Annual results presentation September 2015 RESULTS PRESENTATION - - PowerPoint PPT Presentation

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RESULTS PRESENTATION SEPTEMBER 2015

MAS REAL ESTATE INC

Annual results presentation

September 2015

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RESULTS PRESENTATION SEPTEMBER 2015

1. Strategic update

Lukas Nakos – Chief Executive Officer 3

• 2. Financial review

Malcolm Levy – Chief Financial Officer 17

• 3. Portfolio review

Jonathan Knight – Chief Investment Officer 24

• 4. Outlook

Jonathan Knight – Chief Investment Officer 31

• 5. Closing comments

Lukas Nakos – Chief Executive Officer 34

Contents

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Lukas Nakos Chief Executive Officer

Strategic update

North Street Quarter

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RESULTS PRESENTATION SEPTEMBER 2015

e are

GERMANY 81,541 sqm 90,8% occupancy SWITZERLAND 5,699 sqm 100,0% occupancy UNITED KINGDOM 107,806 sqm 92,9% occupancy

kdown

• me-generating property

Investments

erview

Our vision

• To be the pre-eminent listed real estate

investment company, with a Western European focus and delivering sustainable distributions whilst creating stakeholder value

Our mission

• To acquire, develop and effectively manage a

diversified portfolio of high quality real estate investments in Western Europe to deliver sustainable distributions and capital appreciation over time

MAS REAL ESTATE INC

Number of property locations Property portfolio value ¤ Rental area sqm 30-Jun-14 10 64,751,842 46,092 30-Jun-15 19 248,538,806 195,406

Company overview

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RESULTS PRESENTATION SEPTEMBER 2015

Highlights

• Adjusted NAV per share grew 16,8% from 103,8 to 121,2 euro cents per share
• Adjusted core income per share increased 20,9% from 2,82 to 3,35 euro cents per share
• Profit for the year grew 858% to ¤48,5 million
• Direct property portfolio grew by 283% from ¤64,8 million to ¤248,5 million
• Income-generating property pipeline expanded to ¤276 million
• Development property pipeline expanded to ¤173 million
• Excellent debt terms signed / agreed on German assets to release further ¤60 million for re-investment
• Internalised the investment adviser
• Team grew from 7 to 20
• Migrated listing from JSE AltX to JSE Main Board
• On track to increasing income distribution

MAS REAL ESTATE INC

JULY 2014

– Acqusition of German pipeline assets # 1

OCTOBER 2014

– Internalisation

• f investment

adviser

DECEMBER 2014

– Move to the Main Board of the JSE – Acquistion of Chippenham property

2H15 FY15

– Acqusition of German pipeline assets #2

1H FY16

– Regearing of portfolio and acquisition of pipeline assets – Planning decision North Street Quarter

2H FY16

– Completion

• f Whitbread

hotels – Planning application Langley Park

1H FY17

– Completion of Adagio hotel – Planning decision Langley Park

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RESULTS PRESENTATION SEPTEMBER 2015

Our business activities

MAS REAL ESTATE INC

ACQUIRE

well tenanted properties in strong and resilient locations

DEVELOP

properties sustainably to maximise the income from, and growth in value of, the investments

MANAGE

• ur portfolio effectively to maximise the

value created by the investments

OPTIMISE

capital structure of the business to enhance shareholder return without undue exposure to excessive risk

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RESULTS PRESENTATION SEPTEMBER 2015

Portfolio composition

• Our portfolio consists of four

segments

• Two form the core of our business

and are expected to grow over time; namely Income generating property and Development property

• The remaining two are utilised as

required and expected to fluctuate around capital raising activity of the group, namely Investments and Treasury

• It is important to consider

performance in light of the build- up phase of the portfolio

MAS REAL ESTATE INC

Portfolio overview

Euro million 55 110 165 220

Income Generating PropertyDevelopment Property Investments Treasury and Corporate

47.7 79.6 84.1 164.4 205.8 35.7 25.1 39.7 2014 2015 Expected 30 June 2015 30 June 2014 67% 12% 8% 13%

