Stock Exchange News Service

Results of the accelerated book build

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
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 ZAR2.6 billion (approximately
EUR159 million) at a price of ZAR31.00 per share on the South African register and EUR1.90 per
share on the Luxembourg register.

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 Wednesday, 6 December 2017 on both

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.

23 November 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This announcement is not for publication or distribution or release, directly or indirectly, in the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 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 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.

Helen Cullen, 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: 23/11/2017 01:45:00 
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