Notification and public disclosure of transactions 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") 19 August 2022 Notification and public disclosure of transactions in accordance with the Market Abuse Regulation. On 18 August 2022, Lonat Limited sold 3,000,000 ordinary shares in the Company at a price of £1.75 per share. Paul Arenson, Chief Executive Officer of Industrials REIT Limited, is a discretionary beneficiary of the Lonat Trust, which has a beneficial interest in Lonat Limited. The net proceeds of the sale, being £5,239,499, will be utilised to part repay total loans of £6,509,042 owed by Lonat Limited to Stenprop Industrials Holdings Limited, a wholly owned subsidiary of the Company. The loans were made in three tranches between 2015 and 2017 under the Company Share Purchase Plan approved by shareholders at the 2015 annual general meeting of the Company . The interest rate on the loans was equivalent to the Company’s average cost of borrowing, which was 2.16% per annum as at 31 March 2022. The loans were secured against 5,392,536 ordinary shares in Industrials REIT Limited and due for repayment between 2025 and 2027. Lonat Limited has committed to repay the balance of the loans by way of a cash transfer of an additional £1,269,543 within the next seven working days. After this transfer, the loans will be fully repaid. Following this transaction, the direct and indirect interest of Paul Arenson in the share capital of the Company will total 13,598,296 ordinary shares, equivalent to 4.55% of the issued share capital. The proceeds from the repayment of the loans will be used by the Company to fund the acquisition of further MLI properties. 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 Lonat Limited 2 Reason for the notification a) Position/status Paul Arenson, Chief Executive Officer of Industrials REIT Limited, is a discretionary beneficiary of the Lonat Trust, which has a beneficial interest in Lonat Limited 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 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 Sale of 3,000,000 ordinary shares c) Price(s) and volume(s) Price(s) Volume(s) £1.75 3,000,000 d) Aggregated information - Aggregated volume 3,000,000 - Price £5,250,000 e) Date of the transaction 2022-08-18 f) Place of the transaction London Stock Exchange, XLON For further information: Industrials REIT Limited 44(0)20 3918 6600 Paul Arenson (firstname.lastname@example.org) Julian Carey (email@example.com) James Beaumont (firstname.lastname@example.org) 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 email@example.com Java Capital 27 (0)11 722 3050 (JSE Sponsor) About Industrials REIT: Industrials REIT is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. The objective of the Company is to deliver a combination of sustainable growing income and growth in value to its investors. Industrials REIT focuses on owning and operating a diversified portfolio of UK purpose built multi-let industrial (MLI) estates across the UK. The Company aspires to be the leading MLI business in the UK. For further information, go to www.industrialsreit.com. Date: 19-08-2022 11:00:00 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.