Notification and public disclosure of transactions by directors in accordance with the UK 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") 7 July 2022 Notification and public disclosure of transactions by directors in accordance with the UK Market Abuse Regulation The Company announces that options granted on 15 March 2022 to the directors of the Company named below to purchase shares under the Industrials REIT February 2022 ShareSave plan at an option price of £1.5546 per share were cancelled. Instead, the relevant directors were granted new options to purchase shares of the Company under the Industrials REIT June 2022 ShareSave plan on 6 July 2022 at an option price of £1.4547 per share. The Industrials REIT ShareSave plan is a UK HM Revenue & Customs approved all-employee Save As You Earn share option plan, under which employees are able to save from their monthly salary funds to exercise share options at the end of the savings period at a fixed discounted option price. PDMRs No. of cancelled options No. of new options Paul Arenson 11,578 12,373 James Beaumont 2,315 2,474 Julian Carey 5,785 4,949 The new options will be exercisable from 1 September 2025. This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation. The relevant FCA notifications are set out below. 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Mr Paul Arenson 2 Reason for the notification a) Position/status Chief Executive 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 Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Cancellation of share options under the Company's February 2022 extent of director’s interest ShareSave Plan. c) Price(s) and volume(s) Price(s) Volume(s) £1.5546 11,578 d) Aggregated information - Aggregated volume 11,578 - Aggregated Price £17,999.16 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 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 Grant of share options under the Company's June 2022 ShareSave extent of director’s interest Plan. c) Price(s) and volume(s) Price(s) Volume(s) 1.4547 12,373 d) Aggregated information - Aggregated volume 12,373 - Aggregated Price £17,999.00 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Mr 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 Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Cancellation of share options under the Company's February 2022 extent of director’s interest ShareSave Plan. c) Price(s) and volume(s) Price(s) Volume(s) £1.5546 2,315 d) Aggregated information - Aggregated volume 2,315 - Aggregated Price £3,598.90 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 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 Grant of share options under the Company's June 2022 ShareSave extent of director’s interest Plan. c) Price(s) and volume(s) Price(s) Volume(s) £1.4547 2,474 d) Aggregated information - Aggregated volume 2,474 - Aggregated Price £3,598.93 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Mr Julian Carey 2 Reason for the notification a) Position/status Managing 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 Ordinary shares with a nominal value of €0.000001258 instrument, type of instrument Identification code GG00BFWMR296 b) Nature of the transaction and Grant of share options under the Company's February 2022 ShareSave extent of director’s interest Plan. c) Price(s) and volume(s) Price(s) Volume(s) £1.5546 5,785 d) Aggregated information - Aggregated volume 5,785 - Aggregated Price £8,993.36 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 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 Grant of share options under the Company's June 2022 ShareSave extent of director’s interest Plan. c) Price(s) and volume(s) Price(s) Volume(s) £1.4547 4,949 d) Aggregated information - Aggregated volume 4,949 - Aggregated Price £7,199.31 e) Date of the transaction 2022-07-06 f) Place of the transaction Outside a trading venue 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: 07-07-2022 12:15:00 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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