CENTURIA CAPITAL GROUP — Investor Presentation 2021

Mar 21, 2021

22 March 2021

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CHPF: 1521 FOREST ROAD, ORANGE, NSW

CIP: 60-80 SOUTHLINK ST, PARKINSON, QLD

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CIP: TELSTRA DATA CENTRE COMPLEX, CLAYTON, VIC

CDPF: 25 MONTPELIER ROAD, BOWEN HILLS,QLD

Centuria Capital No. 2 Fund Secured Redeemable Notes Offer

C E N T U R I A C A P I T A L N o . 2 F U N D 1

Important notices

Important information

This presentation has been prepared, authorised and is issued by Centuria Funds Management Limited ACN 607 153 588 as trustee for the Centuria Capital No.2 Fund ABN 24 858 616 727 (CC2F) in relation to the proposed issue by CC2F of secured, redeemable notes (Notes) to raise approximately $100 million with the ability to raise more or less (Offer). The Offer is made under a prospectus dated 22 March 2021 lodged with the Australian Securities and Investments Commission by CC2F (Prospectus).

All information and statistics in this presentation are current as at the date of this presentation unless otherwise specified. It contains selected summary information and does not purport to be all inclusive, comprehensive or to contain all of the information that may be relevant, or which a prospective investor may require, in evaluations for a possible investment in the Notes. It should be read in conjunction with the Prospectus, which is available at www.CenturiaInvestor.com.au/NoteOffer.

An investment in Notes is subject to investment and other risks, some of which are beyond the control of CC2F. Recipients should have regard to their relevant risks when making their decision regarding the Offer and should make their own enquiries and investigations regarding all information in this presentation and the Prospectus.

Notes are not bank deposits. There is a risk that investors could lose some or all of their money.

The recipient acknowledges that circumstances may change and that this presentation may become outdated as a result. This presentation and the information in it are subject to change without notice. CC2F is not obliged to update this presentation.

All dollar values are in Australian dollars (AU$) unless otherwise indicated.

This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States and may not be distributed or released in the United States. The Prospectus, the Notes offered under the Offer and the irrevocable and unconditional guarantee of the Notes given by Centuria Capital Limited have not and will not be registered under the U.S. Securities Act of 1933, as amended (Securities Act), or under the securities laws of any state or other jurisdiction of the United States, and Notes may not be offered or sold, directly or indirectly, in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws of any state or other jurisdiction of the United States. This presentation may not be distributed or released in the United States

Contents of this presentation

National Australia Bank Limited ACN 004 044 937, Westpac Institutional Bank (a division of Westpac Banking Corporation ACN 007 457 141), Morgans Financial Limited ACN 010 669 726 and Shaw and Partners Limited ACN 003 221 583 are the joint lead managers to the Offer (Joint Lead Managers). To the maximum extent permitted by law, CC2F, the Joint Lead Managers and their respective related bodies corporate and their respective officers, directors, employees, advisers, partners, affiliates and agents (together, the Beneficiaries) 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, none of the Beneficiaries accept any liability (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. CC2F and the Joint Lead Managers reserve the right to withdraw the Offer or vary the timetable for the Offer without notice, subject to the Corporations Act and ASX Listing Rules.

Not an offer

Non-IFRS financial information

This presentation is provided for general information purposes only. It is not a product disclosure statement, prospectus, 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 and Investments Commission. It should not be relied upon by the recipient in considering the merits of CC2F or the acquisition of Notes.

The information contained in this presentation does not constitute financial product advice or any recommendation. 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 into account 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, Notes or any other investment product. The information in this presentation has been obtained from and based on sources believed by CC2F to be reliable. Past performance is not an indication of future performance.

Foreign jurisdiction restrictions

No action has been or will be taken to register the Notes or otherwise permit the offer of Notes in any jurisdiction outside of Australia and New Zealand.

The distribution of this investor presentation and the offer or sale of Notes may be restricted by law in certain jurisdictions. Nothing in this presentation is to be construed as authorising its distribution, or the offer or sale of Notes, in any jurisdiction other than Australia or New Zealand. Notes may not be offered or sold, indirectly or directly, in any jurisdiction except under circumstances that will result in compliance with any applicable law or regulations. Persons who receive this presentation outside of Australia and New Zealand must inform themselves about and observe all such restrictions.

