Stock Exchange News Service

Consolidated Annual Financial Statements 2019

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

SHORT-FORM ANNOUNCEMENT: CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 2019

OUTPERFORMED DISTRIBUTABLE
EARNINGS PER SHARE TARGET OF
8.75 EURO CENTS

41.9%
YEAR-ON-YEAR INCREASE
DISTRIBUTABLE EARNINGS
PER SHARE

59.6%
YEAR-ON-YEAR INCREASE IN
NET RENTAL INCOME

45.3%
OF INVESTMENT PROPERTY
PORTFOLIO IN CEE(1)

2.0%
YEAR-ON-YEAR INCREASE IN
EPRA NAV PER SHARE TO
137.6 EURO CENTS

2 YEAR EXTENSION TO
EXCLUSIVITY WITH
PRIME KAPITAL
UNTIL 2025

(1)  Includes investment property held for sale

DIRECTORS' REPORT

In 2016, MAS embarked on a three-year programme to restructure and grow
its balance sheet. The emphasis was on developing and owning retail assets in
Central and Eastern Europe (CEE), given strong historical consumption growth
trends in the region that are expected to continue, whilst retaining the benefits
of a geographically diversified asset portfolio. This was funded through raising
both debt and additional equity.

This initial programme has now drawn to a successful close. In light of
this, the board of directors has undertaken an in-depth review of the group's
strategy. The impressive performance and growth of the CEE portfolio led the
board to consider that the continued expansion into CEE, combined with an
orderly and disciplined divestment of the Western European assets, phased
to maximise realisable value, is the most appropriate strategy for the group.
The increased geographical focus in the higher growth CEE markets, with a
predominant focus on retail, provides the group with the best opportunity to
continue to meet its long-term objectives of sustainable growth in distributable
earnings per share.

DISTRIBUTABLE EARNINGS

The group achieved distributable earnings per share for the year of 9.01 euro
cents, which represents growth of 41.9% compared with 6.35 euro cents in the
prior year. This significant improvement in distributable earnings per share was
driven by the acquisition of a number of investment properties during the year,
as well as the interest earned on the additional preference share investment
in PKM Developments and distributions received from the group's real estate
equity securities.

FINAL DISTRIBUTION

Based on the increase in distributable earnings and in line with the previously
stated distribution targets, the board has proposed a final distribution per share
of 4.97 euro cents for the second half of the 2019 financial year. This brings the
distribution for the year to 8.75 euro cents per share, in-line with guidance.

INCOME-GENERATING PORTFOLIO AND NET ASSET VALUE

Investment property, including investment property held for sale, grew by
52.4%, from EUR632.8 million at 30 June 2018 to EUR964.7 million. The portfolio
performed strongly, with net rental income growing by 59.6% from EUR32.3 million
to EUR51.6 million year-on-year, and net operating income increasing by 51.8%, from
EUR38.3 million to EUR58.2 million. This growth was driven by acquisitions, income-
enhancing asset management initiatives and strong tenant performance.

The EPRA net asset value per share increased by 2.0% to 137.6 euro cents
per share, compared to 134.9 euro cents per share at the 30 June 2018 year-end. 
This was achieved due to the completion of developments and valuation
gains across the direct portfolio which offset negative fair value adjustments on
the real estate equity securities portfolio.

ACQUISITION, DISPOSAL AND DEVELOPMENT UPDATE

The timely redeployment of capital realised from the divestment of the Western
European assets will be key to the successful implementation of the next
phase of the group's strategy. While opportunities remain for reinvestment,
current market pricing has led the group to exercise caution when assessing
opportunities. The group is unwilling to overpay for assets and will assess
new capital deployment opportunities carefully to ensure that its longer-term
strategic objectives are not compromised by actions taken in pursuit of short-
term goals. MAS remains prudent in its investment process and continues to
focus on investing in assets with high organic growth and the potential to add value.

MILITARI SHOPPING CENTRE, BUCHAREST, ROMANIA (ACQUIRED JULY 2018)

The acquisition of the Militari Shopping Centre, through the investment
joint venture, was completed in the current reporting period. Trading at the
56,200 square metre GLA centre has been strong since acquisition, with the
optimisation of leases at expiry, reconfiguration of units and the addition of
non-GLA revenue all providing a platform to grow income. Given ongoing
residential densification around the centre, the group is working on plans to
extend the centre and substantially increase the GLA to approximately 80,000
square metres.

