FORTRESS REIT LIMITED - FORI - Financial Covenants Notification

FORI - Financial Covenants Notification

Fortress REIT Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2009/016487/06)
LEI: 378900FE98E30F24D975
Bond company code: FORI
Bond code: FIFG02        ISIN: ZAG000178500
(Approved as a REIT by the JSE)
(“Fortress” or the “Issuer”)

FINANCIAL COVENANTS NOTIFICATION

Noteholders are advised of the following financial covenants report.

The Issuer’s financial covenant requirement, applicable to all listed notes, is as follows:

    •   Loan to Value Ratio (“LTV ratio”) does not exceed 50% for the Fortress Group.

The Issuer’s financial covenant requirement, applicable to the FIFG02 listed note, is as follows:

    •   Step-up margin unencumbered asset cover ratio shall not be less than 2.5 times
        (“unencumbered asset cover ratio”).

The Issuer confirms that the financial covenants were tested as at 30 June 2021 and further advises
that the LTV ratio does not exceed 50% and the unencumbered asset cover ratio is more than 2.5
times.

The Issuer will inform noteholders of the calculated results once its annual financial statements have
been released.



20 August 2021

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 20-08-2021 02:55:00
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