Dealings in securities by directors and by the company secretary of Fortress FORTRESS REIT LIMITED (previously Fortress Income Fund Limited) (Incorporated in the Republic of South Africa) (Registration number 2009/016487/06) JSE share codes: FFA ISIN: ZAE000248498 FFB ISIN: ZAE000248506 Bond company code: FORI (Approved as a REIT by the JSE) ("Fortress" or "the Company") DEALINGS IN SECURITIES BY DIRECTORS AND BY THE COMPANY SECRETARY OF FORTRESS Shareholders are advised of the following information relating to the acceptance of award shares, awarded in terms of the rules of the Fortress REIT Limited Long Term Incentive Plan ("the Plan"), which will vest in equal tranches over a 5-year period with a final vesting date of 30 October 2023, subject to the vesting conditions contained in the rules of the Plan. Name of director: Steven Brown Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 179 200 Price per security: RNil Total deemed value: R3 033 856.00 (at a deemed price per security of R16.93) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Steven Brown Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 179 200 Price per security: RNil Total deemed value: R2 727 424.00 (at a deemed price per security of R15.22) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Vuso Majija Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 149 300 Price per security: RNil Total deemed value: R2 527 649.00 (at a deemed price per security of R16.93) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Vuso Majija Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 149 300 Price per security: RNil Total deemed value: R2 272 346.00 (at a deemed price per security of R15.22) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Fareed Wania Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 131 400 Price per security: RNil Total deemed value: R2 224 602.00 (at a deemed price per security of R16.93) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Fareed Wania Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 131 400 Price per security: RNil Total deemed value: R1 999 908.00 (at a deemed price per security of R15.22) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of company secretary: Tamlyn Stevens Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 107 500 Price per security: RNil Total deemed value: R1 819 975.00 (at a deemed price per security of R16.93) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of company secretary's interest: Direct beneficial Clearance to deal received: Yes Name of company secretary: Tamlyn Stevens Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 107 500 Price per security: RNil Total deemed value: R1 636 150.00 (at a deemed price per security of R15.22) Nature of transaction: Off-market acceptance of award shares in terms of the Plan Nature and extent of company secretary's interest: Direct beneficial Clearance to deal received: Yes Shareholders are further advised of the following information relating to the acceptance of shares under a purchase offer and concomitant debt in terms of the rules of the Plan, which will vest in equal tranches over a period of 5 years with a final vesting date of 30 October 2023, subject to the vesting conditions contained in the rules of the Plan. Name of director: Steven Brown Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 537 500 Price per security: R16.93 Total value: R9 099 875.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Steven Brown Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 537 500 Price per security: R15.22 Total value: R8 180 750.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Vuso Majija Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 149 300 Price per security: R16.93 Total value: R2 527 649.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of director: Vuso Majija Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 149 300 Price per security: R15.22 Total value: R2 272 346.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of director's interest: Direct beneficial Clearance to deal received: Yes Name of company secretary: Tamlyn Stevens Transaction date: 29 October 2018 Class of securities: Fortress A ordinary shares Number of securities: 107 500 Price per security: R16.93 Total value: R1 819 975.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of company secretary's interest: Direct beneficial Clearance to deal received: Yes Name of company secretary: Tamlyn Stevens Transaction date: 29 October 2018 Class of securities: Fortress B ordinary shares Number of securities: 107 500 Price per security: R15.22 Total value: R1 636 150.00 Nature of transaction: Off-market acceptance of shares in terms of the Plan Nature and extent of company secretary's interest: Direct beneficial Clearance to deal received: Yes 31 October 2018 Lead sponsor Java Capital Joint sponsor Nedbank Corporate and Investment Banking Date: 31/10/2018 12:35:00 Produced by the JSE SENS Department. 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