CENTURIA CAPITAL GROUP — Interim / Quarterly Report 2021

Feb 9, 2021

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CHPF: 1521 FOREST ROAD, ORANGE, NSW

CIP: 60-80 SOUTHLINK ST, PARKINSON, QLD

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ARTIST IMPRESSION APL: 6-8 MUNROE LANE, ALBANY, AUCKLAND, NZ

CIP: TELSTRA DATA CENTRE COMPLEX, CLAYTON, VIC

HY21 RESULTS

ASX:CNI 10 Feb 2021

Centuria Capital Group

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TRANSFORMING OPPORTUNITIES INTO MEANINGFUL INVESTMENTS

Agenda

1. Group Overview

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1. Financial Results

2. Divisional Overview

3. Strategy & Outlook

4. Appendices

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VISY FACILITY, PENROSE AUCKLAND, NZ

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SECTION ONE Group Overview

ASX:CNI

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CHPF: CIP: 23-41 GALWAY AVENUE, MARLESTON, SA645-647 BURWOOD HWY, VERMONT SOUTH, VIC

A leading Australasian property funds manager

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Market capitalisation[1] of $1.6bn Included in the S&P/ASX300 Index

bn $10.2

GROUP AUM

$0.6bn

CNI Co-Investments on balance sheet

$219m[4] (19.9%) Centuria Office REIT ASX:COF

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LISTED REAL ESTATE
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$4.8bn

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Centuria Centuria Asset Plus Ltd [2]
Office REIT Industrial REIT NZX: APL
ASX: COF ASX: CIP
$2.1bn $2.4bn $0.3bn
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INVESTMENT
BONDS
$0.9bn
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UNLISTED REAL ESTATE $4.5bn

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Unlisted Centuria Centuria Centuria Centuria Life
NZ single NZ Industrial Centuria Diversified Healthcare Healthcare
asset funds Fund Fixed Term Property Fund Real Estate [3] Property Fund Centuria
& APF Funds Investment Bonds
Guardian
$1.4bn $0.4bn $1.6bn $0.2bn $0.8bn $0.1bn
OP E N E N D E D FU N D OP E N E N D E D FU N D OP E N E N D E D FU N D Friendly Society
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$254m[4 ] (15.1%) Centuria Industrial REIT ASX:CIP

$24m[4] (19.99%) Asset Plus Ltd NXZ:APL

$114m

Unlisted property and debt investments

$32m

Properties held for development

Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0705). Numbers presented may not add up precisely to the totals provided due to rounding

1. Based on CNI closing price at 31 December 2020

2. Includes 6-8 Munroe Lane, Albany, Auckland, NZ valuation on an as if complete basis

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

4. Based on the respective close prices for COF, CIP and APL at 31 December 2020. Includes ownership by associates of Centuria Capital Group

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Delivering strong growth and creating value across the platform

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$10.2bn
Group
AUM
16% growth in HY21
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$1.5bn
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HY21 gross real estate
acquisitions [1]
Record six month period
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$2.1bn
New Zealand
AUM [1,2]
24% growth in HY21
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$0.9bn
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Centuria Healthcare AUM 29% growth in HY21

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6.2 cps HY21 Operating Earnings per security[3] Delivered in line with upgraded FY21 EPS guidance[4]

10.0 cps FY21 distribution guidance upgraded[5] HY21 DPS of 4.50cps delivered

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$1.6bn Development pipeline

22.0% 12 month total securityholder return[6]

S&P/ASX200 Index +1.4% S&P/ASX200 AREIT Index -4.6%

1. Includes 6-8 Munroe Lane, Albany, Auckland, NZ valuation on an as if complete basis

2. Includes QLD assets accumulated as part of the Augusta Capital Limited acquisition

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

4. 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

5. Initial FY21 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

6. Source: Moelis Australia. Based on movement in security price from ASX closing on 1 January 2020 to ASX closing on 31 December 2020 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

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A record half year of Group expansion

Strong performance despite COVID-19 global pandemic

CORPORATE

HY21 EARNINGS & DISTRIBUTIONS DELIVERED

• HY21 operating EPS of 6.2cps (FY21 guidance[1] 11.5-12.5cps)

