Overseas regulatory announcement - 2h 2020 revenue declines 11% yoy to s$61.8m 2h 2020 core business profit stable at s$20.3m

The Singapore Exchange Securities Trading Limited, Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

CENTURION CORPORATION LIMITED ௷ઠΆุϞࠢʮ̡*

(Incorporated in the Republic of Singapore with limited liability)

(Co. Reg. No.: 198401088W)

(SGX Stock Code: OU8) (SEHK Stock Code: 6090)

OVERSEAS REGULATORY ANNOUNCEMENT

2H 2020 REVENUE DECLINES 11% YOY TO S$61.8M 2H 2020 CORE BUSINESS PROFIT STABLE AT S$20.3M

This overseas regulatory announcement is issued pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Please refer to the following pages for the press release which has been published by Centurion Corporation Limited on the website of the Singapore Exchange Securities Trading Limited on 25 February 2021.

By Order of the Board Centurion Corporation Limited

Kong Chee Min

Chief Executive Officer

Hong Kong, 25 February 2021

As at the date of this announcement, the Board comprises Mr. Wong Kok Hoe and Mr. Teo Peng Kwang as executive Directors; Mr. Han Seng Juan and Mr. Loh Kim Kang David as non-executive Directors; and Mr. Gn Hiang Meng, Mr. Chandra Mohan s/o Rethnam, Mr. Owi Kek Hean, Ms. Tan Poh Hong and Mr. Lee Wei Loon as independent non-executive Directors.

*

For identification purpose only

Centurion Corporation Limited

(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)

PRESS RELEASE

For Immediate Release

2H 2020 REVENUE DECLINES 11% YOY TO S$61.8M 2H 2020 CORE BUSINESS PROFIT STABLE AT S$20.3M

•  11% decline in 2H 2020 revenue due to lower workers' and students' occupancies resulting from Covid-19; Revenue in FY 2020 dips only 4% to S$128.4 million as 1H 2020 revenue benefited from expansions with slight effects from Covid-19

•  Net fair valuation records loss of S$27.6 million in FY 2020, a reflection of the market conditions that has affected the industry, caused by the COVID-19 pandemic

•  FY2020 PATNCI reduces 83% to S$17.2 million primarily due to fair valuation adjustments; Excluding fair valuation adjustments, FY2020 PATNCI from core business operations up 8% to S$41.3 million, benefiting from lower interest rates and COVID-19 reliefs received in 2H 2020

Singapore and Hong Kong, 25 February 2021 - Centurion Corporation Limited (胜捷企业有限公

司) ("Centurion" or the "Company" and together with its subsidiaries, the "Group"; SGX stock code:

OU8; SEHK stock code: 6090), which owns, develops and manages quality specialized accommodation assets, today announced its results for the half year ("2H 2020") and full year ended 31 December 2020 ("FY 2020").

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Centurion Corporation Limited

(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)

2H 2020 revenue reduced 11% year-on-year to S$61.8 million, mainly due to lower occupancy across almost all the Group's entire portfolio. Financial occupancy in the PBWA segment in Singapore dropped to 79.1% as at 31 Dec 2020 amid de-densification efforts and lower migrant workers headcount as many returned home after the lockdown. The Group's student accommodation portfolio in the United Kingdom ("UK") and in Australia were also impacted by lease terminations, travel restrictions, and universities moving to online programmes.

FY 2020 Group revenue slipped 4% to S$128.4 million from S$133.4 million a year ago. Pressures on revenue from lower occupancy in 2H 2020 were moderated by the purpose-built workers accommodation ("PBWA") segment which registered a 6% growth in revenue to S$91.5 million in FY 2020, due mainly to the full year contributions of Westlite Juniper in Singapore and Westlite Bukit Minyak in Malaysia, as well as revenue from operating assets newly secured in 2H 2020 in Singapore and Selangor, Malaysia.

In Singapore, the Group secured two tenders from JTC Corporation: the first for the management of three Factory-Converted Dormitories ("FCD") comprising approximately 4,000 beds, and secondly, a master lease to operate four Quick-Build-Dormitories ("QBD"). In Malaysia, the Group secured a 21-year master lease with a 9-year extension option from Selangor State Development Corporation to operate a PBWA in Selangor comprising 6,044 beds. Excluding the new dormitories added in FY 2020, the Group's PBWA portfolio average financial occupancy for FY 2020 was 86.5%.

