ARENA REIT. — Capital/Financing Update 2014

Jul 23, 2014

ASX Announcement 24 July 2014

9.7% INCREASE IN NET TANGIBLE ASSETS

Arena Investment Management Limited ( Arena ), as responsible entity of Arena REIT ( ARF ) is pleased to announce that the net tangible assets ( NTA ) per ARF stapled security increased to $1.13 per stapled security (unaudited as at 30 June 2014), up from $1.03 per stapled security (auditor reviewed, as at 31 December 2013). This is a 9.7% increase in the second half of FY14.

The growth in NTA since 31 December 2013 was driven primarily by an uplift in the revaluation of investment properties as at 30 June 2014 and the gain on sale from the recent asset sales announced on 25 June 2014, summarised as follows:

• 30 June 2014 asset revaluations (healthcare) - $4.7 million

• 30 June 2014 asset revaluations (childcare) - $16.2 million

• Gain on childcare asset sales - $3.8 million.

Further information in relation to the property revaluations will be provided in conjunction with the annual results presentation for the year ended 30 June 2014.

Bryce Mitchelson Joint Managing Director Arena Investment Management Limited

– ENDS –

Media enquiries: Bryce Mitchelson Joint Managing Director +61 408 275 375 bryce.mitchelson@arenainvest.com.au

Investor enquiries: Arena Investor Services 1800 008 494 (Freecall within Australia) +61 3 9093 9017 info@arenainvest.com.au

==> picture [62 x 78] intentionally omitted <==

Arena Investment Management Limited ACN 077 235 879 Responsible entity of Arena REIT (ASX:ARF) Comprising Arena REIT No. 1 (ARSN 106 891 641) and Arena REIT No. 2 (ARSN 101 067 878) 71 Flinders Lane Locked Bag 32002 Collins Street East Melbourne VIC 3000 Melbourne VIC 8003 www.arenainvest.com.au info@arenainvest.com.au

Locked Bag 32002 Collins Street East T +61 3 9093 9000 Melbourne VIC 8003 Freecall 1800 008 494 info@arenainvest.com.au F +61 3 9093 9093

Arena REIT (ASX:ARF) ASX Announcement 24 July 2014

Important legal notice

The information contained in this announcement is current only as at the date it is issued or as otherwise stated. This is not financial product advice. Arena has not considered the investment objectives, financial circumstances or particular needs of any reader. You should consider your own financial situation, objectives and needs and obtain professional advice in relation to this announcement.

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this document.

If this announcement contains forward-looking statements or forecast financial information, they are made only as at the date of this announcement and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the control of Arena Investment Management Ltd ( Arena ) and its directors. Such statements are not guarantees of future performance and actual results may differ materially from anticipated result, performance or achievements expressed or implied by the forward-looking statements. Other than as required by law, although they believe there is a reasonable basis for the forward-looking statements, neither Arena nor any other person (including any director, officer, or employee of Arena or any related body corporate) gives any representation, assurance or guarantee (express or implied) as to the accuracy or completeness of each forward-looking statement or that the occurrence of any event, result, performance or achievement will actually occur. You should not place undue reliance on any of the forwardlooking statement.

Page 2