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 Bryce Mitchelson

Date of last notice 2 September 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 – FY15 Performance Rights and FY15
	Recognition Rights acquired by Bryce
	Mitchelson (see below).
	Direct – interest acquired by Bryce Mitchelson
	and Carolyn Mitchelson as trustees of the ET
	& R Super Fund No. 2
	Direct – interest acquired by Bryce Mitchelson
	and Carolyn Mitchelson as trustees of the ET
	& R Super Fund No. 3
	Indirect–see below
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise tothe relevant interest.	Interest acquired by Carbry Investments PtyLtd <Carbry Family A/C>. The director is adirector of the holder and has greater than
	20% ofthevoting poweroftheholder.
Date of change	11 December 2014 – acquisition of shares in
	Arena REIT Limited.
	12 December 2014 – grant date of FY15
	Performance Rights and FY15 Recognition

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

		No. of securities held prior to change	753,907 Arena REIT No. 1 and Arena REITNo. 2 stapled securities held directly andindirectly	753,907 Arena REIT No. 1 and Arena REITNo. 2 stapled securities held directly andindirectly
		Class	Fully paid ordinary shares of Arena REITLimited
		Number acquired	753,907
		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
		No. of securities held after change	753,907 Arena REIT stapled securities helddirectl and indirectl
		Nature of changeExample: on-market trade, off-market trade, exercise of	Distribution in-specie of securities by ArenaREIT No. 1 in connection with the
		options, issue of securities under dividend reinvestmentplan, participation in buy-back	Internalisation Proposal

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	Refer to the description of the LTI Plan contained insection 8.12 of the Arena REIT Notice of Meeting dated4 November 2014andlodgedwith ASXonthat date.
Nature of interest	Each FY15 Performance Right and FY15 RecognitionRight will entitle the holder to 1 stapled security uponvesting, the occurrence and extent of which is subject tosatisfaction of the relevant conditions described insection 8.12 of the Arena REIT Notice of Meeting dated4 November 2014 and lodged with ASX on that date.
Name of registered holder(if issued securities)	N/a
Date of change	12 December 2014 – implementation date of theInternalisation Proposal
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	N/a–newcontractuponimplementationofInternalisation Proposal.
Interest acquired	151,596 FY15 Performance Rights77,869 FY15 Recognition Rights
Interest disposed	nil

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/ConsiderationNote: If consideration is non-cash, providedetails and an estimated valuation	Nil
Interest after change	151,596 FY15 Performance Rights77,869 FY15 Recognition Rights

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.

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