Notice to shareholders in respect of an election to receive either a cash dividend or a scrip dividend

INDUSTRIALS REIT LIMITED
(Formerly Stenprop Limited)
(Registered in Guernsey with registration number 64865)
LSE share code: MLI  JSE share code: MLI
ISIN: GG00BFWMR296
(“Industrials REIT” or the “Company”)


17 December 2021


NOTICE TO INDUSTRIALS REIT SHAREHOLDERS IN RESPECT OF AN ELECTION TO RECEIVE EITHER A
CASH DIVIDEND OR A SCRIP DIVIDEND


CASH DIVIDEND OR SCRIP DIVIDEND

On Friday, 3 December 2021 it was announced that the board of directors of the Company (the
“board”) had approved and declared an interim dividend of 3.375 pence per share (the “dividend”) in
respect of the six months ended 30 September 2021. It was further announced that the board
intended to offer shareholders the option to receive in respect of all or a part of their Industrials REIT
shareholding either a scrip dividend by way of an issue of new Industrials REIT shares (of the same
class as existing shares) credited as fully paid up (the “scrip dividend”), or a cash dividend (the “cash
dividend”). The cash dividend will be paid to shareholders unless shareholders elect to receive the
scrip dividend.

A circular in respect of the election being offered to Industrials REIT shareholders to receive either the
cash dividend or the scrip dividend, together with an election form (the “circular”), will be posted to
shareholders today. All the terms defined in the circular shall bear the same meaning in this
announcement and any subsequent announcements relating to the dividend.

Should a shareholder validly elect to receive the scrip dividend in lieu of cash for all or part of its
Industrials REIT shareholding, such shareholder will become entitled to a number of new Industrials
REIT shares which value will be as near as possible to the cash dividend such shareholder would have
otherwise received in respect of the elected shares. A shareholder’s entitlement to new Industrials
REIT shares will be calculated by multiplying the number of elected shares held by that shareholder at
the record date by the dividend of 3.375 pence per share (converted to Rand at the Sterling exchange
rate for Industrials REIT shares on the SA share register) and dividing it by the scrip dividend reference
price. The scrip dividend reference price will be the average closing price of Industrials REIT shares
traded on the London Stock Exchange (“LSE”) over a period of five days less the amount of the cash
dividend and will be announced on Tuesday, 11 January 2022.

Industrials REIT converted to a UK REIT on 1 May 2018. The Company may distribute dividends to
shareholders either in the form of a property income distribution (“PID”) or as an ordinary dividend
(“non-PID”). Both the cash dividend and new Industrials REIT shares received in lieu of a cash dividend
under the scrip dividend may be paid as a PID, a non-PID or a mixture of the two. The Company will
indicate whether the dividend will be paid as a PID, a non-PID or a mixture of the two along with the
scrip reference price on Tuesday, 11 January 2022. The Sterling to Rand conversion rate will be
determined on Monday, 10 January 2022 and announced on SENS on Tuesday, 11 January 2022.

The rationale for the scrip dividend is to afford shareholders the opportunity to increase their
shareholding in Industrials REIT.
The cash dividend will be paid out of the Company’s profits and the new Industrials REIT shares to be
issued pursuant to the scrip dividend will also be funded from the Company’s profits.

As at the date of this announcement, the Company had 298,775,175 ordinary shares in issue with a
par value of EUR0.000001258 each.

Electronic copies of the circular may be obtained from the company secretary by sending a request to
Sarah.Bellilchi@industrials.co.uk. Due to the current COVID-19 restrictions, hard copies of this circular
will not be available at the registered address of the Company. The circular will only be available on
the website of the Company (www.industrialsreit.com) from Friday, 17 December 2021.

IMPORTANT DATES AND TIMES

For shareholders on the South African share register:

                                                                                                             2021
 Date on which shareholders must be recorded on the SA share register to receive              Friday, 10 December
 the circular
 Posting of the circular and announcement on SENS (declaration announcement)                  Friday, 17 December
                                                                                                         
                                                                                                             2022
 Announcement of scrip dividend reference price, Sterling to Rand conversion rates,
 cash payment applicable to fractional entitlement and whether the dividend will be
 paid as a PID, a non-PID or a mixture of the two released on SENS (finalisation
 announcement) before 11:00 (SAST) on                                                         Tuesday, 11 January
 Last day to trade on the JSE in order to be eligible for the cash dividend or
 alternatively the scrip dividend                                                             Tuesday, 18 January
 Shares commence trading ex the cash dividend or scrip dividend on the JSE                  Wednesday, 19 January
 Record date for shareholders recorded on the SA share register                                Friday, 21 January
 Last day to elect to receive the scrip dividend instead of the cash dividend. Forms of
 election to reach the transfer secretaries by no later than 12:00 (SAST) on                   Friday, 28 January
 Announcement on SENS of the amount of new Industrials REIT shares issued                   Thursday, 10 February
 Dispatch of share certificates, payment of cash dividend, CSDP/broker accounts
 credited/updated                                                                             Friday, 11 February
 Listing and trading of new shares on the JSE commences (see note 7)                          Friday, 11 February