Income generating property Developments Investments Treasury

13% 21% 22% 44%

Portfolio composition

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RESULTS PRESENTATION SEPTEMBER 2015

Income-generating

• Core component of our portfolio
• Gearing applied on a per asset basis as

appropriate

• Acquired or developed to hold for income
• Acquisition hurdle core income of 6%+
• Diversification is achieved via jurisdiction,

tenant industry, and sector

MAS REAL ESTATE INC

13% 21% 22% 44% Income-generating property Developments Investments Treasury 30 June 2015

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RESULTS PRESENTATION SEPTEMBER 2015

Developments

• Core component of our portfolio
• Properties developed on a pre-let basis to hold for accretive

income and NAV growth

• Developing usually allows for higher income yield and value

growth than acquisition, but has resultant income time lags and carries inherent risks, so the percentage portfolio allocation is restricted, and dependent upon market cycle

• Gearing applied either during construction on a conservative

basis, or upon completion in line with income-generating parameters

MAS REAL ESTATE INC

New Waverley, Edinburgh North St Qtr, Lewes Langley Park, Chippenham 13% 21% 22% 44% Income-generating property Developments Investments Treasury 30 June 2015

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RESULTS PRESENTATION SEPTEMBER 2015

Investments

• No specific target portfolio allocation
• Two investments made to date: Karoo Fund

and Sirius, both made on an opportunistic basis to benefit from the deep discounts available to inherent value

• Both have performed exceptionally
• Karoo will be redeemed by early 2016
• We will only consider investments where there

is a compelling case for doing so

MAS REAL ESTATE INC

13% 21% 22% 44% Income-generating property Developments Investments Treasury 30 June 2015

Karoo return

Euro Million

10 20 30 40 50 60 70

Acquistion Dec 2013 Jun 2014 Dec 2014 June 2015

Net Karoo Cumulative redemptions

Sirius Real Estate share price since acquisition

GBP pence 35 40 45 50 55

5-Dec-14 13-Feb-15 22-Apr-15 29-Jun-15 2-Sep-15

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RESULTS PRESENTATION SEPTEMBER 2015

Treasury

• ¤180m capital was raised in February 2014 in order to achieve

scale for the business and to diversify the shareholder base

• This capital was invested in a measured and considered

manner in suitable direct property assets

• Due to the low interest rate environment ¤30m was placed in

a portfolio of real estate equities in order to achieve both exposure to European real estate returns and enhance returns available on cash

• This portfolio has performed exceptionally and has now been

substantially liquidated

• The allocation to the active treasury management strategy is

likely to range from 0-10% of the investment portfolio MAS REAL ESTATE INC

13% 21% 22% 44% Income-generating property Developments Investments Treasury 30 June 2015 Treasury portfolio cumulative profit

Euro million

2 3 5 6

Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15

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RESULTS PRESENTATION SEPTEMBER 2015

Strategic objectives

MAS REAL ESTATE INC

Strategic

• bjective

Competitive advantage Progress Looking ahead

Drive the acquisition programme in Europe and development programme in the UK Relationships and partners Invested ¤175,6 million in current year, ¤126.9 million into income-generating property, ¤38,5 million into developments, and ¤10.2 million into investments Strong pipeline of income generating property ¤276m Track record Strong pipeline of UK and German developments ¤173m Deal appraisal methodology Invest proceeds of gearing in accretive income generating properties and developments, and raise further capital on a deal by deal basis subject to market conditions Creative approach The remainder of the capital raised is allocated to the current development construction Planning and development capability Construction under way on Phase 1 at New Waverley for completion in April through December 2016 Mixed use development ‘niche’ in UK Construction start on Phase 2 New Waverley mid 2016 Unlock value in existing portfolio Local partners and professional teams Planning submitted - Lewes Deliver the existing developments in the portfolio to planning approval, construct to income and profitable sale as appropriate, thereby delivering both growing income and NAV Lease re-gears in existing portfolio New leases signed Planning decision Chippenham mid 2016 Current interest rate environment Planning decision Lewes end 2015

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RESULTS PRESENTATION SEPTEMBER 2015

Strategic objectives (cont)

