INGENIA COMMUNITIES GROUP — Annual Report 2017

Aug 21, 2017

FY17 highlights Guidance exceeded, supported by strong sales result

	 Portfolio refined in line with strategy – non core assets divested, lifestyle now largest contributor to earnings
STRATEGY	 33 lifestyle and holiday communities – a further four under contract or option
	 Over 2,470 development sites secured (90% in metro and coastal locations)
	 EBIT \$32.1 million – above guidance and up 32.6% on FY16
	 Strong operating cashflows of \$30.3 million – up 44.3% on FY16
FINANCIAL	 Revenue of \$149.9 million – up 40.0% on FY16
	 Strong balance sheet - LVR of 28%
	 Lifestyle and holidays rental revenue up 35.1% on FY16
OPERATIONS	 Record occupancy across Ingenia Gardens portfolio – 92.8%
DEVELOPMENT	 Record 211 new home settlements – up 97.2% on FY16
	 Development now underway in 12 communities - two more to follow FY18

A five year story Delivering growth with significant embedded value

EBIT (Continuing Operations) Income Generating Sites

New Home Settlements Ingenia Gardens Occupancy (%)

Business overview Creating Australia's best lifestyle communities

Over 4,600 rental and lifestyle residents

4,000 Occupied permanent homes

790,000+ 'room nights' p.a Villas and sites

Annualised revenue >\$175 million \$ Stable rent base >\$1.5 million/pw

2,470 Potential development sites

Ingenia has

35 LIFESTYLE AND HOLIDAY COMMUNITIES 31 RENTAL VILLAGES

Note: Includes announced acquisitions yet to settle. Excludes assets under option. Excludes three Settlers villages.

TAS

Performance and capital management

Key financials Strong operating earnings and cash flow

KEY FINANCIAL METRICS	FY17	FY16	CHANGE
Revenue	\$149.9m	\$107.1m	40.0%
EBIT	\$32.1m	\$24.2m	32.6%
1 Statutory profit	\$26.4m	\$24.3m	8.6%
Underlying profit – continuing operations2	\$23.5m	\$20.2m	16.3%
Underlying profit EPS – continuing operations	13.0c	13.4c	(3.0%)
Operating cashflow	\$30.3m	\$21.0m	44.3%
Distribution per security	10.2c	9.3c	9.7%
Effective tax rate	7%	-	NM

1. FY17 statutory profit includes \$12.7 million fair value write-off of acquisition transaction costs (FY16: \$5.5 million), loss on sale of Settlers \$7.6 million.

2. Underlying profit is a non-IFRS measure designed to present, in the opinion of the Directors, the results from the ongoing operating activities of INA in a way that reflects underlying performance. Underlying profit excludes items such as unrealised fair gains/(losses), and adjustments arising from the effect of revaluing assets/liabilities (such as derivatives and investment properties). These items are required to be included in Statutory Profit in accordance with Australian Accounting Standards. Underlying profit has not been audited or reviewed by EY.

Strong growth in EBIT

	Jun 17 (\$m)	Jun 16 (\$m)	Change
EBIT
• Lifestyle and Holidays operations	17.4	11.0	58.2%
• Lifestyle development	10.9	5.5	98.2%
• Ingenia Gardens	11.6	11.0	5.5%
• Settlers	1.2	3.8	(68.4%)
Portfolio EBIT	41.1	31.3	31.3%
Corporate costs	(9.0)	(7.1)	(26.8%)
EBIT	32.1	24.2	32.6%

EBIT (Continuing Operations)

Strong EBIT growth from core business

Ingenia Lifestyle and Holidays

• Rental base expanding driven by acquisitions and additional new home sales
• Above the ground gross development profit up 105% on prior year

Ingenia Gardens

• Increased occupancy and rent growth driving improved returns

Corporate costs

• Includes \$0.5 million of unsuccessful transaction costs
• Costs reduced 2H17 (\$4.3 million) compared to 1H17 (\$4.7 million)

Capital management

Australian debt	30 Jun 17 (\$m)	30 Jun 16 (\$m)
Total facility	300.0	200.0
Total debt drawn	166.5	99.1
Bank guarantees1	10.8	26.2
Available debt	122.7	74.7

Australian interest rates	30 Jun 172	30 Jun 16
Current all in cost of funds (weighted)	4.2%	4.0%

• 1. Includes \$10 million AFSL statutory guarantee.
• 1. Higher cost of funds driven by increase in unused facility as a result of equity raisings. Will reduce as funds are deployed.

