ARENA REIT. — Major Shareholding Notification 2021

Apr 29, 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

30 April 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 ).

Yours faithfully

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Joanne Hawkins Group Company Secretary

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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 27/04/2021 The previous notice was given to the company on 16/04/2021 The previous notice was dated 14/04/2021

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
27/04/2021	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 NSW2000
Pendal Fund Services Limited		Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW2000
Pendal Institutional Limited		Level 14, Chifley Tower, 2 Chifley Square, Sydney NSW2000
ARENA REIT (ARF)		The Company Secretary, ARENA REIT (ARF) Level 5, 41 Exhibition Street MELBOURNE VIC 3000
Signature Print name Sign here
	Date 30/04/2021

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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 30/04/2021

Sales & Purchases for the period : 15/04/2021 to 28/04/2021

SECURITY: ARF

Pendal Fund Services Limited

Date 21/04/2021 21/04/2021 22/04/2021 22/04/2021 23/04/2021 27/04/2021 Date 21/04/2021 22/04/2021

Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected HSBC Custody Nominees (Australia) Limited Sell -15,417.00 -49,335.94 Ordinary 15,417 HSBC Custody Nominees (Australia) Limited Sell -5,849.00 -18,717.39 Ordinary 5,849 HSBC Custody Nominees (Australia) Limited Sell -109,600.00 -347,421.04 Ordinary 109,600 HSBC Custody Nominees (Australia) Limited Sell -41,584.00 -131,817.12 Ordinary 41,584 HSBC Custody Nominees (Australia) Limited Sell -87,608.00 -280,179.15 Ordinary 87,608 HSBC Custody Nominees (Australia) Limited Sell - 1,771,828.00 -5,669,849.60 Ordinary 1,771,828 Total -2,031,886 -6,497,320.24 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected State Street Australia Limited Sell -278.00 -889.63 Ordinary 278 State Street Australia Limited Sell -1,974.00 -6,257.38 Ordinary 1,974 Total -2,252 -7,147.01 Pendal Fund Services Limited -2,034,138 -6,504,467.25

Pendal Institutional Limited

Date 21/04/2021 22/04/2021 Date 21/04/2021 22/04/2021 23/04/2021

Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected Citicorp Nominees Pty Limited Sell -20,088 -64,283.61 Ordinary 20,088 Citicorp Nominees Pty Limited Sell -142,800 -452,661.72 Ordinary 142,800 Total -162,888 -516,945.33 Registered Company Nature of Change Quantity Consideration Class of Securities Person’s votes affected HSBC Custody Nominees (Australia) Limited Sell -1,033 -3,305.70 Ordinary 1,033 HSBC Custody Nominees (Australia) Limited Sell -7,342 -23,273.41 Ordinary 7,342 HSBC Custody Nominees (Australia) Limited Sell -16,140 -51,617.33 Ordinary 16,140 Total -24,515 -78,196.44 Pendal Institutional Limited -187,403 -595,141.77

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