GARDA PROPERTY GROUP — Annual Report 2016

Aug 28, 2016

FULL YEAR RESULTS PRESENTATION

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INSERT TITLE HEREANNUAL RESULTS - HIGHLIGHTS

STATUTORY NET PROFIT FUNDS FROM OPERATIONS $17.86m $9.1m 19.04 cents per unit 9.67 cents per unit

DISTRIBUTIONS 93.6% $8.5m PAYOUT RATIO 9.00 cents per unit

$12.45m (8.9%)

VALUATION INCREASE

$0.10 (10%) INCREASE IN NTA PER UNIT TO $1.13

Total return since the IPO of 22%

REFLECTIVE OF JUNE 30 NTA ($1.13) LESS IPO ISSUE PRICE ($1.00) PLUS DISTRIBUTIONS PAID ($0.09)

2 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

ANNUAL RESULTS - INCOME AND DISTRIBUTIONS

	FY2016 $	PER UNIT (93,804,456 UNITS ON ISSUE)
Statutory net proft	17,864,000	19.04 cents
Less Fair value movement in investment properties	(10,093,000)
Add Interest rate swaps marked to market	1,127,000
Add Other	178,000
Funds from operations (FFO)	9,076,000	9.68 cents
Distributions	8,497,000	9.00 cents
Distribution payout ratio		93.6%
Tax deferred component		44.9%

3 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

ANNUAL RESULTS - PORTFOLIO VALUATIONS

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2015 2016 2016 INCREASE
INVESTMENT PROPERTIES
$ CAP RATE $ %
7-19 Lake Street, Cairns 37,000,000 8.50% 42,200,000 14.05%
12-14 The Circuit, Brisbane Airport 20,000,000 8.60% 22,400,000 12.00%
B2, 747 Lytton Road, Murarrie 13,600,000 8.39% 14,100,000 3.68%
154 Varsity Parade, Varsity Lakes 12,000,000 8.50% 12,900,000 7.50%
436 Elgar Rd, Box Hill 18,500,000 8.50% 19,400,000 4.86%
572 – 576 Swan Street, Richmond 31,600,000 7.50% 33,500,000 6.01%
142-150 Benjamin Place, Lytton 7,950,000 8.25% 8,600,000 8.18%
Total Investment Properties at independent valuation 140,650,000 8.35% 153,100,000 8.85%
-
Value accretive additions post independent valuation 427,000
Total Investment Properties 140,650,000 153,527,000
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4 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

CAPITAL MANAGEMENT: EQUITY

• Unitholders approved an on-market buy-back facility of up to 20 million units.

• 3.4 million units were bought back at an average price of $0.97 per unit.

• Buy-back facility closed on 10 May 2016.

• Increase in ASX trading price to $1.05[1] , a 7% discount to 30 June 2016 NTA of $1.13.

• Net tangible assets (NTA) at 30 June 2016 of $1.13 per unit.

GDF ASX PRICE

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$1.080
Mackay acquisition for $29.5 million
$1.060
$1.040
$1.020
$1.000
$0.980
$0.960
$12.35 million valuation uplift
$0.940
$0.920
On market buy-back ended
$0.900
25/08/2016
2/07/2015
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Mackay acquisition for $29.5 million
$12.35 million valuation uplift
On market buy-back ended
25/08/2016
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• ¹ Market close as at 25 August 2016.

5 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

CAPITAL MANAGEMENT: DEBT

FACILITY LIMIT AND DRAWN BALANCE AT 30 JUNE 2016	FACILITY LIMIT AND DRAWN BALANCE AT 30 JUNE 2016	FACILITY LIMIT AND DRAWN BALANCE AT 30 JUNE 2016
	Drawn	Limit
Senior Debt	$45.6m	$63m

DEBT FACILITY - COVENANTS AT 30 JUNE 2016	DEBT FACILITY - COVENANTS AT 30 JUNE 2016	DEBT FACILITY - COVENANTS AT 30 JUNE 2016
	Actual	Covenant
LVR	29.8%	45%
Interest Cover Ratio	6.5x	2.5x

DEBT MATURITY

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$50m 2.5
$42.6
$40m 2.0
$30m 1.5
$20m 1.0
$10m 0.5
$3.0
$0 -
1 2
TRANCHE
Drawn ($ million) Term Remaining (years)
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• The Fund has a long term gearing target of between 30% and 35% but may operate at up to 45% loan to value ratio (LVR).