Key Metrics	Jun 17	Jun 16
Loan to value ratio (LVR)	27.7%	24.9%
Core interest cover ratio (ICR)	3.5x	3.7x
Net asset value (NAV) per security	\$2.50	\$2.45

Strong balance sheet – LVR of 27.7%

• Pro forma LVR 33.3%1
• Significant headroom against covenant of 50%

Debt facility increased to \$300 million

Drawn debt of \$177.3 million at 30 June 2017

• Core ICR of 3.5x
• Weighted average term to maturity 3.8 years
• Debt 38% hedged at 30 June 2017

Funding growth

• Successful \$74 million equity raise to fund recent acquisitions and investment in key developments
• Growing cash inflows operations and home sales
• DRP remains in place
• Progressing non core asset sales
• In discussion with aligned parties to explore potential capital partnering
• 1. Post completion of Sheldon and Glenwood acquisitions.

Growth in values as capitalisation rates sharpen

• Independently valued c.50% of total portfolio by value (33 assets) during FY17 (including twelve lifestyle and holiday communities), confirming cap rate compression
• Average capitalisation rate for Lifestyle and Holidays tightened by approximately 50 basis points during FY17, contributing to \$18.9 million value uplift1
• Valuation movements support Ingenia's focus on metropolitan and coastal markets
• Valuations lagging market transactions growing market evidence of rates firming

PORTFOLIO	AV. CAP RATE JUN 20171	AV. CAP RATE JUN 20161	JUN 17 BOOK VALUE (\$m)
Ingenia Gardens	9.92%	9.95%	141.3
Lifestyle and Holidays	8.40%	8.91%	514.9

1. Excludes new acquisitions and leasehold assets.

Key drivers of NAV per security movement

• NAV per security increased 5c (2%) over the 12 months to June 2017
• Positive impact of valuations offset by the loss on divestment of Settlers assets, income tax expense and distributions to shareholders

Valuations: existing communities Significant cap rate compression evident

Lifestyle and Mixed-use Communities

• Capitalisation rates continuing to tighten growing market evidence as new entrants target scale
• Greater market awareness and investment interest in sector
• Value uplift at key communities assisted by improved operating performance, integration into Ingenia platform and execution of individual asset strategies
• Best in class communities in US now transacting <4.0%

Valuations: development sites

Approved development sites growing rapidly in value

• Approval of DAs supporting increased values at future development sites and securing cost effective growth as competition increases

• Bethania adjacent land acquired at \$25,500 per home site Ingenia achieved subsequent DA

• Conjola golf course land acquired at \$20,000 per home site Ingenia achieved subsequent DA

• Chambers Pines golf course land acquired at \$17,500 per home site Ingenia achieved subsequent DA

• Ingenia land bank valued at circa \$50,000 per home site high concentration in key capital and coastal markets

Ingenia's most valuable project

Avina – Sydney North Western Growth corridor

• Project comprises existing 200 site permanent and holiday accommodation and significant land bank (140,000m2)
• DA lodged for 247 new lifestyle homes in September 2016
• Due to project size, currently under assessment by JRPP (Joint Regional Planning Panel) with decision expected in next 3 – 6 months
• Subsequent to acquisition, NSW Department of Planning released Vineyard Precinct Plan provides for 2,400 new homes with service and infrastructure upgrades (see map below)
• Extremely limited competition for new land lease communities in Sydney due to high land costs and restrictive zoning limiting supply
• House prices in local suburb (Vineyard) increased by over 44% in past 12 months – third biggest rise in Australia

ON THE SURGE The nation's top 20 suburbs for house-price growth				٨
Suburb	State	Median value (\$)	Property type	12-month change (%)
MIDDLE PARK	VIC	2,580,217	н	48.2
RRINGELIY	NSW	2.184,274		ACE ALCOHOL
VINEYARD	NSW	930.256		44.7
DALWALLINU	WA	247,565		77.1
RIVERVIEW	NSW	2.827.547	н	43.1
ALBERT PARK	VIC	1.029.274	U	42.6

