General SENS Submitter Company - GEN - General Removal of REIT status

GEN - General – Removal of REIT status

GEN - General – Removal of REIT status

Fortress REIT Limited (“Fortress” or the “Company”)

JSE share codes:        FFA     ISIN: ZAE000248498

                        FFB     ISIN: ZAE000248506



REMOVAL OF REIT STATUS

The JSE refers to its announcement of 14 November 2022 informing the market that the Company’s
REIT status will be removed if it failed to submit a REIT Compliance Declaration compliant with
paragraph 13.49(d) of the JSE Listings Requirements (“Requirements”) by no later than
30 November 2022.

Fortress did not submit its REIT Compliance Declaration, and consequently, the JSE notified the
Company of its decision to remove Fortress’ REIT status in accordance with paragraph 13.50(c) of the
Requirements (“Decision”).

On 5 December 2022, the Company objected to the JSE’s decision in terms of section 1.4 of the
Requirements (“Objection”).

Having carefully considered the reasons for the Objection, the JSE advised Fortress that the outcome
of the general meetings to consider and vote on the proposed amendments to the Memorandum of
Incorporation of Fortress facilitating a distribution for the financial years ended 30 June 2022, 2023
and 2024, was relevant and important information that had to be considered by the JSE in considering
the Objection.

The Company notified the JSE that the resolutions tabled at the general meetings were not passed by
the requisite majority of Fortress shareholders.

The JSE reconsidered the matter in its entirety including the further submissions and representations
made by Fortress in its Objection. The JSE decided to dismiss the Objection and the REIT status of
Fortress will be removed.

In order to minimize the accounting administrative burden for the Company and to afford investors
sufficient time to make the necessary investment decisions, for practical purposes, the date of
removal of REIT status will be with effect from the commencement of trade on Wednesday,
1 February 2023.

This announcement has been placed by the JSE in the interest of shareholders.

19 January 2023

Date: 19-01-2023 05:19:00
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