ISSUE DATE 19 January 2026
15
Benchmark
Statement Explanation Reference
Benchmark 8: Withdrawal arrangements Liquid schemes: N/A Non-liquid schemes: For non-liquid Schemes, the Responsible Entity intends to make withdrawal offers to Investors at least monthly.
For additional disclosure, see information on ASIC disclosure principle 8 on page 19 of this PDS.
This Benchmark is met.
N/R
ASIC disclosure principle 1 – Liquidity Liquidity is the measure of cash and cash equivalent assets as a proportion of the Fund’s total assets. A measure of the Fund’s liquidity is an indicator of the Fund’s ability to meet its short-term commitments as and when they fall due. Generally, a higher proportion of cash and cash equivalent assets means better liquidity and better ability for the Fund to meet its short- term commitments. As at 31 December 2025, the Fund had non- mortgage assets (being cash) equal to 34.49% of total assets – both issued and unissued. The composition and level of liquidity may change over time. GPS prepares cash flow estimates that: a. demonstrate the Fund’s capacity to meet its expenses, liabilities and other cash flow needs for the next 15 months, based on normal operating conditions; b. are updated at least every three months and reflect any material changes; and c. are approved by the directors of GPS at least every three months. GPS does not reasonably expect there to be any changes to the Fund’s expenses, liabilities and other cash flow needs that will adversely affect the current and future liquidity of the Fund. Expenses associated with a loan are met by the borrower and GPS meets usual Fund expenses, such as Custodian fees and audit costs, from its management fees. The Fund is a non-liquid scheme and therefore Investors will not be able to withdraw their investment in the Fund unless GPS makes a Withdrawal Offer. GPS intends to make Withdrawal Offers monthly and puts aside an amount of cash each month for this purpose. However, the ability to make Withdrawal Offers, and the amount available under any Withdrawal Offer, depends on loan pay-outs in that month. GPS intends to invest in loans that are either construction loans, residual stock facilities, or
landholding only loans having been assessed as a suitable risk for GPS. Therefore, GPS will only make Withdrawal Offers where the Fund has sufficient funds to do so and, to the extent Withdrawal Requests exceed the amount of any Withdrawal Offer, GPS will, in accordance with the Act, only satisfy Withdrawal Requests up to the amount available under the Withdrawal Offer. The Fund’s characterisation as a non-liquid scheme enables GPS to manage liquidity risks, including the risk associated with Investors seeking to withdraw funds from the Fund. GPS will only offer withdrawals where, and to the The Fund does not currently have any borrowings and does not currently intend to borrow. However, GPS may decide to borrow in the future to meet the Fund’s short-term cash flow needs. Any Fund borrowings must first be approved by the GPS board. ASIC disclosure principle 3 – Portfolio diversification Portfolio diversification measures the level of concentration risk in the portfolio of mortgages held by the Fund. Greater levels of diversification of mortgages by borrower, size, activity and geographical location lowers the risk that the Fund would suffer significant loss from default by any one borrower or class of borrowers. The Fund’s investment portfolio as at 31 December 2025 is set over the following pages. The maximum loan amount for a single Borrower at that date was $200,000. GPS intends to follow the loan model adopted for other funds operated by GPS, meaning that the Fund will provide the majority of its loans with an LVR between 60% and 70%. The Fund lends predominantly for the purpose of residential construction and development loans, and cash held in Australian banks. extent which, the Fund is able to do so. ASIC disclosure principle 2 – Fund borrowing
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