The Board of MAS Real Estate Inc. has been considering executive reporting lines, the functions of executive directors and the balance between executive and non-executive directors. The chief investment officer function has been combined with that of the CEO and reporting lines have been restructured. The Board has also concluded that the Company has more executive directors than required. As a result, Dan Petrisor and Jonathan Knight have resigned as executive directors of the Board of the Company. They remain senior executives of the Group, have been appointed as alternative executive directors and are permanent invitees to the Company's Board meetings.