CNI Announces Full Year Results

Results Announcement for the full year ending 30 June 2012

Centuria Capital Limited

Presentation to Investors and Analysts

2012 Financial Year Highlights Earnings* • • • •

Underlying FY12 - NPAT $4.9 million (FY11: $6.4 million) Underlying Earnings per share 6.1c (FY11: 8.2c) Statutory FY12 - NPAT $2.0 million (FY11: ($2.9 million)) Statutory Earnings per share 2.5c (FY11: (3.7c))

Dividend / Capital Management • Interim Dividend - 1.25c per share fully franked (FY11: 2.5c franked to 30%) • Final Dividend - allocated $1.6 million (equivalent 2.0c per share) to acquisition of unmarketable parcels. Details to be released by 30 September 2012

Strong Balance Sheet • Corporate gearing remains low at 14.4% (excluding non-recourse debt) • Corporate working capital facility recently extended to December 2013

Rationalisation • Recent strategic structural review has reduced staff headcount by ~15% • Strategic investments in systems, infrastructure and people across the business, particularly in Property Funds Management • Relocation of Melbourne office to smaller, more cost-effective, Centuria owned property * Underlying Earnings comprises Centuria Capital Group and excludes Centuria Life Benefit Funds Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Centuria Capital Limited Presentation to Investors and Analysts 1

2012 Financial Year Highlights Business Developments • Property Funds Management business unit established one Fund in FY12 - $58 million acquisition of 441 St Kilda Road • FY13 to date, Property Funds Management business unit has contracted to purchase two significant properties (total ~$78 million) • Property Funds Management business unit performance is a key profit driver in respect of upfront fees and annuity management fee income • Outlook for Property Funds Management business unit promising having regard to YTD performance and strong pipeline of second half acquisition opportunities • Establishment of Singapore office to create Asian platform for Centuria

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 2

2012 Key Performance Metrics • Overall Group FUM balance of $1.9 billion despite only one property acquisition • Property underlying earnings impacted by low acquisition performance (since addressed)

Total Funds Under Management ($bn) 2.50

2.00

Residential Mortgages FUM

1.50

Centuria Life FUM

1.00

Centuria Property FUM

0.50

-

2007

2008

2009

2010

2011

2012 Centuria Capital Limited

Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 3

2012 Key Performance Metrics (continued) • Ongoing focus on Capital Management • Continued low level of corporate gearing (excluding non-recourse debt)

Corporate Debt / Equity Ratio

40% 30% 20% 10% 0%

2009

2010

2011

2012

Debt / Equity at 30 June 2009 - 2012 (excluding non recourse debt)

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 4

Divisional Revenue (excl. Benefit Funds)

Year Ended 30 June

2012

2011

Total Revenue

$000’s

$000’s

Property Funds Management

11,799

13,015

Friendly Societies

12,628

13,453

Residential Mortgages

16,555

16,294

Property Investments*

3,239

2,937

Insurance

1,307

1,341

Other

1,109

1,075

Total

46,637

48,115

* Heads of Agreement has been signed for the sale of these two legacy assets with a 31 August 2012 settlement date

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 5

Underlying Results (excl. Benefit Funds) Year Ended 30 June

2012

2011

$000’s

$000’s

3,577

4,755

7,755*

9,137

- Residential Mortgages

2,661

3,495

- Insurance

1,065

1,037

- Corporate

(6,709)

(8,601)

- Other

(115)

697

Total underlying earnings

8,232

10,520

(3,374)

(4,163)

4,861

6,357

-

9,248

- Impairment of investment in associate

2,887

-

- Provision for doubtful debts (CBGF1)

1,169

-

- Mortgageport write-downs

200

-

- Final convertible notes provision

934

-

- Gain due to a change in estimate of the realisation of the swap

(650)

-

- Net gain on NLT investment property and borrowing write-downs

(406)

-

(1,240)

-

1,967

(2,891)

Underlying earnings by major division - Centuria Property Funds - Centuria Life

Tax expense (excluding non-recurring items) Underlying net profit after tax Non-recurring adjustments - Prior year non-recurring adjustments (including tax effect)

- Tax benefit on 30 June 2012 non-recurring adjustments Reported net profit after tax * Life division underlying earnings suffered one-off impact of more accurate allocation of costs and investments made in the business Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Centuria Capital Limited Presentation to Investors and Analysts 6

Centuria Property Funds Key Achievements FY12 • Purchase of 441 St Kilda Road, Melbourne for $58.0 million (Centuria’s largest individual purchase since inception) FY13 • Acquisition pipeline to exceed FY12 performance ($78 million contracted for first half) with good ongoing prospects for second half

441 St Kilda Road, Melbourne, Victoria

• Positioned Centuria as a market leader in the unlisted funds sector and gaining strong traction with many of the national financial planning groups • Integration of new funds management and accounting system to service future scale in the business with fewer staff Portfolio by Sector

