Notification and public disclosure of transactions by a director in accordance with the Market Abuse Regulation INDUSTRIALS REIT LIMITED (formerly Stenprop Limited) (Registered in Guernsey ) (Registration number 64865) LSE share code: MLI JSE share code: MLI ISIN: GG00BFWMR296 ("Industrials REIT" or the "Company") 18 February 2022 Notification and public disclosure of transactions by a director in accordance with the Market Abuse Regulation. On 17 February 2022, Mr James Beaumont, Chief Financial Officer of Industrials REIT, exercised vested nil-cost options awarded under the Industrials REIT Deferred Share Bonus Plan and subsequently sold all 40,304 ordinary shares received as a result of this exercise. Clearance to deal was granted in respect of all dealings. The Company utilised treasury shares to settle the exercise of the nil-cost options. Following these transactions, the total number of treasury shares held by the Company is 6,520,962 and the total number of shares in issue less shares held in treasury is 292,254,213. This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation. 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Mr James Beaumont 2 Reason for the notification a) Position/status Chief Financial Officer b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Industrials REIT Limited b) LEI 5493004JYL71EMLTB211 4.1 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Nil-cost options instrument, type of instrument Identification code N/A b) Nature of the transaction and Exercise of vested nil cost options – Direct beneficial. extent of director's interest c) Price(s) and volume(s) Price(s) Volume(s) Nil cost 40,304 d) Aggregated information - Aggregated volume 40,304 - Price £nil e) Date of the transaction 2022-02-17 f) Place of the transaction Off-market exercise of nil-cost options 4.2 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Sale of 40,304 ordinary shares– Direct beneficial extent of director's interest c) Price(s) and volume(s) Price(s) Volume(s) £1.96 40,304 d) Aggregated information - Aggregated volume 40,304 - Price £78,995.84 e) Date of the transaction 2022-02-17 f) Place of the transaction London Stock Exchange, XLON For further information: Industrials REIT Limited 44(0)20 3918 6600 Paul Arenson (email@example.com) Julian Carey (firstname.lastname@example.org) James Beaumont (email@example.com) 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 firstname.lastname@example.org Java Capital 27 (0)11 722 3050 (JSE Sponsor) About Industrials REIT: Industrials REIT is a UK REIT listed 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: 18-02-2022 12:30:00 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.