Notice of Margin Adjustment Event in relation to FIFG04 & FIFG05

Fortress Real Estate Investments Limited
(Incorporated in the Republic of South Africa)
(Registration no. 2009/016487/06)
("Fortress" or the "Issuer")
Company code: FORI
LEI: 378900FE98E30F24D975
Bond code: FIFG04 ISIN: ZAG000183807
Bond code: FIFG05 ISIN: ZAG000183799


NOTICE TO THE FIFG04 AND FIFG05 NOTEHOLDERS IN RESPECT OF A MARGIN ADJUSTMENT EVENT

This notice is delivered by the Issuer to each holder (collectively, the "Noteholders") of the FIFG04 and
FIFG05 notes (collectively, the "Notes") issued under the Fortress ZAR20 000 000 000 Domestic
Medium Term Note Programme (the "Programme"), in accordance with condition 19 of the
Programme, in respect of a Margin Adjustment Event, pursuant to paragraph 2.3 of the FIFG04 and
FIFG05 applicable pricing supplements each dated 18 February 2022 (collectively, the "pricing
supplements").

Unless otherwise defined, words and expressions used in this notice will bear the same meanings as
in the Programme, read with the pricing supplements for the Notes.

Noteholders are advised that a Margin Adjustment Event has occurred and, as confirmed by the KPI
Auditor (ERM) in the Sustainability Certificate dated 24 July 2025, the KPI Condition has been achieved
as at 30 June 2025 by the Issuer.

The new margin that will be applicable to the Notes is detailed below:

 Notes                              Margin                             Margin Adjustment Date
 FIFG04                             205 basis points                   22 August 2025
 FIFG05                             215 basis points                   22 August 2025

In respect of each Note, the margin stated above will be applicable for the interest period commencing
on the Margin Adjustment Date.

The notice and Sustainability Certificate is being delivered to the CSD, for dissemination by them to
the Participants and Noteholders, in accordance with condition 19 of the Programme.


1 August 2025

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 01-08-2025 01:03:00
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