Source: CoreLogic

Strategy

Many seniors will struggle to fund a comfortable retirement

Key capital cities have recorded strong growth over past 20 years

…and with 82% of seniors owning their homes outright with no mortgage, many have considerable assets

…but more than 81% of seniors have less than \$100k in superannuation

..and relying on the pension alone provides for a frugal lifestyle

1. ASFA Super Guru August 2017.

Land lease communities offer a solution

Resident has \$216,373 net proceeds from selling home and buying at Ingenia Lifestyle Bethania

Camellia Home Design \$339,000

Asset Test	Single	Couple
Asset Test Threshold	\$250,000	\$375,000
Asset Test Cut Off	\$542,500	\$816,000

• Resident can access \$216,373, continue to access pension and also Commonwealth Rent Assistance of up to \$3,437 (\$132 per fortnight)

Ingenia value levers

Ingenia has significant embedded opportunity within the portfolio to create value

2,470 Development Sites

\$20 million pa incremental rent once built out, over \$705 million in sales revenue

Below Market Rents \$170,000 growth pa in rent

Growing Commercial Lease Income Opportunities Monetise land – childcare centres, service stations, food and beverage, retail

Highest and Best Use Sell 2 – 3 communities for medium density residential

More than 180 New Tourism Cabins \$4.5 million pa rent once built out (includes some site conversions)

Time

125+ New Rental Sites \$1.6 million pa rent once built out

Value

Operations review Expanding business generating strong cashflow growth

Ingenia Lifestyle Latitude One, NSW Ground Breaking 1 JULY 2017

Large, quality portfolio established Diverse cashflows and return profile

Lifestyle and Holidays now 80% of portfolio by value

• Additional \$208 million1 committed FY17 in coastal and metro acquisitions
• Divestment of majority of DMF portfolio completed Oct 16

Diverse cashflows with exposure a range of metro and coastal markets

• Earnings remain dominated by rental cashflows – 73% of EBIT

Continue to refine portfolio in line with strategy

• Development pipeline to secure further growth in rental contracts and asset yield
• Focus on sale of non core and select assets

Core Portfolio by Value1

Core Portfolio EBIT1

1. Includes Sheldon and Glenwood (\$32.8m) post 30 June 2017. 1. Excludes three remaining DMF villages.

Ingenia Lifestyle and Holidays

Over 90% weighting to capital and coastal markets

KEY DATA	30 Jun 17	30 Jun 16
Total properties	33	26
Permanent sites	2,323	1,620
Annual sites	909	640
Tourism sites	2,139	1,449
Development sites	2,473	1,484
Portfolio value	\$514.9m	\$299.7m

	FY17	FY16
Rental business
Permanent rental income	\$14.9m	\$12.3m
Annuals rental income	\$4.3m	\$3.0m
Tourism rental income	\$25.3m	\$17.6m
Commercial rent	\$0.5m	\$0.4m
Total rental revenue	\$45.0m	\$33.3m
Gross development profit	\$21.1m	\$10.3m
Portfolio EBIT	\$28.3m	\$16.5m

1. Includes announced acquisitions yet to settle.

2. Assets owned for 12 months.

Strong growth in cashflows – rental revenue up 35.1%

• Mature portfolio delivering >9% yield on purchase price2
• Like for like asset level net operating income up over 5%
• Average weekly rent increased to \$160 from \$149 per week
• Growing exposure to annuals average rent \$101 per week (on land area <50% of a permanent home site)

Gross development profit up 105%

• High quality projects driving improving development returns

Ingenia Rentals growing part of business

• Now own 574 rental homes – higher returns than reselling

Compelling opportunity with attractive returns Ingenia Holidays

Brand recognition growing

• Acquired over 770 additional income producing sites in FY17
• Own some of the largest, most profitable holiday parks on East Coast
• Cairns Coconut delivering strong cashflow

Significant revenue growth achieved (like for like up 4%)

• Actively marketing to unique database of 150,000 members up almost 50% within 12 months
• Targeted campaigns building off-peak visitation

Demand fundamentals continue to improve

• Key family and nomad markets growing strongly

Targeted investment providing growth in returns

• Rolling out free wifi across key communities to drive rate growth, occupancy and customer loyalty

