CENTURIA OFFICE REIT — Investor Presentation 2021

Oct 12, 2021

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101 MORAY STREET, SOUTH MELBOURNE, VIC
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Centuria Office REIT

MARKET UPDATE ASX: COF | 13 OCT 2021

C E N T U R I A O F F I C E R E I T

A S X : C O F

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A QUALITY PORTFOLIO OF HIGHLY CONNECTED AND AFFORDABLE OFFICE SPACE WITHOUT SINGLE MARKET CONCENTRATION

COF: NISHI, 2 PHILIP LAW STREET, CANBERRA, ACT

Agenda

1. Vision, Strategy and Objectives

COF: 54 MARCUS CLARKE STREET, CANBERRA, ACT

COF: 60 MARCUS CLARKE STREET, CANBERRA, ACT

1. Overview

2. Financial Results

3. Portfolio Metrics

4. Market Overview & Guidance

5. Appendices

A S X : C O F

C E N T U R I A O F F I C E R E I T

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COF CANBERRA PORTFOLIO

A leading Australasian real estate funds manager

CPFL is the responsible entity for COF and a wholly owned subsidiary of Centuria Capital Group (CNI)

bn $18.1

GROUP AUM

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$17.2bn REAL ESTATE AUM [1]
$6.1bn $11.1bn $0.9bn
LISTED REAL ESTATE UNLISTED REAL ESTATE INVESTMENT BONDS
CENTURIA LIFE
$3.5bn $2.3bn $0.3bn $7.8bn $1.5bn $1.8bn INVESTMENT BONDSCENTURIA
CENTURIA CENTURIA ASSET PLUS SINGLE MULTI ASSET MULTI ASSET
INDUSTRIAL REIT OFFICE REIT LIMITED ASSET CLOSED ENDED OPEN ENDED GUARDIAN FRIENDLY
ASX: CIP ASX: COF NZX: APL FUNDS FUNDS FUNDS SOCIETY
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Note: AUM as at 30 September 2021. All figures above are in Australian dollars (currency exchange ratio of AU$1.000:NZ$1.0486). Numbers presented may not add up precisely to the totals provided due to rounding 1. Includes commenced development projects valued on an as if completed basis, cash and other assets, assets exchanged but not settled. Does not include assets exchanged post 30 September 2021

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

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COF: Vision, strategy and objectives

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VISION

To be Australia’s leading pure play office REIT

COF

Australia’s largest ASX-listed pure play office REIT. Overseen by an active management team with deep real estate expertise. Strongly supported by Centuria Group.

A CLEAR AND SIMPLE STRATEGY

KEY OBJECTIVES

Focused on generating sustainable and quality income streams and executing initiatives to create value across a portfolio of quality Australian office assets

Portfolio Construction

A portfolio of Australian office assets diversified by geography, tenants and lease expiry

Active Management

Primarily focused on maintaining occupancy and extending portfolio WALE

Capital Management

A robust and diversified capital structure, with appropriate gearing

Unlock opportunities to create further value

Continue to enhance the portfolio and upgrade asset quality

C E N T U R I A O F F I C E R E I T A S X : C O F 4

Executing COF’s strategy – A strong start to FY22

• Portfolio expanded to 23 high quality office assets and $2.3bn[1] portfolio value with an average building age of 15.7 years[1]

Portfolio 1 Construction

• Over 90% of assets are A-Grade, demonstrating the level of underlying quality[2]

• Highly sustainable portfolio, average NABERS Energy rating of 4.7 Stars

• Portfolio diversification with no single market exposure greater than 15%[3]

Active management 2

• Strong tenant covenants with Australian Federal and State Governments representing c. 25% of gross income

• Diversified lease expiry profile, c. 67% of leases expiry at or beyond FY25[4]

• 94.0% portfolio occupancy[4] and WALE[4] of 4.3 years

• Gearing[5] of 33.7%

Capital management 3

• Additional $100m debt tranche added

• Weighted Average Debt Maturity extended to 4.3 years, Weighted Average Cost of Debt remains a competitive 2.4%, sixth bank added to diversified lender pool

• FY22 FFO[6] guidance of no less than 18.0 cents per unit

Earnings and 4 distribution guidance

• FY22 distribution guidance of 16.6 cents per unit, reflecting an 6.8% distribution yield[7]

