QUALITAS LIMITED — Director's Dealing 2022

Jun 14, 2022

15 June 2022 Mr. Geraldi Mimery Advisor, Listings Compliance (Melbourne) Australian Securities Exchange Level 4, North Tower, Rialto 525 Collins Street MELBOURNE VIC 3000

Dear Mr. Mimery

Appendix 3Y – Change of Director's Interest Notice and correction

Attached is an Appendix 3Y for Andrew Fairley AM, a director of Qualitas Ltd (ASX:QAL) (Qualitas, QAL), with respect to units held in the Qualitas Real Estate Income Fund (ASX:QRI) (QRI Units) and a correction to ordinary shares held indirectly in QAL.

QRI Units

Recently Qualitas amended its securities trading policy with respect to QRI Units and other interests (Policy). The purpose of the Policy is to outline the protocols for trading in the Qualitas Real Estate Income Fund (ASX:QRI) or any other fund, company or entity which are managed by Qualitas and listed on the ASX and certain real property holdings. The Policy applies to the directors of Qualitas (Directors) and all employees and associates of the Qualitas group. It specifies that Directors must notify the company secretary of any dealing in QRI Units. The company secretary must then provide an Appendix 3Y notice to the ASX for Qualitas.

Accordingly, Qualitas includes in the attached Appendix 3Y the QRI Units held by Mr. Fairley AM to align the current holdings of Directors in QRI Units.

Correction to QAL Ordinary Shares

Qualitas self-identified an administrative error with respect to ordinary shares in QAL (Ordinary Shares) held indirectly by Mr. Fairley AM. The total number of indirect holdings of Ordinary Shares is correct, however the division between his two indirect entities was incorrect. The attached Appendix 3Y notes this correction.

Melbourne Office

Level 38, 120 Collins Street Melbourne VIC 3000 +61 3 9612 3900

Sydney Office Governor Macquarie Tower Level 23, 1 Farrer Place Sydney NSW 2000 +61 2 8073 0000

qualitas.com.au info@qualitas.com.au

Qualitas has ensured it has processes in place to ensure that Appendix 3Y's will be lodged correctly when required.

Yours faithfully

Terrie Morgan Company Secretary

Encl. Appendix 3Y – Andrew Fairley AM

Melbourne Office

Level 38, 120 Collins Street Melbourne VIC 3000 +61 3 9612 3900

Sydney Office Governor Macquarie Tower Level 23, 1 Farrer Place Sydney NSW 2000 +61 2 8073 0000

qualitas.com.au info@qualitas.com.au

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	Qualitas Limited (Company)
ABN	46 655 057 588

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	Andrew Fairley AM
Date of last notice	26 April 2022

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.

Directorindirect	Direct and indirect interests
interest
Natureofindirect	Ordinary shares in the Company (Ordinary Shares) registered in the name of
interest	Boroko Pty Ltd as trustee for the Fairley Super Scheme and Burnewang
(including registered	Holdings Pty Ltd as trustee for the Fairley Investment Trust and units in
holder)	Qualitas Real Estate Income Fund (ASX:QRI) (QRI Units) registered in the name
Note: Provide details of thecircumstances giving rise to	of Boroko Pty Ltd as trustee for the Fairley Super Scheme.
the relevant interest.
	Relevant interest arising under section 608(3) of the Corporations Act 2001
	(Cth) by virtue of the power to control the exercise of the right of Boroko Pty
	Ltd as trustee for the Fairley Super Scheme and Burnewang Holdings Pty Ltd as
	trustee for the Fairley Investment Trust to vote and dispose of the securities.
Date of change	9 June 2022 in accordance with an internal policy change of Qualitas Limited
	requiring Qualitas Limited directors to provide notice of Qualitas Real Estate
	Income Fund (ASX:QRI) Units (QRI Units) held and changes to number of QRI
	Units held (Policy).
	Further details of trading dates are outlined below.

+ See chapter 19 for defined terms.

No.ofsecuritiesheld prior to changeClass	1)80,000* Ordinary Shares registered in the name of Boroko Pty Ltd astrustee for the Fairley Super Scheme.2)127,400* Ordinary Shares registered in the name of Burnewang HoldingsPty Ltd as trustee for the Fairley Investment Trust.3)50,000 Ordinary Shares registered in the name of Andrew Fairley AM.*Corrected holdings by entity noted below. The total number of OrdinaryShares held by Andrew Fairley is unchanged.1)Ordinary Shares in the Company (Ordinary Shares)2)Units in Qualitas Real Estate Income Fund (ASX:QRI) (QRI Units)
Number acquired	107,229 QRI Units registered in the name of Boroko Pty Ltd as trustee for theFairley Super Scheme.
Number disposed	Nil
Value/Consideration	QRI Units:
Note: If consideration isnon-cash, provide details
and estimated valuation	Date	Description	Value/Consideration	Amount
	26-Mar-20	Security Purchase	$1.33	19,200
	17-Apr-20	Security Purchase	$1.38	36,195
	28-Apr-2028-Apr-20	Security Purchase	$1.37	6,642
	13-May-20	Security Purchase	$1.37	6,642
	27-Aug-20	Security Purchase	$1.35	14,500
	1-Sep-20	Security Purchase	$1.44	13,331
	7-Dec-21	Security Purchase	$1.45	42,219
		Security Sale	$1.60TOTAL	31,500107,229
No.ofsecuritiesheld after change	1)20,000* Ordinary Shares registered in the name of Boroko Pty Ltd astrustee for the Fairley Super Scheme.2)187,400* Ordinary Shares registered in the name of Burnewang HoldingsPty Ltd as trustee for the Fairley Investment Trust.3)50,000 Ordinary Shares registered in the name of Andrew Fairley AM.4)107,229 QRI Units registered in the name of Boroko Pty Ltd as trustee for
	the Fairley Super Scheme.* Corrected holdings by entity. The total number of Ordinary Shares held byAndrew Fairley AM is unchanged.

+ See chapter 19 for defined terms.

Nature of changeExample: on-market trade,off-market trade, exercise ofoptions, issue of securitiesunderdividendreinvestmentplan,participation in buy-back	1)2)	In response to the Policy change, this Appendix 3Y is being issued to notifyof QRI Units held by or on behalf of Andrew Fairley AM.In response to a self-identifiedadministration error, the number ofOrdinary Shares held by each of Boroko Pty Ltd as trustee for the FairleySuper Scheme and Burnewang Holdings Pty Ltd as trustee for the FairleyInvestment Trust are corrected. The total number of Ordinary Shares held isunchanged.

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
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to which
interest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailedabove traded during a +closed periodwhere prior writtenclearance was required?	No
If so, was prior written clearance provided to allow thetrade to proceed during this period?	N/A

+ See chapter 19 for defined terms.

If prior written clearance was provided, on what date was	N/A
this provided?

+ See chapter 19 for defined terms.