FORTRESS REAL ESTATE INVESTMENTS LIMITED - Further information in respect of the capitalisation issue share ratio

Further information in respect of the capitalisation issue share ratio

FORTRESS REAL ESTATE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share code: FFB
ISIN: ZAE000248506
Bond company code: FORI
LEI: 378900FE98E30F24D975
("Fortress" or the "Company")


FURTHER INFORMATION IN RESPECT OF THE CAPITALISATION ISSUE SHARE RATIO


Fortress B shareholders are referred to the finalisation announcement in respect of the capitalisation issue, as
published on SENS on 23 March 2026 (the "finalisation announcement"). All defined terms in the finalisation
announcement bear the same meaning in this announcement.

Shareholders were advised in the finalisation announcement that the reference price to be used to calculate the
number of capitalisation shares to which each eligible Fortress B shareholder will be entitled pursuant to the
capitalisation issue is 2 185.12493 cents per share.

Shareholders are accordingly advised that the ratio in respect of the capitalisation issue is 40.22196 shares for every
1 000 Fortress B shares held on the record date by an eligible Fortress B shareholder that elects the capitalisation
issue, which ratio is calculated as follows:

 Fortress B share ratio =      (1 000 x 87.89 cents) / 2 185.12493 cents
                        =      40.22196

Based on the calculation above, an eligible Fortress B shareholder that holds 1 000 Fortress B shares at the close
of business on the record date and elects to receive the capitalisation shares for their entire Fortress B shareholding
will be entitled to receive 40 capitalisation shares after applying the rounding principle set out in the finalisation
announcement.

The salient dates and times in respect of the capitalisation issue as announced on 13 March 2026 remain unchanged.

25 March 2026


Lead sponsor                                               Debt sponsor and joint equity sponsor
Java Capital                                               Nedbank Corporate and Investment Banking, 
                                                           a division of Nedbank Limited

Date: 25-03-2026 03:55:00
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.