QUALITAS LIMITED — Investor Presentation 2021

Dec 15, 2021

QUALITAS (ASX: QAL) Listing Day – 16 December 2021

ANDREW SCHWARTZ Group Managing Director / Co-Founder / Chief Investment Officer

Qualitas Growth – proven ability to execute

Early establishment and investment in its institutional governance structure with a focus on building track record performance

Qualitas Milestone timeline

• Recent acceleration in FUM, benefitting from a scaleable platform in place for future growth
• Track record of matching investment opportunity with the right capital
• Focus on scalability while maintaining discipline and risk management

* Qualitas establishedin MelbourneSydney officeestablished			Launch of firstsingle asset fundFirst discretionarydebt fund launched$500m FUM		Launch ofConstruction fund$1bn FUM		Launch of QualitasReal Estate IncomeFund (ASX:QRI)Close of FoodInfrastructure Fund$2bn FUM		Launch ofQualitasBuild-to-RentImpact Fund$3bn FUM
● 2009● 20102008	$\bullet$ 2011	● 2012	● 2013	• 2014	● 2015	2016	● 2017	● 2018	$\bullet$ 2019	● 2020	• 2021
FirstMezzaninedebt fund:First equity deal withinvestments in NSW.TAS and QLD$100m FUM		First senior$debt$ deal		Launch ofOpportunityFund $1$ $\frac{1}{2}$		Launch ofPeer EstateLaunch of openended Senior DebtFundClose ofOpportunityFund 1 raisingInternationalmandate withAsian SovereignWealth Fund		Launch ofOpportunityFund $2$ $\frac{1}{2}$		16 December 2021:QALIPOFirst Build-To-RentDebt investmentClose of OpportunityFund 2 raisingQRI fund became4th largestLIT on ASXLaunch ofBuild to-RentEquity strategyLaunch of QualitasDiversified RealEstate Fund
										Launch of QualitasSenior Debt

Investment highlights

Notes: 1. Represents committed capital and IC approved investor mandates as at 31 October 2021 in which Qualitas provides investment management services to deploy into investments.

Value creation cycle – capital light funds management model

Strategically deploying balance sheet capital to 1) capture market opportunities by warehousing / bridging new asset(s) subsequently used to seed new fund strategies and 2) align with investors through co-investments

1 Identify scalable investment thematic

• Strong underlying fundamentals and returns
• Sector supported by investor demand
• Experience / track record to deliver on strategy

6

Repeat

• Identify new thematic / assets
• Leverage new track record / relationships
• Use recycled capital to seed new funds

5

Add additional assets to fund strategy

• Exploit newly created / expanded fund to secure further investments
• Attract additional investors and expand fund size
• Drive FUM growth

2

Secure / commit to opportunities

• Make financial commitments to acquire asset(s) / loan(s) investments
• Earn return from underlying investment whilst held on balance sheet

3

New asset(s) used to seed new funds / expand existing funds

• Fund raising can be accelerated given seed asset(s) in place
• Demonstrate 'skin in the game' and track record to capture opportunities

4

Raise external capital

• Sell-down seed asset(s) into fund
• Retain apx. 5% 10% of co-investment
• Earn transaction, warehousing and/or bridging fees
• Ongoing base management fees and potential performance fees
• Distributions / capital growth

Looking forward

• $172 million capital raising by our ASX-listed Qualitas Real Estate Income Fund (ASX:QRI)
• Achieved first capital raise close for the open ended wholesale Qualitas Diversified Real Estate Fund (QDREF) with the fund acquiring a partial interest in Runaway Bay Shopping Centre on the Gold Coast, partly underwritten by Qualitas
• Launch of the Qualitas Senior Debt Enhanced Fund (QSDEF) which builds on the success of the existing $766 million Qualitas Senior Debt Fund (QSDF)
• Established the Build-to-rent (BTR) Equity JV platform with fund coinvestment from Qualitas. Over $900m1 of the $1.2 billion1 is currently allocated to investments
• Continuing discussions with international and domestic institutions across key growth strategies in both private credit and equity

Disclaimer

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This presentation has been prepared by and its sole responsibility of Qualitas Limited. To the maximum extent permitted by law, the information contained in this presentation is given without any liability whatsoever to Qualitas Limited or any of its related entities (collectively "Qualitas") or their respective directors or officers, and is not intended to constitute legal, tax or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. The recipient should consult with its own legal, tax or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information.

The information in this presentation has not been independently verified by Qualitas to the maximum extent permitted by law. Qualitas disclaims any responsibility for any errors or omissions in such information, including the financial calculations, projections and forecasts set forth herein.

No representation or warranty is made by or on behalf of Qualitas that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved.

Please note that, in providing this presentation, Qualitas has not considered the objectives, financial position or needs of the recipient. The recipient should obtain and rely on its own professional advice from its tax, legal, accounting and other professional advisers in respect of the addressee's objectives, financial position or needs.

This presentation does not carry any right of publication. This presentation is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Qualitas. Neither this presentation nor any of its contents may be reproduced or used for any other purpose without the prior written consent of Qualitas.

The provision of this presentation to any person does not constitute an offer of securities or offer financial products to that person or an invitation to that person to apply for interests. The information in this presentation has been prepared without taking into account any investor's investment objectives, financial situation or particular needs. Before acting on the information the investor should consider its appropriateness having regard to their investment objectives, financial situation and needs and obtain their own legal, tax and investment advice.

Statements contained in this presentation may be forward looking statements. Such statements are inherently speculative and always involve some risk and uncertainty as they relate to events and depend on circumstances in the future, many of which are outside the control of Qualitas. Any forward-looking statements contained in this presentation are based on a number of assumptions which may prove to be incorrect, and accordingly, actual results or outcomes may vary. Past performance is not indicative of future returns.

The information contained in this document is not a complete analysis of every material fact regarding the market and any industry sector, a security, or a portfolio. Statements of fact cited by Qualitas have been obtained from sources considered reliable but no representation is made as to the completeness or accuracy. Because market and economic conditions are subject to rapid change, opinions provided are valid only as of the date of the material. Portfolio holdings and Qualitas' analysis of these issues, market sectors, and of the economic environment may have changed since the date of the material. Qualitas' opinions are intended solely to provide insight into how Qualitas analyses securities and are not a recommendation or individual investment advice for any particular security, strategy, or investment product.

The performance of an individual portfolio may differ from that of a benchmark, representative account or composite included herein for various reasons, including but not limited to, the objectives, limitations or investment strategies of a particular portfolio. Management fees will reduce the rate of return on any particular account or portfolios. All investments are subject to certain risks. Generally, investments offering the potential for higher returns are accompanied by a higher degree of risk. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty outside Qualitas' control.

Past performance is not a reliable indicator of future performance.