      19 124 739    48 474 908                                                                                                               
Basic and diluted earnings per share (euro cents)                16             0,46            6,74         16,87

The notes form part of these condensed interim consolidated financial statements.

Condensed consolidated statement of other comprehensive income
For the six months ended 31 December 2015

                                                                            Six-month       Six-month       Audited
                                                                         period ended    period ended    Year ended
                                                                          31 December     31 December       30 June
Euro                                                                             2015            2014          2015
Profit for period/year                                                      1 346 657      19 124 739    48 474 908                                                                                                           
Other comprehensive income                                                                                        
Items that are or may be reclassified subsequently to profit or loss                                              
Foreign operations ? foreign currency translation differences             (2 901 167)          94 500     6 575 768                                                                                                           
Total comprehensive (loss)/income for the period/year attributable to     (1 554 510)      19 219 239    55 050 676
the owners of the group

Condensed consolidated statement of financial position
For the six months ended 31 December 2015
                                                                                                            Audited
                                                                                As at          As at          As at
                                                                         31 December    31 December        30 June
Euro                                                            Note             2015           2014           2015
Non-current assets                                                                                                 
Goodwill                                                           7       28 449 119     26 475 251     29 351 139
Investment property                                                8      273 819 368    153 722 421    248 538 806
Investments                                                        9       15 910 475     75 152 433     12 346 864
Property, plant and equipment                                                 176 846         17 838         15 136
Deferred taxation asset                                            6          908 482        659 187        737 015
Total non-current assets                                                  319 264 290    256 027 130    290 988 960
Current assets
Investments                                                        9       34 322 404              ?     67 221 894
Short term loans receivable                                   10, 17       19 056 917              ?              ?
Trade and other receivables                                                 5 118 880      2 147 757      4 527 803
Treasury investments                                              11                ?     31 933 437      2 604 979
Cash and cash equivalents                                                  31 997 044     71 256 824     45 111 775
Assets held for sale                                              12        2 043 750              ?              ?
Total current assets                                                       92 538 995    105 338 018    119 466 451
Total assets                                                              411 803 285    361 365 148    410 455 411
Equity
Share capital                                                     13      308 913 797    304 161 079    305 671 992
Retained earnings                                                          35 197 243     14 261 661     40 269 910
Foreign currency translation reserve                                        4 297 529        717 428      7 198 696
Shareholder equity attributable to the owners of the group                348 408 569    319 140 168    353 140 598
Non-current liabilities
Interest bearing borrowings                                                14 219 630     13 984 633     14 779 769
Financial instruments                                             14        6 413 512     23 176 439      6 545 482
Deferred taxation liability                                        6        1 430 625        713 904      1 143 646
Total non-current liabilities                                              22 063 767     37 874 976     22 468 897
Current liabilities
Interest bearing borrowings                                                   751 848        890 919        968 120
Financial instruments                                             14       32 886 514              ?     26 378 571
Trade and other payables                                                    5 215 677      3 459 085      4 795 360
Provisions                                                                     92 290              ?              ?
Deferred consideration                                                      2 384 620              ?      2 703 865
Total current liabilities                                                  41 330 949      4 350 004     34 845 916
Total liabilities                                                          63 394 716     42 224 980     57 314 813
Total shareholder equity and liabilities                                  411 803 285    361 365 148    410 455 411
Actual number of ordinary shares in issue                                294 455 630    290 602 608    291 787 889
Net asset value per share (euro cents)                                          118,3          109,8          121,0
Adjusted net asset value per share (euro cents)#                                118,5          109,8          121,2

#  Net asset value per share as adjusted for deferred taxation

The notes form part of these condensed interim consolidated financial statements.

These condensed interim consolidated financial statements were approved by the board of directors on 24 February 2016
and signed on their behalf by:

Ron Spencer                                                       Malcolm Levy
Chairman                                                          Chief financial officer

Condensed consolidated statement of changes in equity
For the six months ended 31 December 2015
                                                                                         Foreign
                                                                          Retained      currency
                                                               Share       (loss)/   translation
Euro                                             Note        capital      earnings       reserve           Total
Balance at 30 June 2014 (audited)                        289 978 080   (1 276 580)       622 928     289 324 428
Comprehensive income for the period                                                                        
Profit for the period                                              ?    19 124 739             ?      19 124 739
Other comprehensive income                                         ?             ?        94 500          94 500
Total comprehensive income for the period                          ?    19 124 739        94 500      19 219 239
Transactions with the owners of the group
Issue of shares                                    13     14 182 999             ?             ?      14 182 999
Distributions                                                      ?   (3 586 498)             ?     (3 586 498)
Total transactions with the owners of the group           14 182 999   (3 586 498)             ?      10 596 501
Balance at 31 December 2014                              304 161 079    14 261 661       717 428     319 140 168
Comprehensive income for the period
Profit for the period                                              ?    29 350 169             ?      29 350 169
Other comprehensive income                                         ?             ?     6 481 268       6 481 268
Total comprehensive income for the period                          ?    29 350 169     6 481 268      35 831 437
Transactions with the owners of the group
Issue of shares                                    13      1 510 913             ?             ?       1 510 913
Distributions                                                      ?   (3 341 920)             ?     (3 341 920)
Total transactions with the owners of the group            1 510 913   (3 341 920)             ?     (1 831 007)
Balance at 30 June 2015 (audited)                        305 671 992    40 269 910     7 198 696     353 140 598
Comprehensive income for the period
Profit for the period                                              ?     1 346 657             ?       1 346 657
Other comprehensive loss                                           ?             ?   (2 901 167)     (2 901 167)
Total comprehensive income for the period                          ?     1 346 657   (2 901 167)     (1 554 510)
Transactions with the owners of the group
Issue of shares                                    13      3 241 805             ?             ?       3 241 805
Distributions                                                      ?   (6 419 324)             ?     (6 419 324)
Total transactions with the owners of the group            3 241 805   (6 419 324)             ?     (3 177 519)
Balance at 31 December 2015                              308 913 797    35 197 243     4 297 529     348 408 569

The notes form part of these condensed interim consolidated financial statements.

Condensed consolidated statement of cash flows
For the six months ended 31 December 2015

                                                                      Six-month        Six-month         Audited
                                                                   period ended     period ended      Year ended
                                                                    31 December      31 December         30 June
Euro                                                                       2015             2014            2015                                                                                                       
Profit for the period/year                                            1 346 657       19 124 739      48 474 908
Cash generated from operating activities                                743 083          299 519       4 261 555
Cash used in investing activities                                  (10 385 043)    (133 320 881)   (163 395 452)
Cash used in financing activities                                   (3 886 730)      (3 530 316)     (6 092 501)
Net decrease in cash and cash equivalents                          (13 528 690)    (136 551 678)   (165 226 398)
Cash and cash equivalents at the beginning of the period/year        45 111 775      205 800 188     205 800 188
Effect of exchange rate fluctuations                                    413 959        2 008 314       4 537 985
Cash and cash equivalents at the end of the period/year              31 997 044       71 256 824      45 111 775

Notes to the condensed consolidated financial statements
For the six months ended 31 December 2015

1. Reporting entity

MAS Real Estate Inc. (the "company" or "MAS") is domiciled in the British Virgin Islands ("BVI"). These condensed interim
consolidated financial statements as at, and for the six-month period ended 31 December 2015, comprise the company and
its subsidiaries (together referred to as the "group" and individually as "group entities").

MAS is a real estate investment company with a portfolio of commercial properties in Western Europe. The group aims
to provide investors with an attractive, sustainable euro-based distribution and growth in value over time through acquisition,
development and asset management strategy. The current investment focus of the group is on Germany, Switzerland and
the United Kingdom.

2. Basis of preparation

Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with International Financial
Reporting Standard IAS 34: Interim Financial Reporting, the Johannesburg Stock Exchange ("JSE") Listings Requirements,
Luxembourg Stock Exchange ("LuxSE") rules and regulations and applicable legal and regulatory requirements of the BVI
Companies Act 2004.

3. Significant accounting policies

Other than outlined below, the accounting policies applied in the preparation of these condensed interim consolidated
financial statements are consistent with those applied in the preparation of the consolidated financial statements for the
year ended 30 June 2015.

The following new accounting policy has been applied in the period:

Assets held for sale
Non-current assets, or disposal groups comprising assets and liabilities are classified as held for sale if it is highly probable that
they will be recovered primarily through their sale rather than through continuing use, and the following criteria are met:
- Management is committed to a plan to sell;
- The asset is available for immediate sale and an active programme to locate a buyer is initiated;
- The sale is highly probable, within 12 months of classification as held for sale;
- The asset is being actively marketed for a reasonable sale price in relation to its fair value; and
- Actions required to complete the plan indicate that it is unlikely that the plan will be significantly changed or withdrawn.

Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to
sell. However, the measurement provisions of IFRS 5: Non-current assets held for sale and discontinued operations do not apply
to investment property, which continues to be measured at fair value in accordance with the groups accounting policy for
investment property.

