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")

17 March 2023

APPOINTMENTS TO THE NOMINATION COMMITTEE

Shareholders are advised that Louisa Bell and Richard Smith were appointed to the Industrials REIT nomination committee on 15 March 2023.

Following these appointments, the nomination committee comprises Richard Grant (chair), Paul Miller, Philip Holland, Patsy Watson, Louisa Bell and Richard Smith. The remaining board committees are unchanged.

Industrials REIT remains compliant with the provisions of the UK Corporate Governance Code and the King IV Report on Corporate Governance for South Africa in terms of the composition of the Board and its committees and the balance of independent and non-independent directors on the Board.

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 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.