FORTRESS REIT LIMITED - Dealings in securities by a director of the company and correction of dealings announcement on 24 January 2019

Dealings in securities by a director of the company  and correction of dealings announcement on 24 January 2019

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”)


DEALINGS IN SECURITIES BY A DIRECTOR OF THE COMPANY AND CORRECTION OF DEALINGS ANNOUNCEMENT RELEASED ON 24 JANUARY 2019


Shareholders are referred to the announcement released on SENS on 24 February 2017 wherein shareholders were
advised that Steven Brown, a director of Fortress, had entered into an off-market zero cost collar hedge over 250 000
Fortress B ordinary shares (“the collar”) with a put strike price of R34.89 and a call strike price of R47.00, with an
expiry date of 22 February 2019 and in respect of which he has a direct beneficial interest.

As the price of the collar at the expiry date was lower than the put strike price of R34.89 and lower than the call strike
price of R47.00, the collar was automatically settled off-market by the delivery of, in aggregate 250 000 Fortress B
ordinary shares to the relevant counterparty and payment by the counterparty of R8 722 500, which was utilised in full
to settle a loan advanced by the counterparty.

As the expiry date of the collar fell within Fortress’ closed period, a dispensation for a dealing in securities by a
director during a closed period was sought and granted by the JSE on the basis that the collar is exercised
automatically unless, prior to the expiry date Steven Brown elected to settle the loan in cash, which he was not in a
position to do. The transaction was conducted off-market and the director no longer has a beneficial interest in the
250 000 Fortress B shares.

Shareholders are referred to the announcement released on SENS on 24 January 2019 and are advised that the total
value of the loan amount settled was incorrectly disclosed as R8 722 500 and should have been disclosed as
R2 673 478.80.

26 February 2019


Lead sponsor
Java Capital

Joint sponsor
Nedbank Corporate and Investment Banking

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