Portfolio by State

Office

67.39%

New South Wales

63.04%

Industrial

10.87%

Victoria

13.04%

Retail Bulky Goods

13.04%

Queensland

10.87%

Speciality Use

2.17%

South Australia

6.52%

Mixed Use

2.17%

Australian Capital Territory

4.35%

Retail

4.25%

Northern Territory

2.17%

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 7

Centuria Property Funds (continued) Key Achievements (continued) • Significant unrecorded future potential performance and sales fees (exceeds $10 million) • Continued corporate acquisition activity in FY12 with four bids totalling $2.9 billion FUM made

Business Profile

29

93

%

3,853

Number of Funds

Portfolio Occupancy

Number of Investors

46

3.7

17.10

Number of Buildings

years

Portfolio Weighted Average Lease Expiry (income)

%

Completed funds with a value of over $300 million with an average total return to Investors of 17.10% per annum Centuria Capital Limited

Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 8

Centuria Life (including Guardian) • Centuria Life continues to generate strong and stable cash earnings to the Centuria Group • $712 million FUM as at 30 June 2012 (net reduction from FY11 3.26%) • Guaranteed Bonds continue to deliver consistent net returns in a challenging year, where RBA cash rate fell by 1.25% • Reduction in net outflows • Increased flows into Guardian funeral bonds • Continued focus on new product initiatives

$465 m $247 m 80,312 Total FUM of Centuria Life Bonds

Total FUM of Over Fifty Guardian Friendly Society Bonds

Total number of Policies

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 9

Insurance • Continued consistent contributor to Centuria Group earnings – 2012 EBIT $1.065 million (FY11: $1.037m) • Divisional profit marginally increased • 25,108 policyholders as at 30 June 2012 • Maintained high customer retention over time Continued Strong Customer Retention Rate 92% 90% 88% Over Fifty Insurance Home

86%

Over Fifty Insurance Motor

84% 82% 80% 78% 2006

2007

2008

2009

2010

2011

2012 Source: Allianz

• Growth being seen through internet sales • Marketing efforts and dollars spent concentrated on strong performing regions resulting in improvement in key performance indicators and profit contribution

Centuria Capital Limited

Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 10

Residential Mortgages • Value of residential reverse mortgage book at 30 June 2012 - $182 million (30 June 2011: $192m) • Non-recourse loan at 30 June 2012 - $152 million (30 June 2011: $165m) • Loan facility maturity date extended to 30 September 2013 • Significant embedded shareholder equity in the portfolio increasing in 2012 - $33m (2011 : $27m)

Embedded Value - At 30 June 2012 12% p.a. Redemption Rate assumed $’m 200 180

• No portfolio loan losses sustained on the portfolio since inception

160 140

Projected debt-free book value $100 million

120 100 80 60 40 20

Over Mortgage Book

ANZ Loan Book

2060

2058

2056

2054

2052

2050

2048

2046

2044

2042

2040

2038

2034

2032

2030

2028

2026

2024

2022

2020

2018

2016

2014

0 2012

• Loan statistics at 30 June 2012 - Security value: $806m (30 June 2011: $933m) - Non-recourse loan to valuation ratio: 19% (30 June 2011: 18%) - Number of loans: 1,979 (30 June 2011: 2,256) - Average loan balance: $92,132 (30 June 2011: $85,151)

Source: Rice Warner, 30 June 2012

* The above projection is subject to many variables including run-off rate, regular refinancing, and projection given is as a guide only

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 11

12-month Outlook (excluding benefit funds) Centuria businesses are increasingly well positioned to benefit from future growth • Ongoing volatility in financial markets has created weaker asset prices and further accretive acquisition opportunities Strength in diversity • Core strength in combination of life division annuity style income stream and Property Fund Management income with significant growth potential

Strategic focus • Last legacy issue to be finalised with the pending sale of two investment properties at Moonah Links and Torquay Sands (no further write-downs) Balance sheet positioned for growth • Low corporate gearing expected to remain • Financing stability Property specialist • Strong start to FY13 with 2 properties contracted and significant ongoing acquisition pipeline • Significant expertise in property investment in a market with fewer competitors • New office opened in Singapore to establish Centuria’s Asian platform Financial Services • Expand distribution of existing products Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 12

Appendices

Statutory Account Reconciliations

General comment on statutory account reconciliation The “Statutory Accounts” show the consolidated corporate entities including the Benefit Funds which Centuria is required under AIFRS to consolidate.

The “Benefit Funds” reflect value of stand alone policyholder funds.

The “Corporate Accounts” reflect the value and performance of Centuria shareholder funds.

Numbers in the following reconciliations may differ slightly from the Annual Report however this is due to rounding of numbers.

