Edge Early Learning Administration Update

• Arena REIT notes Edge Early Learning's announcement regarding acquisition by Goodstart
• Transaction includes 31 centres, 20 of which are owned by Arena
• Sale of remaining 33 centres by Administrator is ongoing

Arena REIT has noted the announcement by the Administrator of Edge Early Learning regarding a conditional Heads of Agreement with Goodstart Early Learning for the acquisition of 31 early learning centres. The proposed transaction involves 20 of the 27 centres owned by Arena and occupied by Edge, with rent currently being received on all 27 Arena-owned centres. The transaction is subject to ongoing due diligence and final agreement between the parties. Arena is currently undertaking due diligence on the proposed transaction as it considers its consent to the assignment of leases associated with the transaction. The Administrator is continuing to pursue the sale of the remaining 33 centres currently operated by Edge, which includes a further seven Arena-owned centres. Arena will continue to engage proactively and constructively with the Administrator to seek a solution that maximizes long-term outcomes for securityholders and will provide a further update when appropriate.

Arena continues to reserve all legal rights in relation to the Edge portfolio and holds a bank guarantee and security deposits of approximately $4 million as security over the Edge leases.