The master leases and management contracts secured are in line with the Group's asset light strategy to deepen its offering of investment and property management services, to drive sustainable growth.

With the exception of the US, occupancies at the Group's PBSAs in all markets were impacted by slowing demand from international students amid the COVID-19 uncertainty and the policy measures that ensued such as travel restrictions and universities shifting to online curricula. The Group's largest PBSA in the UK and Australia both recorded declines in average financial occupancy, contributing to a 22% decline in PBSA segment revenue to S$35.8 million in FY 2020 from S$45.8 million in FY 2019.

During FY 2020, Centurion disposed of dwell Beechwood House in the UK and Desa Cemerlang in Malaysia. In China, the Group divested Shanghai Huade Photoelectron Science & Technology Co. Ltd, which owns an optical disc factory in Shanghai. In Singapore, the Group will not exercise the option to extend the lease of Dwell Selegie for the third and final phase of its 3+3+2 year lease. The current lease for dwell Selegie will expire in June 2021.

Separately, government grants and support schemes in response to COVID-19 received across all countries where the Group operates and gains on disposal of a subsidiary in China bolstered other income and gains to S$4.8 million, while the low interest rate environment reduced finance expenses by 19% to S$23.3 million and cost management measures to conserve cash reduced distribution and administrative expenses by 10% to S$22.5 million.

The Group recorded net fair valuation losses of S$27.6 million in FY 2020, a reflection of the market conditions caused by the COVID-19 pandemic as opposed to net fair valuation gains of S$66.3 million recorded in FY2019. The net fair valuation loss in FY2020 amounted to approximately 2.1% of the Group's investment properties value, which stood at S$1.3 billion as at 31 December 2020.

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Centurion Corporation Limited

(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)

As a result, the Group's PATNCI in FY 2020 is S$17.2 million, a 83% reduction as compared to FY 2019. Excluding the impact of fair valuation adjustments, PATNCI from core business operations increased 8% from S$38.2 million in FY 2019 to S$41.3 million in FY 2020.

Commenting on the Group's performance and outlook, Mr Kong Chee Min (江志明), CEO of Centurion Corporation said: "The pandemic in FY 2020 has disrupted businesses globally. In this extraordinary year, the Group has focused on mitigating the impact of disruptions due to COVID-19 by enhancing management and operational efficiencies, managing costs and conserving cash. We have also rationalized our portfolio and taken opportunities, where sensible, to grow our Assets Under Management and revenue streams.

I am confident about the resilience of Centurion's portfolio of 35 quality operational assets, which are diversified across Singapore, Malaysia, South Korea and the global education hubs in the UK, the US and Australia. Given our operating assets' strategic locations, I believe occupancy and income are well-placed to benefit from the economic recovery in time to come."

- END -

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Centurion Corporation Limited

(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)

About Centurion Corporation Limited

Centurion Corporation Limited ("Centurion" or the "Company" and together with its subsidiaries, the "Group") owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and student accommodation assets in Singapore, Australia, South Korea, the United Kingdom ("UK") and the United States ("US").

The Group owns and manages a diversified portfolio of 351 operational accommodation assets with approximately 73,460 beds as at 31 December 2020. With projects currently under development and undergoing asset enhancement works, the Group's portfolio of accommodation assets is expected to grow to approximately 80,776 beds by FY2021.

With global reach and a clear growth strategy to actively enhance and manage its assets, identify strategic acquisitions and joint ventures, as well as develop customised accommodation management services, Centurion is well-positioned to become a leading provider of quality, purpose-built accommodation.

For more information, please visithttp://www.centurioncorp.com.sg.

Investor and Media Contact

1 Excluding 2 QBDs, Westlite Tuas South Boulevard and Westlite Jalan Tukang

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Centurion Corporation Limited

(Incorporated in the Republic of Singapore with limited liability) (Company Registration No. 198401088W)

APPENDIX

Centurion Corporation Limited's Asset Portfolio

* Upon completion of Westlite Tampoi II construction in 2021 ** Centurion Overseas Investments Pte. Ltd. holds approximately 14.3% of the total number of units in the Centurion Student Accommodation Fund, which acquired dwell Castle Gate Haus ^ dwell Beechwood House was disposed in Dec 2020 # Centurion Overseas Investments Pte. Ltd. holds approximately 28.7% of the total number of units in the Centurion US Student Housing Fund, which acquired all 6 US properties

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