• The Fund has entered into interest rate swaps that expire on 30 June 2019 that provide a current average total cost of 3.837% including the current facility interest margin, (noting that the facility expires one year prior to the swap expiry).

• Weighted average term to maturity is 1.87 years.

DEBT STRUCTURE

Fixed

6 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

CAPITAL IMPROVEMENTS PROGRAM

• The capital improvements program saw $2.7 million reinvested into the properties, particularly in Cairns and Box Hill being the two older assets, nearing 30 years in age.

• This reinvestment is expected to continue at a similar or greater rate to FY2016 ($2.7 million) with the major focus again being on the Cairns and Box Hill assets.

• A full lift replacement at Cairns is currently underway including destination lift controls, lift lobby and amenities upgrades, external building painting and weather proofing, plant and generator room upgrades. These works are anticipated to be completed during FY2017.

• A refurbishment of the Cairns main foyer and associated external entry area is currently being considered. These works are intended to be undertaken once the aforementioned works have been completed.

• At the Box Hill property a full lift replacement is also being undertaken. The roof membrane replacement has recently been completed. Base building showers and level 1 amenities are currently being replaced.

• Additionally, roof and terrace membrane works are due to commence in the coming months on the Richmond asset as part of an ongoing building warranty matter.

7 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

LEASING DURING FY2016

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PORTFOLIO LEASING COMPLETED
PROPERTY TENANT NLA (m²) TERM START DATE RENT REVIEW
Richmond Fulton Hogan 1,847 6 years 1/07/16 3.50%
Vasity Lakes QLD Police Service 968 3 years 1/02/17 4.00%
Murrarrie Automatic Data Processing 204 5 years 1/03/16 3.75%
Cairns Cape Flattery Mines 260 7 years 16/12/15 3.50%
Cairns Morgans Financial 123 7 years 1/06/16 3.50%
Cairns Native Title Tribunal 401 3 years 1/09/16 3.50%
Cairns Thomson Adsett 87 3 years 1/08/16 3.00%
Cairns ARUP 215 5 years 1/11/16 3.50%
Cairns QLD Government 110 5 years 1/06/16 3.00%
Cairns QLD Government 286 2 years 1/09/15 4.00%
Portfolio / Average 4,501 4.9 years 3.6%
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• New leases and existing renewals were executed across 4,501m² representing approximately 10.5% of the portfolio net lettable area (NLA) of 45,088m².

• Leases executed held the portfolio’s weighted average lease expiry (WALE) relatively stable at 2.9 years (2015: 3.3 years).

8 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

ACQUISITION (AUGUST 2016)

• On 26 August 2016, GDF settled the acquisition of a modern industrial distribution facility for $29.5 million.

• It has been acquired on an initial yield of 7.7%¹

• WALE in

• The property is wholly leased to Wesfarmers subsidiary Blackwoods until 2029, providing GDF with the benefit of a excess of 12 years and minimum annual rent increases of 3.0%.

• The two year old state of the art warehouse and distribution facility has a total net lettable area (NLA) of 14,843m² and is located in the primary industrial suburb of Paget in Mackay. The building is approximately 8km’s from the Mackay CBD.

• The Fund’s property portfolio now totals $183 million and is 21% weighted to the industrial sector (by value).

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¹ Based on GARDA Capital Group analysis on first year income from 1 August 2016 through 31 July 2017.

9 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

ACQUISITION - FUNDING

SENIOR DEBT FACILITY POST ACQUISITION	SENIOR DEBT FACILITY POST ACQUISITION	SENIOR DEBT FACILITY POST ACQUISITION
	Drawn	Limit
Senior debt	$77.4m	$83.6m

SENIOR DEBT FACILITY - COVENANTS POST ACQUISITION	SENIOR DEBT FACILITY - COVENANTS POST ACQUISITION	SENIOR DEBT FACILITY - COVENANTS POST ACQUISITION
	Actual	Covenant
LVR	42%	46%
Interest cover ratio	4.5x	2.5x

DEBT MATURITY

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$50m 3.5
$42.6
3.0
$40m
2.5
$30m
2.0
$20.3
$20m 1.5
$14.5
1.0
$10m
0.5
$0 -
1 2 3
TRANCHE
Drawn ($ million) Term Remaining (years)
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• The acquisition (~$31.5m total acquisition cost) was wholly debt funded through senior debt facilities provided by St. George Bank.

• This debt has not been hedged and is subject to variable interest rates.

• The total interest cost of the drawn facility is currently 3.58%¹.

• Weighted average term to maturity is 2.23 years.