Holidays represents a complementary business with significant upside

• 1. Attractive cashflows underpinned by strong repeat visitation
• 1. Highly leveraged to ageing population
• 1. Preserves long-term development optionality and maximises returns from mixed-use assets
• 1. Increasingly becoming first touch point with prospective residents offering multiple cross-selling opportunities
• 1. Fragmented 'cottage' industry

Ingenia Lifestyle: rapidly growing development pipeline Record 211 new homes settled FY17, exceeding guidance of 190

	FY17	FY16
New home settlements	211	107
Deposited/Contracted1	135	85
Gross new home development profit (\$m)	19.7	9.4
Average new home sales price (\$'000)	281	274

1. As at 30 June. Includes First Choice Club deposits.

Settlement of 211 new homes, up 97% on FY16

• Contributing to improved operating margin and yield at key development communities

Gross development profit \$97,072* per new home FY17

Settled 20 refurbished/renovated/annual homes, generating \$1.3 million gross development profit

At 30 June 2017 a further 135 homes deposited or contracted

• Deposits or contracts in place for 50% of FY18 target
• Strong interest in projects to launch 2H18

Large metro and coastal projects support future sales and margin growth

• Metro and coastal projects offer higher margins and greater sales velocity

* Excludes inventory on acquisition, refurbishments and prior year costs.

Investing in growth Right-sizing platform as growth accelerates

Realising efficiencies across core capabilities of operations and finance

Continuing to invest in development, sales and marketing teams to support increasing settlement targets

• Development team role includes optioning land and securing development approvals
• In house design masterplanning efficiencies and product improvement
• Move to state-based development team structure
• Acquisitions team currently tasked with divestments and organic growth opportunities

Benefits emerging

• Bringing projects to market quicker and more profitably
• Increasing margin and sales rate
• Acquiring and optioning development sites well below recent market comparables
• Can support launch of eight new projects over next 14 months
• De-risking settlements Conjola First Choice deposits represent over two thirds of stage 1 homes

Investing in growth Targeting further growth in settlements over next three years

• Dedicated land acquisition team assessing further opportunities in Melbourne, Sydney, Coastal NSW and South East Qld
• Presently negotiating acquisition of expansion land at four communities

Ingenia Gardens (seniors rental)

Strong, stable, government supported cashflows

Occupancy and rent growth driving operational performance

• All time record occupancy achieved (92.8%)
• EBIT up 5.5% as occupancy and rents grow incrementally
• Average rent increased by \$9 per week

Training of front line staff and use of digital platform providing benefits

• Online presence generating an increasing portion of leads (website traffic up 8% on FY16)
• Average resident tenure now 3.2 years and growing

Ingenia Care

• Care offering continuing to assist occupancy and tenure
• New extended care program (Ingenia CarePLUS) trialing in two villages with positive response – will assess Group-wide rollout over next six months

KEY DATA	FY17	FY16
Total revenue	\$28.4m	\$27.5m
EBIT	\$11.6m	\$11.0m
	30 Jun 17	30 Jun 16
Total properties	31	31
Total units	1,628	1,628
Av. weekly rent	\$330	\$321
Occupancy	92.8%	90.7%
Portfolio value	\$141.3m	\$134.6m

Non-core assets

	30 June 17	30 Jun 16
Settlers (DMF) value	\$10.8m	\$62.5m
	FY17	FY16
Accrued DMF income	\$1.8m	\$4.2m
Development income	\$0.6m	\$1.5m
EBIT	\$1.2m	\$3.8m

• Divestment of majority investment in five DMF assets to Forum Partners completed October 2016
• Reduced asset base has significantly impacted DMF earnings
• Remaining three DMF assets (\$10.8 million) are noncore and will be divested over time
• Actively targeting sale of some regional lifestyle and holiday communities – capital to be recycled into development
• Conditional offers (\$46 million) received for six assets

Outlook: market landscape

Macro/Residential Housing

• Housing affordability and ageing population driving long-term core demand
• Key risk would be slowdown in residential housing (not apartments) – alert but not alarmed
• Ageing population and changing vacation patterns driving holidays business – limited exposure to rising AUD
• Limited threats from disruption or disintermediation continuing to invest in channel management and digital

Customer Demands

• Rapidly growing consumer awareness of lifestyle community model and differences from traditional retirement models
• Product and model continuing to evolve and broaden market appeal
• Care, accessibility and sustainability are key emerging enablers

