WHERE THERE IS IMPERFECTION THERE IS OPPORTUNITY

WHERE THERE IS IMPERFECTION THERE IS OPPORTUNITY

AT ITS CORE CENTENNIAL PROPERTY GROUP IS A BOUTIQUE PROPERTY SPECIALIST THAT SOURCES STRATEGICALLY TARGETED PROPERTY ASSETS WITH SIGNIFICANT VALUE-ADD OPPORTUNITIES. OUR PRINCIPALS HAVE A LONG HISTORY OF SUCCESSFUL REAL ESTATE INVESTMENT AND HAVE EXTENSIVE EXPERIENCE IN THE PROPERTY SECTOR. WHY CPG? CPG YOUR PARTNER IN HIGH PERFORMANCE PROPERTY INVESTMENTS CPG s business philosophy is to identify undervalued and mispriced property opportunities during cyclical low points across various property sectors and geographies. KNOWLEDGE AND EXPERIENCE IN THE PROPERTY INDUSTRY Our knowledge of domestic real estate markets, together with an extensive network of industry contacts, gives us the skills, resources and insight to source and manage properties that aim to deliver superior risk adjusted returns to our investors. FOCUS ON BUILDING LONG TERM RELATIONSHIPS Our investor-focused approach provides transparent opportunities to gain diversified exposure to direct property, which is one of Australia s largest investment asset classes. We regard our investor base as our strategic partners. We invest our own balance sheet in every investment opportunity we offer and seek to build relationships with long-term investment partners to achieve portfolio scale and diversification. FEES ALIGNED WITH INVESTOR RETURNS CPG is not driven to maximise fees through growth in assets under management. Our fee model is biased towards the overall performance of the property in order to maximise co-investor returns. Throughout the investment cycle, CPG seeks to recover the costs associated with the ongoing management of the property. Our performance fees are only earned on sale of the properties after a predefined investor hurdle return is met. Formed to take advantage of the post Global Financial Crisis market Centennial Property Group (CPG) acts as a private equity style investor that identifies assets which typically fall under the radar of institutional investors. Our Directors and Principals have a long history of successful real estate investment transactions and have extensive experience in the property sector. CPG is able to deliver outstanding opportunities to our co-investors as we: Are well networked in accessing deal flow through long term industry relationships Maintain a disciplined approach on asset performance. CPG adopts an active asset management style to drive the total returns of its properties Actively seek to trade assets at an opportune time in the cycle and have a strong focus on asset performance rather than growth of assets under management. CPG has been an active investor since its inception and has successfully completed numerous property transactions resulting in the achievement of outcomes in excess of investor expectations.

OUR INVESTMENT STRATEGY AND APPROACH FLEXIBLE INVESTMENT STRATEGY We explore real estate investments in a variety of sectors, locations and business climates. This broad investment mandate allows us to source and execute unique and complex transactions, including direct equity investments, debt investments secured by real estate, privately placed real estate securities, joint ventures and real estate operating companies. ASSETS WITH TEMPORARY FLAWS We seek to identify well located, properties that suffer from temporary or correctable flaws in their tenancy, physical attributes, capital structures, market position and/or management. By exploiting the pricing and operating inefficiencies inherent in assets of this nature and employing an intensive asset management overlay to correct the identified flaws. We are able to create incremental value in the underlying asset. REAL ESTATE ASSET MANAGEMENT OVERSIGHT We have a small dedicated team with both investment analysis and asset management experience. We also leverage off the expertise of the CPG principals who have significant property and business experience. We seek to partner with real estate operators who have specific knowledge and insight into local real estate markets or asset classes. These partners not only provide us with hands-on operating knowledge and expertise, but are also a source of proprietary deal flow. THEME-ORIENTED INVESTMENTS We regularly monitor real estate markets to identify and develop the most promising investment themes based on asset class, geography or targeted groups of sellers. We believe this allows us to react quickly to potential opportunities and to develop relationships with key partners. INVESTMENT SCALE COMPLEX SITUATIONS REQUIRING CREATIVE SOLUTIONS We believe that our ability to source, evaluate and execute complex transactions within a short time frame is one of our competitive advantages. We focus on finding solutions to complex situations involving underperforming and/or improperly capitalised assets in an effort to make investments at attractive valuations. Our properties are generally in the $20 million to $80 million range, with exceptions made for outstanding assets and opportunities in a broader price range. Assets in this range sit above the scope of most private investors to fund on their own, and below the investment threshold levels of the large institutional and retail property funds. This niche has less competition as it is less crowded, presenting an excellent market in which to originate high quality investment opportunities.

