ACQUISITIONS, $90 MILLION CAPITAL RAISING AND MARKET UPDATE

Centuria Metropolitan REIT ACQUISITIONS, $90 MILLION CAPITAL RAISING AND MARKET UPDATE Hatch Building, Perth, WA PAGE 1

Section One: Executive Summary PAGE 2 60 Marcus Clarke St, Canberra, ACT

ACQUISITIONS AND CAPITAL RAISING OVERVIEW Acquisitions Capital raising Centuria Metropolitan REIT (CMA or the REIT) has entered into agreements to acquire the following three properties from separate vendors for a total of $150 million (on completion) with an initial funding obligation of $95 million 1 (the Acquisitions): Hatch Building, Perth, WA for $58.2 million; 42-46 Colin Street, Perth, WA for $33.6 million; and Target Head Office, Williams Landing, VIC for an initial payment of $2.9 million with a $55.3 million final payment on completion of construction, expected 1QCY19 The Acquisitions are in line with the REIT's strategy to invest in metropolitan office assets which generate income returns and offer the potential for capital growth through active management The acquisition price represents a weighted average capitalisation rate of 7.1% The REIT is undertaking an underwritten 2 $90 million capital raising at $2.35 per security, comprising: $25 million institutional placement (Placement); and 1 for 6.4 accelerated non-renounceable entitlement offer to raise approximately $65 million (Entitlement Offer) All Directors of the Responsible Entity (CPFL) and Centuria Capital Limited (CCL), have committed to take up their full entitlements Lederer Group, which owns 7.3% of the REIT, has committed to take up its full entitlement and will also take up additional securities through the Placement Financial impact Pro forma gearing will reduce from 30.2% 3 to 27.6% The Acquisitions, Placement and Entitlement Offer (Transaction) is expected to be marginally earnings accretive to FY18 Distributable Earnings, expected to be 18.6 cents per security (prior to any re-investment) CMA expects FY18 Distributions to be 18.1 cents per security, representing 3.4% growth on FY17 1. Prior to transaction costs. 2. The Equity Raising will be underwritten other than in respect of the commitments received from Centuria Capital Limited with respect to the Entitlement Offer and the Lederer Group with respect to the Entitlement Offer and Placement. Centuria Capital Limited and Lederer Group have also committed to sub-underwrite a portion of the retail component of the Entitlement Offer (on economically equivalent terms to other sub-underwriters (including any sub-underwriting fees that will be paid out of underwriting fees)). 3. As at 31 December 2016, pro forma for the merger of CMA with Centuria Urban REIT PAGE 3

STRATEGIC RATIONALE Properties are complementary to CMA's existing portfolio and investment strategy Long leases to quality tenants with an average WALE of 6.5 years Acquired on an attractive average capitalisation rate of 7.1% with fixed rental reviews of between 3.25 3.75% p.a. improving the structured rent growth profile of the REIT Increases CMA's tenant and geographic diversification Capitalises on the significant disconnect in pricing between the East Coast and West Coast office markets Enhances scale and liquidity, with the REIT's market capitalisation expected to increase from $430 million to $520 million 1 improving the potential for S&P/ASX300 index inclusion Significant debt headroom to fund the current acquisition pipeline or pursue further attractive acquisitions 1. Based on the closing price of CMA securities on the ASX on 12 July 2017. PAGE 4

Section Two: Market Update PAGE 5 203 Pacific Highway, St Leonards, NSW

CMA MILESTONES AND ACHIEVEMENTS CMA continues to actively manage its portfolio and has achieved a number of key milestones Implementation of the merger of CMA with Centuria Urban REIT, increasing the number and value of investment properties along with increasing the REIT's market capitalisation by 49% and broadening the register base Achieving the simplification of the REIT's corporate structure, which is expected to generate ongoing cost savings through a reduction in head office and financial reporting costs Sale of 14 Mars Road, Lane Cove for a 20.9% premium to the 30 June 2016 book value Executing 41 leasing deals over 20,320 square metres representing 15.5% of portfolio NLA 1, de-risking future lease expiries and maximising occupancy and income Valuation uplift of $8.1m 2 as at 30 June 2017 (1.3% on prior valuations) driven by active asset management and strong market performance 1. Portfolio NLA for the purposes of this calculation excludes the Acquisitions. 2. Subject to audit finalisation. PAGE 6

