DEALINGS IN SECURITIES BY A DIRECTOR OF A MAJOR SUBSIDIARY OF THE COMPANY AND ISSUE OF NEW SHARES

22 June 2018

Shareholders are advised of the following information relating to the acceptance of market value options awarded on 7 June 2018 under the Stenprop Limited Long Term Incentive Plan ("Long Term Incentive Plan"). The market value options will vest in three tranches on 31 March 2019, 31 March 2020 and 31 March 2021 and once fully vested will result in the issue of 95 816 shares subject to the payment of the exercise price of £1.10 per share, for a deemed value of £105 397.60.

Shareholders are further advised of the following information relating to the acceptance of nil cost options awarded on 7 June 2018 under the Stenprop Limited Amended Deferred Share Bonus Plan ("Deferred Bonus Plan"). One third of these nil cost options vested immediately, with the second third vesting on 31 March 2019 and the last third vesting on 31 March 2020. Once fully vested, they will result in the issue of 18 363 shares.

Shareholders are further advised of the exercise of nil cost options awarded under the Deferred Bonus Plan, comprising 6 121 nil cost options granted on 7 June 2018, which vested immediately, 3 675 options awarded on 8 June 2017 which vested on
31 March 2018 and 5 283 options awarded on 9 June 2016 which vested on 31 March 2018, which will result in the issuance of 15 079 shares, in each case at a deemed value of £1.185 per share.

Following the transaction, Nicolaas Marais' beneficial interest in the Company is 295 679 shares, representing approximately 0.10% of the issued capital of the Company.

ISSUE OF NEW SHARES

Application has been made for 50 819 new ordinary shares to be admitted to the Specialist Fund Segment of the London Stock Exchange and to the Main Board of the JSE. This application includes the above 15 079 vested options exercised by Nicolaas Marais and an additional 35 740 ordinary shares in relation to the exercise of additional nil cost options by an employee of the Stenprop group in terms of the Deferred Bonus Plan. It is expected that admission will take place at 8.00 am on 26 June 2018.

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About Stenprop

Stenprop is a Guernsey-registered UK REIT. The objective of the Company is to deliver sustainable growing income to its investors. Stenprop's investment policy is to invest 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.stenprop.com.