INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2015

Feb 23, 2015

Ingenia Communities Group 2015 Interim Results Presentation

24 February 2015

Stoney Creek Estate, Marsden Park (Sydney)

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Agenda
----- End of picture text -----

Topic

Speaker

Page

==> picture [443 x 40] intentionally omitted <==

----- Start of picture text -----

Group update Simon Owen 3
----- End of picture text -----

==> picture [443 x 40] intentionally omitted <==

----- Start of picture text -----

Key financials Tania Betts 8
----- End of picture text -----

==> picture [443 x 40] intentionally omitted <==

----- Start of picture text -----

Operational update Simon Owen 13
----- End of picture text -----

==> picture [443 x 40] intentionally omitted <==

----- Start of picture text -----

Sales overview Kate Melrose 33
----- End of picture text -----

==> picture [443 x 40] intentionally omitted <==

----- Start of picture text -----

Outlook Simon Owen 39
----- End of picture text -----

==> picture [166 x 12] intentionally omitted <==

----- Start of picture text -----

Ingenia Communities speakers
----- End of picture text -----

==> picture [297 x 112] intentionally omitted <==

----- Start of picture text -----

Simon Owen Tania Betts Kate Melrose
CEO CFO GM, Project Sales
----- End of picture text -----

p2

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Ingenia Communities Group
Overview
----- End of picture text -----

==> picture [335 x 236] intentionally omitted <==

----- Start of picture text -----

Proforma asset value (post
announced acquisitions)
Seniors Rental
Villages
32%
Lifestyle
Parks
50%
Retirement
Villages
(DMF) 18%
----- End of picture text -----

• Leading provider of rental based independent living for Australian seniors

• Established in 2004 – internalised as Ingenia in 2012

• Industry growth fuelled by ageing population, national shortage of affordable housing and opportunity to monetise some of the equity in the family home

• Over 2,600 residents paying fortnightly rent complemented by capital light low risk development and co-located tourism

• Rent supported by Commonwealth pension and rental assistance

Board of Directors

• Attractive organic growth opportunity supported by roll-up of very fragmented industry sector

• Board and management with deep sector experience

• Jim Hazel – Chairman

• Amanda Heyworth – Non-Executive Director

• Philip Clark AM – Non-Executive Director

• Robert Morrison – Non-Executive Director

• Norah Barlow ONZM – Non-Executive Director

• Simon Owen – Managing Director and CEO

p3

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Results Overview
----- End of picture text -----

Category	Achievement	Achievement	Status
	>	Underlying profit of $6.7 million – up 85%
Financial
	>	Underlying profit per security up 50%
	>	Portfolio of 20 Lifestyle Parks – actively assessing 10 additional parks
Strategy	>	Cash yielding assets - now over 80% of total portfolio value
	>	Exit from overseas investments now complete
	>	Development now underway in nine communities
Development	>	61 homes being built or installed
	>	Development profit emerging
	>	New funding facility – additional capacity at lower cost
Growth focus	>	Exploring capital partnerships
	>	Increased distribution to 0.65 cps, up 30% on pcp

p4

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Acquisitions update
BIG4 Lake Macquarie Tourist Park, NSW
----- End of picture text -----

Acquisition metrics
Purchaseprice	$6.8M
Ingoing yield	>9%

Terms agreed – subject to due diligence and Board approval

Number of existing sites
Permanent sites	13
Short-term sites	140
Total sites	153

• BIG4 Lake Macquarie is located on the shores of Lake Macquarie, 110kms north of Sydney

• Located near existing Ingenia communities The Grange Village, Lake Macquarie Lifestyle Park and Macquarie Lakeside

• Immediately accretive with potential development upside identified

Off-market acquisition negotiated directly with the vendor

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Disciplined deployment into accretive acquisitions
Capacity for further growth
----- End of picture text -----

Growth through on-strategy acquisitions

$115 million Capital Raising & Debt

• Settled Contracted Progressing

• White Albatross  Confidential Park  Further acquisitions Holiday Park (NSW) (SE QLD) under assessment •

• • $17.0m • $23.0 m $110m

• BIG4 Noosa  Sydney Hills Holiday Park (NSW)

• Bougainvillia (SE QLD) • $12.0m • $12.5m  BIG4 Lake Macquarie (NSW) • $6.8m

• Target yields of >8%+, forecast unlevered IRRs 12-15%

==> picture [46 x 40] intentionally omitted <==

• Research-led, proprietary database

• Dedicated, experienced in-house team

Interest in sector growing - Ingenia well positioned

• Internally generated pipeline coupled with experienced in-house team continuing to deliver significant deal flow

