2011 Centuria Results (final)

Result Announcement for the full year ending 30 June 2011

Centuria Capital Limited

Presentation to Investors and Analysts updated 13 September 2011

2011 Financial Year Highlights Realising our Growth Strategy Property FUM increase by 40% during financial year $1 billion property FUM milestone achieved Total group FUM increased by 16% to $1.93 billion

Brand Consolidation Rebranding to Centuria completed - core divisions now share common branding

Underlying Earnings Underlying FY11 - EBIT $10.5 million, NPAT $6.4 million Centuria Life underlying Net Profit steady (+2.4%)

Increased Dividends Full year dividends of 6.0 cents per share partly franked to 30% representing a 20% increase over 2009/10 financial year

Strong Financial Position Corporate gearing remains low at 8.9% (excluding non recourse debt and convertible notes) 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

2011 Key Business Highlights Implementing growth strategy - increasing FUM Growth in group FUM in 2011 by 16%

Total Funds Under Management ($bn) 2.50 2.00

Reverse Mortgage FUM ($bn)

1.50

Centuria Life FUM ($bn)

1.00

Centuria Property FUM ($bn)

0.50 -

2007

2008

2009

2010

2011

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

2011 Key Business Highlights

Successful brand consolidation to Centuria – taking us from a collection of companies, to a single diversified funds manager.

Centuria Property Funds successfully completed two major property funds and was awarded the management rights for a major national portfolio of former Becton property funds.

These transactions generated over $300 million of growth in FUM. Launch of an industry-leading investor rights campaign in the Property Funds division to transfer rights back to the investor.

Significant investments in infrastructure / people – appointments of key senior personnel – distributions, operational property and funds management, finance and tax.

These investments have impacted profitability but are essential to service the new business and build a platform for growth.

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

2011 Key Business Highlights Ongoing focus on Capital Management Corporate Debt / Equity Ratio 30% 25% 20% 15%

*

10% 5% 0% 2008

2009

2010

2011

Debt / Equity at 30 June 2008 - 2011

Continued low level of corporate gearing (excluding non recourse debt and convertible notes).

Successful completion of unmarketable parcel buy-back reducing the number of shareholders by 29% to ~16,000 at present. * 2011 increase in corporate borrowings as a result of: - part repayment of convertible notes, - unmarketable parcel buyback, and - second (and final) instalment for fund manager acquisition 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

Divisional Revenue (excl. Benefit Funds) ,

Year ended 30 June 2011

2011

2010

$000’s

$000’s

Centuria Life

13,453

14,030

Reverse Mortgages

16,294

16,781

Centuria Property Funds

13,015

11,419

Insurance

1,341

1,319

Other (i)

4,012

5,413

48,115

48,962

(1) Includes Corporate, Property Investments, Mortgageport and National Leisure Trust.

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 6

Underlying Results (excl. Benefit Funds) ,

Year ended 30 June 2011

2011

2010

$000’s

$000’s

- Centuria Property Funds

4,755

5,378

- Centuria Life

9,137

8,925

- Reverse Mortgages

3,495

3,130

- Insurance

1,037

1,011

- Corporate

(8,601)

(6,204)

697

(1,049)

Total underlying net profit

10,520

11,191

Underlying tax expense (i)

(4,163)

(3,357)

6,357

7,834

Underlying net profit by major division

- Other (Property Investments/ Commercial Mortgages/ Other divisions)

Underlying earnings after tax

(1) Tax expense excludes the $3.6 million tax benefit of the one-off adjustments in the current period.

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

Significant and Non-recurring Items (excl. Benefit Funds) ,

Year ended 30 June 2011

2011

2010

$000’s

$000’s

6,357

7,834

-

(1,516)

- Impairment of investment in associates (Mortgageport and CBGF)

(3,933)

-

- National Leisure Trust write-downs

(6,787)

-

- Funds spent on Opus 21

(575)

-

- Rebranding costs

(532)

-

(1,256)

-

221

-

3614

-

(2,891)

6,318

Underlying earnings after tax Non-recurring adjustments - Prior year non-recurring adjustments (including tax effect)

- Reverse Mortgages Break-cost adjustments - PY reversal of executive options - Tax benefit on 30 June 2011 non-recurring adjustments Reported net (loss) / profit after tax

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 Property Funds Strong Growth in FUM Operating EBIT contribution $4.8m.

