Results announcement in respect of an election to receive either a cash dividend or a scrip dividend STENPROP LIMITED (Registered in Guernsey) (Registration number 64865) LSE share code: STP JSE share code: STP ISIN: GG00BFWMR296 ("Stenprop" or the "Company") RESULTS ANNOUNCEMENT IN RESPECT OF AN ELECTION TO RECEIVE EITHER A CASH DIVIDEND OR A SCRIP DIVIDEND 16 August 2018 Stenprop shareholders are referred to the announcement released on 17 July 2018 regarding the election being offered to receive the final dividend of 4.00 pence per share in respect of the six months ended 31 March 2018 either as a cash dividend or a scrip dividend by way of an issue of new Stenprop shares (of the same class as existing shares) credited as fully paid up. The Company is pleased to announce that election forms for 2,636,280 shares of EUR 0.000001258 pence each in the Company have been received, representing 0.9% of the current issued share capital of the Company. An application has been made for the scrip dividend shares to be admitted to the Specialist Fund Segment of the main market of the London Stock Exchange and to be listed on the JSE ("Admission"). It is expected that Admission will occur on Friday, 17 August 2018. The scrip dividend shares will rank pari passu in all respects with the Company's existing issued shares. Following Admission, the total number of shares issued by the Company will be 294,405,575 of which 11,662,469 are treasury shares. The total number of shares in issue following Admission less shares held in treasury will be 282,743,106. The figure of 282,743,106 shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Conduct Authority's Disclosure Guidance and Transparency Rules. 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 Adviser) 27 (0)11 447 3030 Keagile Makgoba Java Capital (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. Date: 16/08/2018 03:00:00 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.