MAS REAL ESTATE INC

Strategic

• bjective

Competitive advantage Progress Looking ahead

Gear the portfolio

• ptimally

Ability to acquire then gear improves terms Term sheet signed on ¤30m debt facility, further ¤30m agreed on second facility Gear the portfolio optimally (40-50%) to maximise portfolio income yield on a risk adjusted basis Deal flow strong in current markets through existing relationships Draw-down imminent Will return to market on deal by deal basis to raise further capital from shareholders Continue to improve investment process as the

• rganisation

grows Experience and skills of team, and partners Cautious approach and diligent consideration of each and every investment Increase income distribution, increase spread

• f shareholders, size of company and liquidity

in the traded share Acquiring pipeline well Continue to build the portfolio of income generating and development properties on an earnings accretive basis.

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RESULTS PRESENTATION SEPTEMBER 2015

Adjusted core income per share

0.0 1.0 2.0 3.0 4.0 2014 2015

3.41 2.82

Key metrics

MAS REAL ESTATE INC

Euro cents

Adjusted NAV per share

100.0 107.5 115.0 122.5 130.0 2014 2015

121.1 103.8

Euro cents

Loan to value

0.0 4.0 8.0 12.0 16.0 2014 2015

4.8 16.0

Percent

Total assets

125 250 375 500 2014 2015

410 310

Euro millions

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RESULTS PRESENTATION SEPTEMBER 2015

Investment property

75 150 225 300 2014 2015

248.5 64.8

Key metrics continued

MAS REAL ESTATE INC

Euro millions

Property locations

5 10 15 20 2014 2015

19 10

Number

Size of team

5 10 15 20 2014 2015

20 7

Number

Median daily share volume

12,500 25,000 37,500 50,000 2014 2015

40,753 1,057

Number of shares

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RESULTS PRESENTATION SEPTEMBER 2015

Investment property

MAS REAL ESTATE INC

June 2014 June 2015

Euro Million

175 350 525 700

173 276 84 25 164 40

Income generating property Development property Income generating pipeline Development pipeline

13% 21% 22% 44% Income generating property Developments Investments Treasury

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RESULTS PRESENTATION SEPTEMBER 2015

Malcolm Levy

Chief Financial Officer

Financial review

New Square - New Waverley, Edinburgh

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RESULTS PRESENTATION SEPTEMBER 2015

Portfolio value

MAS REAL ESTATE INC

55 110 165 220 Income-generating Development Investments Treasury

47.7 79.6 84.1 164.4 205.8 35.7 25.1 39.7 Euro million New acquisitions Capital expenditure and New Waverley revaluation Karoo NAV growth New acquisitions and development capex

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RESULTS PRESENTATION SEPTEMBER 2015

Financial position

Investment property

Income-generating property

• Substantial investments have been made in the

period, with the portfolio growing by ¤124,7 million

• Acquisitions result in J-curve of property investments

– ¤8,7 million of acquisition costs incurred in the year

• Despite this, managed to achieve a strong increase in

adjusted NAV per share

• Income-generating property portfolio has a LTV of

8,9% Development property

• Development property increased by ¤59,0 million,

through the acquisition of Langley Park and injection

• f funding into New Waverley
• New Waverley hotels have seen positive revaluations
• f a net ¤11,2 million
• The remaining development properties continue to

be valued at cost less impairment

• The development portfolio remains ungeared

MAS REAL ESTATE INC

Euro As at 30 June 2015 As at 30 June 2014 Goodwill 29,351,139 1,371,537 Investment portfolio

• Income-generating property

164,390,519 39,650,572

• Development property

84,148,287 25,101,270

• Investments

79,568,758 35,743,617

• Treasury

47,716,754 205,800,188 Other assets 5,279,954 2,323,107 Total assets 410,455,411 309,990,291 Shareholder equity 353,140,598 289,324,428 Non-current liabilities 22,468,897 17,371,643 Current liabilities 34,845,916 3,294,220 Total equity and liabilities 410,455,411 309,990,291 Adjusted NAV per share (euro cents)* 121,2 103,8 Number of ordinary shares in issue 291,787,889 279,483,999