Certain financial information or data included in, or incorporated by reference into, this presentation are non-IFRS financial information under the Australian Accounting Standards. Non-IFRS measures do not have standardised meanings prescribed by the Australian Accounting Standards and may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Investors are cautioned not to place undue reliance on any non-IFRS financial information included in this presentation.

Forward looking statements

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. None of the Beneficiaries represent or warrant 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, CC2F assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. The recipient should note that this presentation may also contain pro forma financial information. Any pro forma financial information provided is for illustrative purposes only and should not be relied upon as, and is not represented as being indicative of, CC2F’s future financial condition and/or performance.

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C E N T U R I A C A P I T A L N o . 2 F U N D 2

Centuria Capital No. 2 Fund $100 million Secured Redeemable Notes (Notes) Offer

Agenda

1. Group Overview

2. Issuer Overview

3. Guarantor Overview

4. Key Offer Details

5. Appendices

3

C E N T U R I A C A P I T A L N o . 2 F U N D

CIP: 1 ASHBURN ROAD, BUNDAMBA, QLD

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SECTION ONE Group Overview

C E N T U R I A C A P I T A L N o . 2 F U N D 4

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

Centuria Capital Group: A leading Australasian property funds manager

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

bn GROUP AUM $10.2

$0.6bn

CNI Co-Investments on balance sheet

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

LISTED REAL ESTATE $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
O PE N E N D E D F U N D O PE N E N D E D F U N D O PE N E N D E D F U 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. All figures unless otherwise stated throughout this presentation are as at 31-Dec-20. 1. Based on CNI closing price at 31-Dec-20.

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

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

• Based on the respective close prices for COF, CIP and APL at 31-Dec-20. Includes ownership by associates of Centuria Capital Group.

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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-Dec-20. Includes cash and other financial assets.

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C E N T U R I A C A P I T A L N o . 2 F U N D

A $9.3bn Australasian real estate platform

Compelling sectors, diverse fund types and capital sources

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GEOGRAPHIES ASSET SECTORS FUND TYPES
Unlisted multi-
Other 5% [1] asset open
ended
New Zealand
21% Healthcare 11% 9%
Office 48% Listed REITs
51%
Unlisted single
asset
40%
Industrial 36%
Australia
79%
~80% Australia 95% Industrial, healthcare, office ~50% Listed REITs fund categories
~20% New Zealand real estate ~50% Unlisted fund categories
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CAPITAL SOURCES
Institutional
5%
Listed
REITs
Unlisted Retail
51%
44%
~50% Listed REITs
~50% Unlisted
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C E N T U R I A C A P I T A L N o . 2 F U N D 7

1. Other includes New Zealand large format retail, supermarkets, shopping centres and tourism.

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

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Dual growth strategy of direct real estate & corporate acquisitions

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WHOLESALE NOTE [1]
$100m issued $25m issued $80m issued $34m issued $29m issued
ISSUANCE
ASSETS UNDER
$10.2bn MANAGEMENT
$8.8bn
UNLISTED
& INSTITUTIONAL
$6.2bn 4.5
REAL ESTATE
$4.9bn 4.2
33%
$3.8bn 2.6 LISTED
CAGR [2] REAL ESTATE
1.9
FY17 to HY21 4.8
1.5
3.8
2.7
2.1
1.5
INVESTMENT
0.8 0.9 0.9 0.8 0.9 BONDS
FY17 FY18 FY19 FY20 HY21
OVER N I S H I
OCT 2018 / REAL ESTATE DEC 2019 / REAL ESTATE AUG 2020 / REAL ESTATE
OF
$5.5bn
$645m $492m $417m
TRANSFORMATIONAL JAN 2017 / CORPORATE
INITIATIVES $1.4bn
MAY 2019 / CORPORATE JUL 2020 / CORPORATE OCT 2020 / REAL ESTATE
$620m $1.7bn $167m
1. The Issuer has previously issued unlisted, Australian dollar denominated notes to institutional and other
0 0 0
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ASSETS UNDER MANAGEMENT

1. The Issuer has previously issued unlisted, Australian dollar denominated notes to institutional and other wholesale market investors (Wholesale Notes).