MARKET UPDATE LEASING Significant leasing success throughout FY17 41 leasing transactions across 20,321 sqm representing 15.5% of portfolio NLA 1 22 new leases across 9,979 sqm 19 renewals across 10,342 sqm 14,885 sqm of FY17 expiries and vacancies have been de-risked (representing 81.2% of total FY17 expiries and vacancies) Leasing success achieved at: 1 Richmond Road, Keswick, SA: 4,043 sqm expiring 30 June 2017 has been leased in two deals (DCNS & SA Power) 1 Richmond St, Keswick, SA 54 & 60 Marcus Clarke Street, Canberra, ACT: 10 leasing transactions executed across 2,112 sqm, with combined occupancy and WALE as at 30 June 2017 of 90% and 2.7 years respectively compared to occupancy of 76.1% and a WALE of 2.2 years on acquisition Queensland sub-portfolio 2 : High occupancy of 97.9% maintained with a strong WALE of 5.5 years as at 30 June 2017 FY18 expiries reduced to 4% of NLA 3 1. Portfolio NLA for the purposes of this calculation excludes the Acquisitions. 60 Marcus Clarke St, Canberra, ACT 2. The Queensland sub-portfolio comprises 154 Melbourne Street, South Brisbane, 483 Kingsford Smith Drive, Brisbane, 35 Robina Town Centre Drive, Robina, 555 Coronation Drive, Brisbane and 149 Kerry Road, Archerfield. 3. Pro forma for the impact of the Transaction. PAGE 7

MARKET UPDATE VALUATIONS 1 30 June 2017 revaluations increase property values by $8.1 million (1.3% over prior valuations) This includes valuation increases at: 9 Help Street, Chatswood, NSW: increasing from $62.2 million to $65.0 million (4.5% increase) due to improved market rent and a tightening of the capitalisation rate from 6.75% to 6.50% 1 Richmond Road, Keswick, SA: increasing from $27.3 million to $28.5 million (4.4% increase) due to new leases across 4,043 sqm 567 Swan Street, Richmond, VIC: increasing from $58.5 million to $61.0 million (4.3% increase) due to a tightening of the capitalisation rate from 6.50% to 6.25% 60 Marcus Clarke, Canberra, ACT: increasing from $54.5 million to $56.0 million (2.8% increase) due to 10 recent leasing transactions As a result of the revaluations the portfolio's capitalisation rate has tightened from 7.3% 2 to 7.2% as at 30 June 2017 9 Help St, Chatswood, NSW Valuation Capitalisation rate Dec-16 Jun-17 Increase Dec-16 Jun-17 Change (bps) Office $558.2m $566.3m $8.1m 7.31% 7.18% (13 bps) Industrial $43.7m $43.7m - 7.46% 7.35% (10 bps) Total $601.9m $610.0m $8.1m 7.32% 7.19% (13 bps) 1. Subject to audit and finalisation. 2. As at 31 December 2016, pro forma for the CMA merger with CUA. PAGE 8

Section Three: The Transaction PAGE 9 Hatch Building, Perth, WA

TRANSACTION OVERVIEW The Acquisitions are complementary to CMA s existing portfolio and investment strategy CMA has entered into agreements to acquire three new properties from separate vendors for an initial investment of $95 million 1 and an additional $55 million final payment on completion of construction of Target Head Office property resulting in an 'on completion' valuation of $150 million 1 attractive acquisition portfolio characteristics with an average WALE of 6.5 years and weighted average capitalisation rate of 7.1% 2 Raising $90 million in new equity to partially fund the Acquisitions whilst maintaining conservative gearing of 27.6% CMA continues to review quality acquisition opportunities and is in exclusive due diligence on a new A-Grade, commercial office development in NSW Summary of the Acquisitions Property State Independent Valuation ($m) Initial yield Cap rate NLA (sqm) WALE (years) Occupancy Hatch Building, Perth WA 58.2 9.2% 7.5% 11,042 3.7 100% Target Head Office, Williams Landing 3 VIC 58.2 6.5% 6.5% 12,919 10.0 100% 42-46 Colin Street, Perth WA 33.6 8.7% 7.5% 8,439 4.8 100% Total 150.0 8.0% 7.1% 32,400 6.5 100% 1. Prior to transaction costs. 2. Target Head Office weighted by completed value. 3. On completion. PAGE 10