New and amended standards and interpretations not yet adopted
Below is a summary of amendments/improvements to standards and interpretations that are not yet effective and were
not early adopted:
                                                                                                     IASB effective for
                                                                                                         annual periods
Amendments/improvements to standards and interpretations not yet effective                        beginning on or after
Accounting for Acquisitions of Interests in Joint Operations ? Amendments to IFRS 11                     1 January 2016
Clarification of Acceptable Methods of Depreciation and Amortisation ? Amendments to IAS 16 and          1 January 2016
IAS 38
Equity Method in Separate Financial Statements ? Amendments to IAS 27                                    1 January 2016
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture ?                  1 January 2016
Amendments to IFRS 10 and IAS 28
Annual Improvements to IFRSs ? 2012-2014 Cycle                                                           1 January 2016
Investment entities: Applying the Consolidation Exception ? Amendments to IFRS 10, IFRS 12 and           1 January 2016
IAS 28
Disclosure Initiative ? Amendments to IAS 1                                                              1 January 2016
Amendments to IAS 16 and IAS 41 ? bringing bearer plant into the scope of IAS 16 and IAS 41              1 January 2016
IFRS 9 (2014) ? Financial instruments                                                                    1 January 2018
IFRS 15 Revenue from Contracts with Customers                                                            1 January 2018
IFRS 16 Leases                                                                                           1 January 2019

Management has not yet assessed the impact of adopting these standards and interpretations.

4. Revenue
                                                                                Six-month       Six-month        Audited
                                                                             period ended    period ended     Year ended
                                                                              31 December     31 December        30 June
Euro                                                                                 2015            2014           2015
Rental income                                                                   6 586 450       2 625 058      8 733 519
Service charge                                                                    695 687               ?        589 637
                                                                                7 282 137       2 625 058      9 323 156

The future aggregate minimum rental receivable under non-cancellable operating leases is as follows:

                                                                                                                 Audited
                                                                                    As at           As at          As at
                                                                              31 December     31 December        30 June
Euro                                                                                 2015            2014           2015
No later than 1 year                                                           15 292 948       8 240 986     13 327 092
Greater than 1 year and less than 5 years                                      65 655 806      45 320 480     62 612 949
Greater than 5 years                                                          121 583 632     109 561 871    121 736 011
                                                                              202 532 386     163 123 337    197 676 052
5. Fair value adjustments
                                                                                Six-month       Six-month        Audited
                                                                             period ended    period ended     Year ended
                                                                              31 December     31 December        30 June
Euro                                                                                 2015            2014           2015
Fair value adjustments
Gain on fair value of investments                                               7 791 510      41 394 078     46 786 228
Gain on fair value of treasury investments                                        309 149       1 847 018      4 301 694
(Loss)/gain on fair value of investment property                              (2 074 710)     (5 732 013)      5 718 442
Loss on fair value of financial instruments                                   (3 647 911)    (21 212 392)   (28 929 000)
                                                                                2 378 038      16 296 691     27 877 364
Summarised as follows:
Fair value movement in investments
Karoo Fund                                                                      7 076 240      40 130 514     45 651 311
Sirius Real Estate Limited ("Sirius")                                             715 270       1 263 564      1 134 917
                                                                     9          7 791 510      41 394 078     46 786 228
Fair value movement in treasury investments
Treasury investments                                                              309 149       1 847 018      4 301 694
                                                                     11           309 149       1 847 018      4 301 694
Fair value movement in investment property
United Kingdom                                                                  (677 049)     (2 105 788)     11 837 028
Germany                                                                       (1 397 661)     (3 626 225)    (5 502 304)
Switzerland                                                                             ?               ?      (616 282)
                                                                     8        (2 074 710)     (5 732 013)      5 718 442
Fair value movement in financial instruments
Interest rate swaps                                                              (46 837)       (447 703)      (312 488)
Attacq Limited ("Attacq") financial liability                        14       (3 601 074)    (20 764 689)   (24 896 101)
Development management fee                                           14                 ?               ?    (1 488 165)
Priority participating profit dividend                               14                 ?               ?    (2 232 246)
                                                                              (3 647 911)    (21 212 392)   (28 929 000)

6. Taxation

The company, which is domiciled in the British Virgin Islands, is not subject to tax in that jurisdiction. Operating subsidiaries
of the group, however, are exposed to taxation in the jurisdictions in which they operate and, potentially, in the jurisdictions
through which the investment companies are held.

In the UK, the group provides for taxation at the rate of 20% of taxable profits, being net rentals less allowable 
property expenses and interest. In the current period, UK normal taxation of EUR322 347 (December 2014: EUR87 097; 
June 2014: EUR241 594) has been provided for.

In Switzerland, the group is liable to cantonal and federal taxes, in addition to a wealth tax. The effective income tax rate
for income from the Swiss portfolio is 20,673%, with wealth tax charged at a rate of 0,1695% of net assets. For the period
under review the Swiss portfolio was in a taxable loss position as a result of capital allowances on the property, and hence
no income tax is payable. A wealth tax payable of EUR3 426 (December 2014: EUR3 722; June 2014: EUR10 652) has been accrued.

In Germany, the group is taxed on net rental income, with an effective corporate income tax and solidarity tax rate of
15,825%. For the year under review the German portfolio corporation income tax payable of EUR176 505 (December 2014:
EUR61 445; June 2014: EUR119 201) has been accrued.

Corporate tax charge and deferred taxation

                                                                                       Six-month       Six-month       Audited
                                                                                    period ended    period ended    Year ended
                                                                                     31 December     31 December       30 June
Euro                                                                                        2015            2014          2015
Current year taxation                                                                  (502 278)       (152 263)     (371 447)
Deferred taxation income/(expense)                                                     (142 521)         526 128       272 259
Tax expense                                                                            (644 799)         373 865      (99 188)
Reconciliation of deferred taxation:
Deferred taxation brought forward                                                        406 631         873 399       873 399
Current year deferred taxation                                                           142 521       (526 128)     (272 259)
Foreign exchange movement in Other Comprehensive Income ("OCI")                         (27 009)       (292 554)     (194 509)
Deferred taxation liability carried forward                                              522 143          54 717       406 631

The deferred taxation liability results from the following types of differences:
                                                                                                                       Audited
                                                                                           As at           As at         As at
                                                                                     31 December     31 December       30 June
Euro                                                                                        2015            2014          2015
Deferred taxation on temporary differences between accounting and fiscal
value of investment property                                                             908 482         659 187       737 015
Deferred taxation asset                                                                  908 482         659 187       737 015
Deferred taxation on temporary differences between accounting and fiscal
value of investment property                                                           1 430 625         713 904     1 143 646
Deferred taxation liability                                                            1 430 625         713 904     1 143 646
Net deferred taxation liability                                                          522 143          54 717       406 631

Reconciliation of effective taxation rate
                                                                     Six-month                Six-month                Audited
                                                                  period ended             period ended             Year ended
                                                                   31 December              31 December                30 June
Euro                                                        %             2015        %            2014        %          2015
Profit before taxation                                               1 991 456               18 750 875             48 574 096
Taxation using the company's domestic rate               0,00                ?     0,00               ?     0,00             ?
Effect of tax rates in foreign jurisdictions          (25,23)        (502 278)   (0,81)       (152 264)   (0,76)     (371 447)
Change in recognised deductible temporary
differences
-  Revaluation of investment property                   12,12          241 286     3,89         729 304     2,14     1 040 682
-  Change in tax base                                 (19,27)        (383 807)   (1,09)       (203 176)   (1,58)     (768 423)
                                                      (32,38)        (644 799)     1,99         373 864   (0,20)      (99 188)

7. Goodwill

The group's goodwill comprises:
                                                                                                                       Audited
                                                                                          As at           As at          As at
                                                                                    31 December     31 December        30 June
Euro                                                                                       2015            2014           2015
New Waverley 10 Limited                                                               1 533 560       1 445 049      1 582 184
MAS Property Advisors Limited                                                        26 915 559      25 030 202     27 768 955
                                                                                     28 449 119      26 475 251     29 351 139

Reconciliation of the group's carrying amount of goodwill:
                                                                                   MAS Property             New
                                                                                       Advisors     Waverley 10
Euro                                                                                    Limited         Limited          Total
Cost
Opening balance 1 July 2014 (audited)                                                         ?       1 371 537      1 371 537
Acquisition of subsidiary                                                            24 970 329              ?      24 970 329
Foreign exchange movement in OCI                                                         59 873          73 512        133 385
Closing balance 31 December 2014                                                     25 030 202       1 445 049     26 475 251
Foreign exchange movement in OCI                                                      2 738 753         137 135      2 875 888
Closing balance 30 June 2015 (audited)                                               27 768 955       1 582 184     29 351 139
Foreign exchange movement in OCI                                                      (853 396)        (48 624)      (902 020)
Closing balance 31 December 2015                                                     26 915 559       1 533 560     28 449 119
Carrying amount 31 December 2014                                                     25 030 202       1 445 049     26 475 251
Carrying amount 30 June 2015 (audited)                                               27 768 955       1 582 184     29 351 139
Carrying amount 31 December 2015                                                     26 915 559       1 533 560     28 449 119

Impairment

New Waverley 10 Limited
There was no indicator of impairment at 31 December 2015, accordingly, no impairment test was performed. Goodwill will
be tested for impairment at 30 June 2016. No impairment charge arose as a result of the group's previous annual impairment
test of goodwill in relation to New Waverley 10 Limited (December 2014: nil; June 2015: nil).

