PRODUCT DISCLOSURE STATEMENT - qualitas.com.au

1 RESPONSIBLE ENTITYMANAGERCO-MANAGERLEAD MANAGER AND LEAD ARRANGERQ ualitas Real Estate Income FundARSN 627 917 971 PRODUCT DISCLOSURE STATEMENTI mportant informationThis PRODUCT DISCLOSURE STATEMENT contains important information for you as a prospective investor and requires your immediate attention. It should be read in its entirety. If you have any questions as to its contents or the course you should follow, please consult your stockbroker, accountant, solicitor or other professional advisor 075 071 466 AFSL 234 666 ACN 125 338 785 AFSL 318 075 IMPORTANT NOTICESThe Qualitas Real Estate Income Fund ARSN 627 917 971 (Tr us t) is an Australian registered managed investment document is a PRODUCT DISCLOSURE STATEMENT (PDS) for the purposes of Part of the Corporations Act 2001 (Cth) (Corporations Act).

2 This PDS is issued by The Trust Company (RE Services) Limited ACN 003 278 831 AFSL 235 150 as responsible entity of the Tr u s t (Responsible Entity) (referred to in this PDS as we , our and us ).The Responsible Entity is a member of the Financial Services Council (FSC) and complies with the standards of the FSC (FSC Standards) including FSC Standard No. 1: Code of Ethics & Code of Conduct. However, it has appointed service providers to provide certain services in relation to the Trust, some of which may not be members of the FSC.

3 Where a service provider is a member of the FSC, the Responsible Entity has taken reasonable steps to ensure that the service provider will comply with all FSC Standards in providing the services in relation to the Trust. Where a service provider is not a member of the FSC, prior to the appointment of the service provider, the Responsible Entity has undertaken all appropriate and reasonable due diligence, establishes and maintains compliance monitoring, and complies with all applicable laws in relation to the appointment.

4 Accordingly, you may not receive the full benefit or protection of the FSC Standards in relation to any services which are delegated to or provided by a service PDS is dated 8 October 2018 and was lodged with the Australian Securities and Investments Commission (ASIC) on that date. This PDS is an invitation to acquire units (each a Unit) in the Trust. The Trust will apply to Australian Securities Exchange Limited (ASX) within seven days after the date of this PDS for admission of the Trust to the Official List and quotation of the Units on the ASX.

5 None of ASIC, ASX or their respective officers take any responsibility for the contents of this PDS or the merits of the investment to which this PDS relates. No Units will be allotted, issued or sold on the basis of this PDS later than 13 months after the date of this Units shall be prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

6 References to the Trust and the BoardIn this PDS, the term the Trust is used to refer to the Trust. The Trust is a registered managed investment scheme established under the Corporations otherwise stated, references to the Board in this PDS are references to the board of directors of the Responsible Entity (Directors).Note to ApplicantsThis document is important and requires your immediate attention. It should be read in its entirety. You may wish to consult your professional advisor about its person is authorised to give any information or make any representation in connection with the Offer which is not contained in this PDS.

7 Any information or representation not contained in this PDS may not be relied on as having been authorised by the Responsible Entity or its Directors. You should rely on information in this PDS information contained in this PDS is not financial PRODUCT advice and have been prepared without taking into account the investment objectives, financial situation or particular needs of any prospective investor. It is important to read this PDS carefully and in full before deciding whether to invest in the Trust. In particular it is important that, in considering this PDS, you consider the risk factors that could affect the financial performance of the Trust and your investment in the Units.

8 You should carefully consider these factors in light of your personal circumstances (including financial and taxation issues) and seek professional advice from your accountant, stockbroker, lawyer or other professional advisor before deciding whether to invest. Some of the risk factors that should be considered by prospective Unitholders are set out in Section person named in this PDS, nor any other person, guarantees the performance of the Trust, the repayment of capital by the Trust, or the payment of a return on the PeriodThe Corporations Act prohibits the processing of applications to subscribe for Units under this PDS (Applications) in the seven-day period after the lodgement of this PDS (Exposure Period).

9 This period may be extended by ASIC for a further seven Exposure Period is to enable this PDS to be examined by potential Unitholders prior to the raising of funds. The examination may result in the identification of deficiencies in this PDS. If deficiencies are detected, the Responsible Entity will provide a supplementary or replacement PDS which corrects any deficiency. Applications received during the Exposure Period will not be processed until after the expiry of the Exposure Period. No preference will be given on Applications received during the Exposure a copy of this PDSThis PDS is available to Australian investors in electronic form at the Trust Website: The Offer constituted by this PDS is available only to persons within Australia, New Zealand, Hong Kong, Singapore, Canada and Israel (subject to restrictions applicable to investors in Hong Kong, Singapore, Canada and Israel).

10 It is not available to persons in other jurisdictions (including in the United States). Persons having read a copy of this PDS in electronic form may, before the Closing Date, obtain a paper copy of this PDS (free of charge) by telephoning 1300 420 177 within Australia or +612 8022 8575 from outside Australia during the Offer may be made through the online Application available at or on an Application Form attached to or accompanying this PDS. Refer to Section 2 for further InformationSection 10 sets out in detail financial information referred to in this PDS (Financial Information).