• Included in the S&P/ASX300 Index and FTSE EPRA Nareit Global Developed Index

• Assuming the acquisition of the remaining 50% interest in 203 Pacific Highway, St Leonards proceeds

• Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill. As at 30 June 2021 adjusted for the impact of the Acquisitions and Equity Raising. If the acquisition of 203 Pacific Highway does not proceed, COF expects pro forma gearing to be 31.5%

• Based on valuer’s assessment of PCA guidelines

• Based on value (30 June 2021), including 101 Moray Street, South Melbourne VIC and the proposed acquisition of the remaining 50% interest in 203 Pacific Highway, St Leonards

• By gross income, as at 30 September 2021

• Assumes the acquisition of 203 Pacific Highway proceeds. If the acquisition does not proceed, COF expects FY22 FFO to be 17.6 cpu

• Based on COF closing price of $2.44 per unit on 8, October 2021

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203 PACIFIC HIGHWAY, ST LEONARDS, NSW
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C E N T U R I A O F F I C E R E I T A S X : C O F 5

COF provides quality, highly connected and affordable office space With exposure to Australia’s better performing office markets

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Balanced geographic Portfolio of Access to recreational Connectivity with key COF exposed market
diversification without
young assets amenity, essential retail transport nodes & rents average a
single market & hospitality reduced commute time significant discount to
concentration
Sydney CBD
✓ All assets within close ✓ All assets serviced by
✓ COF’s largest single ✓ Average asset age public transport links ✓ Avg. portfolio rents of less
market exposure is c.15% c.15.7 years proximity to a mix of retail ✓ c.80% of assets within than $500psm net
and hospitality amenity
close proximity of heavy rail
42-46 COLINS STREET, WEST PERTH, WA 235 WILLIAM STREET, NORTHBRIDGE, WA 2 KENDALL STREET, WILLIAMS LANDING, VIC 201-203 PACIFIC HIGHWAY, ST LEONARDS, NSW
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C E N T U R I A O F F I C E R E I T A S X : C O F 6

A high-quality geographically diversified portfolio Over 45,000sqm of completed leasing over the past 12 months, representing 15% of COF’s portfolio

PORTFOLIO SNAPSHOT Q1 FY22 FY21	PORTFOLIO SNAPSHOT Q1 FY22 FY21	PORTFOLIO SNAPSHOT Q1 FY22 FY21
Number of assets #	236	22
Book value1 $m	2,287	2,014.3
WACR1 %	5.73	5.81
NLA sqm	302680	287,007
Occupancy2 %	, 94.0	93.1
WALE2 yrs	4.3	4.3
Average NABERS Energyrating (byvalue) Stars	4.7	4.7
Average NABERS Water rating (byvalue)5 Stars	3.2	3.2
Buildingsgeneratingsolarpower no.	6	6
Average building age (by value) Yrs	15.7	16.8

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WA 12.5% QLD 20.8%
97.1 4.3 99.6 3.3
OCCUPANCY (%) WALE (YRS) OCCUPANCY (%) WALE (YRS)
NT NSW 25.0%
QLD OCCUPANCY (%) 97.3 WALE (YRS) 5.1
WA
SA
ACT 14.7%
NSW
ACT 93.7 5.3
OCCUPANCY (%) WALE (YRS)
SA 2.5% VIC
100.0 3.6 VIC 24.5%
OCCUPANCY (%) WALE (YRS)
80.1 4.1
OCCUPANCY (%) WALE (YRS)
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WEIGHTED AVERAGE LEASE EXPIRY

Income WALE (Jun-21) 4.3 yrs Income WALE (Sep-21) 4.3 yrs

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47.8%
Income WALE (Sep-21) 4.3 yrs
43.6%
OF THE VACANT 22,792 SQM,
10,740 SQM ARE WITHIN 818
BOURKE STREET, DOCKLANDS VIC
19.5% 18.8%
13.4% 12.6%
9.4% 8.6%
6.9% 6.0% 7.2% 6.2%
Vacant FY22 FY23 FY24 FY25 FY26+
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45,146sqm

4,937sqm PORTFOLIO NLA LEASED IN Q1 FY22[3,4]

PORTFOLIO NLA LEASED IN PAST 12 MONTHS[3,4]

25,878sqm

3,022sqm 8 NEW TENANTS IN Q1 FY22[3,4]