ATRIUM MALL SHOPPING CENTRE, ARAD, ROMANIA (ACQUIRED DECEMBER 2018)

The Atrium Mall is the only modern retail destination in Arad and the wider
catchment area. The mall is well established and centrally located, adjacent
to main transport hubs, and with good accessibility and visibility. The city of
Arad is situated in Western Romania, close to the Hungarian border. It is the
administrative capital of Arad county and forms the principal economic hub of
the area. The city has healthy demographics, which are supported by growing
purchasing power, and it benefits from a significant catchment area, with
334,000 people within a 45-minute drive.

The mall has a fashion and entertainment focus, with an approximate GLA
of 28,600 square metres over three floors. It is anchored by strong tenants
including large European retailers Carrefour, Inditex, H&M, C&A, New Yorker, LC
Waikiki, Hervis, Deichmann, Media Galaxy, Pepco, CCC and Cinema City with a
10-screen cinema.

Reconfiguration and tenant mix optimisation initiatives are in progress
to consolidate the mall's regionally dominant position and enhance the net
operating income from this asset.

FLENSBURG GALERIE SHOPPING CENTRE, FLENSBURG, GERMANY (ACQUIRED JANUARY 2019)

The Flensburg Galerie shopping centre has a GLA of 24,540 square metres
and is situated on Flensburg's prime shopping street. Flensburg is an important
economic hub close to the border with Denmark, from where visitors come to
take advantage of attractive pricing differentials. The total catchment area for
Flensburg Galerie is more than 500,000 people.

The investment offers the potential for further value to be added, with
scope to reduce vacancies, reconfigure parts of the centre and relocate certain
tenants to enhance net operating income. Initial asset management initiatives
such as the recent opening of Netto and Muller stores have already had a
positive impact on footfall at, and the value of, the centre.

ROMANIAN PORTFOLIO, VARIOUS LOCATIONS, ROMANIA (ACQUIRED FEBRUARY 2019)

Through the investment joint venture, MAS acquired nine completed retail
developments in Romania from PKM Developments for a price of EUR109.1 million.
The portfolio currently includes two larger value centres, both anchored by
Carrefour, in Roman, with 18,800 square metres of GLA, and Baia Mare, with
21,300 square metres of GLA. In addition there are seven smaller, well-located
developments adjacent to pre-existing and independent Kaufland mini-
hypermarkets in Slobozia, Focsani, Targu Secuiesc, Ramnicu Sarat, Fagaras,
Sebes and Gheorgheni. Tenants include large international and national anchors
such as Carrefour, New Yorker, C&A, DM, Altex, Takko, CCC, Pepco, Deichmann,
Jysk, KFC and McDonald's.

There is potential for second-phase developments at the centres in
Slobozia, Roman and Baia Mare which could add approximately 11,000 square
metres of GLA. On completion these second-phase developments can be sold
by PKM Developments to MAS at a yield of 7.5%.

At acquisition, the portfolio was independently valued at a net initial yield of
7.5%. Part of the consideration for the transaction has been deferred until it is
required by PKM Developments for further projects.

PREMIER INN AND HUB BY PREMIER INN HOTELS, EDINBURGH, SCOTLAND (DISPOSED OCTOBER 2018)

As previously reported, in October the group disposed of the Premier Inn and
Hub by Premier Inn Hotels, with its associated retail units, at New Waverley,
Edinburgh, for EUR43.3 million (GBP38.0 million). The sale price represented a net
operating income yield of 4.1%. This capital was recycled into higher-yielding
opportunities, allowing the group to leverage its ability to manage assets and
grow income generated by investments.

UBERIOR HOUSE, EDINBURGH, SCOTLAND (ACQUIRED MAY 2018)

The key aspects of the Uberior House acquisition business plan were completed
ahead of schedule. Notably, the leases with Bank of Scotland have been
extended to December 2030, significantly increasing the certainty of income
from, and value of, the asset. There is further potential for rental income growth
at the next rental reviews in December 2020.

PKM DEVELOPMENTS

The development cost for the secured pipeline in CEE is estimated at EUR792.1
million and consists of the projects discussed below. In May 2019, MAS agreed
to increase its commitment to the PKM Developments joint venture by a further EUR120.0
million to fund this pipeline, with a further two-year extension to the exclusivity
and life of the venture. The exclusivity period will now run until March 2025, and
the venture until March 2030.

