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Centuria Metropolitan REIT FY16 Results Briefing Primary Healthcare, 203 Pacific Highway, St Leonards CENTURIA METROPOLITAN REIT | CMA:ASX | FY16 RESULTS BRIEFING 9 AUGUST 2016 | PAGE 1 Agenda Section 1: FY16 Results Overview

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CENTURIA METROPOLITAN REIT | CMA:ASX | FY16 RESULTS BRIEFING 9 AUGUST 2016 | PAGE 1

Centuria Metropolitan REIT

FY16

Results Briefing

Primary Healthcare, 203 Pacific Highway, St Leonards

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CENTURIA METROPOLITAN REIT | CMA:ASX | FY16 RESULTS BRIEFING 9 AUGUST 2016 | PAGE 2

Agenda

˃ Section 1: FY16 Results Overview ˃ Section 2: Portfolio Overview ˃ Section 3: Capital Management ˃ Section 4: Market Overview ˃ Section 5: Outlook and Strategy

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Section 1

FY16 Results Overview

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FY16 Financial Overview

1. Based on CMA closing price of $2.14 per security as at 30 June 2016

Financial snapshot

Statutory profit/(loss) ($m) 44.8 Statutory profit/(loss) per security (cps) 37.5 Distributable earnings ($m) 22.0 Distributable earnings per security (cps) 18.4 Annualised distributable earnings yield1 (%) 8.6 Distribution ($m) 20.3 Distribution per security (cps) 17.0 Annualised distribution yield1 (%) 7.9

Balance sheet metrics

Total assets ($m) 415.6 NTA per stapled security ($) 2.18 Gearing (%) 33.2

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FY16 Financial Highlights

˃ Statutory net profit of $44.8m ˃ Distributable earnings ~3% above guidance ˃ Distribution paid in line with forecasts ˃ Disciplined capital structure maintained ˃ Market capitalisationincreased to $255.5m1 ˃ NTA increased 21 cps, an 11% uplift to $2.18 per security

Active management delivering predictable and growing earnings

1.Based on CMA’s closing price of $2.14 per security as at 30 June 2016

18.4 cps

Distributable earnings

17.0 cps

Distribution paid

$2.18 ps

Net Tangible Assets

33.2%

Gearing

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FY16 Operating Highlights

˃ Substantial leasing success

˃ 12,493 sqm across 35 transactions1(new leases and renewals) ˃ Majority of leasing activity captured in Canberra and Chatswood

assets

˃ Key FY17 expiries renewed

˃ 3 year renewal of AECOM at 60 Marcus Clarke Street ˃ 5 year renewal of Appen Butler Hill3 at 9 Help Street, further

improving WALE post 30 June ˃ Acquired 203 Pacific Highway (50% interest) for $43.0m before costs in December 2015 ˃ Portfolio valuations increased by 9.3 per cent4 ˃ Portfolio WACR firmed 57 basis points

Strong fundamentals in metropolitan office markets generating value uplift

1.Includes 2 transactions under HOA subject to lease finalisation and execution 2.By NLA at 30 June 2016 3.HOA executed 4 August 2016 4.On a like for like basis, excluding 203 Pacific Highway, St Leonards

97.2%

Portfolio occupancy

4.4 years

Portfolio WALE2

7.86%

Portfolio WACR

$398.7m

Book valuation

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FY16 NTA Movement

Strong metropolitan office market fundamentals and valuation uplift driving NTA growth

1.Net transaction costs associated with the acquisition 2.Other include movements in cash, payables, receivables and revaluation of GMF stake

$1.97 $2.18 ($0.02) $0.27 ($0.02) ($0.02)

(0.050) 0.000 0.050 0.100 0.150 0.200 0.250 0.300

$1.80 $1.85 $1.90 $1.95 $2.00 $2.05 $2.10 $2.15 $2.20 $2.25 $2.30 FY15 203 Pac Hwy Acquisition Revaluation MTM Hedge Other FY16

Movements in NTA

$ Per Security

NTA 21cps +11%

1 2

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Section 2

Portfolio Overview

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Portfolio snapshot

FY16 FY15 Number of assets (#) 13 12 Book value ($m) 398.7 323.1 WACR (%) 7.86 8.43 FY16 NOI ($m) 28.1 10.31 Occupancy2 (%) 97.2 96.7 FY17 expiries (%) 8.7 13.6 WALE2 (years) 4.4 4.8 44% 27% 17% 12%