PORTFOLIO IMPACT The Acquisitions increase CMA's portfolio occupancy, WALE and geographic diversity Prior to acquisitions 1 Post acquisitions 2 Number of properties 15 18 Geographic diversification 4 QLD 43% VIC 10% ACT 12% QLD 34% WA 12% VIC 16% Portfolio valuation $610.0m $760.0m Weighted average capitalisation rate 7.2% 7.2% SA 8% NSW 27% SA 6% NSW 22% ACT 10% Asset class diversification 4 Occupancy 3 97.3% 97.8% Industrial 7% Industrial 6% WALE 3 4.0 years 4.5 years Net Lettable Area (NLA) 131,011sqm 163,411sqm 1. As at 30 June 2017. 2. Calculated based on Target Head Office estimated completion value. 3. Based on Net Lettable Area (NLA). 4. Based on book valuation. Office 93% Office 94% PAGE 11

TENANT DIVERSIFICATION The Acquisitions will introduce two S&P/ASX20 1 companies (IAG and Wesfarmers) and WA State Government as tenants for the REIT Top 10 tenants % of income Insurance Australia Group 8.4% Target Australia (Wesfarmers) 6.3% Austar Entertainment 6.0% Bluescope Steel 5.0% Hatch & Associates 4.1% Minister for Works (WA Police) 4.0% GE Capital Finance Australasia 3.7% Domino's Pizza 3.5% Minister for Infrastructure 3.4% Department Housing & Public Works (QCAA) 3.4% 42 46 Colin Street, West Perth, WA 1. Including their wholly owned subsidiaries. PAGE 12

Industria REIT Astro Japan Property Group Hotel Property Investments CMA Rural Funds Group Arena REIT CMA (post) Ingenia Communities GDI Property Group Centuria Industrial REIT Folkstone Education Trust National Storage REIT IMPROVED TRADING LIQUIDITY AND INCREASED MARKET CAPITALISATION Post the Equity Raising CMA will have a market capitalisation of approximately $520m 1 and is a strong candidate for S&P/ASX 300 A-REIT index inclusion Market Capitalisation of S&P/ASX 300 A-REIT Index Constituents < A$1.5bn (A$m) 1 775 651 383 387 432 430 464 491 520 545 543 561 1. Based on the closing prices on the ASX on 12 July 2017. PAGE 13

PROPERTY DETAILS: HATCH BUILDING, PERTH, WA Multi-level, A-Grade Perth city fringe office building with a net lettable area of 11,042 sqm and 240 carparks Warehouse which allows for secure drop off and parking for service vehicles 100% leased to two institutional quality tenants, WA Police (54%) and Hatch & Associates (45%), a global engineering and management consultancy WA Police currently sublease an additional 22% of NLA from Hatch WA Police has recently installed a specialised operational fit out and are a potential full building user Lease expiry profile (by NLA) Property details Property type Office Purchase price $58.2m Capitalisation rate 7.5% Initial yield 9.2% Occupancy 100% WALE (by NLA) 3.7 years Site area (sqm) 5,057 Net Lettable Area (sqm) 11,042 100% 50% 0% Summary of major tenants 1 54% 45% 1% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Tenant Rent review (p.a.) NLA (sqm) Expiry Net income 3 Option WA Police 3.50% 5,936 Dec-20 $2.2m n.a. WA Police 2 3.75% 2,435 Aug-21 $1.2m n.a. Hatch & Associates 3.75% 2,503 Aug-21 $1.2m 2 x 5 years 1. This does not include the 22% of NLA sublet by Hatch to WA Police 2. Currently sublet from Hatch. 3. Excludes an additional $0.7 million related to parking, café and other. PAGE 14

PROPERTY DETAILS: 42 46 COLIN STREET, WEST PERTH, WA Modern, A-grade commercial office building close to the WA parliamentary precinct 8,439 sqm of NLA over five levels with major tenant Insurance Australia Group (IAG:ASX), an S&P/ASX20 company occupying four levels on recently reset market lease terms Leasehold title with 83.1 years remaining Level 4 subject to a 12 month rental guarantee from the Vendor, with advanced negotiations underway with potential tenants IAG has been in occupancy since the building was constructed with 100% tenant power backup to support IAG's national call centre Substantial end of trip facilities and amenities upgrade underway Area well serviced by free public transport Lease expiry profile (by NLA) Property details Property type Office Purchase price $33.6m Capitalisation rate 7.5% Initial yield 8.7% 1 Occupancy 100% WALE (by NLA) 4.8 years Site area (sqm) 5,147 Net Lettable Area (sqm) 8,439 100% 83% 50% 0% 17% 2 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Summary of major tenants Tenant Rent review (p.a.) NLA (sqm) Expiry Net income Option IAG Group 3.5% 6,967 Jan-23 $3.3m 1 x 3 years IAG Group 1 n.a. 1,472 Oct-18 $0.8m n.a. 1. Based on forecast net income for the first twelve months of ownership. 2. Remaining lease term plus a twelve month rental guarantee from Dexus (the Vendor). PAGE 15

