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FFA/FFB - Fortress Income Fund Limited - General issue of linked units for cash FORTRESS INCOME FUND LIMITED (Incorporated in the Republic of South Africa) Registration number 2009/016487/06 Share codes: FFA ISIN: ZAE000141313 FFB ISIN: ZAE000141321 ("Fortress") GENERAL ISSUE OF LINKED UNITS FOR CASH INTRODUCTION Linked unitholders are advised that Fortress has completed a general issue of units for cash in terms of the general authority granted by members at the general meeting held on 27 October 2010("issue for cash"). In total 10 250 000 Fortress A linked units and 10 250 000 Fortress B linked units were placed with independent public unitholders on Wednesday 30 March 2011 ("issue for cash units"). The issue for cash units were issued at an issue price of R10.80 per A linked unit (equal to a 2.4% discount to the weighted average traded price for the 30 business days prior to 24 March 2011, the date that the price of the issues was agreed between the issuer and the parties subscribing for the linked units) and an issue price of R2.80 per B linked unit (equal to a 2.3% premium to the weighted average traded price for the 30 business days prior to 24 March 2011, the date that the price of the issues was agreed between the issuer and the parties subscribing for the linked units). PRO FORMA FINANCIAL EFFECTS The pro forma financial effects of the issue for cash set out in the table below are the responsibility of the Fortress directors and have been prepared for illustrative purposes only, to show how the issue for cash may have affected the company`s published unaudited interim financial results for the six months ended 31 December 2010. Due to their nature, the pro forma financial effects may not fairly present the company`s financial position, changes in equity, results of operations or cash flows following the issue for cash. Before the Pro forma Change
issue for after the cash issue for cash Earnings per A linked unit (cents) 5.36 5.12 (4.4)% Earnings per B linked unit (cents) 5.36 5.12 (4.4)% Headline earnings per B linked unit 10.86 10.42 (4.0)% (cents) Distribution per B linked unit 6.04 5.82 (3.7)% (cents) Weighted average A linked units in 220 750 000 231 000 000 issue Weighted average B linked units in 220 750 000 231 000 000 issue Notes: 1. The amounts set out in the "Before the issue for cash" column have been extracted from the unaudited interim financial results of Fortress for the six months ended 31 December 2010. 2. The effect on NAV and NTAV per A and B linked unit is not material and has not been disclosed. 3. The effect on distribution per A linked unit is not material and has not been disclosed. Distributions per B linked unit as set out in the "Pro forma after the issue for cash" column reflect what the distribution per B linked unit would have been had the effective date of the issue for cash been 1 July 2010. 4. The effect on headline earnings per A linked unit is not material and has not been disclosed. Headline earnings per B linked unit as set out in the "Pro forma after the issue for cash" column reflect what the headline earnings per B linked unit would have been had the effective date of the issue for cash been 1 July 2010 5. For the purposes of the pro forma financial effects it has been assumed that the proceeds from the issue for cash were used to reduce interest- bearing borrowings at an interest rate of 7.62%. 1 April 2011 Sponsor Java Capital Date: 01/04/2011 17:30:01 Supplied by www.sharenet.co.za 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.
