CENTURIA INDUSTRIAL REIT — M&A Activity 2015

Mar 24, 2015

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360 Capital Investment Management Limited ABN 38 133 363 185 Level 8 56 Pitt Street Sydney NSW 2000

25 March 2015

Phone: (02) 8405 8860 Fax: (02) 9238 0354 Web: www.360capital.com.au

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Company Announcement Office ASX Limited 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Acceptances and Acceptance Facility update - Australian Industrial REIT

On 3 February 2015, 360 Capital Investment Management Limited ( 360 CIML ) as responsible entity for the 360 Capital Industrial Fund ( Bidder ) lodged a bidder's statement in respect of an off-market takeover bid ( TIX Offer ) for all the units in Australian Industrial REIT ( ANI ).

We also refer to the institutional acceptance facility ( Acceptance Facility ) described in the second supplementary bidder's statement dated 23 February 2015 ( Second Supplementary Bidder's Statement ).

A Third Supplementary Bidder’s Statement dated the 24 March 2015 has been issued.

The Bidder announces that, as at 5:00pm on 24 March 2015, the aggregate number of ANI units in respect of which either:

1. acceptance instructions are held under the Acceptance Facility ( Acceptance Instructions );

2. valid acceptances of the TIX Offer have been received by the Bidder ( Acceptances ); or

3. the Bidder and its associates have a relevant interest ( Relevant Interests ),

as a percentage of the total number of ANI units on issue is 16.63%.

The following table provides a breakdown between Relevant Interests, Acceptances and Acceptance Instructions held in the Acceptance Facility.

	Number of ANI units	Number of ANI units	Percentage	of ANI units
	Previous update	Current	Previous update	Current
AcceptanceInstructions	605,714	1,603,093	0.63%	1.66%
Acceptances	1,320,098	1,993,768	1.37%	2.07%
Relevant Interests(including	13,732,857	14,406,527	14.26%	14.96%

360 Capital Group Level 8, 56 Pitt Street, Sydney, NSW, 2000

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Acceptances
above)
Total of Relevant
Interests plusAcceptance	14,338,571	16,009,620	14.89%	16.63%
Instructions

Acceptance Instructions held in the Acceptance Facility do not constitute acceptances of the TIX Offer and the Bidder and its associates do not have a relevant interest in those ANI units in respect of which Acceptance Instructions are held.

The "trigger event" for the Acceptance Facility or pre-condition to the release of Acceptance Instructions from the Acceptance Facility to the Bidder is the delivery by the Bidder of a "Confirmation Notice" to the Facility Agent confirming that the TIX Offer has been, or will be, declared unconditional. The Bidder will make an announcement to ASX promptly following the delivery of the Confirmation Notice.

Acceptance Instructions may be withdrawn by participants in the Acceptance Facility at any time up until the Confirmation Notice has been delivered by the Bidder to the Facility Agent.

As previously stated, the Bidder will waive all conditions to the TIX Offer once the number of ANI units that are the subject of Acceptances and Acceptance Instructions (which are able to be validly processed once released) exceeds 30% of the ANI units.

Yours sincerely

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Alan Sutton Company Secretary 360 Capital Investment Management Limited

Copy

Ms Keir Barnes Company Secretary Fife Capital Funds Limited as responsible entity of Australian Industrial REIT Level 12, 89 York Street SYDNEY NSW 2000

360 Capital Group Level 8, 56 Pitt Street, Sydney, NSW, 2000