Directorate Change

STENPROP LIMITED

(Registered in Guernsey)

(Registration number 64865)

LSE share code: STP JSE share code: STP

ISIN: GG00BFWMR296

("Stenprop" or the "Company")

DIRECTORATE CHANGE

6 February 2019

Stenprop, the UK multi-let industrial property investor, announces that Patsy Watson has indicated her intention to retire from her role as Chief Financial Officer ("CFO") during 2019.

Patsy will remain in her role until a successor is in place in order to ensure a smooth transition.

Patsy has played a key role in the evolution of Stenprop. She began working with the Company's Chief Executive Officer ("CEO"), Paul Arenson, in 2007 when she joined Stenham Property as finance director, culminating in the Stenprop listing on the Johannesburg Stock Exchange in 2014 and on the London Stock Exchange in June 2018 as a UK REIT.

Paul Arenson, CEO, said: "Patsy has been a crucial member of the team on the Stenprop journey and leaves at a time when Stenprop is well positioned for future success. We have worked together for 12 years and she has been an outstanding CFO. We are grateful that she has timed her retirement to enable an orderly handover and we wish her well in her next phase of life. She will be missed by all who have worked with her".

For further information:

Stenprop Limited +44(0)20 3918 6600

Paul Arenson

Patsy Watson

Numis Securities Limited (Financial Adviser) +44(0)20 7260 1000

Hugh Jonathan

Vicki Paine

Tavistock (PR Adviser) +44(0)20 7920 3150

James Whitmore

James Verstringhe

Kirsty Allan

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.