CENTURIA CAPITAL GROUP — Annual Report 2021

Aug 10, 2021

UNLISTED: BLOOMFIELD MEDICAL CENTRE, ORANGE, NSW

LISTED: 2 WOOLWORTHS WAY, WARNERVALE, NSW

UNLISTED: CENTURIA GOVERNMENT ​INCOME PROPERTY FUND, FOOTSCRAY, VIC

UNLISTED: 27 NEALES ROAD, EAST TAMAKI, AUCKLAND UNLISTED: EXCHANGE TOWER, 2 THE ESPLANADE, PERTH, WA

==> picture [98 x 404] intentionally omitted <==

Centuria Capital Group

FY21 RESULTS

ASX: CNI | 11 AUG 2021

==> picture [124 x 49] intentionally omitted <==

----- Start of picture text -----

C E N T U R I A C A P I T A L G R O U P A S X : C N I
----- End of picture text -----

1

Acknowledgement of Country

Our group manages property throughout Australia and New Zealand. Accordingly, Centuria pays its respects to the traditional owners of the land in each country, to their unique cultures and to their elders past and present.

Agenda

1. Group Overview

2. Financial Results

3. Divisional Overview

4. Strategy & Outlook

5. Appendices

2

LISTED: ARNOTT’S, GALWAY AVE, MARLESTON, SA

C E N T U R I A C A P I T A L G R O U P A S X : C N I

==> picture [98 x 404] intentionally omitted <==

SECTION ONE Group Overview

ASX:CNI

C E N T U R I A C A P I T A L G R O U P A S X : C N I

3

UNLISTED: CIP: 23-41 GALWAY AVENUE, MARLESTON, SA1 WILLIAM STREET, PERTH, WA

A leading Australasian real estate funds manager

Included in the S&P/ASX200 Index

bn $17.4

GROUP AUM

$1.1bn ON BALANCE SHEET

==> picture [572 x 11] intentionally omitted <==

$250m CASH ON HAND

$16.5bn REAL ESTATE AUM[1]

==> picture [445 x 7] intentionally omitted <==

$5.5bn LISTED REAL ESTATE

$11.0bn UNLISTED REAL ESTATE

==> picture [217 x 6] intentionally omitted <==

==> picture [214 x 7] intentionally omitted <==

$3.1bn $2.1bn $0.3bn $7.9bn $1.6bn $1.5bn CENTURIA CENTURIA ASSET PLUS SINGLE MULTI ASSET MULTI ASSET INDUSTRIAL REIT OFFICE REIT LIMITED ASSET CLOSED ENDED OPEN ENDED ASX: CIP ASX: COF NZX: APL FUNDS FUNDS FUNDS

$0.9bn INVESTMENT BONDS

==> picture [109 x 7] intentionally omitted <==

CENTURIA LIFE CENTURIA INVESTMENT BONDS GUARDIAN FRIENDLY SOCIETY

CENTURIA OFFICE (ASX:COF) $240m (19.9%)[2] CENTURIA INDUSTRIAL (ASX:CIP) $350m (17.1%)[2] ASSET PLUS $612m $22m (19.9%) (NZX:APL) [2] PRIMEWEST UNLISTED REAL ESTATE $30m CENTURIA UNLISTED REAL ESTATE AND DEBT $162m CENTURIA PROPERTIES $246m HELD FOR DEVELOPMENT $54m

Note: AUM as at 30 June 2021. All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled

1. Based on the respective close prices for COF, CIP and APL at Wednesday, 30 June 2021. Includes ownership by associates of Centuria Capital Group

C E N T U R I A C A P I T A L G R O U P A S X : C N I 4

Delivering strong growth and creating value across the platform

==> picture [37 x 38] intentionally omitted <==

$17.4bn Group AUM 98% growth over FY21

11.0cps 61.8% FY22 DPS 12 month total guidance securityholder return[1]

13.2 cps FY22 OEPS guidance

FY22 DPS guidance

S&P/ASX200 Index +27.8% S&P/ASX200 AREIT Index +33.2%

+10% increase +10% increase above FY21 OEPS above FY21 DPS

12.0 cps FY21 OEPS[2 ] +9.1% increase over original FY21 guidance midpoint of 11.0 cents[3]

10.0 cps FY21 DPS +17.6% increase over original FY21 guidance of 8.5cps[4]

==> picture [41 x 39] intentionally omitted <==

==> picture [38 x 38] intentionally omitted <==

$2.5bn $1.9bn $1.5bn FY21 gross real estate Development FY21 valuation acquisitions pipeline[5] increase Record 12-month period

1. Source: Moelis Australia. Based on movement in security price from ASX closing on 1 July 2020 to ASX closing on 30 June 2021 plus distributions per security paid during the respective period(s) assuming re-investment of all distributions. Past performance is not a reliable indicator of future performance

2. Operating EPS (OEPS) is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities

3. Initial FY21 operating EPS guidance of 10.5 – 11.5 cents announced on 12 August 2020. Upgraded FY21 EPS guidance range of 11.5-12.5cps announced on 22 October 2020

4. Initial FY21 Distribution per security (DPS) guidance of 8.5 cents announced on 12 August 2020. FY21 DPS guidance upgraded to 9.0cps on 22 October 2020. FY21 DPS guidance upgraded to 10.0cps on 10 February 2021

5. Development projects and development capex pipeline, including fund throughs

C E N T U R I A C A P I T A L G R O U P A S X : C N I

5

A record year of Group expansion

Strong performance in COVID-19 backdrop

==> picture [335 x 301] intentionally omitted <==

----- Start of picture text -----

CORPORATE
CNI FY21 EARNINGS & DISTRIBUTIONS
GROUP AUM EXPANSION TO $17.4bn
(FY21 +98%) Strong corporate acquisition contributions
INCREASED MARKET RELEVANCE
REAL ESTATE
AUM EXPANSION
GROWTH & MARKET RELEVANCE
UNLISTED: CENTURIA GOVERNMENT
INCOME PROPERTY FUND, FOOTSCRAY, VIC
----- End of picture text -----

• Operating earnings: 12.0cps (FY20: 12.0cps)

• • Distributions: 10.0cps (FY20: 9.7cps)

• Completed off market acquisitions of Augusta & Primewest

• Centuria Industrial REIT to $3.1bn AUM (+48%)

• Centuria Healthcare to $1.1bn AUM (+50%)

• New Zealand to $2.3bn AUM (+35%)

• Primewest to $5.6bn AUM (+12%)[1]

• S&P/ASX200 Index inclusion (July 2021)

• GICS re-classification to Diversified Real Estate (September 2020)

• MSCI small cap index inclusion (November 2020)

• Significant growth to $16.5bn[2] (+106%)

• Listed real estate to $5.5bn (+37%)

• Unlisted real estate to $11.0bn (+175%)

• Gross acquisitions[3] : $2.5bn, 50 assets

• FY21 valuation increase[4] : $1.5bn

• $0.4bn completion of Centuria’s two largest single asset funds – Visy (NZ), Footscray (AU)

