GARDA PROPERTY GROUP — Interim / Quarterly Report 2017

Feb 20, 2017

GARDA DIVERSIFIED PROPERTY FUND

HALF YEAR RESULTS PRESENTATION 21 FEBRUARY 2017

(ASX CODE: GDF)

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GDF AT A GLANCE

$183 MILLION

COMMERCIAL AND INDUSTRIAL PORTFOLIO ~$120 MILLION MARKET CAPITALISATION

3.8 YEARS

WALE[1,2]

8.13%

WEIGHTED AVERAGE CAP RATE

93%

OCCUPANCY[1]

33.5%

LVR[3,4]

$1.11

NTA PER UNIT

ALIGNED MANAGER

GARDA CAPITAL GROUP (ASX CODE: GCM) HOLDS 9% OF GDF UNITS

FY2017 DISTRIBUTION GUIDANCE /UNIT $0.094 PAID QUARTERLY

FY2017 PAYOUT RATIO GUIDANCE ~93%

1 WALE and occupancy as at 31 December 2016.

2 WALE includes a HOA for 2,003m2 for a pending vacancy in December 2017.

3 LVR calculated as total drawn debt facilities divided by total property assets.

• 4 33.5% LVR is a reflection of the repayment of $20 million and further draw of $1.5 million in January 2017.

2 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

OPERATIONAL HIGHLIGHTS

ACQUISITION (AUGUST 2016)

$29.5 million acquisition of industrial facility in Mackay on an initial yield of 7.7%¹.

CAPITAL MANAGEMENT – EQUITY (DECEMBER 2016)

Completion of a $20 million private placement at an 8% premium to the 5 day VWAP.

CAPITAL MANAGEMENT – DEBT (JANUARY 2017)

Repayment of $20 million floating rate debt facilities, reducing LVR to 32.6%[2,3] .

CAPITAL IMPROVEMENTS PROGRAM

Continued execution of the reinvestment into Cairns, Box Hill and Richmond assets with $3.9 million of value accretive CAPEX.

ASX PERFORMANCE

12% outperformance of the S&P/ASX 200 and 300 indices in the period 1 July 2016 to 15 February 2017.

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1 Based on GARDA Capital Group analysis on first year income from 1 August 2016 through to 31 July 2017. 2 LVR calculated as total drawn debt facilities divided by total property assets.

• 3 LVR subsequently increased to 33.5% following a $1.5 million draw to fund capital improvements program.

3 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

RESULTS - OVERVIEW

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31 DEC 2016 ($) 31 DEC 2015 ($) % MOVEMENT
Statutory Net Profit 3,589,000 3,390,000 5.9%
Adjustments:
Fair value movement in investment properties 1,685,000 590,000
Interest rate swaps mark to market (540,000) 491,000
Incentives amortisation and rent straight-line 442,000 (444,000)
Funds from operations (FFO) 5,176,000 4,027,000 28.5%
Distributions 4,844,000 4,276,000 13.3%
Distribution payout ratio 93.6% 106% [1]
Tax deferred component 53% 45%
31 DEC 2016 31 DEC 2015 % MOVEMENT
Total property assets $182,600,000 $140,650,000 29.8%
No. assets 8 7
Units on issue 112,322,972 95,933,072 [2]
NTA per unit $1.11 $1.02 8.8%
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1 Payout ratio for the entire FY2016 was 93.6% with H1FY2016 substantially higher at 106% due to a material rent free period that expired in November 2015. 2 Weighted average units on issue during the period with regard to the on market buy-back.

4 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

01 OPERATIONS

CAPITAL TRANSACTIONS - ACQUISITION

• On 19 August 2016, the Fund settled the acquisition of a modern industrial distribution facility for $29.5 million, acquired on an initial yield of 7.7%[1] .

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

• The three year old state of the art warehouse and distribution facility has a total NLA of 14,843m² and is located in the primary industrial suburb of Paget in Mackay. The building is approximately 8km from the Mackay CBD.

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

6 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

CAPITAL TRANSACTIONS

DIVESTMENT

• GDF is considering divesting the Brisbane Airport property located at 12-14 The Circuit, Brisbane Airport and is currently conducting an expressions of interest based sales campaign.

• This ten year old property has a current book value of $22.4 million.

• The property is fully let to the Commonwealth Government agency, the Civil Aviation Safety Authority, providing a secure cash flow with just under three years remaining on the lease.

• The asset is located in the growing Brisbane Airport Corporation commercial and retail precinct (Skygate) which demonstrates a low 2% vacancy resulting in lower incentives than many other Brisbane markets.

