FORTRESS REIT LIMITED - Dealings in securities by an associate of a director of the company

Dealings in securities by an associate of a director of the company

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 AN ASSOCIATE OF A DIRECTOR OF THE COMPANY


Shareholders are referred to the announcement released on SENS on 8 May 2018 wherein shareholders were advised
that Dusty Gold Investments 4 (Pty) Ltd ("Dusty Gold"), an associate of Mark Stevens, a director of the company,
(who is a trustee and beneficiary of the MWS Investment Trust, which owns 100% of Dusty Gold), had re-structured
an over-the-counter collar in respect of Resilient REIT Limited ("Resilient") shares to an over-the-counter collar on a
basket of 150 000 Resilient shares and 60 000 Fortress B ordinary shares ("the collar") with a combined put strike
price of R115.47 per basket of 1 Resilient share and 0.40 Fortress B ordinary shares ("a basket") and a combined call
strike price of R154.64 per basket, with an expiry date of 17 May 2018 ("the expiry date"). As the price of the collar
at the expiry date was lower than the put strike price of R115.47, the collar in respect of that expiry date was
automatically settled off-market by the payment in cash by the counterparty of R53.31 per basket, being in aggregate
R7 996 500.00 and the return of 150 000 Resilient shares and 60 000 Fortress B ordinary shares by the relevant
counterparty, which held them pursuant to a pledge and securities loan arrangement.

As the collar expired automatically on the expiry date and neither Dusty Gold nor Mark Stevens have any discretion in
the transaction, a dispensation was sought and granted by the JSE. The transaction was conducted off-market and as
there was no change in beneficial ownership, the director's interest remains an indirect beneficial interest in Dusty
Gold.

23 May 2018


Sponsor
Java Capital

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