MAS Property Advisors Limited
No impairment charge arose as a result of the group's impairment test of goodwill in relation to MAS Property Advisors
Limited.

The recoverable amount of the MAS Property Advisors Limited Cash Generating Unit ("CGU") was based on the value
in use, as determined using a discounted cash flow. The cash flow was forecast for a period of 8,5 years, which is the remain-
ing term of the investment advisory agreement. Budgeted earnings before interest, tax, depreciation and amortisation
("EBITDA") was based on expectations of future outcomes taking into account past experience adjusted for anticipated net
asset growth of the group and increases in operating expenses.

The following key assumptions were used in the impairment assessment:

Inputs
Pre-tax discount rate                                                                                            7,16%
Annual increase in revenue                                                                              8,00% ? 14,00%
Annual increase in operating expenses                                                                    0,32% ? 5,00%
Budgeted period                                                                                              8,5 years

No cash flows have been assumed beyond the budgeted period, and accordingly no growth is assumed beyond the
forecast period. Management has determined that a reasonably possible change to the key assumptions would not result in
impairment.

8. Investment property

The group's investment property comprises income-generating and development property:
                                                                                                                     Audited
                                                                                      As at           As at            As at
                                                                                31 December     31 December          30 June
Euro                                                                                   2015            2014             2015
Income-generating property                                                      169 911 602     102 787 078      164 390 519
Development property                                                            103 907 766      50 935 343       84 148 287
                                                                                273 819 368     153 722 421      248 538 806

The group's investment property is measured at fair value. The group holds three classes of investment property: Retail;
Industrial; and mixed use developments under construction ("Mixed use") in three jurisdictions: UK; Germany; and
Switzerland.

As at 31 December 2015
                                     Development
                                       property              Income-generating property
                                             UK                UK                  Germany    Switzerland
Euro                                  Mixed use   Industrial        Retail          Retail     Industrial            Total
Opening balance                      84 148 287   37 602 476     2 811 400     102 830 000     21 146 643      248 538 806
Property acquisitions                         ?            ?             ?      10 315 400              ?       10 315 400
Capitalised expenditure              21 551 678        4 088             ?          22 131              ?       21 577 897
Capitalised acquisition costs                 ?            ?             ?       1 089 375              ?        1 089 375
Capitalised retentions                  796 643            ?             ?         270 755              ?        1 067 398
Fair value adjustment (note 5)                ?            ?     (677 049)     (1 397 661)              ?      (2 074 710)
Reclassification to assets held for           ?            ?   (2 043 750)               ?              ?      (2 043 750)
sale (note 12)    
Foreign exchange movement in OCI    (2 588 842)  (1 147 220)      (90 601)               ?      (824 385)      (4 651 048)
Closing balance                     103 907 766   36 459 344             ?     113 130 000     20 322 258      273 819 368

As at 31 December 2014
                                    Development
                                       property                Income-generating property
                                             UK                 UK                  Germany   Switzerland
Euro                                  Mixed use    Industrial         Retail         Retail    Industrial         Total
Opening balance                      25 101 270     8 359 590      4 866 030      7 900 000    18 524 952    64 751 842
Property acquisitions                16 262 250    24 821 334              ?     35 333 931             ?    76 417 515
Capitalised expenditure               8 742 653             ?              ?              ?         9 428     8 752 081
Capitalised acquisition costs           953 220     1 439 409              ?      5 855 355             ?     8 247 984
Fair value adjustment (note 5)        (839 576)   (1 266 212)              ?    (3 626 225)             ?   (5 732 013)
Foreign exchange movement in OCI        715 526       224 198        141 032              ?       204 256     1 285 012
Closing balance                      50 935 343    33 578 319      5 007 062     45 463 061    18 738 636   153 722 421

As at 30 June 2015 (audited)
                                    Development
                                        property                Income-generating property
                                             UK                 UK               Germany     Switzerland
Euro                                  Mixed use    Industrial        Retail       Retail      Industrial          Total
Opening balance                      25 101 270     8 359 590     4 866 030    7 900 000      18 524 952     64 751 842
Property acquisitions                16 262 250    24 821 334            ?    90 488 931               ?    131 572 515
Capitalised expenditure              22 194 819             ?            ?             ?         183 723     22 378 542
Capitalised acquisition costs                 ?     1 441 896            ?     7 239 508               ?      8 681 404
Capitalised retentions                        ?             ?            ?     2 703 865               ?      2 703 865
Fair value adjustment (note 5)       14 881 638     (523 880)  (2 520 730)   (5 502 304)       (616 282)      5 718 442
Foreign exchange movement in OCI      5 708 310     3 503 536      466 100             ?       3 054 250     12 732 196
Closing balance                      84 148 287    37 602 476    2 811 400   102 830 000      21 146 643    248 538 806

Fair value
Acquisitions during the period are carried at fair value being the independent valuation at the date of acquisition. Development
properties are carried at fair value. Where fair value cannot be reliably determined, but for which the group expects the fair
value will be reliably determinable as construction progresses, they are measured at cost less impairment until fair value
becomes reliably determinable, as cost less impairment is the best estimate of fair value. Changes in fair values are recognised
as gains and losses in profit or loss. There are no realised gains in the current period (December 2014: EURnil; June 2015 EURnil).

On 22 December 2015 the group acquired a retail warehouse in Germany tenanted by OBI for EUR10 315 000.

Operating leases
Investment properties are subject to operating leases. The group's investment property portfolio generated EUR6 586 450
(December 2014: EUR2 625 058; June 2015: EUR8 733 519) in rental income and EUR695 687 (December 2014: EUR nil; June 2015:
EUR589 637) in service charge income. No rental income or service charge income generated by investment property was
contingent or variable. Portfolio related expenses of EUR1 783 557 (December 2014: EUR489 420; June 2015: EUR2 036 856) have
been recognised in profit or loss.

Interest bearing borrowings
Bank borrowings of EUR14 971 478 (December 2014: EUR14 875 552; June 2015: EUR15 747 889) are secured on retail and commercial
income-generating property in Germany and Switzerland with a fair value of EUR28 272 258 (December 2014: EUR26 638 636;
June 2015: EUR29 096 643). On 21 December 2015 the group entered into three loan agreements for a combined facility of
EUR30 550 000 on retail income generating property in Germany with a fair value of EUR47 680 000. This facility was not drawn
down as at 31 December 2015, see note 18.

Capital commitments
The group has capital commitments of EUR25 467 195 (December 2014: EUR15 028 153; June 2015: EUR43 863 249) in respect of
capital expenditures contracted for at the reporting date, see note 18.

Related parties
The group entity New Waverley 10 Limited has a development management agreement with New Waverley Advisers Limited,
a related party, for the development and construction of the New Waverley mixed use site in Edinburgh. This development
management agreement includes development management fees, together with a profit participation on the 'B shares'. The
group has provided for the fees proportionate to the fair value adjustment in the New Waverley development, see notes 14 and 17.

The group has capitalised costs incurred from related parties amounting to EUR17 790 498 (December 2014: EUR8 560 753;
June 2015: EUR19 958 467) during the period, see note 17.

Measurement of fair values

Valuation process for level 3 investment property
For all investment properties their current use equates to the highest and best use. The external valuations received are
initially reviewed by the relevant internal asset manager and compared to their expectation of what fair value would be
for individual investment properties. If the asset manager is in agreement with the valuation, the valuation reports are then
checked by the finance team to confirm their numerical and methodological accuracy. Lastly, the investment property
valuation is reviewed by the Audit Committee.

Fair value hierarchy
The fair value measurement of all the group's investment properties has been categorised as level 3 in the fair value
hierarchy based upon the significant unobservable inputs into the valuation technique used.

The following table shows the carrying amount and fair value of the group's investments in the fair value hierarchy:

As at 31 December 2015                                      Fair value
Euro                            Carrying amount  Level 1          Level 2        Level 3
Income-generating property          169 911 602       ?                 ?    169 911 602
Development property                103 907 766       ?                 ?    103 907 766
                                    273 819 368       ?                 ?    273 819 368

As at 31 December 2014                                      Fair value
Euro                            Carrying amount  Level 1          Level 2        Level 3
Income-generating property          102 787 078        ?                ?    102 787 078
Development property                 50 935 343        ?                ?     50 935 343
                                    153 722 421        ?                ?    153 722 421

As at 30 June 2015 (audited)                                Fair value
Euro                            Carrying amount  Level 1          Level 2        Level 3
Income-generating property          164 390 519        ?                ?    164 390 519
Development property                 84 148 287        ?                ?     84 148 287
                                    248 538 806        ?                ?    248 538 806

Valuation technique and significant unobservable inputs
The following table shows the valuation technique used in measuring the fair value of investment property, as well as the
significant unobservable inputs used.

