MAS PLC — M&A Activity 2026

May 12, 2026

MAS

MAS P.L.C.
Registered in Malta
Registration number: C99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
("MAS", the "Company")

CAUTIONARY ANNOUNCEMENT

Shareholders are advised that the Company is currently in advanced negotiations with two separate parties, each independent of the Company and of one another, regarding the potential disposal of:

• a wholly owned enclosed mall; and/or
• six wholly owned open-air malls,

through the disposal of the shares in the subsidiaries holding such properties (collectively, the "Potential Disposals").

The Company's current intention is to conclude one of the Potential Disposals, subject to achieving acceptable commercial terms, including pricing, transaction certainty and overall execution risk. The Company nevertheless retains the flexibility to proceed with more than one Potential Disposal should negotiations support such an outcome.

Due diligence investigations relating to the Potential Disposals have either been completed or are at final stages and the Company is engaging with the relevant counterparties with a view to finalising the terms of the Potential Disposals.

Should the Company conclude binding transaction agreements or determine not to further proceed in respect of either or both of the Potential Disposals, further announcements will be released in accordance with the JSE Listings Requirements.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's securities.

12 May 2026

For further information please contact:

Irina Grigore, MAS P.L.C. +356 27 66 36 91
PSG Capital, JSE Sponsor +27 010 978 2434