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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 31 December 2025 and further
advises that LTV ratio was 45,74% as at 31 December 2025. It is further confirmed that, had cash
balances been included in the calculation of the loan-to-value (LTV) ratio, the resulting LTV would have
been 42,72%.
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
31 December 2025 and was 2,96 times.
26 February 2026
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