As at 31 December 2015, 31 December 2014 and June 2015
                                                                                     Inter-relation between key
Investment                                                   Significant             unobservable inputs and fair value
property type       Valuation technique                      unobservable inputs     measurement
Income-generating   Discounted cash flows: The valuation     ?  Risk adjusted        The estimated fair value would
property            model considers the present value of        discount rates       increase (decrease) if:
                    net cash flows to be generated from      ?  Market rent           ?  Expected market rental growth
                    the property, taking into account        ?  Net rental growth        were higher (lower)
                    expected rental growth rate, void        ?  Reversionary          ?  The occupancy rate were higher
                    periods, occupancy rate, lease incentive    discount rate            (lower)
                    costs such as rent-free periods and                               ?  The reversionary discount rate
                    other costs not paid by tenants. The                                 were lower (higher)
                    expected net cash flows are discounted                            ?  The risk adjusted discount rate
                    using risk-adjusted discount rates.                                  were lower (higher)
                    Among other factors, the discount rate
                    estimation considers the quality of a
                    building and its location, tenant credit
                    quality and lease terms. 
Development         Discounted cash flows less cost to       ?  Risk adjusted        The estimated fair value would
property            complete: The discounted cash flow          discount rates       increase (decrease) if:
                    is determined on the same basis as       ?  Market rent           ?  Expected market rental growth
                    income-generating properties based       ?  Net rental growth        were higher (lower)
                    on the completed development             ?  Reversionary          ?  The occupancy rate were higher
                    property.                                   discount rate            (lower)
                                                             ?  Costs to complete     ?  The reversionary discount rate
                    Costs to complete as determined by                                   were lower (higher)
                    external quantity surveyors are deduct-                           ?  The risk adjusted discount rate
                    ed from the discounted cash flow.                                    were lower (higher)
                                                                                      ?  The costs to complete were lower
                                                                                         (higher)
                                                                                      ?  Completion dates were earlier
                                                                                         (later)

                    Cost less impairment: Costs directly     ?  Capitalised costs    The estimated fair value would
                    associated with the construction of      ?  Impairment           increase (decrease) if:
                    investment property are capitalised.                              -  Impairment were lower (higher)          
                    An impairment review is performed
                    to the extent that there are indicators
                    of impairment. As fair value cannot be
                    reliably determined cost is the best
                    indication of fair value.

Income-generating investment property held at 31 December 2015 and the New Waverley development in Edinburgh
continue to be held at their 30 June 2015 fair value for which a sensitivity analysis is available in the group's integrated
annual report 2015. Development properties are carried at capitalised cost less impairment, which is determined to be the
best estimate of fair value therefore a sensitivity analysis is not applicable.

9. Investments

The carrying amount of the group's investments was as follows:

                                                                                           Audited
                                                                As at          As at         As at
                                                          31 December    31 December       30 June
Euro                                                             2015           2014          2015
Non-current
Karoo Fund                                                          ?     64 098 804             ?
Sirius                                                     15 910 475     11 053 629    12 346 864
                                                           15 910 475     75 152 433    12 346 864
Current
Karoo Fund                                                 34 322 404              ?    67 221 894
                                                           34 322 404              ?    67 221 894
                                                           50 232 879     75 152 433    79 568 758

Investments are classified as fair value through profit or loss ("FVTPL"). Accordingly they are measured at fair value at
the reporting date with changes in fair value being recognised in profit or loss. These investments have been classified as
FVTPL because the contractual terms of the financial assets do not give rise to cash flows that are solely payments of
principal and interest on the amount outstanding.

On 1 September 2015 the Sirius shares held as treasury investments of EUR2 871 591 were transferred to the investments
portfolio as management intends to hold the shares for the longer term rather than as a short term treasury investment.
The Sirius investment has been fair valued at 31 December 2015 and a gain of EUR715 270 (December 2014: EUR1 263 564; June
2015: EUR1 134 917) was recognised in fair value adjustments in profit or loss.

The Karoo fund is classified as FVTPL. On 28 August 2015 and 26 October 2015 the Karoo Fund compulsorily redeemed
a portion of the investment amounting to EUR12 410 441 and EUR25 388 994 respectively. At 31 December 2015 the investment was
fair valued to EUR34 322 404 (December 2014: EUR64 098 804; June 2015: EUR67 221 894) and a gain of EUR7 076 240 (December
2014: EUR40 130 514; June 2015: EUR45 651 311) was recognised in fair value adjustments in profit or loss. As at 31 December 2015
a liability of EUR29 112 780 (December 2014: EUR20 612 124; June 2015: EUR26 378 571) is due to Attacq when the investment in the
Karoo Fund is realised, see note 14. On 31 January 2016 the group's remaining shares in the Karoo Fund were redeemed, see
note 19.

Reconciliation of investments

                                                                                           Audited
                                                              As at           As at          As at
                                                        31 December     31 December        30 June
Euro                                                           2015            2014           2015
Opening balance                                          79 568 758      35 743 617     35 743 617
Reclassification from treasury investments (note 11)      2 871 591               ?              ?
Acquisition                                                       ?      10 178 432     10 178 432
Redemption                                             (37 799 435)    (11 796 176)   (20 214 050)
Fair value movement (note 5)                              7 791 510      41 394 078     46 786 228
Foreign exchange movement in OCI                        (2 199 545)       (367 518)      7 074 531
Closing balance                                          50 232 879      75 152 433     79 568 758

Fair value hierarchy

The following table shows the carrying amount and fair value of the group's investments in the fair value hierarchy:

As at 31 December 2015                                                                        Fair value
Euro                                                Carrying amount             Level 1             Level 2        Level 3
Karoo Fund                                               34 322 404                   ?          34 322 404              ?
Sirius                                                   15 910 475          15 910 475                   ?              ?
                                                         50 232 879          15 910 475          34 322 404              ?

As at 31 December 2014                                                                        Fair value
Euro                                                Carrying amount             Level 1             Level 2        Level 3
Karoo Fund                                               64 098 804                   ?          64 098 804              ?
Sirius                                                   11 053 629          11 053 629                   ?              ?
                                                         75 152 433          11 053 629          64 098 804              ?

As at 30 June 2015 (audited)                                                                  Fair value
Euro                                                Carrying amount             Level 1             Level 2        Level 3
Karoo Fund                                               67 221 894                   ?          67 221 894              ?
Sirius                                                   12 346 864          12 346 864                   ?              ?
                                                         79 568 758          12 346 864          67 221 894              ?

Valuation techniques and unobservable inputs
The shares in the Karoo Fund are not listed in an active market, however, all inputs into the Karoo Fund's NAV valuation are
observable as the underlying investments are listed, with the exception of a convertible debenture that is not significant to
the fair valuation. As such level 2 in the fair value hierarchy is considered to be appropriate.

The following table shows the valuation technique used to measure investments held at fair value as well as the inputs
used for level 2 investments.

As at 31 December 2015, 31 December 2014 and 30 June 2015

Level 2
                                                                                           Inter-relationship between inputs
Investments          Valuation technique                 Inputs                            and fair value measurement
Karoo Fund           Fair value is based on the          NAV per share:                    The estimated fair value would
                     fund's reported net asset value     31 December 2015 ? EUR2 236         increase (decrease) if:
                     ("NAV").                            31 December 2014 ? EUR1 730         ?  NAV per share were higher
                                                         30 June 2015 ? EUR2 067                (lower)
                     The NAV of the fund is valued
                     by the fund's investment            All inputs used by the fund's
                     manager as follows:                 investment manager in
                     ?  Investments in equities by       determining the fund's NAV are
                        the Karoo Fund are valued        observable with the exception
                        at quoted prices in active       of a convertible debenture that
                        markets                          is not significant to the input
                     ?  Where there is not an            for fair valuation.
                        active market, fair value is
                        based on broker quotes on
                        similar contracts that are
                        traded in an active market
                        and the quotes reflect the
                        actual transactions in similar
                        instruments

10.  Short term loans receivable

The carrying amount of the group's short term loans receivables was as follows:
                                                                                                                         Audited
                                                                                        As at            As at             As at
                                                                                  31 December      31 December           30 June
Euro                                                                                     2015             2014              2015
Attacq                                                                             19 056 917                ?                 ?
                                                                                   19 056 917                ?                 ?

On 30 November 2015 the group provided a short term loan to Attacq, a related party, see note 17. The group provided
EUR18 920 000 over a term of a maximum of 3 months and a minimum of 1 month with early repayment permitted thereafter
without penalty, subject to interest of 8% per annum. The group has taken two forms of security, firstly the amount payable
to Attacq under the Karoo transaction of EUR29 112 780, see note 14; and Attacq's shares in the company owning Nova
Aventis (Stenham European Shopping Centre Fund (Guernsey) to the value of EUR22 931 521). The loan is fully repayable on
29 February 2016.