Seven commercial developments are either being progressed through
design and permitting or have commenced construction, of which two value
centres in Zalau and Balotesti are expected to be completed by the end of
December 2019.

SILK DISTRICT, IASI, ROMANIA

Zoning is ongoing on the 10-hectare site in Iasi where a large-scale, mixed-use
project is planned that will include up to 100,000 square metres of A-class
offices, 2,500 residential units and a hotel. Iasi, with a population of 369,000
people, is the second-largest city in Romania, the most important industrial
centre in the north-eastern part of the country and the second-largest
university city outside Bucharest, with over 53,000 students. The project is
near the city centre and within walking distance of the two largest university
campuses. It is highly visible, with 450 metres of frontage on the main
boulevard connecting the site to the city centre and is easily accessible both by
car and public transport. Three public transport hubs including bus and tram,
are located on, or in the immediate vicinity of, the site.

Major office tenants and hotel operators continue to express a strong
interest in the planned development. The zoning process is expected to be
completed in the fourth quarter of 2019 and construction is planned to start in
the second quarter of calendar year 2020. The delivery of the first residential
and office buildings is expected to take place in the third quarter of calendar
year 2021.

MALL MOLDOVA, IASI, ROMANIA

Zoning approval and the building permit have been received, and infrastructure
and enabling works are now commencing for the planned redevelopment of
Era Shopping Park, Iasi, into the 106,300 square metre GLA super-regional Mall
Moldova, which will be the largest retail and leisure development in Romania
outside Bucharest. Tenant demand remains strong with leasing progressing in
line with expectations.

AVALON ESTATE, BUCHAREST, ROMANIA

The permitting process is ongoing for this upmarket, modern housing estate
near the developing central business district and commercial centre in the
affluent northern part of Bucharest. The pre-construction sales process has
commenced and was well received, with 80% of the first units released, already
sold. The delivery of the first phase of the planned 767 high-quality houses,
townhouses and apartments is expected to take place in the third quarter of 2021.

ARGES MALL, PITESTI, ROMANIA
Permitting and leasing are ongoing for the planned 50,800 square metre GLA,
regionally-dominant mall in a central, high density location in Pitesti. The project
includes the construction of a bridge and connecting roads over the railway
tracks between the site and town centre that will be funded and constructed by
PKM Developments and then donated to the public authorities on completion.

MARMURA RESIDENCE, BUCHAREST, ROMANIA

Zoning approval has been obtained and the building permit is imminent for
the construction of five towers and 468 individual apartments, as well as 1,700
square metres of supporting retail and service functions. The pre-construction
sales process has commenced, with 70% of pre-construction units released now sold.

DAMBOVITA MALL, TARGOVISTE, ROMANIA

A building permit was secured, and construction commenced for the 32,900
square metre GLA, regionally-dominant mall in Targoviste. Several major anchor
tenants, including Carrefour, Cinema City, Altex, Pepco and CCC have been
secured for the development. It will be the first mall in the Dambovita county
that will form part of, and be complemented by, a wider urban regeneration
project undertaken by the local authorities within two kilometres of the city
centre, in a densely populated residential area. The opening of the mall is
scheduled for the second quarter of calendar year 2020.

DN1 VALUE CENTRE, BALOTESTI, ROMANIA

Zoning approval and building permits have been obtained in relation to
the 27,300 square metre GLA, convenience value centre extension of the
existing independently owned Hornbach and Lidl units in Balotesti, a rapidly
developing affluent residential area, about 25 kilometres north of Bucharest.
Lease agreements were concluded with anchor tenants such as Carrefour
hypermarket, Jysk, Noriel, Pepco, Animax, DM Drogerie, CCC, Hervis,
Sportissimo, Deichmann, New Yorker and Altex. Construction is well progressed
and the opening of the first phase of the development is expected in early
December 2019, with Carrefour already on site and working on its fit-out.

PLOIESTI VALUE CENTRE, PLOIESTI, ROMANIA

Zoning efforts are ongoing for a retail development in Ploiesti on a plot of land
in a densely populated residential area in close proximity to the city's main
train, tram and bus stations with high visibility and excellent road access. Even
though leasing has not yet commenced, several major anchor tenants have
expressed strong interest in the development.