• Vendor expectations increasing but no discernible movements in valuations

Pipeline remains strong

• Currently 10 opportunities under contract or advanced price discovery

• Focus NSW & SE QLD

• Assessing Greenfield opportunities

• Maintain disciplined focus, stringent return criteria (12-15% unlevered IRRs)

• Only proceed where risk/return thresholds met

Anticipate full allocation of capital raised in coming months

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Changing business mix
Rapidly growing cash yielding asset base
----- End of picture text -----

30 June 2014 Proforma asset value asset value (post announced acquisitions) Target allocation

==> picture [709 x 236] intentionally omitted <==

----- Start of picture text -----

Garden Villages Garden Villages Lifestyle Garden Villages
32% 32% Parks ~ 25%
50%
DMF
21%
Continued
growth
NZ Students
13%
Lifestyle
DMF
Parks Lifestyle
18%
34% Parks
~ 75%
$355.4m $370.4m
----- End of picture text -----

Cash yielding Australian assets now comprise 82% of total portfolio value > Growth capital to be invested in Lifestyle Parks

p7

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Key financials
----- End of picture text -----

Stoney Creek Estate, Marsden Park (Sydney)

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Key financials
----- End of picture text -----

Key financial metrics	1H15	1H14	Change
Statutory profit / (loss)1, 2	($1.0m)	$4.3m	nm
Revenue	$28.7m	$19.3m	48%
Underlying profit3	$6.7m	$3.6m	85%
Underlying profit EPS	0.9c	0.6c	50%
Distribution per security	0.65c	0.50c	30%
Operating cashflow	$4.6m	$3.1m	50%
	Dec 2014	Jun 2014
Loan to value ratio (LVR)	14.4%	33.9%	58%
Interest cover ratio (ICR)	2.17x	1.99x	9%
Net asset value (NAV) per security	36.5c	35.5c	3%

• Statutory loss resulting from write off of recent transaction costs on acquisitions

• Increasing revenue driven by growth in cash yielding asset portfolio

• Improved performance from Australian operations, with underlying profit up 50%

• Operating cash flow up 50%, reflecting rental income growth, offset partially by unrealised manufactured home inventory

• Interim distribution of 0.65c up 30% on pcp

• 1H15 normalised statutory loss is $1.4m after adjusting for $1.9m loss on sale of discontinued operations and release of foreign currency translation reserve gain of $2.3m.

• 1H15 statutory loss includes $6.2 million fair value write off of acquisition transaction costs.

• 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.

p9

Underlying profit 1H15 (A$m) 1H14 (A$m) Comments (1H15) Continuing operations - Garden Villages 5.4 4.9 Occupancy and rate growth continue to drive earnings - Settlers Lifestyle 2.7 1.7 Lower spend on marketing as projects complete - Active Lifestyle Estates 2.0 1.3 Strong rental earnings growth partially offset by front loaded sales and development expenses Portfolio EBIT 10.1 7.9 Unallocated corporate (4.0) (3.0) Increase linked to underlying business growth EBIT – Continuing operations 6.1 4.9 Net finance costs (2.4) (1.7) Includes interest on deferred consideration Income tax benefit/(expense) 2.3 0.8 Benefit from tax consolidation Underlying profit – Continuing operations 6.0 4.0 Discontinued operations - NZ Students 1.5 0.3 Five months of income prior to disposal EBIT – Discontinued operations 1.5 0.3 Net finance costs (0.8) (0.7) Interest expense on NZ debt facility Underlying profit – Discontinued operations 0.7 (0.4) Underlying profit - Total 6.7 3.6 Statutory adjustments (11.3) 0.5 Substantial fair value adjustment for recent acquisition costs,includingstampduty Tax benefit associated with adjustments 3.6 0.2 Tax benefit from tax consolidation Statutory Profit/(Loss) (1.0) 4.3 Underlying profit Driven by significant increase in rent flows

p10

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Australian underlying profit
Foundation established for further growth
----- End of picture text -----

Ingenia’s profit has traditionally been characterised by stronger second half returns

• This trend is anticipated to continue

• Consistent with residential housing, the warmer months are historically stronger selling periods

• Tourism income in coastal assets peaks over summer and Easter holiday periods

• Incremental contribution from announced acquisitions

==> picture [152 x 102] intentionally omitted <==

==> picture [153 x 102] intentionally omitted <==

==> picture [102 x 102] intentionally omitted <==

==> picture [263 x 177] intentionally omitted <==

----- Start of picture text -----

$m
8
Underlying profit – continuing operations
7
63%
6
1H15
5
4
37%
3
2
62%
1
38%
-
1H13 2H13 1H14 2H14 1H15
----- End of picture text -----

p11

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Capital management
Strong capital position with significant funding capacity
----- End of picture text -----

New facility	Covenant FY15	Covenant FY16
Interest cover ratio (ICR)	2.0x	2.0x
**Interest cover ratio core (ICRC)1 **	1.5x	2.0x
Loan to value ratio (LVR)	50%	50%
Loan to value ratio excl DMF **(LVRX)2 **	55%	55%
*Net Debt to EBITDA3	6x	5x

New multi-bank $175 million facility in place

• Provides additional funding ($45.5m) on improved terms

• Tenure extended – 3 years ($100m) and 5 years ($75m)

• Blended cost of debt reduced by minimum 40 bps

• Increased flexibility and capacity to support future growth

Debt $21 million at 31 Dec 2014

• Represents LVR of 14.4%

• ICRC is calculated on Group earnings excluding development earnings and related costs.