OUR INVESTOR PROFILE OUR PEOPLE AT CPG, OUR TEAM PRIDE OURSELVES NOT ONLY ON OUR ABILITY TO UNDERTAKE METICULOUS RESEARCH, ANALYSIS AND MANAGEMENT OF PROJECTS BUT ALSO IN THE COLLABORATIVE, CONSULTATIVE APPROACH WE ADOPT WITH OUR CO-INVESTORS. The Directors and Principals of CPG have extensive experience in the property and funds management industries. Together they offer diversified yet complimentary skills with strong industry backgrounds. We have collectively or individually invested in real estate gloabally and bring to CPG a depth of market and industry knowledge which provides a sound and conservative basis for asset selection and management. To date* we have transacted on 15 assets with a combined value of c.$500m and have disposed of 5 assets representing over $130m. We have successfully delivered our investors an average IRR of c.30% on these principal transactions. Our executive team comprises experienced property and finance professionals including: CPG SEEKS TO PARTNER WITH LIKE-MINDED INDIVIDUALS AND ORGANISATIONS WHO SEEK EXPOSURE TO PROPERTY INVESTMENT AS PART OF THEIR WEALTH MANAGEMENT STRATEGY AND INVESTMENT PORTFOLIO. OUR CO-INVESTORS RECOGNISE THAT QUALITY PROPERTY INVESTMENTS ARE PART OF A WELL DIVERSIFIED INVESTMENT PORTFOLIO. Our co-investors recognise that some property assets offer significant risk-adjusted returns however they require deep property knowledge and experience as well as hands on property management expertise in order to acquire and manage these assets. CPG offers boutique property and investment management expertise, giving our co-investors the ability to include these assets within their portfolio. CPG transacts with a select group of institutions, family offices, financial advisers and sophisticated high net worth investors. CPG s principals co-invest in every opportunity and sit side-by-side with our equity partners. We are always accessible and welcome contact with investors. LYLE HAMMERSCHLAG DIRECTOR Lyle Hammerschlag co-founded CPG in July 2011 and has been instrumental in the establishment and development of CPG's operations. A qualified Chartered Accountant, he has been in the real-estate development and investment industry for over 10 years. Prior to CPG, Lyle worked for Charter Hall & Stockland, becoming extensively involved in property analysis and transactions. Lyle holds a Bachelor of Commerce and a Masters Degree in Property Development. Within the CPG business, Lyle is responsible for overseeing the developments and overall performance of property assets held within property funds. E lyleh@centennial.com.au P +612 8277 6628 *June 2016 JONATHAN WOLF DIRECTOR Jonathan Wolf joined CPG in 2012 and has been responsible for over $500m of acquisitions and divestments at CPG. Jonathan has over 12 years many years of experience across the principal investment and transaction advisory sectors. Previously, Jonathan worked at Ernst & Young in its Transaction team. He holds both a Bachelor of Commerce from the University of NSW and is a member of the Institute of Chartered Accountants Australia. E jwolf@centennial.com.au P +612 8277 6607 KIM KITCHEN DIRECTOR MARKETING & DISTRIBUTION Kim has been in the financial services industry for over two decades. During that time Kim has worked as a sterling money market dealer in the UK and since 1995 has been involved in funds management in Australia. Kim was Head of Distribution at Abacus Property Group from its inception in 1996 and was active in taking the Group from inception to over $2.1 billion of assets under management by 2012. Post joining CPG in 2012 she has been instrumental in raising more than $200 million of equity resulting in a current business enterprise of some $500 million. E kkitchen@centennial.com.au P +612 8277 6603

