Notification and public disclosure of transactions by directors in accordance with the Market Abuse Regulation. 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") 23 June 2022 Notification and public disclosure of transactions by directors in accordance with the Market Abuse Regulation. On 21 June 2022, Ms Patsy Watson, Non-Executive Director of Industrials REIT, exercised 52,346 vested nil-cost options awarded under the Industrials REIT Deferred Share Bonus Plan and subsequently sold 22,073 ordinary shares received as a result of this exercise. In addition, on 22 June 2022, Mr James Beaumont, Chief Financial Officer of Industrials REIT, exercised vested market value options awarded under the Industrials REIT Long Term Incentive Plan and subsequently sold all 121,021 ordinary shares received as a result of this exercise. Clearance to deal was granted in respect of all dealings. The Company utilised treasury shares to settle the exercise of the nil-cost options and market value options. Following these transactions, the total number of treasury shares held by the Company is 6,347,595 and the total number of shares in issue less shares held in treasury is 292,427,580. This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation. 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Patsy Watson 2 Reason for the notification a) Position/status Non-Executive Director b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Industrials REIT Limited b) LEI 5493004JYL71EMLTB211 4.1 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Nil-cost options over ordinary shares in the Company with a nominal instrument, type of instrument value of €0.000001258 Identification code N/A b) Nature of the transaction and Exercise of vested nil cost options – Direct beneficial. extent of director's interest c) Price(s) and volume(s) Price(s) Volume(s) Nil cost 52,346 d) Aggregated information - Aggregated volume 52,346 - Price £nil e) Date of the transaction 2022-06-21 f) Place of the transaction Off-market exercise of nil-cost options 4.2 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Sale of 22,073 ordinary shares– Direct beneficial extent of director's interest c) Price(s) and volume(s) Price(s) Volume(s) £1.725 22,073 d) Aggregated information - Aggregated volume 22,073 - Price £38,075.925 e) Date of the transaction 2022-06-21 f) Place of the transaction London Stock Exchange, XLON 1 Details of the person discharging managerial responsibilities / person closely associated a) Name James Beaumont 2 Reason for the notification a) Position/status Chief Financial Officer b) Initial notification /Amendment Initial notification 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Industrials REIT Limited b) LEI 5493004JYL71EMLTB211 4.1 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Market value options over ordinary shares in the Company with a instrument, type of instrument nominal value of €0.000001258 Identification code N/A b) Nature of the transaction and Exercise of market value options– Direct beneficial. extent of director’s interest c) Price(s) and volume(s) Price(s) Volume(s) £1.10 121,021 d) Aggregated information - Aggregated volume 121,021 - Price £133,123.10 e) Date of the transaction 2022-06-22 f) Place of the transaction Off-market exercise of market value options 4.2 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted a) Description of the financial Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Sale of 121,021 ordinary shares– Direct beneficial extent of director's interest c) Price(s) and volume(s) Price(s) Volume(s) £1.715 121,021 d) Aggregated information - Aggregated volume 121,021 - Price £207,551.015 e) Date of the transaction 2022-06-22 f) Place of the transaction London Stock Exchange, XLON For further information: Industrials REIT Limited 44(0)20 3918 6600 Paul Arenson (paul.arenson@industrials.co.uk) Julian Carey (julian.carey@industrials.co.uk) James Beaumont (james.beaumont@industrials.co.uk) 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 27 (0)11 722 3050 (JSE Sponsor) About Industrials REIT: Industrials REIT is a UK REIT with a primary listing on the London Stock Exchange and a secondary listing on the JSE. The objective of the Company is to deliver a combination of sustainable growing income and growth in value to its investors. Industrials REIT focuses on owning and operating a diversified portfolio of UK purpose built multi- let industrial (MLI) estates across the UK. The Company aspires to be the leading MLI business in the UK. For further information, go to www.industrialsreit.com. Date: 23-06-2022 12:30:00 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. 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