Urban Logistics REIT : New articles of association 12th November 2021

THE COMPANIES ACT 2006

A PUBLIC COMPANY LIMITED BY SHARES

ARTICLES OF ASSOCIATION

OF

URBAN LOGISTICS REIT PLC

(company no. 9907096)

as adopted by special resolution on 12 November 2021

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	CONTENTS
Clause	Heading	Page
1	ARTICLES NOT TO APPLY ..........................................................................................	1
2	INTERPRETATION........................................................................................................	1
REAL ESTATE INVESTMENT TRUST ..................................................................................................	9
3	CARDINAL PRINCIPLE.................................................................................................	9
4	NOTIFICATION OF SUBSTANTIAL SHAREHOLDER AND OTHER STATUS..........	10
5	DISTRIBUTIONS IN RESPECT OF SUBSTANTIAL SHAREHOLDINGS ..................	10
6	DISTRIBUTION TRUST...............................................................................................	12
7	OBLIGATION TO DISPOSE ........................................................................................	13
8	GENERAL ....................................................................................................................	15
CHANGE OF NAME .............................................................................................................................	17
9	CHANGE OF NAME BY RESOLUTION OF THE BOARD..........................................	17
SHARE CAPITAL ................................................................................................................................	17
10	LIMITED LIABILITY .....................................................................................................	17
11	RIGHTS ATTACHING TO ORDINARY SHARES .......................................................	17
12	FURTHER ISSUES......................................................................................................	18
13	ALLOTMENT ...............................................................................................................	18
14	REDEEMABLE SHARES ............................................................................................	19
15	SHARE WARRANTS TO BEARER .............................................................................	19
16	COMMISSION AND BROKERAGE.............................................................................	20
17	TRUSTS NOT TO BE RECOGNISED.........................................................................	20
18	CERTIFICATED AND UNCERTIFICATED SHARES..................................................	20
SHARE CERTIFICATES.......................................................................................................................	22
19	RIGHT TO CERTIFICATES.........................................................................................	23
20	REPLACEMENT CERTIFICATES ...............................................................................	23
LIEN ON SHARES ................................................................................................................................	24
21	LIEN ON SHARES NOT FULLY PAID ........................................................................	24
22	ENFORCEMENT OF LIEN BY SALE ..........................................................................	24
23	APPLICATION OF PROCEEDS OF SALE .................................................................	25
CALLS ON SHARES ............................................................................................................................	25
24	CALLS..........................................................................................................................	25
25	LIABILITY OF JOINT HOLDERS.................................................................................	25