Competition and Market

• Increasing interest from overseas and larger domestic groups in lifestyle market
• Likely increased regulatory requirement for retirement villages but expect limited impact on lifestyle communities

Outlook: organic growth and capital recycling

► Improve performance of existing assets to drive revenue growth and leverage operating and sales platform

► Accelerate development pipeline to deliver new rental contracts and increase development profit

► Progress asset sales and capital recycling to fund future growth through development

► Achieve 260 – 280 new home settlements and position for target of 350+ settlements in FY19

► Deliver FY18 EBIT of \$42-46 million (subject to no material change in market conditions)

Appendices

Appendix 1: underlying profit Lifestyle communities key driver of earnings growth

	FY17 (A\$m)	FY16 (A\$m)
Continuing operations
Lifestyle – operations	17.4	11.0
Lifestyle – development	10.9	5.5
Ingenia Gardens	11.6	11.0
Settlers	1.2	3.8
Portfolio EBIT	41.1	31.3
Corporate costs	(9.0)	(7.1)
EBIT – Continuing operations	32.1	24.2
Net finance costs	(6.9)	(6.6)
Income tax (expense)/benefit	(1.7)	2.6
Underlying profit – Continuing operations	23.5	20.2
Underlying profit – Total	23.5	20.2
Statutory adjustments	3.2	3.7
Tax (expense)/benefit associated with adjustments	(0.3)	0.4
Statutory Profit	26.4	24.3

• Growing cashflows from core business as lifestyle and holidays portfolios expand
• Corporate costs impacted by write-off of due diligence costs on transactions which did not proceed
• Underlying tax expense increase is largely attributable to increasing development profits
• Statutory adjustments include \$12.7m write-off of transaction costs and stamp duty associated with acquiring new investment properties and loss on sale of DMF assets

Appendix 2 Reconciliation to EBIT and underlying profit

	Lifestyle	Lifestyle	Lifestyle	Ingenia
(A\$m)	Operations	Develop.	Total	Gardens	Settlers	Corporate	TOTAL
Rental income	45.0	-	45.0	24.8	0.2	-	70.0
Accrued DMF fee income	-	-	-	-	1.8	-	1.8
Manufactured home sales	-	63.8	63.8	-	-	-	63.8
Catering income	-	-	-	3.2	-	-	3.2
Other property income	2.6	-	2.6	0.4	0.8	-	3.8
Development profit	-	-	-	-	0.6	-	0.6
Service station sales	7.3	-	7.3	-	-	-	7.3
Total segment revenue	54.9	63.8	118.7	28.4	3.4	-	150.5
Property expenses	(14.8)	(0.5)	(15.3)	(8.0)	(0.9)	(0.5)	(24.7)
Manufactured home cost of sales	-	(42.7)	(42.7)	-	-	-	(42.7)
Service Station expenses	(6.2)	-	(6.2)	-	-	-	(6.2)
All other expenses	(16.5)	(9.7)	(26.2)	(8.8)	(1.3)	(8.5)	(44.8)
Earnings before interest and tax	17.4	10.9	28.3	11.6	1.2	(9.0)	32.1
Net finance expense	-	-	-	-	-	(6.9)	(6.9)
Income tax expense	-	-	-	-	-	(1.7)	(1.7)
Underlying profit – continuing operations	17.4	10.9	28.3	11.6	1.2	(17.6)	23.5

Appendix 3 Cashflow

(A\$m)	30 June 2017	30 June 2016
Opening cash at 1 July	15.0	15.1
Rental and other property income	82.6	71.2
Property and other expenses	(63.9)	(56.0)
Net cashflow associated with manufactured home development	15.8	5.1
Net borrowing costs paid	(6.0)	(5.1)
All other operating cashflows	1.8	5.8
Net cashflows from operating activities	30.3	21.0
Acquisitions of investment properties	(180.3)	(85.1)
Proceeds/(costs) from sale of investments properties and equity accounted investments	40.8	(1.0)
Capital expenditure and development costs	(27.1)	(19.9)
Purchase of plant, equipment and intangibles	(1.7)	(2.3)
Net cashflows from investing activities	(168.3)	(108.3)
Net proceeds from/(repayment of) borrowings	67.4	35.2
Net proceeds from equity placement	85.0	65.5
Distributions to security holders	(18.0)	(12.5)
All other financing cashflows	(1.8)	(1.0)
Net cashflows from financing activities	132.6	87.2
Total cashflows	(5.4)	(0.1)
Closing cash at 30 June	9.6	15.0