2. CAGR calculated from 30-Jun-17 to 31-Dec-20

C E N T U R I A C A P I T A L N o . 2 F U N D 8

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SECTION TWO Issuer Overview

C E N T U R I A C A P I T A L N o . 2 F U N D 9

COF : 201-203 PACIFIC HIGHWAY, ST LEONARDS NSW

Centuria Capital No. 2 Fund (Issuer) and Centuria Capital Group

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Centuria Capital Group
Guarantor (ASX: CNI)
Centuria Capital Centuria Capital
(Unsecured
Limited Fund
Guarantee) Stapled Entities
Issuer & Secured
Guarantors [1]
Centuria Capital No.2
Secured by first ranking
Fund
general security deeds
(Issuer) over all assets of the
Issuer and the Secured
Guarantors
Holds co-investments
Property Funds stakes in CIP and COF
Investment Bonds
Management (Listed REITs), Unlisted
Funds and an
intercompany related
Manages a portfolio of 63 Offers a range of
party loan to a subsidiary
single asset funds, 4 multi products including tax-
of Centuria Capital
asset open-ended funds, 5 effective bonds and pre-
Limited
institutional funds and paid funeral plans
mandates and 3 listed
property funds
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Centuria Capital No.2 Fund is a 100% owned subsidiary of Centuria Capital Fund, which is one of the stapled entities constituting CNI.

The Issuer was established in 2016 upon the initial stapling of shares in Centuria Capital Limited with units in Centuria Capital Fund (which created CNI) and was established primarily to hold strategic equity investments in a number of listed property investments managed by Centuria Capital Group entities, including Centuria Industrial REIT (ASX:CIP) and Centuria Office REIT (ASX:COF), which are Australia’s largest domestic pure play industrial and office REITs listed on the ASX.

The Fund also holds investments in unlisted Centuria Capital Group managed funds.

1. Secured Guarantors are Centuria Capital No.2 Industrial Fund and Centuria Capital No.2 Office Fund.

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Issuer Balance Sheet and Investments

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4.8x
20.8% 27.2%
Interest Cover Ratio [2]
LVR [1] Pro Forma LVR [1]
Corporate Notes
$96m profile [3]
Cash on hand $27.8m (0.1 years)
$80.0m (2.1 years)
$62.2m (3.1 years)
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1. LVR calculated based on the Secured Debt (Corporate Notes in the table above) to the Total Tangible Assets of the Relevant Trusts of all Secured Guarantors.

2. The ratio of EBITDA to Finance Charges for the prior 12-month period for the Centuria Group.

3. Based on face value (as at Mar-21).

4. The Centuria Capital No. 2 Fund historical financial information presented above has been sourced from the reviewed consolidated financial statements of Centuria Capital No. 2 Fund for the six months ended 31-Dec-20.

5. The Notes offer of $100m net of $2.5m in expected offer costs will result in an increase in cash of $97.5m with a corresponding increase in borrowings. The offer costs of $2.5m comprise brokers' fees $1.5m, legal advisory fees $0.3m, regulatory lodgement and approval fees $0.3m, ASX listing fees $0.2m and other costs amounting to $0.2m.