NSW QLD ACT SA

Portfolio Metrics

1.Represents 6.3 months of income since listing 2.Includes 2 transactions under HOA subject to lease finalisation and execution 3.By NLA

3.3% 13.6% 4.7% 7.9% 23.1% 40.1% 2.8% 8.7% 4.4% 11.4% 25.7% 46.9%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Vacant FY17 FY18 FY19 FY20 FY21+ FY15 FY16

Portfolio well positioned to ensure income and value continue to grow

Weighted Average Lease Expiry2,3

Geographic diversification (by value)

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Tenant Space Requirements

Market data source: CBRE Research

80.0% 57% 60% 52% 71% 17.1% 17% 18% 22% 10% 2.9% 14% 9% 18% 14% 12% 13% 8% 6%

10.0%

20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%

CMA Portfolio (FY16) Sydney CBD Northshore NSW Brisbane City Fringe Canberra

Leasing Deals by Size Cohort

< 500sqm 500 to 1,000sqm 1,000 to 2,000sqm > 2,000sqm

˃ Metropolitan office markets, like

ur CBD’s, are dominated by SME’s
ccupying less than 500 sqm of

space – a trend CMA is well positioned to benefit from ˃ 280 of CMA’s 326 tenants, or 86% by number, are SME’s that occupy less than 500 sqm CMA’s actively managed portfolio is well suited to attract <500sqm SME tenants, being the dominant size cohort

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Leasing Overview

˃ 35 lease transactions completed in FY16 across 12,493 sqm1

˃ 21 new leases across 6,467 sqm ˃ 14 renewals across 6,026 sqm ˃ Average deal size of ~357 sqm

˃ Executed 8 leases2 across 5,207 sqm that de-risked FY17 expiries ˃ Significant leasing success achieved in Canberra and Chatswood: Focus on leasing ensures occupancy and income are maximised

1. Includes 2 transactions under HOA subject to lease finalisation and execution 2. Includes renewal of Appen Butler Hill at 9 Help Street HOA signed 4 August 2016

Property

No. of transactions

sqm 54 Marcus Clarke Street, Canberra 5 1,703 60 Marcus Clarke Street, Canberra 12 5,828 9 Help Street, Chatswood 10 3,736

12,493 sqm

Portfolio NLA leased1

11.1%

Portfolio NLA leased

5,207 sqm

FY17 expiries de-risked2

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Tenancy Profile

˃ Top 10 tenants account for 54% of gross rental income ˃ Approximately 76 per cent of gross rental revenue derived from ASX listed, multinational, national and government tenants ˃ 94% of rental revenue is subject to fixed annual reviews averaging 3.6%

Tenant diversity and contracted rental growth delivering predictable and growing earnings

Tenant Diversification (top 10 tenants by gross income)

10.3% 9.1% 6.2% 5.9% 4.8% 4.8% 3.9% 3.2% 3.2% 2.8% Austar Entertainment Pty Limited Bluescope Steel Limited Minister for Infrastructure Cochlear Ltd Minister for Transport & Infrastructure CSC Australia Royal District Nursing Service Primary Health Care Cardno Verizon Australia Pty Ltd 85.9% 7.1% 4.9% 2.1%

Tenancy profile by Size Cohort (by no. tenant)

< 500sqm 500 to 1,000sqm 1,000 to 2,000sqm > 2,000sqm

94% 1% 5%

Fixed CPI Market

Rental Reviews

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Capital Expenditure

˃ Well maintained property portfolio delivers services and amenity demanded by existing and prospective tenants regardless of building age

˃ FY16 base building capex less than 1% of portfolio value, including refurbishment projects

˃ During the year CMA completed two key refurbishment projects

˃ 1 Richmond Road, Keswick ˃ 54 & 60 Marcus Clarke Street, Canberra

˃ Post modernisation,these assets now offer the same level of service and amenity available in competing assets

‘Fit for purpose’ portfolio well suited to attract and retain quality tenants

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1 Richmond Road, Keswick

Before After Before After

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54 & 60 Marcus Clarke Street, Canberra

54 Marcus Clarke St - Before 54 Marcus Clarke St - After 60 Marcus Clarke St - Before 60 Marcus Clarke St - After

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FY16 Valuations

Valuation uplift driven by active asset management and strong fundamentals in metropolitan office markets

1.Independent valuations as at 15 May 2016 and restated for 30 June 2016 2.On a like for like basis, excluding 203 Pacific Highway, St Leonards

