Affirmation of credit rating and revision of national scale rating by Moody's Investors Service FORTRESS REIT 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”) AFFIRMATION OF CREDIT RATING AND REVISION OF NATIONAL SCALE RATING BY MOODY’S INVESTORS SERVICE Security holders are advised that Moody’s Investors Service Inc (“Moody’s”) has affirmed Fortress’ corporate family rating (“CFR”) of Ba2. Concurrently, Moody’s has repositioned the Company’s long-term CFR national scale rating to Aa2.za from A1.za. Moody’s rating outlook remains negative. 27 November 2020 Debt sponsor Lead sponsor Joint sponsor Rand Merchant Bank Java Capital Nedbank Corporate and Investment Banking (A division of FirstRand Bank Limited) Date: 27-11-2020 03:35:00 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.