36 NEW TENANTS IN PAST 12 MONTHS[3,4]

1. Insufficient data for FY20

2. Includes Heads of Agreement

3. Increases by one asset given existing 50% interest in 203 Pac Hwy

4. As at 30 June 2021

5. By area

C E N T U R I A O F F I C E R E I T

A S X : C O F

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1. By gross income, as at 30 September 2021

Portfolio income underpinned by diverse, quality tenants

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ASX Listed TENANT MIX <500sqm TENANT PROFILE NSW GEOGRAPHIC
(Income) [1] BY SIZE (Area) DIVERSIFICATION
Government 500-1,000sqm QLD (Value)
Listed Multinational 1,000-2,000sqm VIC
Multinational >2,000sqm 10% ACT
National 15% 27% 6% WA 12% 25%
5% SA
Other 12%
15%
18%
72%
25% 24%
10% 21%
80% 85%
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• COF has no single market concentration with no state having greater than a 25% allocation

• Approximately 80% of income derived from government, listed or multinational tenants

  • 25% of income derived from government tenants

• 80% of portfolio income derived from federal and state government, ASX listed and multinational tenants

• Average tenant size of 980sqm across the portfolio

TOTAL GOVERNMENT EXPOSURE 24.6%

COMMONWEALTH WA QLD NSW SA 33,136sqm 14,288sqm 7,626sqm 8,555sqm 2,860sqm four properties two properties two properties two properties 2.1% one property 0.9% 14.1% of income 4.4% of income 2.9% of income of income of income

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• 72%[2] of tenants are at least 2,000sqm

• The Australian Federal Government is the only tenant making up more than 5% of COF’s income

• By income

C E N T U R I A O F F I C E R E I T A S X : C O F 8

1. By area

101 Moray Street, South Melbourne VIC New asset completed in 2020 that was entirely leased through COVID-19

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ASSET SUMMARY

Ownership Purchase Price1	100%3 $205.1m
Net Lettable Area2	15,908 sqm
Site Area	4,058 sqm
NABERs EnergyRating Levels	4.5 star4 8
BuildingConstructed	2020
Car Spaces	240
Occupancy (byincome)	100%
WALE(byincome)	6.3years

DESCRIPTION

• Prime A-Grade office asset completed in 2020, 100% occupancy and 6.3 year WALE (by income)

• The Property comprises meeting rooms, collaborative workspaces, cafes, restaurants, 6 upper levels with flexible floorplates, secure basement parking for 240 cars and high end amenities including:

• End of trip facilities, basketball court and gym with access to personal trainers, secure cloudbased platform for connectivity, concierge services and a state of the art air filtration system

• No major tenant expiry until year 5 and no single tenant occupying more than 30% of NLA

• 4.5 star NABERs Energy rating and 4.0 star Green Star Rating

LEASE EXPIRY PROFILE[5]

0.0% 0.0%	2.9%	1.7%	0.4% 95.0%
Vacant FY22	FY23	FY24	FY25 FY26+
MAJOR TENANTS
Tenant NLA(sqm)	Gross Income	% of Income	Rent Review Lease Expiry
Central House 4,742	$3.4m	29%	3.00% Jan-26
SCA 2,869	$2.1m	17%	3.25% Jul-32
Ooh! Media 2,039	$1.5m	13%	3.50% Jun-30

1. COF’s interest 4. Target rating 2. On 100% basis 5. By gross income 3. Freehold interest

C E N T U R I A O F F I C E R E I T A S X : C O F

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203 Pacific Highway, St Leonards NSW

Consolidation of existing interest in the St Leonards business precinct

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ASSET SUMMARY

Ownership Purchase Price	100%1 $68.0m
Net Lettable Area	11,735 sqm
Site Area	4,690 sqm
NABERs EnergyRating	5.0 star
Levels	11
BuildingConstructed	2000
Car Spaces	151
Occupancy (byincome)	99.3%
WALE(byincome)	3.9years

DESCRIPTION

• Modern A-Grade office asset, completed in 2000, 99.3% occupancy and 3.9 year WALE (by income)

• The Property comprises a modern 11 level commercial office building with seven retail tenancies on the ground floor and secure basement parking for 151 cars

• The Property has a diversified tenancy mix including Healius, Verizon Australia and Cardno

• Centuria has a proactive leasing plan in place relating to the upcoming Healius expiry