This short term loan receivable has been classified as a financial asset at amortised cost, accordingly on initial recognition
it was recognised at fair value and subsequently measured at amortised cost using the effective interest method. This
financial asset has been classified as amortised cost because the objective is to hold and to collect contractual cash flows
that are solely payments of principle and interest on the amount outstanding.

The carrying amount of the Attacq short term loan receivable is a reasonable approximation of its fair value.

11. Treasury investments

The carrying amount of the group's treasury investments was as follows:
                                                                                                                       Audited
                                                                                       As at            As at            As at
                                                                                 31 December      31 December          30 June
Euro                                                                                    2015             2014             2015
Sirius                                                                                     ?               ?         2 556 524
Other                                                                                      ?       31 933 437           48 455
                                                                                           ?       31 933 437        2 604 979

During the period the Sirius investment of EUR2 871 591 was reclassified to investments as it is managements' intention to hold
the investment for the longer term rather than as a short term treasury investment.

Reconciliation of treasury investments
                                                                                                                         Audited
                                                                                         As at            As at            As at
                                                                                   31 December      31 December          30 June
Euro                                                                                      2015             2014             2015
Opening balance                                                                      2 604 979                ?                ?
Investment                                                                                   ?       30 000 000       30 000 000
Fees                                                                                  (42 537)           86 419                ?
Redemption                                                                                   ?                ?     (31 696 715)
Fair value movement (note 5)                                                           309 149        1 847 018        4 301 694
Reclassification to investments (note 9)                                           (2 871 591)                ?                ?
Closing balance                                                                              ?       31 933 437        2 604 979

12. Assets held for sale

The carrying amount of the group?s asset held for sale was as follows:
                                                                                                                         Audited
                                                                                                 As at          As at      As at
                                                                                           31 December    31 December    30 June
Euro                                                                                              2015           2014       2015
Opening balance                                                                                      ?              ?          ?
Reclassification from investment property (note 8)                                           2 043 750              ?          ?
Closing balance                                                                              2 043 750              ?          ?

On 22 December 2015 the group exchanged contracts to sell Sauchiehall Street for GBP1 500 000 (approx. EUR2 043 750).
On 22 January 2016 the group completed on the sale of Sauchiehall Street, see note 19.

Measurement of fair values

Fair value hierarchy
The fair value measurement of all the group's asset held for sale has been categorised as level 3 in the fair value hierarchy
based upon the significant unobservable inputs into the valuation technique used.

The following table shows the carrying amount and fair value of the group's investments in the fair value hierarchy:

As at 31 December 2015                                                                        Fair value
Euro                                                Carrying amount            Level 1              Level 2            Level 3
Sauchiehall Street investment property                    2 043 750                  ?                    ?          2 043 750
                                                          2 043 750                  ?                    ?          2 043 750

Valuation technique and significant unobservable inputs
The following table shows the valuation technique used in measuring the fair value of assets held for sale, as well as the
significant unobservable inputs used.

                                                                                       Inter-relation between key
                                                                                       unobservable inputs and fair value
Valuation technique                           Significant unobservable inputs          measurement
Discounted cash flows: The valuation          ?  Risk adjusted discount rates          The estimated fair value would
model considers the present value of          ?  Market rent                           increase (decrease) if:
net cash flows to be generated from           ?  Net rental growth                     ?  Expected market rental growth
the property, taking into account             ?  Reversionary discount rate               were higher (lower)
expected rental growth rate, void periods,                                             ?  The occupancy rate were higher
occupancy rate, lease incentive costs such                                                (lower)
as rent-free periods and other costs not                                               ?  The reversionary discount rate were
paid by tenants. The expected net cash                                                    lower (higher)
flows are discounted using risk-adjusted                                               ?  The risk adjusted discount rate were
discount rates. Among other factors,                                                      lower (higher)
the discount rate estimation considers
the quality of a building and its location,
tenant credit quality and lease terms.

13. Share capital

The ordinary share capital of the company has no par value and in addition the company has unlimited authorised share
capital as it is incorporated in the British Virgin Islands as a BVI Business company.

                                                    Number of      Share capital
                                                       shares               Euro
Balance at 1 July 2014 (audited)                  279 483 999        289 978 080
Issued during the period
 ? Acquisition of MAS Property Advisors Limited     9 751 326         12 489 097
 ? Scrip distributions                              1 367 283          1 693 902
Balance at 31 December 2014                       290 602 608        304 161 079
Issued during the period
 ? Scrip distributions                              1 185 281          1 510 913
Balance at 30 June 2015 (audited)                 291 787 889        305 671 992
Issued during the period
 ? Scrip distributions                              2 667 741          3 241 805
Balance at 31 December 2015                       294 455 630        308 913 797

During the period the group incurred nil (December 2014: EUR10 903; June 2015: EUR13 029) expenses in relation to issuing
shares. Prior period amounts were offset against share capital.

14. Financial instruments

The carrying amounts of the group's financial instruments were as follows:
                                                                                                               Audited
                                                                                    As at          As at         As at
                                                                              31 December    31 December       30 June
Euro                                                                                 2015           2014          2015
Non-current
Derivative financial instruments                                                2 592 709      2 564 315     2 603 535
Financial liabilities                                                           3 820 803     20 612 124     3 941 947
                                                                                6 413 512     23 176 439     6 545 482
Current
Financial liabilities                                                          32 886 514              ?    26 378 571
                                                                               32 886 514              ?    26 378 571
                                                                               39 300 026     23 176 439    32 924 053
Derivative financial instruments
Derivative financial instruments comprise level 2 interest rate swaps, for which further information is available in the group's
integrated annual report 2015.

Financial liabilities

The group's financial liabilities comprise:
                                                                                          Audited
                                                                As at         As at         As at
                                                          31 December   31 December       30 June
Euro                                                             2015          2014          2015
Non-current
Development management fee                                 1 528 321              ?     1 576 779
Priority participating profit dividend                     2 292 482              ?     2 365 168
Attacq financial liability                                         ?     20 612 124             ?
                                                           3 820 803     20 612 124     3 941 947
Current
Santon Developments plc ("Santon") financial liability     3 773 734              ?             ?
Attacq financial liability                                29 112 780              ?    26 378 571
                                                          32 886 514              ?    26 378 571
                                                          36 707 317     20 612 124    30 320 518

Santon financial liability
The group entered into a revenue sharing agreement with Santon, the terms of which require the group to pay Santon 
GBP2 750 000 (approx. EUR3 773 734) on receipt of implementable planning. On 10 December 2015 The South Downs National
Park Authority's planning committee approved in principle the plans to develop the North Street Quarter development in
Lewes.

Final written permission will be granted subject to section 106 planning conditions being met.

This financial liability has been classified as FVTPL by opting to use the fair value option. This reduces the accounting
mismatch by matching the fair value of the liability with the fair value movement in investment property.

Reconciliation of financial liabilities:

                                                                                             Priority
                                               Attacq         Santon      Development   participating
                                            financial      financial       management          profit
Euro                                        liability      liability              fee        dividend          Total
Balance at 1 July 2014 (audited)                    ?              ?                ?               ?              ?
Fair value adjustment (note 5)             20 764 689              ?                ?               ?     20 764 689
Foreign exchange movement in OCI            (152 565)              ?                ?               ?      (152 565)
Balance at 31 December 2014                20 612 124              ?                ?               ?     20 612 124

Fair value adjustment (note 5)              4 131 412              ?        1 488 165       2 232 246      7 851 823
Foreign exchange movement in OCI            1 635 035              ?           88 614         132 922      1 856 571
Balance at 30 June 2015 (audited)          26 378 571              ?        1 576 779       2 365 168     30 320 518
Assumed on grant of planning permission             ?      3 773 734                ?               ?      3 773 734
Fair value adjustment (note 5)              3 601 074              ?                ?               ?      3 601 074
Foreign exchange movement in OCI            (866 865)              ?         (48 458)        (72 686)      (988 009)
Balance at 31 December 2015                29 112 780      3 773 734        1 528 321       2 292 482     36 707 317

On 31 January 2016 the group's remaining shares in the Karoo Fund were redeemed. In accordance with the purchase
agreement of the Karoo Fund, Attacq is entitled to a contingent adjustment in the consideration paid to the group. The
contingent adjustment is share based and will result in shares being issued to Attacq, see note 19.

Measurement of fair values

Fair value hierarchy

The following table shows the carrying amount and fair value of the group's financial liabilities in the fair value hierarchy:

As at 31 December 2015                                                       Fair value
Euro                                      Carrying amount       Level 1       Level 2        Level 3
Development management fee                      1 528 321             ?             ?      1 528 321
Priority participating profit dividend          2 292 482             ?             ?      2 292 482
Santon financial liability                      3 773 734             ?             ?      3 773 734
Attacq financial liability                     29 112 780             ?    29 112 780              ?
                                               36 707 317             ?    29 112 780      7 594 537

As at 31 December 2014                                                        Fair value
Euro                                      Carrying amount       Level 1        Level 2       Level 3
Attacq financial liability                     20 612 124             ?     20 612 124             ?
                                               20 612 124             ?     20 612 124             ?