DEBT STRUCTURE

Fixed Variable

1 Total interest costs include fixed rate and variable rate components at date of release.

10 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

FUND OBJECTIVES

• The Fund’s objective is to provide sustainable and growing distributable income derived from investments in commercial offices in city and suburban markets as well as industrial facilities along the eastern seaboard of Australia.

• The Fund will maintain a conservative capital structure including a long-term target gearing range of 30% to 35% although will operate up to 45% LVR from time to time to enable acquisitions.

• Likewise gearing may fall below this range in the event of capital management initiatives or asset divestments.

FY2017 OBJECTIVES

• The Fund’s key objectives for FY2017 include:

• Mitigating lease expiry risks in the 2018 and 2019 financial years (FY2017 lease expiries largely mitigated with only 2% of Fund income due to expire – 31 Dec 2016);

• Reducing vacancy in the portfolio and associated lost income on vacant space;

• Continued execution of the Fund’s capital improvements program; and

• Review possible capital management initiatives to reduce gearing and provide capacity for further acquisitions and growth in gross assets.

11 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

FY2017 OUTLOOK AND DISTRIBUTION GUIDANCE

DISTRIBUTIONS

• FY2017 distribution guidance of $0.094 per unit, a 4.4% increase on FY2016 distributions.

• Represents a payout ratio of ~84% at 42% LVR after the recent Blackwood’s acquisition.

• At current market price of $1.05[1] , reflects a distribution yield of 9.0%.

OUTLOOK

• The Fund will continue to seek to increase gross assets and to increase its exposure to the industrial sector.

• The markets that the Fund currently holds investments in are anticipated to perform soundly, with the exception of the Brisbane Murarrie office market which may be negatively impacted by the continuing high vacancy and incentive rates emanating from the weak Brisbane CBD, although currently stable.

• The marketplace is reporting anecdotally that both the inner east (Richmond) and outer eastern Melbourne (Box Hill) markets are currently experiencing strong leasing demand, reduced incentives and rent growth.

• The continued execution of the capital improvements program is anticipated to have a material impact on both rent levels and occupancy within the Cairns building (and in turn valuation) and will also assist with tenant renewal at the Box Hill property, where the next expiry is not until December 2017.

¹ Market close as at 25 August 2016.

12 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

APPENDIX 1 FINANCIALS

INCOME STATEMENT

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30 JUNE 2016 30 JUNE 2015
INCOME STATEMENT
$000’S $000’S
Property rental income 17,106 17,434
Property expenses (4,823) (5,131)
Trust level expenses (1,558) (1,796)
Finance costs (1,745) (12,450)
Net loss of financial liabilities held at fair value through profit and loss (1,127) (2,961)
Fair value movement in investment properties 10,093 (711)
-
Loss on sale of property (686)
Impairment of receivables (82) (1)
Profit/(loss) 17,864 (6,302)
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14 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

FUNDS FROM OPERATIONS (FFO)

FUNDS FROM OPERATIONS	FUNDS FROM OPERATIONS
	30 JUNE 2016 $000’S	30 JUNE 2015 $000’S
Net proft/(loss)	17,864	(6,302)
Net loss on fnancial liabilities held at fair value	1,127	2,445
Fair value movement in investment properties	(10,093)	711
Loss on sale of investment properties	-	686
Impairment of receivables	-	1
Incentives amortisation and rent straight-line	178	(621)
One-of item – Recapitalisation and refnance costs	-	3,555
Funds From Operations (FFO)	9,076	475
Distributions Paid	8,497	537
Payout Ratio	93.6%

15 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

BALANCE SHEET

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30 JUNE 2016 30 JUNE 2015
BALANCE SHEET
$000’S $000’S
Assets
Cash and cash equivalents 2,526 3,233
Trade and other receivables 318 353
Investment properties 153,527 140,650
Total Assets 156,371 144,236
Liabilities
Trade and other payables 1,481 1,696
Borrowings (current & non-current) 45,380 42,307
-
Distribution payable 2,121
Tenant security deposits 274 308
-
Derivative financial instruments 1,127
Total Liabilities 50,383 44,311
Net Assets 105,988 99,925
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16 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

