Stock Exchange News Service

Changes to the board of directors

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 advised that, further to the announcement made on 19 December 2019, the directors are
pleased to announce the appointments of Dan Pascariu and Vasile Iuga as independent non-executive directors
of the Company with effect from 13 January 2020.

Dan has extensive experience in the CEE region, having begun his banking career in Bucharest over 40 years
ago. Currently he is the chairman of the Supervisory Board of the UniCredit Bank of Romania, and of ANA Hotels,
the largest Romanian Hotel group. In addition, he is a non-executive board member of both Transfond and
Azomures and has held multiple chairman and senior non-executive roles in the finance and real estate sector in
Romania and beyond. Dan was instrumental in banking reform in Romania during the 1990’s having cofounded
the Romania Banking Institute. He has been involved in various mergers and acquisitions and has been
responsible for integration and change management.

More recently, Dan acted as Chairman of Nepi Rockcastle plc, the largest public real estate company in the CEE
region, having served on the board for 9 years. Since 2007, he has held a broad range of director appointments
including many companies where he has served as a member of various committees, including audit, risk,
investment, remuneration, nomination and social & ethics. Dan is a leading speaker at various local and
international events and frequently lectures on leadership and strategic management. Dan is based in Bucharest.

Vasile is a retired international partner of PwC, having spent over 26 years with the firm in Bucharest. Prior to his
retirement, he was the Managing Partner for South East Europe, a region of 11 countries and approximately 1,200
people. He has extensive experience in the implementation of International Accounting Standards, financial audit,
corporate governance, M & A, and strategic consultancy. He is one of the pioneers in the field of financial audit,
having overseen the implementation of the International Financial Reporting Standards in Romania. During his
time as partner with PwC, he led hundreds of projects including some of the largest and most complex transactions
in Romania, involving large multidisciplinary teams.

Currently, Vasile is a member of the audit committee of the European Investment Bank and two Bucharest listed
companies, Alro SA and Patria Bank, where he also acts as the chairman of their audit committees. Vasile holds
a number of professional qualifications and memberships including ACCA, the Chamber of Romanian Financial
Auditors and the Body of Expert and Licensed Accountants of Romania and previously served as a member of
the Council of the Public Audit Oversight Board of Romania for several years.

In addition to his board appointment, Vasile will be appointed as the Chairman of MAS’ audit and risk committee.
Vasile is based in Bucharest.

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.

13 January 2020

For further information please contact:
Dan Petrisor, Executive Director, MAS Real Estate Inc.                              +40 741 184 921
Java Capital, JSE Sponsor                                                           +27 11 722 3050
Harneys Luxembourg, Luxembourg Stock Exchange Listing Agent                         +35 22 786 7102

Date: 13-01-2020 03:30:00

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