FORTRESS INCOME FUND LIMITED - Voluntary announcement regarding portfolio investments and performance and trading statement

Voluntary announcement regarding portfolio investments and performance and trading statement

FORTRESS INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes: FFA ISIN: ZAE000192787
                 FFB ISIN: ZAE000192795
(Approved as a REIT by the JSE)
(“Fortress” or “the company”)


VOLUNTARY ANNOUNCEMENT REGARDING PORTFOLIO INVESTMENTS AND PERFORMANCE AND TRADING STATEMENT


In preparation for engagement with certain investors, Fortress advises shareholders of information regarding its
performance in the current interim period as follows:

To reduce volatility in dividend income from its foreign listed holdings, the board has amended its hedging policy as
follows:
-    hedge 100% of the dividends to be received in the following 12 months;
-    hedge 67% of the dividends to be received in months 13 to 24; and
-    hedge 33% of the dividends to be received in months 25 to 36.

The board is of the view that the resultant increased certainty and predictability outweigh the potential benefits from a
weakening Rand.

In terms of the JSE Listings Requirements, property entities are required to publish a trading statement as soon as they
are satisfied that a reasonable degree of certainty exists that the distribution for the period to be reported on next will
differ by at least 15% from the distribution for the previous corresponding period. Following the successful acquisition
of Lodestone REIT Limited and recent distribution guidance published by Greenbay Properties Limited, New Europe
Property Investments plc and Rockcastle Global Real Estate Company Limited, Fortress’ distributions on its B shares
are now forecast to increase by approximately 25% for the 2017 financial year.

The financial results on which this trading statement is based have not been reviewed or reported on by Fortress’
auditors. The financial results for the six months ended 31 December 2016 will be published on or about
9 February 2017.

5 December 2016

Sponsor
Java Capital

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