Stock Exchange News Service

Memorandum of understanding with Prime Kapital

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")

MEMORANDUM OF UNDERSTANDING WITH PRIME KAPITAL UPDATE                                                  

On 4 June 2019, MAS announced that the board of directors (the "Board") had undertaken an in-depth review of
the Company’s strategy. The impressive performance and growth of the Central and Eastern Europe ("CEE")
portfolio has led the Board to consider that the continued expansion into CEE, combined with full divestment from
Western Europe, is the most appropriate strategy for the group.

The Board also recognised the importance of being able to manage the income-generating investment properties
directly without reliance on third parties. In this context, MAS announced that it had entered into a Non-Binding
Memorandum of Understanding with Prime Kapital Holdings Limited ("PK") to acquire a call option to purchase
PK's effective 20% interest in the investment joint venture, together with the PK management platform, exercisable
between 30 June 2022 and 30 June 2024, at an option premium of EUR 2 million.

MAS wishes to advise shareholders that the negotiations with PK have now been terminated without the
conclusion of a binding call option agreement. MAS remains committed to its strategy of continued expansion into
CEE and will look to invest directly as it grows its asset management capability in the region. MAS will further
continue to benefit from the relationship with PK through the exclusive development joint venture, as well as the
existing portfolio that is managed in the investment joint venture.

MAS will release its Annual Results on Thursday, 5 September 2019 and will host a conference call at 14:00 (SA
time). The pre-registration link for the conference call is available at: The
executive team will also host Investor Presentations in both Cape Town and Johannesburg on 11 and 13
September 2019 respectively, to present an overview of the Company’s strategy and results.

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.

28 August 2019

For further information please contact:
Sarah King, Acting Company Secretary, MAS Real Estate Inc.                        +44 1624 625000
Java Capital, JSE Sponsor                                                         +27 11 722 3050
Harneys Luxembourg, Luxembourg Stock Exchange Listing Agent                       +352 278 671 02
Investor Relations, Lizelle du Toit                                               +27 82 465 1244

Date: 28/08/2019 11:00:00

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