Consistent with Centuria’s growth strategy, property FUM has increased 40% from 30 June 2010 to 30 June 2011.

Property Funds Under Management ($bn)

1.50 Property FUM ($bn)

1.00 0.50

Centuria 200 Creek Street Fund • Fund launched March 2011 • Purchase price $37.7 million

2007 2008 2009 2010 2011 2012 Achieved 1 billion dollars in FUM (E) milestone for Centuria Property Funds demonstrating our ongoing success in growing the size and scale of our property business.

Key Achievements Successful launch of two new property funds in 2H11.

Centuria 8 Australia Avenue Fund • Fund launched June 2011 • Purchase price $30.15 million

Strategic staff appointments made to strengthen the growth platform – well positioned to increase FUM both organically and through acquisition.

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

Centuria Property Funds (continued) Key Achievements (continued) Responsible Entity appointment to Becton Office Fund No 2 (now COF2) and Becton Diversified Direct Property Fund (now CDDPF) – resulting in significant accretive earnings to Centuria shareholders as well as increased distributions returns to investors (COF2 return increase of 200% and CDDPF 33%) as a result of focused management and capital restructuring. FUM increase of $240m.

Business Profile Portfolio by Sector Office Industrial Retail Bulky Goods Speciality Use Mixed Use Retail

Portfolio by State New South Wales Victoria Queensland

29 48 3.6

years

91% 3,779 % 17.8

South Australia Australian Capital Territory Northern Territory

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

Centuria Life

Strategic appointment of Head of Marketing and Distribution to focus on growth of existing products and opportunities for new investment solutions.

The Centuria Life division continues to generate strong and stable cash earnings to the Centuria Group.

FUM balance as at 30 June 2011 was $736 million.

The Capital Guaranteed Bond have delivered consistent and higher net returns in a volatile and challenging environment.

Redemptions have fallen as improved returns have demonstrated the value of our guaranteed bonds to policyholders.

$166 m $234 m 27,795 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

Insurance Continued consistent contributor to Centuria Group earnings – 2011 EBIT $1.04m.

Maintained high customer retention over time.

Continued Strong Customer Retention Rate 92% 90% 88% 86% 84% 82% 80% 78%

2006

2007

2008

Over Fifty Insurance Home

2009

2010

2011

Over Fifty Insurance Motor

Source: Allianz.

Approximately 28,000 policyholders in the insurance division.

Marketing intensified with improving results – sales increased 33%, number of quotes increased 19% and premium written 35%. Motor sales increased 15% over the last 24 months, with growth in the Queensland and South Australian markets.

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

Reverse Mortgages Value of mortgage book at 30 June 2011 - $192 million (30 June 2010: $197 million).

Non-recourse loan at 30 June 2011 - $165 million (30 June 2010: $176 million).

Loan facility maturity date extended to 31 March 2013.

Significant embedded shareholder equity in the portfolio increasing 2011: $ 27 m (2010 : $21m).

Loan statistics at 30 June 2011 - Portfolio LVR: 20.6% - Number of loans: 2,256 - Average loan balance: $85,151 No portfolio loan losses sustained on the portfolio since inception.

Embedded Value - At 30 June 2011- 8.2% p.a redemption rate ($’000) 200,000 150,000 100,000 50,000 1

n

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-2

OFG Mortgage Book

n

Ju

-2

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Ju

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Ju

-3

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9

7

5

3

1

9

7

5

3

1

9

7

5

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-4

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-4

ANZ Loan Book

Source: Rice Warner, 30 June 2011

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

12-month Outlook Centuria businesses are increasingly well positioned to benefit from future growth Ongoing volatility in financial markets will create weaker asset prices and further accretive acquisition opportunities.

Strength in diversity Core strength in diversification of our income streams.

Balance sheet positioned for growth Low corporate gearing – 8.9% (excluding non recourse debt and convertible notes).

Improving market presence Continue to leverage our PR and marketing investment to attract new equity and distribution channels.

Property specialist Significant expertise in property investment in a market with fewer competitors.

Continued investment in our people to enable us to expand across new funds.

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 14

Future Growth Centuria Capital is currently implementing an aggressive growth strategy to take advantage of acquisition opportunities in the current market.

