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Cash payment in terms of capitalisation issue fractional entitlements
FORTRESS REAL ESTATE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share code: FFB
ISIN: ZAE000248506
Bond company code: FORI
LEI: 378900FE98E30F24D975
("Fortress" or the "Company")
CASH PAYMENT IN TERMS OF CAPITALISATION ISSUE FRACTIONAL ENTITLEMENTS
Shareholders are referred to:
- the circular distributed to shareholders on 17 September 2026 (the "circular") in respect of a cash dividend
of 90.91000 cents per share, with an option for eligible Fortress B shareholders to elect to receive new fully
paid-up Fortress B shares (the "capitalisation shares") for all or part of their Fortress B shareholding as at
the record date, being Friday, 16 October 2026 (the "record date"); and
- the declaration announcement released on SENS on 17 September 2026 (the "declaration announcement")
detailing, inter alia, the reference price to be used to calculate the number of capitalisation shares to which
each eligible Fortress B shareholder will be entitled pursuant to the capitalisation issue, which was set at
2 400.00000 cents per Fortress B share.
The allocation of new Fortress B shares will be such that any eligible Fortress B shareholders who elect to receive
capitalisation shares for all or part of their Fortress B shareholding as at the record date, will not be allocated a
fraction of a new Fortress B share. Any entitlement to receive a fraction of a new Fortress B share will be rounded
down to the nearest whole number, resulting in only whole Fortress B shares being allocated in respect of the
capitalisation issue, and the value of the fraction being paid in cash to shareholders, less dividend withholding tax
at a rate of 20%, which may be payable by shareholders liable for dividend withholding tax. Shareholders are
referred to the tax implications as set out in the circular and in the declaration announcement.
Shareholders are advised that the cash payment for fractional entitlements has been calculated as the volume
weighted average price of a Fortress B share traded on the JSE on Wednesday, 14 October 2026 of
2 428.25428 cents discounted by 10%, being 2 185.42885 cents per Fortress B share. The gross fraction amount to
be paid will therefore be 2 185.42885 cents and the net fraction amount to be paid will be 1 748.34308 cents for
payments which are subject to dividend withholding tax at a rate of 20%.
Per the declaration announcement, a Fortress B shareholder who holds 100 Fortress B shares at the close of business
on the record date and elects to receive the capitalisation shares for their entire Fortress B shareholding is entitled
to receive 3.78792 new fully paid-up Fortress B shares. Accordingly, such shareholder will receive 3 new fully
paid-up Fortress B shares and a gross cash payment of 1 721.94310 cents (being 0. 78792 x 2 185.42885 cents),
or, for payments that are subject to dividend withholding tax at a rate of 20%, 3 new fully paid-up Fortress B shares
and a net cash payment of 1 377.55448 cents (being 0. 78792 x 1 748.34308 cents).
15 October 2026
Lead sponsor Debt sponsor and joint equity sponsor
Java Capital Nedbank Corporate and Investment Banking,
a division of Nedbank Limited
Date: 15/10/2026 10:25:00
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