Results announcement in respect of an election to receive either a cash dividend or a scrip dividend

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


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

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.


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

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.

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