Update to 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 TO REQUEST FOR INDEPENDENT INVESTIGATION FROM INSTITUTIONAL INVESTORS Shareholders are referred to the announcement dated 27 August 2018 whereby shareholders were advised that the Company has received a request from several institutional investors (the "Authors"), some of whom hold Fortress shares, to commission an independent investigation into allegations made against the Company, its directors and shareholders (the "Request"). The Company hereby wishes to advise shareholders that it has established a special ad hoc subcommittee, with a mandate to consider the issues raised in the Request and to engage with the Authors with a view to addressing their concerns as well as other significant A and B shareholders that are not signatories to the Request. Robin Lockhart-Ross chairs the subcommittee alongside Djurk Venter and Bongiwe Njobe, all of whom are independent non-executive directors. No limitation has been placed on the scope of work nor the historical timeline which the subcommittee may investigate. The Company has prepared a response to the Request, which has been sent to the Authors. It is in the Company's best interests that the investigation by the Financial Services Conduct Authority ("FSCA") in respect of trades in Fortress shares be concluded as soon as possible. Fortress has recently reiterated its full cooperation to the FSCA to facilitate and expedite the completion of the FSCA investigation. 6 September 2018 Lead sponsor Java Capital Joint sponsor Nedbank Corporate and Investment Banking Date: 06/09/2018 05:25:00 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.