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")

10 August 2022

Transaction in own shares

Further to the announcement published on 1 July 2022 informing shareholders that the Company may repurchase shares to mitigate the dilutive effect of the scrip dividend election, shareholders are advised that on 9 August 2022, the Company purchased 50,000 ordinary shares at 171 pence per share. These shares will be held as treasury shares.

Following the above transaction, the total number of treasury shares held by the Company is 6,497,595 ordinary shares and the total number of shares in issue less shares held in treasury is 292,277,580 ordinary shares. From 9 August 2022, the total number of voting rights in the Company is 292,277,580.

For further information:

About Industrials REIT:

Industrials REIT is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the JSE. 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.