Update on request for independent investigation from institutional investors 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") UPDATE ON REQUEST FOR INDEPENDENT INVESTIGATION FROM INSTITUTIONAL INVESTORS Shareholders are referred to the announcement released on SENS on 6 September 2018 regarding a request from several institutional investors (the "signatories") for an independent investigation into allegations relating to the Company, its directors and shareholders (the "request"). A special ad hoc subcommittee of the board of directors comprising three independent non-executive directors was constituted to consider the issues raised in the request (the "subcommittee"). The subcommittee has since engaged with all of the signatories other than one who did not require it, and with other investors, the Company's attorneys, auditors, sponsors and the relevant regulators. The subcommittee has communicated to the signatories that, while the request for a joint all-encompassing investigation is not practicable or feasible, the subcommittee is reviewing the documentation and information available to it in order to investigate the allegations relating to all the major issues of common concern raised by the signatories during the engagements. The defined scope of the subcommittee investigation has been posted on the Company's website at https://cmsignition.co.za/download/files_1184/DefinedscopeoftheSubcommitteeinvestigation15.11.2018.pdf. To assist it, the subcommittee has engaged PricewaterhouseCoopers in accordance with this defined scope of investigation. The subcommittee anticipates that it will be able to provide, at least, an interim update on the subcommittee investigation to shareholders at the Fortress pre-close webcast which will be held on 4 December 2018. Instructions for participating in the pre-close webcast will be announced on SENS in due course. The Company has established an independent whistleblowers hotline, whereby submissions made in relation to the allegations (via toll-free number 0802 028 887 or to fortress@tip-offs.com) are routed directly and exclusively to the members of the subcommittee, the chairperson of the Company's social & ethics committee, and PricewaterhouseCoopers. 15 November 2018 Lead sponsor Java Capital Joint sponsor Nedbank Corporate and Investment Banking Date: 15/11/2018 05:02:00 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.