ASX ANNOUNCEMENT Announcement No. 20/14 The Manager Australian Stock Exchange 16 June 2014 ALE Notes 2 Buy Back Offer Highlights

ALE announces an on-market buy back offer for ALE Notes 2

ALE intends to buy back any and all Notes from today until 24 June 2014, at a price no greater than $101.00 per Note

Following this period, ALE intends to redeem any remaining Notes on the initial maturity date of 20 August 2014

ALE Notes 2

ALE Property Group (ASX: LEP) has $165 million of listed ALE Notes 2 (Notes) on issue (ASX: LEPHC).
As previously disclosed on 29 May 2014, following completion of its recent AMTN
issue, ALE intends to redeem all Notes on the initial maturity date of 20 August
2014.
The Notes are intended to be redeemed in accordance with their terms, with an expected redemption payment of $100.00 plus the final interest payment of
$1.685 per Note.

On-market buy back offer

ALE announces today that it intends to conduct an on-market buy back of any and all Notes, during a limited period commencing today and ending on 24 June
2014. ALE intends to buy back Notes at a price of no greater than $101.00 per
Note, reflecting the approximate present value of the final redemption and interest payment.
The buy back is expected to provide Noteholders with a source of market liquidity prior to the initial maturity date and will allow ALE to utilise some of the cash proceeds from its recent AMTN issue in an efficient manner.

Australian Leisure and Entertainment Property Management Limited ABN 45 105 275 278

Australian Leisure and Entertainment Property Trust ARSN 106 063 049

Holders that sell their Notes through the on-market buy back will not receive any redemption payment or future interest payment in respect of the Notes bought back by ALE.
The amount of Notes ultimately acquired under the buy back will depend on investor interest and market liquidity during the buy back period. ALE intends to announce the result of the buy back shortly after 24 June 2014.
Following this period, ALE intends to redeem any remaining Notes on the initial maturity date of 20 August 2014.
ALE has appointed UBS AG, Australia Branch to act as its broker in relation to the buy back.
- Ends -
Contact:
Andrew Wilkinson
Managing Director

ALE Property Group

02 8231 8588
Website: www.alegroup.com.au

Australian Leisure and Entertainment Property Management Limited ABN 45 105 275 278

Australian Leisure and Entertainment Property Trust ARSN 106 063 049

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