Pro forma Historical Balance Sheet	Impact of equity issuance	Impact of equity issuance
($m) 31 Dec-20 (Actual)4 Notes Issue5 Repayment of Wholesale Notes6 31 Dec 20 Pro Forma Historical	Equity Issuance Post 31 Dec 207 31 Dec 20 Post Equity Issuance
Assets Assets
Cash and cash equivalents 96.0 97.5 (27.8) 165.7	-	165.7
Receivables 13.9 - - 13.9	-	13.9
EquityAccounted Investments 31.6 - - 31.6	-	31.6
Investment Properties 155.8 - - 155.8	-	155.8
Financial Assets at fair value 618.6 - - 618.6	-	618.6
Propertyheld for development 1.3 - - 1.3	-	1.3
Total Assets 917.2 97.5 (27.8) 986.9	-	986.9
Liabil i ti es Liabilities
Payables 93.3 - - 93.3	(86.7)	6.6
Interest rate swaps at fair value 0.8 - - 0.8	-	0.8
Corporate Notes8 167.1 97.5 (27.8) 236.8	-	236.8
Other Borrowings 83.9 - - 83.9	-	83.9
Total Liabilities 345.1 97.5 (27.8) 414.8	(86.7)	328.1
Non controllinginterests 40.9 - - 40.9	-	40.9
Net Assets 531.2 - - 531.2	86.7	617.9
Loan to Value Ratio (LVR) 31 Dec-20 (Actual)4 Notes Issue5 Repayment of Wholesale Notes6 31 Dec 20 Pro Forma Historical	Equity Issuance Post 31 Dec 207 31 Dec 20 Post Equity Issuance
Total Assets 917.2 97.5 (27.8) 986.9	- 986.9
Less: Investment properties not part of security pool (155.8) - - (155.8)	- (155.8)
Add back: Investments in controlled properties at fair value 29.0 - - 29.0	- 29.0
Adjustment to total assets from controlled properties and fair value adjustments 12.2 - - 12.2	- 12.2
Adjusted Total Tangible Assets 802.6 97.5 (27.8) 872.3	- 872.3
LVR (%) 20.8% 27.2%	27.2%
LVR Covenant (%) 65.0% 65.0%	65.0%

1. Repayment of $27.8m relates to Wholesale Notes maturing in Apr-21. The remainder of the funds raised will be used in supporting the Centuria’s REIT co-investment programme, strategic acquisitions and to accelerate the growth of the unlisted property funds division.

2. Post-balance date on 4-Mar-21, Centuria Capital No. 2 Fund issued additional capital to its immediate parent entity, Centuria Capital Fund. This resulted in an increase in issued capital of $86.7m and a corresponding decrease in its intercompany loan balances owing to Centuria Capital Fund.

3. Corporate Notes relate to previously issued Wholesale Notes and Notes.

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C E N T U R I A C A P I T A L N o . 2 F U N D

Issuer Security Pool Asset Reconciliation

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Notes secured by c.$800 million of Tangible Assets

Co-Investment ($m) Ownership (%)	Co-Investment ($m) Ownership (%)	Units Held (m) Unit Price ($) Carrying Value 31-Dec-20 Indicative Distribution IncomePrior 12 months	Units Held (m) Unit Price ($) Carrying Value 31-Dec-20 Indicative Distribution IncomePrior 12 months	Units Held (m) Unit Price ($) Carrying Value 31-Dec-20 Indicative Distribution IncomePrior 12 months	Units Held (m) Unit Price ($) Carrying Value 31-Dec-20 Indicative Distribution IncomePrior 12 months
Financial Assets				618.6	39.5
Centuria Industrial REIT1	10.59%	58.3	$3.09	180.2	9.5
Centuria Office REIT1	14.78%	76.0	$2.14	162.7	13.1
Centuria Healthcare Direct Medical Fund No. 2	8.38%	12.5	$1.07	13.3	0.7
Other investments	Various	n/a	n/a	9.7	0.2
Other related party investments	Various	n/a	n/a	3.4	0.8
Interest bearing related party loan	n/a	n/a	n/a	249.3	15.2
Equity Accounted Investments				31.6	1.5
Centuria Diversified Property Fund	24.27%	22.8	$1.39	31.6	1.5
Other				111.2	0.3
Cash, Cash Equivalents and Receivables				109.9	0.3
Property Held For Developments				1.3	-
Total				761.4	41.3
Add: Investments in controlled properties at fair value				29.0	-
Adjustment to total assets from controlled properties and fair value adjustments				12.2	-
Adjusted Total Tangible Assets				802.6	41.3

Note: All figures above are in Australian dollars. Numbers presented may not add up precisely to the totals provided due to rounding. 1. Based on the respective close prices for COF and CIP as at 31-Dec-20. Excludes interests held through Benefit Funds.

