Stock Exchange News Service

Update on the Prime Kapital transaction and delisting of shares

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 referred to the announcements released on SENS relating to the acquisition by MAS of Prime Kapital
Limited’s (“Prime Kapital”) effective economic interest in the Investment Joint Venture (the "Investment JV"), together
with Prime Kapital’s property management platform which provides management services in respect of the real estate
investment property portfolio held by the Investment JV, in consideration for the issue by MAS of 67 million MAS shares
(the “transaction”), the last of which was released on SENS on Wednesday, 20 November 2019.

Shareholders are advised that all conditions precedent to the transaction have been fulfilled and that 67 million MAS
shares have been allotted, issued and listed on Wednesday, 27 November 2019. The total issued and listed share
capital of MAS is now 709 874 925 ordinary shares of no par value.

Pursuant to the resignations of Werner Behrens and Paul Osbourn from the board of MAS, Werner and Paul have
forfeited the shares awarded to them in repayment of the loan advanced to them by MAS in terms of the MAS Share
Purchase Scheme. Accordingly, 1 531 127 MAS shares are expected to be delisted and cancelled on Wednesday,
4 December 2019 (or as soon as possible thereafter, subject to obtaining the necessary regulatory approvals) and the
total issued and listed share capital of the Company after the delisting will therefore be 708 343 798 ordinary shares of
no par value.

MAS is listed on the Euro MTF market of the Luxembourg Stock Exchange and on the main board of the Johannesburg
Stock Exchange.

27 November 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
Harneys Luxembourg, Luxembourg Stock Exchange Listing Agent                            +35 22 786 7102
Investor Relations, Lizelle du Toit                                                    +27 82 465 1244

Date: 27-11-2019 12:15:00

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