GARDA PROPERTY GROUP — AGM Information 2022

Sep 18, 2022

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GARDA Property Group

Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E info@gardaproperty.com.au GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001

Authorised for release by the Company Secretary, Lachlan Davidson

19 September 2022

2022 AGM - CHAIRMAN’S ADDRESS

INTRODUCTION

Good morning, Ladies and Gentlemen. It is 10.00am and, as there is a quorum present, I declare this meeting open.

Welcome to the 2022 Annual General Meeting of GARDA Property Group. My name is Matthew Madsen and I am Executive Chairman.

I am joined today by three of my fellow directors:

• Mark Hallett, Executive Director;

• Paul Leitch, Independent Director, Chair of the Nomination and Remuneration Committee and member of the Audit, Risk and Sustainability Committee; and

• Andrew Thornton, Non-executive Director and member of the Audit, Risk and Sustainability Committee and the Nomination and Remuneration Committee.

Morgan Parker, who is an Independent Director, Chair of the Audit, Risk and Sustainability Committee and a member of the Nomination and Remuneration Committee, is unable to make the meeting today.

Also present today are:

• Lachlan Davidson, our Company Secretary and General Counsel;

• Cheryl Mason from our auditors, Pitcher Partners;  Rachel Teo from Link Market Services, our share registry, who will oversee the conduct of today’s polls; and

• Members of the GARDA team.

Before moving to the formal business of today’s meeting, as detailed in the Notice of Meeting, I would like to provide some perspectives on GARDA’s performance in FY22 and developments since year end.

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DISCUSSION

FY22 was another successful year for GARDA, as evidenced by a very competitive return on securityholders’ equity of 46.3%.

This pleasing result was reflected in our security price which outperformed the S&P ASX A-REIT Index by 39% over the 12-month period.

Underpinning our FY22 results was a $165 million increase in the value of our property portfolio to $650.7 million. This increase, in turn, was a function of our investment, development and leasing activities. I would particularly highlight our:

• settled acquisitions of an office building in Hawthorn East, Victoria and our industrial development sites at Pinnacle East, Wacol and Richlands, Queensland;

• development activities at Acacia Ridge, North Lakes, Richlands and Wacol; and

• successful leasing outcomes at Berrinba, Botanicca 9 and Wacol.

Our core focus continues to be the execution of our 160,000m[2] industrial development pipeline located in Brisbane. The demand for industrial space continues unabated. The current projects at Acacia Ridge, Richlands and Wacol will result in approximately 40,000m[2] of buildings being completed in FY23.

Furthermore, bulk earthworks and civil works are expected to commence on North Lakes and Pinnacle East in Wacol which, together, will provide for a further 115,000m[2] of built form.

Capital management activities have also continued since year end, including:

• our debt facilities which have a March 2026 expiry have been increased by $40 million; and

• our two office buildings in the Botanicca Corporate Park in Melbourne and our industrial warehouse in Mackay, are presently being marketed for sale.

The macro-economic environment has certainly shifted this calendar year providing for more challenging times ahead, notwithstanding the continuing demand for industrial property. The Board and all employees own equity in GARDA ensuing a keen focus by all on continuing outperformance.

Investors may have noticed that FY22 saw the release of our inaugural sustainability report. As foreshadowed in that report, work has commenced on the preparation of a carbon account for GARDA’s activities and I look forward to reporting further on that next year.

Before moving to the formal part of the meeting, I would like to thank the GARDA Board and executives for their endeavours, congratulate them on GARDA’s achievements in FY22 and to encourage them to even greater heights in FY23.

We will now move to the formal business of today’s meeting.

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