Stock Exchange News Service

Issue and listing of new shares

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
Registered as an external company in the Republic of South Africa
Registration number 2010/000338/10
JSE share code: MSP
ISIN: VGG5884M1041
(“MAS” or the “Company”)


Shareholders are referred to the announcement published on the LuxSE website and JSE SENS on 3 October 2013
and the listing particulars issued on 12 December 2013, wherein it was detailed that the Company had entered into
agreement to acquire shares (“the Acquisition”) in Karoo Investment Fund S.C.A SICAV-SIF and Karoo Investment
Fund II S.C.A SICAV-SIF (collectively, “the Karoo Funds”). The agreement provided that if the realised proceeds
attributable to MAS were greater than the net asset value of the Karoo Funds at the June 2013 reference date, an
adjustment would be made to the purchase consideration for the acquisition, which would be settled through the
issuance of new MAS shares to the vendor of the Karoo Funds.

Accordingly, shareholders are advised that the board of the Company has approved the issue of 21 317 449 MAS
shares of no par value at an issue price of EUR1.32087 per share (or R22.456 per share on the South African
register) ("the Additional MAS Shares") to settle the purchase consideration for the Acquisition.

The Additional MAS Shares have been issued and listed today, Friday, 11 March 2016 on the LuxSE and the JSE.
Following the issue of the Additional MAS Shares, the issued share capital of MAS will comprise 315 773 079 shares.

MAS is listed on the Euro MTF Market of the LuxSE and on the Main Board of the JSE.

11 March 2016

For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.                                +44 1624 625 000
Java Capital, JSE Sponsor                                                            +27 11 722 3050
Andrew Smith, M Partners, Luxembourg                                                 +352 263 868 610

Date: 11/03/2016 11:30:00 
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