APPENDIX 2

GDF OVERVIEW

GDF AT A GLANCE

$182.6 MILLION COMMERCIAL AND INDUSTRIAL PORTFOLIO

4.1 YEARS

WALE

8.13%

WEIGHTED AVERAGE CAP RATE

93%

OCCUPANCY

42% LVR

$1.11

NTA PER UNIT AUGUST 2016 POST ACQUISITION

4.5 TIMES INTEREST COVER

FY2017 DISTRIBUTION

GUIDANCE $0.094/UNIT PAID QUARTERLY

ALIGNED MANAGER

GARDA CAPITAL HOLDS 10.7% OF GDF UNITS

18 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

DIVERSIFIED PORTFOLIO

PORTFOLIO INCOME (by location)

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CAIRNS
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MACKAY

BRISBANE

GOLD COAST

7-19 Lake Street, Cairns ($42.2m)

69-79 Diesel Drive, Mackay ($29.5m)

747 Lytton Road, Murarrie ($14.1m) 12-14 The Circuit, Airport ($22.4m) 142 Benjamin Place, Lytton ($8.6m)

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Melbourne 30%
Brisbane 26%
Gold Coast 7%
Mackay 12% Cairns 25%
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PORTFOLIO INCOME (by sector)

MELBOURNE

154 Varsity Parade, Varsity Lakes ($12.9m)

572 Swan Street, Richmond ($33.5m) 436 Elgar Road, Box Hill ($19.4m)

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Industrial 17%
Commercial 83%
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19 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

PROPERTY ASSETS

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PORTFOLIO INDEPENDENT NABERS
PROPERTY PORTFOLIO AGE NLA (m [2] ) CAP RATE (%)
VALUE (%) VALUATION¹ (STARS)
Office (79% by value)
9-19 Lake Street, Cairns 23% 27 14,956 8.50% $42,200,000 4.5
12-14 The Circuit, Brisbane Airport 12% 9 4,675 8.60% $22,400,000 5
Bldg 2, 747 Lytton Road, Murarrie 8% 8 3,617 8.39% $14,100,000 5.5
154 Varsity Parade, Varsity Lakes 7% 7 3,994 8.50% $12,900,000 5.5
572-576 Swan Street, Richmond 18% 7 6,587 7.50% $33,500,000 5
436 Elgar Road, Box Hill 11% 28 5,725 8.50% $19,400,000 2.5
Industrial (21% by value)
142-150 Benjamin Place, Lytton 5% 9 5,677 8.25% $8,600,000 N/A
69-79 Diesel Drive, Mackay 16% 2 13,843 7.75% $29,500,000 N/A
Totals 100% 59,074 8.13% $182,600,000 4.57
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1 Independent valuations as at June 2016.

20 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

KEY TENANTS

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TOP 10 TENANTS
TENANT SECTOR RENT ($) % TOTAL LOCATION
Commonwealth Govt (CASA) Federal Government $2.75m 14% Brisbane
Golder Associates Engineering & Construction $2.58m 13% Melbourne
Blackwoods & Sons Industrial Safety $2.45m 12% Mackay
QLD State Govt (Transport & Main Roads) State Government $1.67m 8% Cairns
Spotless Services Facilities Management $0.96m 5% Brisbane
Fulton Hogan Civil Construction $0.95m 5% Melbourne
CGI IT Services & Consulting $0.89m 5% Melbourne
Stellar Asia Pacific Call Centre $0.82m 4% Melbourne
Serco International Services $0.81m 4% Gold Coast
Planet Innovations Product Development – biomedical $0.64m 3% Melbourne
Top 10 total $14.52m 73%
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21 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

KEY TENANTS

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22 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

WALE AND OCCUPANCY

• Significant improvement in WALE possible during FY2017 as material tenant expiry is managed particularly at the Richmond property (FY2018 expiry) and in Cairns (FY2019 expiry).

WALE by income (Years)

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Jun 15 Jun 16
12.5 1
1
4.4 4 4.1
3.4 3.0 2.8 2.4 2.8 2.6 3.5 2.5 3.4 3.0 2.1 2.8 3.3
9-19 Lake Street, Bld 2, 747 Lytton 154 Varsity Parade, 142 Benjamin Place, 12-14 The Circuit, 436 Elgar Road, Bld 7, 572-576 69-79 Diesel Drive, Portfolio
Cairns Road, Murarrie Varsity Lakes Lytton Airport Box Hill Swan Street Mackay
Richmond
OCCUPANCY by income (%)
Jun 15 Jun 16
1 1
91 89 89 100 100 100 100 100 100 100 100 100 94 93
86 81 86
9-19 Lake Street, Bld 2, 747 Lytton 154 Varsity Parade, 142 Benjamin Place, 12-14 The Circuit, 436 Elgar Road, Bld 7, 572-576 69-79 Diesel Drive, Portfolio
Cairns Road, Murarrie Varsity Lakes Lytton Airport Box Hill Swan Street Mackay
Richmond
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1 Portfolio total calculated as if 69-79 Diesel Drive, Mackay was acquired as at 1 July 2016.

