Changes to the board of directors

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
SEDOL (EMTF): B96VLJ5
SEDOL (JSE): B96TSD2
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
("MAS")                                                                                                          

CHANGES TO THE BOARD OF DIRECTORS

Shareholders are advised that Morné Wilken has tendered his resignation as a director and Chief Executive
Officer ("CEO") of the Company.

Morné has accepted an offer to become the CEO of Hyprop Investments Limited, a listed property company
based in South Africa. Morné has informed the company that this is an attractive opportunity for him and his
family to relocate back to South Africa, as they have not settled in the Isle of Man. Morné will continue to 
serve as CEO until 14 December 2018.

The board has commenced the process of identifying and appointing a suitable successor to drive the existing
strategy and further announcements will be made as and when appropriate. Upon Morné’s departure, Malcolm
Levy, the current Chief Financial Officer ("CFO"), will act as interim CEO until a permanent replacement has
been appointed.

Paul Osbourn, Executive Director, will take over as CFO with immediate effect in order to allow the executive
team to manage the transition process most effectively. Paul, a Fellow of the Institute of Chartered Accountants
in England and Wales, comes with significant financial and corporate finance experience.

Ron Spencer, the chairman of the board, commented: "We would like to thank Morné for his services and wish
him and his family well with their move back to South Africa and in their future endeavours. As a board, we are
confident in the strength and depth of the executive team, that is well equipped to continue to drive the set
strategy of delivering quality and growing distributions on a sustainable basis over time, whilst we go through
the process of appointing a new CEO".

MAS is listed on the Main Board of the Johannesburg Stock Exchange and is listed and admitted to trading on
the Euro MTF market of the Luxembourg Stock Exchange.

2 October 2018

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 Stock Exchange Listing Agent                  +352 263 868 602
Lizelle du Toit, Investor Relations                                               +27 82 465 1244

Date: 02/10/2018 08:50:00 
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