GARDA PROPERTY GROUP — Capital/Financing Update 2022

Nov 7, 2022

==> picture [114 x 24] intentionally omitted <==

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

8 November 2022

ASSET SALE AND RE-VALUATIONS

• Disposal : Mackay (industrial) to be sold for $35.5 million

• Valuations :

3.3% ($1.5m) increase in Box Hill (office) valuation to $47.0 million 2.4% (-$2.25m) decrease in Cairns (office) valuation to $87.8 million

• Balance sheet : 31 October 2022[1] pro forma NTA of $2.02 per security 31 October 2022[1] pro forma gearing of 33.9%

Mackay disposal

GARDA has agreed terms to dispose 69 Diesel Drive, Mackay to a wholly owned subsidiary of Centuria Capital Group (ASX: CNI) for $35.5 million, a 9.4% ($3.7 million) discount to current book value of $39.2 million.

Completion is currently scheduled for 8 December 2022, with the net sale proceeds to be applied to reduce drawn debt to $235 million.

Independent valuations

Independent valuations have been instructed for three office assets located at Box Hill, Cairns and Hawthorn East Cairns, for 31 December 2022 financial reporting.

• Box Hill, a 5,702m² single tenant property with an 8.4-year WALE was valued at a capitalisation rate of 4.75% for $47.0 million, an increase of 3.3% or $1.5 million.

• Cairns, a ~15,000m² office property with a 4.1-year WALE was valued at $87.75 million, a decrease of 2.4% or $2.25 million.

• Hawthorn East is currently being valued with the final valuation expected in early December 2022.

All other assets are due to be valued by April and May 2023.

Balance Sheet

Subject to the successful completion of the Mackay disposal and the adoption of independent valuations for Box Hill and Cairns, GARDA’s 31 October 2022 unaudited pro-forma NTA per security was $2.02 per security and gearing 33.9%.

At the closing price of $1.405 on 7 November 2022, GARDA’s securities are trading at a 30.4% discount to 31 October 2022 pro-forma NTA per security.

• END –

Page 1 of 2

==> picture [80 x 16] intentionally omitted <==

Authorised for release by: Matthew Madsen (Executive Chairman)

For more information please contact:

Paul Brown

Head of Treasury and Investor Relations GARDA Property Group Phone: 07 3002 5362 pbrown@gardaproperty.com.au

Page 2 of 2