*Net ¡asset ¡value ¡per ¡share ¡as ¡adjusted ¡ ¡ for ¡deferred ¡tax

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RESULTS PRESENTATION SEPTEMBER 2015

Financial position continued

Investments

• Strong performance of Karoo Fund investment
• Gains recognised of ¤19,5 million in the

period with the total value now of ¤67,2m

• Partial redemption in the year of Karoo

Fund totalling ¤20,2 million

• Acquired ¤10,2 million investment in Sirius in

December 2014

• Already had an indirect exposure through

the Karoo Fund of 8,7%, increased to 12,9%

• Gain of ¤2,3 million recognised in profit
• The strong combined performance of the

investment portfolio has contributed ¤21,8 million in total to NAV

• Investment portfolio is currently ungeared

Treasury

• Acquired real-estate equities portfolio of 


¤30,0 million in mid-2014

• Gains of ¤4,3 million recognised at period end

with the portfolio substantially liquidated

Internalisation

• In addition, the Investment adviser was

acquired with resultant increase in goodwill on the balance sheet

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Financial position continued

MAS REAL ESTATE INC

Adjusted NAV per share

Euro cents 100 106 113 119 125

2014 Cash dividend Adjusted core income Income generating FV Development FV Investments FV Treasury FV FX gains Structural costs 2015

121.2

3.3 1.3 0.5 8.4 0.9 5.9 3.9 3.4 103.8

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RESULTS PRESENTATION SEPTEMBER 2015

Income distribution

Change in accounting policy

• The group has early adopted of IFRS 9: Financial

Instruments with initial application 1 July 2014, as a result of the reclassification of the Karoo fund following early redemption

• This results in more reliable and relevant

information

Core income

• Rental income (including service charges)

increased 77,7% to ¤9,3 million as a result of new acquisitions

• Administrative and adviser fees increased only

17%, despite the growth in the business, driven by the internalisation cost savings

• Profits realised on the redemptions from Karoo

Fund of ¤4.9 million, and the Treasury portfolio of ¤1.6 million, supported core income

• Final distribution up 77% year on year and total

distribution up 82% MAS REAL ESTATE INC

Euro Year ended 30 June 2015 Sixteen months ended 30 June 2014 Rent and service charges 9,323,156 5,247,429 Porftolio related expenses (2,036,856) ( 665 096) Administrative and adviser fees (3,168,584) (2,699,485) Net operating income 4,117,716 1,882,848 Finance/taxation/other ( 948 145) 185,982 Core income 3,169,571 2,068,830 Adjustments 6,618,272 3,088,272 Adjusted core income 9,787,843 5,157,102 Interim distribution (euro cents per share) 1.15 0.60 Final distribution (euro cents per share)* 2.20 1.24 Total distribution (euro cents per share) 3.35 1.84 *Based upon the number of shares in issue at year end

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RESULTS PRESENTATION SEPTEMBER 2015

Profit analysis

MAS REAL ESTATE INC

Adjusted core income

Euro million

• 1.5

1.5 3 4.5 6 Income-generating Development Investments Treasury and corporate

• 0.4

4.7

• 0.1

5.6 1.1 0.9 0.6 2.5

2014 2015

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RESULTS PRESENTATION SEPTEMBER 2015

Jonathan Knight Chief Investment Officer

Portfolio review

Chippenham

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RESULTS PRESENTATION SEPTEMBER 2015

Acquisitions

1. German DIY retail warehouse (Donaueschingen) 01 July 2014

• 2. Three German DIY retail warehouses (Various) 01 October 2014
• 3. UK business park (Chippenham) site 16 December 2014
• 4. German multi-use retail (Heppenheim) site 08 January 2015
• 5. German multi-use high street retail (Bruchsal) 03 February 2015
• 6. German supermarket (Gotha) 27 February 2015

Income generating property

MAS REAL ESTATE INC

Portfolio WALT

Glasgow (SL) Bruchsal Chippenham (CL) Zurich Glasgow (BL) Heppenheim Gotha Donauschingen Frankenthal Gummersbach Nordhausen Parsberg Kuppenheim Herbolzheim Staufen Rottenburg-Ergenzingen

