Changes to the board of directors MAS Real Estate Inc Registered in the 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") CHANGES TO THE BOARD OF DIRECTORS The Company is pleased to announce the appointment of Melt Hamman as a non-executive director of the Company with effect from 14 December 2018. Melt is the CEO of Attacq Limited ("Attacq"), a major shareholder of MAS. Prior to joining Attacq in 2013 as CFO, Melt was the Chief Risk Officer at WesBank, a division of FirstRand, and served on the WesBank Exco. Melt has extensive experience in real estate, banking and business operations and is currently a non-executive member of FirstRand Bank Commercial Segment Restructuring Credit Committee. Shareholders are further advised that Gideon Oosthuizen has tendered his resignation as a non-executive director of the Company with effect from 14 December 2018. The board wishes to express its gratitude and appreciation to Gideon for his valuable contribution during his term as non-executive director of MAS. As advised on 2 October 2018, the resignation of Morne Wilken from the board of MAS is effective from 14 December 2018. 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. 14 December 2018 For further information please contact: Helen Cullen, Company Secretary, MAS Real Estate Inc. +44 1624 625000 Java Capital, JSE Sponsor +27 11 722 3050 Charl Brand, M Partners, Luxembourg Stock Exchange Listing Agent +352 263 868 602 Investor Relations, Lizelle du Toit +27 82 465 1244 Date: 14/12/2018 11:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.