• HY21 DPS of 4.5cps (FY21 guidance upgraded to 10.0cps, +17.6% on initial[2] guidance)

• Centuria Industrial REIT AUM expanded to $2.4bn (+50%)

GROUP AUM EXPANSION TO $10.2bn (HY21 +16%) Strong corporate acquisition contributions

• Centuria Healthcare AUM expanded to $0.9bn (+29%)

• NZ AUM expanded to $2.1bn (+24%)

• CNI GICS re-classification to Diversified Real Estate

INCREASED MARKET RELEVANCE

• MSCI small cap index inclusion

• CNI is well positioned for inclusion in the S&P/ASX200 Index

REAL ESTATE

• Significant growth to $9.3bn (+16%)

STRONG HY21 REAL ESTATE AUM EXPANSION

• Listed real estate to $4.8bn (+18%)

• Unlisted real estate to $4.5bn (+7%)

RECORD HALF FOR ACQUISITIONS

• $1.5bn across 24 industrial, healthcare and development assets

• (ASX:CIP) and (ASX:COF) distributions delivered in line with FY21 guidance

LISTED & UNLISTED REAL ESTATE MOMENTUM

• CIP FY21 FFO earnings guidance upgraded, S&P/ASX200 Index inclusion

• $0.5bn of industrial and healthcare secured across four unlisted funds

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CIP: 67-69 MANDOON ROAD, GIRRAWEEN, NSW
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1. 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

2. Initial FY21 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

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Platform expansion to $10.2bn (+16% in HY21)

Dual growth strategy of direct real estate & corporate acquisitions

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ASSETS UNDER MANAGEMENT $10.2bn
$8.8bn
4.5 UNLISTED
& INSTITUTIONAL
$6.2bn 4.2 REAL ESTATE
$4.9bn
33%
$3.8bn 2.6
CAGR [1] 1.9
FY17 to HY21 4.8 LISTED
1.5 3.8 REAL ESTATE
2.7
2.1
1.5
0.8 0.9 0.9 0.8 0.9 INVESTMENT
BONDS
FY17 FY18 FY19 FY20 HY21
N I S H I
OVER OCT 2018 / REAL ESTATE DEC 2019 / REAL ESTATE AUG 2020 / REAL ESTATE
$645m $492m $417m
$5.5bn OF JAN 2017 / CORPORATE
TRANSFORMATIONAL $1.4bn
INITIATIVES
MAY 2019 / CORPORATE JUL 2020 / CORPORATE OCT 2020 / REAL ESTATE
$620m $1.7bn $167m
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1. CAGR calculated from 30 June 2017 to 31 December 2020

Proven growth through corporate initiatives

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CENTURIA INDUSTRIAL REIT (ASX:CIP) CENTURIA HEALTHCARE
ASSETS UNDER MANAGEMENT ASSETS UNDER MANAGEMENT
$2.4bn
32% 31%
CAGR CAGR
$0.9bn $0.9bn
$0.6bn
HY17 HY21 FY19 HY21
ARNOTTS: 46 ROBINSON ROAD, EAST VIRGINIA, QLD CENTURIA HEALTHCARE: 1521 FOREST ROAD, ORANGE, NSW CENTURIA HC: 645-647 BURWOOD HWY, VERMONT SOUTH, VIC
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• ✓ Management rights acquired from 360 Capital Jan-17

• ✓ 63.06% economic interest acquired May-19

• ✓ 167% AUM growth in four years to create Australia’s largest domestic pure play industrial REIT

• ✓ 50% AUM growth in 18 months, healthcare business transformed, acquisition and development pipeline unlocked

• ✓ Approximate annualised recurring revenues of $5.9m at HY17 growing to $15.6m at HY21

• ✓ Approximate annualised recurring revenues of $10.4m at HY21

• ✓ Portfolio constructed across 5 industrial sub-sectors and asset value ranges up to ~$450m

• ✓ $500m institutional mandate

• ✓ Unlisted flagship healthcare fund established with ongoing transaction momentum

• ✓ Portfolio expanded to 59 quality assets, NTA grown from $2.35 at HY17 to $2.99 per unit at HY21

