CENTURIA CAPITAL GROUP — M&A Activity 2020

Feb 16, 2020

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Centuria updates market on takeover of Augusta

Monday, 17 February 2020

Centuria Capital Group ( Centuria ) notes the attached market release by Augusta Capital Limited ( Augusta ) regarding the deferral of the planned March 2020 launch of its Tourism Fund and Augusta’s profit expectations for the NZ financial year ending 31 March 2020.

Centuria understands the deferral is partly in response to the temporary impact of the coronavirus on the global tourism sector and Centuria views the deferral as both sensible and appropriate.

In addition, as the Centuria takeover offer will not close until after 31 March 2020 (Augusta's FY20 financial year end), the focus of Centuria's assessment of Augusta’s ongoing potential has always been on Augusta's FY21 performance and beyond.

Assuming the offer is successful, Centuria is likely to receive the benefit of substantial property acquisition and other associated fees from the launch of the Tourism Fund, increasing the year one profit potential Centuria had originally modelled.

Accordingly, Centuria remains committed to its takeover offer for Augusta and Centuria and Augusta are working co-operatively to provide the takeover proposal to Augusta shareholders in accordance with the timetable set out in the Bid Implementation Agreement.

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For more information or to arrange an interview, please contact:

John McBain Tim Mitchell Gigi Shaw Joint CEO Group Head of Investor Relations Associate Director Centuria Capital Limited Centuria Capital Limited BlueChip Communication Phone: 02 8923 8923 Phone: 02 8923 8923 Phone: 02 9018 8633 Email:John.McBain@centuria.com.au Email:tim.mitchell@centuria.com.au Email:gigi@bluechipcommunication.com.au

Authorised for release by Anna Kovarik, Company Secretary.

About Centuria Capital Group

Centuria Capital Group (CNI) is an ASX-listed specialist investment manager with $7.2 billion of assets under management. We offer a range of investment opportunities including listed and unlisted property funds as well as tax-effective investment bonds. Our drive, allied with our in-depth knowledge of these sectors and intimate understanding of our clients, allows us to transform opportunities into rewarding investments.

www.centuria.com.au

Disclaimer

This announcement 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 CNI. It should be read in conjunction with CNI's periodic and continuous disclosure announcements which are available at www.centuria.com.au.

Centuria Capital Group Consisting of: Centuria Capital Limited ABN 22 095 454 336 Centuria Capital Fund ARSN 613 856 358

Level 41, Chifley Tower T: 02 8923 8923 E: sydney@centuria.com.au 2 Chifley Square, Sydney NSW 2000 F: 02 9460 2960 www.centuria.com.au

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This announcement is provided for general information purposes only. It should not be relied upon by the recipient in considering the merits of CNI or the acquisition of securities in CNI.

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 announcement, including obtaining investment, legal, tax, accounting and such other advice as necessary or appropriate.

This announcement may contain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters ('Forward Statements'). No independent third party has reviewed the reasonableness of any such statements or assumptions. No member of CNI 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 announcement.

Centuria Capital Group Consisting of: Centuria Capital Limited ABN 22 095 454 336 Centuria Capital Fund ARSN 613 856 358

Level 41, Chifley Tower 2 Chifley Square, Sydney NSW 2000

T: 02 8923 8923 E: sydney@centuria.com.au F: 02 9460 2960 www.centuria.com.au

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NZX Release

17 February 2020

Deferral of launch of Augusta Tourism Fund and update on FY20 earnings

Augusta advises that it has decided to defer the launch of the Augusta Tourism Fund until the 2021 financial year. As a result, any income from the launch of that fund will only be recognised in the 2021 financial year. Augusta now expects adjusted funds from operations for the year ending 31 March 2020 to be between $4.2 million and $4.5 million.

Centuria Capital has been advised of this decision and confirmed that the decision does not impact the proposed takeover of Augusta. Centuria continues to work towards the timetable set out in the Bid Implementation Agreement ( BIA ) released on 29 January 2020. The various regulatory approvals or exemption applications to the FMA, Takeovers Panel and Overseas Investment Office have been advanced in accordance with the BIA timetable.

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For further information, contact:

Paul Duffy Chairman

Mark Francis Managing Director

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