FORTRESS INCOME FUND LIMITED - Results of the rights offer

Results of the rights offer

FORTRESS INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes: FFA  ISIN: ZAE000141313
                 FFB  ISIN: ZAE000141321
(Approved as a REIT by the JSE)
(“Fortress” or “the company”)


RESULTS OF THE RIGHTS OFFER


Linked unitholders are referred to the circular that was posted on Tuesday, 20 May 2014 containing details of the rights
offer to Fortress linked unitholders whereby:

-    Fortress A linked unitholders were offered a total of 43 856 417 Fortress A linked units at an issue price of R13.90
     each in the ratio of 11.52800 new Fortress A linked units for every 100 Fortress A linked units held by them on Friday,
     23 May 2014 (the “new Fortress A linked units”); and

-    Fortress B linked unitholders were offered a total of 43 856 417 Fortress B linked units at an issue price of R8.90 each
     in the ratio of 11.52800 new Fortress B linked units for every 100 Fortress B linked units held by them on Friday,
     23 May 2014 (the “new Fortress B linked units”).

Fortress linked unitholders are notified that the rights offer closed on Friday, 6 June 2014 and are advised that, in respect 
of the rights offer linked units, which were offered to linked unitholders and/or their renouncees:

-    a total of 234 960 011 Fortress A linked units, being 535.7% of the new Fortress A linked units, were applied for in
     terms of the rights offer; and

-    a total of 53 508 762 Fortress B linked units, being 122.0% of the new Fortress B linked units, were applied for in
     terms of the rights offer.

Applications included excess applications for 191 618 495 Fortress A linked units and 9 847 393 Fortress B linked units, of
which 514 901 new Fortress A linked units and 195 048 new Fortress B linked units will be allocated equitably, taking
cognisance of the number of linked units and rights held by each linked unitholder immediately prior to such allocation,
including those taken up as a result of the rights offer, and the number of excess linked units applied for by such linked
unitholder.

The rights offer was fully underwritten by Resilient Property Income Fund Limited (“Resilient”). Given that the rights offer
was fully subscribed for after taking into account the excess applications received, Resilient will not be allocated any rights
offer linked units pursuant to its underwriting obligation.

Dematerialised linked unitholders who have subscribed for rights offer linked units will have their accounts debited and
updated by their CSDP/broker on Monday, 9 June 2014. There are no certificated linked unitholders who have subscribed
for rights offer linked units.

Dematerialised linked unitholders on the linked unit register who applied for excess rights offer linked units will have the
excess linked units allocated to them and credited to their accounts by their CSDP/broker on Wednesday, 11 June 2014.

Following the issue of the 43 856 417 new Fortress A linked units and 43 856 417 new Fortress B linked units, the total
issued linked unit capital of the company will increase to 424 290 288 A linked units and 424 290 288 B linked units.

9 June 2014


Corporate advisor, legal advisor and sponsor
Java Capital

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