• 5.0 star NABERs Energy rating, 4.0 star NABERs Water rating

• The purchase will increase COF’s interest[1] from 50% to 100%

LEASE EXPIRY PROFILE[2]

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31.3% 31.2% 33.0%
3.8%
0.7% 0.0%
Vacant FY22 FY23 FY24 FY25 FY26+
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MAJOR TENANTS

Tenant	NLA(sqm)	Gross Income	% of Income	Rent Review	Lease Expiry
Healius	4,162	$3.1m	30%	3.75%	Sep-223
Verizon Australia	3,528	$3.1m	30%	4.00%	Jun-25
Cardno	3,503	$3.1m	30%	4.00%	Mar-29

1. Leasehold interest increase from 50% to 100% 3. CPFL understands the tenant will not be renewing this lease

C E N T U R I A O F F I C E R E I T A S X : C O F

1 0

1. By gross income

Sustainability at Centuria Capital

Developing a flexible and relevant sustainability framework

Centuria Office REIT is externally managed by Centuria Capital (ASX:CNI) and benefits from Centuria Capital’s sustainability approach.

Centuria Capital will be releasing its first Sustainability Report later this year. Highlights relating to Centuria Office REIT to be featured in this report are summarised here.

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ESG Reporting Climate Action Environmental data CENTURIA OFFICE REIT
Centuria Capital to release its first Sustainability Report Supports the recommendations of the TCFD Energy, emission (scope 1 & 2), and water data collected for assets within COF NABERS Sustainability Portfolio Index Ratings
4.7 Energy | 3.2 Water
ENVIRONMENTAL
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91% $1.0bn 94%
Member of the Tenant engagement [1] Specialised healthcare real Employee engagement [2]
Diversity Council of 91% of surveyed tenants estate under management 94% of employees enjoy
Australia would recommend Centuria Completed $72.2m of social working at Centuria
as an asset manager and affordable housing
SOCIAL
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BOARD DIVERSIFICATION Appointment of 4 independent directors to Group and RE Boards Culture & ESG CENTURIA CAPITAL: Kristie Brown Board Committee Established (ASX:COF) CPFL: Nicole Green Oversight of modern (ASX:CIP) CPFL2: Jennifer Cook, slavery, diversity & Natalie Collins inclusion, climate change

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First Modern Slavery
Statement delivered
GENDER DIVERSITY Employee training
Contract by value assessed Over a third of Cleaning AT CENTURIA Code of Conduct
using the Property Council of 62% male employees Financial Education
Australia Informed 365 Cyber security
platform 38% female employees
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1. Centuria Capital undertake regular tenant surveys. The figure reported is from the Group’s FY21 survey

2. Centuria Capital undertake regular employee engagement surveys The reported figure is from the Group’s FY21 survey

C E N T U R I A O F F I C E R E I T A S X : C O F 1 1

COF is exposed to Australia’s better performing office markets

MARKET1	VACANCY (%)	6 MTH NET ABSORPTION (SQM)	12 MTHS NET ABSORPTION (SQM)	RENTAL DISCOUNT TO SYDNEY CBD (%)	UPCOMING SUPPLY (SQM)	COF EXPOSURE (%)
SYDNEY CBD	13.0	25,895	(38,402)	n.a	175,676	0.0%
SYDNEY FRINGE	8.5	13,890	11,868	(44.1)	2,053	10.4%
CHATSWOOD	15.6	1,832	6,500	(48.4)	0	4.8%
ST LEONARDS	20.0	(9,858)	(17,967)	(46.0)	20,208	12.6%
MELBOURNE CBD	15.0	30,645	(93,702)	(45.3)	108,190	11.4%
MELBOURNE FRINGE	15.5	41,769	54,349	(57.1)	213,524	14.0%
BRISBANE CBD	15.8	(3,868)	(12,887)	(47.1)	0	0.0%
BRISBANE FRINGE	18.4	7,344	(11,285)	(58.7)	88,275	0.0%
ADELAIDE	16.4	9,707	197	(63.0)	88,643	1.0%
PERTH	19.1	8,438	12,664	(44.7)	25,200	0.0%
WEST PERTH	22.3	5,687	2,987	(63.2)	0	1.8%
CANBERRA	6.4	30,727	52,938	(66.9)	84,000	17.4%

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• Positive net absorption evident in a number of COF’s markets

