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Fortress REIT Financial Covenants Notification FORI
Fortress Real Estate Investments Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2009/016487/06)
LEI: 378900FE98E30F24D975
Bond company code: FORI
(the Issuer or Fortress Group)
Financial Covenants Notification
Pursuant to paragraph 6.25 of the JSE Debt and Specialist Securities Listings Requirements, noteholders are advised that the Issuer has performed the required covenant compliance assessment for the financial year ended 30 June 2026.
Loan-to-value ratio for all listed notes except for FIFB34, FIFB35 and FIFB36
The Issuer's financial covenant requirement, applicable to all listed notes, except for FIFB34, FIFB35 and FIFB36, is as follows:
* Loan-to-value Ratio (LTV ratio) does not exceed 50% for the Fortress Group. LTV ratio is defined as:
o the secured and unsecured debt plus any sureties or guarantees secured by the assets of the Fortress Group, provided by the Fortress Group for any liability or obligation of the Fortress Group after the Programme Date;
o divided by the sum of the market value of the property portfolio and the listed stock portfolio of the Fortress Group (which definition excludes cash and cash equivalents), expressed as a percentage.
The Issuer confirms that the LTV financial covenant was tested at 30 June 2026 and further advises that LTV ratio for all listed notes except for FIFB34, FIFB35 and FIFB36 was 47.43% as at 30 June 2026.
LTV ratio for listed notes FIFB34, FIFB35 and FIFB36
The Issuer's financial covenant requirement, applicable to listed notes FIFB34, FIFB35 and FIFB36, is as follows:
* LTV ratio does not exceed 50% for the Fortress Group. LTV ratio is defined as:
o the secured and unsecured debt plus any sureties or guarantees secured by the assets less cash and cash equivalents of the Fortress Group, provided by the Fortress Group for any liability or obligation of the Fortress Group after the Programme Date;
o divided by the sum of the market value of the property portfolio and the listed stock portfolio of the Fortress Group, expressed as a percentage.
The Issuer confirms that the LTV financial covenant was tested at 30 June 2026 and further advises that LTV ratio for FIFB34, FIFB35 and FIFB36 notes was 36.97% as at 30 June 2026.
Asset cover financial covenant for listed notes FIFG02, FIFG04 and FIFG05
In addition, the Issuer's asset cover financial covenant requirement, applicable to notes FIFG02, FIFG04 and FIFG05, is as follows:
* Unencumbered Asset Coverage Ratio Financial Covenant (Unencumbered Asset Coverage Ratio) shall not be less than 2.5 times for the Fortress Group.
The Issuer further confirms that the Unencumbered Asset Coverage Ratio was tested at
30 June 2026 and was 2.64 times.
3 September 2026
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 03/09/2026 01:35:00
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