OUR PORTFOLIO Our current portfolio is testament to the effectiveness of our core investment strategy. Each of our properties has evolved from a carefully researched campaign to secure buying opportunities with high quality tenants and stable long term leases. Our portfolio spans a diverse array of property sectors, many of which have emerged through: Australian Real Estate Investment Trusts (A-REITs) selling high quality properties to deleverage Unlisted funds and private vehicles selling high quality properties at significant discounts Distressed property or property work-out situations Asset mispricing due to absence of competitive tension or a perceived decline in market fundamentals 182 BLUES POINT ROAD MCMAHONS POINT, SYDNEY Purchased December 2012 Blues Point Road is an asset with a high profile location on the North Shore of Sydney. Featuring harbour views, the property is an eight-storey office tower with differing tenants on each level and four ground floor retail tenancies. Strengthened by a diverse, high calibre tenancy mix, with no tenant holding greater that 19% of the net lettable area, the asset is positively positioned with strong future rental growth prospects. The building benefits from its city fringe location and the harbour views make the building highly desirable to prospective tenants. This building was being purchased at an attractive rate per square metre and yield. ENTRADA RETAIL, PARRAMATTA Purchased July 2013 Entrada Retail is a Neighbourhood Shopping Centre located at the corner of Victoria Road and Church Street in North Parramatta. The centre is anchored by a Coles Supermarket on a long- term lease and also comprises of a medical centre, childcare centre, seven speciality shops and one commercial tenancy. Near new property benefitting from plaza style layout and good parking access. The stratum nature of the centre provides a number of flexible exit options for the manager to explore. ACHIEVEMENTS Purchased asset with 18% vacancy - Introduced new tenant to level 1 who has now expanded into Level 7 - Renewed in-situ leases within the asset Asset 100% leased throughout ownership Re-valued in November 2015 reflecting a 38.8% uplift in value 30% of equity returned to investors Distribution increased to 14% p.a. ACHIEVEMENTS Centre now 100% leased Successfully negotiated new leases over vacancies at purchase and threepost purchase Asset generating a running yield of 9% Renewed 2 leases within the centre

132 ARTHUR, NORTH SYDNEY Purchased November 2014 The asset is located in the North Sydney, CBD and is a 16 level commercial office building comprising 14 levels of office accommodation, a café and 57 car parking facilities. The property has a site area of c.1,067 sq m and a lettable area of 7,878 sq m (approx.). In the long term, the property possess a number of future conversion options including a full refurbishment or re-development as serviced apartments. 108 WICKHAM, FORTITUDE VALLEY BRISBANE Purchased October 2015 A 6 storey A grade commercial property, designed by leading architects Rice Daubney, completed in 2008. The property comprises of 5 levels of office accommodation, ground floor retail and two levels of basement car park providing 146 car parking bays. The property is strategically located on the fringe of Brisbane CBD and Fortitude Valley. The asset was purchased under attractive property fundamentals with an opportunity to re-set the leasing profile and increase the WALE in order to maximse the property s potential. FITNESS FIRST, 461 473, LUTWYCHE RD, LUTWYCHE, BRISBANE Purchased September 2015 The property incorporates two adjoining buildings configured as an office building and leisure building. It is configured to provide two levels of office accommodation and a two level full line Fitness First gym with pool. There is parking onsite for 147 cars. The property is anchored by two long term leases with together account for 96% of the income and has a strong WALE. It presents with a zoning for mix of uses, currently the site allows for a nine store level development and is underpinned by high density redevelopment potential. HEWLETT PACKARD, ADELAIDE Purchased November 2014 A modern 2 level commercial office building HP Campus sits on over 1.2 hectares of land conveniently situated on the corners of Payneham and O.G. Roads. The property is 100% leased to Hewlett Packard (Australia) Ltd., a subsidiary of the international Hewlett Packard Company, and at inception has a 10.8 year WALE. It is conveniently located only 6kms north east of Adelaide CBD. Constructed in 2002 as stage 1 of a 2 stage development, the property offers CPG the potential for expansion of further NLA space to be added to the land owned by the Fund. ACHIEVEMENTS Purchased asset with 14% vacancy - Negotiated new 5 year lease for Level 16 full floor - Significant leasing activity achieved on the asset with 16 leases having been completed since acquisition Asset currently has one small vacancy Generating a running yield of 8% ACHIEVEMENTS Purchased asset with 5% vacancy - Negotiated new 5 year lease - Negotiated new 5 year lease on vacant retail shop - Negotiated new 5 year lease on ground floor vacancy Asset currently has one small vacancy Generating a running yield of 8%