• Several markets demonstrated improved tenant demand throughout Q1 FY22

• COF exposed markets generally have lower upcoming supply

• COF exposed market rents average a significant discount to Sydney CBD

C E N T U R I A O F F I C E R E I T A S X : C O F 1 2

1. Source: JLL

Strong investment demand for metropolitan office assets

Transaction evidence underpins COF NTA

• A basket of comparable property transactions strongly support COF valuations

• Transaction evidence suggests further cap rate compression across COF’s portfolio

• Increased transactional activity occurred since September 2020

• Deep capital pool from domestic and offshore investors

• Strong demand for metropolitan and regional assets

• Reflects investment demand for assets that offer relative affordability and accessibility for occupiers

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5.13% [2] 5.73% [2] (0.60%)
AVERAGE CAP RATE COF AVERAGE CAP RATE DIFFERENCE CAP RATE
10,093 [2] 8,454 [2] 1,639
AVERAGE RATE COF AVERAGE RATE DIFFERENCE RATE
($psqm) ($psqm) ($psqm)
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1. Metrics approximate and based on market sources

PROPERTY	STATE	DATE	PRICE ($m)1	CAP RATE1	RATE1 ($psqm)	OCCUPANCY1	WALE1
Pinnacle, 4 Drake Street, Macquarie Park	NSW	Sep-20	306.0	5.25%	8,777	96.4%	4.6
45 Kembla Street, Wollongong	NSW	Sep-20	57.4	5.40%	8,820	100.0%	7.1
1 Giffnock Avenue, Macquarie Park	NSW	Sep-20	167.2	5.75%	8,628	100.0%	3.0
Schneider, North Ryde	NSW	Sep-20	145.0	5.10%	9,900	74.9%	7.0
ATO, 45 Kembla Street, Wollongong	NSW	Sep-20	58.4	5.13%	8,820	100.0%	6.9
14 Stratton Street, Newstead	QLD	Oct-20	122.5	4.84%	13,478	100.0%	10.0
Aust. Naval Infra., 620 Mersey Road, Osborne	SA	Oct-20	48.7	5.03%	6,086	100.0%	9.3
60 Miller Street, North Sydney	NSW	Oct-20	273.0	5.24%	14,061	96.0%	3.0
53 Berry Street, North Sydney	NSW	Nov-20	54.0	5.07%	15,690	100.0%	2.4
1-5 Thomas Holt Drive, Macquarie Park	NSW	Feb-21	295.0	5.70%	7,528	100.0%	4.3
Quads 2 and 3, Sydney Olympic Park	NSW	Mar-21	66.1	6.40%	6,591	72.0%	1.3
3 Richardson Place, North Ryde	NSW	Mar-21	115.0	6.20%	6,691	100.0%	2.6
68 Waterloo Road, Macquarie Park	NSW	Apr-21	106.5	5.30%	7,897	100.0%	3.9
11 Murray Rose Avenue, Sydney Olympic Park	NSW	Apr-21	53.5	5.38%	9,412	97.2%	5.2
241 O'Riordan Street, Mascot	NSW	Apr-21	151.5	5.94%	7,956	97.7%	2.6
UNSW, 221-227 Anzac Parade, Kensington	NSW	Apr-21	80.2	5.10%	7,501	100.0%	10.8
545 Queen Street, Brisbane	QLD	May-21	117.5	6.02%	8,793	100.0%	4.2
395-405 Royal Parade, Parkville	VIC	May-21	138.7	4.50%	10,429	100.0%	12.3
ATO 913 Whitehorse Road, Box Hill	VIC	May-21	230.0	4.60%	11,534	100.0%	8.4
25 Cowlishaw Street, Greenway	ACT	May-21	306.0	4.38%	11,746	100.0%	10.1
Red Cross 17 O'Riordan Street, Alexandria	NSW	May-21	159.0	4.40%	12,519	100.0%	9.7
ATO 520 Smollett Street, Albury	NSW	May-21	84.5	5.50%	7,987	100.0%	6.9
38 Sydney Avenue, Barton	ACT	Jun-21	73.8	5.05%	8,286	100.0%	8.3
33 Richmond Road, Keswick	SA	Jun-21	80.0	5.00%	12,247	85.0%	11.8
25 Constitution Ave, Canberra	ACT	Jun-21	115.1	5.74%	6,901	100.0%	6.0
37 Epping Road, North Ryde	NSW	Jul-21	55.0	5.50%	6,817	100.0%	3.2
1 McNab Avenue, Footscray1	VIC	Aug-21	224.0	4.67%	11,000	100.0%	11.8
11 Wilson Street, South Yarra	VIC	Aug-21	73.5	4.77%	11,504	100.0%	7.1
34 Southgate Avenue, Cannon Hills	QLD	Aug-21	36.0	5.00%	10,227	100.0%	10.0
1 Woolworths Way, Bella Vista	NSW	Sep-21	463.3	5.16%	10,648	100.0%	10.0
9 Wentworth Street, Parramatta	NSW	Sep-21	64.0	5.36%	8,365	94.0%	2.3
25 Nile Street, Port Adelaide	SA	Sep-21	62.8	4.74%	9,815	100.0%	11.4
39-47 Regent Street, Chippendale	NSW	Sep-21	68.5	4.00%	17,820	100.0%	10.3
TRANSACTIONS2	AVERAGE (WEIGHTED)		134.9	5.13%	10,093	97.7%	6.8
PORTFOLIO	COF		99.5	5.73%	8,454	94.0%	4.3
CHANGE	DELTA		35.4	-0.60%	1,639	3.7%	2.5