3 5 8 11 13 16

Property by Sectors/Jurisdiction

4 7 11 14

Industrial Logistics Mixed use Retail

1 4 1 1 12

Germany Switzerland United Kingdom

Properties pre new acquisitions

• Majority of assets performing in line with expectation
• Fixed increase in Aldi portfolio rent in January 2015
• Gross rental yield 6,6% with a WALT of 10,4 years
• Annualised core income yield on current income

generating property portfolio is >7,5%

• Portfolio loan to value (excluding treasury) is 4,8%

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RESULTS PRESENTATION SEPTEMBER 2015

Developments

MAS REAL ESTATE INC

Development Milestones

Milestones New Waverley, Edinburgh Phase 1 New Waverley, Edinburgh Phase 2 North St Qtr, Lewes Langley Park, Chippenham Planning

þ

2015 2016 2016 Pre-let / sale

þ

2015/2016 2016 2016 Construction start

þ

2016 2016 2017 Completion 2016-2018 2018-2020 2017-2020 2018 New Waverley, Edinburgh North St Qtr, Lewes Langley Park, Chippenham Phase 1 - Independent valuation Cost less impairment Cost less impairment (held for development) Phase 2 - Cost less impairment Independent valuation (income generating)

Valuation methodology Development property values

Euro million

15 30 45 60

NSQ New Waverley Langley Park

19 51 14

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RESULTS PRESENTATION SEPTEMBER 2015

New Waverley, Edinburgh

• Construction under way on 3 pre-

let hotels with 400 rooms and 8 retail units with construction completing in Q1 2016 for the two Whitbread and Q4 2016 for the Adagio

• Completed purchase of remaining

land for phase one

• Phase 2 pre-letting underway with

strong interest in both office, residential and retail elements

• Edinburgh market occupier

demand has strengthened substantially over the last 24 months

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

North St Quarter, Lewes

• Extensive community engagement

and consultation completed

• Designs adjusted to reflect input

from the local community

• Planning application submitted in

March 2015

• Due to size and sensitive location
• f the scheme (South Downs

National Park), there has been significant local community interest

• both supportive and seeking

changes to the scheme

• Planning decision expected early

2016

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Langley Park, Chippenham

• Acquired 19 hectare site in

Chippenham

• Split into two sections,

development and income- generating

• Re-working existing food store and

residential planning consent on development section, where we are focused on increasing residential element in line with National Policy and demand

• Active asset management of the

retained business park investment including re-gearing of leases and extending buildings

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Pipeline

MAS REAL ESTATE INC

Income generating property pipeline ¤276 million with >7% core income

Retail, Hanover, Germany Food retail, sale & leaseback, Germany Discount food retail sale & leaseback, Germany Mixed retail, Germany Neighbourhood shopping centre, Berlin, Germany Logistics, Munich, Germany Industrial, Poole, UK Industrial, Solihull, UK Food retail, Switzerland

15 30 45 60

8 45 45 30 26 30 26 56 10

Deal size ¤ million

Income generating property pipeline by country (¤276 million)

8 80 178

Germany United Kingdom Switzerland

Development pipeline ¤173 million

Woking, UK New Waverley Phase 2, UK Development, Munich, Germany

30 60 90 120

30 120 22.5

Deal size ¤ million

Development pipeline by country (¤173 million) 153 30

Germany United Kingdom

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RESULTS PRESENTATION SEPTEMBER 2015

Jonathan Knight Chief Investment Officer

Outlook

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RESULTS PRESENTATION SEPTEMBER 2015

Macro outlook

Eurozone

• German domestic demand continues to be strong despite lingering concerns on the European

periphery

• Continued quantitative easing is likely to result in depressed interest rates in the near term - taking

advantage of this is one of our key strategic objectives

Switzerland

• Strong Swiss franc is suppressing local demand - combined with high real estate capital values, this

makes for a challenging investment environment despite historically low interest rates

United Kingdom

• Return of real wage growth and broad based recovery in the economy expected to continue
• Near term interest rate rises likely

