ARENA REIT. — Director's Dealing 2014

Dec 16, 2014

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Arena REIT (comprising Arena REIT Limited, Arena REIT No. 1 and Arena REIT No. 2)
ABN	Arena REIT Limited ACN 602 365 186
	Arena REIT No. 1 ARSN 106 891 641
	Arena REIT No. 2 ARSN 101 067 878

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Dennis Wildenburg
Date of last notice	19 December 2014

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise tothe relevant interest.	Not applicable
Date of change	11 December 2014
No. of securities held prior to change	150,000 units in Arena REIT No. 1 and ArenaREIT No. 2
Class	Fully paid ordinary shares in Arena REITLimited
Number acquired	150,000
Number disposed	nil
Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Acquired by way of distribution from ArenaREIT No. 1 in connection with theInternalisation Proposal

• See chapter 19 for defined terms.

01/01/2011 – Appendix 3Y

LexisNexis Service 12

Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	150,000 Arena REIT stapled securities
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation in buy-back	Distribution in-specie of securities by ArenaREIT No. 1 in connection with theInternalisation Proposal effected

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Not applicable
Nature of interest	Not applicable
Name of registered holder(if issued securities)	Not applicable
Date of change	Not applicable
No. and class of securities to whichinterest related prior to changeNote: Details are only required for a contractin relation to which the interest has changed	Not applicable
Interest acquired	Not applicable
Interest disposed	Not applicable
Value/ConsiderationNote: If consideration is non-cash, providedetails and an estimated valuation	Not applicable
Interest after change	Not applicable

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required?

If so, was prior written clearance provided to allow the trade Not applicable to proceed during this period?

If prior written clearance was provided, on what date was this Not applicable provided?

• See chapter 19 for defined terms.

LexisNexis Service 12

01/01/2011 – Appendix 3Y

Page 2