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C E N T U R I A C A P I T A L N o . 2 F U N D

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 OFFICE REIT REIT

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

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

Portfolio income from Government, ASX listed and multi-national tenants

62%

Portfolio income directly linked to production, packaging and distribution of consumer staples, pharmaceuticals and telecommunications

1. Includes associates of Centuria Capital Group

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C E N T U R I A C A P I T A L N o . 2 F U N D

1. Based on the respective COF, CIP and APL close prices on 31-Dec-20

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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 19.4-19.9 cpu, distribution guidance of 16.5cpu

KEY METRICS		HY21	FY20
Number of assets	#	23	23
Book value	$m	2,032.4	2,053.3
WACR	%	5.90	5.93
NLA	sqm	304,413	304,586
Occupancybyincome	%	91.5	98.2
WALE byincome Average NABERS energyrating (byvalue)	yrs Stars	4.5 4.8	4.7 4.8
Average NABERS water rating (byvalue)	Stars	4.0	-3
Gearing1	%	33.22	34.5
Interest Cover Ratio	Times	7.62	6.3
Weighted average debt expiry	Year	2.82	3.3

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TENANT DIVERSIFICATION
By income
Government 27.0%
ASX Listed 25.7%
Multinational 19.9%
Other 13.9%
Listed Multinational 8.4%
National 5.1%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
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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

KEY METRICS HY21 FY20	KEY METRICS HY21 FY20	KEY METRICS 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
Occupancybyincome %	97.7	97.8
WALE byincome yrs	9.8	7.2
Gearing1 %	29.6	27.2
Interest Cover Ratio Times	5.8	5.2
Weighted average debt expiry Year	3.3	3.3

TENANT DIVERSIFICATION

By income

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Manufacturing 32.0%
Transport Logistics 19.0%
Data Storage 12.0%
Food & Beverage 10.0%
Consumer Durable 8.0%
Consumer Discretionary 6.0%
Consumer Staple 5.0%
Health & Pharmaceutical 3.0%
Automotive 2.0%
Construction 2.0%
Other 1.0%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
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1. Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill

2. Adjusted to include the proceeds from the sale of 465 Victoria Avenue, Chatswood NSW

3. Not reported

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C E N T U R I A C A P I T A L N o . 2 F U N D

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SECTION THREE Guarantor Overview

C E N T U R I A C A P I T A L N o . 2 F U N D 1 5

CENTURIA UNLISTED: 111 ST GEORGES TERRACE, PERTH, WA

Centuria Capital Group HY21 earnings and distributions

FY21 Distribution guidance upgraded to 10.0cps

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

3. Initial FY21 operating EPS guidance of 10.5 – 11.5 cents announced on 12-Aug-20. Upgraded FY21 EPS guidance range of 11.5-12.5cps announced on 22-Oct-20. FY21 guidance % increase based on upgraded FY21 guidance midpoint of 12.0cps.

4. Initial FY21 DPS guidance of 8.5 cents announced on 12-Aug-20. FY21 DPS guidance upgraded to 9.0cps on 22-Oct-20. FY21 DPS guidance upgraded to 10.0cps on 10-Feb-21.

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

CIP: 1 LAHRS RD, ORMEAU, QLD

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 number of securities at 31-Dec-20: 548,716,231 (at 31-Dec-19: 413,183,062).

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C E N T U R I A C A P I T A L N o . 2 F U N D

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Recycling larger Centuria Capital Group Balance Sheet to grow platform

	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
	Liabilities
	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
	Operating gearing ratio2	2.4%	3.1%

CIP: 60-80 SOUTHLINK STREET, PARKINSON, QLD

1. Number of securities on issue at 31-Dec-20: 600,236,123 (at 31-Dec-19: 448,839,027).

C E N T U R I A C A P I T A L N o . 2 F U N D 1 8

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

CIP: 45 FULTON DRIVE, DERRIMUT, VIC

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SECTION FOUR Key Offer Details

C E N T U R I A C A P I T A L N o . 2 F U N D 1 9

Key Secured Redeemable Note Terms

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Applicants should read the Prospectus in full for all the offer terms and risk factors

