Cash payment in respect of fractional entitlements for the distribution by Resilient of B shares in Fortress REIT RESILIENT REIT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2002/016851/06) JSE share code: RES ISIN: ZAE000209557 Bond company code: BIRPIF (Approved as a REIT by the JSE) ("Resilient") CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENTS FOR THE DISTRIBUTION BY RESILIENT OF B SHARES IN FORTRESS REIT LIMITED Shareholders are referred to the announcements released on SENS on 6 April 2018 and 20 April 2018 in respect of the proposed distribution by Resilient of 169 981 600 B ordinary shares in Fortress REIT Limited ("Fortress") (being 15,65% of the Fortress B shares in issue and 7,49% of all Fortress shares in issue) in the ratio of 0,4 Fortress B shares for every Resilient share held at the close of trade on Friday, 4 May 2018 (the "proposed distribution"). In implementing the proposed distribution, Resilient is required by the JSE to apply the JSE's rounding principle. As such, if a Resilient shareholder becomes entitled to a fraction of a Fortress B share arising from the proposed distribution ("fractional entitlement"), such Fortress B share will be rounded down to the nearest whole number, resulting in the allocation of whole Fortress B shares and a cash payment for the fraction (the "cash payment"). Resilient shareholders are advised that the value of a Fortress B share to be utilised in determining the cash payment due to a shareholder in respect of any fractional entitlement is R15.15196. In accordance with the requirements of the JSE, this amount has been determined with reference to the volume-weighted average traded price of Fortress B shares on the JSE on Wednesday, 2 May 2018, discounted by 10%. By way of example: Assuming that a shareholder holds 101 Resilient shares at the close of business on the record date for the proposed distribution, being Friday, 4 May 2018, such shareholder would (but for rounding) receive 40,4 Fortress B shares pursuant to the proposed distribution. However, applying the rounding principle detailed above, the shareholder will receive 40 Fortress B shares and receive a cash payment in respect of the fractional entitlement of R6.06078, being R15.15196 x 0,4 (rounded to 5 decimal places). The salient dates and times announced on 6 April 2018 remain unchanged. 3 May 2018 Corporate advisor and sponsor Java Capital Date: 03/05/2018 11:01:00 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.