We investigate the phase diagram of TmB4, an Ising magnet on a frustrated Shastry-Sutherland lattice by neutron diffraction and magnetization experiments. At low temperature we find Neel order at low field, ferrimagnetic order at high field and an intermediate phase with magnetization plateaus at fractional values M/Msat = 1/7, 1/8, 1/9 ... and spatial stripe structures. Using an effective S = 1/2 model and its equivalent two-dimensional (2D) fermion gas we suggest that the magnetic properties of TmB4 are related to the fractional quantum Hall effect of a 2D electron gas.
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