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



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

Following strong demand, MAS has raised approximately ZAR1.98 billion at a price of ZAR25.50 per share
on the South African register and EUR1.63 per share on the Luxembourg register. The book build was
significantly oversubscribed.

Subject to approval by the JSE and the Luxembourg Stock Exchange, the listing and trading of the new
MAS shares is expected to commence at 09:00 on Thursday, 28 September 2017 on both exchanges.

Java Capital acted as sole bookrunner.

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This announcement is not for publication or distribution or release, directly or indirectly, in the United States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
Henco van der Meulen, M Partners, Luxembourg                          +352 26 38 68 616

Date: 14/09/2017 02:00:00 
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