9.3%

Increased Portfolio Valuation2

$398.7m

Book value Key valuation metrics 30 Jun 2015 30 Jun 2016 Change Book value ($m) 323.1 398.7 75.6 Independent Portfolio Valuation ($m) 322.1 396.71 74.6 Portfolio WACR (%) 8.43 7.86 (0.57) Average Capital Value ($psm) 3,193 3,943 750

1 Richmond Rd, Keswick

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Section 3

Capital Management

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FY16 Debt Management

˃ Four debt tranches with NAB

˃ Includes a $10m general purpose revolving facility established at the time of

acquiring a strategic interest in GMF ˃ Conservative gearing maintained within the target range of 25-35% ˃ Significant headroom, ICR covenant 2 times, LTV covenant 50% ˃ Intention to unwind $10m revolver in FY17 and replace with a multi bank syndicated debt facility following work undertaken as part of the GMF transaction which will provide diversity of funding sources and increase balance sheet capacity

Maintained disciplined and conservative capital management

1.Including weighted average swap rate, facility establishment fees and all-in margins (base & line fees)

3.9%

All in cost of debt1

33.2%

Gearing Key debt metrics FY16

Facility limit ($m) 150.0 Drawn amount ($m) 142.0 Undrawn capacity ($m) 8.0 Weighted average debt expiry (years) 3.8 Proportion hedged (%) 59% Weighted average hedge maturity (years) 3.7 Cost of Debt1 (%) 3.9 Interest cover ratio (x) 6.6 May-18, $10m Dec-19, $55m May-20, $40m Dec-20, $45m $0m $10m $20m $30m $40m $50m $60m Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 CMA Debt Maturity Profile

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Capital Transactions

Acquire quality “fit for purpose” metropolitan office assets with predictable and growing income streams

1. 50% interest before costs. Settlement occurred 22 December 2015

203 Pacific Highway, St Leonards Property was acquired for $43.0 million1 in partnership with Centuria unlisted funds

Positive acquisition opportunity for CMA

leveraging the Centuria business platform

Acquisition is in line with CMA’s investment

strategy to invest in quality assets in metropolitan markets where competing supply is restrained

Well located, modern A grade asset above

St Leonards rail station and adjacent to Royal North Shore Hospital

100% leased to strong credit tenants

203 Pacific Highway, St Leonards

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Proposed Merger with GPT Metro Office Metro Fund (GMF)

Disciplined assessment of value and supportive partner in Centuria Capital

Rationale of proposed of GMF takeover:

Strong strategic rationale given complementary metropolitan
ffice portfolios & high level of cross investment
Improved income and tenant diversification profile
The opportunity to benefit from operational synergies
Improved liquidity with potential for inclusion in the S&P/ASX

300 Index

Would create the dominant listed investment vehicle in

Australian metropolitan office markets

Considered beneficial for both CMA and GMF investors,

particularly given CNI’s financial support Bid Withdrawn

Pricing too expensive – CMA assessment of value unchanged

from initial bid, with cash increases coming from CNI

Inability to reach 90% compulsory acquisition threshold due to

GPT’s actions restricting ability to deliver benefits of the proposed merger

Risk of Growthpoint holding a material stake in CMA
Net impact to CMA security holders from transaction costs

managed to a marginal result with CNI support

CMA& CNI presently remain the largest investor in GMF

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Section 4

Market Overview

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Market Overview

˃ Constrained supply side fundamentals

˃ Continued withdrawal of metropolitan office space for

residential conversion and major infrastructure projects

˃ No meaningful supply forecast in metropolitan markets

˃ Strengthening demand side fundamentals

˃ Displacement of smaller CBD tenants (mostly NSW) as

cheaper B grade assets are redeveloped

˃ Significant infrastructure investment is leading to greater

market accessibility & tenant demand

Supply and demand fundamentals for metropolitan office markets remain strong

Source: JLL Research

0% 5% 10% 15% 20% 25% 30% Parramatta Sydney Fringe St Leonards Homebush Melbourne Fringe Melbourne CBD Macquarie Park Norwest Canberra Sydney CBD North Sydney Adelaide Chatswood Melbourne Suburban Brisbane CBD Brisbane Near City Sydney South West Perth Perth CBD Stock Vacant

Vacancy is tighter outside the CBDs

Australian office markets prime grade vacancy rate, 2Q16

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Market Overview

Source: Colliers Edge

Limited development activity

Office market development pipeline, 2016 to 2018

0% 1% 2% 3% 4% 5%

Chatswood St Leonards Sydney Fringe Adelaide CBD Canberra Macquarie Park Melbourne CBD Parramatta Brisbane CBD Sydney CBD North Sydney Brisbane Near City

% of Total Stock 2016 2017 2018

Metro Fundamentals undervalued vs CBD?

