Masonite Africa : 10 August 2016 - Masonite - Finalisation of Masonite Special Dividend and Capital Reduction

MASONITE (AFRICA) LIMITED REGISTRATION NUMBER: 1942/015502/06 SHARE CODE: MAS ISIN: ZAE000004289 ("MASONITE" OR "THE COMPANY") (UNDER SUPERVISION)

FINALISATION OF MASONITE TRANSACTION AND PAYMENT TO SHAREHOLDERS AS A SPECIAL DIVIDEND AND CAPTIAL REDUCTION

Masonite shareholders ("Shareholders") are referred to the announcement confirming the adoption of Masonite's business rescue plan ("Plan") as released on the Stock Exchange News Service ("SENS") on 19 May 2016 and the confirmation of the approval by the Competitions Commission of the transaction on SENS on 29 June 2016.

Masonite is pleased to notify Shareholders that the closing date of the rescue transactions occurred on the 2 nd of August 2016. Payment of the full purchase price for the forestry operations and the hardboard and soft board production operations was paid into the share repurchase bank account under the control of the business rescue practitioner on the 4th of August 2016.

The first tranche payment of R30.00 per share will be paid to Shareholders on the 29th of August 2016 as follows:

1. R0.94203 out of contributed tax capital; and

2. R29.05797 out of retained income. This payment will be subject to dividends tax of 15%. Shareholders that are not exempt from dividends tax will receive a net dividend of R24.69927 per share, in addition to the payment out of contributed tax capital, and those Shareholders that are exempt for dividends tax will receive a dividend of R 29.05797 per share, in addition to the payment out of contributed tax capital.

3. The transaction is subject to South African Reserve Bank approval which is currently in process. An announcement will be released on SENS once approval has been received.

It is anticipated that a further payment will be made within 60 days thereafter. Masonite has 7 139 558 ordinary shares in issue as at the date of this declaration. Masonite's income tax reference number is 9575/016/71/3.

Salient dates for the first tranche payment:

Last day to trade (cum dividend) Tuesday, 23 August 2016

Trading ex-dividend commences Wednesday, 24 August 2016

Record date Friday, 26 August 2016

Payment date Monday, 29 August 2016

Share certificates may not be dematerialised or rematerialised between Wednesday, 24 August 2016 and Friday, 26 August 2016, both dates inclusive.

Shareholders are again referred to Annexures BRP13A and BRP13B of the Plan which sets out the process to be followed by certificated and dematerialised Shareholders respectively. The Plan can be found on Masonite's website: www.masonite.co.za, under the business rescue tab.

Certificated Shareholders are required to surrender their documents of title in respect of all of their shares in order to receive payment of the first tranche. To do so they are required to complete the surrender and transfer form (contained in BRP13A of the Plan) and return it, together with the relevant documents of title, to Computershare Investor Services Proprietary Limited.

Irrespective of whether documents of title are received from certificated Shareholders, they will be deemed to be transferred their shares to Masonite in accordance with the terms of the share repurchase.

Dematerialised Shareholders will have their accounts at their CSDP or broker debited with their shares and credited with the first tranche payment.

PIERRE BERRANGÉ SENIOR BUSINESS RESCUE PRACTITIONER 10 AUGUST 2016 Investment Bank Investec Sponsor Nedbank Corporate and Investment Banking