THE VILLAGE, 210 GROTE, ADELAIDE Purchased December 2013 The Village is a high quality modern residential development spread over 9 separate buildings leased to the University of Adelaide for 10 years. It is situated in the western gate of the Adelaide CBD and is just a short walk away from Central Markets, Victoria Square and public transport. The asset has significant opportunities to value add and has the potential for residential strata conversion or serviced apartment accommodation over the medium / long term. IBIS TOWNSVILLE Purchased November 2012 The IBIS Townsville is a 3 ½ star, 117 room hotel located on Palmer Street, Townsville, the main dining and accommodation precinct. Built in 2006, the IBIS Townsville is managed by the international hotel operator, Accor. The hotel has a full food and beverage operations as well as meeting facilities. CPG secured the property at a favourable rate per key, however, the valuation and performance of the asset has been affected by the downturn in the Townsville economy resulting from the decline in the major industries of the region. 69-79 BUCKLEY, SEDDON Purchased August 2014 A freestanding building consisting of 66 strata titled accommodation units, in one line. This property is constructed over four levels, which currently house a mixture of studio, one and two bedroom apartments. It also comprises a ground floor retail space and onsite management office, roof terrace and basement car park. It benefits from NRAS incentives that contribute to a very strong and diverse income stream for the coming years and potentially provides the opportunity for a future sell down of the strata units or an option for future residential development on what already is a flexible mixed use zoned site. PROTEA VILLAGE 22 PROTEA, CARRUM DOWNS Purchased August 2015 Consisting of 61 strata titled apartments this property is conveniently located within the City of Frankston, approximately 35 kilometres south of Melbourne. The asset has a strong rental history and provides a community style accommodation offer with the provision of meals to the over 55s. Potential to strata sell down units post repositioning. Just c.7km away from Melbourne s CBD, Buckley Street offers immediate access into the city via the Docklands precinct and stands to leverage off significant growth in the area fuelled by a collection of Public Transport, Education and Retail services only short walking distance away.

REALISED TRANSACTIONS FORMER READER S DIGEST BUILDING, 26-32 WATERLOO SURRY HILLS, SYDNEY Purchased November 2012 March 2014 This asset was sold on 10 March 2014. The sale price was $30 million which is a premium of 28% to its purchase price of $23.35 million in November 2012. During its ownership CPG successfully executed a number of value-add initiatives, including: Negotiating a 10 year lease to Cellarmasters on Level 1 New leases to; a restaurant operator on the ground floor nally - a vacant) restaurant for 5 operator years, on the ground floor (originally Cellarmasters vacant) lease for extension 5 years. to 10 years including - Cellarmasters the mezzanine lease extension space (originally to 10 years vacant) including the improving mezzanine the rental space (originally profile and vacant) growing improving the the revenue rental stream profile of and the growing property. the revenue stream of Improving the property. the Energy Improving Efficiency the Energy Upgrade Efficiency options Upgrade associated options with associated the building. with the building. FINANCIAL METRICS Occupancy increased from 93% to 100% Passing Yield improved from 10% to 8% WALE (by income) from 8 years to 6.3 years CPG RETURNED TO ITS INVESTORS An IRR of c.30%+ ROI of c.40%+ 125 YORK, SYDNEY Purchased October 2013 December 2014 The trust exchanged contracts to sell the asset in July 2014 on a prolonged settlement period which completed 16 December 2014. The sale price was $25 million which is a premium of 41% to its purchase price of $17.7 million in October 2013. During its ownership CPG received notification that its major tenant, Tyro Payments was looking to expand. As the property was 100% leased it no longer was able to accommodate them. During the course of their occupancy and prior to the divestment of the asset CPG successfully negotiated a new five year deal to Blue Chilli Technology Pty Ltd to take the whole space, levels 1-3 (1,106 sq m), which resolved a significant leasing exposure for the new purchaser. FINANCIAL METRICS Occupancy increased from 93% to 100% Passing Yield improved from 10% to 8% WALE (by income) from 8 years to 6.3 years CPG RETURNED TO ITS INVESTORS An IRR of c.40%+ ROI of c.40%+