CBD Office vs Metro Office 5 Year Net Effective Rental Growth

˃ Switch back to landlords’ market beginning to occur in metropolitan markets ˃ Incentives have stabilised in most metropolitan markets, and in some markets have begun to contract ˃ Effective rental growth in metropolitan markets forecast to outpace CBD’s over the near to medium term

Source: JLL Research

1.8% 0.3% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Metro CBD

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Market Overview

Capital market inflows to metropolitan office assets continuing to strengthen

Source: Colliers

$- $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 $, Million 10% 15% 20% 25% 30% 35% 40% 45% Percent CBD Non-CBD Non-CBD (% Share)

High levels of liquidity in non CBD office markets

Office market transaction volumes, 2000 to 2016*

However, spreads remain very wide

Office sector A Grade yield vs 10 Year Government Bond Rate

˃ Investor demand for quality, well leased metropolitan assets has strengthened considerably over the last 24 months, particularly high net worth and family office investors ˃ Global low interest rate environment expected to be the new norm which will continue to drive capital towards defensive investments such as real estate

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 10-Year Govt Bond Rate Metro A Grade Yield CBD A Grade Yield

* As at June 2016 Source: JLL Research, RBA

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Market Overview

Domestics still dominate metro acquisition

Source: Colliers Edge

CBD Office vs Metro Office Yield Comparison

$0.0 billion $1.0 billion $2.0 billion $3.0 billion $4.0 billion $5.0 billion $6.0 billion $7.0 billion 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Domestic Offshore

˃ Yield spread between metropolitan and CBD markets remains significant suggesting price upside in metropolitan markets ˃ There remains repricing/arbitrage opportunities for savvy buyers, especially those like CMA who are able to work through tenancy risk and repositioning strategies

Source: Colliers International, Global Investor Outlook Survey 2016

0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% Yield Spread Metro A Grade Yield CBD A Grade Yield

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Section 5

Outlook and Strategy

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Metropolitan Office Outlook ˃ Tenant demand in metropolitan office markets is expected to remain strong due to restrained supply in the near to medium term

˃ Continued stock withdrawals for residential conversion, particularly in the North Shore (NSW), Fortitude

Valley (QLD) and St. Kilda Road (VIC)

˃ Additional displacement of tenants from B grade CBD assets due to infrastructure projects and who cannot

afford to occupy alternative CBD space bodes well for fringe CBD and north shore markets

˃ New infrastructure developments to support metro markets, particularly in NSW, enhancing tenant appeal ˃ Increase in SME occupiers who want to locate their operations closer to home ˃ New working paradigms – shift from CBD centric to hub and spoke business models where secondary

ffices located in metropolitan markets offer an alternative to staff telecommuting

Demographic changes continuing to drive opportunities for capital upside into the the future through specific asset repositioning strategies

Outlook

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Outlook

Capital Markets Outlook ˃ World economic uncertainty is driving domestic and international investors towards defensive investments ˃ Capital inflows into the AREIT sector remain strong due to generally low gearing and conservative management delivering reliable earnings ˃ CMA is a conservatively managed AREIT with a robust tenancy base delivering predictable and growing earnings & distributions ˃ CMA is well positioned to deliver on its earnings and distribution promise to securityholders despite global uncertainty and equity market volatility

Attractive financial profile with contracted rental growth

Conservative capital structure

Potential for capital growth over time

Experienced management team with deep experience through property cycles

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Strategy

CMA’s strategy and ongoing focus remains unchanged

Fund Strategy > Acquire quality ‘fit for purpose’ metropolitan real estate assets delivering a stable and secure income streams > Maintain a disciplined capital structure Portfolio strategy > Responding to demographic change by rezoning assets to new highest and best use, generating capital appreciation > Execute initiatives to generate income and value uplift through active asset management, risk mitigation and repositioning strategies > Continued focus on portfolio leasing to ensure occupancy and income are maximized > Sourcing of complementary assets through direct acquisition or corporate activity Asset Specific Strategies > 3 Carlingford Road, Epping – having completed the masterplan , we are now exploring potential divestment > 9 Help Street,Chatswood – major demographic change may substantiate seeking an application to rezone for for residential/mixed use > 54 Markus Clarke Street, Canberra – the under supply of student accommodation in Canberra suggests a higher and better use > 1 Richmond Road, Keswick – with modernisationworks now complete CMA is well placed in its pre-marketing for a new tenant ahead of Minister for Transport and Infrastructure’s expiry in 30 June 2017