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Market positioning

Eurozone

• Focus on long leases, low risk

tenants for positive real returns

• Acquire assets with active

management opportunities in Germany

• Gear at currently available

historically low rates to lock in high real returns

United Kingdom

• Development and asset

management of the portfolio in a strengthening economy in order to take advantage

• f broad based growth

Switzerland

• Passive approach with focus
• elsewhere. Will consider if

we feel the asset is exceptional value

MAS REAL ESTATE INC

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RESULTS PRESENTATION SEPTEMBER 2015

Closing comments

FUNDING Final distribution of €6 445 604, or 2,20 euro cents per share based on the shares in issue at year end, bringing annual distribution to 3,35 euro cents per share

ADJUSTED NAV PER SHARE INCREASED

16,8% TO

121,2 EURO CENTS

PORTFOLIO

VALUE OF INCOME- GENERATING PROPERTY

FROM €39,7 MILLION

€164,4 MILLION

TEAM

INTERNALISATION

OF INVESTMENT ADVISER

• NO. OF EMPLOYEES INCREASED TO

TWENTY

RELATIONSHIPS

ENHANCED ACCESS TO DEAL FLOW THROUGH PROVEN ABILITY TO EXECUTE

ANNUAL PROPERTY TOUR FOR STAKEHOLDERS

SUSTAINABILITY

GREEN ROOF AND SUSTAINABLE URBAN DRAINAGE AT NORTH STREET QUARTER

ADJUSTED CORE INCOME PER SHARE REACHED

3,41 EURO CENTS

66% GROWTH IN RENTAL INCOME

IMPROVED MEDIAN DAILY SHARE VOLUME TRADED

858% INCREASE IN NET PROFIT TO €48,5 MILLION

VALUE OF DEVELOPMENT PROPERTY FROM €25,1 MILLION

€84,1 MILLION

VALUE OF INVESTMENTS

FROM €35,7 MILLION TO

€79,6 MILLION

ESTABLISHED AND DISSEMINATED MAS’ VALUES

EXTENSIVE COMMUNITY ENGAGEMENT AND INVOLVEMENT ON DEVELOPMENT PROJECTS, SUCH AS ART PROJECT AT NEW WAVERLEY

ENVIRONMENTALLY FRIENDLY LANDFILL AT NEW WAVERLEY

RESIDENTIAL DEVELOPMENTS ADOPTING PRINCIPLES OF USING

“LESS ENERGY FIRST”

INCREASING INCOME

STRONG NAV GROWTH WHILE INCREASING INCOME

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RESULTS PRESENTATION SEPTEMBER 2015

Disclaimer

This document does not constitute an offer for securities or other interests in MAS Real Estate Inc., nor does it purport to solicit offers to subscribe for securities or interests in MAS Real Estate Inc. This document does not constitute an offer for the sale of or subscription for, or the solicitation of an offer to buy and subscribe for, securities to the public as defined in the South African Companies Act, No. 71 of 2008 (as amended or otherwise) and must not be distributed to any person in South Africa in any manner which could be construed as an offer to the public in terms of Chapter 4 of the said Act. This document does not constitute an offer of securities to the public in the United Kingdom. This communication is directed only at (i) persons who are outside the United Kingdom

• r (ii) persons who have professional experience in matters relating to investments who are investment professionals falling within Article 19(5) of the Financial Services and Markets

Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to, and will

• nly be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”) is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive. This document does not constitute an offer of securities for sale or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in the United States, Canada, Australia, Japan or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. In particular the shares in MAS have not been, and will not be, registered under the United States Securities Act of 1933 as amended (the “Securities Act”) or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act) or to any national, resident or citizen of Canada, Australia or Japan. Neither this document nor any copy of it may be distributed directly or indirectly to any persons with addresses in the United States of America (or any of its territories or possessions), Canada, Australia or Japan, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country where such distribution may lead to a breach of any legal or regulatory requirement. MAS Real Estate Inc. disclaims any obligation or undertaking to release publicly any update, review or revise any forward looking statement contained in this document whether as a result of new information, future developments or otherwise or any change in events, conditions or circumstances on which any such statement is based.