PROPERTY DETAILS: TARGET HEAD OFFICE, WILLIAMS LANDING, VIC Multi-level, A-Grade suburban office building with net lettable area of 12,919 sqm The land has been acquired for an initial payment of $2.9 million with a $55.3 million final payment on completion of construction, expected 1QCY19 Located in the new residential suburb of Williams Landing opposite the railway station, approximately 20 kilometres south west of the Melbourne CBD Target Australia, a wholly owned subsidiary of Wesfarmers (WES: ASX) will occupy 100% of the building on a 10 year lease (from completion of construction) High quality building with an anticipated 4.0 star NABERS energy rating, 384 car spaces, a ground floor cafe and modern end of trip facilities Lease expiry profile (by NLA) Property details 1 Property type Office Purchase price $58.2m Capitalisation rate 6.5% Initial yield 6.5% Occupancy 100% WALE (by NLA) 10.0 years 2 Site area (sqm) 4,401 Net Lettable Area (sqm) 12,919 100% 100% 50% 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 Summary of major tenants Tenant Rent review (p.a.) NLA (sqm) Expiry Net income Option Target Fixed annual reviews 12,919 Dec-29 $3.8m 2 x 5 years 1. As at completion, anticipated 1QCY19. 2. At any time after the commencement of the sixth year of the lease, Target may provide notice that it is surrendering a single level (either Level 4 or Level 7). Target must give notice 15 months in advance. PAGE 16

FURTHER ACQUISITION OPPORTUNITIES Continued focus on quality metropolitan acquisition opportunities CMA has entered exclusive due diligence to acquire a development site for the construction of an A-Grade, 10,000sqm commercial office building in South West Sydney, NSW The property is 50% pre-committed to an institutional grade tenant on a 10 year lease Value on completion (mid CY18) is expected to be approximately $75 million, reflecting a capitalisation rate of 6.25% Subject to successful due diligence and board approval from CCL and CPFL, CMA may acquire the asset under a fund through arrangement with CCL, whereby CMA may purchase the land and current work in progress and progressively fund the construction in return for a coupon of 6.25% p.a. on funds deployed If acquired, the proposed acquisition would be accretive to FY18 Distributable Earnings per CMA security PAGE 17

Section Four: Equity Raising PAGE 18 576 Swan Street, Richmond, VIC

EQUITY RAISING OVERVIEW $90 million underwritten Equity Raising at an Issue Price of $2.35 per security The Equity Raising comprises a: $25 million institutional placement; and 1 for 6.4 accelerated pro-rata non-renounceable entitlement offer to raise approximately $65 million Sources of funds $m Placement proceeds 25 Entitlement Offer proceeds 65 Drawn debt 13 Total sources 104 Uses of funds $m Acquisitions 95 Stamp duty 5 Other transaction costs 4 Total uses 104 Key Offer Information Issue Price per security $2.35 Discount to last closing price 2.5% Discount to 10 day VWAP 3.9% Pro forma market capitalisation post $520m Forecast FY18 distributable earnings yield 7.9% 1 Forecast FY18 distribution yield 7.7% 1 Pro forma gearing post Transaction 27.6% 1. Based on the Issue Price of $2.35. PAGE 19

