Realisation of performance fee in relation to a managed syndicate STENPROP LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: STP JSE share code: STP ISIN: GG00BFWMR296 ("Stenprop" or "the Company") Realisation of performance fee in relation to a managed syndicate 6 September 2018 In the Commentary to the Annual Financial Statements for the year ended 31 March 2018, published on 7 June 2018, as well as in the Financial Review included in the Integrated Annual Report published on 27 July 2018, the Company disclosed that it expected to earn a performance fee following the exchange of contracts by a managed syndicate in relation to the sale of its interests in the WestendGate property in Frankfurt. No accrual was made in Stenprop's Annual Financial Statements in expectation of receiving the fee. The Company is pleased to announce that the managed syndicate has completed the sale of its property interests and Stenprop has realised a net performance fee of €4.1 million in relation to the transaction. Henceforth, management fee income is expected to decline to insignificant levels as Stenprop continues to actively withdraw from involvement in its historic fund management business and focus on its transition into a multi-let industrial property specialist. Distribution of non-property related earnings will continue to be evaluated from time to time, but there is no current intention to distribute all or part of the performance fee and it is more likely to be used for additional investment in multi-let industrial assets. For further information: Stenprop Limited 44(0)20 7079 6600 Paul Arenson Patsy Watson Julian Carey Numis Securities Limited (Financial Adviser) 44(0)20 7260 1000 Hugh Jonathan Vicki Paine Tavistock (PR Adviser) 44(0)20 7920 3150 James Whitmore James Verstringhe Kirsty Allan Instinctif Partners (SA Investor Relations and PR Adviser) 27 (0)11 447 3030 Keagile Makgoba Java Capital (JSE sponsor) 27 (0)11 722 3050 About Stenprop: Stenprop is a Guernsey-registered UK REIT. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop's investment policy is to invest in a diversified portfolio of UK multi-let industrial (MLI) properties with the strategic goal of becoming the leading MLI business in the UK. For further information, go to www.stenprop.com. Date: 06/09/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.