Notification and public disclosure of transactions by Directors, in accordance with the Market Abuse Regulations 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") 13 June 2022 Notification and public disclosure of transactions by Directors, in accordance with the Market Abuse Regulations. Shareholders are advised of the following information relating to the acceptance of nil cost options awarded on 10 June 2022 under the Industrials REIT Limited Long-Term Incentive Plan (the “LTIP”). The nil cost options awarded under the LTIP will vest on 10 June 2025 subject to certain vesting conditions having been met, including performance targets set by the Remuneration Committee prior to the awards being made. Assuming that the performance targets are met in full at the end of the performance period, the nil cost options will result in the issue of 820,971 shares. 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Paul Arenson 2 Reason for the notification a) Position/status Chief Executive Officer of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the LTIP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 364,601 d) Aggregated information - Aggregated volume 364,601 - Price £657,339.14 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Julian Carey 2 Reason for the notification a) Position/status Managing Director of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the LTIP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 350,313 d) Aggregated information - Aggregated volume 350,313 - Price £631,579.31 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction 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 of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the LTIP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 106,057 d) Aggregated information - Aggregated volume 106,057 - Price £191,210.17 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction Shareholders are further advised of the following information relating to the acceptance of nil cost options awarded on 10 June 2022 under the Industrials REIT Limited Deferred Share Bonus Plan (the “DSBP”). One third of these nil cost options vested immediately, with the second third vesting on 31 March 2023 and the last third vesting on 31 March 2024. Once fully vested, they will result in the issue of 185,897 shares. 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Paul Arenson 2 Reason for the notification a) Position/status Chief Executive Officer of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the DSBP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 82,583 d) Aggregated information - Aggregated volume 82,583 - Price £148,888.89 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction 1 Details of the person discharging managerial responsibilities / person closely associated a) Name Julian Carey 2 Reason for the notification a) Position/status Managing Director of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the DSBP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 79,346 d) Aggregated information - Aggregated volume 79,346 - Price £143,052.90 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction 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 of Industrials REIT Limited 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 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 Off-market acceptance of nil cost options in terms of the DSBP c) Price(s) and volume(s) Price(s) Volume(s) £1.8029 23,968 d) Aggregated information - Aggregated volume 23,968 - Price £43,211.91 e) Date of the transaction 2022-06-10 f) Place of the transaction off-market transaction This announcement is made in accordance with Article 19 of the UK Market Abuse Regulation. 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: 13-06-2022 04:30:00 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. 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.