Issuer	Centuria Funds Management Limited as trustee of the Centuria Capital No. 2 Fund
Secured Guarantors	Centuria Investment Holdings Pty Ltd as trustee of the Centuria Capital No.2 Office Fund; and Centuria Investment Holdings PtyLtd as trustee of the Centuria Capital No.2 Industrial Fund
Security	Notes are secured under first ranking security over the assets of the Issuer and certain subsidiaries of the Issuer
Guarantee	The Issuer's obligation to repay the Notes and pay Interest is guaranteed by Centuria Capital Limited (ASX:CNI)
Size of Offer	$100 million with the ability to raise more or less
Indicative Maturity Date	20 April 2026
Interest rate	Floating interest rate equal to the Bank Bill Rate plus the Margin
Indicative Margin	[4.25% - 4.50%]
Interest payments	Quarterly in arrears
Convertible	No
Redemption and repayment	By Issuer: • On Optional Redemption Dates: o 18 months prior to Maturity Date at 101%; 12 and 6 months prior to the Maturity Date at 100% • On certain Asset Disposals • On a Tax event By noteholder: • On a Change of control event at 105%
Financial covenants	• Maximum loan to valuation ratio of 65%; • Interest cover ratiogreater than 2.0(tested at the Centuria Capital Grouplevel if additional financial indebtedness is incurred bythe Issuer)
Negative pledge	The Notes will have the benefit of a negative pledge given by the Issuer and Secured Guarantors
Ranking	The Notes will rank equally among themselves, with the Wholesale Notes and in priority to all unsecured obligations of the Issuer, except liabilities mandatorily preferred bylaw
Eligible investors	Retail investors in Australia and New Zealand
Disclosure document	Prospectus under chapter 6D Corporations Act
Listing	Application has been made for admission of the Issuer to the Official List as an ASX Debt Listing and for Notes to be quoted on ASX

C E N T U R I A C A P I T A L N o . 2 F U N D 2 0

Key Dates

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KEY DATES FOR THE OFFER	DATE
Record Date for Eligible Securityholders	7.00pm on 12 March 2021
Prospectus Date	22 March 2021
Bookbuild to determine the Margin	29 March 2021
Announcement of the Margin	29 March 2021
Lodgement of Replacement Prospectus with ASIC	30 March 2021
OpeningDate for the Offer	30 March 2021
ClosingDate for the Securityholder Offer	5.00pm on 14 April 2021
ClosingDate for the Broker Firm Offer	5.00pm on 14 April 2021
Issue of Notes	20 April 2021
Notes begin tradingon ASX(normal settlement basis)	21 April 2021
Expected dispatch of holdingstatements	22 April 2021

This timetable is indicative only and may change. The Issuer, in consultation with the Joint Lead Managers, reserves the right to vary any and all of the above dates and times without notice (including, subject to the ASX Listing Rules and the Corporations Act), to close the Offer early, to extend the Offer Period, to accept late Applications (either generally or in particular cases), or to cancel or withdraw the Offer, in each case without notifying any recipient of this Prospectus or Applicants. If the Offer is cancelled or withdrawn before the issue of Notes, then all Application Money will be refunded in full (without interest) as soon as practicable in accordance with the requirements of the Corporations Act.

Investors are encouraged to submit their Applications as soon as possible after the Offer opens.

Unless otherwise indicated, all times are Sydney time.

KEY DATES FOR NOTES	DATE
First Interest Payment Date1	20 July 2021
Maturity Date	20 April 2026

1. Interest Payments are scheduled to be paid quarterly in arears on the Interest Payment Dates being 20-Jul, 20-Oct, 20-Jan, and 20-Apr each year. If any Interest Payment Date is not a Business Day, then the Interest Payment Date will occur on the next Business Day.

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C E N T U R I A C A P I T A L N o . 2 F U N D

Key Risks associated with Notes

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Applicants should read the Prospectus in full including Section 6 – Risks for more information on Risks associate with the Notes

