Stock Exchange News Service

Delisting of MAS shares from the Euro MTF market of the Luxembourg Stock Exchange

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”)


1.   Introduction

     Shareholders are referred to the Company’s interim results for the six months ended 31 December 2019, which
     was published on SENS and the Luxembourg Stock Exchange (“LuxSE”) website on 2 March 2020, wherein
     shareholders were advised that the MAS board of directors (the “Board”) has assessed the listing of the
     Company’s shares on the Euro MTF market of the LuxSE, and has come to the conclusion that this has not
     provided the anticipated liquidity or access to equity capital markets to facilitate the growth of the Company.

     The LuxSE has, pursuant to the filing by MAS of the appropriate application in terms of Rule 804 of the Rules
     and Regulations of the LuxSE, granted MAS the approval for the delisting of all its shares, being 708 343 798
     shares, from the Euro MTF market of the LuxSE with effect from 26 June 2020 (the “effective date”) (the

     MAS will retain its primary listing on the JSE.

     The salient dates and times relating to the Delisting are set out in paragraph 3 below.

2.   Shareholder information

     2.1.    The South African share register

             Computershare Investor Services Proprietary Limited (SA) (“Computershare SA”) will continue to
             maintain the sub-register in South Africa (“the South African share register”).

     2.2.    The principal share register

             2.2.1.        Computershare Investor Services (BVI) Ltd (“Computershare BVI”) will continue to
                           maintain the European share register (the “principal share register”).

             2.2.2.        The shares issued on the principal share register are currently held in certificated form,
                           and will continue to be held in certificated form post the Delisting.

     2.3.    The depository interest share register

             2.3.1.        Computershare Investor Service PLC (UK) (“Computershare UK”) maintains the share
                           register of the depository interest shareholders (the “depository share register”).

             2.3.2.        There are currently 12 depository interest shareholders                 (“depository interest
                           shareholders”) recorded on the depository share register, holding in aggregate
                           10 544 207 MAS depository interest shares.
            2.3.3.        Notice will be provided to the depository interest shareholders advising of the Delisting
                          and the unwinding of the facility in place for depository interest shareholders (“depository
                          interest facility”). Following the unwinding of depository interest facility, the depository
                          interest holders will be entered into the principal share register, and will be provided with
                          corresponding certificated shares, title to which will be represented by physical documents
                          of title.

            2.3.4.        The salient dates and times relating to the unwinding of the depository interest facility are
                          set out in paragraph 3 below.

     2.4.   Trading of MAS shares by shareholders holding their shares on the principal share register
            following the Delisting

            2.4.1.        From the effective date, should any shareholder recorded on the principal share register
                          (“certificated shareholder”) wish to trade his/her shares on the principal share register,
                          he/she will be limited to off-market trades only. Shareholders are advised to contact
                          Computershare BVI for further information regarding the documentation to be completed
                          to facilitate the off-market trades.

            2.4.2.        From the effective date, should any certificated shareholder wish to transfer his/her
                          shares to the South African share register, such shareholder should contact
                          ! to obtain a “Register Removal
                          Request form”. Certificated shareholders who complete the Register Removal Request
                          form will be required to appoint a custodian in South Africa to hold the shares in
                          dematerialised form. If such details are not provided, a share certificate will be dispatched
                          to the certificated shareholder as per the instructions contained in the form. It is noted
                          that, Computershare BVI is not permitted to transfer shares from the principal share
                          register to the South African share register without the shareholder submitting a duly
                          completed Register Removal Request form.

            2.4.3.        There are no fees charged by Computershare SA in South Africa to receive the shares.
                          The fees charged by Computershare (BVI) for completing a Register Removal form is
                          calculated based on the value of the shares held.

            2.4.4.        Please note that shares may only be traded on the JSE in dematerialised form. A
                          certificated shareholder who is transferring his/her shares to the South African share
                          register for the purpose of trading such shares on the JSE, will be required to appoint a
                          custodian in South Africa to facilitate such trades.

3.   Salient dates and times regarding the delisting and the unwinding of the depository interest facility

      Action                                                                                                2020
      LuxSE notice period for the Delisting                             Wednesday, 25 March to Thursday, 25 June
      Depository interest cancellation date and CREST(1)                                          Monday, 8 June
      disablement date
      Depository interest expiry date                                                             Friday, 26 June
      Delisting effective date                                                                    Friday, 26 June
      Announcement that Delisting is effective                                                    Friday, 26 June
      Depository interest holders entered onto certificated                                       Friday, 26 June
      register by Computershare BVI
      Share certificates despatched by first class post                                           Friday, 3 July

     1.The computerised settlement system operated by Euroclear UK and Ireland Limited which facilitates the transfer of
       shares in uncertificated form.

25 March 2020

For further information please contact:
Dan Petrisor, 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: 25-03-2020 08:30:00

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