STP.L Regulatory News (STP)

Stenprop short-form announcement

This announcement is being released in line with Johannesburg Stock Exchange requirements.

HIGHLIGHTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019

£1.44

Diluted EPRA NAV* per share

3.41 pence

Diluted adjusted EPRA earnings per share

3.25 pence

Property-related diluted adjusted EPRA EPS* (excl. management fee income of 0.16 pence per share)

3.375 pence

Interim dividend per share declared

41.3%

Loan-to- value ratio (38.2% including unrestricted cash)

Operational HIGHLIGHTS

• Like-for-like growth in the total portfolio valuation was 3.5% for the six-month period, of which the multi-let industrial ('MLI') portfolio increase was 2.5%.

• Completed 90 new lettings / lease renewals in the MLI portfolio for an average 4.36 years at an average rent which was 19.7% above the passing rent previously payable on those units.

• 52% of net rental Income was derived from the MLI portfolio compared to 32% in the same period last year.

• Eight MLI estates acquired for an aggregate purchase price of £23.9 million.

• Strategic decision taken to accelerate the sale of German assets to capitalise on strong valuations and an active German investment market.

• Steady progress on developing our MLI operating platform.

Financial HIGHLIGHTS

• Declaration of an interim dividend on 21 November 2019 of 3.375 pence per share for the six months ended 30 September 2019 (2018: 3.375 pence), covered by earnings and payable on 14 February 2020. A scrip alternative will be offered, which the directors intend to match through the buyback of shares in the market and an announcement containing details of the dividend, timetable and scrip dividend terms will be made on 19 December 2019.

• Net rental income for the period of £15.8 million (2018: £16.0 million). Profit after tax of £13.2 million (2018: £13.2 million). Adjusted EPRA profit after tax was £9.8 million (2018: £15.1 million).

• Headline earnings for the period were 3.02 pence per share (2018: 4.96 pence).

• Diluted IFRS net asset value per share was £1.39 (31 March 2019: £1.36). Diluted EPRA net asset value per share of £1.44 (31 March 2019: £1.41).

• Diluted IFRS EPS was 4.59 pence (2018: 4.63 pence). Diluted adjusted EPRA EPS of 3.41 pence (2018: 5.28 pence) for the period ended 30 September 2019. The variance in EPRA EPS was driven by a £5.0 million reduction in net management fee income as the Group has exited its management activities. The property-related diluted adjusted EPRA EPS was 3.25 pence (2018: 3.40 pence).

FX rates in period

Average foreign exchange rates in the period: £1.00:€1.1263; £1.00:CHF1.2517 (2018: £1.00:€1.1308; £1.00:CHF1.3111)

Period-end foreign exchange rates: £1.00:€1.1265; £1.00:CHF1.2236 (31 March 2019: £1.00:€1.1617; £1.00:CHF1.2970)

* 'EPRA' means European Public Real Estate Association. 'EPS' means earnings per share. 'NAV' means net asset value

SHORT-FORM ANNOUNCEMENT

Stenprop Limited's results for the six months ended 30 September 2019 have been released on SENS and on the LSE on 22 November 2019 and are available on https://stenprop.com/investors/latest-results/ and at the JSE's website at: https://senspdf.jse.co.za/documents/2019/jse/isse/STP/HY2019.pdf.

Any investment decision by shareholders and/or investors should be based on information contained in the full announcement published on SENS and the LSE, and on the Company's website. This short-form announcement is the responsibility of the directors and represents a summary of the information contained in the full announcement and does not contain full or complete details. Copies of the full announcement may be requested at 180 Great Portland Street, London, United Kingdom, and at the office of the sponsor, Java Capital, at 6A Sandown Valley Crescent, Sandton, 2196, Johannesburg, South Africa, during office hours at no charge from Friday, 22 November 2019 to Friday, 29 November 2019.

Stenprop Limited22 November 2019

Registration number: 64865 | Registered office: Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

JSE share code: STP | BSX share code: STP.BH | ISIN: GG00BFWMR296

www.stenprop.com