Topic	Summary
Shortfall on winding-up	• There may be a shortfall of funds to pay all amounts ranking senior to or equally with Notes in an event of a winding-up of the Issuer. This would result in Noteholders not receiving any payment if claims ranking senior to Notes were not satisfied in full, or otherwise not receiving payment in full.
Changes in Interest Rate	• The Interest Rate is a floating rate, equal to the sum of the Bank Bill Rate plus the Margin. The Bank Bill Rate will fluctuate and therefore the Interest Rate will fluctuate. Over the term of the Notes, the Interest Rate may be lower or higher than the initial Interest Rate on the Issue Date. • If the Interest Rate decreases, there is a risk that the return on Notes may become less attractive compared to returns on other investments, including investments that carry fixed interest rates. The Issuer does not guarantee any particular rate of return on Notes.
Redemption of Notes by Issuer	• The Redemption Amount may be less than the current market value of Notes at the time of redemption. • The timing of redemption of Notes may not accord with a Noteholder’s individual financial circumstances or tax position.
Limited rights for Noteholders to request or require redemption	• Noteholders have no right to request or require redemption of Notes before 20 April 2026 (the Maturity Date), unless an Event of Default occurs and is subsisting, and other conditions are met, or on a Change of Control Event and other conditions are met. • Unless redeemed by the Issuer, Noteholders can only realise their investment in Notes by a sale on ASX, a private sale (off-market) or on the Maturity Date. There is a risk that the sale price on ASX or under private sale will be less than the Issue Price or market value of Notes. Brokerage fees may also be payable if Notes are sold through a broker.
No limitation on issuing equal ranking securities	• Subject to compliance with certain financial covenants contained in the Terms and in the terms of the Wholesale Notes, the Directors are at all times authorised to issue further notes (whether redeemable or not) or other securities that rank equally with or behind Notes, whether in respect of distributions or dividends, ranking on a winding-up or otherwise.

Topic	Summary
The market price for Notes may fuctuate	• The market price of Notes may fluctuate and they may trade below the Face Value due to various factors, including investor perceptions, global economic conditions, interest rates, credit spreads, movements in the market price of senior or other subordinated debt.
Liquidity of trading in the Notes is not certain	• The Issuer will apply for admission to the Official List and for Notes to be quoted on ASX. However, Notes will have no established trading market when issued and a trading market may never develop. Insufficient liquidity may have an adverse effect on a Noteholder’s ability to sell their Notes and Notes may trade at a market price below their Face Value.
Noteholders’ enforcement rights may be restricted	• Enforcement of Noteholders’ rights requires the taking of action by the Trustee. The Trustee is not bound to take any action under the Note Trust Deed unless it is directed to do so in writing by the requisite number of Noteholders. The Trustee’s liability is limited and the Trustee will be indemnified against any expense or liability that it may incur by acting in its capacity as trustee of the Centuria Capital Retail Note Trust out of the Note trust established under the Note Trust Deed.
The Issuer may fail to pay Face Value, Interest or other amounts	• There is a risk that the Issuer may not pay when scheduled or default on payment of some or all of the Face Value, Interest or other amounts payable on Notes. If the Issuer does not pay the amount owing, Noteholders may lose some or all of the money invested in Notes.
The Issuer may alter the Terms under certain circumstances	• Subject to the Terms, the Issuer may, without the consent of the Noteholders, alter the Terms in certain circumstances.
There may be tax consequences from investing in Notes	• An investment in the Notes has taxation consequences for Noteholders, which will depend on their individual circumstances. A general description of the Australian and New Zealand taxation consequences of investing in Notes is set out in the Prospectus, however, the relevant taxation authority may take a different view to the conclusions set out in Prospectus.

C E N T U R I A C A P I T A L N o . 2 F U N D 2 2

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Key Risks associated with the Issuer and Centuria Capital Group

Topic	Summary
Property sector risks	• Centuria Capital Group is subject to the prevailing property market conditions in the sectors in which each of the funds under the management of Centuria Capital Group operates and the jurisdiction in which each of its funds’ assets are located. The demand for property as an asset class changes over time and can be influenced by general economic factors such as interest rates and economic cycles.
Property liquidity	• The property assets to which Centuria Capital Group and the funds managed by Centuria Capital Group are exposed are, by their nature, illiquid investments. There is a risk that Centuria Capital Group may not be able to realise property assets within a short period of time or may not be able to realise property assets at valuation including selling costs, which could materially adversely affect the financial performance of Centuria Capital Group.
Realisation risk	• The ongoing value of properties held by funds managed by Centuria Capital Group may fluctuate due to a number of factors. There is no guarantee that a property will achieve a capital gain on its sale or that the value of the property will not fall as a result of the assumptions on which the relevant valuations are based proving to be incorrect.
Regulatory Risk	• Centuria Capital Group operates in a highly regulated environment and it, and the Centuria Capital Group funds management business is subject to a range of industry specific and general legal and other regulatory controls. Regulatory breaches may affect Centuria Capital Group's operational and financial performance, through penalties, liabilities, restrictions on activities and compliance and other costs.
COVID-19	• The real estate sector has been affected by relief measures in response to COVID-19 (which, depending upon the relevant jurisdiction, include eviction moratoriums, restrictions on rent increases, entitlements to rent renegotiations and obligations to act in good faith). These relief measures may individually or collectively have an adverse impact on the financial performance of the Centuria Capital Group and the Issuer.