Centuria Capital has been, and is currently reviewing a number of potential corporate or funds management acquisition opportunities.

Centuria Property Funds Growth in FUM – target is to grow FUM to $3bn by December 2013 through both organic growth and acquisitions.

Centuria Life Expand our distribution networks.

Rebrand our investment bond products.

Identify financial solutions and product relevancy to increase inflows.

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

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 policy holder 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 16

Appendix 1: Income Statement for year ended 30 June 2011 Statutory Accounts

Benefit Funds

Corporate Accounts

$m

$m

$m

Revenue

33

-

33

Revenue from Centuria Life

13

-

13

Net revenue from benefit funds

4

4

-

Other income

2

-

2

Total revenue

52

4

48

Finance costs

17

-

17

7

-

7

13

-

13

Centuria Life expenses

4

-

4

Share of loss of associates

1

-

1

Impairment of investments in associates

4

-

4

Revaluation of investment property assets

5

-

5

Net profit before tax:

1

4

(3)

Tax

4

4

-

(3)

-

(3)

Employee benefits expense Administrative and other expenses

Reported NPAT

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 2: Balance Sheet as at 30 June 2011 Statutory Accounts

Benefit Funds

Corporate Accounts

$m

$m

$m

Cash and Equivalents

12

-

12

Trade and other receivables

11

-

11

Financial assets at fair value

2

-

2

Other financial assets

6

-

6

192

-

192

23

-

23

7

-

7

Plant & equipment

1

-

1

Deferred tax assets

12

-

12

Intangible assets

54

-

54

509

509

-

1

-

1

830

509

321

Assets:

Reverse Mortgage Loans Investment property Investment in associates – equity method

Assets in relation 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 18

Appendix 2: Balance Sheet as at 30 June 2011 (continued) Statutory Accounts

Benefit Funds

Corporate Accounts

$m

$m

$m

Trade and other payables

5

-

5

Corporate debt

9

-

9

23

-

23

165

-

165

7

-

7

509

509

-

14

-

14

8

-

8

740

509

231

90

-

90

100

-

100

Reserves

(1)

-

(1)

Retained earnings

(9)

-

(9)

Equity attributable to equity holders of the parent

90

-

90

Total Equity

90

-

90

Liabilites:

Borrowings – recourse to investment property only Borrowings - Reverse Mortgages Other liabilities Policyholder Funds Derivative financial liabilities Income tax payable Total Liabilities Net Assets: Equity: Issued capital

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

Appendix 3: Cash Flow Statement for year ended 30 June 2011 )

Statutory Accounts

Benefit Funds

Corporate Accounts

$m

$m

$m

Interest received

1

-

1

Dividends received

-

-

-

Management fees received

19

-

19

Rent, trust and other income received

16

-

16

Benefit funds

(33)

(33)

-

Payments to suppliers and employees

(27)

-

(27)

1

-

1

(23)

(33)

10

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

(6)

-

(6)

Benefit funds

17

17

-

Payment for plant and equipment

(1)

-

(1)

Proceeds from investment in other financial assets

(2)

-

(2)

Payment for acquisition of intangible assets

-

-

-

Net cash flows provided by investing activities

8

17

(9)

Cash flows from operating activities

Income tax received Net cash flows used in operating activites Cash flows from 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 20

Appendix 3: Cash Flow Statement for year ended 30 June 2011 (continued) Statutory Accounts

Benefit Funds

Corporate Accounts

$m

$m

$m

2

-

2

Loans from related entities

(4)

-

(4)

Benefit funds

(6)

(6)

-

Proceeds from borrowings – Reverse mortgages

5

-

5

Funds provided to Reverse Mortgage customers

(5)

-

(5)

Funds collected from reverse Mortgage customers

27

-

27

Repayment of borrowings

(16)

-

(16)

Finance costs

(13)

-

(13)

4

-

4

(4)

-

(4)

Net cash flows used in financing activities

(10)

(6)

(4)

Net increase in cash and cash equivalents

(25)

(22)

(3)

Cash and cash equivalents at the beginning of the period

55

41

14

Cash and cash equivalents at the end of the period

30

19

11

Cash flows from financing activities Proceeds from issue of equity securities

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 21

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 19 August 2011.

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.

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 on, anything contained in or omitted from this document.

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 22