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Fortress Project Outcomes – Summary Analysis The following analysis is based on records obtained from FAAN Mortgage Administrators , the court-appointed trustee following the RCMP raid of Fortress. These records include information filed with the court and documentation published by FAAN. During the trial, the defence stated that Fortress had many “successful” projects. While some projects did return investor funds in full, a significant number of projects failed. As shown in the tables below, 28 development projects returned only a portion of the invested principal, while 18 projects did not return any principal to investors. Based on the available records, the total investor loss to date is approximately $428 million. In addition, two projects have not yet exited and remain in distress. Investors seeking information specific to their project status or outcome are encouraged to contact FAAN Mortgage Administrators, the trustee overseeing the administration of these projects. Outcome Summary of Fortress SML Projects (post 2018) Projects with No Repayment to SML Investors Projects with Partial Repayment to SML Investors Projects with Full Repayment to SML Investors Projects in Distress The following is a summary in presentation form of the Fortress Projects and review of total funds paid to investors and total losses. Please view this presentation on your PC or iPad for optimal viewing

An animated & explanatory timeline of events describing the Fortress Real Development Syndicated Mortgage Investment Fraud charges & the failures of the regulators, and how VOSMI was created. Timeline The Founders of Fortress RDI began working together since 2002. This timeline traces the key milestones, from their early business ventures and the creation of Fortress, to regulatory shortcomings, RCMP investigations, and the criminal legal proceedings that continue today. Please view this timeline slideshow on computer or tablet vs a phone for optimal viewing.

Class Action Law Suits Lawyers Mitchell Wine, of MSTW Professional Corporation and Margaret Waddell of Sotos joined forces in prosecuting five proposed class actions relating to syndicated mortgage loans (SMLs) promoted by Fortress Real Developments Inc. and Fortress Real Capital Inc. Details of the proposed class actions, as well as statements of claims, and settlements can be found on the Sotos website. (search Fortress). The actions relate to the SMLs registered on five different real estate developments: Collier Centre – (2012 syndicated mortgage loan only) Progress Manors Ten88 Sutton/The Link Harmony Village Lake Simcoe/The Kemp Orchard Calgary – only in respect of the charge registered as Registration No. 141 112 373. CURRENT PROPOSED CLASS ACTIONS PARTIAL SETTLEMENTS There have been 5 partial settlements thus far. Please refer to the Sotos website, (search under cases/Fortress) or the FAAN website for details https://www.faanmortgageadmin.com/fortress/english . Sutton/The Link Settlement BDMC and Ildina Galati Estate FFM, Rosalia Spadafora, and Saul Perlov FMP, Tonino Amandola, Michael Daramola, and Graham McWaters Derek Sorrenti, Grant Morgan, and Sorrenti Law Professional Corporation It is important to understand that a class action certification hearing the initial procedural step where a judge will determine if a lawsuit can proceed as a class action law suit. The judge will not decide the merits of the case, but will decide if the claim has a valid cause of action, a defined class, common issues, a suitable representative, and is the preferred method for resolution. UPCOMING CERTIFICATION HEARING FEB 24-26, 2026 Outstanding claims against Fortress Real Developments and the Appraisers (for Progress Manors/Ten 88 & Harmony Village Lake Simcoe/the Kemp only) will be pursued in an upcoming class action certification hearing from Feb 24-26, 2026. To attend the hearing via zoom, please register here: When : Feb 24, 2026 10:00 AM Eastern Time (US and Canada) Topic: MCDOWELL v. FORTRESS REAL CAPITAL INC. et al | CV-16-00560268-00CP Register in advance for this webinar: https://ca01web.zoom.us/webinar/register/WN_rjWIh5YRQKa45NGD4QFKVA How can I get my money back? Many investors have asked us how they can get their money back. We have carefully looked at various avenues for recovery. Other Class Action Pursuits An investigation team comprised of a lawyer, researcher and a forensic accountant had worked diligently with the help of Rose Ray , to create a report that would be used to highlight potential law suits pertaining to Fortress. A potential Class action lawsuit against Lamb Development Corp was filed, however unfortunately the law firm Groia advised they were unable to pursue the lawsuit further. Archived communications regarding this endeavour can be found here . Another law firm, Kallochlian Myers LLP filed a Statement of Claim in 2020 against Olympia Trust Company for the registered funds investors. However, on June 19, 2023, the Court of Appeal for Ontario has dismissed the appeal of the order dismissing the motion for certification. A copy of the decision is available here . If you are an investor who has approached a law firm regarding a class action law suit against other Fortress related parties not mentioned on our website, please let us know. Q & A Current Proposed Class Action Law Suits & Settlements 1. Why wasn't my project / developer chosen for the class action law suit headed by Mitchell Wine and Sotos? This would likely be due to the fact that the lead plaintiffs invested in the particular projects listed above. 2. Why does it take so long to recover the funds for a class action law suit? We understand this is the question most victims ask. Unfortunately, recovering money through a class action lawsuit is not quick or simple. • Class actions take years to move through the courts. • Defendants often fight every step, which adds delays. • Even if successful, legal costs and fees are deducted before any money is shared. Class actions can hold wrongdoers accountable and sometimes lead to financial settlements, but they are a long, uncertain process with no guarantee of full recovery. 3. I didn't receive my class action law suit settlement payment. Who do I contact? Please contact the Claims Administrator - FAAN Mortgages . They can be reached at 1 (833) 495-3338 or by email at info@faanmortgageadmin.com.

