Australian REIT Income Fund filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on May 3, 2013. Under the bid, the company will repurchase up to 534,304 Class A units, representing 10% of its total issued units and the public float. These purchases will be effected through the facilities of the Toronto Stock Exchange.

Class A units purchased will be cancelled. The company will not purchase in any given 30-day period in the aggregate more than 106,900, being 2% of the issued and outstanding Class A units as at May 2, 2013. The purpose of the normal course issuer bid is to provide the fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the Class A units, and to provide enhanced liquidity for the Class A units.

Shares will be repurchased in accordance with applicable regulations. The bid will commence on May 7, 2013 and will expire on May 6, 2014, or on such date as the fund completes its purchase under the normal course issuer bid or on such date as the fund may otherwise determine. As of May 3, 2013, the company has 5,345,047 Class A units issued and outstanding.