FORTRESS REAL ESTATE INVESTMENTS LIMITED - FORI - Financial Covenants Notification

FORI - Financial Covenants Notification

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

Noteholders are advised of the following financial covenant report.

The Issuer's financial covenant requirement, applicable to the listed notes, 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 balances)
        expressed as a percentage.

The Issuer confirms that the LTV financial covenant was tested at 30 June 2024 and further advises
that LTV ratio was 43.46% as at 30 June 2024.

In addition, the Issuer's asset cover financial covenant requirement, applicable to the FIFG02, FIFG04
and FIFG05 notes, 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 2024
and was 2.84 times.

29 August 2024

Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 29-08-2024 05:21:00
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