• $2.3bn of institutional mandates, $1.2bn executed to date

• FTSE EPRA Nareit Index: COF well positioned for potential inclusion

• AUM growth since April 2021 merger announcement

• Excludes Investment Bond AUM of $0.9bn

• Includes Primewest assets since April 2021 merger announcement

• Includes Primewest assets

C E N T U R I A C A P I T A L G R O U P A S X : C N I

6

Major direct real estate and corporate acquisitions

==> picture [720 x 320] intentionally omitted <==

----- Start of picture text -----

ASSETS UNDER MANAGEMENT
$17.4bn
11.0 UNLISTED REAL ESTATE
$8.8bn
$6.2bn
46% $4.9bn 4.0
$3.8bn
2.6
CAGR [1] 1.5 1.9 4.0 5.5 LISTED REAL ESTATE
1.5 2.1 2.7
0.8 0.9 0.9 0.8 0.9 INVESTMENT BONDS
FY17 FY18 FY19 FY20 FY21
CORPORATE
$11bn+ OF CORPORATE CORPORATE CORPORATE
$1.4bn
TRANSFORMATIONAL $0.6bn $1.7bn $5.2bn
INITIATIVES
N I S H I ​INCOME PROPERTY GOVERNMENTCENTURIA FUND GEORGE’S 140 ST FUND
REAL ESTATE REAL ESTATE REAL ESTATE
$0.6bn $0.5bn $1.1bn
----- End of picture text -----

1. CAGR calculated from 30 June 2017 to 30 June 2021

C E N T U R I A C A P I T A L G R O U P A S X : C N I

7

Proven growth through corporate initiatives

==> picture [715 x 168] intentionally omitted <==

----- Start of picture text -----

CENTURIA INDUSTRIAL REIT (ASX:CIP) C E N T U R IA H E AL T H C AR E C E N T U R IA N Z P R IME W E S T
ASSETS UNDER MANAGEMENT [1] ASSETS UNDER MANAGEMENT [1] ASSETS UNDER MANAGEMENT [1] ASSETS UNDER MANAGEMENT [1]
$5.6bn
$3.1bn 35%
CAGR32% CAGR35% $1.1bn $1.7bn INCREASE $2.3bn INCREASE12%
$5.0bn
$0.6bn
$0.9bn
Apr-21 FY21
HY17 FY21 FY19 FY21 FY20 FY21
✓ 244% AUM growth ✓ 63.06% economic interest acquired May-19 ✓ Augusta acquisition Jul-20 Since merger announcement (April 2021):
✓ Recurring revenues:~$5.9m (HY17) ✓ 83% AUM growth ✓ 35% AUM growth, record period for NZ business ✓ Merger completed June 2021
----- End of picture text -----

• ✓ Recurring revenues:~$5.9m (HY17) ~$20.2m (FY21)

• ✓ 12% AUM growth

• ✓ Recurring revenues: $9.8m (FY21)

• ✓ Recurring revenues: $24.0m (HY21) $24.4m (FY21)

• ✓ Australia’s largest pure play industrial REIT

• ✓ $35.7m pro-rata annualised recurring revenues

• ✓ Established $209m CHPF, $500m institutional mandate, $0.7bn development pipeline

• ✓ CNI support enables: Visy (Penrose Fund), APL co-investment

• ✓ NTA per unit: $2.36 (HY17) $3.83 (FY21)

==> picture [166 x 91] intentionally omitted <==

----- Start of picture text -----

✓ NZ$147m Munroe Lane development underway
Artist Impression
MUNROE LANE, ALBANY, VISY: 752 GREATSOUTH
AUKLAND, NZ RD, AUCKLAND, NZ
----- End of picture text -----

==> picture [347 x 64] intentionally omitted <==

----- Start of picture text -----

Artist Impression
TELSTRA DATA CENTRE, 95-105 SOUTH GIPPSLAND 1521 FOREST ROAD, 645-647 BURWOOD HWY,
CLAYTON, VIC HWY, DANDENONG SOUTH, VIC ORANGE, NSW VERMONT SOUTH, VIC
----- End of picture text -----

==> picture [160 x 64] intentionally omitted <==

----- Start of picture text -----

140 ST GEORGE’S TERRACE, MELBOURNE SQ SHOPPING
PERTH, WA CENTRE, SOUTHBANK, VIC
----- End of picture text -----

C E N T U R I A C A P I T A L G R O U P A S X : C N I 8

1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled

161% CNI total securityholder return (TSR[1,2] ) since the start of FY19 Compared to major A-REIT peers and the S&P/ASX200 A-REIT Index

==> picture [662 x 291] intentionally omitted <==

----- Start of picture text -----

30-Jun-21 16-Jul-21
(end of FY21) (CNI’s ASX200
CNI TSR: 130% index inclusion)
TSR to 6-Aug-21 [1,] [2]
175% +184%
+161% CNI
150% +159%
125%
100%
75%
50% +52%
+35%
25% +29% ASX200 A-REIT
+25%
- +5%
(25%) -28%
-31%
(50%)
(75%)
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
----- End of picture text -----

1. Source Moelis Australia and TSR data from FactSet. TSR data represents total return, not an annualised figure

2. TSR Based on movement in security price from ASX closing on 30 June 2018 to ASX closing on 6 August 2021 plus distributions per security paid during the respective period(s) assuming re-investment of all distributions. Past performance is not a reliable indicator of future performance

C E N T U R I A C A P I T A L G R O U P A S X : C N I

9

Sustainability at Centuria Capital Developing a flexible and relevant sustainability framework

Centuria Capital will be releasing its first Sustainability Report later this year. Highlights to be featured in this report are summarised here. Centuria Capital’s sustainability framework flows through to the listed REITs (ASX:CIP and ASX:COF). Appendix B outlines this approach (encompassing the Groups various committees, boards and management team).

==> picture [602 x 262] intentionally omitted <==

----- Start of picture text -----

Environmental data CENTURIA OFFICE REIT CENTURIA INDUSTRIAL REIT
Centuria Capital to release its first ESG Reporting Centuria Climate Action supports the Energy, emission (scope 1 & 2), NABERS Sustainability 42 Hoepner Rd, Bundamba
Sustainability Report recommendations of the TCFD and water data collected for assets within COF 4.7 Energy | 3.2 Water Portfolio Index Ratings 5 Star Green Star Industrial assetsOne of Australia’s first
91%1 $1.0bn 94%2
Member of the Tenant Engagement Specialised healthcare real
Employee engagement
Diversity Council of 91% of surveyed tenants estate under management
94% of employees enjoy
Australia would recommend Centuria Completed $72.2m of social working at Centuria
as an asset manager and affordable housing
BOARD
DIVERSIFICATION
Appointment of 4 independent First Modern Slavery
directors to Group and RE Boards Culture & ESG Statement delivered GENDER DIVERSITY
Board Committee AT CENTURIA Employee training
CENTURIA CAPITAL: Kristie Brown Over a third of cleaning
Established [3] Code of Conduct
(ASX:CIP) (ASX:COF) Natalie Collins CPF2L: CPFL: Jennifer Cook, Nicole Green inclusion, climate changeOversight of modern slavery, diversity & using the Property Council of contracts by value assessed Australia 365 platform 37% female employees63% male employees Financial Education Cyber security
ENVIRONMENTAL
SOCIAL
SELECT INITIATIVES
GOVERNANCE
----- End of picture text -----

1. Centuria Capital undertakes regular tenant surveys. The figure reported from the Group’s FY21 survey 2. Centuria Capital undertakes regular employee engagement surveys The reported figure is from the Groups FY21 survey 3. The Centuria Culture and ESG Board Committee is chaired by Susan Wheeldon, Independent Non-Executive Director of Centuria Capital Limited

C E N T U R I A C A P I T A L G R O U P A S X : C N I 1 0

LISTED: TELSTRA DATA CENTRE COMPLEX, CLAYTON VIC

==> picture [98 x 404] intentionally omitted <==

SECTION TWO Financial Results

ASX:CNI

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 1

Operating earnings and distributions

==> picture [376 x 265] intentionally omitted <==

----- Start of picture text -----

EARNINGS AND DISTRIBUTIONS (CENTS PER SECURITY)
16.30
13.2
12.70 12.00 12.00
10.30
11.0
9.70 10.00
9.25
8.20
7.50
FY17 FY18 FY19 FY20 FY21 FY22
GUIDANCE
OPERATING EPS TOTAL DISTRIBUTION PER SECURITY ATTRIBUTION
----- End of picture text -----