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NEW ZEALAND
ASSETS UNDER MANAGEMENT
$2.1bn
$1.7bn 24%
increase
FY20 HY21
A R T I S T I M P R E S S ION
ANGLESEA MEDICAL CENTRE 6-8 MUNROE LANE, ALBANY, AUKLAND, NZ VISY: 752 GREATSOUTH RD, AUCKLAND, NZ
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• ✓ Augusta acquisition Jul-20

• ✓ 24% AUM growth in 6 months, record period for NZ business

• ✓ Approximate annualised recurring revenues of $24.0m at HY21

• ✓ Balance sheet used to support underwriting Visy, Penrose fund, APL co-investment

• ✓ NZ$126m Munroe Lane development commenced, completion targeted for November 2022

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CIP: 45 FULTON DRIVE, DERRIMUT, VIC

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SECTION TWO Financial Results

ASX:CNI

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HY21 earnings and distributions

FY21 Distribution guidance upgraded to 10.0cps

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EARNINGS AND DISTRIBUTIONS (CENTS PER SECURITY) OPERATING NPAT [1] STATUTORY NPAT [3]
$34.0m $41.4m
OPERATING EPS [2] STATUTORY EPS [3]
16.30 6.2cps 7.5cps
14.80 HY21
PERFORMANCE
12.70 12.00 11.5-12.5 Distributions per stapled security
10.30 4.50 cents
Underpinned by 83% recurring revenues
9.70 10.0
9.25 Operating earnings per
8.20 stapled security range
7.50
11.5 – 12.5 cents
(up 9.1% from initial FY21 guidance [4] )
5.25
FY21
FY16 FY17 FY18 FY19 FY20 FY21 GUIDANCE GUIDANCE Distributions per stapled
security upgraded to
10.0 cents
OPERATING EPS [4 ] TOTAL DISTRIBUTION PER SECURITY ATTRIBUTION (up 17.6% from initial FY21 guidance [5] )
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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

4. 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. FY21 guidance % increase based on upgraded FY21 guidance midpoint of 12.0cps

5. Initial FY21 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

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Expanded platform enhances fee generation for the Group HY21 operating recurring revenue of 83%

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APF: ANGLESEA MEDICAL CENTRE, HAMILTON, NZ
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OPERATING PROFIT BY SEGMENT	HY21 ($m)	HY20 ($m)
Property funds management1	20.6	17.6
Performance fees	13.6	21.5
Co-investments earnings	17.4	15.3
Investment bonds management	0.6	1.3
Corporate segment	(6.3)	(5.5)
Operating profit before interest and tax	45.9	50.2
Finance costs2	(6.2)	(6.9)
Operating profit before tax	39.7	43.3
Operating tax expense	(5.7)	(9.9)
Operating profit after tax3	34.0	33.4
Operating EPS(cents per stapled security)4	6.2	8.1

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Profit increase of 17% reflects larger real estate platform

HY21 performance fee income in line with expected fund expiry dates. $0.4m of performance fee cash collected in HY21. $22.3m of latent un-recognised performance fees

Continued returns from re-investment strategy to support core earnings growth

Decline in earnings due to lower prevailing interest rates impacting capital guaranteed product returns

Lower tax expense due to lower performance fee contribution

Reflects lower performance fee contributions and change in weighted average number of securities[5]

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 0umber of securities at 31 December 2020: 548,716,231 (at 31 December 2019: 413,183,062)

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Recycling larger balance sheet to grow platform

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$1.54 7.5 times 2.4%
Net Asset Value Operating interest Operating
per security [1] cover ratio [2] gearing ratio [3]
(FY20: $1.44) (FY20: 6.3 TIMES) (FY20: 3.1%)
$168.0m Corporate
bond maturity
Cash on Hand
$27.8m (0.8 years)
Required for growth $80.0m (2.8 years)
opportunities $61.0m (3.8 years)
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OPERATING BALANCE SHEET	HY21 ($m)	FY20 ($m)
ASSETS
Cash and cash equivalents	168.0	149.5
Receivables	124.6	65.5
Financial assets	584.8	523.1
Other assets	10.3	12.4
Deferred tax assets	37.6	39.5
Propertyheld for development	32.3	31.3
Equityaccounted investments	33.4	33.0
Right of use asset	20.0	21.4
Intangible assets	281.0	280.1
TOTAL ASSETS	1,292.0	1,155.8
LIABILI TIES
Payables	50.8	70.7
Borrowings	194.5	180.3
Interest rate swapat fair value	33.9	32.8
Call/Put option liability	21.1	17.2
Lease liability	21.7	22.6
Provisions, deferred tax and other liabilities	44.7	41.5
TOTAL LIABILITIES	366.7	365.1
Non controllingAugusta interests	-	56.4
Net assets	925.3	734.3
NAV($/per security1)	1.54	1.44

