Irongate Board recommends against 360 Capital's request for Board seats

SYDNEY,July 30,2021 -- The Board of Irongate Group (Irongate or IAP) has recommended securityholders vote against the election of two 360 Capital Group executives to the Board at their upcoming Annual General Meeting on Tuesday 31st August.

360 Capital Group,including its associated entities,hold between them 19.11% of the total securities issued in IAP. Its two nominees,Mr Tony Pitt and Mr James Storey,are also executives of 360 Capital Group.

The Chairman of Irongate,Richard Longes,said "The Board is particularly concerned that there should be no corporate action without all Irongate securityholders participating in a premium for change of control. The Board in no way wishes to obstruct the potential for control transactions (including takeovers) that may ultimately achieve fair and full value inclusive of a control premium for all securityholders."

"The Board is concerned having regard to a number of previous situations in which 360 Capital Group,or entities it manages,have accumulated up to 19.9% securityholdings in listed entities and then launched or agitated for major strategic corporate action. The Board is concerned that through achieving Board representation,amongst other things,360 Capital Group could seek to gain effective control of IAP below its fundamental value and could also inhibit the potential for control transactions by 360 Capital Group or other interested parties at fair value."

"The Board sees 360 Capital Group as a potential competitor of IAP. The Board is committed to the highest standards of governance and is strongly of the view that independence must be maintained from any sectional interest of one particular securityholder. It is especially important in any internalised fund such as IAP where a key element for growth is to attract and manage third party capital."

Irongate has performed strongly since its internalisation. It has a high performing management team and has a proven strategy to build on its history of delivering attractive returns for all securityholders[1].

IAP has delivered securityholders that invested in its JSE IPO on 24 October 2013 a total return of 146.9%,outperforming the JSE SA Listed Property Total Return index of 4.0% over the same period

IAP has delivered securityholders that invested in its ASX IPO on 27 May 2019 a total return of 25.3%,outperforming the ASX300 A-REIT Accumulation index of 7.8% over the same period

IAP has grown assets under management by 41.3% on an annualised basis since listing on the JSE from A$0.13 billion to A$1.82 billion

IAP has grown its market capitalisation by over 7 times (with enhanced liquidity) since listing on the JSE from A$135 million to A$961 million

IAP has diversified since listing on the JSE by growing its balance sheet portfolio from 8 to 35 properties

IAP has delivered securityholders regular and growing distributions since listing that have consistently met or exceeded guidance

The IAP Board composition was approved overwhelmingly by securityholders as part of the recent internalisation. The Board possesses a good blend of the skills and experience required to drive IAP's strategy and oversee its activities.

The Board is singularly committed to acting in the best interests of all Irongate securityholders.

[1] Refer to IAP Chairman's Letter with Notice of Meeting for sourcing of performance information.

For further information,please contact:

MEDIA ENQUIRIES:

Sue Cato

T +61 2 8306 4244

M +61 419 282 319

E cato@catoandclive.com

Lucy Spenceley

Investor Relations and Company Secretary

T +61 2 7906 2006

E ir@irongategroup.com.au