• Pro rata non-renounceable entitlement offer of 1 new unit for every 5 existing units
• Offer price of $1.60 per new unit, representing a 2.1% discount to last closing price
• Proceeds to be invested into commercial real estate loans in line with investment mandate

The Trust Company (RE Services) Limited, as responsible entity of the Qualitas Real Estate Income Fund (QRI), and QRI Manager Pty Ltd, as investment manager, have announced a pro rata non-renounceable entitlement offer (Entitlement Offer) of 1 new unit for every 5 existing units at an offer price of $1.60 per new unit. The Entitlement Offer includes an oversubscription facility, and any new units not subscribed for under the Entitlement Offer will be offered to existing and new wholesale investors through a Shortfall Offer. The Offer Price represents a 2.1% discount to the last closing price of $1.64 on 11 February 2025 and a 2.8% and 3.4% discount to the 10-day and 30-day VWAP, respectively. The proceeds from the Offer will be invested by the Manager into identified commercial real estate (CRE) loans in accordance with the investment mandate of QRI and consistent with the Product Disclosure Statement. QRI's fund size has more than tripled since IPO, and the raise seeks to increase QRI's scale, which will provide unitholders with increased liquidity and portfolio diversification. The Manager continues to deliver monthly distributions for a well-diversified loan portfolio that is predominantly senior first mortgage and achieved strong performance with the Trust's 12-month net return and distribution return of 8.73% p.a. and 8.69% p.a. respectively as of 31 December 2024.

In a higher-for-longer interest rate environment, the Manager remains highly disciplined and selective, investing in only the most attractive risk-adjusted opportunities.