Results announcement in respect of an election to receive either a cash dividend or a scrip dividend INDUSTRIALS REIT LIMITED (Registered in Guernsey with registration number 64865) LSE share code: MLI JSE share code: MLI ISIN: GG00BFWMR296 ("Industrials REIT" or the "Company") 9 February 2023 RESULTS ANNOUNCEMENT IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND Industrials REIT shareholders are referred to previous announcements, the most recent of which was released on Tuesday, 10 January 2023, in respect of the offer to receive the interim dividend of 3.50 pence per share for the six months ended 30 September 2022 either as a cash dividend or 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 Company is pleased to announce that election forms for 2,343,679 shares of EUR 0.000001258 each in the Company (the "Scrip Dividend Shares") have been received, representing 0.78% of the current issued share capital of the Company. The Company intends to utilise treasury shares to settle the scrip dividend. An application has been made for the Scrip Dividend Shares to be issued and allocated to shareholders (the "Allocation"). It is expected that the Allocation will occur on Friday, 10 February 2023. The Scrip Dividend Shares will rank pari passu in all respects with the Company's existing issued shares. Following the Allocation, the total number of shares issued by the Company will be 298,775,175, of which 1,914,727 will be treasury shares. The total number of shares in issue following the Allocation, less shares held in treasury, will be 296,860,448, which 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: 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: 09-02-2023 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.