Appendix 4 Balance sheet

	30 June	30 June
(A\$m)	2017	2016
Cash	9.6	15.0
Inventory	21.5	17.7
Investment property and property under development	693.5	710.7
Other assets	23.6	23.4
Total assets	748.2	766.8
Borrowings	170.8	104.1
Derivatives	0.3	0.4
Retirement village resident loans	27.2	207.5
Other liabilities	34.1	33.2
Total liabilities	232.4	345.2
Net assets	515.7	421.6
Net asset value per security – cents	\$2.50	\$2.45
Secured assets	604.9	470.3
Borrowings	166.5	90.8
Bank guarantees as part of loan facility	10.8	26.2
Total including bank guarantees	177.3	117.0
Loan to value ratio (LVR)	27.7%	24.9%

Guidance commentary Appendix 5

Metric	FY18 Guidance	Comment
Settlements	260-280 homes	Will depend on launch timing of new and expansion projects (Latitude One, Conjola, Glenwood and The Grange)
EBIT	\$42-46m	Dependant on settlement volumes and margins, timing of asset sales (earnings foregone) and contribution from recent acquisitions Continuing investment in development and sales platform, including entry into
Gross Sales Margin	~\$110,000	Victorian market Dependent on contribution from high margin new and expansion projects (Latitude One, Glenwood and The Grange)

Growth in development and operating profit leading to forecast increase in tax expense

• Effective tax rate of 8 12% expected for FY18

• No cash tax payable in FY18

LVR to be maintained within 30-40% range

June 2017 capital raise, existing debt capacity and non-core and regional asset sales to fund accelerating development

Guidance subject to no material change in market conditions

Case study - Lake Conjola, NSW Appendix 6

Value enhancement strategies

• Install new cabin stock (six in stage 1)
• Integrate to portfolio website and revenue management platform
• Launch with online travel agents (booking.com, expedia)
• Market to Ingenia Holidays database
• Focus on operating standards and online reputation
• Introduce new Annual homes (converted lower yielding camping sites)
• Close golf course and lodge DA for new homes

Acquired Sep 15 FY17 Outcomes

• Asset level operating margin up over 52% (revenue growth and cost management)*
• OTA's providing average \$44k revenue per month
• Digital channels (portfolio website and OTA's) sourced 32.2% of revenue for FY17
• Same period revenue growth (Sept to June FY16 and Sept to June FY17) of 6.8%, driven through additional cabin stock and yield management
• Unique visitors increased by 6.6%
• Development returns and locked in rent from new Annual home sales
• DA achieved for 114 new homes

Case study – cont'd Appendix 6

Lake Conjola - Value Uplift

Case study - Ingenia Holidays Kingscliff, NSW Appendix 7

Value enhancement strategies

• Modest managed capital investment
• Tight expense rationalisation, driven through controlled staff ratio and focussed cost management
• Improved distribution and leveraging of inmarket opportunities
• Revenue management focus with daily rate management and strong data analytics
• Demand based price strategy driving revenue yield opportunities
• Targeted marketing focus via digital marketing initiatives

Acquired Nov 13 FY17 Outcomes

• Improved aesthetic across park with minimal spend, predominately from in-house labour
• Asset level operating margin now 60.9%
• OTA's providing average \$13k revenue per month
• Digital channels (portfolio website and OTA's) sourced 27.4% of revenue for FY17
• FY17 tourism revenue growth of 23.2% with operating EBIT growth of 10.1% (blended tourism & lifestyle)
• Unique visitors increased by 24%

Tourism Revenue - Kingscliff

Case study – cont'd Appendix 7

10,500 973 248 804 12,525 7,000 8,000 9,000 10,000 11,000 12,000 13,000 Acquisition Price in Nov-13 Improved operating performance Re-configuration of village to add higher yield tourism sites Cap rate sharpening (-60 bp) Book Value in Jun-17 \$'000s Existing Tourism Operations ~ \$12.5 m Existing Tourism Operations ~ \$10.5 m