==> picture [293 x 265] intentionally omitted <==

----- Start of picture text -----

OPERATING NPAT [1] STATUTORY NPAT [3]
$70.2m $143.5m
OPERATING EPS [2] STATUTORY EPS [3]
12.0cps 24.6cps
FY21
PERFORMANCE
Distributions per stapled security
10.0 cents
Underpinned by 92% recurring revenues
Operating earnings per
stapled security
13.2 cents
FY22 (up 10% from FY21)
GUIDANCE Distributions per
stapled security
11.0 cents
(up 10% from FY21)
----- End of picture text -----

1. Operating NPAT of the Group comprises of the results of all operating segments and excludes non-operating items such as transaction costs, mark to market movements on property and derivative financial instruments, the results of Benefit Funds, Controlled Property Funds and share of equity accounted net profit in excess of distributions received

2. Operating EPS is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities 3. Attributable to CNI securityholders

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 2

Expanded platform enhances fee generation for the Group

FY21 operating recurring revenue of 92%

OPERATING PROFIT BY SEGMENT FY21 ($m) FY20 ($m) Property funds management1 45.9 32.7 Performance fees 17.9 21.5 Co-investment earnings 36.4 32.1 Development 4.5 1.8 Property and development finance 0.4 - Investment bonds management 0.9 2.5 Corporate segment (14.2) (12.2) Operating profit before interest and tax 91.8 78.4 Finance costs2 (12.3) (12.5) Operating profit before tax 79.5 65.9 Operating tax expense (9.3) (12.6) Operating profit after tax3 70.2 53.3 Operating EPS(cents per stapled security)4 12.0 12.0 1 FY21 performance fee income in line with expected fund expiry dates. $2.0m of performance fee cash collected in FY21. $21.4m of latent un-recognised performance fees Decline in earnings due to lower prevailing interest rates impacting capital guaranteed product returns Continued returns from re-investment strategy to support core earnings growth Profit increase of 40% reflects larger real estate platform Reflects change in weighted average number of securities5 and higher cash balance to navigate COVID-19 and support unlisted opportunities New segment to align with development profits and pipeline 1 2 3 4 5 6 2 3 4 5 6

==> picture [432 x 273] intentionally omitted <==

----- Start of picture text -----

FY21 FY20
OPERATING PROFIT BY SEGMENT
($m) ($m)
Property funds management [1] 45.9 32.7
Performance fees 17.9 21.5
Co-investment earnings 36.4 32.1
Development 4.5 1.8
Property and development finance 0.4 -
Investment bonds management 0.9 2.5
Corporate segment (14.2) (12.2)
Operating profit before interest and tax 91.8 78.4
Finance costs [2] (12.3) (12.5)
Operating profit before tax 79.5 65.9
Operating tax expense (9.3) (12.6)
Operating profit after tax [3] 70.2 53.3
UNLISTED: 140 ST GEORGES TERRACE, PERTH, WA Operating EPS (cents per stapled security) [4] 12.0 12.0
----- End of picture text -----

1. Excluding performance fees

2. Excluding reverse mortgages borrowing costs

3. Operating NPAT of the Group comprises of the results of all operating segments and excludes non-operating items such as transaction costs, mark to market movements on property and derivative financial instruments, the results of Benefit Funds, Controlled Property Funds and share of equity accounted net profit in excess of distributions received

4. Operating EPS is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities

5. Weighted average number of securities at 30 June 2021: 584,215,946 (at 30 June 2020: 444,644,883)

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 3

Balance sheet positioned to capitalise on more growth opportunities

Increased funding optionality, access to new finance instruments

==> picture [420 x 291] intentionally omitted <==

----- Start of picture text -----

$1.92 7.5 times 3.9%
Net Asset Value Operating interest Operating
per security [1] cover ratio [2] gearing ratio [3]
(FY20: $1.44) (FY20: 5.4 TIMES) (FY20: 3.0%)
Corporate
$198.7m
$249.6m
notes maturity
Cash on Hand Listed notes issuance
$35.0m (1.8 years)
Required for growth $61.0m (2.8 years) 5 year floating rate
opportunities $198.7m (4.8 years) Extends debt duration to 4 years
UNLISTED: ANGLESEA MEDICAL CENTRE, HAMILTON, NZ
----- End of picture text -----

OPERATING BALANCE SHEET	FY21 ($m)	FY20 ($m)
ASSETS
Cash and cash equivalents	249.6	149.5
Receivables	120.8	65.5
Financial assets	750.2	523.1
Other assets	8.7	12.4
Deferred tax assets	42.5	39.5
Propertyheld for development	53.7	31.3
Equityaccounted investments	55.6	33.0
Right of use asset	19.9	21.4
Intangible assets	790.5	280.1
TOTAL ASSETS	2,091.5	1,155.8
LIABILI TIES
Payables	83.9	70.7
Borrowings	321.4	180.3
Interest rate swapat fair value	31.2	32.8
Call/Put option liability	22.7	17.2
Lease liability	21.8	22.6
Provisions, deferred tax and other liabilities	99.3	41.5
TOTAL LIABILITIES	580.3	365.1
Non controllingAugusta interests	-	56.4
Net assets	1,511.2	734.3
NAV($/per security1)	1.92	1.44

1. Number of securities on issue 30 June 2021: 787,802,693 (at 30 June 2020: 509,998,482)

2. Operating interest cover ratio is calculated based on operating finance costs divided by operating profit before tax excluding finance costs (excluding reverse mortgages)

3. Gearing ratio is calculated based on (operating borrowings less cash) divided by (operating total assets less cash)

C E N T U R I A C A P I T A L G R O U P A S X : C N I 1 4

Integration, systems and processes

Scalable systems and processes delivered to support platform growth

DELIVERED

Successful history of corporate integrations building out scalable systems and processes

Agile transition methodology to implement Centuria’s corporate systems within 3-6 months

Implementation of human capital and organizational structure for Primewest and Centuria Bass

Investor registry platform: Integrated across all acquisitions (including Primewest)

End to end property and financial management systems and tax system automation

CURRENT FOCUS

Allocating top talent to enhance our integration processes

Integrating Primewest funds into core property and financial management systems

Commenced Integration of Commercial Property Services for Primewest

Pursuing opportunities for automation and further offshoring to deliver improvements in cost metrics

C E N T U R I A C A P I T A L G R O U P A S X : C N I 1 5

==> picture [365 x 405] intentionally omitted <==

----- Start of picture text -----

UNLISTED: VERMONT PRIVATE HOSPITAL, BURWOOD HWY, VIC
----- End of picture text -----

SECTION THREE Divisional Overview

ASX:CNI

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 6

Real estate platform expansion to $16.5bn[1] (+106% over FY21)

Compelling sectors, diverse fund types and capital sources

==> picture [720 x 299] intentionally omitted <==

----- Start of picture text -----

FY21
GEOGRAPHIES $16.5bnFY21 ASSET SECTORS $16.5bn 0.1 AGRICULTURE
0.1 OTHER [2] 0.8 OTHER [3]
2.2 NEW ZEALAND 1.1 HEALTHCARE
1.3 LARGE FORMAT RETAIL
1.3 DAILY NEEDS RETAIL
FY20
FY20
$8.0bn $8.0bn 0.20.6 4.8 INDUSTRIAL
1.7 14.2 0.1
AUSTRALIA 2.2 0.2
7.1 OFFICE
6.3
4.6
FUND TYPES FY21 CAPITAL SOURCES
$16.5bn FY21
1.5 MULTI ASSET OPEN $16.5bn
ENDED FUNDS
1.6 MULTI ASSET CLOSED 1.7 UNLISTED INSTITUTIONAL
ENDED FUNDS
$8.0bnFY20 0.6 5.5 LISTED REITS $8.0bnFY20 4.7 UNLISTED WHOLESALE
0.3
0.5 3.7 4.6 UNLISTED RETAIL
4.0
7.9
2.9 SINGLE ASSET FUNDS 4.0 5.5 LISTED REITS
----- End of picture text -----

Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled

1. Includes US syndicates from Primewest merger

2. Includes Centuria Bass, tourism, shopping centres and land syndicates in the US, NZ and WA

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 7

Enhanced sector diversification creates new growth opportunities

$16.5bn Real Estate Platform[1,2]

DAILY NEEDS LARGE FORMAT OFFICE INDUSTRIAL HEALTHCARE AGRICULTURE RETAIL (“DNR”) RETAIL (“LFR”) $7.1bn $4.8bn $1.3bn $1.3bn $1.1bn $0.1bn AUM AUM AUM AUM AUM AUM 43% 29% 8% 8% 7% 1% (FY20: 58%) (FY20: 28%) (FY20: 2%) (FY20: 1%) (FY20: 8%) (FY20: -)

==> picture [220 x 93] intentionally omitted <==

----- Start of picture text -----

LISTED: UNLISTED:
825 ANN STREET, 310 SPEARWOOD CRESCENT,
FORTITUDE VALLEY, QLD BIBRA LAKE, WA
----- End of picture text -----

==> picture [221 x 93] intentionally omitted <==

----- Start of picture text -----

UNLISTED: UNLISTED:
LISAROW PLAZA AUBURN MEGA MALL,
SHOPPING CENTRE, NSW SYDNEY, NSW
----- End of picture text -----

==> picture [107 x 92] intentionally omitted <==

----- Start of picture text -----

UNLISTED:
WESTSIDE PRIVATE HOSPITAL:
MORROW STREET, TARINGA, QLD
----- End of picture text -----

==> picture [110 x 93] intentionally omitted <==

----- Start of picture text -----

UNLISTED:
LAMATTINA CELERY FARM,
REGIONAL VIC
----- End of picture text -----

Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled 2. Other AUM includes Centuria Bass, tourism, shopping centres and land syndicates in the US, NZ and WA

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 8

FY21 record of $2.5bn gross real estate acquisitions[1]

50 assets acquired, 75% via off market or select campaigns

==> picture [690 x 297] intentionally omitted <==

----- Start of picture text -----

FY21 REAL ESTATE GROSS ACQUISITIONS [1,2]
108%
ABOVE FY20 INDUSTRIAL
$1,377m
PERIOD
28 ACQUISITIONS
$2.5bn OFFICE $536m
4 ACQUISITIONS
HEALTHCARE $416m
12 ACQUISITIONS
$1.2bn
DAILY NEEDS RETAIL $87m
$0.9bn 3 ACQUISITIONS
AGRICULTURE $39m
3 ACQUISITIONS
FY19 FY20 FY21
----- End of picture text -----

1. Includes transactions post April 2021 Primewest merger announcement, assets exchanged but not settled 2. Excludes FY21 divestments ($360m)

C E N T U R I A C A P I T A L G R O U P A S X : C N I

1 9

High quality long-term income streams

Integrated management capabilities lead to strong asset management success

==> picture [141 x 81] intentionally omitted <==

----- Start of picture text -----

FY20 FY21
~140 ~340
ASSETS ASSETS [1]
~600 ~2,280
TENANTS TENANTS [1]
----- End of picture text -----

98.8%

==> picture [106 x 42] intentionally omitted <==

----- Start of picture text -----

AVG RENT COLLECTED
OVER ENTIRE REAL
ESTATE PLATFORM [2]
(July 2020 – June 2021)
----- End of picture text -----

FY21 LEASING TERMS AGREED[2]

OVER 437,000SQM 215 DEALS 17.6% OF TOTAL PLATFORM

==> picture [230 x 117] intentionally omitted <==

----- Start of picture text -----

6.0 YEAR WEIGHTED AVG LEASE EXPIRY (WALE) BY INCOME [1,2]
10.0
9.1
8.3
7.1
5.5
4.9
4.1
Large FormatRetail Office Daily NeedsRetail Healthcare Industrial Agriculture Other
Retail Retail
----- End of picture text -----

TOP TENANTS BY INCOME (%)[2]

==> picture [567 x 218] intentionally omitted <==

----- Start of picture text -----

Government 15.0% 8.3
7.1
Woolworths Limited 5.5
ASX/NZX Listed 3.2% 4.1 4.9
Telstra Corporation Limited
ASX/NZX Listed 3.0%
Arnott’s
Multinational 2.4% Large FormatRetail Office Daily NeedsRetail Healthcare Industrial Agriculture Other
Visy
Multinational 2.2%
94.6% TOTAL OCCUPANCY BY AREA [1,2]
Healius 100 100
ASX/NZX Listed 1.8%
Seven Network
ASX/NZX Listed 1.4% 95.9
94.9 95.2
Bendigo and Adelaide Bank LimitedASX/NZX Listed 1.3% OFFICE 93.1 93.6
INDUSTRIAL
AWH Pty LtdNational 1.2% HEALTHCARE
RETAIL Daily Needs Office Industrial Healthcare Large Format Agriculture Other
Retail Retail
----- End of picture text -----

1. Excludes Land, Development Assets, Indirect Holdings and Primewest Tourism Assets, assets exchanged but not settled at 30 June 2021 2. Excludes Primewest assets, assets exchanged but not settled at 30 June 2021

C E N T U R I A C A P I T A L G R O U P

A S X : C N I

2 0

$1.9bn pipeline to seed funds

$442m

Development fees and profits provide growing income

CNI will selectively use its balance sheet to seed and expand its property funds

$53.7m Carrying value of CNI balance sheet development assets

est. value on completion of CNI balance sheet development assets. 6 committed projects, (107,000sqm GLA)

ASSET CLASS	FY21 COMPLETIONS (AUD $M)	AREA SQM	COMMITTED PIPELINE (AUD $M) Est. value at completion1,2	AREA SQM	FUTURE PIPELINE (AUD $M) Est. value at completion1	AREA SQM	TOTAL PIPELINE (AUD $M) 1,2	TOTAL AREA SQM
OFFICE	$ -	-	$198	25,600	$281	26,000	$479	51,600
INDUSTRIAL	$18	10,500	$130	62,200	$28	7,200	$158	69,360
HEALTHCARE	$ -	-	$366	49,600	$357	32,450	$722	82,050
LARGE FORMAT RETAIL	$56	12,250	$20	6,800	$72	18,700	$92	25,500
OTHER / SOCIAL INFRASTRUCTURE2	$53	18,750	$437	102,500	$20	4,500	$457	107,000
TOTAL1	$127	41,500	$1,150	246,700	$758	88,850	$1,908	335,510

==> picture [251 x 109] intentionally omitted <==

----- Start of picture text -----

LISTED: 6-8 MUNROE LANE, ALBANY, AUKLAND, NZ
----- End of picture text -----

==> picture [251 x 92] intentionally omitted <==

----- Start of picture text -----

LISTED: 42 HOEPNER ROAD, BUNDAMBA, QLD
----- End of picture text -----

All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. Development projects and development capex pipeline, including fund throughs 2. Lakeview Queenstown JV reflected at a 25% interest

