Change of credit 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” and “the Company”) CHANGE OF CREDIT RATING BY MOODY’S INVESTORS SERVICE Security holders are advised that Moody’s Investors Service Inc (“Moody’s”) has downgraded Fortress’ corporate family rating (“CFR”) to Ba2 from Ba1 and has affirmed the short-term rating of Not Prime. Concurrently, Moody’s has downgraded the Company’s long-term CFR national scale rating to A1.za from Aa3.za and affirmed the short-term national scale rating of Prime-1.za. Moody’s rating outlook remains negative. As detailed in its report, Moody’s rationale for the downgrade is based, inter alia, on (i) Fortress’ exposure to the current weak South African economy, (ii) the potential impact of COVID-19 on the operating environment and consequential growth of the Company, (iii) Moody’s conservative methodology in assessing a company’s liquidity, (iv) Fortress’s listed property investments which expose the Company to market volatility, and (v) a low percentage of unencumbered investment properties held by Fortress. Fortress is of the view that Moody’s approach remains excessively conservative when assessing the Company’s liquidity despite Moody’s noting that Fortress has again successfully refinanced matured bank debt over the last 12 months and the Company’s solid access to a diversified group of local banks. Moody’s negative outlook reflects the risks related to the refinancing of debt becoming due in the next 12 months as well as the anticipated wider negative credit implications of COVID-19. The full report is available online at https://www.moodys.com/research/Moodys-downgrades-Fortress-REIT-Limited- to-Ba2A1za-outlook-negative--PR_422104 9 April 2020 Debt sponsor Lead sponsor Joint sponsor Rand Merchant Bank Java Capital Nedbank Corporate and Investment Banking (A division of FirstRand Bank Limited) Date: 09-04-2020 11:00:00 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.