Kingscliff - Value Bridge from Acquisition

Appendix 8: competitor landscape

Major Competitor		Properties	Locations	Strategy
	Ingenia Communities (ASX: INA)	35	NSW, QLD, and VIC	Acquire lifestyle and tourism parks and undertake greenfield development.
	Discovery Parks	60	NSW, NT, QLD, SA, TAS, VIC, WA	Acquired from private equity by SunSuper. Exclusively tourist and workforce accommodation. Acquired Aspen Parks Property Fund (21 assets) Feb 2016.
	Gateway Lifestyle (ASX: GTY)	56	NSW, QLD, and VIC	Growing portfolio of lifestyle parks, tourism conversion and greenfield lifestyle development.
	NRMA	38	NSW, QLD, VIC, TAS, SA	Own, franchise and manage tourist parks. Acquired external manager ATPM (June 2017) which added 31 parks.
	Palm Lake Resorts	27	NSW, QLD, VIC	Largest privately owned developer and operator of greenfield residential parks. Portfolio includes 5 nursing homes.
	North and South Coast Holiday Parks	29	NSW	Manage Crown Reserves Holiday Parks including 29 Holiday parks on NSW mid and North Coast.
	Lifestyle Communities (ASX: LIC)	13	VIC	Developer and operator of greenfield residential parks. Victoria only.
	Living Gems / Gem Life	12	QLD, NSW, VIC	Family owned - developer and operator of greenfield residential parks. Joint venture (Gem Life) with Singaporean based Thakral to expand.
	National Lifestyle Villages	10	WA	Developer and operator of greenfield residential parks. Sold annuity rent roll to Blackstone for \$150 million November 2014. Reportedly for sale.
	Hampshire	9	NSW, VIC, ACT	Privately owned portfolio of residential parks. Looking to grow.
	Aspen (ASX: APZ)	6	WA, NSW and SA	Own small portfolio of tourist, mining and lifestyle parks. Looking to grow with recent divestment of non core assets.
	Secura Lifestyle	9	NSW, QLD, and VIC	Asset aggregator looking to expand.
	Allswell Communities (Eighth Gate)	8	NSW, QLD, and VIC	Asset aggregator looking to expand.
	Boyuan Group (ASX: BHL)	4	NSW	Recent entrant. Seeking to build sizeable investment.
	Hometown Australia	2	NSW	Recent entrant. Seeking to build sizeable investment. Australian subsidiary of \$2 billion group.

Contact information

Disclaimer

This presentation was prepared by Ingenia Communities Holdings Limited (ACN 154 444 925) and Ingenia Communities RE Limited (ACN 154 464 990) as responsible entity for Ingenia Communities Fund (ARSN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410) (together Ingenia Communities Group, INA or the Group). Information contained in this presentation is current as at 22 August 2017 unless otherwise stated.

This presentation is provided for information purposes only and has been prepared without taking account of any particular reader's financial situation, objectives or needs. Nothing contained in this presentation constitutes investment, legal, tax or other advice. Accordingly, readers should, before acting on any information in this presentation, consider its appropriateness, having regard to their objectives, financial situation and needs, and seek the assistance of their financial or other licensed professional adviser before making any investment decision. This presentation does not constitute an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, nor does it form the basis of any contract or commitment.

Except as required by law, no representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the information, opinions and conclusions, or as to the reasonableness of any assumption, contained in this presentation. By reading this presentation and to the extent permitted by law, the reader releases each entity in the Group and its affiliates, and any of their respective directors, officers, employees, representatives or advisers from any liability (including, without limitation, in respect of direct, indirect or consequential loss or damage or loss or damage arising by negligence) arising in relation to any reader relying on anything contained in or omitted from this presentation.

The forward looking statements included in this presentation involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, the Group. In particular, they speak only as of the date of these materials, they assume the success of the Group's business strategies, and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from forward looking statements and the assumptions on which those statements are based. Given these uncertainties, readers are cautioned not to place undue reliance on such forward looking statements.

The Group, or persons associated with it, may have an interest in the securities mentioned in this presentation, and may earn fees as a result of transactions described in this presentation or transactions in securities in INA.

This document is not an offer to sell or a solicitation of an offer to subscribe or purchase or a recommendation of any securities.