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 1

Unlisted property: AUM growth to $11.0bn (+175% for FY21)

==> picture [721 x 299] intentionally omitted <==

----- Start of picture text -----

12,000 3 - 6 $2.0m $17.9m $21.4m 31% 57%
Australasian Funds in the FY21 performance fee FY21 recognised FY21 Latent underlying Unlisted AUM with no fund Unlisted AUM with expiry review
investors top 10 index [1] cash collected performance fees performance fees [2] expiry review date dates at or beyond five years
ASSET SECTORS FUND TYPES
OTHER
AGRICULTURE
0.2 LARGE FORMAT RETAIL
0.1 0.10.7 DAILY NEEDS 0.6 1.5
0.2 1.3 RETAIL
HEALTHCARE
0.6 4.8 INDUSTRIAL 0.5 1.6
$4.0bn 1.3 $11.0bn OFFICE $4.0bn $11.0bn
FY20 2.3 FY21 FY20 FY21
0.6 1.1 2.9 7.9
1.7 MULTI ASSET OPEN
ENDED FUNDS
MULTI ASSET CLOSED
ENDED FUNDS
SINGLE ASSET
FUNDS
----- End of picture text -----

1. At least three funds in the Top 10 in The Property Council of Australia/MSCI Australia Unlisted Retail Quarterly Property Fund Index to 30 June 2021 each previous quarter for the last twenty quarters (overall investment for the twelve months to the end of each quarter)

2. The underlying property funds managed by Centuria Capital Group have accrued total performance fees of $45.6m as at 30 June 2021. $24.2m of this amount has been recognised life to date with the latent unrecognised performance fees being $21.4m estimated over the next two financial years

C E N T U R I A C A P I T A L G R O U P A S X : C N I

2 2

Unlisted property: Servicing a distribution network of over 12,000 investors

SELECT SINGLE ASSET INITIATIVES

==> picture [113 x 98] intentionally omitted <==

==> picture [113 x 49] intentionally omitted <==

----- Start of picture text -----

NZ$178m
VISY PENROSE
FUND
----- End of picture text -----

$224m CENTURIA GOVERNMENT INCOME PROPERTY FUND

==> picture [465 x 21] intentionally omitted <==

----- Start of picture text -----

SELECT MULTI ASSET CLOSED-ENDED & OPEN-ENDED FUND INITIATIVES
----- End of picture text -----

==> picture [465 x 51] intentionally omitted <==

----- Start of picture text -----

NZ$547m $190m $63m NZ$55m
AUGUSTA INDUSTRIAL CENTURIA HEALTHCARE CENTURIA INDUSTRIAL CENTURIA NZ
FUND PROPERTY FUND INCOME FUND PROPERTY FUND
----- End of picture text -----

• Centuria’s largest single • Centuria’s largest NZ single asset fund launch to date asset fund launch to date

• $133m capital raising oversubscribed

• NZ$110m capital raising completed, 820 retail investors

• 100% occupancy, 11.8 year WALE, 91% leased to government departments

• Fit for purpose industrial asset with a 20 year triple net lease to Visy

• NZ$127m FY21 AUM growth

• Launched the new multi asset open-ended fund

• Successful completion of the fund’s third capital raise (NZ$80m)

• $190m across nine high quality healthcare assets over FY21

• Fund expansion to 12 • $135m equity secured properties and 50 tenants from three capital raisings

• 96.7% occupancy, 4.9 year WALE

• $63m fixed term industrial • Renamed from Augusta fund Property Fund (APF)

• $40m capital raising oversubscribed

• Multi asset open-ended fund

• 3 quality Australian • NZ$55m Anglesea industrial properties Medical Centre seed asset

• • 100% occupancy, • 88.5% occupancy, WALE >9.0 years 3.8 year WALE

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 3

Unlisted property: Servicing a distribution network of over 12,000 investors

INSTITUTIONAL INITIATIVES

CENTURIA BASS CREDIT

==> picture [720 x 142] intentionally omitted <==

----- Start of picture text -----

Lutwyche, Queensland Rockbank, Victoria
$930m $587m $500m $272m
$448m $176m
DAILY NEEDS RETAIL OFFICE HEALTHCARE 140 ST GEORGES
TOTAL COMMITTED OPEN-ENDED FUND
MANDATE MANDATE MANDATE TERRACE
LOAN BOOK AUM
(GIC) (GIC) (AXA IM & GROSVENOR GROUP) (BLACKROCK)
----- End of picture text -----

• Part of Primewest merger

• $300m mandate upscaled to $930m

• $255m filled, five assets

• Focus on non-discretionary spending assets

• Embedded potential for MAT growth and infill development

  • $272m Primewest, Blackrock JV established

• $92m filled, two assets

• Part of Primewest merger

• $587m mandate filled, • Assessing opportunities scope to expand that meet investment • Prime 30,000sqm criteria commercial tower in Perth

• • Two prime grade assets: CBD

• Two prime grade assets: Exchange Tower and One William Street, Perth, WA

• Focused on prime healthcare assets • 94% occupancy, across Australia 2.6 year WALE

• 98% occupancy,

• 4.7 year WALE

• $24m acquisition (50% stake) in unlisted loan manager

• New investment opportunities for CNI’s wholesale, retail and adviser distribution networks

• Proven outcomes with 51 investments made and 20 successful exits

• 94% of loan volumes secured by first mortgage security, gross average LVR of 63%

• Successful $65m second close capital raise for openend fund

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 4

Listed property: AUM growth to $5.5bn (+37% for FY21)

==> picture [24 x 21] intentionally omitted <==

----- Start of picture text -----

ASX:
COF
----- End of picture text -----

==> picture [187 x 28] intentionally omitted <==

----- Start of picture text -----

Australia’s largest
CENTURIA pure-play Office REIT
OFFICE REIT
----- End of picture text -----

A quality portfolio of de-centralised, highly connected and affordable office space

AUM CNI FY21 AVG. RENT INCLUDED IN THE Potential for $2.022 HIGH QUALITY bn CO-INVESTMENT 19.9%[1] 98.3 COLLECTED %[2] S&P/ASX 300 Index Index InclusionFTSE EPRA Nareit ASSETS

PORTFOLIO INCOME FROM GOVERNMENT, 82% ASX LISTED & MULTINATIONAL TENANTS

==> picture [210 x 74] intentionally omitted <==

----- Start of picture text -----

ASX:
CIP
Australia’s largest pure-
CENTURIA play Industrial REIT
INDUSTRIAL REIT
----- End of picture text -----

A quality portfolio of fit for purpose industrial assets, situated in infill locations with close key infrastructure FY21

==> picture [234 x 41] intentionally omitted <==

----- Start of picture text -----

AUM CNI ACQUISITIONS INCLUDED IN THE INCLUDED IN THE
CO-INVESTMENT [1]
$3.168 HIGH ASSETSQUALITY bn [3,4] 17.1% $966 18 HIGH QUALITYASSETS m S&P/ASX 200 Index Developed IndexNareit Global FTSE EPRA
----- End of picture text -----

PORTFOLIO INCOME FROM TELCO, CONSUMER 63% STAPLES & PHARMACEUTICALS

==> picture [227 x 74] intentionally omitted <==

----- Start of picture text -----

NZX: Artist Impression
APL
Targeting long term
ASSET total returns
PLUS
----- End of picture text -----

A yield plus growth investment strategy through select New Zealand real estate

==> picture [233 x 73] intentionally omitted <==

----- Start of picture text -----

$0.36 HIGH AUMQUALITY [3] bn 19.99 CO-INVESTMENT CNI % [1] COST TO COMPLETEACTIVE INITIATIVES $130 UNDERWAY m $0.1bn CAPITALISATIONMARKET [5]
ASSETS [3,4]
71% PORTFOLIO INCOME FROM GOVERNMENT, NZX LISTED & MULTINATIONAL TENNANTS
----- End of picture text -----

