Capital structure optimisation update FORTRESS REIT LIMITED (Incorporated in the Republic of South Africa) (Registration number 2009/016487/06) JSE share codes: FFA ISIN: ZAE000248498 FFB ISIN: ZAE000248506 Bond company code: FORI (Approved as a REIT by the JSE) (“Fortress” or “the Company”) CAPITAL STRUCTURE OPTIMISATION UPDATE Shareholders are referred to Fortress’ announcement on 5 March 2020 of its condensed unaudited consolidated interim financial results for the six months ended 31 December 2019 (“results announcement”),wherein the Company advised that the board of directors (“board”) had established a special subcommittee to consider its capital structure and make recommendations to the board on the optimisation thereof (“capital structure optimisation initiative”), and that this might result in a proposal to shareholders. In the light of feedback received from Fortress’ shareholders during engagements post the results announcement, as well as the unprecedented volatility and extreme uncertainty currently prevailing in capital markets as a result of the COVID-19 pandemic, the subcommittee has recommended to the board that the capital structure optimisation initiative be discontinued and that no proposal regarding the Company’s capital structure be made to shareholders. 23 March 2020 Lead sponsor Java Capital Joint sponsor Nedbank Corporate and Investment Banking Date: 23-03-2020 08:50:00 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.