QUALITAS LIMITED — Director's Dealing 2025

Dec 14, 2025

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	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 Schwartz
Date of last notice	21 October 2025

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 indirectinterest	Direct and Indirect interests
Nature of indirectinterest(including registeredholder)Note: Provide details of thecircumstances giving rise tothe relevant interest.	1) Ordinary shares in the Company (QAL Ordinary Shares) (registered in the nameof QPP Holdings Pty Ltd as trustee for QPP Holdings (AJS) Trust).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 QPP Holdings PtyLtd as trustee for QPP Holdings (AJS) Trust to vote and dispose of the QALOrdinary Shares.2) Units in Qualitas Real Estate Income Fund (ASX:QRI) (QRI Units) registered in thename of Davtom Finance Pty Ltd.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 Davtom Finance PtyLtd to vote and dispose of the QRI Units.Notified in accordance with a Company internal policy requiring directors of theCompany to provide notice of QRI Units held and changes to number of QRI Unitsheld.
Date of change	11 December 2025 (Grant Date)

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No.ofsecuritiesheld prior to change	1) 53,159,246 fully paid QAL Ordinary Shares registered in the name of QPPHoldings Pty Ltd as trustee for QPP Holdings (AJS) Trust.2) 2,279,031 QAL Ordinary Shares registered in the name of Andrew Schwartz (theshares remain subject to a performance vesting period for the three-yearperformance period from 1 July 2023 to 30 June 2026) (FY24 Loan Shares).3) 1,878,904 QAL Ordinary Shares registered in the name of Andrew Schwartz (theshares remain subject to a performance vesting period for the three-yearperformance period from 1 July 2024 to 30 June 2027) (FY25 Loan Shares).4) 1,279,268 QRI Units registered in the name of Davtom Finance Pty Ltd.
Class	Ordinary shares in the Company (QAL Ordinary Shares)
Number acquired	1,250,529 issued by the Company under the Company’s Long Term Incentive LoanPlan (Loan Shares) registered in the name of Andrew Schwartz.
Number disposed	Nil
Value/ConsiderationNote: If consideration isnon-cash,providedetailsand estimated valuation	$3.7638 per QAL Ordinary Share.
No.ofsecuritiesheld after change	1) 53,159,246 fully paid QAL Ordinary Shares registered in the name of QPPHoldings Pty Ltd as trustee for QPP Holdings (AJS) Trust.2) 2,279,031 QAL Ordinary Shares registered in the name of Andrew Schwartz(FY24 Loan Shares).3) 1,878,904 QAL Ordinary Shares registered in the name of Andrew Schwartz(FY25 Loan Shares).4) 1,250,529 QAL Ordinary Shares registered in the name of Andrew Schwartz (theshares remain subject to a performance vesting period for the four-yearperformance period from 1 July 2025 to 30 June 2029).5) 1,279,268 QRI Units registered in the name of Davtom Finance Pty Ltd.

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Nature of change New issue of QAL Ordinary Shares to Andrew Schwartz, Group Managing Director of Example: on-market trade, the Company, in accordance with approval by the Company’s shareholders at the off-market trade, exercise of options, issue of securities Annual General Meeting held on 19 November 2025 ( Meeting ). under dividend reinvestment plan, participation in buy-back In accordance with the Company's Notice of Annual General Meeting 2025 ( Notice ), the shares were issued to satisfy the Grant of Loan Shares under the Company's Long Term Incentive Loan Plan as approved by shareholders at the Meeting. A performance vesting condition applies to the Loan Shares as set out in the Notice.

Shortly following the Meeting, the independent valuer provided a loan valuation of $4,706,743. The issue price of each Loan Share issued under the loan was determined by calculating the 5-day volume weighted average price (VWAP) immediately prior to the Grant Date.

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 change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required?

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3

Appendix 3Y Change of Director’s Interest Notice

If so, was prior written clearance provided to allow thetrade to proceed during this period?	N/A
If prior written clearance was provided, on what date wasthis provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 4

01/01/2011