Stock Exchange News Service

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
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or the “Company”)



MAS announces an equity raise through the issue of new ordinary shares (“equity raise”). The equity raise
is subject to pricing acceptable to MAS.

The equity raise will be offered to qualifying investors through a book build process (the “book build”). Only
qualifying investors are invited to participate in the book build. Investors may elect to subscribe for ordinary
shares on the South African register in ZAR or elect to subscribe for shares on the Luxembourg register in
EUR. The book build is now open and the Company reserves the right to close it at any time hereafter. Pricing
and allocations will be announced as soon as is reasonably practicable following the closing of the book build.

The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with existing
MAS shares in issue and will be fully fungible with effect from listing.

Java Capital is acting as sole bookrunner.

For further information relating to the book build please contact:

 Gareth Earl                        Thys de Beer    
 Tel: +27 11 722 3064               Tel: +27 11 722 3057

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

14 September 2017

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This announcement is not for publication or distribution or release, directly or indirectly, in the United States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

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 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 persons 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.

 Sarah King, Acting Company Secretary, MAS Real Estate Inc.               +44 1624 625 000
 Java Capital, South African corporate advisor and JSE sponsor            +27 11 722 3050
 Charl Brand, M Partners, Luxembourg                                      +352 263 868 602

Date: 14/09/2017 07:30:00 
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