1. Number of securities on issue at 31 December 2020: 600,236,123 (at 31 December 2019: 448,839,027)

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)

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Select ESG commitments across Centuria’s platform

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• 26% of COF’s portfolio produces solar electricity

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ENVIRONMENTAL

• Solar panels at 4 healthcare assets – annual emission reduction equivalent to removing 370 cars or planting ~85,200 trees

• Assessing opportunities for healthcare portfolio – further solar panel installations and rainwater tanks

• CIP Hoepner Street development – on target to be certified as one of the first 5 Star, Green Star as-built industrial properties in Australia

• 13 Garden Street, Eveleigh, NSW – achieved first Centuria 6 Star NABERS energy rating

• 6 Munroe Lane, Albany, NZ development – assessing opportunities for a 5 Star, Green Star Rating

• Eastgate, Christchurch, NZ – seismic assessment completed

• Launch of Centuria values

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SOCIAL

• Approximately $150,000 raised for St Lucy’s Special Education School in 2020

• Over 300 volunteer hours undertaken by Centuria employees in 2020

• Supporting Keystone New Zealand Property Education Trust, assisting students undertaking property related tertiary studies

• Three new LifeGoals Funds launched with ESG investment approach and philosophy

• Centuria Property Services established a COVID-19 taskforce for business continuity, ongoing tenant engagement and wellbeing

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GOVERNANCE
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• Enhancing board diversity and independence – re-constitution of CPFL and CP2L responsible entity boards

• Modern slavery policy review underway – human rights and modern slavery across Centuria’s supply chain

• Integration of Augusta progressing ahead of schedule despite COVD-19 operating impacts

• FY21 and FY22 updated STI and LTI structure introduced for senior executives

• Updated Group diversity policy

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SECTION THREE Divisional Overview

ASX:CNI

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CENTURIA HEALTHCARE: 32 MORROW STREET, TARINGA, QLD

A $9.3bn Australasian real estate platform

Compelling sectors, diverse fund types and capital sources

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GEOGRAPHIES ASSET SECTORS FUND TYPES CAPITAL SOURCES
Other [1] Unlisted
5% multi-asset Institutional
5%
New open
Zealand Healthcare ended
21% 11% 9%
Office Listed Listed
53% Unlisted REITs Unlisted REITs
single 51% Retail44% 51%
asset
Industrial 40%
36%
Australia
79%
~80% Australia 95% Industrial, healthcare, office ~50% Listed REITs fund categories ~50% Listed REITs
~20% New Zealand real estate ~50% Unlisted fund categories ~50% Unlisted
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1. Other includes New Zealand large format retail, supermarkets, shopping centres and tourism

A record period of gross real estate acquisitions for the Group

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24 $1.5bn ~47% ~57%
25% ASSETS INDUSTRIAL, HEALTHCARE SALE & LEASEBACK TRIPLE NET LEASE
& NZ DEVELOPMENT
ABOVE FY20 ACQUIRED ACQUISITIONS ACQUISITIONS ACQUISITIONS
PERIOD
$1.5bn HY21 GROSS REAL ESTATE TRANSACTIONS
LISTED INDUSTRIAL $693m
$1.2bn NINE ACQUISITIONS
UNLISTED HEALTHCARE $369m
$0.9bn EIGHT ACQUISITIONS
UNLISTED INDUSTRIAL $241m
FIVE ACQUISITIONS [1]
NZ DEVELOPMENT $132m
TWO ACQUISITIONS [2]
DIVESTMENTS $303m
NINE DIVESTMENTS [3]
FY19 FY20 HY21
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1. Includes CIIF and Visy Penrose assets unconditionally exchanged and to be settled 2. Includes 6-8 Munroe Lane, Albany, Auckland, NZ valuation on an as if complete basis