1. Includes associates of Centuria Capital Group

2. As COVID-19 impacts and the National Code of Conduct on Commercial Leases remained active, it is possible that further rent relief claims could be received for FY21 period

3. Includes commenced development projects valued on an as if completed basis

4. Includes assets exchanged but not settled at 30 June 2021

5. Based on the respective APL close price on 30 June 2021

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 5

==> picture [98 x 404] intentionally omitted <==

SECTION FOUR Strategy & Outlook

ASX:CNI

C E N T U R I A C A P I T A L G R O U P A S X : C N I

2 6

UNLISTED: EXCHANGE TOWER, 2 THE ESPLANADE PERTH, WA

Strategy and Markets

==> picture [38 x 38] intentionally omitted <==

STRATEGIC VISION

CENTURIA CAPITAL – A LEADING AUSTRALASIAN PROPERTY FUNDS MANAGER Our people are leaders in their field throughout Australia and New Zealand

Deliver income and capital growth from carefully selected, high-growth asset sectors to a broad range of Centuria investor profiles

Leverage our geographic diversity, our in-depth market knowledge in favoured sectors and our access to capital to grow funds under management with a strong focus on earnings growth

• Industrial and healthcare property markets outperformance expected to continue into FY22 and beyond • De-centralised office portfolios underpinned by government, global and ASX tenants have maintained strong cashflow

• Continued strong investor demand for unlisted funds with high quality income streams

• Equity markets – wide consensus that AREITs remain favoured in FY22

MARKETS

• Strong interest in Large Format Retail and Agriculture sectors expected

• Positive outlook for NZ commercial, industrial and healthcare markets through FY22

• Tight property debt markets offer potential to grow Centuria Bass book

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 7

Refining Our Strategy

• Committed to building Centuria brand and portfolios throughout Australia and NZ

CLEAR AND SIMPLE THEMES

• CNI platform now highly scalable with ASX 200 index inclusion

• Focus on long term, predictable earnings growth

• Increased alignment to alternative’s including Healthcare and Agriculture while building out traditional Industrial and Office and Retail markets

• Further diversify capital sources – grow $2.3 billion institutional mandates

• Build out our six major real estate asset classes – healthcare, large format retail, agriculture, office, industrial and daily needs retail

==> picture [39 x 43] intentionally omitted <==

EXECUTION

• Utilise expanded Capital Transactions team to identify and execute on opportunities

• Service and further unleash potential of our market-leading retail investor base from across WA, eastern states and NZ

• Grow high-fee unlisted platform in Australia and NZ at parity – (over 60% of total AUM)

• Maintain strong A-REIT presence (COF/CIP market cap c.$3.3billion) – potential to initiate new vehicle/s on basis of sector attractiveness, potential scalability and market suitability

• • Growth through select corporate acquisitions where accretive (refer slide 9)

C E N T U R I A C A P I T A L G R O U P A S X : C N I 2 8

==> picture [366 x 405] intentionally omitted <==

----- Start of picture text -----

LISTED: 6 McDONALD ROAD, INGLEBURN, NSW
----- End of picture text -----

SECTION FIVE Appendices

ASX:CNI

C E N T U R I A C A P I T A L G R O U P A S X : C N I

2 9

Centuria Capital Group – a leading Australasian real estate funds manager

==> picture [714 x 279] intentionally omitted <==

----- Start of picture text -----

GENERATING INVESTMENT
INTEGRATED PLATFORM ACTIVE MANAGEMENT
OPPORTUNITIES
ASSET FUND CAPITAL BALANCE PLATFORM
GEOGRAPHY CLASSES TYPES SOURCES MANAGEMENT SHEET SUPPORT
Listed Funds
Australia Office Listed Cash on hand Co-investments
REITS management
New Zealand Industrial Unlisted single asset funds InstitutionalUnlisted transactionsReal estate Capital recycling establishmentFund
Multi asset Commercial
Healthcare Closed-ended Unlisted Property Diverse capital
funds Retail Services sources Underwriting
Daily Needs Multi asset Unlisted
Development
Retail open-ended funds Wholesale Cornerstones
Large Format
Retail
Agriculture
Investment
Bonds
----- End of picture text -----

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 0

Sustainability (including ESG) approach

The Group’s approach to Sustainability is overseen by Centuria Capital (ASX:CNI), its Board, Committees and Executive Management team. Regular monitoring and review of the Group’s Sustainability initiatives is undertaken by Centuria’s ESG Management Committee[1] , Culture and ESG Board Committee comprised of independent directors and ultimately by the Centuria Capital Board.

CENTURIA CAPITAL (ASX:CNI)

==> picture [484 x 90] intentionally omitted <==

----- Start of picture text -----

CPFL CPF2L ASSET PLUS
CNI BOARD
BOARD BOARD BOARD UNLISTED
FUNDS AND
CPFL CPF2L ASSET PLUS OPERATIONS
(ARMCC) ARMCC ARMCC ARMCC
Audit, Risk Management and
Compliance Committee
(ASX:COF) (ASX:CIP) (NZX:APL)
----- End of picture text -----

==> picture [85 x 62] intentionally omitted <==

----- Start of picture text -----

Nomination and
Remuneration
Committee
Culture and ESG
Committee
----- End of picture text -----

Centuria Capital Board Committees provide oversight of all Listed and Unlisted entities under Centuria Capital as part of their responsibilities under ASX:CNI

==> picture [177 x 53] intentionally omitted <==

----- Start of picture text -----

All of Centuria’s listed REITs have
an independent Audit, Risk
Management and Compliance
Committee
----- End of picture text -----

Centuria Capital (ASX:CNI) various Committees provide ESG strategy and indirect oversight of ASX:COF and ASX:CIP as a governing body of CNI

==> picture [390 x 18] intentionally omitted <==

----- Start of picture text -----

CONFLICTS COMMITTEE / MANAGEMENT ESG COMMITTEE
----- End of picture text -----

==> picture [483 x 18] intentionally omitted <==

----- Start of picture text -----

CENTURIA CAPITAL EXECUTIVE MANAGEMENT TEAM
----- End of picture text -----

Centuria Executive Management Team jointly report into CNI, COF and CIP Independent Boards

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 1

1. The Centuria Culture and ESG Board Committee is chaired by Susan Wheeldon, Independent Non-Executive Director of Centuria Capital Limited

Group AUM movement ($bn)

==> picture [720 x 323] intentionally omitted <==

----- Start of picture text -----

$ billions
1 2 3
LISTED: 825 ANN STREET, FORTITUDE VALLEY, QLD
----- End of picture text -----

1. Includes Primewest acquisitions post April 2021 merger announcement

2. Includes Primewest assets

C E N T U R I A C A P I T A L G R O U P A S X : C N I

3 2

1. Divestment of 465 Victoria Avenue, Chatswood, NSW reflected as 100% interest

A $16.5bn leading Australasian real estate platform[1]

WA 24%

111 properties valued at $3,992m

NSW 18%

70 properties valued at $2,990m

QLD 17%

82 properties valued at $2,845m

VIC 17%

56 properties valued at $2,778m

SA 4%

19 properties valued at $631m

ACT 3%

6 properties valued at $469m

TAS 0%

• 2 property valued at $21m

==> picture [271 x 252] intentionally omitted <==

----- Start of picture text -----

NT
QLD
WA
SA
NSW
ACT
VIC
TAS
----- End of picture text -----

AUCKLAND 10%

39 properties valued at $1,581m

OTHER NZ 3%

28 properties valued at $580m

==> picture [88 x 135] intentionally omitted <==

Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding. Summary excludes Centuria Bass AUM and US syndicates from Primewest merger