• Considering these positive attributes and the lack of quality stock it is possible that the market will show keen interest in pricing this asset.

ACQUSITION OUTLOOK

• GDF continues to seek opportunities to grow assets under management (AUM) in lower incentivised markets.

• GDF is seeking to improve diversification through:

• Reducing tenancy risk by reducing the reliance on individual tenants.

• Increasing weighting to the industrial sector.

• Increasing geographic diversification generally.

• GDF is specifically seeking:

• Industrial assets in Brisbane and Melbourne.

• Commercial office assets in Canberra and Melbourne.

• Individual asset values of $20 million - $50 million.

7 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

AT RISK INCOME AND LEASING

• FY2017 renewal risk is now fully mitigated following the 2,200m² Kuehne & Nagel renewal at the Lytton industrial property.

• FY2018 renewal risk is detailed in the graph below.

• Portfolio vacancy is located in Cairns, Murarrie and Varsity Lakes.

• Improved leasing interest is being shown for the Cairns asset however subdued conditions continue for Murarrie and Varsity Lakes.

LEASE EXPIRY PROFILE

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27%
24% [1]
23%
15%
4%
7%
VACANT FY2017 FY2018 FY2019 FY2020 FY2021 FY2022
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CASA 13%
Golder Associates 12%
QLD Government 8% Visy 2%
Spotless 4% Stella Asia 4%
Other 4% Serco 4%
Other 8%
Grant Thornton 3% Other 3%
FY2018 Expiry FY2019 Expiry FY2020 Expiry
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1 includes a HOA for 2,003m² for a pending vacancy in December 2017.

8 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

CAPITAL MANAGEMENT - EQUITY

• Net tangible assets (NTA) at 31 December 2016 of $1.11 per unit.

• Currently trading at $1.08[1] per unit representing a 2.7% discount to NTA.

• In December 2016, the Fund completed a $20 million private placement at a subscription price of $1.08, representing a 2.7% discount to NTA and an 8% premium to the 5 day VWAP.

• Following the placement, the GDF ASX trading price has increased from $0.99 to $1.08.

• Proceeds used to partially repay floating debt facility, reducing loan to value ratio (LVR) to 32.6% following repayment.

FY2017 GDF ASX PRICE

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1.09
1.07
1.05
1.03
$20m placement announced.
1.01
0.99
Mackay acquisition announced.
0.97
0.95
7/7/16 8/7/16 15/7/16 22/7/16 29/7/16 5/8/16 12/8/16 19/8/16 26/8/16 2/9/16 9/9/16 16/9/16 23/9/16 30/9/16 7/10/16 14/10/16 21/10/16 28/10/16 4/11/16 11/11/16 18/11/16 25/11/16 2/12/16 9/12/16 16/12/16 23/12/16 30/12/16 6/1/17 13/1/17 20/1/17 27/1/17 3/2/17 10/2/17
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1 ASX closing price as at 15 February 2017.

9 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

CAPITAL MANAGEMENT: DEBT

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SENIOR DEBT FACILITY
Drawn [ 1] Limit
Senior Debt $61.1m $83.6m
SENIOR DEBT FACILITY - COVENANTS
Actual Covenant
LVR 33.5% 46%
Interest Cover Ratio 5 times 2.5 times
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• Repayment of $20 million in January 2017 reducing LVR from 43.6% to 32.6%.

• A $1.5 million draw was completed in January 2017 to finance the ongoing capital improvements program, increasing LVR to 33.5%.

• Current acquisition capacity of up to $35 million.

• Weighted average cost of debt has risen to 3.73%[2] as a result of the repayment of variable debt facilities.

• Weighted average debt term on the drawn and undrawn facility is 1.86 years.

DEBT MATURITY

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$50.0 3.0
$42.6 $42.6
2.5
$40.0
2.0
$30.0
$20.7 $20.3 1.5
$18.5
$20.0
1.0
$10.0
0.5
$0
$- -
1 2 3
Facility Limit ($m) Drawn ($m)
Term Remaining (years)
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DRAWN DEBT STRUCTURE

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$15,500,000
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• 1 Debt currently drawn as at 15 February 2017. 2 Total interest costs include fixed rate and variable rate components as at 04 January 2017 .

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Fixed Variable
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10 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

CAPITAL IMPROVEMENTS PROGRAM

• The capital improvements program continued in H1FY2017 with approximately $3.9 million invested as follows:

• $2.0 million at Lake Street, Cairns

• $0.7 million at Elgar Road, Box Hill

• $1.2 million at Swan Street, Richmond

• The reinvestment in Lake Street, Cairns is expected to continue at a similar rate in H2FY2017 with planned work at Swan Street ($0.5 million) and Elgar Road ($0.2 million) expected to be completed in FY2017.