2. Divestment of 465 Victoria Avenue, Chatswood, NSW reflected as 100% interest. Settlement 1 February 2021

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Quality assets generating broad income streams

Integrated management capabilities lead to strong asset management success

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FUNDS ASSET LEASING FACILITIES PROPERTY TRANSACTION DEVELOPMENT
MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT MANAGEMENT
TOP TENANTS BY INCOME (%) [1] WALE BY INCOME (YRS) [1,2]
State & Federal Government - Government 14.6% 9.8
216 ASSETS [1]
7.3 7.1
948 TENANTS [1] Woolworths Limited - ASX/NZX Listed 3.3%
4.7
Telstra Corporation Limited - ASX/NZX Listed 3.0%
97.6% Visy - Multinational 2.3%
Office Healthcare Industrial New Zealand
AVG RENT COLLECTED
Arnott's - Multinational 2.3%
OVER ENTIRE
REAL ESTATE PLATFORM
OCCUPANCY BY AREA (%) [1,2]
Healius - ASX/NZX Listed 1.7%
(July-December 2020)
Bendigo and Adelaide Bank Limited - ASX/NZX 99.2
Listed 1.3% 98.6 97.7
HY21 LEASING TERMS AGREED AWH Pty Ltd - National 1.2%
OFFICE
OVER 273,000SQM HEALTHCARE 93.1
117 DEALS NZME - ASX/NZX Listed 1.1% INDUSTRIAL
11.4% OF TOTAL PLATFORM Insurance Australia - ASX/NZX Listed 1.1% OTHER Office Healthcare Industrial New Zealand
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1. As at 31 December 2020

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1. Office, healthcare and industrial reflects Centuria’s Australian real estate platform. New Zealand WALE and Occupancy reflects Augusta

Expanding development pipeline

	PROJECTS	EST. VALUE AT COMPLETION1,2	LETTABLE AREA
	COMMITTED	(AUD $M)	(SQM)
	NZ Commercial NZ Social Infrastructure and Tourism3	$327 $312	35,900 31,600
	AU Social Infrastructure	$82	27,500
	AU Healthcare	$90	11,772
	AU and NZ Other	$23	12,010
	SUB TOTAL	$833	118,782
	FUTURE PIPELINE
	AU Healthcare	$665	53,650
	AU and NZ Other	$94	16,700
	SUB TOTAL	$759	70,350
	TOTAL	$1,591	189,132

• The group is utilising its development expertise across a $1.6bn pipeline

• Development fees provide a growing source of operating income

• CNI will selectively use its balance sheet to support this revenue stream and unlock development profits

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CIP: 42 HOEPNER ROAD, BUNDAMBA, QLD

SOCIAL & AFFORDABLE HOUSING: 23-25 YOUNG STREET, WEST GOSFORD, NSW

1. All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0705)

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

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1. Lakeview Queenstown JV reflected at a 25% interest

Unlisted real estate: Expanding platform for our investor networks

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HY21 UNLISTED FUND INITIATIVES
63 4 5
Single Multi asset Institutional funds
asset funds open-ended funds & mandates
LAUNCH LAUNCH
UNDERWAY UNDERWAY
LAUNCHED LAUNCHED ESTABLISHED ESTABLISHED
97% 3 - 6 AUGUSTA CENTURIA HEALTHCARE VISY PENROSE FUND CENTURIA INDUSTRIAL
Centuria unlisted funds continued Funds in the PROPERTY FUND (APF) PROPERTY FUND (CHPF) INCOME FUND (CIIF)
to distribute through HY21 top 10 index [2]
• New multi asset • New multi asset • New NZ$178m • New $63m
open-ended fund open-ended fund single asset fund fixed term industrial fund
• NZ$55m Anglesea Medical • $133m across six high • Fit for purpose industrial • 3 quality Australian
centre seed asset quality healthcare seed asset with a 20 year triple industrial properties
• First post COVID-19 assets net lease to Visy • $40m capital raising
$13.6m $22.3m $0.4m property fund launch. • $107m equity secured • NZ$110m capital raising oversubscribed
HY21 recognised HY21 Latent underlying HY21 performance fee NZ$39m capital raising from two capital raisings underway
performance fees performance fees [1] cash collected completed in 9 days
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1. The underlying property funds managed by Centuria Capital Group have accrued total performance fees of $43.8m as at 31 December 2020. $21.3m of this amount has been recognised life to date with the latent unrecognised performance fee being $22.3m

