Capital Property Fund Ltd / Fortress Income Fund Ltd - Apportionment of Proceeds CAPITAL PROPERTY FUND LIMITED FORTRESS INCOME FUND LIMITED (previously Friedshelf 1497 Proprietary Limited) (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number 2009/016487/06) (Registration number 2013/226575/06) JSE share codes: FFA ISIN: ZAE000192787 JSE share code: CPF ISIN: ZAE000186821 FFB ISIN: ZAE000192795 (Approved as a REIT by the JSE) (Approved as a REIT by the JSE) (“Capital”) (“Fortress”) APPORTIONMENT OF PROCEEDS Capital shareholders are referred to the joint announcements released on SENS on Thursday, 16 July 2015, Wednesday, 19 August 2015, Monday, 28 September 2015, Wednesday, 7 October 2015, Wednesday, 28 October 2015 and Thursday, 12 November 2015 regarding, inter alia, the offer by Fortress to acquire all of the issued shares in Capital that Fortress does not already own in exchange for Fortress A shares and Fortress B shares, by scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 between Capital and all of its shareholders (the “Fortress scheme”). As consideration for the Capital shares acquired by Fortress pursuant to the Fortress scheme, Capital shareholders have received 0.35 Fortress A ordinary shares (“Fortress A ordinary consideration shares”) and 0.35 Fortress B ordinary shares (“Fortress B ordinary consideration shares”) for every Capital share held on the scheme consideration record date (the “disposed Capital share”). The purpose of this announcement is to notify Capital shareholders of Capital’s calculation of the apportionment of the proceeds received by Capital shareholders pursuant to the Fortress scheme between the Fortress A ordinary consideration shares and the Fortress B ordinary consideration shares. The apportionment of the proceeds has been calculated based on the closing prices of Fortress A shares and Fortress B shares on 20 November 2015, being the last day to trade in Capital shares in order to participate in the Fortress scheme. For each disposed Capital share, the amount received is R17.61 relating to the Fortress A ordinary consideration share (29.05941% of the proceeds per disposed Capital share) and R42.99 relating to the Fortress B ordinary consideration share (70.94059% of the proceeds per disposed Capital share). The tax treatment for Capital shareholders participating in the Fortress scheme is dependent on the individual circumstances and jurisdiction of such Capital shareholders. It is recommended that if Capital shareholders are uncertain about the tax treatment of the receipt of the Fortress A ordinary consideration shares and the Fortress B ordinary consideration shares, they seek appropriate advice in this regard. 25 November 2015 Corporate advisor and sponsor Java Capital Date: 25/11/2015 12:55:00 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.