ZALAU VALUE CENTRE, ZALAU, ROMANIA

The building permit has been received and construction is well progressed on
the development of a 19,200 square metre GLA retail value centre with a high
concentration of anchor tenants in Zalau. The project location is highly visible,
in the immediate vicinity of a dense residential area and the city's regional bus
terminal, on the main road connecting Zalau with the other major cities in the
county and wider Transylvania area. Lease agreements have been entered into
with tenants including Carrefour, Noriel, Altex, CCC, Pepco, Jysk, Benvenuti and
Takko. The centre is expected to open for trade in November 2019.

SEPSI VALUE CENTRE, SFANTU GHEORGHE, ROMANIA

Six hectares of land have been secured in Sfantu Gheorghe, the capital of
Covasna county, with plans to develop and operate a 16,700 square metre GLA
retail value centre with a high concentration of anchor tenants. The project is in
the immediate vicinity of the city centre and easily accessible by car and public
transport, both from the city as well as from the wider region. The catchment
area includes approximately 172,000 people within a 45-minute drive. Anchor
tenants have expressed strong interest in the planned development and
permitting is ongoing. Assuming permitting is obtained as planned, the centre
is expected to open by June 2020.

OTHER DEVELOPMENTS, EXTENSIONS AND LAND BANK

Plans are being developed to refurbish or extend several of the existing CEE
retail assets owned in the investment joint venture with Prime Kapital. The
extensions and refurbishments are expected to add approximately 57,000
square metres to the aggregate GLA of these retail assets. This will increase
the fashion and leisure offering of the centres to consolidate their regionally
dominant position and enhance asset performance. Plans include an extension
of 3,000 square metres of GLA at Nova Park in Poland, for which the building
permit has been received; an extension of 15,000 square metres of GLA at
Galleria Burgas, for which land has been secured; a refurbishment of Galleria
Stara Zagora Mall, which is in progress and expected to be completed in
December 2019; a major extension of Militari Shopping Centre; and extensions
to some of the newly acquired assets which form part of the transaction with
PKM Developments as discussed above.

NEW WAVERLEY, EDINBURGH, SCOTLAND

The 19,000 square metre office development for the UK government achieved
practical completion in May 2019, ahead of schedule and on budget, realising a
total profit of EUR12.5 million (GBP11.0 million) over the 2018 and 2019 financial years.
In addition to the disposal of the Premier Inn and Hub by Premier Inn Hotels,
with its associated retail units, discussed above, the southern section of the
residential element of the scheme was sold to Queensberry, a housebuilder,
on 30 October 2018 for EUR7.4 million (GBP6.5 million). The GPU's option over the
northern residential section has now lapsed and this is also in the process of
being sold to Queensberry.

LANGLEY PARK, CHIPPENHAM, ENGLAND

Planning permission was obtained in 2016 to develop the site for 420 residential
units, a Travelodge hotel with ground floor retail, and a discount food store. The
sale of the food store to Aldi was completed in June 2018. A forward sale of the
Travelodge was contracted with Torbay Council in 2018, practical completion
took place in August 2019 and the sale will be finalised in September 2019
at the agreed price of EUR6.4 million (GBP5.8 million). The disposal process has
progressed with two housebuilders for the sale of the rest of the development
site. Legal contracts were exchanged for the sale of part of the site in June 2019
and the remainder is under offer. Both sales should complete before the end of
the 2019 calendar year.

CAPITAL MANAGEMENT

At year end, the group held EUR71.2 million in cash and had access to EUR98.0
million in undrawn secured and unsecured debt facilities in addition to the REIT
portfolio.

At 30 June 2019 the group loan to value was 33.9% (30 June 2018: 10.0%),
below the 40.0% upper limit at which we are comfortable.

At the financial year end the group had a liability of EUR91.8 million of
interest-bearing deferred consideration and a further EUR250.0 million preference
share funding commitment to PKM Developments. Settling the interest-
bearing deferred consideration liability and meeting the preference share
funding commitment therefore represent the principal anticipated uses of
capital available for redeployment into CEE from the Western European asset
divestment programme and the liquidation of the real estate equity securities
portfolio.

Efficient capital management is an important area of value creation for
shareholders. To achieve this, the board will consider buying back shares as and
when it can create value for shareholders, if the trading price of the shares falls
significantly below the intrinsic value per share. Such buybacks will be done
with care, since capital is a scarce and valuable resource.

