Stock Exchange News Service

Results of the Accelerated Book Build

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 advised that MAS has closed its book build announced earlier today.

MAS has raised a total of EUR38 million (approximately ZAR656 million) through the placing of a total of 29 848 136
new ordinary shares (the “new shares”). The equity raise was substantially oversubscribed at this level. The new
shares will be issued on the South African register at ZAR22.00 per share and on the Luxembourg register at
EUR1.2731 per share.

Subject to approval by the JSE and the LuxSE, the listing and the trading of the new MAS shares is expected to
commence at 09h00 on Friday, 15 April 2016 on both exchanges.

Java Capital acted as sole bookrunner.

7 April 2016

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

The equity raising is not an offer to the public as contemplated under the South African Companies Act, No.71 of 2008
as amended (“Companies Act”), nor an offer of securities in any other jurisdiction. Potential investors are only
permitted to apply for shares with a minimum total acquisition cost, per single addressee acting as principal, of greater
than or equal to ZAR1,000,000, unless the potential investor is a person, acting as principal, whose ordinary business,
or part of whose ordinary business, is to deal in securities, whether as principal or agent (in reliance on Section
96(1)(a)(i) and 96(1)(b) of the Companies Act) or such applicant falls within one of the other specified categories of
persons listed in section 96(1) of the Companies Act.

This announcement is not for publication or distribution or release, directly or indirectly, in the United States of
America (including its territories and possessions, any state of the United States and the District of Columbia).

This announcement does not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for
securities in the United States or any other jurisdiction. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered
or sold, directly or indirectly, in the United States, absent registration or an exemption from, or transaction not subject
to, the registration requirements of the Securities Act. No public offering of securities is being made in the United
States. This announcement does not and is not intended to constitute an offer to the public in South Africa in terms of
the Companies Act. Neither this announcement nor any copy of it may be taken, transmitted or distributed, directly or
indirectly in or into the United States, Canada, Australia or Japan.

This announcement is for information purposes only and in member states of the European Economic Area (other
than the United Kingdom) is directed only at persons who are qualified investors (as defined in article 2(1)(e) of EU
directive 2003/71/EC (the “Prospectus Directive”) and the relevant implementing rules and regulations adopted by
each Member State). In the United Kingdom, this announcement is directed only at the following persons: investment
professionals falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the “Order”); and high net worth entities, and other person to whom it may lawfully be communicated, falling
within article 49(2)(a) to (d) of the Order.

This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty
express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by
Java Capital (sole bookrunner and JSE Sponsor) or by any of its respective affiliates or agents as to, or in relation to,
the accuracy or completeness of this announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.


This announcement contains (or may contain) certain forward-looking statements with respect to certain of the
Company's plans and its current goals and expectations relating to its future financial condition and performance and
which involve a number of risks and uncertainties. The Company cautions readers that no forward-looking statement
is a guarantee of future performance and that actual results could differ materially from those contained in the forward-
looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances a number of which are beyond the Company's control. These forward-looking
statements reflect the Company's judgement at the date of this announcement and are not intended to give any
assurance as to future results. Except as required by the JSE Listing Requirements, the rules and regulations of the
Luxembourg Stock Exchange or applicable law, the Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward looking statements contained in this announcement to reflect
any changes in the Company’s expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.

Helen Cullen, Company Secretary, MAS Real Estate Inc.                                      +44 1624 625 000
Java Capital, Sole bookrunner, South African corporate advisor and JSE Sponsor             +27 11 722 3050
Andrew Smith, M Partners, Luxembourg                                                       +352 263 868 610

Date: 07/04/2016 01:44:00 
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