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 Aggregate of abrdn plc affiliated investment management entities with delegated voting rights on behalf of multiple managed portfolios City of registered office (if applicable) Edinburgh Country of registered office (if applicable) United Kingdom 4. Details of the shareholder Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above City of registered office (if applicable) Country of registered office (if applicable) 5. Date on which the threshold was crossed or reached 25-Apr-2023 6. Date on which Issuer notified 26-Apr-2023 7. Total positions of person(s) subject to the notification obligation % of voting rights Total number % of voting rights through financial of voting attacjed to shares instruments (total of Total of both in rights held in . (total of 8.A) 8.B 1 8.B2 issuer Resulting situation on the date on which threshold was Below 5% 0.000000 Below 5% Below 5% crossed or reached Position of previous notification (if 5.644996 0.000000 5.644996 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 Number of indirect ISIN code(if voting rights voting rights % of direct voting % of indirect voting possible) (DTR5.1) (DTR5.2.1) rights (DTR5.1) rights (DTR5.2.1) GG00BFWMR296 Below 5% Below 5% Sub Total 8.A Below 5% Below 5% 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 8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b)) Type of Expiration Exercise/conversion Physical or cash Number of voting % of voting financial date period settlement rights rights instrument Sub Total 8.B2 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 % of voting rights through Total of both if it Ultimate controlling Name of controlled if it equals or is financial instruments if it equals or is higher person undertaking higher than the equals or is higher than than the notifiable notifiable threshold the notifiable threshold threshold abrdn plc abrdn abrdn plc Holdings Limited abrdn abrdn plc Investments Limited 10. In case of proxy voting Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held 11. Additional Information In reference to Section 9, the shares detailed are managed by the named discretionary investment management entity within multiple portfolios on behalf of underlying clients, based on investment management agreements whereby the client has delegated the exercise of the voting power to the referenced investment manager. This disclosure also reflects the fact that the voting rights effectively held indirectly by the underlying intermediate holding company abrdn Holdings Limited (“aHL”) and held by the underlying investment management entity abrdn Investments Limited (“aIL”) decreased below the 5% notifiable threshold due to trading on 25 April 2023. Prior to this crossing, “aHL” effectively held and “aIL” held 5.091861% of the delegated voting rights. 12. Date of Completion 26-Apr-2023 13. Place of Completion Aberdeen, United Kingdom 28 April 2023 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: 28-04-2023 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.