Transfer of shares to the premium segment of the LSE Main Market; proposed migration to a secondary JSE listing INDUSTRIALS REIT LIMITED (formerly Stenprop Limited) (Registered in Guernsey) (Registration number 64865) LSE share code: MLI JSE share code: MLI ISIN: GG00BFWMR296 ("Industrials REIT" or the "Company") NEITHER THIS ANNOUNCEMENT NOR ANYTHING HEREIN FORMS THE BASIS FOR ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SHARES OR OTHER SECURITIES IN INDUSTRIALS REIT LIMITED NOR SHALL IT FORM THE BASIS FOR ANY CONTRACT OR COMMITMENT WHATSOEVER. 15 December 2021 TRANSFER OF ORDINARY SHARES TO THE PREMIUM SEGMENT OF THE OFFICIAL LIST OF THE FINANCIAL CONDUCT AUTHORITY AND PROPOSED MIGRATION OF ORDINARY SHARES FROM A PRIMARY LISTING TO A SECONDARY LISTING ON THE MAIN BOARD OF THE JOHANNESBURG STOCK EXCHANGE LSE Transfer The Company is pleased to confirm that, as previously disclosed in the full year results, published on 11 June 2021, and the half-year results, published on 3 December 2021, the Company is seeking admission of its ordinary shares (“Ordinary Shares”) to listing on the premium listing segment of the Official List of the Financial Conduct Authority (“FCA”) and the transfer of the admission to trading of the Ordinary Shares from the specialist fund segment of the Main Market of the London Stock Exchange (“Main Market”) to the premium segment of the Main Market (the “LSE Transfer”). The LSE Transfer is expected to broaden the Company’s share register and will reflect the Company’s transition to a focused UK multi-let industrial operating business and the rotation of its shareholder register to primarily UK and EEA investors. It will also allow the Company to continue focusing on being an operational real estate company under chapter 6 (commercial company) of the FCA’s Listing Rules. In respect of the LSE Transfer, the Company has submitted an application for its Ordinary Shares to be admitted to the premium listing segment of the Official List of the FCA and to trading on the premium segment of the Main Market (“Admission”). Admission is expected to occur with effect from 8:00 am on 20 December 2021. JSE Migration Subject to regulatory approval, the Company will also submit an application for the migration of the listing of its Ordinary Shares from a primary listing to a secondary listing on the Main Board of the Johannesburg Stock Exchange (the “JSE Migration”). The Company will dispatch a notice of general meeting to shareholders in due course to convene a general meeting (the “General Meeting”) where shareholder resolutions will be proposed to give effect to the JSE Migration. The JSE Migration is expected to become effective following the General Meeting. Further information on the JSE Migration, including the date of the General Meeting, will also be announced in due course. The Company’s ticker, ISIN, SEDOL and LEI will remain unchanged. Working Capital Statement In conjunction with the application for Admission, the Company is required to make a statement as to the sufficiency of its working capital. Accordingly, the Company is of the opinion that the Company and its subsidiary undertakings (the “Group”), has sufficient working capital for the Group’s present requirements, that is for at least the next 12 months from the date of this announcement. Richard Grant, Chairman of Industrials REIT, commented: “Moving to the Premium Segment of the Main Market is a significant milestone, which will bring a number of benefits and reflects how far we have come as a company in a relatively short time. Our transition to becoming the UK’s sole fully focused multi-let industrial REIT is now virtually complete, with the Company also having built a strong market leading operating platform which, alongside the ongoing support of our loyal shareholders, will allow us to continue to deliver on our significant growth ambitions.” For further information: Industrials REIT Limited Paul Arenson (CEO) firstname.lastname@example.org Julian Carey (Managing Director) email@example.com James Beaumont (CFO) firstname.lastname@example.org Numis Securities Limited (Financial Adviser) 44 (0)20 7260 1000 Hugh Jonathan Vicki Paine FTI Consulting (PR Adviser) 44 (0)20 3727 1000 Richard Sunderland Richard Gotla Neel Bose Industrialsreit@fticonsulting.com Java Capital (JSE sponsor) 27 (0)11 722 3050 Numis is authorised and regulated by the Financial Conduct Authority. Numis is acting exclusively for the Company and no-one else in connection with this Announcement or any future transaction in connection with it. Numis will not regard any other person as its client in relation to the subject matter of this Announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to the contents of this Announcement or any transaction, arrangement or other matter referred to herein. About Industrials REIT: Industrials REIT is a UK REIT traded on the LSE and the JSE. The objective of the Company is to deliver sustainable growing income to its investors. Industrials REIT invests 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.industrialsreit.com. Date: 15-12-2021 04:45:00 Produced by the JSE SENS Department. 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