2. At least three funds in the Top 10 in The Property Council of Australia/MSCI Australia Unlisted Retail Quarterly Property Fund Index to 31 December 2020 each previous quarter for the last eighteen quarters (overall investment for the twelve months to the end of each quarter)

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Listed real estate: A platform of pure-play and value-add REITs

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ASX:
COF
Australia’s largest
CENTURIA domestic pure-play
OFFICE REIT Office REIT
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A quality portfolio of de-centralised, highly connected and affordable office space

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AUM CNI HY21 AVG. RENT INCLUDED IN THE MARKET
$2.1bn CO-INVESTMENT [1] COLLECTED S&P/ASX CAPITALISATION [2]
23 HIGH QUALITY 19.9% 96.7% 300 Index $1.1bn
ASSETS
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PORTFOLIO INCOME FROM GOVERNMENT, 81% ASX LISTED & MULTINATIONAL TENANTS

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ASX:
CIP
Australia’s largest
CENTURIA domestic pure-play
INDUSTRIAL REIT Industrial REIT
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A quality portfolio of fit for purpose industrial assets, situated in infill locations with close key infrastructure

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AUM CNI HY21 INCLUDED IN THE MARKET
$2.4bn CO-INVESTMENT [1] ACQUISITIONS S&P/ASX CAPITALISATION [2]
59 HIGH QUALITY 15.1% $694m 200 Index $1.7bn
ASSETS
PORTFOLIO INCOME FROM TELCO, CONSUMER
62% STAPLES & PHARMACEUTICALS
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NZX: Artist Impression
APL
Targeting long term
ASSET PLUS total returns
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A yield plus growth investment strategy through select New Zealand real estate

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$0.35 HIGH AUMQUALITY [3] bn 19.99 CO-INVESTMENT CNI % [1] COST TO COMPLETEACTIVE INITIATIVES $130 UNDERWAY m [3] $0.1 CAPITALISATIONMARKET bn [2]
ASSETS
PORTFOLIO INCOME FROM GOVERNMENT,
62% NZX LISTED & MULTINATIONAL TENNANTS
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1. Includes associates of Centuria Capital Group

2. Based on the respective COF, CIP and APL close prices on 31 December 2020

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1. Includes 6-8 Munroe Lane, Albany, Auckland, NZ valuation on an as if complete basis

CIP: 1 LAHRS ROAD, ORMEAU, QLD

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SECTION FOUR Strategy & Outlook

ASX:CNI

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Markets and Strategic Vision

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• 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 cashflows ▪ COF conforms to these metrics with high occupancy and positive earnings guidance

MARKETS

• Investor demand for unlisted funds to remain very strong throughout FY21 seeking higher relative returns

• Equity markets – real estate funds predicted to remain a favoured “yield” stock sector

• New Zealand commercial, industrial and healthcare markets predicted to remain strong throughout FY21

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STRATEGIC VISION

CENTURIA CAPITAL IS A LEADING REAL ESTATE FUNDS MANAGER WITH A UNIQUE AUSTRALASIAN FOCUS

We aim to deliver income and capital growth from the favoured healthcare, industrial and decentralised office sectors to a broad range of Centuria investor profiles Aspiration to increase funds under management by 50% in near term

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Executing Strategic Vision

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• Dual growth strategy – real estate acquisitions plus corporate expansion

CLEAR AND SIMPLE THEMES

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

• Alignment to favoured Healthcare, Industrial and Office sectors

• Strong focus on returns to CNI securityholders and Centuria fund investors

• Proven growth through selective corporate acquisitions (refer slide 8)

• Leverage CNI balance sheet and experience to grow Centuria NZ (e.g. NZ$180 million Visy fund)

EXECUTION

• Expand unlisted platform in Australia and NZ – over 50% of total AUM represented by unlisted funds

• • Manager of Australia’s largest domestic pure-play office and industrial REITS