Notes:

1.    All dates and times quoted above are local dates and times in South Africa. The above dates and times
      are subject to change. Any changes will be released on SENS.
2.    Industrials REIT shareholders are referred to page 6 of the circular for information on the action required
      to be taken by them.
3.    Shareholders should note that new Industrials REIT shares should not be traded until the new
      Industrials REIT shares are issued or reflect in their accounts with their CSDP or broker on Friday,
      11 February 2022.
4.    Share certificates may not be dematerialised or rematerialised between Wednesday, 19 January 2022
      and Friday, 21 January 2022, both days inclusive.
5.    No transfers of shares may take place between the registers in South Africa and Guernsey between
      Tuesday, 11 January 2022 and Friday, 21 January 2022, both days inclusive.
6.    Shareholders on the SA share register who do not elect to receive a scrip dividend will receive a cash
      dividend in South African Rand, based on the exchange rate to be obtained by the Company on Monday,
      10 January 2022. An announcement in this respect will be made on Tuesday, 11 January 2022.
7.    In the event that the Company elects to utilise already listed treasury shares to settle the scrip dividend,
      no new ordinary shares will be listed.

For shareholders on the Guernsey share register:

                                                                                                             2021
 Date on which shareholders must be recorded on the Guernsey share register to                Friday, 10 December
 receive the circular
 Posting of the circular and announcement on RNS (declaration announcement)                   Friday, 17 December
                                                                                                   
                                                                                                             2022
 Announcement of scrip dividend reference price, Sterling to Rand conversion rates,
 cash payment applicable to fractional entitlement and whether the dividend will be
 paid as a PID, a non-PID or a mixture of the two released via RNS (finalisation
 announcement) before 09:00 (GMT) on                                                          Tuesday, 11 January
 Last day to trade on the LSE in order to be eligible for the cash dividend or
 alternatively the scrip dividend                                                           Wednesday, 19 January
 Shares commence trading ex the cash dividend or scrip dividend on the LSE                   Thursday, 20 January
 Record date for shareholders recorded on the Guernsey share register                          Friday, 21 January
 Closing date for receipt of completed election forms/Dividend Election Input
 Message via CREST by no later than 17:00 (GMT) on                                             Friday, 28 January
 Announcement via RNS of the amount of new Industrials REIT shares issued                   Thursday, 10 February
 Payment of cash dividend, CREST accounts credited/updated                                    Friday, 11 February
 Listing and trading of new shares on the LSE commences (see note 7)                          Friday, 11 February

Notes:

1.    Unless stated otherwise, all dates and times quoted above are local dates and times in Guernsey. The
      above dates and times are subject to change. Any changes will be announced via RNS.
2.    Industrials REIT shareholders are referred to page 6 of the circular for information on the action required
      to be taken by them.
3.    Shareholders should note that new Industrials REIT shares should not be traded until the new
      Industrials REIT shares reflect in their CREST accounts on Friday, 11 February 2022.
4.    Share certificates may not be dematerialised or rematerialised between Wednesday, 19 January 2022
      and Friday, 21 January 2022, both days inclusive.
5.    No transfers of shares may take place between the registers in South Africa and Guernsey between
      Tuesday, 11 January 2022 and Friday, 21 January 2022, both days inclusive.
6.    Shareholders on the Guernsey share register who do not elect to receive a scrip dividend will receive a
      cash dividend in Sterling on or about Friday, 11 February 2022.
7.    In the event that the Company elects to utilise already listed treasury shares to settle the scrip dividend,
      no new ordinary shares will be listed.

TAX IMPLICATIONS

The receipt of the cash dividend or electing to receive the scrip dividend may have tax implications for
shareholders. Shareholders are referred to the general summary of certain limited aspects of the
taxation treatment of distributions paid by the Company for SA resident shareholders and UK resident
shareholders included in paragraph 6 of the circular. Shareholders are advised to obtain appropriate
advice from their professional advisors regarding the tax consequences of the cash dividend and the
scrip dividend.


For further information:
Industrials REIT Limited                                                      44(0)20 3918 6600
Paul Arenson (paul.arenson@industrials.co.uk)
Julian Carey (julian.carey@industrials.co.uk)
James Beaumont (james.beaumont@industrials.co.uk)

Numis Securities Limited (Financial Adviser)                                  44(0)20 7260 1000
Hugh Jonathan
Vicki Paine

FTI Consulting (PR Adviser)                                                   44(0)20 3727 1000
Richard Sunderland
Richard Gotla
Neel Bose
industrialsreit@fticonsulting.com

Java Capital                                                                  27 (0)11 722 3050
(JSE Sponsor)


About Industrials REIT:

Industrials REIT is a UK REIT traded on the LSE and the JSE. The objective of the Company is to
deliver sustainable growing income to its investors. Industrials REIT invests 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.industrialsreit.com.

Date: 17-12-2021 03:00:00
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