STRATEGY

As part of the updated strategic direction of the business, the board recognises
the importance of being able to manage its income-generating investment
properties in CEE directly without reliance on third parties. This strategic intent
envisages that MAS will strengthen its institutional capacity to manage and
grow its CEE investments. This process is underway.

PROSPECTS

With the group having delivered on its strategy and distribution targets for
the financial year ended 30 June 2019, MAS has set itself a three-year target
of growing its distribution per share by 30% for the year ending 30 June
2022, from the current distribution level of 8.75 euro cents per share. It should
be noted that this targeted growth will not be linear, given that the strategic
changes referred to above will include implementing a phased re-deployment
of capital from Western Europe into CEE over time. This target is based on
the assumption that a stable macro-economic environment will prevail, no
major corporate failures will occur and that budgeted rental income, based
on contractual escalations and market-related renewals, will be collected. In
addition, it is assumed that investments in Western Europe will be able to be
divested at least for book value and redeployed contemporaneously in CEE
markets at a rate of return on equity at least equivalent to what is currently
being achieved in Western Europe. This target has not been reviewed or
audited by the group's auditors.

MAS will continue to pursue profitable growth through further acquisition
and development opportunities in its markets. Further announcements will be
made as appropriate.

These condensed consolidated annual financial statements have been prepared
in accordance with International Financial Reporting Standard ("IFRS") as issued
by the IASB, the Johannesburg Stock Exchange ("JSE") Listings Requirements,
the Rules and Regulations of the Luxembourg Stock Exchange and applicable
legal and regulatory requirements of the BVI Business Companies Act 2004.
Below is an extract of the full condensed consolidated financial statements
which are available on the group's website (www.masrei.com), at the company's
head office, offices of our sponsor and upon request.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

                                                        Audited        Audited
                                                     Year ended     Year ended
Euro                                               30 June 2019   30 June 2018
Rental income                                        57,619,556     37,452,513
Service charge income and other recoveries           12,455,268      5,954,048
Revenue                                              70,074,824     43,406,561
Service charge and other property operating        (18,478,661)   (11,073,518)
expenses
Net rental income                                    51,596,163     32,333,043
Sales of inventory property                          39,164,705     26,020,940
Cost of sales of inventory property                (31,013,909)   (21,704,016)
Profit on sales of inventory property                 8,150,796      4,316,924
Other income                                          7,259,104      8,585,032
Corporate expenses                                  (5,627,077)    (4,946,973)
Investment expenses                                 (3,210,128)    (1,976,096)
Net operating income                                 58,168,858     38,311,930
Fair value adjustments                              (7,631,570)   (15,800,127)
Foreign currency exchange differences                 (364,553)    (1,020,787)
Share of profit from equity accounted investees,     11,009,325      3,568,925
net of tax
Gain on bargain purchase                             12,263,193              -
Goodwill impairment                                           -    (1,274,346)
Profit before finance income/(costs)                 73,445,253     23,785,595
Finance income                                       12,057,819      7,975,558
Finance costs                                      (10,251,058)    (5,560,344)
Profit before tax                                    75,252,014     26,200,809
Current tax                                         (3,948,325)    (5,556,002)
Deferred tax                                        (9,425,315)    (1,311,385)
Tax expense                                        (13,373,640)    (6,867,387)
Profit for the year                                  61,878,374     19,333,422
Attributable to:
Owners of the group                                  55,035,797     16,856,306
Non-controlling interest                              6,842,577      2,477,116
Profit for the year                                  61,878,374     19,333,422
Basic earnings per share (euro cents)                      8.63           2.92
Diluted earnings per share (euro cents)                    8.63           2.92

