Results announcement in respect of an election to receive either a cash dividend or a scrip divided

STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP  JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")


RESULTS ANNOUNCEMENT IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND


7 February 2019

Stenprop shareholders are referred to previous announcements, the last of which was released on 28 January 2019, in respect of the election 
being offered to receive the interim dividend of 3.375 pence per share for the six months ended 30 September 2018 either as a cash dividend 
or a scrip dividend by way of an issue of new Stenprop shares (of the same class as existing shares) credited as fully paid up.

The Company is pleased to announce that election forms for 4,365,581 shares of EUR 0.000001258 pence each in the Company have been received, 
representing 1.48% of the current issued share capital of the Company.

An application has been made for the scrip dividend shares to be admitted to the Specialist Fund Segment of the main market of the London Stock 
Exchange and to be listed on the JSE ("Admission"). It is expected that Admission will occur on Friday, 8 February 2019. The scrip dividend shares 
will rank pari passu in all respects with the Company’s existing issued shares.

Following Admission, the total number of shares issued by the Company will be 298,775,175, of which 14,477,469 are treasury shares. The total number 
of shares in issue following Admission less shares held in treasury will be 284,297,706. The figure of 284,297,706 shares  may be used by shareholders 
in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in 
their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules.


For further information:

Stenprop Limited                                                                           44(0)20 3918 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

Java Capital Trustees and Sponsors Proprietary Limited                                     27 (0)11 722 3050
(JSE Sponsor)


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.

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