Update on Special Subcommittee Investigation 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”) UPDATE ON SPECIAL SUBCOMMITTEE INVESTIGATION Shareholders are referred to the announcement released on SENS on 6 September 2018 wherein shareholders were advised that, in response to a request from several institutional shareholders, the Company has established a Special Subcommittee (the “Subcommittee”) to undertake an investigation into allegations made about the Company and its directors, and that the Subcommittee has appointed PricewaterhouseCoopers (“PwC”) to review share trading activities by and in the Company, as well as certain historic property transactions by Fortress and its directors. The Company considers it appropriate to provide shareholders with an update on progress made on and anticipated completion of the Special Subcommittee investigation. Shareholders will further be aware from statements made in the Company’s pre-close presentation held on 4 December 2018 and indications given in its interim results announcement on 5 March 2019 that the Subcommittee had targeted the end of March 2019 for the completion by PwC of their review and for presentation of their report to the Board. The Subcommittee is satisfied with progress made on the several workstreams as published on the Company’s website, but has agreed to allow PwC further time in order to allow all parties an opportunity for further engagement, review and comment before the report is finalised. The Subcommittee considers these steps to be important to the completeness and credibility of PwC’s review, and has therefore agreed a revised timeline with PwC for the completion of their review that will enable the Subcommittee to consider PwC’s report and make its recommendations to the Board on the findings of the report around the end of April 2019. The update to the Subcommittee on PwC’s progress to date on the review has not revealed any price sensitive information or provided the Subcommittee with cause to caution shareholders, such that the Company would be required to make any further announcement. As communicated to shareholders in the publication of the Subcommittee’s terms of reference, it is the stated intention of the Board to make public the outcome of the Subcommittee’s investigation, as informed by PwC’s review and report. 4 April 2019 Lead sponsor Java Capital Joint sponsor Nedbank Corporate and Investment Banking Date: 04/04/2019 07:05:00 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.