ARENA REIT. — Major Shareholding Notification 2021

Jun 3, 2021

Pendal Group Limited

Level 14, The Chifley Tower 2 Chifley Square Sydney NSW 2000 Australia ABN 28 126 385 822

Company Announcements Platform Australian Securities Exchange Limited 20 Bridge Street SYDNEY NSW 2000

4 June 2021

Dear Sir/Madam,

Re: Notice of Ceasing to be a Substantial Holder

In accordance with section 671B of the Corporations Act 2001 (Cth), we attach a Notice of Ceasing to be a Substantial Holder (Form 605) in respect of ARENA REIT ( ARF ) comprising Arena REIT Limited, Arena REIT No. 1 and Arena REIT No. 2.

Yours faithfully,

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Joanne Hawkins Company Secretary

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{00018290.docx}

Form 605

Corporations Act 2001 Section 671B Notice of ceasing to be a substantial holder

To Company Name/Scheme ARENA REIT (ARF) comprising Arena REIT Limited, Arena REIT No. 1 and Arena REIT No. 2 ACN/ARSN Arena REIT Limited ACN 602 365 186 Arena REIT No. 1 ARSN 106 891 641 Arena REIT No. 2 ARSN 101 067 878

1. Details of substantial holder(1)

Name

PENDAL GROUP LIMITED (PDL)

ACN/ARSN (if applicable)

ACN 126 385 822

The holder ceased to be a substantial holder on 02/06/2021

The previous notice was given to the company on 04/05/2021

The previous notice was dated 30/04/2021

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person’s votes affected
02/06/2021	Pendal Group Limited & its Associates, Pendal Fund Services Limited, Pendal Institutional Limited	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'	See Annexure 'A'

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to the voting interests of the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

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4. Addresses

The addresses of persons named in this form are as follows:

Name		Address
Pendal Group Limited		Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000
Pendal Fund Services Limited		Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000
Pendal Institutional Limited		Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW 2000
ARENA REIT (ARF)		The Company Secretary, ARENA REIT (ARF) Level 5, 41 Exhibition Street MELBOURNE VIC 3000
Signature Print name Sign here
	Date 04/06/2021

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DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (e.g. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (4) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

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ANNEXURE A

This is annexure ‘A' referred to in Form 605, Notice of ceasing to be a substantial holder, lodged for Pendal Group Limited ACN 126 385 822 and its associated entities

Joanne Hawkins– Company Secretary, Pendal Group Limited 04/06/2021

Sales & Purchases for the period : 03/05/2021 to 02/06/2021

SECURITY: ARF

Pendal Fund Services Limited

Date 3/05/2021 4/05/2021 5/05/2021 11/05/2021 11/05/2021 11/05/2021 11/05/2021 25/05/2021 25/05/2021 27/05/2021 1/06/2021 1/06/2021 2/06/2021 2/06/2021 Date 6/05/2021 11/05/2021 1/06/2021 2/06/2021

Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected HSBC Custody Nominees (Australia) Limited Buy 29,673 99,235.41 Ordinary 29,673 HSBC Custody Nominees (Australia) Limited Buy 66,387 224,919.16 Ordinary 66,387 HSBC Custody Nominees (Australia) Limited Buy 61,909 210,800.15 Ordinary 61,909 HSBC Custody Nominees (Australia) Limited Sell -101,701 -341,206.86 Ordinary 101,701 HSBC Custody Nominees (Australia) Limited Sell -15,388 -51,626.74 Ordinary 15,388 HSBC Custody Nominees (Australia) Limited Buy 61,449 208,312.11 Ordinary 61,449 HSBC Custody Nominees (Australia) Limited Buy 114,989 385,788.10 Ordinary 114,989 HSBC Custody Nominees (Australia) Limited Sell -122,228 -440,033.02 Ordinary 122,228 HSBC Custody Nominees (Australia) Limited Sell -45,636 -164,367.18 Ordinary 45,636 HSBC Custody Nominees (Australia) Limited Sell -106,534 -371,185.76 Ordinary 106,534 HSBC Custody Nominees (Australia) Limited Sell -25,861 -88,881.67 Ordinary 25,861 HSBC Custody Nominees (Australia) Limited Sell -3,805 -13,077.40 Ordinary 3,805 HSBC Custody Nominees (Australia) Limited Sell -25,861 -89,592.85 Ordinary 25,861 HSBC Custody Nominees (Australia) Limited Sell -3,805 -13,182.04 Ordinary 3,805 Total -116,412 -444,098.59 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected State Street Australia Limited Buy 926 2,934.00 Ordinary 926 State Street Australia Limited Sell -1,776 -5,958.48 Ordinary 1,776 State Street Australia Limited Sell -444 -1,525.98 Ordinary 444 State Street Australia Limited Sell -444 -1,538.19 Ordinary 444 Total -1,738 -6,088.65 Pendal Fund Services Limited -118,150 -450,187.24

Pendal Institutional Limited

Date	Registered Company	Nature of Change	Quantity	Consideration	Class of Securities	Person’s votes affected
11/05/2021	Citicorp Nominees Pty Limited	Sell	-65,661	-220,292.66	Ordinary	65,661

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17/05/2021 1/06/2021 2/06/2021 Date 11/05/2021 1/06/2021 2/06/2021 Date 3/05/2021 4/05/2021 5/05/2021 11/05/2021 11/05/2021 12/05/2021 Date 3/05/2021 4/05/2021 5/05/2021 10/05/2021 11/05/2021 11/05/2021

Citicorp Nominees Pty Limited Sell -57,484 -192,433.44 Ordinary 57,484 Citicorp Nominees Pty Limited Sell -16,690 -57,361.86 Ordinary 16,690 Citicorp Nominees Pty Limited Sell -16,690 -57,820.84 Ordinary 16,690 Total -156,525 -527,908.80 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected HSBC Custody Nominees (Australia) Limited Sell -13,730 -46,064.15 Ordinary 13,730 HSBC Custody Nominees (Australia) Limited Sell -3,200 -10,998.08 Ordinary 3,200 HSBC Custody Nominees (Australia) Limited Sell -3,200 -11,086.08 Ordinary 3,200 Total -20,130 -68,148.31 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected JP Morgan Chase Bank Buy 16,152 54,017.13 Ordinary 16,152 JP Morgan Chase Bank Buy 36,139 122,438.93 Ordinary 36,139 JP Morgan Chase Bank Buy 33,183 112,988.12 Ordinary 33,183 JP Morgan Chase Bank Buy 32,657 110,707.23 Ordinary 32,657 JP Morgan Chase Bank Buy 62,009 208,040.20 Ordinary 62,009 JP Morgan Chase Bank Buy 2,920 9,242.09 Ordinary 2,920 Total 183,060 617,433.70 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected Northern Trust Company Limited Buy 5,575 18,644.47 Ordinary 5,575 Northern Trust Company Limited Buy 12,474 42,261.91 Ordinary 12,474 Northern Trust Company Limited Buy 11,461 39,024.71 Ordinary 11,461 Northern Trust Company Limited Buy 1,438 4,551.41 Ordinary 1,438 Northern Trust Company Limited Buy 11,178 37,893.42 Ordinary 11,178 Northern Trust Company Limited Buy 21,258 71,320.59 Ordinary 21,258 Total 63,384 213,696.51 Pendal Institutional Limited 69,789 235,073.11

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