DETAILS OF THE EQUITY RAISING Equity Raising Details An Equity Raising of 38.5 million securities to raise approximately $90 million Entitlement Offer 1 for 6.4 accelerated non-renounceable entitlement offer to raise approximately $65 million Record date is 17 July 2016 Entitlement Offer will comprise an accelerated Institutional Entitlement Offer and a Retail Entitlement Offer Securities in respect of institutional entitlements not subscribed for will be placed into an institutional bookbuild (concurrent with the Placement) Retail Entitlement Offer opens on 19 July 2017 and closes on 3 August 2017 1 Placement Institutional Placement to raise $25 million offered to existing and new institutional investors Settlement Settlement of the of the Institutional Entitlement Offer, Retail Entitlement Offer and Placement will occur concurrently once the conditions are satisfied Ranking Securities issued under the Equity Raising will rank equally with existing CMA securities Pricing Underwriter The Issue Price of $2.35 per security 2.5% discount to the last traded price of $2.41 on 12 July 2017 3.9% discount to the 10 day VWAP of $2.44 on 12 July 2017 2.1% discount to the theoretical ex-rights price of $2.40 The Equity Raising is underwritten 2 by Moelis Australia Advisory Pty Ltd and UBS AG, Australia Branch Shaw and Partners Limited and Morgans Financial Limited have been appointed as Co-lead Managers to the Equity Raising Directors and major Securityholder intentions All Directors of the Responsible Entity (CPFL), and Centuria Capital Limited, have committed to take up their full entitlements Lederer Group, which owns 7.3% of the REIT, has committed to take up its full entitlement and will also take up additional Securities through the Placement 1. Timetable is subject to change at CMA's discretion with the prior written consent of the Underwriters (subject to the law and ASX listing rules). 2. The Equity Raising will be underwritten other than in respect of the commitments received from Centuria Capital Limited with respect to the Entitlement Offer and the Lederer Group with respect to the Entitlement Offer and Placement. Centuria Capital Limited and Lederer Group have also committed to sub-underwrite a portion of the retail component of the Entitlement Offer (on economically equivalent terms to other sub-underwriters (including any sub-underwriting fees that will be paid out of underwriting fees)). PAGE 20

INDICATIVE TIMETABLE Key event Date 1 Trading halt, Institutional Placement, Institutional Entitlement Offer and Bookbuild opens Thursday, 13 July 2017 Institutional Placement, Institutional Entitlement Offer and Bookbuild closes Thursday, 13 July 2017 Trading of securities recommences on ASX on an 'ex-entitlement' basis Friday, 14 July 2017 Entitlement Offer Record Date Monday, 17 July 2017 Retail Entitlement Offer Booklet is despatched and Retail Entitlement Offer opens 9:00am, Wednesday, 19 July 2017 Early Retail Acceptance Due Date 5:00pm, Tuesday, 25 July 2017 Settlement of securities issued under the Institutional Placement, Institutional Entitlement Offer and Retail Entitlement Offer for applications received by the Early Retail Acceptance Due Date Allotment and normal trading of securities issued under the Institutional Entitlement Offer and Retail Entitlement Offer for applications received by the Early Retail Acceptance Due Date Wednesday, 26 July 2017 Thursday, 27 July 2017 Retail Entitlement Offer closes 5:00pm, Thursday, 3 August 2017 Allotment of remaining securities issued under the Retail Entitlement Offer Thursday, 10 August 2017 Normal trading of remaining securities issued under the Retail Entitlement Offer Friday, 11 August 2017 1. All dates and times are indicative only and subject to change. Unless otherwise specified, all times and dates refer to AEST. Any changes to the timetable will be posted on Centuria's website at www.centuria.com.au. PAGE 21

Appendix A: Pro Forma Balance Sheet PAGE 22 9 Help Street, Chatswood, NSW

PRO FORMA BALANCE SHEET ($m) Assets 31 December 2016 pro forma for the Revaluations 2 Acquisitions and Pro forma 31 merger with CUA 1 equity raising December 2016 Cash and cash equivalents 10.9 10.9 Investment properties 601.9 8.1 91.8 701.7 Other assets 1.3 2.9 4.2 Total assets 614.1 8.1 94.7 716.8 Liabilities Borrowings 191.2 13.1 204.4 Other liabilities 14.1 14.1 Total liabilities 205.3 13.1 218.5 Net assets 408.8 8.1 81.5 498.3 Securities on issue (m) 178.3 38.5 216.7 Net tangible assets per Security ($) 2.29 2.30 Gearing 3 30.2% 27.6% 1. The 31 December 2016 pro forma for the merger with CUA balance sheet is prepared as though the merger was implemented at 31 December 2016, based on the reviewed CMA and CUA 31 December 2016 balance sheets and certain pro forma adjustments pertaining to the merger and also the sale of Mars Road, Lane Cove. The 31 December 2016 pro forma for the merger with CUA balance sheet and associated detail on the pro forma adjustments are set out in Section 8.8.2 of the NoM. 2. 30 June 2017 property valuations resulted in a $8.1 million increase in property values from 31 December 2016. The 30 June 2017 property valuations are subject to audit and finalisation. 3. Net debt / Total tangible assets (less cash and cash equivalents). PAGE 23