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

                                                        Audited        Audited
                                                          As at          As at
Euro                                               30 June 2019   30 June 2018
Investment property                                 872,062,423    579,212,345
Intangible assets                                    30,646,739     22,592,493
Investment in equity accounted investee              21,888,261     23,774,222
Financial assets                                    186,496,980    129,902,308
Property, plant and equipment                           317,961        485,620
Deferred tax asset                                    4,280,027        607,179
Financial investments                                87,814,010    183,052,263
Inventory property                                    5,269,960      1,293,501
Investment property held for sale                    92,609,919     53,588,444
Trade and other receivables                          17,305,972     16,148,333
Cash and cash equivalents                            71,155,130    147,825,624
Total assets                                      1,389,847,382  1,158,482,332
Share capital                                       824,686,464    829,250,399
Geared share purchase plan shares                   (8,299,075)   (12,863,010)
Retained earnings                                    53,864,243     48,616,712
Share-based payment reserve                             975,364      1,031,739
Foreign currency translation reserve               (13,106,889)   (11,768,119)
Non-controlling interest                              7,439,002      2,527,202
Total equity                                        865,559,109    856,794,923
Interest bearing borrowings                         456,461,320    242,713,107
Financial liabilities                                20,044,489     37,817,582
Deferred tax liability                               26,269,767      6,139,373
Trade and other payables                             21,271,411     14,733,264
Provisions                                              241,286        284,083
Total liabilities                                   524,288,273    301,687,409
Total shareholder equity and liabilities          1,389,847,382  1,158,482,332
IFRS Net Asset Value per share (euro cents)               134.6          134.0
EPRA Net Asset Value per share (euro cents)               137.6          134.9

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                         Geared
                                                          share
                                                       purchase                                    Foreign        Equity
                                                    plan shares                 Share-based       currency  attributable         Non-
                                           Share      (treasury       Retained      payment    translation  to owners of  controlling          Total
Euro                                     capital        shares)       earnings      reserve        reserve     the group     interest         equity
Balance at 30 June 2018 (audited)    829,250,399   (12,863,010)     48,616,712    1,031,739   (11,768,119)   854,267,721    2,527,202    856,794,923
Total comprehensive profit/(loss) 
for the year                                   -              -     55,035,797            -    (1,338,770)    53,697,027    6,842,577     60,539,604
Total equity transactions            (4,563,935)      4,563,935              -     (56,375)              -      (56,375)            -       (56,375)
Distributions                                  -              -   (49,788,266)            -              -  (49,788,266)  (1,930,777)   (51,719,043)
Balance at 30 June 2019 (audited)    824,686,464    (8,299,075)     53,864,243      975,364   (13,106,889)   858,120,107    7,439,002    865,559,109

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                                                        Audited        Audited
                                                     year ended     year ended
Euro                                               30 June 2019   30 June 2018
Net cash from operating activities                   62,835,056     35,386,649
Cash used in investing activities                 (185,599,955)  (265,444,808)
Cash generated from financing activities             46,571,887    345,672,514
Net (decrease)/increase in cash and cash           (76,193,012)    115,614,355
equivalents
Cash and cash equivalents at the beginning of       147,825,624     33,017,502
the year
Effect of movements in foreign exchange rate          (477,482)      (806,233)
fluctuations on cash held
Cash and cash equivalents at the end of the          71,155,130    147,825,624
year

DISTRIBUTABLE EARNINGS AND BASIS OF DISTRIBUTION

                                                        Audited        Audited
                                                     year ended     year ended
Euro                                               30 June 2019   30 June 2018
Direct investment result distributable to share-     49,696,674     34,078,183
holders
Company specific adjustments                          7,713,959      2,628,067
Distributable earnings before effect of shares       57,410,633     36,706,250
issued during the period
Weighted average number of shares in issue          637,493,798    577,814,866
Distributable earnings per share (euro cents               9.01           6.35
per share)

                                                        Audited        Audited
                                                     year ended     year ended
Euro cents                                         30 June 2019   30 June 2018
Distributable earnings per share                           9.01           6.35
Adjustment from reserves per share                       (0.26)           1.26
Distribution per share                                     8.75           7.61



This short-form announcement is the responsibility of the directors and is only a summary of the information contained in the full announcement 
released on Thursday, 5 September 2019 and available at:
https://senspdf.jse.co.za/documents/2019/jse/isse/msp/MASYE2019.pdf
This short-form announcement does not contain full or complete details, any investment decisions by investors and/or shareholders should be based 
on consideration of the full announcement. The full announcement is available for inspection or may be requested and obtained in person, at no 
charge, at the head office of the company on the 2nd floor, Clarendon House, Douglas, Isle of Man, IM1 2LN, and at the offices of our sponsor 
Java Capital, at 6A Sandown Valley Crescent, Sandton, 2196, South Africa, during office hours from 5 September 2019 to 4 October 2019.

www.masrei.com



Date: 05/09/2019 08:00:00

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