Fortress Promo Material The following are examples of the promotional material used by Fortress in promoting syndicated mortgage investments. Collier Termsheet Termsheet for the Collier project which was presented to the Syndicate Mortgage investors. Notice the terminology: "Face amount of your investment is fully Registered & Secured via a charge against the property." Sky City Ternsheet Similar features are repeated in this term sheet which was provided to the investors. Note that the theme of these promo materials are the same across all of Fortress projects. "Face amount of your investment is fully Registered & Secured via a charge against the property." This project began as a parking lot, and ended as a parking lot. Where did all the investors money go? Services This is your Services section. This is a great place to give more information about the services you provide. You can write a general description of what your business offers then add more details below. This section can be adapted for your website. You may choose to highlight other things like courses or programs, or to share special features about your business that you want to promote. Double click on the text box to edit the text and make it your own. Custom Project Personal Solution Planning Expert Guidance Package

March 11, 2020 Watch Rose Ray's Video with an update and request of our investors. As per Rose's video, attached below to the right, is the letter that you may use in your email to FAAN mortgages requesting the documents pertaining legal opinions related to your file. Please ensure you sign the letter before you send it to FAAN. Subject line of your email can read: Request for Legal Opinion Documentation Send the letter via email to FAAN i nfo@faanmortgageadmin.com , with a copy (cc) to roseray@bell.net Thank you! Letter to FAAN Requesting Docs.docx

Fortress in the News 2025 Developers found guilty of defrauding investors out of retirement savings in Barrie, Winnipeg May 28, 2025- CBC Fortress Real Developments co-founders found guilty of fraud May 28-Globe & Mail Syndicated mortgage firm co-founders found guilty of massive fraud May 30-2025 CMP 2022 Fortress Real Developments founders charged with fraud in connection with syndicated mortgage probe June 22, 2022 - Financial Post Fortress Founders Charged with Fraud June 22, 2022- Toronto Star Fortress founders charged in mortgage investments scheme June 22, 2022 - Orillia Matters Ottawa senior says he lost life savings investing with company now facing fraud charges July 6, 2022 - CTV News 2021 Former executive of troubled developer Fortress involved in new real estate company September 13, 2021 2020 FSRA Imposes administrative Penalty of $250,000 on Fortress Real Development Inc. September 19, 2020 Planned web series to shine light on alleged Fortress Real scam December 29, 2020- Canadian Real Estate Magazine 2019 Victims cry foul over Fortress Real rewards June 13, 2019 Mortgage Broker News No retirement for 73 year old investor June 11, 2019 Mortgage Broker News 'I still feel ashamed'; investors' life savings held in limbo Jan. 11, 2019 Barrie Today 2018 Lenders to seize 13 real estate projects Oct 25, 2018 Globe and Mail RCMP raid 6 locations in GTA as part of syndicated mortgage fraud Apr. 13, 2018 CBC.ca Canadian police search Fortress office in mortgage fraud probe: sources Apr. 3, 2018 Reuters Trustee to take over Fortress broker in wake of RCMP raid Apr. 20, 2018 The Globe and Mail Fortress investors could face 'significant losses' Jun. 24, 2018 The Globe and Mail Allegations of inflated property values at centre of RCMP syndicated mortgage fraud investigation Jul. 19, 2018 CBC.ca Fortress misled investors about land valuation, RCMP alleges Oct. 21, 2018 The Globe and Mail RCMP allege obstruction in Fortress fraud investigation Oct. 23, 2018 CBC.ca Inside the fall of Fortress Dec. 14, 2018 The Globe and Mail 2017 How a real estate developer's efforts to silence a critic failed Jan. 19, 2017 MacLean's 2016 The high-risk world of syndicated mortgages Apr 29, 2016 The Star Just how safe is the ‘safe’ world of syndicated mortgages? April 4, 2016, MacLean's

The Developers who partnered with Fortress Over 25 real estate developers partnered with Fortress Developments. Lamb Development Corp partnered with Fortress on 14 real estate projects. Lamb failed to repay over $47 Million to the Syndicate Mortgage investors. Developer Pie Chart