• The FY2016 external valuations accounted for the capital improvements program.

• There is limited ‘maintenance capex’ required across the portfolio.

CAPITAL IMPROVEMENT PROGRAM – FY2017

7-19 LAKE STREET CAIRNS

• A full lift replacement at Cairns is currently underway including destination lift controls. Additionally lift lobby and amenities upgrades, external building painting and weather proofing, plant and generator room upgrades are being undertaken.

• A refurbishment of the Cairns main foyer and associated external entry area is currently being considered.

436 ELGAR ROAD, BOX HILL

• Base building showers and bathrooms and level 1 amenities have recently been completed

• Full lift replacement is also being undertaken and expected to be completed by June 2017.

572 SWAN STREET, RICHMOND

• Roof and terrace membrane works are due to be completed in March 2017 as part of an ongoing building warranty matter.

11 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

GDF V S&P/ASX 200 A-REIT AND S&P/ASX 300 A-REIT

• 12.5% outperformance of the S&P/ASX A-REIT 200 index for the period 1 July 2016 through to 15 February 2017.

• 12.3% outperformance of the S&P/ASX A-REIT 300 index for the period 1 July 2016 through to 15 February 2017.

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GDF.ASX XPK.ASX XPJ.ASX
110%
105%
100%
95%
90%
85%
80%
01 Jul 16 22 Jul 16 12 Aug 16 02 Sep 16 23 Sep 16 14 Oct 16 04 Nov 16 25 Nov 16 16 Dec 16 11 Jan 17 02 Feb 17
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Sources: Miraqle by Orient Capital as at 15 February 2017.

12 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

GDF V AREIT PEERS

FORECAST FY2017 EPU YIELD (%)

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9.6%
8.7%
7.9% 8.1% 8.2%
8.3%
7.1%
CUA CIP AOF CMA IDR GDF
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PREMIUM/(DISCOUNT) TO NTA

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9%
0% 1%
1%
AOF IDR CIP
CUA CMA
-1% -1%
GDF
-3%
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FORECAST FY2017 DPU YIELD (%)

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8.7%
7.1% 7.2% 7.6% 7.7% 7.9%
7.7%
CUA AOF CMA IDR CIP GDF
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GEARING (%)

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GEARING (%) 43%
35%
28% 34% 34%
32%
20%
CUA AOF GDF CMA IDR CIP
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Sources: Morgans, company data, factset consensus estimates as at 15 February 2017.

13 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

02 THE FUND

STRATEGY AND FY2017 OBJECTIVES

STRATEGY

• The Fund’s purpose 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% LVR although will operate up to 45% LVR as required to enable acquisitions.

• 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 FY2018 and FY2019 (no lease expiry for the remainder of FY2017);

• Reducing vacancy in the portfolio and associated lost income; and

• Continue the capital improvements program.

• Continue to grow AUM and improve diversification through:

• Reducing tenancy risk by reducing the reliance on individual tenants;

• Increasing weighting to the industrial sector; and

• Increasing geographic diversification generally.

15 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

FY2017 OUTLOOK AND DISTRIBUTION GUIDANCE

DISTRIBUTIONS

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

• FY2017 forecast payout ratio of approximately 93%.

• Current trading price of $1.08[1] , reflects a distribution yield of 8.7%.

OUTLOOK

• GDF will seek opportunities to grow AUM in lower incentivised markets.

• GDF is specifically seeking:

• Industrial assets in Brisbane and Melbourne;

• Commercial office assets in Canberra and Melbourne; and

• Individual asset values of $20 million - $50 million.

• The improving inner east (Richmond) Melbourne market provides a favourable backdrop to the continuing Golder Associates lease renewal discussions.

• The HOA for the impending 2,003m² January 2018 Box Hill vacancy demonstrates the improving Box Hill market and the positive impact of the capital reinvestment program.

• As anticipated the Murarrie office market (suburban Brisbane) continues to experience weak conditions potentially as a result of the continuing high vacancy and incentive rates emanating from the weak Brisbane CBD.

• GDF will continue the capital improvements program with approximately $2.5 million anticipated to be invested in H2FY2017.

1 ASX close price as at 15 February 2017

16 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

03 GDF PORTFOLIO

DIVERSIFIED PORTFOLIO

PORTFOLIO INCOME (by location)

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

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

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BRISBANE
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GOLD COAST 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 25%
Gold Coast 7%
Mackay 12% Cairns 26%
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PORTFOLIO INCOME (by sector)

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MELBOURNE
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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 16%
Commercial 84%
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18 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

WALE AND OCCUPANCY

FY2018 lease renewals provide an opportunity to materially improve portfolio WALE.