Appendix B: Property Portfolio PAGE 24 60 Marcus Clarke St, Canberra, ACT

PROPERTY PORTFOLIO Property Ownership Type Valuation ($m) 1 Cap Rate NLA (sqm) WALE 2 Occupancy 2 9 Help Street, Chatswood, NSW 100% Office 65.0 6.50% 9,394 3.0 100.0% 203 Pacific Highway St Leonards, NSW 50% Office 47.5 7.00% 11,734 3.5 100.0% 3 Carlingford Road, Epping, NSW 100% Office 27.0 6.25% 4,702 2.6 100.0% 44 Hampden Road, Artarmon, NSW 100% Office 9.0 8.00% 2,306 1.5 93.5% 576 Swan Street, Richmond, VIC 100% Office 61.0 6.25% 8,331 4.7 100.0% 154 Melbourne Street, South Brisbane, QLD 100% Office 77.5 7.00% 11,300 1.7 98.4% 483 Kingsford Smith Drive, Brisbane, QLD 100% Office 74.5 7.00% 9,322 7.4 98.5% 35 Robina Town, Centre Drive, Robina, QLD 100% Office 51.0 7.25% 9,814 6.3 100.0% 555 Coronation Drive, Brisbane, QLD 100% Office 31.5 8.00% 5,591 3.4 87.1% 1 Richmond Road, Keswick, SA 100% Office 28.5 8.50% 8,100 3.5 92.1% 131-139 Grenfell Street, Adelaide, SA 100% Office 19.5 8.50% 4,052 2.4 100.0% 60 Marcus Clarke, Canberra, ACT 100% Office 56.0 7.75% 12,120 2.9 92.7% 54 Marcus Clarke, Canberra, ACT 100% Office 18.3 8.75% 5,169 2.1 83.6% 13 Ferndell Street, Granville, NSW 100% Industrial 18.2 7.50% 15,302 2.8 100.0% 149 Kerry Road, Archerfield, QLD 100% Industrial 25.5 7.25% 13,774 7.5 100.0% Total (excluding Acquisitions) 610.0 7.19% 131,011 4.0 97.3% Hatch Building, Perth, WA 100% Office 58.2 7.50% 11,042 3.7 100.0% Colin Street, West Perth, WA 100% Office 33.6 7.50% 8,439 4.8 100.0% Total (excluding Target Head Office) 701.7 7.23% 150,492 4.0 97.6% Target Head Office, VIC completion value 100% Office 58.2 6.50% 12,919 10.0 100.0% Total 760.0 7.17% 163,411 4.5 97.8% 1. Subject to audit and finalisation. 2. Weighted by net lettable area (NLA). PAGE 25

LEASE EXPIRY PROFILE 1 Significant improvement in lease expiry profile with CMA's portfolio WALE increasing to 4.5 years (from 4.0 years) 49% 42% 25% 20% 15% 13% 10% 12% 3% 2% 5% 4% Vacant FY18 FY19 FY20 FY21 FY22+ Pre Transaction Post Transaction 1. Weighted by net lettable area. PAGE 26