704-744 LORIMER, PORT MELBOURNE Purchased August 2013 August 2015 The trust sold this asset on 5 August 2015 having held the property for 2 years. The sale price was $36.2 million which is a premium of c.38% to its purchase price of $26.3 million in August 2013. During its ownership CPG successfully repositioned the asset via an effective leasing strategy: Negotiated a surrender and a subsequent release of 9,888sqm of industrial space for a 10year term Leased 1,133sqm of office accommodation which was vacant at purchase Successfully extended lease terms with two additional tenants FINANCIAL METRICS Occupancy increased to 100% Passing yield improved from 9.5% to 7.74% WALE (by income) from 3.5 years to 5.5 years CPG RETURNED TO ITS INVESTORS An IRR of c.23%+ ROI of c.45%+ 12 WATERLOO ROAD, MACQUARIE PARK Purchased July 2012 November 2016 This asset was sold on 16 November 2015. The sale price was $14.65million which is a premium of 61% to its purchase price of $9.1 million in July 2012. During its ownership CPG successfully secured amajor lease to a Montessori Academy for 20 years, together with managing lease expiries and introducing two new tenants to the vacancy on the asset at its purchase. As part of its value add strategy it rolled out a capital expenditure program including internal and external works to enhance the value of the asset. FINANCIAL METRICS Occupancy increased from%92 to 100% Passing Yield improved from 11.9% to 7.49% WALE (by income) from 2.74 years to 5.84 years CPG RETURNED TO ITS INVESTORS An IRR of c.20%+ ROI of c.70%+ HOME QUARTER, DANDENONG Purchased February 2015 May 2016 The asset was sold on 5 May 2015. The sale price was $29.8 million which is a premium of 31% to its purchase price of $22.75 million in February 2015. During its ownership successfully executed a number of value-add initiatives, including Secured a 5 year lease over two vacant pad sites Successfully negotiated a 10 year lease over the remaining vacancy, at a rate in excess of IM assumptions. Agreed terms with signage operator on the centre billboard. FINANCIAL METRICS Occupancy increased from 86% to 100% Passing Yield improved from 9.48% to 7.5% WALE (by income) increased from 5.9 years to 5.94 years CPG RETURNED TO ITS INVESTORS An IRR of c.25%+ ROI of c.40%

TRACK RECORD We have successfully completed the purchase of fifteen property transactions representing a combined asset value of c.$500 million & and have raised more than $200 million of equity (to end June 2016). CPG specialises in securing mis-priced assets with short term flaws and repositioning these assets with value-add strategies to maximise returns to our co-investors. Our properties are both geographically and sectoraly diversified. FAR NORTH QUEENSLAND IBIS HOTEL TOWNSVILLE $9.0m SYDNEY READERS DIGEST BUILDING $23.40m 12 WATERLOO ROAD $9.10m 182 BLUES POINT ROAD $22.70m 125 YORK MELBOURNE 704 LORIMER $26.30m SEDDON $8.90m HQ DANDENONG $23.75m CARRUM DOWNS $8.30m ENTRADA PARRAMATTA $22.10m 132 ARTHUR $36.80m BRISBANE 108 WICKHAM FORTITUDE VALLEY $79.00m FITNESS FIRST, 461 473 LUTWYCHE RD, ADELAIDE THE VILLAGE HP CAMPUS $22.50m $42.50m $30.00m

2014 READERS DIGEST March 2015 HQ DANDENONG January 2014 cont... 2015 cont... 2012 MAQUARIE PARK July IBIS TOWNSVILLE November 2016 HQ DANDENONG January CARRUM DOWNS August READERS DIGEST November YORK October SEDDON June WICKHAM September LORIMER August LUTWYCHE October MACQUARIE PARK November BLUESPOINT ROAD December 2013 ENTRADA July LORIMER August THE VILLAGE December HEWLETT PACKARD November ARTHUR November YORK December

PROPERTY IS THE FRUIT OF LABOUR; PROPERTY IS DESIRABLE; IT IS A POSITIVE GOOD IN THE WORLD.