26	INTEREST ON CALLS ................................................................................................	25
27	RIGHTS OF MEMBER WHEN CALL UNPAID............................................................	26
28	SUMS DUE ON ALLOTMENT TREATED AS CALLS.................................................	26
29	POWER TO DIFFERENTIATE ....................................................................................	26
30	PAYMENT IN ADVANCE OF CALLS ..........................................................................	26
FORFEITURE OF SHARES..................................................................................................................	27
31	NOTICE IF CALL NOT PAID .......................................................................................	27
32	FORFEITURE FOR NON-COMPLIANCE ...................................................................	27
33	NOTICE AFTER FORFEITURE ..................................................................................	27
34	FORFEITURE MAY BE ANNULLED ...........................................................................	27
35	SURRENDER ..............................................................................................................	28
36	DISPOSAL OF FORFEITED SHARES........................................................................	28
37	EFFECT OF FORFEITURE .........................................................................................	28
38	EXTINCTION OF CLAIMS...........................................................................................	28
39	EVIDENCE OF FORFEITURE ....................................................................................	29
TRANSFER OF SHARES .....................................................................................................................	29
40	FORM OF TRANSFER ................................................................................................	29
41	RIGHT TO REFUSE REGISTRATION ........................................................................	29
42	NOTICE OF AND REASONS FOR REFUSAL............................................................	30
43	FEES ON REGISTRATION .........................................................................................	31
44	INFORMATION RIGHTS AND FORCED TRANSFERS .............................................	31
45	OTHER POWERS IN RELATION TO TRANSFERS...................................................	33
TRANSMISSION OF SHARES .............................................................................................................	33
46	ON DEATH ..................................................................................................................	33
47	ELECTION OF PERSON ENTITLED BY TRANSMISSION........................................	33
48	RIGHTS ON TRANSMISSION ....................................................................................	34
DESTRUCTION OF DOCUMENTS ......................................................................................................	34
49	DESTRUCTION OF DOCUMENTS.............................................................................	34
ALTERATION OF SHARE CAPITAL ...................................................................................................	35
50	INCREASE, CONSOLIDATION, SUB-DIVISION AND REDENOMINATION .............	35
51	FRACTIONS ................................................................................................................	36
52	REDUCTION OF CAPITAL .........................................................................................	37
53	PURCHASE OF OWN SHARES .................................................................................	37
VARIATION OF CLASS RIGHTS .........................................................................................................	37
54	SANCTION TO VARIATION ........................................................................................	37
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55	CLASS MEETINGS .....................................................................................................	38
56	DEEMED VARIATION .................................................................................................	38
MEETINGS OF MEMBERS ..................................................................................................................	38
57	ANNUAL GENERAL MEETINGS ................................................................................	38
58	CONVENING OF GENERAL MEETING OTHER THAN ANNUAL GENERAL
	MEETING.....................................................................................................................	39
59	ELECTRONIC GENERAL MEETINGS........................................................................	39
60	NOTICE OF GENERAL MEETINGS ...........................................................................	40
61	OMISSION TO SEND NOTICE OR NON-RECEIPT OF NOTICE ..............................	40
62	POSTPONEMENT OF GENERAL MEETINGS ..........................................................	41
PROCEEDINGS AT GENERAL MEETINGS........................................................................................	41
63	QUORUM.....................................................................................................................	41
64	IF QUORUM NOT PRESENT......................................................................................	42
65	CHAIRMAN ..................................................................................................................	42
66	ENTITLEMENT TO ATTEND AND SPEAK.................................................................	42
67	POWER TO ADJOURN ...............................................................................................	42
68	NOTICE OF ADJOURNED MEETING ........................................................................	43
69	BUSINESS OF ADJOURNED MEETING....................................................................	43
70	ACCOMMODATION OF MEMBERS AND SECURITY ARRANGEMENTS ...............	43
71	ORDERLY CONDUCT.................................................................................................	44
VOTING AND POLLS ...........................................................................................................................	44
72	METHOD OF VOTING.................................................................................................	44
73	CHAIRMAN'S DECLARATION CONCLUSIVE ON SHOW OF HANDS .....................	45
74	OBJECTION TO OR ERROR IN VOTING ..................................................................	45
75	AMENDMENT TO RESOLUTIONS.............................................................................	46
76	PROCEDURE ON A POLL ..........................................................................................	46
77	VOTES OF MEMBERS................................................................................................	47
78	VOTES OF JOINT HOLDERS .....................................................................................	47
79	VOTES OF MEMBER SUFFERING INCAPACITY .....................................................	47
PROXIES AND CORPORATE REPRESENTATIVES..........................................................................	48
80	VOTING BY PROXY....................................................................................................	48
81	FORM OF PROXY.......................................................................................................	49
82	DEPOSIT OR RECEIPT OF PROXY ..........................................................................	50
83	MAXIMUM VALIDITY OF PROXY AND REVOCATION OF PROXY .........................	51
84	CORPORATE REPRESENTATIVES ..........................................................................	52
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85	VALIDITY OF VOTES BY PROXIES AND CORPORATE REPRESENTATIVES ......	52
86	FAILURE TO DISCLOSE INTERESTS IN SHARES...................................................	52
UNTRACED MEMBERS .......................................................................................................................	55
87	POWER OF SALE .......................................................................................................	55
88	APPLICATION OF PROCEEDS OF SALE .................................................................	57
APPOINTMENT, RETIREMENT AND REMOVAL OF DIRECTORS...................................................	57
89	NUMBER OF DIRECTORS .........................................................................................	57
90	POWER OF COMPANY TO APPOINT DIRECTORS .................................................	57
91	POWER OF BOARD TO APPOINT DIRECTORS ......................................................	57
92	ELIGIBILITY OF NEW DIRECTORS ...........................................................................	58
93	SHARE QUALIFICATION ............................................................................................	58
94	RESOLUTION FOR APPOINTMENT OF TWO OR MORE DIRECTORS..................	58
95	RETIREMENT AT ANNUAL GENERAL MEETINGS ..................................................	58
96	POSITION OF RETIRING DIRECTOR........................................................................	59
97	DEEMED RE-APPOINTMENT ....................................................................................	59
98	REMOVAL BY ORDINARY RESOLUTION .................................................................	59
99	VACATION OF OFFICE BY DIRECTOR.....................................................................	60
100	RESOLUTION AS TO VACANCY CONCLUSIVE.......................................................	61
ALTERNATE DIRECTORS...................................................................................................................	61
101	APPOINTMENTS.........................................................................................................	61
102	PARTICIPATION IN BOARD MEETINGS ...................................................................	61
103	ALTERNATE DIRECTOR RESPONSIBLE FOR OWN ACTS ....................................	62
104	INTERESTS OF ALTERNATE DIRECTOR.................................................................	62
105	REVOCATION OF APPOINTMENT ............................................................................	62
DIRECTORS' REMUNERATION, EXPENSES AND PENSIONS ........................................................	62
106	DIRECTORS' FEES.....................................................................................................	63
107	EXPENSES..................................................................................................................	63
108	ADDITIONAL REMUNERATION .................................................................................	63
109	PENSIONS AND OTHER BENEFITS .........................................................................	63
POWERS AND DUTIES OF THE BOARD ...........................................................................................	64
110	POWERS OF THE BOARD .........................................................................................	64
111	POWERS OF DIRECTORS IF LESS THAN MINIMUM NUMBER .............................	64
112	POWERS OF EXECUTIVE DIRECTORS ...................................................................	65
113	DELEGATION TO COMMITTEES...............................................................................	65
114	DELEGATION TO INDIVIDUAL DIRECTORS ............................................................	66
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