Stock Exchange News Service

Appointment of chief executive officer

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")


The board is pleased to announce the appointment of Werner Behrens as Chief Executive Officer ("CEO") of MAS
effective 1 May 2019.

Werner has a strong track record as a senior management executive, spanning more than thirty years in a number
of corporates, including the Development Bank of Southern Africa, Nedcor Investment Bank ("NIB"), Nedbank
and the Regent Insurance Group. Werner served, inter alia, on NIB's executive and investment committees, as
chairman of Nedbank Capital's credit committee and more recently on the executive and investment committees
of the Regent Insurance Group. In his various roles, Werner provided strategic organisational direction, oversaw
and executed capital allocation and investment as well as provided management and organisational leadership.
Werner has particular experience in corporate deal-making and implementation and is experienced in leading
multi-disciplinary professional teams. His track record demonstrates his versatility and experience in operating
successfully across a wide range of sectors.

"I am delighted that Werner has agreed to join MAS and we welcome him to the role. We undertook a
comprehensive recruitment process in search of the right person to lead MAS and received substantial interest in
the role. Werner is a strong and dynamic leader with an impressive track record. The Board believes his deal-
making capabilities, willingness to operate from the Isle of Man as well as experience and skills in developing and
managing important partner relationships qualify him as the best candidate for the CEO role", commented
chairperson, Ron Spencer.

Werner and the executive team will be available for investor interaction in due course and investors attending the
upcoming investors' tour in Romania from 5 June 2019 will have the opportunity to interact with Werner during
the tour.

Malcolm Levy will continue as interim CEO until 1 May 2019 and will be integral to the handover period. When
this is complete, Malcolm will transition into a non-executive director role within MAS where the Company will
continue to benefit from his experience.

"The board would like to thank Malcolm, one of the co-founders, for his important contribution over the years and
values his continued involvement with the business as he transitions to his new role as a non-executive director,"
said Ron.

Martin Slabbert, managing partner of Prime Kapital, MAS' joint venture partner in Central and Eastern Europe,
said: "Werner is a seasoned investment professional and was a mentor to me during my time with NIB in the early
2000's. We at Prime Kapital look forward to continuing our close working relationship with the MAS team under
his leadership."

Malcolm said: "Werner's wealth of experience and strong leadership qualities are the particular skills required by
MAS and I believe he has the right attributes to lead the company and the team during this exciting time for the

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

5 April 2019

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

Date: 05/04/2019 08:30:00 
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