As at 30 June 2015 (audited)                                                 Fair value
Euro                                      Carrying amount       Level 1       Level 2        Level 3
Development management fee                      1 576 779             ?             ?      1 576 779
Priority participating profit dividend          2 365 168             ?             ?      2 365 168
Attacq financial liability                     26 378 571             ?    26 378 571             ?
                                               30 320 518             ?    26 378 571      3 941 947

Valuation techniques and unobservable inputs
The following table shows the valuation technique used to measure investments held at fair value as well as the inputs used
for level 2 and significant unobservable inputs for level 3 financial liabilities:

As at 31 December 2015 and 30 June 2015

                                                                                             Inter-relationship between
Level 3                                                    Significant unobservable          significant unobservable inputs and
financial liability   Valuation technique                  inputs                            fair value measurement
Development           Discounted cash flows:               ?  Net rental growth              The estimated fair value would
management fee        Fair value is based on the           ?  Reversionary discount rate     increase (decrease) if:
                     profitability of the New Waverley    ?  Risk adjusted discount rates   ?  Expected net rental growth was
 and                  development. See note 8 for the      ?  Cost to complete                  higher (lower)
                     valuation technique in respect of    ?  Market rent                    ?  The reversionary discount rate
Priority              New Waverley.                                                             were lower (higher)
participating                                                                                ?  The risk adjusted discount rate
profit dividend                                                                                 were lower (higher)
                                                                                             ?  The costs to complete were
                                                                                                lower (higher)
                                                                                             ?  Market rent now higher (lower)

As at 31 December 2015
                                                                                             Inter-relationship between
Level 3                                                    Significant unobservable          significant unobservable inputs and
financial liability   Valuation technique                  inputs                            fair value measurement
Santon financial      Discounted cashflows:                ?  Risk adjusted discount rate    The estimated fair value would
liability             Fair value is based on the           ?  Contractual liability          increase (decrease) if:
                      contractual liability.                                                 ?  The risk adjusted discount rate
                                                                                                was lower (higher)
                                                                                             ?  The contractual liability was
                                                                                                higher (lower)

The New Waverly development continues to be held at its 30 June 2015 fair value and therefore there has been no change
to the fair value of either the development management fee or priority participating profit dividend, for both of which a
sensitivity analysis is available in the group's integrated annual report 2015.

As at 31 December 2015, 31 December 2014 and 30 June 2015

Level 2                                                                                      Inter-relationship between inputs
financial liability   Valuation technique                   Inputs                           and fair value measurement
Attacq financial      Fair value is based on the fund's     NAV per share                    The estimated fair value would
liability             reported net asset value ("NAV").                                      increase (decrease) if:
                      The NAV of the fund is valued by      31 December 2015 ? EUR2 236        ?  NAV per share were higher
                      the fund's investment manager as      31 December 2014 ? EUR1 730           (lower)
                      follows:                              30 June 2015 ? EUR2 067
                       ?  Investments in equities by
                          the Karoo Fund are valued         All inputs used by the fund's
                          at quoted prices in active        investment manager in
                          markets                           determining the fund's NAV are
                       ?  Where there is not an active      observable with the exception
                          market, fair value is based       of a convertible debenture that
                          on broker quotes on similar       is not significant to the input
                          contracts that are traded in an   for fair valuation.
                          active market and the quotes
                          reflect the actual transactions
                          in similar instruments

15. Operating segments

The group has the following four strategic divisions identified as reportable segments:

Reportable segment                     Description
Income-generating property             Consists of all the income-generating investment property in the portfolio.

Development property                   Consists of development property namely the New Waverley development in
                                       Edinburgh, North Street Quarter development in Lewes and the Langley development in
                                       Chippenham.

Investments                            Consists of the holding in the Karoo Fund and Sirius.

Corporate and treasury                 Consists of all of the cash holdings outside of the other reporting segments, treasury
                                       investments and goodwill.

The group's chief operating decision maker is determined to be the executive management team. The executive management
team analyses the performance and position of the group by aggregating the group into the four reportable segments.
These reportable segments have different risk profiles and generate revenue/income from different sources, accordingly, it
allows the executive management team to make better informed strategic decisions for the group. Management reports are
prepared and reviewed on a quarterly basis by the executive management team to facilitate this process.

31 December 2015
                                       Income-                                    Corporate
                                     generating      Development                        and
Euro                                   property         property   Investments     treasury           Total
Statement of comprehensive income
External revenue                      7 072 154          253 398             ?      102 549       7 428 101
Inter-segment revenue                         ?                ?             ?            ?               ?
Segment profit/(loss) before tax      3 180 957         (64 481)     5 828 941  (6 953 961)       1 991 456
Interest income                              42               43       183 583      135 045         318 713
Interest cost                         (303 529)                ?             ?            ?       (303 529)
Depreciation                                 ?                 ?             ?      (2 990)         (2 990)
Other material non-cash items
? Fair value adjustments            (2 121 548)                ?     5 033 132    (533 546)       2 378 038
? Exchange differences                    (527)                ?       612 226  (3 665 375)     (3 053 676)
Statement of financial position
Segment non-current assets          170 820 084      105 441 326    15 910 475   27 092 405     319 264 290
Segment current assets               15 763 799        1 507 903    34 322 404   40 944 889      92 538 995
Segment non-current liabilities      18 242 964        3 820 803             ?            ?      22 063 766
Segment current liabilities           6 459 982        5 164 232    29 112 780      593 955      41 330 949

31 December 2014
                                        Income-                                    Corporate
                                     generating      Development                         and
Euro                                   property         property   Investments      treasury           Total
Statement of comprehensive income
External revenue                      2 445 959          179 099             ?             ?       2 625 058
Inter-segment revenue                         ?                ?             ?             ?               ?
Segment (loss)/profit before tax    (3 854 352)        (900 100)    20 416 052     3 089 275      18 750 875
Interest income                              35               23             ?       146 442         146 500
Interest cost                         (276 486)          (4 794)             ?             ?       (281 280)
Depreciation                                  ?                ?             ?      (13 646)        (13 646)
Other material non-cash items
? Fair value adjustments            (5 340 140)        (839 576)    20 629 389     1 847 018      16 296 691
? Exchange differences                   45 295           59 219             ?     2 438 997       2 543 511
Statement of financial position
Segment non-current assets          103 446 288       52 380 369    75 152 433    25 048 040     256 027 130
Segment current assets                1 653 468          447 495             ?   103 237 055     105 338 018
Segment non-current liabilities      17 262 852               ?     20 612 124             ?      37 874 976
Segment current liabilities           4 158 558           72 237             ?       119 209       4 350 004

30 June 2015 (audited)
                                                      Income-                                         Corporate
                                                   generating       Development                             and
Euro                                                 property          property     Investments        treasury          Total
Statement of comprehensive income
External revenue                                    8 885 744           437 412               ?               ?      9 323 156
Inter-segment revenue                                       ?                 ?               ?               ?              ?
Segment (loss)/profit before tax                  (3 559 523)        11 113 166      26 749 365      14 271 088     48 574 096
Interest income                                            90                47               ?           4 539          4 676
Interest cost                                       (576 350)           (5 024)               ?              ?       (581 374)
Depreciation                                                ?                 ?               ?        (18 884)       (18 884)
Other material non-cash items
? Fair value adjustments                          (9 475 685)        11 161 228      21 890 127       4 301 694     27 877 364
? Exchange differences                                  2 771                 ?       5 043 582      12 613 942     17 660 295
Statement of financial position
Segment non-current assets                        165 127 532        85 730 472      12 346 864      27 784 092    290 988 960
Segment current assets                              9 918 844         1 149 173      67 221 894      41 176 540    119 466 451
Segment non-current liabilities                    18 526 950         3 941 947              ?               ?      22 468 897
Segment current liabilities                         5 405 117         2 637 785      26 378 571         424 443     34 845 916

Where assets/liabilities and income/expense are shared by reportable segments they are allocated to each respective
reportable segment based on a rational driver of use or ownership of the assets/liabilities or income/expense.

Geographical information
The group invests in investment property in Western Europe. The geographical information below analyses the group's rev-
enue and non-current assets by the company's country of domicile and the jurisdiction in which the underlying assets are
held: UK, Germany and Switzerland.

Revenue
                                                                                 Six-month        Six-month         Audited
                                                                              period ended     period ended      Year ended
                                                                               31 December      31 December         30 June
Euro                                                                                  2015             2014            2015
BVI                                                                                      ?               ?               ?
UK                                                                               2 584 456          923 739       3 336 893
Germany                                                                          4 220 335        1 153 790       4 806 043
Switzerland                                                                        623 310          547 529       1 180 220
                                                                                 7 428 101        2 625 058       9 323 156
Non-current assets
                                                                                                                    Audited
                                                                                     As at            As at           As at
                                                                               31 December      31 December         30 June
Euro                                                                                  2015             2014            2015
BVI                                                                                      ?                ?               ?
UK                                                                             184 903 550      191 166 246     166 275 302
Germany                                                                        114 038 482       46 122 248     103 567 015
Switzerland                                                                     20 322 258       18 738 636      21 146 643
                                                                               319 264 290      256 027 130     290 988 960

16. Earnings per share and diluted earnings per share

Basic and diluted earnings per share
The calculation of basic and diluted earnings per share has been based on the following profit attributable to ordinary
shareholders and the weighted-average number of ordinary shares outstanding.

