Stock Exchange News Service

Change in nature of associates holdings in securities and dealings in securities by associate of a director of MAS

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
SEDOL (EMTF): B96VLJ5
SEDOL (JSE): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
LEI 213800T1TZPGQ7HS4Q13
(“MAS” or the “Company”)


CHANGE IN NATURE OF ASSOCIATES HOLDINGS IN MAS SECURITIES AND DEALINGS IN SECURITIES BY AN ASSOCIATE OF 
A DIRECTOR OF MAS


As announced on 17 October 2017, Morné Wilken will be taking over as Chief Executive Officer of MAS,
effective 1 January 2018, and consequently, is in the process of restructuring his personal affairs before
relocating to the Isle of Man.

Shareholders are advised of the transfer of 226 200 MAS shares at a price of ZAR 32.99 (for a total value of
ZAR 7 462 338.00) from the Trinsam Trust (the “Trust”), an associate of Morné Wilken by virtue of him being
a trustee and beneficiary of the Trust, to Morné directly, thus changing the nature of his interest from indirect
beneficial to direct beneficial. The transaction was conducted off-market and clearance to deal was received.

In order to settle the capital gains tax related to the transfer of shares from the Trust to Morné, shareholders
are advised of the following information in respect of dealings in securities by the Trust:

 Transaction date:                         14 November 2017
 Class of securities:                      Ordinary shares
 Number of securities:                     28 866
 Highest traded price per security:*       ZAR 33.14
 Weighted average price per security:      ZAR 32.28710
 Lowest traded price per security:*        ZAR 32.25
 Total value of transaction:               ZAR 931 999.49
 Nature of transaction:                    On-market sale of ordinary shares on the Johannesburg Stock
                                           Exchange
 Nature and extent of director's interest: Indirect beneficial
 Clearance to deal received:               Yes
*Highest and lowest traded prices per security on the market on the day.

In accordance with the requirements of the EU Market Abuse Regulation, the notification and public
disclosure of transactions by persons discharging managerial responsibilities and persons closely associated
with them is set out below:

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name                                Trinsam Trust
2. Reason for the notification
a) Position / status                   Person Closely Associated with a Person Discharging
                                       Managerial Responsibilities - Morné Wilken is a trustee and
                                       beneficiary of the Trinsam Trust as well as a director of MAS
                                       Real Estate Inc.
b) Initial notification / amendment    Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
   auction monitor
a) Name                                MAS Real Estate Inc.
b) LEI                                 213800T1TZPGQ7HS4Q13
4. Details of the transaction(s)
   section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each
   date; and (iv) each place where transactions have been conducted
a) Description of the financial        Ordinary shares
   instrument, type of instrument
   Identification code                 ISIN: VGG5884M1041
b) Nature of the transaction           Sale of ordinary shares on the Johannesburg Stock Exchange
                                       to settle capital gains tax related to the transfer of shares from
                                       the Trinsam Trust
c) Price(s) and volume(s)              Price(s)                         Volume(s)
                                       ZAR 32.2871                      28 866
d) Aggregated information
   — Aggregated volume                 28 866
   — Price                             ZAR 32.2871
e) Date of the transaction             2017-11-14
f) Place of the transaction            Johannesburg Stock Exchange



NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name                                Trinsam Trust
2. Reason for the notification
a) Position / status                   Person Closely Associated with a Person Discharging
                                       Managerial Responsibilities - Morné Wilken is a trustee and
                                       beneficiary of the Trinsam Trust as well as a director of MAS
                                       Real Estate Inc.
b) Initial notification / amendment    Initial notification

3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
   auction monitor
a) Name                                MAS Real Estate Inc.
b) LEI                                 213800T1TZPGQ7HS4Q13
4. Details of the transaction(s)
   section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each
   date; and (iv) each place where transactions have been conducted
a) Description of the financial
   instrument, type of instrument      Ordinary shares
   Identification code                 ISIN: VGG5884M1041
b) Nature of the transaction           Transfer of ordinary shares from Trinsam Trust, an associate of
                                       Morné Wilken directly to Morné Wilken
c) Price(s) and volume(s)              Price(s)                         Volume(s)
                                       ZAR 32.99                        226 200
d) Aggregated information
   — Aggregated volume                 226 200
   — Price                             ZAR 32.99
e) Date of the transaction             2017-11-14
f) Place of the transaction            Outside trading venue

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. Details of the person discharging managerial responsibilities/person closely associated
a) Name                                Morné Wilken
2. Reason for the notification
a) Position / status                   Director
b) Initial notification / amendment    Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or
   auction monitor
a) Name                                MAS Real Estate Inc.
b) LEI                                 213800T1TZPGQ7HS4Q13
4. Details of the transaction(s)
   section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each
   date; and (iv) each place where transactions have been conducted
a) Description of the financial
   instrument, type of instrument      Ordinary shares
   Identification code                 ISIN: VGG5884M1041
b) Nature of the transaction           Transfer of ordinary shares directly to Morné Wilken from the
                                       Trinsam Trust, an associate of Morné Wilken
c) Price(s) and volume(s)              Price(s)                         Volume(s)
                                       ZAR 32.99                        226 200
d) Aggregated information
   — Aggregated volume                 226 200
   — Price                             ZAR 32.99
e) Date of the transaction             2017-11-14
f) Place of the transaction            Outside trading venue

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


17 November 2017

For further information please contact:
Helen Cullen, Company Secretary, MAS Real Estate Inc.                     +44 1624 625000
Java Capital, JSE Sponsor                                                 +27 11 722 3050
Charl Brand, M Partners, Luxembourg                                       +352 263 868 602

Date: 17/11/2017 05:48:00 
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