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Guidance

˃ FY16 distributable earnings of 18.4cps

˃ ~3% above FY16 guidance

˃ FY16 distribution of 17.0 cps delivered in equal quarterly payments > FY17 guidance

> FY17 distributable earnings guidance of

18.7 – 19.0 cps

> FY17 distribution guidance of 17.5 cps ˃ To be paid in equal quarterly installments of

4.375 cps

˃ Payout ratio of approximately 92% - 94% ˃ FY17 distribution yield of 7.8%2

1. Based on CMA 5 day VWAPfrom 1 August to5 August 2016 of$2.26 per security

203 Pacific Highway, St Leonards

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Closing

˃ CMA’s portfolio remains in a strong position

˃ Portfolio valuation has increased and there is potential for further capital gain ˃ Portfolio occupancy of 97.2% and WALE of 4.5 years (post 30 June) ˃ Robust tenancy profile with contracted rental growth > forecast CPI ˃ 94% of leases subject to fixed annual reviews averaging 3.6%

˃ CMA is meeting its forecasts and delivering on its strategy

˃ Predictable and growing earnings and distribution ˃ CMA generates a distribution yield of 7.8%1 ˃ Maintained a disciplined capital structure with gearing currently at 33.2% ˃ Seek meaningful opportunities to grow that are beneficial to security holders ˃ Ongoing disciplined assessment of corporate and direct capital transaction opportunities ˃

CMA represents an opportunity to gain exposure to Australia’s metropolitan real estate markets with an investment grade portfolio managed by hands on professional managers specializing in generating value within the metropolitan markets through the property cycle

1. Based on CMA 5 day VWAPfrom 1 August to5 August 2016 of$2.26 per security

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Appendices

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FY16: Appendix A – Income Statement

30 June 2016 Revenue Gross property income ($m) 36.3 Straight lining of rental income ($m) 3.2 Interest income ($m) 0.1 Total revenue ($m) 39.6 Expenses Direct property expenses ($m) (8.2) Responsible entity fees ($m) (2.0) Finance costs ($m) (4.4) Management and other administrative expenses ($m) (1.0) Total expenses ($m) (15.6) Sub-total ($m) 24.0 Investment properties revaluation gain / (loss) ($m) 23.2 Net Loss on fair value of GMF investments less transaction costs ($m) (0.1) Loss on fair value of derivatives financial instrument ($m) (2.4) Statutory net profit ($m) 44.8

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FY16: Appendix B – Distribution Statement

30 June 2016 Statutory net profit ($m) 44.8 Straight lining of rental income ($m) (3.3) Investment properties revaluation gain / (loss) ($m) (23.2) Loss on fair value of derivatives financial instrument ($m) 2.4 Net Loss on fair value of GMF investments less transaction costs ($m) 0.1 Lease incentives funded by vendors on property acquisitions ($m) 1.2 Distributable earnings ($m) 22.0 Distribution ($m) 20.3 Distributable Earnings per stapled security (cps) 18.4 Distribution per stapled security (cps) 17.0 Annualised Distributable Earnings yield (%) 8.6% Annualised Distribution Yield (%) 7.9%

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FY16: Appendix C – Balance Sheet

30 June 2016 Cash ($m) 4.9 Investment properties ($m) 398.7 Other assets ($m) 11.9 Total assets ($m) 415.6 Interest bearing liabilities ($m) 141.1 Derivative financial instruments ($m) 3.1 Other liabilities ($m) 11.2 Total liabilities ($m) 155.4 Net assets ($m) 260.1 Securities on issue (m) 119.4 Net tangible assets per security ($) 2.18 Gearing (%) 33.2

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FY16: Appendix D – Investment Portfolio

1. As at 15 May 2016 2. By area, includes 2 transactions under HOA subject to lease finalisation and execution 3. 50% interest 4. As at 15 May 2016 and 30 June 2016

