THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED STATES OF AMERICA, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA.

29 September 2021

Alternative Income REIT plc

(the "Company" or the "Group")

DIRECTORATE CHANGES

The Board of Directors of Alternative Income REIT plc (ticker: AIRE), the owner of a diversified portfolio of UK commercial property assets predominantly let on long leases, announces that following the completion of a comprehensive and thorough recruitment process, which was supported by external consultants, Stephanie Eastment has been appointed to the Board as an Independent Non-Executive Director and Chair of the Audit Committee effective 1 October 2021. As part of a planned succession process, Jim Prower will resign as a Director of the Company on the same day.

Stephanie is a non-executive director and audit chair of Murray Income Trust plc, Herald Investment Trust plc and Impax Environmental Markets plc. She is also Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of The Chartered Governance Institute and a member of the Technical Committee of the Association of Investment Companies. Previously Stephanie was Head of Specialist Funds Company Secretariat and Accounts at Invesco Perpetual, where she had worked since 1996 specialising in the asset management industry with particular focus on investment trusts. Her career spans over 30 years working in financial services including roles at UBS, Wardley Investment Services International and KPMG. Stephanie and her PCAs hold a total of 20,473 shares in the Company.

No further information is required to be disclosed pursuant to Listing Rule 9.6.13R.

Alan Sippetts, Non-Executive Chairman of Alternative Income REIT plc, comments:

"On behalf of the Board, I would like to express my sincere thanks to Jim Prower for his significant and invaluable contribution, insights and unwavering commitment over the past four years since our IPO, helping to ensure that the Company is well positioned to provide attractive total returns to our shareholders principally in the form of fully covered dividends. Jim has been a pleasure to work with and he leaves with our very best wishes for the future.

We are delighted to welcome Stephanie to the Board as a Non-Executive Director. Her high calibre expertise as Audit Chair, together with her extensive experience, in particular focussing on investment companies and wider financial services, will be hugely valuable to the Company, and we look forward to working with her."

ENQUIRIES

The Company's LEI is 213800MPBIJS12Q88F71.

Further information on Alternative Income REIT plc is available at www.alternativeincomereit.com¹

NOTES

Alternative Income REIT PLC aims to generate a sustainable, secure and attractive income return for shareholders from a diversified portfolio of UK property investments, predominately in alternative and specialist sectors. The majority of the assets in the Group's portfolio are let on long leases which contain inflation linked rent review provisions.

The Company's investment adviser is M7 Real Estate Limited ("M7"). M7 is a leading specialist in the pan-European, regional, multi-tenanted real estate market. Majority owned by its senior managers, it has over 200 employees in 14 countries across Europe. The team manages over 835 properties with a value of circa €5.1 billion.

1    Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website or any other website, is incorporated into, or forms part of, this announcement nor, unless previously published on a Regulatory Information Service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.