Topic	Summary
Funds management	• Centuria Capital Group manages a number of funds on behalf of third party investors. The majority of Centuria Capital Group’s income is derived from fees calculated with reference to the value of funds under the management of its funds management business. Centuria Capital Group’s financial performance may be adversely affected if it was not able to appropriately respond to the risks affecting the funds management business.
Reliance on third party equity	• As a fund manager, growth in Centuria Capital Group's earnings may be affected by the ability of Centuria Capital Group to establish new listed or unlisted funds.
Co-Investments	• Centuria Capital Group’s long term strategy is to continue holding co-investments in a number of the funds it manages. Such investments are subject to the general investment risks outlined above.
Funding	• Centuria Capital Group and funds managed by its funds management business rely on access to various sources of capital, along with the refinancing and/or variation of existing debt facilities. An inability to obtain the necessary funding or refinancing on acceptable terms and at commercial rates or a material increase in the costs of such funding may have an adverse effect on Centuria Capital Group’s performance or financial position.
Acquisition risks	• Centuria Capital Group has a significant potential acquisition pipeline that it is pursuing in order to drive future growth of the business. There is no guarantee that Centuria will be able to execute all current or future acquisitions. If current or future acquisitions are not successfully integrated with Centuria Capital Group’s existing business, the financial performance of Centuria Capital Group could be materially adversely affected.

C E N T U R I A C A P I T A L N o . 2 F U N D 2 3

CIP: 1 LAHRS ROAD, ORMEAU, QLD

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SECTION FIVE Appendices

C E N T U R I A C A P I T A L N o . 2 F U N D 2 4

Quality assets generating broad Group 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]
948 TENANTS [1] Woolworths Limited - ASX/NZX Listed 3.3% 7.3 7.1
4.7
Telstra Corporation Limited - ASX/NZX Listed 3.0%
Visy - Multinational 2.3%
97.6%
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 Listed 1.3% 98.6 99.2
97.7
HY21 LEASING TERMS AGREED
AWH Pty Ltd - National 1.2%
OFFICE
OVER 273,000SQM HEALTHCARE 93.1
NZME - ASX/NZX Listed 1.1%
117 DEALS INDUSTRIAL
OTHER
11.4% OF TOTAL PLATFORM Insurance Australia - ASX/NZX Listed 1.1% Office Healthcare Industrial New Zealand
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1. As at 31-Dec-20.

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C E N T U R I A C A P I T A L N o . 2 F U N D

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

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-Dec-20. $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-Dec-20 each previous quarter for the last eighteen quarters (overall investment for the twelve months to the end of each quarter).

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C E N T U R I A C A P I T A L N o . 2 F U N D

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

CIP: 67-69 MANDOON ROAD, GIRRAWEEN, NSW

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-Oct-20. 2. Initial FY21 DPS guidance of 8.5 cents announced on 12-Aug-20. FY21 DPS guidance upgraded to 9.0cps on 22 October 2020. FY21 DPS guidance upgraded to 10.0cps on 10-Feb-21.

C E N T U R I A C A P I T A L N o . 2 F U N D 2 7

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 Funds S&P/ASX 200 TR Index AUD Active International Equity MSCI World ex Australia NR
Average Funds Average Index AUD
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1. QDS report 30-Sep-20.

2. Approved product lists.

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C E N T U R I A C A P I T A L N o . 2 F U N D

1. Lonsec Research Pty Ltd.

Continuing to build out Centuria LifeGoals

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ASSETS UNDER MANAGEMENT FLOWS HY21
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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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C E N T U R I A C A P I T A L N o . 2 F U N D 2 9

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

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

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SOCIAL

• Launch of Centuria values

• 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

C E N T U R I A C A P I T A L N o . 2 F U N D 3 0

C E N T U R I A C A P I T A L N o . 2 F U N D 3 1

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