GARDA PROPERTY GROUP — Director's Dealing 2019

Dec 5, 2019

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity:

GARDA Property Group (comprising: GARDA Holdings Limited ACN 636 329 774 and GARDA Capital Limited ACN 095 039 366 as responsible entity of the GARDA Diversified Property Fund ARSN 104 391 273)

As stated

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Matthew Madsen
Date of last notice	20/12/2017 (for GDF)27/11/2019 (for GHL)

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving riseto the relevant interest.	Stapled securities held by:1. MB & PM Madsen as trustees for MB & PM MadsenSuper Fund (direct interest).2. Madsen Nominees Pty Ltd as trustee for MB & PMMadsen Family Trust (sections 608(2) and (3) apply)
Date of change	29/11/2019
No. of securities held prior to change	146,401
Class	Fully paid ordinary stapled securities
Number acquired	8,843,006 in total
Number disposed	Nil

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/ConNote: If conand estimate	siderationsideration is non-cash, provide detailsd valuation	1.6 new stapled securities were issued for each Gsecurity acquired by GARDA Property Group purs“Internalisation”, as described in the notice of mexplanatory memorandum dated 4 October 2019GARDA Capital Limited as responsible entity ofDiversified Property Fund (Meeting Booklet).valuation is in accordance with the independent excontained in section 9 of the Meeting Booklet.	CM stapleduant to theeeting andissued bythe GARDAEstimatedpert’s report
No. of sec	urities held after change	8,989,407
Nature ofExample:oexercise ofdividend reiback	changen-markettrade,off-markettrade,options, issue of securities undernvestment plan, participation in buy-	Issue of stapled securities upon implementatInternalisation as described in the Meeting Booklet	ion of the.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Detail of contract	N/A	N/A
Nature of interest		N/A
Name of(if issued	registered holdersecurities)	N/A
Date of c	hange	N/A
No. andinterest rNote: Detailrelation to w	class of securities to whichelated prior to changes are only required for a contract inhich the interest has changed	N/A
Interest a	cquired	N/A
Interest d	isposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation		N/A
Interest after change		N/A

Part 3 –[+] Closed period

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No – interests issued underInternalisation on terms applicableto all securityholders and approvedby the board
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

01/01/2011 – Appendix 3Y

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