1. Weighted average

Sources: m3, KF and Savills.

C E N T U R I A O F F I C E R E I T A S X : C O F 1 3

Key metrics – Australia’s largest ASX listed pure play office REIT Included in the S&P/ASX300 Index and FTSE EPRA Nareit Global Developed Index

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P O R T F O L I O [1] F I N A N C I A L [1]
$2.3bn 15.7yrs 18.0cpu 16.6cpu 6.8%
Portfolio book value Avg building FY22 FFO [3] FY22 DPU Forecast FY22
and 23 high quality age by value DPU yield [4]
assets
94.0% 4.3yrs $1.5bn 33.7% $2.44
Portfolio occupancy [2] Portfolio WALE [2] Market Gearing [5]
Net tangible
capitalisation [4] assets [6]
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1. Assuming the acquisition of 203 Pacific Highway proceeds

2. By gross income, as at 30 September 2021

3. Assumes the acquisition of 203 Pacific Highway proceeds. If the acquisition does not proceed, COF expects FY22 FFO to be 17.6 cpu

adjusted for the impact of the Acquisitions and Equity Raising. If the acquisition of 203 Pacific Highway does not proceed, COF expects pro forma gearing to be 31.5%

1. As at 30 June 2021 adjusted for the impact of the Acquisitions and Equity Raising. If the acquisition of 203 Pacific Highway does not proceed, COF expects pro forma NTA per unit to be $2.45

2. Based on the unit price at 8 October 2021 of $2.44

3. Gearing is defined as total borrowings less cash divided by total assets less cash and goodwill; As at 30 June 2021

C E N T U R I A O F F I C E R E I T

A S X : C O F

1 4

Disclaimer

This presentation has been prepared by Centuria Property Funds Limited (ABN 11 086 553 639, AFSL 231 149) (CPFL) as responsible entity of Centuria Office REIT (ARSN 124 364 718) (‘COF’ or the ‘Trust’).

This presentation contains selected in summary information and does not purport to be all-inclusive 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 COF. It should be read in conjunction with COF’s periodic and continuous disclosure announcements which are available at www.centuria.com.au. 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 and CPFL is not obliged to update this presentation.

This presentation is provided for general information purposes only. It is not a 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 COF or the acquisition of units in COF. 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 COF.

The information contained in this presentation does not constitute financial product advice. Before making an investment decision, the recipient should consider their own financial situation, objectives and needs, and conduct their own independent investigation and assessment of the contents of this presentation, including obtaining investment, legal, tax, accounting and such other advice as they consider necessary or appropriate. This presentation has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. It is not an invitation or offer to buy or sell, or a solicitation to invest in or refrain from investing in, units in COF or any other investment product.

The information in this presentation has been obtained from and based on sources believed by CPFL to be reliable.

To the maximum extent permitted by law, CPFL and its related bodies corporate 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, CPFL 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. No member of CPFL 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, CPFL 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 consider that distributable earnings reflect the core earnings of the Trust.

All dollar values are in Australian dollars ($ or A$) unless stated otherwise.

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