STENPROP LIMITED
(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
("Stenprop" or the "Company")


FINALISATION ANNOUNCEMENT IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND


17 July 2018

Stenprop shareholders are referred to the circular and the announcement issued on Tuesday, 10 July 2018
in respect of an election to receive the final dividend for the six months ended 31 March 2018, either as a
cash dividend (the "cash dividend") or as a scrip dividend (the "scrip dividend") and are advised that the
salient dates as announced on 10 July 2018 remain unchanged. Shareholders are further advised as
follows:

-   Shareholders holding shares traded on the JSE will receive their cash dividend in South African Rand
    ("ZAR" or "Rand") converted from Great British Pound ("GBP" or "Sterling") at an exchange rate of
    GBP 1.00:ZAR 17.5046 determined on Tuesday, 17 July 2018 ("Sterling exchange rate"). Accordingly,
    the cash dividend of 4.00 pence per share will be equal to approximately ZAR 0.70 per share.

-   The scrip dividend reference price is GBP 1.1330 ("scrip dividend reference price"), being the
    average closing price of Stenprop shares traded on the London Stock Exchange ("LSE") over a period of
    five days as at Friday, 13 July 2018 less the amount of the cash dividend. For Stenprop shares on the
    South African share register, the scrip dividend reference price will be converted to Rand at the
    Sterling exchange rate.

-   Shareholders electing to receive the scrip dividend will receive approximately 3.53 new Stenprop
    shares for every 100 Stenprop shares already held by such shareholders on the record date of Friday,
    27 July 2018, representing the ratio that the cash dividend bears to the scrip dividend reference price.

-   The allocation of new Stenprop shares will be such that shareholders who elect to receive the scrip
    dividend will not be allocated a fraction of a new Stenprop share. Any entitlement to receive a fraction
    of a new Stenprop share will be rounded down to the nearest whole number, with a cash payment
    ("cash payment") made to the relevant shareholder in respect of the fraction. The value of a Stenprop
    share to be utilised in determining the cash payment due to shareholders is equal to the scrip dividend
    reference price. On this basis, shareholders are advised that the gross value of a Stenprop share to be
    utilised in determining the cash payment due to shareholders is GBP1.1330 for shareholders on the
    Guernsey share register. For shareholders on the SA share register, this gross value is approximately
    ZAR 19.8327, being the Sterling value referred to above converted to Rand at the conversion rate of
    GBP 1.00:ZAR 17.5046.

If no shareholders were to elect to receive the scrip dividend, the value of the dividends would amount to
GBP 11,309,724.24. Should all shareholders elect to receive the scrip dividend, the maximum total number
of new Stenprop shares to be issued by Stenprop pursuant to the scrip dividend will be 9,982,104.
The share capital of the company as at the date of this announcement is as follows:

                                                                                 EUR
 Share capital
 Authorised share capital
 1,000,000,000 ordinary shares with a par value of EUR 0.000001258 each          1,258

 Issued share capital
 291,769,295 ordinary shares with a par value of EUR 0.000001258 each            367

Should all eligible Stenprop shareholders elect to receive the scrip dividend, the share capital of Stenprop
after issue of the new Stenprop shares will be as follows:

                                                                                 EUR
 Share capital
 Authorised share capital
 1,000,000,000 ordinary shares with a par value of EUR 0.000001258 each          1,258

 Issued share capital
 301,751,399 ordinary shares with a par value of EUR 0.000001258 each            380

The receipt of a cash payment may have tax implications for shareholders. For South African resident
shareholders, such amount may be regarded as a foreign dividend and, if it is, may be subject to South
African dividends withholding tax at a rate of 20%, unless an exemption as set out in South African Income
Tax legislation applies. For South African resident shareholders liable to pay dividends withholding tax at
the rate of 20%, the net local dividend amount is ZAR 0.5601 per share. There is currently no withholding
tax on ordinary dividends for UK resident shareholders. All shareholders are referred to the general
summary of certain limited aspects of the taxation treatment of cash dividend which is included in the
circular.


Enquiries:

Stenprop Limited
Paul Arenson
                                                          44(0)20 7079 6600
Patsy Watson
Julian Carey

Numis Securities Limited (Financial Adviser)
                                                          44(0)20 7260 1000
Hugh Jonathan
Vicki Paine

Tavistock (PR adviser)
James Whitmore                                            44(0)20 7920 3150
James Verstringhe
Kirsty Allan

Instinctif Partners (SA Investor Relations and PR         27 (0)11 447 3030
Adviser)
Keagile Makgoba

Java Capital Trustees and Sponsors Proprietary
Limited (JSE Sponsor)                                     27 (0) 11 722 3050

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.

Stenprop has a listing on the Specialist Fund Segment of the main market of the LSE and a primary listing
on the Main Board of the JSE.