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 15 August 2019 Stenprop shareholders are referred to previous announcements, the last of which was released on Tuesday, 16 July 2019, in respect of the offer to receive the final dividend of 3.375 pence per share for the six months ended 31 March 2019 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 2,491,772 shares of EUR 0.000001258 pence each in the Company (the "Scrip Dividend Shares") have been received, representing 0.83% of the current issued share capital of the Company. The Company intends to utilise treasury shares to settle the scrip dividend. Given the Company's share price, which is at a discount relative to net asset value, the board has matched the scrip dividend through the buyback of shares to mitigate the dilutive effect that would have otherwise occurred through the issuance of the Scrip Dividend Shares. An application has been made for the Scrip Dividend Shares to be issued and allocated to shareholders (the "Allocation"). It is expected that the Allocation will occur on Friday, 16 August 2019. The Scrip Dividend Shares will rank pari passu in all respects with the Company's existing issued shares. Following the Allocation, the total number of shares issued by the Company will be 298,775,175, of which 15,937,130 will be treasury shares. The total number of shares in issue following the Allocation, less shares held in treasury, will be 282,838,045. From 16 August 2019, the figure of 282,838,045 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. For further information: Stenprop Limited 44(0)20 3918 6600 Paul Arenson James Beaumont Julian Carey Numis Securities Limited (Financial Adviser) 44(0)20 7260 1000 Hugh Jonathan Vicki Paine Java Capital 27 (0)11 722 3050 (JSE Sponsor) 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. Date: 15/08/2019 08:00:00 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.