Property

State Book value $/Sqm Independent Valuation ($m)1 Cap rate4 NLA (sqm) WALE2 (years) Occupancy2 Office 9 Help Street, Chatswood NSW 55.1 5,862 55.0 7.25% 9,400 2.3 96.2% 203 Pacific Highway, St Leonards3 NSW 45.5 7,754 45.5 7.50% 11,737 4.4 100.0% 3 Carlingford Road, Epping NSW 27.0 5,743 27.0 6.25% 4,702 2.4 96.8% 44 Hampden Road, Artarmon NSW 8.5 3,685 8.5 8.50% 2,306 2.2 100.0% 54 Marcus Clarke, Canberra ACT 16.9 3,284 16.3 9.25% 5,155 2.6 85.8% 60 Marcus Clarke, Canberra ACT 52.8 4,356 51.7 8.25% 12,120 3.4 91.3% 35 RobinaTown Centre Drive, Robina QLD 48.8 4,972 48.8 7.50% 9,814 7.3 100.0% 555 Coronation Drive, Brisbane QLD 33.1 5,920 33.1 8.25% 5,591 2.6 84.1% 1 Richmond Road, Keswick SA 26.7 3,296 26.5 9.25% 8,100 2.5 100.0% 131-139 Grenfell Street, Adelaide SA 20.5 5,060 20.5 8.75% 4,052 3.4 100.0% Industrial 14 Mars Road, Lane Cove NSW 21.5 2,028 21.5 8.00% 10,601 5.5 100.0% 13 Ferndell Street, Granville NSW 17.8 1,163 17.8 7.75% 15,301 3.8 100.0% 149 Kerry Road, Archerfield QLD 24.5 1,779 24.5 7.50% 13,774 8.5 100.0% Total / weighted average 398.7 3,943 396.7 7.86% 112,653 4.4 97.2%

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Disclaimer

This presentation has been prepared by Centuria Property Funds Limited Limited (ABN 11 086 553 639, AFSL 231 149) (‘CPFL’) as responsible entity of the stapled entities Centuria Metropolitan REIT No.1 (ARSN 124 364 718) and Centuria Metropolitan REIT No.2 (ARSN 124 364 656), collectively known as the Centuria Metropolitan REIT (‘CMA’ or the ‘Trust’). All information and statistics in this presentation are current as at 9August 2016 unless otherwise specified. It contains selected summary information and does not purport to be all-inclusive or to contain all of the information that may be relevant, or which a prospective investor may require in evaluations for a possible investment CMA. It should be read in conjunction with CMA’s periodic and continuous disclosure announcements which are available at www.centuria.com.au. The recipient acknowledges that circumstances may change and that this presentation may become outdat ed as a result. This presentation and the information in it are subject to change without notice and CPFL is not obliged to update this presentation. This presentation is provided for general information purposes only. It is not a product disclosure statement, pathfinder document or any other disclosure document for the purposes of the Corporations Act and has not been, and is not required to be, lodged with the Australian Securities & Investments Commission. It should not be relied upon by the recipient in considering the merits of 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 f

r 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. Before making an investment deci sion, the recipient should consider its own financial situation, objectives and needs, and conduct its

wn 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. Itis 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. To the maximum extent permitted by law, CPFL and its related bodies corporate make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness or reliability of the contents of this

presentation. To the maximum extent permitted by law, CPFL does not accept any liability (including, without limitation, any

liability arising from fault or negligence) for any loss whatsoever arising from the use of this presentation or its contents or otherwise arising in connection with it. This presentation may contain forward-looking statements, guidance, forecasts, estimates , prospects, projections or statements in relation to future matters (‘Forward Statements’). Forward Statements can generally be identified by the use of forward looking words such as “anticipate”, “estimates”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions. Forward Statements including indications, guidance

r outlook on future revenues, distributions or financial position and performance or return or growth in underlying investments are provided as a general guide only and should not be relied upon as an indication or guarantee of

future performance. No independent third party has reviewed the reasonableness of any such statements or assumptions. No member of CPFL represents or warrants that such Forward Statements will be achieved or will prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this presentation. Except as required by law or regulation, CPFL assumes no obligation to release updates or revisions to Forward Statements to reflect any changes. The reader should note that this presentation may also contain pro-forma financial information. Distributable earnings is a financial measure which is not prescribed by Australian Accounting Standards (”AAS”) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors consider that distributable earnings reflect the core earnings of the Trust. All dollar values are in Australian dollars ($ or A$) unless stated otherwise.