C E N T U R I A C A P I T A L G R O U P A S X : C N I

3 3

1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled

COF: Australia’s largest pure play office REIT

• Delivered FY21 FFO of 19.9 cents per unit

• Delivered FY21 Distributions of 16.5 cents per unit

	PORTFOLIO SNAPSHOT		FY21	FY20
	Number of assets Book value	# $m	22 2,014.3	23 2,053.3
	WACR NLA Occupancyby gross income WALE by gross income	% sqm % yrs	5.81 287,007 93.1 4.3	5.93 304,586 98.1 4.7
	Average NABERS energyrating (byvalue) Average NABERS water rating (byvalue)1	Stars Stars	4.7 3.2	4.5 -

==> picture [169 x 129] intentionally omitted <==

----- Start of picture text -----

26% ASX Listed FY21 TENANTS
By income
27% Government
10% Listed Multinational
19% Multinational
6% National
12% Other
----- End of picture text -----

==> picture [60 x 4] intentionally omitted <==

----- Start of picture text -----

1. Insufficient FY20 data
----- End of picture text -----

CIP: Australia’s largest domestic pure play industrial REIT

• Delivered FY21 upgraded FFO guidance of 17.6 cents per unit

• Delivered FY21 Distributions of 17.0 cents per unit

PORTFOLIO SNAPSHOT FY21 FY20	PORTFOLIO SNAPSHOT FY21 FY20	PORTFOLIO SNAPSHOT FY21 FY20
Number of assets #	62	50
Book value $m	2,945	1,602
WACR %	4.54	6.05
GLA sqm	1,083,814	945,611
Average asset size sqm	17,480	19,298
Occupancy by income %	96.9	97.8
WALE by income yrs	9.6	7.2

==> picture [164 x 14] intentionally omitted <==

----- Start of picture text -----

31% Manufacturing FY21 TENANTS
By income
----- End of picture text -----

• 22% Transport Logistics 12% Data Storage 6% Food & Beverage 7% Consumer Durable

==> picture [109 x 112] intentionally omitted <==

• 7% Consumer Discretionary

• 5% Consumer Staple

• 3% Health & Pharmaceutical

• 3% Construction

• 3% Automotive

• 1% Other

APL: Targeting long term total returns

PORTFOLIO SNAPSHOT MAR 21 SEPT 20	PORTFOLIO SNAPSHOT MAR 21 SEPT 20	PORTFOLIO SNAPSHOT MAR 21 SEPT 20
Number of assets # 5 5
Book value1 $m 172.8 159.0
Occupancy by income %	98	98
WALE by income yrs 2.8 2.9

==> picture [55 x 6] intentionally omitted <==

----- Start of picture text -----

19% Auckland Council
----- End of picture text -----

MAR 21 TENANTS[2]

==> picture [69 x 6] intentionally omitted <==

----- Start of picture text -----

24% The Warehouse Group
----- End of picture text -----

==> picture [28 x 6] intentionally omitted <==

----- Start of picture text -----

By income
----- End of picture text -----

• 10% Countdown 3% Westpac 2% Better Health

==> picture [105 x 72] intentionally omitted <==

• 2% Aviva

• 2% Mt Roskill 24/7 Ltd

• 2% Stoddard Rd Pharmacy

• 2% Bargain Chemist

• 2% DO Mt Roskill Ltd

• 32% Other (multiple tenants)

• 1. Carrying values include work in progress (WIP) relating to costs incurred in relation to current and future development work which were not included in the inputs to the valuation calculation by the independent valuers C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 4
• 1. Excludes 6-8 Munroe Lane, Albany, NZ

Continuing to build out Centuria LifeGoals

$0.9bn 10% TOTAL AUSTRALIAN AUM INVESTMENT BOND MARKET SHARE[1]

52 31 Adviser FUND OPTIONS Approved ~25% INCREASE product lists SINCE LAUNCH Including 3 ESG fund options UP 85% IN FY21

==> picture [475 x 18] intentionally omitted <==

----- Start of picture text -----

ASSETS UNDER MANAGEMENT FLOWS FY21
----- End of picture text -----

FY21 ($m) FY20 ($m) FY21 CHANGE (%) Prepaid funeral plans (Guardian)2 582.0 520.9 11.7% Capital Guaranteed (Centuria Life)3 140.9 166.8 -15.5% Unitised Bonds (Centuria Life) 141.6 127.3 11.2% Centuria LifeGoals 27.9 20.9 33.7% TOTAL 892.4 835.9 6.8%	APPLICATIONS ($m) REDEMPTIONS ($m)
	29.1 -39.3
	1.4 -26.3
	6.1 -12.8
	8.1 -4.0
	44.7 -82.4

CENTURIA LIFE FUND MANAGERS

==> picture [74 x 30] intentionally omitted <==

==> picture [47 x 31] intentionally omitted <==

==> picture [102 x 28] intentionally omitted <==

==> picture [75 x 27] intentionally omitted <==

==> picture [97 x 20] intentionally omitted <==

==> picture [89 x 14] intentionally omitted <==

==> picture [93 x 36] intentionally omitted <==

==> picture [98 x 29] intentionally omitted <==

==> picture [82 x 20] intentionally omitted <==

==> picture [87 x 22] intentionally omitted <==

==> picture [83 x 19] intentionally omitted <==

==> picture [78 x 23] intentionally omitted <==

==> picture [92 x 36] intentionally omitted <==

==> picture [103 x 38] intentionally omitted <==

==> picture [108 x 33] intentionally omitted <==

==> picture [86 x 33] intentionally omitted <==

==> picture [120 x 31] intentionally omitted <==

1. QDS report 30 March 2021

2. Centuria Life Limited (CLL) is the key service provider to Over Fifty Guardian Friendly Society

3. Process underway to change Capital Guaranteed Bonds to Unitised Bonds following a policyholder vote

C E N T U R I A C A P I T A L G R O U P A S X : C N I

3 5

Reconciliation of statutory profit to operating profit

	FY21 ($m)	FY20 ($m)
Statutory net profit after tax	149.6	22.1
Statutory EPS (cents)1	24.6	4.7
ADJUSTED FOR NON-OPERATING ITEMS
(Gain)/loss on fair value movements in derivatives and investments	(79.8)	34.8
Transaction and other costs	4.5	6.2
(Profit)/loss attributable to controlled property funds	(12.4)	1.3
Eliminations between the operating and non-operating segment	6.7	(3.3)
Equity accounting adjustments	0.2	(1.5)
Tax impact of above non-operating adjustments	(0.8)	(8.1)
Impairment charges in relation to seed capital	-	0.6
Capitalised borrowing costs write-off	2.2	1.2
Operating net profit after tax2	70.2	53.3
Operating EPS (cents)3	12.0	12.0

UNLISTED: MELBOURNE SQUARE SHOPPING CENTRE, SOUTHBANK, VIC

1. Attributable to securityholders

2. Operating NPAT of the Group comprises of the results of all operating segments and excludes non-operating items such as transaction costs, mark to market movements on property and derivative financial instruments, the results of Benefit Funds, Controlled Property Funds and share of equity accounted net profit in excess of distributions received

3. Operating EPS is calculated based on the Operating NPAT of the Group divided by the weighted average number of securities