Profit attributable to ordinary shareholders

                                                                                  Six-month       Six-month         Audited
                                                                               period ended    period ended      Year ended
                                                                                31 December     31 December         30 June
Euro                                                                                   2015            2014            2015
Profit for the year attributable to the owners of the group                       1 346 657      19 124 739      48 474 908
                                                                                  1 346 657      19 124 739      48 474 908
Weighted-average number of ordinary shares
                                                                                 Six-month        Six-month         Audited
                                                                              period ended     period ended      Year ended
                                                                               31 December      31 December         30 June
Euro                                                                                  2015             2014            2015
Issued ordinary shares at 1 July                                               291 787 889      279 483 999     279 483 999
Effect of shares issued related to business combinations                                ?         1 971 580       6 911 654
Effect of shares issued for scrip distributions                                    728 891        2 430 297         872 468
Weighted-average number of ordinary shares                                     292 516 780      283 885 876     287 268 121

Basic and diluted earnings per share
                                                                                 Six-month        Six-month         Audited
                                                                              period ended     period ended      Year ended
                                                                               31 December      31 December         30 June
Euro                                                                                  2015             2014            2015
Profit attributable to ordinary shareholders                                     1 346 657       19 124 739      48 474 908
Weighted-average number of ordinary shares                                     292 516 780      283 885 876     287 268 121
Basic and diluted earnings per share (euro cents)                                     0,46             6,74           16,87

There are no dilutionary instruments in issue and therefore basic earnings and diluted earnings are the same.

Adjusted core income and adjusted core income per share
                                                                                  Six-month       Six-month         Audited
                                                                               period ended    period ended      Year ended
                                                                                31 December     31 December         30 June
Euro                                                                                   2015            2014            2015
Profit for the year attributable to the owners of the group                       1 346 657      19 124 739      48 474 908
Adjusted for:
  Fair value adjustments                                                        (2 378 038)    (16 296 691)    (27 877 364)
  Previously recognised held to maturity unwind                                           ?         774 410               ?
  Exchange differences                                                            3 053 676     (2 543 511)    (17 660 295)
  Capital raising fees and structure costs                                          174 809         375 450         504 581
  Deferred taxation                                                                 142 521       (526 128)       (272 259)
  Realised profits on the Karoo Fund redemptions                                  4 355 077       2 433 970       4 921 557
  Realised profits on treasury portfolio                                                  ?               ?       1 696 715
Adjusted core income                                                              6 694 702       3 342 239       9 787 843
Weighted-average number of ordinary shares                                      292 516 780     283 885 876     287 268 121
Adjusted core income per share (euro cents)                                            2,29            1,18            3,41

Headline earnings per share
The group has applied the new Circular 2/2015 (the "Circular") as issued by the JSE and South African Institute of
Chartered Accountants. The Circular requires retrospective application, accordingly the group has applied the Circular to
the previously reported headline earnings and headline earnings per share and noted no changes to the previously reported
figures.

The headline earnings and headline earnings per share is as follows:

                                                Six-month period ended
                                                  31 December 2015
Euro                                               Gross            Net
Profit for the period                          1 346 657      1 346 657
Adjusted for:
Revaluation of investment property             2 074 710      1 833 424
Headline earnings                              3 421 367      3 180 081
Weighted-average number of ordinary shares   292 516 780    292 516 780
Headline earnings per share (euro cents)            1,17           1,09

                                                Six-month period ended
                                                   31 December 2014
Euro                                               Gross            Net
Profit for the period                         19 124 739     19 124 739
Adjusted for:
Revaluation of investment property             5 732 013      5 002 709
Headline earnings                             24 856 752     24 127 448
Weighted-average number of ordinary shares   283 885 876    283 885 876
Headline earnings per share (euro cents)            8,76           8,50

                                                       Audited
                                               Year ended 30 June 2015
Euro                                               Gross            Net
Profit for the period                         48 474 908     48 474 908
Adjusted for:
Revaluation of investment property           (5 718 442)    (6 759 124)
Headline earnings                             42 756 466     41 715 784
Weighted-average number of ordinary shares   287 268 121    287 268 121
Headline earnings per share (euro cents)           14,88          14,52

The JSE Listings Requirements require the calculation of headline earnings and diluted headline earnings per share and the
disclosure of a detailed reconciliation of headline earnings to the earnings numbers used in the calculation of basic earnings
per share, to be in accordance with the requirements of IAS 33 ? Earnings per Share. Disclosure of headline earnings is not
a requirement of IFRS. The directors do not use headline earnings or headline earnings per share in their analysis of the
group's performance, and do not consider it to be a useful or relevant metric for the group. The directors make no reference
to headline earnings or headline earnings per share in their commentaries. Instead, the directors use adjusted core income.

17. Related parties

Parent and ultimate controlling party
The group has no ultimate controlling party, but is controlled by its ordinary shareholders in aggregate.

Related party transactions

MAS Property Advisors Limited ("MAS Prop")
MAS Prop is a real estate advisory company and is a 100% owned subsidiary of the group. All intra-group transactions
and outstanding balances between MAS Prop and other subsidiaries in the group are eliminated on consolidation. Prior to
15 October 2014 in the previous reporting period, MAS Prop was owned by a group of investors of which Lukas Nakos and
Malcolm Levy, the chief executive officer and chief financial officer of the group respectively, had significant influence.

Prior to the group's acquisition of MAS Prop the group incurred investment advisory fees and on-charged staff costs
of EUR1 710 399 (December 2014) and EUR1 372 564 (June 2015), and transaction fees of EUR332 018 (December 2014), and
EUR352 500 (June 2015). Transaction fees were capitalised within investment property. All fees were charged to the group in
accordance with the investment advisory agreement and were on an arm's length basis.

Artisan Real Estate Investors Limited ("Artisan")
Artisan is a real estate management company and is owned by a group of investors of which Lukas Nakos and Malcolm
Levy, the chief executive officer and chief financial officer of the group respectively have significant influence.

New Waverley Advisers Limited ("NW Advisers")
NW Advisers is a real estate developer and is a 100% owned subsidiary of Artisan, as such is controlled by Artisan which is
a related party of the group.

During the period NW Advisers on-charged expenses in relation to the development of New Waverley which amounted
to EUR17 790 498 (December 2014: EUR8 228 735; June 2015: EUR19 605 967). These have been capitalised as part of the New
Waverley development within investment property. On-charges were charged to the group in accordance with the
development management agreement and were on an arm's length basis.

Corona Real Estate Partners Limited ("Corona")
Corona is a real estate management company with six staff members, and is owned 100% by Jonathan Knight who is the
Chief Investment Officer of the group.

During the period the group used the professional services of Corona and incurred expenses of EUR464 726
(December 2014: EUR104 590; June 2015: EUR331 218), which were charged to the group on an arm's length basis. At the end
of the reporting period nil (December 2014: nil; June 2015: EUR37 251) was owed to Corona. Professional services fees are
expensed in the profit or loss within Administrative expenses.

Attacq
Attacq is a significant shareholder in the company and has significant influence over the group.

On 30 November 2015 the group entered into a short-term loan agreement with Attacq for EUR18 920 000 which has
carrying amount of EUR19 056 917 as at 31 December 2015, see note 10.

The group purchased the Karoo Fund from Attacq in 2013 for an all share consideration of EUR34 199 731, see note 9.
Under the purchase agreement of the Karoo Fund Attacq is entitled to a contingent adjustment (the "Adjustment") in the
consideration paid to it by the group. This contingent adjustment is dependent upon the value at which the Karoo Fund
redeems. The contingent payment will be share-based and would amount to EUR29 112 780 (December 2014: EUR20 612 124;
June 2015: EUR26 378 571), see note 14, if the current reported net asset value were to be realised. On 31 January 2016 the
group's remaining shares in the Karoo Fund were redeemed, see note 19.