12.0 WALE by income (Years) 4.3[1] 1 3.8 2.9 2.9 2.5 2.1 2.2 1.9 7-19 Lake Street, 747 Lytton Road, 154 Varsity 142 Benjamin 12-14 The Circuit, 436 Elgar Road, 572-576 Swan 69-79 Diesel Portfolio Total Cairns Murarrie Parade, Varsity Place, Lytton Brisbane Airport Box Hill Street, Richmond Drive, Mackay Lakes

OCCUPANCY by income

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100% 100% 100% 100% 100%
93%
90%
86%
83%
7-19 Lake Street, 747 Lytton Road, 154 Varsity 142 Benjamin 12-14 The Circuit, 436 Elgar Road, 572-576 Swan 69-79 Diesel Portfolio Total
Cairns Murarrie Parade, Varsity Place, Lytton Brisbane Airport Box Hill Street, Richmond Drive, Mackay
Lakes
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1 WALE includes a HOA for 2,003m² for a pending vacancy in December 2017.

19 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

PROPERTY AND TENANTS

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PORTFOLIO INDEPENDENT NABERS
PROPERTY PORTFOLIO AGE NLA (m [2] ) CAP RATE (%)
VALUE (%) VALUATION¹ (STARS)
Office (79% by value)
572-576 Swan Street, Richmond 18% 8 6,587 7.50% $33,500,000 5
436 Elgar Road, Box Hill 11% 29 5,725 8.50% $19,400,000 2.5
7-19 Lake Street, Cairns (inc. Grafton St land) 23% 28 14,956 8.50% $42,200,000 4
12-14 The Circuit, Brisbane Airport 12% 10 4,675 8.60% $22,400,000 5
Bldg 2, 747 Lytton Road, Murarrie 8% 9 3,617 8.39% $14,100,000 5.5
154 Varsity Parade, Varsity Lakes 7% 8 3,994 8.50% $12,900,000 5.5
Industrial (21% by value)
142-150 Benjamin Place, Lytton 5% 10 5,677 8.25% $8,600,000 N/A
69-79 Diesel Drive, Mackay 16% 3 13,843 7.75% $29,500,000 N/A
Totals 100% 59,074 8.13% $182,600,000 4.43
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1 Independent valuations as at June 2016.

20 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

PROPERTY AND TENANTS (continued)

TOP 10 TENANTS (INCOME)

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Commonwealth Govt. 14%
(CASA)
Golder Associates 13%
J. Blackwoods & Sons 12%
QLD State Govt. 8%
(Transport & Main Roads)
Fulton Hogan 5%
Spotless 5%
5%
CGI
Stellar Asia Pacific 4%
Serco 4%
Planet Innovations 3%
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21 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

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APPENDIX 1 FINANCIAL INFORMATION

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INCOME STATEMENT

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31 DEC 2016 31 DEC 2015
INCOME STATEMENT
$000’S $000’S
Property rental income 9,441 8,493
Property expenses (2,557) (2,401)
Trust level expenses (874) (769)
Finance costs (1,276) (852)
Net profit/(loss) of financial liabilities
held for fair value through profit 540 (491)
and loss
Fair value movement in investment
(1,685) (590)
properties
Net profit 3,589 3,390
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• Profit attributable to unitholders of $3.6 million, a 5.9% increase on the corresponding period.

• As a result of the industrial property acquired in August 2016, and the lower rent free incentive levels compared to the previous period, GDF received an increase in property rental income of approximately $1 million.

• Finance costs are higher as a result of the $29.5 million acquisition in August 2016 being fully debt funded.

• Fair value movement in investment properties is the write off of stamp duty and other acquisition costs associated with the Blackwoods acquisition.

23 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

FUNDS FROM OPERATIONS (FFO)

FUNDS FROM OPERATIONS	FUNDS FROM OPERATIONS	FUNDS FROM OPERATIONS
	31 DEC 2016 $000’S	31 DEC 2015 $000’S
Net proft 3,589 3,390
Adjustments:
Fair value movement in investment properties 1,685 590
Net (gain)/loss on fair value of derivative fnancial instrument (540) 491
Incentives amortisation and rent straight-line 442 (444)
Funds From Operations (FFO) 5,176 4,027
Distributions Paid 4,844 4,276
Payout Ratio 93.6%

• FFO of $5.2 million, representing a 28.5% increase on the prior period FFO of $4.0 million.

• Increase in FFO is a result of additional lease revenue during the year following the acquisition of the Mackay industrial property in August 2016 and the lower rent free incentive levels in the current half year in comparison to the prior half year.

