12 Aug - 3 min read

Further update regarding recent riots and civil unrest

Further update regarding recent riots and civil unrest

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
LEI: 378900FE98E30F24D975
(Approved as a REIT by the JSE)
(“Fortress” or “the Company”)


FURTHER UPDATE REGARDING RECENT RIOTS AND CIVIL UNREST


Shareholders and noteholders are referred to the announcement published on SENS on 16 July 2021 containing an
initial communication of our impacted buildings as a result of riots and civil unrest. As at 11 August 2021, Fortress is
able to provide the following additional information in respect of our impacted buildings:

Property             Gross lettable   Summary of damage        Tenants currently trading       Estimated time for
                     area (m2)                                                                 completion of repairs or
                                                                                               re-development
Cornubia Ridge       23 727           Property destroyed       None                            12 to 18 months
Logistics Park *

Biyela Shopping      8 536            Major fire damage        Three stores are open           9 months
Centre

Evaton Mall          35 472           Shopfronts and minor     Cash Crusaders                  The majority of tenants
                                      damage                   Chicken Licken                  are expected to reopen by
                                                               Clothing Junction               end of August 2021
                                                               Fashion World
                                                               Gadget City
                                                               John Craig
                                                               KFC
                                                               Legit
                                                               Old Fashioned Fish and Chips
                                                               Pick n Pay
                                                               Sedglo
                                                               Shoprite
                                                               Side Step
                                                               Skipper Bar
                                                               Studio 88

Palm Springs         19 368           Shopfronts and fire      Shoprite                        The majority of tenants
Shopping Centre                       damage                                                   are expected to reopen at
                                                                                               the end of September
                                                                                               2021

336 West Street      6 329            Major fire damage        None                            9 months

Tembi Mall           6 599            Shopfronts damage        All                             Not applicable

Yarona Shopping      5 979            Shopfronts damage        Shoprite                        The majority of tenants
Centre                                                                                         are expected to reopen at
                                                                                               the end of August 2021

* Fortress owns 50,1% of this property. The Makro building is situated in the same logistics park and is currently open for
trading.

Fortress’ pro rata share of the damaged properties, which will not be trading by the end of August 2021, represents
approximately 1,7% of our total pro rata GLA. Estimated damages at the damaged properties is in the range of
R450 million to R550 million and are still being assessed by the loss adjustors with input from various professional
teams. This high-level estimate is well within our SASRIA cover limit of R1,5 billion. The estimated damages
exclude the loss of income claim which will also be submitted to Fortress’ insurers

Update on logistics facility at Cornubia Ridge Logistics Park (“Cornubia”)

An act of arson at Cornubia destroyed the premises occupied by UPL and Retailability. The UPL section warehoused
products for use in the agricultural sector. UPL are working closely, under the oversight of a Joint Governmental Task
Team, with their team of specialists to assist with the clean-up of the impacted area, including the premises and
surrounds.

We again express our appreciation to all our on-site staff and security providers who have shown continued dedication
in restoring the affected properties to full operation. We also express our sincere appreciation to all community
volunteers who have assisted in cleaning a number of our affected shopping centres.

12 August 2021


Lead sponsor                       Joint sponsor                                    Debt sponsor
Java Capital                       Nebank Corporate and Investment Banking          Rand Merchant Bank
                                   (a division of Nedbank Limited)                  (a division of First Rand Bank Limited)

Date: 12-08-2021 04:45:00
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