Update in respect of salient dates for transactions 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”) UPDATE IN RESPECT OF SALIENT DATES FOR TRANSACTIONS Linked unitholders are referred to the announcement released on SENS on 3 February 2015 wherein the salient dates and times in respect of: - the conversion of Fortress’ authorised and issued ordinary par value shares to authorised and issued ordinary shares of no par value; - the increase of Fortress’ authorised share capital; - the conversion of the company’s current “A” linked unit capital structure to an “A” ordinary share structure to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 which scheme is being proposed by the company between the company and its “A” debenture holders (the “A scheme”); - the conversion of the company’s current “B” linked unit capital structure to a “B” ordinary share structure to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 which scheme is being proposed by the company between the company and its “B” debenture holders (the “B scheme”); - the amendment of Fortress’ Memorandum of Incorporation to enable the change in Fortress’ capital structure; - the amendment of Fortress’ Debenture Trust Deed to enable the A scheme and the B scheme; - the adoption of a new Memorandum of Incorporation to give effect to the change in Fortress’ capital structure; and - the subsequent termination of Fortress’ Debenture Trust Deed, (collectively the “transactions”), were announced. The requisite special resolutions in respect of the transactions have been filed with the Companies and Intellectual Property Commission (“CIPC”) for registration. Registration of the special resolutions in respect of the transactions has been delayed due to backlogs at the CIPC. Consequently, the salient dates for the transactions will need to be revised. The revised salient dates will be announced in due course, once the special resolutions in respect of the transactions have been registered with the CIPC. 25 March 2015 Corporate advisor, legal advisor and sponsor Java Capital Date: 25/03/2015 04:10:00 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.