• Distributions of $4.84 million, representing 4.7 cents per unit, in line with full year guidance of 9.4 cents per unit.

24 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

BALANCE SHEET

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31 DEC 2016 30 JUNE 2016
BALANCE SHEET
$000’S $000’S
Assets
Cash and cash equivalents 22,156 2,526
Trade and other receivables 415 318
Investment properties 186,529 153,527
Total Assets 209,100 156,371
Liabilities
Trade and other payables 1,507 1,481
Borrowings (current & non-current) 79,417 45,380
Distribution payable 2,663 2,121
Tenant security deposits 274 274
Derivative financial instruments 588 1,127
Total Liabilities 84,449 50,383
Net Assets 124,651 105,988
Units on issue 112,322,972 93,804,456
NTA per unit $1.11 $1.13
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• Cash has increased $20 million on the prior period as a result of proceeds from the $20 million private placement completed in December 2016.

• Investment properties increased $29.5 million following the acquisition of the Blackwood’s distribution property in Mackay during August 2016.

• Combined, total assets increased during the period by $52.7 million.

• Distributions payable increased for the period ending December 2016 as a result of the issue of 18.5 million units in the placement being entitled to the December quarter distribution.

• Borrowings increased $34 million as a result of the Mackay acquisition being fully debt funded and the capital improvements program throughout the half year. Note that $20 million in cash has been applied to reduce borrowings in January 2017.

• NTA decreased during the period from $1.13 to $1.11 per unit as a result of the expensing of the acquisition costs for the Mackay acquisition.

25 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

APPENDIX 2 GDF ASSETS

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: 2.2 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: 4.3 years[1] Tenants: 3 NABERS: 2.5 star

1 WALE includes a HOA for 2,003m² for a pending vacancy in December 2017.

27 | GARDA DIVERSIFIED PROPERTY FUND HALF 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 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: 2.9 Tenants: 2 NABERS: Exempt

28 | GARDA DIVERSIFIED PROPERTY FUND HALF 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: 1.9 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: 2.9 years Tenants: 1 NABERS: 5 star

29 | GARDA DIVERSIFIED PROPERTY FUND HALF 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: 83% Valuation (inc. land at Grafton St): $42,200,000 WALE: 2.5 years Ownership interest: 100% Tenants: 27 NLA: 14,956m² NABERS: 4 star Car spaces: 254

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

Occupancy: 90% WALE: 2.1 years Tenants: 4 NABERS: 5.5 star

30 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

INSERT TITLE HERE

DISCLAIMER

This presentation (Presentation) has been prepared on behalf of GARDA Capital Limited (ACN 095 039 366) (AFSL 246714) (GARDA) as responsible entity of the GARDA Diversified Property Fund (GDF or the Fund) . 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 and GDF. It also does not purport to be complete or contain all information which would be relevant to existing or prospective investors of GDF. No member of GARDA 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 GARDA believes to be reliable. However, it is not audited, and is not a product disclosure statement (PDS) or other disclosure document as defined in the Corporations Act 2001, and has not been lodged with the Australian Securities and Investments Commission (ASIC) . It is not, nor does it purport to be, complete or include all the information that a PDS or other disclosure document may contain. Historical financial and other ‘continuous disclosure’ information required by law can be found at the GARDA website www.gardacapital.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 units in GDF. 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 any PDS or other public sources having regard to their own objectives, financial situation and needs and seek appropriate advice, including financial, legal and taxation advice appropriate to their jurisdiction. GARDA is not licensed to provide financial product advice in respect of any securities, including units in GDF. Neither GARDA nor the Fund guarantee any particular rate of return or the performance of the Fund, 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 GARDA Group and the Fund. 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 nature subject to significant and unknown risks, uncertainties, vagaries and contingencies, many (if not all) of which are outside the control of members of GARDA. Various risk factors may cause the actual results or performance of GARDA or the Fund 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 that any Forecast will or is likely to be achieved. Except as required by law, neither GARDA nor the Fund is 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 any Forecast) is expressly excluded, including, without limitation, any liability arising from fault or negligence, for any direct, indirect or consequential loss or damage arising from any loss whatsoever arising from the use of the information in this Presentation or otherwise arising in connection with it. GDF is listed on the ASX and all applicable obligations and restrictions contained in (without limitation) the Listings Rules and Corporations Act apply accordingly. The acknowledgements referred to above may be pleaded as a bar to any claim that any reader may bring.

31 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION

GARDA DIVERSIFIED PROPERTY FUND

HALF YEAR RESULTS PRESENTATION | 21 FEBRUARY 2017