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 6

Co-investments reconciliation

Strong alignment to Centuria’s listed REITs CNI is the largest unitholder of CIP(16.81%)1,COF(15.72%)1 andAPL(19.99%)1 Properties held for development generate no fee income PROJECTS INCLUDE Kew, Melbourne Private Hospital Mann St, East Gosford Cardiff, Newcastle Man St, Queenstown Cook St, Auckland Lakeview, Queenstown	CO-INVESTMENTS FUND TYPE CARRYING VALUE 30 JUN 2021 ($m) DISTRIBUTION INCOME FY21 ($m) CARRYING VALUE 30 JUN 2020 ($m) DISTRIBUTION INCOME FY20 ($m)
	Centuria Industrial REIT(ASX:CIP)1 Listed 345.0 14.4 215.8 12.6
	Centuria Office REIT(ASX:COF)1 Listed 189.3 13.1 158.2 13.3
	Asset Plus Ltd.(NZX:APL)1 Listed 21.9 1.1 9.7 -
	Properties held for development N/A 53.7 - 31.3 -
	Centuria Diversified Property Fund (CDPF) Open-ended multi asset 28.1 1.5 31.8 1.2
	Centuria 111 St Georges Terrace Fund Single asset 31.0 2.3 29.0 2.1
	Augusta Industrial Fund (AIF) Open-ended multi asset 48.6 1.0 17.2 -
	Healthcare Investments Various 22.9 1.5 27.2 1.2
	Centuria NZ Property Fund (CNZPF) Open-ended multi asset 3.6 0.2 - -
	Primewest Investments Various 33.2 0.1 - -
	Other unlisted real estate and debt funds Various 27.8 1.2 8.2 1.7
	SUB-TOTAL 805.1 36.4 528.4 32.1
	Capital adjustment2 - 84.3 - (61.6)
	TOTAL 805.1 120.7 528.4 (29.5)

==> picture [129 x 15] intentionally omitted <==

----- Start of picture text -----

LISTED: 60-80 SOUTHLINK STREET, PARKINSON, QLD
----- End of picture text -----

Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0753). Numbers presented may not add up precisely to the totals provided due to rounding 1. All information in relation to the financial contribution of the Group's co-investment stakes in COF, CIP and APL exclude interests held through Benefit Funds

1. Comprises of non-operating fair value gains

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 7

Definitions

Operating Segments: Group has six reportable operating segments. These reportable operating segments are the divisions which report to the Group’s Chief Executive Officers and Board of Directors for the purpose of resource allocation and assessment of performance.

The reportable operating segments are:

• Property Funds Management: Management of listed and unlisted property funds

• Developments: Completion of structured property developments which span sectors ranging from Commercial Office, Industrial and Health through to Affordable Housing and Residential Mixed Use

• Property and Development Finance: Provision of real estate secured non-bank finance for development projects, bridge finance and residual stock

• Investment Bonds Management: Management of the Benefit Funds of Centuria Life Limited and management of the Over Fifty Guardian Friendly Society Limited. The Benefit Funds include a range of financial products, including single and multi-premium investments

• Co-investments: Direct interest in property funds and other liquid investments

• Corporate: Overheads supporting the Group’s operating segments

Non-operating segments: Non-operating items comprises transaction costs, mark-to-market movements on property and derivative financial instruments, and all other nonoperating activities. Includes Benefit Funds and Controlled Property Funds. Represents the operating results and financial position of the Benefit Funds which are required to be consolidated in the Group’s financial statements in accordance with accounting standards

AUM: Assets under management

CAGR: Compound annual growth rate

CIP: Centuria Industrial REIT comprises the Centuria Industrial REIT ARSN 099 680 252 and its subsidiaries. The Responsible Entity of CIP is Centuria Property Funds No. 2 Limited ACN 133 363 185

COF: Centuria Office REIT comprises the Centuria Office REIT ARSN 124 364 718 and its subsidiaries. The

Responsible Entity of COF is Centuria Property Funds Limited ACN 086 553 639

CNI, CCG or the Group: Centuria Capital Group comprises of Centuria Capital Limited ABN 22 095 454 336 (the ‘Company’) and its subsidiaries and Centuria Capital Fund ARSN 613 856 358 (‘CCF’) and its subsidiaries. The

• Responsible Entity of CCF is Centuria Funds Management Limited ACN 607 153 588, a wholly owned subsidiary of the Company

CPFL: Centuria Property Funds Limited CPF2L: Centuria Property Funds No. 2 Limited DPS: Distribution per stapled security EPS: Earnings per stapled security IRR: Internal Rate of Return NPAT: Net Profit After Tax NTA: Net Tangible Assets

REIT: Real Estate Investment Trust WACR: Weighted Average Capitalisation Rate WALE: Weighted Average Lease Expiry

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 8

Disclaimer

This presentation has been prepared by Centuria Capital Limited and Centuria Funds Management Limited as responsible entity of Centuria Capital Fund (together the stapled listed entity CNI).

Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) ('CPFL') and Centuria Property Funds Management No. 2 Limited (ABN 38 133 363 185, AFSL 340 304) ('CPF2L') are fully owned subsidiaries of CNI. CPF2L is the responsible entity for the Centuria Industrial REIT (ARSN 099 680 252) (ASX: CIP). CPFL is the responsible entity for the Centuria Office REIT (ARSN 124 364 718) (ASX: COF), the Centuria Diversified Property Fund (ARSN 611 510 699) and the rest of Centuria's unlisted property funds. Investment in Centuria's property funds is subject to risks that are set out in the Product Disclosure Statement ('PDS') for the fund. The PDS for any open fund is made available on Centuria’s website (centuria.com.au). Investors should read the PDS in full before making a decision to invest.

Past performance is not a guarantee of future performance.

This presentation is provided for general information purposes only. It is not a prospectus, product disclosure statement, pathfinder document or any other disclosure document for the purposes of the Corporations Act and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. It should not be relied upon by the recipient in considering the merits of CNI or the acquisition of securities in CNI or its subsidiaries. Nothing in this presentation constitutes investment, legal, tax, accounting or other advice and it is not to be relied upon in substitution for the recipient’s own exercise of independent judgment with regard to the operations, financial condition and prospects of CNI.

The information contained in this presentation does not constitute financial product advice. Before making an investment decision, the recipient should consider its own financial situation, objectives and needs, and conduct its own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as it considers necessary or appropriate.

This presentation has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. It is not an invitation or offer to buy or sell, or a solicitation to invest in or refrain from investing in, securities in CNI or any other investment product. The information in this presentation has been obtained from and based on sources believed by CNI to be reliable. To the maximum extent permitted by law, CNI and the members of the Centuria Capital Group make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this presentation. To the maximum extent permitted by law, CNI does not accept any liability (including, without limitation, any liability arising from fault or negligence) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it. This presentation may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters (‘Forward Statements’). Forward Statements can generally be identified by the use of forward looking words such as “anticipate”, “estimates”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions. Forward Statements including indications, guidance or outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. No independent third party has reviewed the reasonableness of any such statements or assumptions.

Neither CNI nor any member of Centuria Capital Group represents or warrants that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, CNI assumes no obligation to release updates or revisions to Forward Statements to reflect any changes.

The reader should note that this presentation may also contain pro-forma financial information. Distributable earnings is a financial measure which is not prescribed by Australian Accounting Standards (”AAS”) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors of CFML consider that distributable earnings reflect the core earnings of the Centuria Capital Fund. All dollar values are in Australian dollars ($ or A$) unless stated otherwise.

C E N T U R I A C A P I T A L G R O U P A S X : C N I 3 9

CENTURIA METROPOLITAN REIT ASX:CMA 40

==> picture [98 x 404] intentionally omitted <==

==> picture [486 x 229] intentionally omitted <==

==> picture [90 x 43] intentionally omitted <==