ALE Notes 2 Information

ALE Property Trust successfully raised $125million through the offer of the ALE Notes 2 (the "Offer" refers to the Prospectus dated 1 April 2010)

Summary of ALE Notes 2

• ALE Notes 2 are new four year debt securities listed on ASX under the code LEPHC
• Holders of ALE Notes 2 are entitled to receive quarterly interest payments and $100 per ALE Notes 2 upon redemption (on 20 August 2014)
• The interest rate will be equal to the three month bank bill rate plus a fixed margin of 4.0 percent and will be calculated quarterly
• ALE Notes 2 must be redeemed by ALE Property Trust
  1. On 20 August 2014; or
  2. If ALE Property Trust exercises its option to extend to Maturity Date by one or two years, on 20 August 2015 or 20 August 2016 (as applicable)
• ALE Property Trust may also in its absolute discretion Redeem all (but not some only) of the ALE Notes 2 on any Interest Payment Date following 20 August 2014 up to and including 20 August 2016, for the applicable Redemption Value, which will be:
  1. $101 if Redemption occurs after 20 August 2014 and on or before 20 August 2015; or
  2. $102 if Redemption occurs after 20 August 2015
• ALE Notes 2 had an issue price of $100 each