23 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

AT RISK INCOME

• Leasing risk in FY2017 has largely been mitigated with only one material lease, 2,200m² (Kuehne Nagel) at the Lytton industrial property representing 2% of Fund income currently expiring on 31 December 2016 yet to be resolved.

• Discussions with both the sitting and external tenants are continuing in respect of this space.

• GARDA Capital has engaged with a number of key tenants totalling 10,000m² that form the majority of FY2018.

LEASE EXPIRY PROFILE

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27%
27%
23%
14%
7%
2%
VACANT FY2017 FY2018 FY2019 FY2020 FY2021+
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Golder Associates
CASA
Spotless
Other
QLD Government
CGI Tech.
Secro Stella Asia
Other
Grant Thornton Orther Visy
FY2018 Expiry FY2019 Expiry FY2020 Expiry
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24 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

LOST INCOME/VACANCY

• Vacancy and associated lost income is predominantly located in Cairns with minor impact from both Varsity Lakes and the Murarrie office park assets.

• Cairns vacancy is expected to reduce with the increasing building ‘offer’ as a result of the capital improvements program.

• Vacancy is however providing the opportunity to undertake part and full floor refurbishments followed by new leasing commitments as demonstrated by a number of lease renewals and new tenant leasing during 2016.

• Cairns leasing has seen a shift to longer term leases and higher rent rates and these results are reflected in the recent $4.5 million valuation increase.

Property Vacancy (by income)

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PERCENT
PROPERTY VACANT (m²) TOTAL NLA (m²)
VACANT (%)
9-19 Lake Street
7-19 Lake Street, Cairns QLD 2,405 14,575 16.50% 5%
7%
Occupied 93%
747 Lytton Road, Murarrie QLD 513 3,617 14%
Murarrie
1%
154 Varsity Parade, Varsity Lakes QLD 452 3,994 11% 154 Varsity Parade
2% 1%
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25 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

INSERT TITLE HERE

APPENDIX 3

GDF ASSETS

26 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

PORTFOLIO SUMMARY – PROPERTY

572 - 576 SWAN STREET, RICHMOND, VIC

436 ELGAR ROAD, BOX HILL, VIC

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Date acquired: Nov-07 Valuation: $33,500,000 Ownership interest: 100% NLA: 6,587m² Car spaces: 178

Occupancy: 100% WALE: 2.8 years Tenants: 2 NABERS: 5 star

Date acquired: Sept-07 Valuation: $19,400,000 Ownership interest: 100% NLA: 5,725m² Car spaces: 197

Occupancy: 100% WALE: 3.0 years Tenants: 3 NABERS: 2.5 star

27 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

PORTFOLIO SUMMARY – PROPERTY

7-19 LAKE STREET, CAIRNS, QLD

154 VARSITY PDE, GOLD COAST, QLD

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Date acquired: Jun-06 Occupancy: 81% Valuation (inc. land at Grafton St): $42,200,000 WALE: 3.0 years Ownership interest: 100% Tenants: 27 NLA: 14,956m² NABERS: 4.5 star Car spaces: 254

Date acquired: Aug-07 Valuation: $12,900,000 Ownership interest: 100% NLA: 3,994m² Car spaces: 130

Occupancy: 89% WALE: 2.6 years Tenants: 4 NABERS: 5.5 star

28 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

PORTFOLIO SUMMARY – PROPERTY

747 LYTTON ROAD, MURARRIE, QLD

12-14 THE CIRCUIT, BRISBANE AIRPORT, QLD

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Date acquired: May-07 Valuation: $14,100,000 Ownership interest: 100% NLA: 3,617m² Car spaces: 169

Occupancy: 86% WALE: 2.4 years Tenants: 4 NABERS: 5.5 star

Date acquired: Jan-07 Valuation: $22,400,000 Ownership interest: 100% NLA: 4,675m² Car spaces: 51

Occupancy: 100% WALE: 3.4 years Tenants: 1 NABERS: 5 star

29 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

PORTFOLIO SUMMARY – PROPERTY

69-79 DIESEL DRIVE, MACKAY, QLD

142 BENJAMIN PLACE, LYTTON, QLD

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Date acquired: Aug-16 Valuation: $29,500,000 Ownership interest: 100% NLA: 13,843m² Car spaces: N/A