Appendix C: Key Risks PAGE 27 203 Pacific Highway, St Leonards, NSW

KEY RISKS General economic conditions CMA s financial performance, and the market price of CMA Securities, is influenced by a variety of general economic and business conditions, including the level of inflation, interest rates, exchange rates, commodity prices, ability to access funding, oversupply and demand conditions, government fiscal, monetary and regulatory policy changes in gross domestic product and economic growth, employment levels and consumer spending, consumer and investment sentiment and property market volatility. Prolonged deterioration in any or all of these conditions, an increase in the cost of capital or a decrease in consumer demand, could have a materially adverse impact on CMA s financial performance. Inflation Higher than expected inflation rates generally or specific to the property sector could be expected to increase operating costs and development costs. Litigation and disputes Disputes or litigation may arise from time to time in the course of business activities. There is a risk that material or costly disputes or litigation could adversely affect financial performance and the value of CMA Securities. Occupational health CMA is subject to laws and regulations governing health and safety matters. Failure to comply with the necessary occupational health requirements across the jurisdictions in which CMA operates could result in fines, penalties and compensation for damages as well as reputational damage. Market risks Investors should be aware that the market price of CMA Securities and the future distributions made to CMA Securityholders may be influenced by a number of factors that are common to most listed investments, some of which are beyond CMA s control. At any point in time, these may include: the Australian and international economic outlook; movements in the general level of prices on international and local equity and credit markets; changes in economic conditions including inflation, recessions and interest rates; changes in market regulators policies and practice in relation to regulatory legislation; changes in government fiscal, monetary and regulatory policies; and the demand for CMA Securities. The market price of CMA Securities may therefore not reflect the underlying NTA of CMA. Other factors Other factors that may affect CMA s performance include changes or disruptions to political, regulatory, legal or economic conditions or to the national or international financial markets including as a result of terrorist attacks or war. Leasing terms and tenant defaults The future financial performance of A-REITs will largely depend on their ability to lease properties that become vacant on expiry of leases, on economically favourable terms. Insolvency or financial distress of any of the tenants may reduce the income received from the assets. PAGE 28

KEY RISKS Liquidity of property investments The nature of investments in property assets may make it difficult to generate liquidity in the short term if there is a need to respond to changes in economic or other conditions. Asset values Asset values are affected by many factors including prevailing market conditions, risk appetite, volume of sales, the ability to procure tenants, contracted rental returns, operating, maintenance and refurbishment expenses and the funding environment. Asset value declines may increase gearing levels and their proximity to covenant limits. Counterparty/Credit risk A-REITs are exposed to the risk that third parties, such as tenants, developers, service providers and counterparties to other contracts may not be willing or able to perform their obligations. Fixed nature of costs Many costs associated with the ownership and management of property assets are fixed in nature. The value of assets may reduce if the income from the asset declines and these fixed costs remain unchanged. Capital expenditure A-REITs are exposed to the risk of unforeseen capital expenditure requirements in order to maintain the quality of the buildings and tenants. Insurance A-REITs purchase insurance, customarily carried by property owners, managers, developers and construction entities, which provides a degree of protection for their assets, liabilities and people. Such policies include material damage of assets, contract works, business interruption, general and professional liability and workers compensation. There are however certain risks that are uninsurable (e.g. nuclear, chemical or biological incidents) or risks where the insurance coverage is reduced (e.g. cyclone, earthquake). A-REITs also face risk associated with the financial strength of their insurers to meet indemnity obligations when called upon, which could reduce earnings. Force majeure risk There are some events that are beyond the control of A-REITs or any other party, including acts of God, fires, floods, earthquakes, wars, strikes and acts of terrorism. Some force majeure risks are effectively uninsurable, and if such events occur they may have materially adverse effects on the A-REIT. Regulatory issues and changes in law A-REITs are exposed to the risk that there may be changes in laws that negatively affect financial performance (such as by directly or indirectly reducing income or increasing costs). Competition A-REITs face competition from within the A-REIT sector, and also operate with the threat of new competition entering the market. The existence of such competition may have an adverse impact on an A-REIT s ability to secure tenants for its properties at satisfactory rental rates and on a timely basis, or the pricing of construction projects or development opportunities, which in turn may negatively affect an A-REIT s financial performance and returns to its investors. PAGE 29

KEY RISKS Environmental A-REITs are exposed to a range of environmental risks, which may result in project delays or additional expenditure. In such situations, they may be required to undertake remedial works and potentially be exposed to third party liability claims and/or environmental liabilities such as penalties or fines. Returns from investment Returns from property investment assets largely depend on the rental income generated from the property and the expenses incurred in the operation of that property, including the management and maintenance of the property as well as the changes in the market value of the property. Factors that may reduce these returns include: the overall conditions in the national and local economy, such as changes to growth in gross domestic product, employment, inflation and interest rates; local real estate conditions, such as changes in the demand and supply for retail, office, industrial or hotel/tourism assets or rental space; the perception of prospective tenants regarding attractiveness and convenience of assets; the convenience and quality of properties; changes in tenancy laws; external factors including war, terrorist or force majeure events; unforeseen capital expenditure; supply of new properties and other investment assets; and investor demand/liquidity in investments. PAGE 30