• Centuria has ten discrete investment verticals to enhance organic growth

• Continued focus on external healthcare institutional mandate

• Pursue select institutional wholesale opportunities

CIP: TELSTRA DATA CENTRE COMPLEX, CLAYTON, VIC

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COF & CENTURIA UNLISTED : 201-203 PACIFIC HIGHWAY, ST LEONARDS NSW
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SECTION FIVE Appendices

ASX:CNI

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Group AUM movement

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$1.5bn $0.1bn $0.1bn $10.2bn
$8.8bn
($0.3bn)
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CIP: ARNOTTS 46 ROBINSON ROAD, EAST VIRGINIA, QLD
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Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0705). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes 6-8 Munroe Lane, Albany, Auckland, NZ valuation on an as if complete basis

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A $9.3bn[1 ] leading Australasian real estate platform

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~80% Australia and ~20% New Zealand geographic diversification

QLD 23%

58 properties valued at $2,094m

NSW 21%

41 properties valued at $1,873m

ACT 4%

• 5 properties valued at $389m

VIC 18%

27 properties valued at $1,612m

TAS 0%

• 1 property valued at $6m

SA 5%

• 7 properties valued at $417m

WA 8%

22 properties valued at $717m

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NT
QLD
WA
SA
NSW
ACT
VIC
TAS
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AUCKLAND 16%

28 properties valued at $1,069m

OTHER 6%

27 properties valued at $447m

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Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0705). Numbers presented may not add up precisely to the totals provided due to rounding 1. As at 31 December 2020. Includes cash and other financial assets

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COF: Australia’s largest pure play office REIT

• HY21 FFO of 11.2cpu, distributions of 8.3cpu delivered

• FY21 FFO guidance of 19.5-20.0cpu, distribution guidance of 16.5cpu

	PORTFOLIO SNAPSHOT		HY21	HY20
	Number of assets Book value1	# $m	23 2,032.4	23 2,063.4
	WACR1 NLA Occupancyby gross income WALE by gross income	% sqm % yrs	5.90 304,413 91.5 4.5	5.92 303,855 99.2 5.1
	Average NABERS energyrating (byvalue) Average NABERS water rating (byvalue)	Stars Stars	4.9 4.0	4.7 3.9

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26% ASX Listed HY21 TENANTS
By income
27% Government
8% Listed Multinational
20% Multinational
5% National
14% Other
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CIP: Australia’s largest domestic pure play industrial REIT

• HY21 FFO of 8.8cpu, distributions 8.5cpu delivered

• FY21 FFO guidance increased to no less than 17.6cpu, distribution guidance of 17.0cpu

PORTFOLIO SNAPSHOT HY21 FY20	PORTFOLIO SNAPSHOT HY21 FY20	PORTFOLIO SNAPSHOT HY21 FY20
Number of assets #	59	50
Book value $m	2,399	1,602
WACR %	5.42	6.05
GLA sqm	1,047,685	945,611
Average asset size sqm	17,757	19,298
Occupancy by income %	97.7	97.8
WALE by income yrs	9.8	7.2

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32% Manufacturing HY21 TENANTS
By income
19% Transport Logistics
12% Data Storage
10% Food & Beverage
8% Consumer Durable
6% Consumer Discretionary
5% Consumer Staple
3% Health & Pharmaceutical
2% Construction
2% Automotive
1% Other
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APL: Targeting long term total returns

• Dividend target of 1.8 cents per share

PORTFOLIO SNAPSHOT SEPT 20 MAR20	PORTFOLIO SNAPSHOT SEPT 20 MAR20	PORTFOLIO SNAPSHOT SEPT 20 MAR20
Number of assets # 5 4
Book value1 $m 153.4 142.1
Occupancy by income %	98	98
WALE by income yrs 2.9 3.2

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SEPT 20 TENANTS [2]
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33% Auckland Council
20% The Warehouse Group
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By income
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9% Countdown
3% Westpac
3% Unichem
2% Linwood Ave. Medical Centre
2% Aviva
1% Bargain Chemist
1% ANZ
1% Snap Fitness
25% Other (36 tenants)
1. Excludes $5.1m of WIP 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
2. Excludes 6-8 Munroe Lane, Albany, NZ
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Investment bonds: Transforming contemporary bond options

