THE FORTRESS GROUP, INC.
                                      1650 TYSONS BOULEVARD - SUITE 600
                                      MCLEAN, VA 22102 - www.fortressgroup.com
                                      NASDAQ: FRTG



             FORTRESS GROUP ANNOUNCES MODIFIED DUTCH AUCTION TENDER
                  OFFER FOR ITS 13-3/4% SENIOR NOTES DUE 2003
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        McLEAN, Va., November 21 /PRNewswire/ -- The Fortress Group, Inc.,
(Nasdaq: FRTG) (the "Company") announced today that it has commenced a Modified
Dutch Auction tender offer (the "Offer") for up to approximately $27.8 million
to $33.3 million principal amount of its 13-3/4% Senior Notes due 2003 (the
"Notes"). Approximately $54.2 million aggregate principal amount of Notes is
outstanding.

        The Company is offering to purchase Notes for cash, at a purchase price
designated by the holders, subject to a minimum of $450 per $1,000 principal
amount and a maximum of $540 per $1,000 principal amount, upon the terms and
conditions specified in the Invitation dated November 21, 2001. The Offer will
expire at 11:59 p.m., New York City time, on December 19, 2001, unless extended
or earlier terminated (the "Expiration Date"). The tender of Notes may be
withdrawn at any time prior to the Expiration Date.

        The Company is making the Offer by way of a "Modified Dutch Auction"
procedure. Under this procedure, as soon as practicable following the Expiration
Date, the Company will accept offers to sell Notes tendered pursuant to the
Offer in the following order: first, offers to sell Notes tendered at $450 per
$1,000 principal amount and continuing with offers to sell Notes in order of
increasing offer price, until the Company has spent $15.0 million. The Company
will pay to all holders whose offers are accepted the highest price offered for
Notes that are accepted for purchase by the Company (the "Clearing Price"), even
if that price is higher than the price offered by such holder.

        If the aggregate principal amount of Notes offered at the Clearing Price
exceeds the maximum amount of Notes that may be accepted by the Company at the
Clearing Price under the foregoing procedure, acceptances of offers at the
Clearing Price will be allocated among holders on a pro rata basis according to
the principal amount so offered. Notes tendered above the Clearing Price will
not be accepted. Notes that are tendered and accepted for purchase will be paid
the Clearing Price, plus interest accrued but unpaid up to but not including the
settlement date.

        The Company intends to finance its purchases of Notes utilizing
substantially all of the net proceeds of the sale of its Galloway and Sunstar
divisions. The Company's obligation to accept Notes is conditioned on the
consummation of the sale. Although the Company has entered into an exclusivity
arrangement with a prospective purchaser, the parties have not agreed to the
transaction. Accordingly, there can be no assurance that the parties will enter
into such an agreement, that the Galloway and Sunstar divisions will be sold, or
that the offer for the Notes will be consummated.

        This press release shall not constitute an offer to purchase or a
solicitation of acceptances of the tender offers, which may only be made
pursuant to the terms of the Invitation and related Letter of Transmittal.

        Banc of America Securities LLC is the exclusive dealer manager, The
Bank of New York is the depositary, and D.F. King & Co., Inc. is the information
agent in connection with the Offer. Copies of the Invitation and related offer
documents may be obtained from the information agent at 800-714-3305. Additional
information concerning the terms of the Offer may be obtained by contacting Banc
of America Securities LLC at 888-292-0070 (toll free) or 704-388-4807 (collect).