Other related party transactions
                                        Income/(expenses)
                                    for the period/year ended               Capitalised for the period/year ended     Balances receivable/(payable) as at
                                                                     Audited                               Audited                                          Audited
                                  31 December     31 December        30 June  31 December 31 December      30 June      31 December     31 December         30 June
Euro                                     2015            2014           2015         2015        2014         2015             2015            2014            2015
MAS Property Advisors
Limited
?  Investment adviser fee                   ?     (1 248 330)    (1 249 295)            ?           ?            ?                ?               ?               ?
?  Transaction fee                          ?              ?               ?            ?     332 018      352 500                ?               ?               ?
?  Oncharged staff costs                    ?       (462 069)      (123 269)            ?           ?            ?                ?               ?               ?
                                            ?     (1 710 399)    (1 372 564)            ?     332 018      352 500                ?               ?               ?
New Waverley Advisers
Limited
?  Oncharged development                    ?               ?              ?   17 790 498   8 228 735   19 605 967        (127 164)               ?          33 432
   costs                                                                                                                       
?  Development management                   ?               ?    (1 488 165)            ?           ?            ?      (1 528 321)               ?     (1 576 779)
   fee (note 14) 1
                                            ?               ?    (1 488 165)   17 790 498   8 228 735   19 605 967      (1 655 485)               ?     (1 543 347)
New Waverley Holdings
Limited
?  Development profit                       ?               ?    (2 232 246)            ?           ?            ?      (2 292 482)               ?     (2 365 168)
   participation fee (note 14)
                                            ?               ?    (2 232 246)            ?           ?            ?      (2 292 482)               ?     (2 365 168)
Corona Real Estate Partners
Limited
?  Legal and professional           (464 726)       (104 590)      (331 218)            ?           ?            ?                ?               ?          37 251
   expenses
                                    (464 726)       (104 590)      (331 218)            ?           ?            ?                ?               ?          37 251
Attacq
?  Karoo Fund financial liability (3 601 074)               ?   (24 896 102)            ?           ?            ?     (29 112 780)    (20 612 124)    (26 378 571)
   (note 14)
?  Related party loan (note 10)       134 803               ?              ?            ?           ?            ?       19 056 917               ?               ?
                                  (3 466 271)               ?   (24 896 102)            ?           ?            ?     (10 055 863)    (20 612 124)    (26 378 571)
Artisan Real Estate Investors
Limited
?  Oncharged administrative          (30 120)        (20 639)          6 435            ?           ?            ?            7 494        (11 812)          12 737
   expenses
                                     (30 120)        (20 639)          6 435            ?           ?            ?            7 494        (11 812)          12 737
                                  (3 961 117)     (1 835 628)   (30 313 860)   17 790 498   8 560 753   19 958 467     (13 996 336)    (20 623 936)    (30 237 098)

All related party balances (except Attacq, see notes 10 and 14) are unsecured and are repayable on demand.

1 Movements between opening and closing receivable/(payable) and the corresponding income/(expense) relate to foreign exchange movements 
recognised in other comprehensive income.

Transactions with key management

Six-months ended 31 December 2015
                                                              Short-term    Long-term
Euro                  Role         Basic salary   Benefits     incentive    incentive        Total
Lukas Nakos*          CEO               110 728          ?       166 092      166 092      442 912
Malcolm Levy*         CFO               103 808          ?       155 711      155 711      415 230
Jonathan Knight*      CIO                41 523          ?        77 856       77 856      197 235
Ron Spencer           Chairman           15 000          ?             ?            ?       15 000
Gideon Oosthuizen     NED                13 750          ?             ?            ?       13 750
Jaco Jansen           NED                13 750          ?             ?            ?       13 750
Morne Wilken          NED                10 000          ?             ?            ?       10 000
Pierre Goosen         NED                10 000          ?             ?            ?       10 000
                                        318 559          ?       399 659      399 659    1 117 877

* Payments, which are made in sterling, are converted to euros at the average rate of 1,3841

As the group has not yet implemented a formal incentive scheme, on 17 November 2015 the Remuneration Committee
approved two incentives for the executive directors. In line with the remuneration policy, these incentives aim to align the
interests of the executive directors, motivate the achievement of superior performance in line with the group's strategic
objectives, and retain talent. The incentives reward the executive directors for services and performance achieved in the 14?
month period from 15 October 2014 to 31 December 2015.

The first incentive is a short term incentive ("STI") to the value of EUR399 659. The STI rewards past performance and is
paid in cash. Half of it was paid in December 2015 with the balance due in June 2016.

The second incentive is a long term incentive ("LTI") to the value of EUR399 659. The LTI rewards past performance and
was paid in cash in December 2015. The terms of the LTI required that the after tax benefit received by the directors be
invested in MAS shares, acquired in the open market. Such shares were acquired in December 2015. There are no vesting
conditions, nor any requirement for the directors to sell the shares should they not be employed by the group. However,
there are restrictions on disposal until 2017.

Both the STI and LTI schemes have been recognised as an employment benefit in the reporting period in which they
have been approved by the Remuneration Committee.

Six-months ended 31 December 2014

                                                         Short-term    Long-term
Euro                  Role    Basic salary   Benefits     incentive    incentive      Total
Lukas Nakos           CEO           43 625          ?             ?            ?     43 625
Malcolm Levy(a)       CFO           65 788          ?             ?            ?     65 788
Jonathan Knight       CIO           16 363          ?             ?            ?     16 363
Ron Spencer           Chairman       9 500          ?             ?            ?      9 500
Gideon Oosthuizen     NED            9 500          ?             ?            ?      9 500
Jaco Jansen           NED            9 500          ?             ?            ?      9 500
Morne Wilken          NED            4 008          ?             ?            ?      4 008
Pierre Goosen         NED            4 008          ?             ?            ?      4 008
                                   162 292          ?             ?            ?    162 292

(a) Included in this amount is EUR24 940 that was paid directly to MAS Property Advisors Limited, the investment advisor.


Year ended 30 June 2015 (audited)
                                                                               Short-term          Long-term
Euro                        Role          Basic salary        Benefits          incentive          incentive            Total
Lukas Nakos                 CEO                152 149               ?                 ?                   ?          152 149
Malcolm Levy(b)             CFO                142 641               ?                 ?                   ?          142 641
Jonathan Knight             CIO                 57 056               ?                 ?                   ?           57 056
Ron Spencer                 Chairman            24 500               ?                 ?                   ?           24 500
Gideon Oosthuizen           NED                 23 250               ?                 ?                   ?           23 250
Jaco Jansen                 NED                 23 250               ?                 ?                   ?           23 250
Morne Wilken                NED                 10 000               ?                 ?                   ?           10 000
Pierre Goosen               NED                 10 000               ?                 ?                   ?           10 000
                                               442 846               ?                 ?                   ?          442 846

(b)  Inaddition, the directors fees of EUR24 940 were paid directly to MAS Property Advisors Limited. These fees ceased from a group perspective on 15 October 2014,
    when Malcolm Levy became an employee of the group.

18. Commitments

The group entered into contracts for the construction and development of New Waverley. These contracts will give rise to
capitalised expenses of GBP18 691 519 (approx. EUR25 467 195) over the next year, these expenses will be capitalised as part of
the New Waverley development.

On 22 December 2015 the group exchanged conditional contracts to acquire a logistics unit in Germany for EUR11 800 000.

On 21 December 2015 the group entered into three loan agreements with Victoria Lebensversicherung AG
("the Lender") for a combined facility of EUR30 550 000. The three loan agreements were: EUR16 895 000 13 year all-in interest
rate of 2,49% p.a; EUR5 770 000 13 year all-in interest rate of 2,49% p.a; and EUR7 885 000 11 year all-in interest rate of 2,32% p.a.
The Lender is entitled to compensation in an amount equal to 2,50% of the undisbursed amount unless at least
EUR30 550 000 has been disbursed by the end of the drawing period being 31 March 2016. On drawdown, as security the
Lender has 5 cross-collateralised retail properties in Germany with a fair value of EUR47 680 000. The group intends to use
the debt as general borrowings to fund the acquisition of new investments.

19. Subsequent events

Sale of investment property
On 22 January 2016 the group completed on the sale of Sauchiehall Street for GBP1 500 000 (approx. EUR2 043 750).

Karoo Fund and Attacq liability
On 31 January 2016 the group's remaining shares in the Karoo Fund were redeemed. The group received an in-specie
redemption of 64 540 371 shares in Sirius and EUR2 577 304 cash in exchange for EUR32 411 907 being the group's share of the Karoo
Fund's net asset value at 31 January 2016. The final redemption has triggered the settlement of the Attacq financial liability
(see note 14), from whom the group acquired the investment, through the issuance of MAS shares. Under the purchase
agreement the MAS adjustment shares are issued at a price per share equal to the 30-day volume weighted average price
of a MAS share at each point the Karoo Fund is realised. Accordingly, 21 317 449 shares will be issued to Attacq in settlement of the
Attacq financial liability, which would have increased Attacq's shareholding in MAS to 48,6% as at the date of this report.

Completion of development property
The group has completed the construction of the two pre-let Whitbred hotel at New Waverley and on 22 February 2016
they were both formally handed over to the tenant.

Registered in the British Virgin Islands                  Company number                     1750199
Registered as an external company in South Africa         Registration number         2010/000338/10
JSE share code                                                                                   MSP
SEDOL (XLUX)                                                                                 B96VLJ5
SEDOL (JSE)                                                                                  B96TSD2
ISIN                                                                                    VGG5884M1041
Number of shares in issue as at 31 December 2015                                         294 455 630

www.masrei.com

29 February 2016



Date: 29/02/2016 12:00:00 
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