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 13

Appendix 1:

Income Statement for year ended 30 June 2012

Statutory Accounts

$m

Benefit Funds

Corporate

$m

$m

Revenue

32

-

32

Revenue from Centuria Life

13

-

13

Net revenue from Benefit Funds

-

-

-

Other income

1

-

1

Total revenue

46

-

46

Finance costs

16

-

16

9

-

9

10

-

10

Centuria Life expenses

5

-

5

Share of loss of associates

2

-

2

Impairment of investments in associates

-

-

-

Revaluation of investment property assets

-

-

-

Net profit before tax

4

-

4

Tax

2

-

2

Reported net profit after tax

2

-

2

Employee benefits expense Administrative and other expenses

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 14

Appendix 2:

Balance Sheet as at 30 June 2012 Statutory Accounts

$m

Benefit Funds

Corporate

$m

$m

Assets Cash and equivalents

16

-

16

Trade and other receivables

11

-

11

Non-current assets held for sale

15

-

15

-

-

-

20

-

20

182

-

182

Investment property

-

-

-

Investment in associates – equity method

1

-

1

Plant & equipment

1

-

1

Deferred tax assets

10

-

10

Intangible assets

53

-

53

465

465

-

2

-

2

776

465

311

Financial assets at fair value Other financial assets Reverse Mortgage Loans

Assets in respect of benefit funds Other assets Total Assets

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 15

Appendix 2:

Balance Sheet as at 30 June 2012 (continued) Statutory Accounts $m

Benefit Funds $m

Corporate $m

Liabilities Trade and other payables

6

-

6

Corporate debt

13

-

13

Borrowings – recourse to investment property only

16

-

16

152

-

152

28

-

28

Policyholders funds

465

465

-

Income tax payable

6

-

6

686

465

221

90

-

90

Issued capital

90

-

90

Reserves

(1)

-

(1)

1

-

1

Equity attributable to equity holders of the parent

90

-

90

Total Equity

90

-

90

Borrowings - Reverse Mortgages Other liabilities

Total Liabilities Net Assets Equity

Retained earnings

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 16

Appendix 3:

Cash Flow Statement for year ended 30 June 2012 Statutory Accounts

Benefit Funds

Corporate

$m

$m

$m

Interest received

1

-

1

Dividends received

-

-

-

20

-

20

8

-

8

Benefit Funds

(34)

(34)

-

Payments to suppliers and employees

(24)

-

(24)

(2)

-

(2)

(31)

(34)

3

Interest earned on mortgage loans net of mortgage receipt/ draw-downs

(7)

-

(7)

Benefit Funds

51

51

-

Payment for plant and equipment

-

-

-

Proceeds from investment in other financial assets

4

-

4

Payment for acquisition of intangible assets

1

-

1

49

51

(2)

Cash flows from operating activities

Management fees received Rent, trust and other income received

Income tax received Net cash flows used in operating activities Cash flows from investing activities

Net cash flows provided by investing activities

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 17

Appendix 3:

Cash Flow Statement for year ended 30 June 2012 (continued) Statutory Accounts

Benefit Funds

Corporate

$m

$m

$m

Convertible Loans

(6)

-

(6)

Loans from related entities

(1)

-

(1)

Benefit Funds

1

1

-

Proceeds from borrowings – Reverse Mortgages

3

-

3

Funds provided to Reverse Mortgage customers

(3)

-

(3)

Funds collected from Reverse Mortgage customers

26

-

26

(13)

-

(13)

(6)

-

(6)

5

-

5

(3)

-

(3)

Net cash flows used in financing activities

3

1

2

Net increase in cash and cash equivalents

21

18

3

Cash and cash equivalents at the beginning of the period

31

19

12

Cash and cash equivalents at the end of the period

52

37

15

Cash flows from financing activities

Repayment of borrowings Finance costs Proceeds from borrowings Dividends and distributions paid

Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 18

Disclaimer

This document has been issued by Centuria Capital Limited ABN 22 095 454 336 and contains general information about Centuria Capital Limited and its related bodies corporate (“Centuria�) which is current as at 24 August 2012.

The information in this document is in summary form and does not purport to be complete. Due to the impact of rounding, the totals shown for charts, graphs or tables in this document may not equate to the sum of the individual components of the relevant chart, graph or table.

Accordingly, it should be read in conjunction with all other information concerning Centuria filed with the Australian Securities Exchange.

on, anything contained in or omitted from this document.

This document is not a recommendation or personal advice in relation to Centuria or any product or service offered by Centuria and does not take into account the investment objectives, financial situation or needs of any particular person. Past performance is not indicative of future performance.

To the extent this document contains prospective financial information, that information has been based on current expectations about future events and is, however, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from expectations.

The document has been prepared from information believed to be accurate, however, no representation or warranty is made as to the accuracy or adequacy of any information contained in the document. To the extent permitted by law, Centuria, its related bodies corporate and their respective directors, officers and employees, exclude liability for any loss or damage resulting from the issue or use of, or reliance Centuria Capital Limited Information in this presentation is general information only. Before you make any decision in relation to your investment, we recommend that you obtain financial advice from a licensed financial adviser.

Presentation to Investors and Analysts 19