Appendix D: Offer Jurisdictions PAGE 31 9 Help Street, Chatswood, NSW

OFFER JURISDICTIONS International Offer Restrictions This document does not constitute an offer of new securities ("New Securities") of Centuria in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Securities may not be offered or sold, in any country outside Australia except to the extent permitted below. Hong Kong WARNING: This document has not been, and will not be, authorized by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the "SFO"). No action has been taken in Hong Kong to authorize this document or to permit the distribution of this document or any documents issued in connection with it. Accordingly, the New Securities have not been and will not be offered or sold in Hong Kong other than to professional investors" (as defined in the SFO). No advertisement, invitation or document relating to the New Securities has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the New Securities which are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under that ordinance. The contents of this document have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this document, you should obtain independent professional advice. New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the "FMC Act"). The New Securities are not being offered to the public within New Zealand other than to existing securityholders of Centuria with registered addresses in New Zealand to whom the offer of these securities is being made in reliance on the FMC Act and the Financial Markets Conduct (Incidental Offers) Exemption Notice 2016. Other than in the entitlement offer, the New Securities may only be offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who: is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; is large within the meaning of clause 39 of Schedule 1 of the FMC Act; is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act. Singapore This document has not been registered as a prospectus with the Monetary Authority of Singapore ("MAS") and, accordingly, statutory liability under the Securities and Futures Act, Chapter 289 (the "SFA") in relation to the content of prospectuses does not apply, and you should consider carefully whether the investment is suitable for you. The issuer is not authorised or recognised by the MAS and the New Securities are not allowed to be offered to the retail public. This document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the New Securities may not be circulated or distributed, nor may the New Securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except to "institutional investors" (as defined in the SFA), or otherwise pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA. This document has been given to you on the basis that you are an "institutional investor" (as defined under the SFA). In the event that you are not an institutional investor, please return this document immediately. You may not forward or circulate this document to any other person in Singapore. Any offer is not made to you with a view to the New Securities being subsequently offered for sale to any other party. You are advised to acquaint yourself with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. PAGE 32

DISCLAIMER This presentation has been prepared by Centuria Property Funds Limited (ABN 11 086 553 639) (CPFL or Responsible Entity) as responsible entity of Centuria Metropolitan REIT (ARSN 124 364 718) (CMA or REIT). All information and statistics in this presentation are current as at 31 December 2016 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 CMA. It should be read in conjunction with CMA s periodic and continuous disclosure announcements which are available at www.centuria.com.au and with the ASX, which are available at www.asx.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. 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 2001 (Cth) 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 CMA or the acquisition of securities in CMA. 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 CMA. The information contained in this presentation does not constitute financial product advice nor 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 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, securities in CMA or any other investment product. The information in this presentation has been obtained from and based on sources believed by CPFL to be reliable. Past performance is not an indication of future performance. To the maximum extent permitted by law, CPFL, and its officers, directors, employees, advisers 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, and its respective officers, directors, employees, advisers and its related bodies corporate do 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 recipient should note that this presentation may also contain pro-forma financial information. All dollar values are in Australian dollars ($ or A$) unless stated otherwise. PAGE 33

DISCLAIMER An investment in CMA units is subject to investment and other known and unknown risks, some of which are beyond the control of CPFL. CPFL does not guarantee any particular rate of return on the performance of CMA nor does it guarantee any particular tax treatment. Prospective investors should have regard to the risks outlined in Section 5 of this presentation when making their investment decision and should make their own enquiries and investigations regarding all information in this presentation, including the assumptions, uncertainties and contingencies which may affect future operations of CMA and the impact that different future outcomes may have on CMA. The distribution of this presentation to persons or in jurisdictions outside Australia may be restricted by law and any person into whose possession this document comes should seek advice on and observe those restrictions. Any failure to comply with such restrictions may violate applicable securities law. No party other than CPFL has authorised or caused the issue, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Neither the Underwriter nor any of CPFL's advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents ( CPFL Parties ), have authorised, permitted or caused the issue, submission, dispatch or provision of this presentation and none of them makes or purports to make any statement in this presentation and there is no statement in this presentation that is based on any statement by any of them. None of the CPFL Parties take any responsibility for any information in this presentation or any action taken by you on the basis of such information. To the maximum extent permitted by law, the CPFL Parties: exclude and disclaim all liability, including for negligence, or for any expenses, losses, damages or costs incurred by you as a result of your participation in the Placement and the information in this presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise; and make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this Presentation. PAGE 34