Criminal Trial - R. v. Rathore & Petrozza The criminal trial of R vs Rathore & Petrozza, principals of Fortress Real Developments Inc., began in October 2024 and concluded with a verdict in May 2025. A sentencing submissions took place on December 3, 2025, and the sentencing hearing is scheduled on February 2, 2026. This page provides key information about the trial, its outcomes and related media coverage. About the Criminal Trial Trial Background Courthouse Location Q & A Media Coverage Up Trial summary Crown Prosecutor, Defense opening arguments & witness testimonies Read More > closing arguments Summary of Crown Prosecutor & Defense closing arguments Read More > Verdict Justice D Moores verdict & reason for decision Read More > Sentencing Sentencing Submission Hearing Dec 3/25 Read More >

Did you Know? What's an LTV and why does it matter? The loan-to-value (LTV) ratio shows how much money is being borrowed compared to the actual value of the land. The land is supposed to be the safety net for investors: if a project fails, the land can be sold and the loan repaid. A lower LTV means more protection, because the land is worth more than the loan. Typically, lenders will not lend more than about 85% of the land’s value. If the land is overvalued, investors are exposed to much greater risk. In the case of Fortress Real Developments, the land values were inflated, and investors were misled into thinking their money was secure, when it wasn't. For example, in the Collier Centre Project (Barrie, ON) investors lent $16.9 million to the project. They were told the land was worth $21.9 million, which suggested an LTV of about 77% -appearing safe. But in reality, an appraisal showed the land was worth only $7 million. The $21.9 Million figure was a future based evaluation. That meant the true LTV was over 200%. This was far riskier than investors had been led to believe.When the project collapsed, the land sale could not cover the debt. Since investors were also ranked fifth in repayment priority, there was no money left to pay them back . Another supposed advantage to investing in Fortress SMLs was the 8% interest rate. This rate 8% was far more attractive than GIC's, or bonds. What you weren't told, was about returns provided in the mortgage market. Under MBLAA, the following comparative information was required by law to be disclosed to you by FSCO licensed parties. Did you know that the private lenders who lend on first mortgages on commercial properties only lend 65% of their as-is appraised value at 9-12%. Land loans on farmland are done by few private lenders and they loan 50% of their as-is appraised value. Private lenders will provide first mortgages on houses up to 80% at 8% return, and on second mortgages lend up to 85% of as-is appraised value at 10-15% for a one year term. Compare these loan to values and returns, to your 8% return at well over 100% of as-is appraised value. Fortress did not provide as-is values. They provided opinions of value, which are not appraisals. Fortress opinions of value were based on future value. You were equity investors in these projects, which means that you should have received an ownership interest in the project and/or share of profits, as you were unknowingly were taking a lot of risk. Even as an equity investor you would not invest if your investment was much more than 100% of as-is appraised value. Fortress stated in their marketing and legal documentation that their LTVs were based on "as is" values- where in reality the LTVs were based on future values. This misrepresentation was detrimental to your investment, because if something went wrong with the project, there would not be enough assets to repay the investments as the loan was much higher than the value of the land. There are a few lenders who provide soft cost loans to developers by way of a first mortgage at 20-30%, plus fees, and these lenders do not postpone to construction financing. Meaning, if they lend money towards a project, they only do so on the condition that their position in rank cannot be moved or postponed. If they lend as 2nd mortgage, they stay at 2nd without any sneaky clauses that postpone them to 3rd. Do you think that this is a good comparison to the Fortress mortgages you invested in? Your return was 8%. Remember how you were promised 2nd mortgage, but you were moved like a hot potato to 3rd, 4th or even 5th mortgage? A private lender would never, ever, sign-off on such an agreement. The reason the lenders charge these rates and fees is because they know that they can lose money if the land is not rezoned and even if it is, that the developer does not get the necessary presales, that they will lose money. All the benefits went to Fortress. They collected a 35% fee and 50% of the profits. The investors took all of the risk and only were to be paid 8%. This structure was completely unfair to investors. Now you understand why the RCMP obtained its search warrant. Fraud, section 380 of the Criminal Code, includes misrepresenting the value and placing the victim at risk of economic harm.

" Independent Legal Advice" Most of our members received "Indpendent Legal Advice" prior to investing the Fortress Syndicated Mortgages. We conducted a survey from 154 investors. These are the survey results. ILA Member Survey Results.pdf

Vosmi in the News 2019 Victims Fight Back against Regulator and the Law Society of Ontario September 19, 2019 Canadian Fraud News Investors who lost millions in syndicated mortgages call for changes at law society September 13, 2019- CBC News Victims cry foul over Fortress Real rewards June 13, 2019 - Canadian Professional Mag 2022 Ottawa senior says he lost life savings investing with company now facing fraud charges July 6, 2022 CTV News 2021 Investors who lost millions launch petition calling for federal attention on Fortress deals February 17, 2021 2020 Fortress cancels major high-rise project in Winnipeg, leaves investors hanging October 7, 2020 PC Mag Lot that was supposed to be home to SkyCity, Winnipeg's tallest tower, now up for sale Oct 2, 2020 CBC