TR-1: Standard form for notification of major holdings INDUSTRIALS REIT LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: MLI JSE share code: MLI ISIN: GG00BFWMR296 (“Industrials REIT” or the “Company”) TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GG00BFWMR296 Issuer Name Industrials REIT Limited UK or Non-UK Issuer Non-UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Public Investment Corporation SOC Limited City of registered office (if applicable) Pretoria Country of registered office (if applicable) South Africa 4. Details of the shareholder (if different from 3.) Name City of registered office Country of registered office 5. Date on which the threshold was crossed or reached 16-Nov-2022 6. Date on which Issuer notified 21-Nov-2022 7. Total positions of person(s) subject to the notification obligation % of voting % of voting rights rights attached to through financial Total of both Total number of shares (total of instruments (total of in % (8.A 8.B) voting rights held . 8.A) 8.B 1 8.B 2) in issuer Resulting situation 1.744% 1.744% 5,136,603 on the date on which threshold was crossed or reached Position of previous 3.172% 3.172% notification (if applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reached 8A.Voting rights attached to shares Class/Type of shares Number of direct voting Number of indirect % of direct voting % of indirect voting ISIN code(if rights (DTR5.1) voting rights rights (DTR5.1) rights (DTR5.2.1) possible) (DTR5.2.1) GG00BFWMR296 5,136,603 1.744% Sub Total 8.A 5,136,603 1.744% 8B1.Financial Instruments according to (DTR5.3.1R.(1) (a)) Number of voting rights that may be % of Type of financial Expiration Exercise/conversion acquired if the instrument is voting instrument date period exercised/converted rights Sub Total 8.B1 NIL NIL 8B2.Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b)) Type of financial Expiration Exercise/conversion Physical or cash Number of voting % of voting instrument date period settlement rights rights Sub Total 8.B2 NIL NIL 9. Information in relation to the person subject to the notification obligation 2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary) % of voting rights through % of voting rights if it financial instruments if it Total of both if it equals equals or is higher than equals or is higher than the or is higher than the Ultimate controlling person the notifiable threshold notifiable threshold notifiable threshold Public Investment Corporation SOC 1.744% 1.744% Limited. 10.In case of proxy voting Name of the proxy holder N/A The number and % of voting rights held N/A The date until which the voting rights will be held N/A 11.Additional Information N/A 12.Date of Completion 21 November 2022 13.Place of Completion Pretoria, South Africa 4 November 2022 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 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: 22-11-2022 01:30:00 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.