Occupancy: 100% WALE: 12.5 years Tenants: 1 NABERS: Exempt

Date acquired: Sept-07 Valuation: $8,600,000 Ownership interest: 100% NLA: 5,677m² Car spaces: N/A

Occupancy: 100% WALE: 2.5 Tenants: 2 NABERS: Exempt

30 | GARDA DIVERSIFIED PROPERTY FUND FULL YEAR RESULTS PRESENTATION

DISCLAIMER

The information provided in and accompanying this presentation ( Presentation ) has been prepared on behalf of GARDA Capital Limited (ACN 095 039 366) ( GARDA ), and GARDA Funds Management Limited (ACN 140 857 405) (AFSL 398764) ( GFML ), in its capacity as responsible manager of the GARDA Capital Trust, a registered managed investment scheme with ARSN 150 164 720 (the Fund), together the GARDA Capital Group or GCM . The information and statements in this Presentation were prepared or are made only as of the date of this Presentation, unless otherwise stated.

This Presentation contains general and summary information about the current activities of the GARDA Capital Group. It does not purport to be complete, or contain all the information which would be relevant to existing or prospective investors of GCM. No member of the GARDA Capital Group or any of their related entities and their respective directors, employees, officers and advisers give any warranties in relation to the statements and information contained in or referred to in this Presentation.

This Presentation has been compiled from sources which the GARDA Capital Group believes to be reliable. However, it is not audited, and it is not a prospectus, product disclosure statement or other disclosure document as defined in the Corporations Act 2001 (Disclosure Document), and has not been lodged with the Australian Securities and Investments Commission. It is not, nor does it purport to be, complete or include all the information that a Disclosure Document may contain. Historical, financial and other ‘continuous disclosure’ information required by law can be found at the GARDA Capital Group’s website www.gardacapitalgroup.com. au and in the audited financial statements (also on the website). All references to dollars or $ in this document are to Australian currency.

Nothing contained in the Presentation constitutes investment, legal, tax or other advice. It is not an offer of securities, or a recommendation to buy or sell securities in GCM. It has been prepared for general information only, and without taking into account the investment objectives, financial situation or needs of individuals. Any existing or prospective investor should not rely on this Presentation, but consider the appropriateness of the information in a Disclosure Document, having regard to their own objectives, financial situation and needs and seek appropriate independent advice, including financial, legal and taxation advice appropriate to their jurisdiction. Neither GARDA nor GFML is licensed to provide financial product advice in respect of any securities, including the stapled securities comprising GCM. The GARDA Capital Group does not guarantee any particular rate of return or performance of GCM or any securities, nor do they guarantee the repayment of capital or any particular tax treatment.

This Presentation contains certain “forward looking statements” ( Forecasts ) with respect to the financial condition, results of operations and business relating to the GARDA Capital Group. These Forecasts may involve subjective judgments. The words “forecast”, “estimate”, “likely”, “anticipate”, “believe”, “expect”, “project”, “opinion”, “predict”, “outlook”, “guidance”, “intend”, “should”, “could”, “may”, “strategy”, “target”, “plan” and other similar expressions are intended to identify forwardlooking statements.

The Forecasts are by their very nature subject to significant and unknown risks, uncertainties, vagaries and contingencies, many (if not all) of which are outside the control of members of the GARDA Capital Group. Various risk factors may cause the actual results or performance of GCM to be materially different from any future results or performance expressed or implied by such Forecasts. There can be no assurance that any Forecasts are attainable or will be realised. No representation, warranty or guarantee, whether express or implied, is made or given by any member of the GARDA Capital Group that any Forecast will or is likely to be achieved. Except as required by law, the GARDA Capital Gro`up is not liable to release updates to the Forecasts to reflect any changes.

To the maximum extent permitted by law, any and all liability in respect of the Presentation and Forecast is expressly excluded, including, without limitation, any liability arising from fault or negligence, for any direct, indirect or consequential loss or damage arising whatsoever from the use of the information in this Presentation or otherwise arising in connection with it. GCM is listed on the ASX and all applicable obligations and restrictions contained in (without limitation) the Listing Rules and Corporations Act apply accordingly. The acknowledgements referred to above apply accordingly. The acknowledgements referred to above may be pleaded as a bar to any claim that a reader may bring.

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GARDA DIVERSIFIED PROPERTY FUND

FULL YEAR RESULTS PRESENTATION | 29 AUGUST 2016