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10%
$0.9bn
TOTAL AUSTRALIAN
AUM INVESTMENT BOND
MARKET SHARE [1]
52 LifeGoals
Adviser Ratings
APLs [2] RECOMMENDED
BY LONSEC
UP 85% IN HY21
28
+4,600
LIFEGOALS
ACCESS TO
FUND OPTIONS
ACTIVE FINANCIAL
27% INCREASE
SINCE LAUNCH PLANNERS
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LIFEGOALS ACTIVE MANAGED FUNDS PERFORMANCE VS. INDEX [3]
Two out of three
active international funds
Five out of six
active domestic funds outperformed the
benchmark index
outperformed the
benchmark index
13.0%
7.6%
5.7%
1.4%
Active Domestic Equity S&P/ASX 200 TR Index Active International MSCI World ex
Funds Average AUD Equity Funds Average Australia NR Index AUD
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1. QDS report 30 September 2020

2. Approved product lists

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1. Lonsec Research Pty Ltd

Continuing to build out Centuria LifeGoals

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ASSETS UNDER MANAGEMENT

FLOWS HY21

HY21 FY20 HY21 CHANGE (%) HY20 Prepaid funeral plans (Guardian)1 551.0 520.9 5.8% 550.0 Capital Guaranteed (Centuria Life) 159.8 166.8 -4.2% 182.4 Unitised Bonds (Centuria Life) 132.5 127.3 4.1% 147.7 Centuria LifeGoals 23.2 20.9 11.0% 4.4 TOTAL 866.5 835.9 3.7% 884.5	APPLICATIONS REDEMPTIONS
	14.9 -18.8
	0.6 -7.3
	2.7 -3.8
	2.9 -0.9
	21.1 -30.8

CENTURIA LIFEGOALS FUND MANAGERS

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

Reconciliation of statutory profit to operating profit

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	HY21 ($m)	HY20 ($m)
Statutory net profit after tax	42.7	78.0
Statutory EPS (cents)1	7.5	18.6
ADJUSTED FOR NON-OPERATING ITEMS
(Gain)/loss on fair value movements in derivatives and investments	(9.0)	(38.3)
Transaction and other costs	1.0	2.1
Profit attributable to controlled property funds	(4.1)	(0.6)
Eliminations between the operating and non-operating segment	3.0	(1.9)
Equity accounting adjustments	0.2	0.1
Tax impact of above non-operating adjustments	0.2	(6.0)
Operating net profit after tax2	34.0	33.4
Operating EPS (cents)3	6.2	8.1

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COF & CENTURIA UNLISTED: 8 CENTRAL AVENUE, EVELEIGH, NSW
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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

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Co-investments reconciliation

Strong alignment to Centuria’s listed REITs CNI is the largest unitholder of CIP(14.91%)1,COF(15.22%)1 andAPL(19.99%)1 Properties held for development generate no fee income	CO-INVESTMENTS CARRYING VALUE 31 DEC 2020 ($m) DISTRIBUTION INCOME HY21 ($m) CARRYING VALUE 31 DEC 2019 ($m) DISTRIBUTION INCOME HY20 ($m)
	Centuria Industrial REIT (ASX:CIP)1 253.6 6.9 227.4 6.4
	Centuria Office REIT (ASX:COF)1 167.5 6.5 227.1 6.2
	Asset Plus Ltd. (NZX:APL)1 23.8 0.4 - -
	Properties held for development 32.3 - - -
	Centuria Diversified PropertyFund (CDPF) 31.6 0.8 17.8 0.4
	Centuria 111 St Georges Terrace Fund 29.0 1.2 29.9 1.0
	Augusta Industrial Fund (AIF) 21.6 0.5 - -
	Healthcare Investments 19.5 0.9 31.1 0.4
	Augusta PropertyFund(APF) 3.6 0.1 - -
	Other unlisted real estate and debt funds 8.9 0.3 16.3 0.9
	SUB-TOTAL 593.1 17.6 549.6 15.3
	Capital adjustment2 - 13.5 - 21.0
	TOTAL 593.1 31.1 549.6 36.3

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CIP : 1 LAHRS RD, ORMEAU, QLD
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Note: All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0656). 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 1

Definitions

Operating Segments: Group has five 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

• 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 non-operating 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

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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

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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.

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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 3

CENTURIA METROPOLITAN REIT ASX:CMA 34

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