• All in cost of debt of 4.65%

• LVRX excludes DMF assets from the secured property calculation.

• EBITDA is adjusted to annualised earnings from assets acquired during the year.

• LVR target of 30% - 35%

• ICR of 2.17x

==> picture [289 x 197] intentionally omitted <==

----- Start of picture text -----

200 Unutilised facility
180
160
140
92.7
120
128.5
100
80
60 35.8
40
20 46.5 46.5
0
Current Post acquisitions
Announced acquisitions
$Am
----- End of picture text -----

Capital Partnerships

• Exploring opportunities to leverage operational platform and acquisition pipeline

FY15 interim distribution 0.65¢ per security

• Payment to be made on 18 March 2015

• Represents increase of 30% on previous corresponding period

• Distribution reinvestment plan (DRP) in place

p12

Facility utilised including bank guarantees

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Business model
----- End of picture text -----

A large and growing rent roll largely funded through Government pension payments, a complementary and accretive short term rental accommodation business with significant upside and a capital light, low risk development pipeline

 ~ 2,600 residents paying fortnightly rent  ~ 1,300 short term accommodation sites



~ 840 home development sites within existing communities

==> picture [36 x 95] intentionally omitted <==

Includes 17 Lifest le Parks y

==> picture [232 x 156] intentionally omitted <==

==> picture [234 x 156] intentionally omitted <==

==> picture [232 x 156] intentionally omitted <==

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Portfolio update
Diversified Australian portfolio dominated by cash yielding assets
----- End of picture text -----

62 Ingenia has Australian communities and growing

==> picture [127 x 42] intentionally omitted <==

34 Rental villages

==> picture [128 x 30] intentionally omitted <==

8 DMF villages

• 1,801 units

• 838 units

• In all States except SA

WA, QLD and NSW

rental villages in Australia

Largest owner and operator of Lifestyle Parks in NSW

Ingenia’s growth focus

• 17 Lifestyle Parks

• 1,077 permanent homes

• 1,309 short term sites

• 3 parks under contract

• (2 NSW, 1 SE QLD)

• 840+ development sites

• Growing presence in NSW and SE QLD

Note: Includes Parks owned at December 2014, plus BIG4 Noosa Bougainvillia (settled February 2015) and announced acquisitions (Sydney Hills Holiday Park, BIG4 Lake Macquarie and Confidential Park). Development sites include some conversion of existing sites.

p14

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Garden Villages (Seniors rental)
Book value: $116.8 million
----- End of picture text -----

• Ingenia is the largest owner and operator of seniors rental accommodation in Australia

• Stable, recurring cash flows underpinned by Government payments (pension and rent assistance)

• Growth being delivered through occupancy improvement, above CPI rent increases and margin enhancement

KEY DATA	1H15	1H14
Total properties	34	29
Total units	1,801	1,522
Average weekly rent	$310	$289
Total revenue	$14.0m	$11.6m
Rental income	$12.1m	$10.0m
Catering income	$1.7m	$1.5m
EBIT	$5.4m	$4.9m
	31 Dec 14	30 Jun 14
Book value	$116.8m	$114.3m
Occupancy	85.7%	84.6%

==> picture [374 x 238] intentionally omitted <==

----- Start of picture text -----

Taree Gardens, Taree, NSW
----- End of picture text -----

p15

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Garden Villages (Seniors rental)
Key driver of revenue
----- End of picture text -----

Occupancy (%)

==> picture [278 x 171] intentionally omitted <==

----- Start of picture text -----

Addition of five distressed villages with
occupancy < 50%
86.0 85.7 85.7
84.6
82.3
80.8 81.2
79.8
----- End of picture text -----

Margin Analysis

==> picture [43 x 21] intentionally omitted <==

----- Start of picture text -----

Target
quadrant
----- End of picture text -----

==> picture [323 x 162] intentionally omitted <==

----- Start of picture text -----

100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
Shepparton
30.0% Gardens
20 .0%
-10% 0% 10% 20% 30% 40% 50% 60% 70% 80%
Operating Margins Year to Dec 14
Occupancy 31 Dec 14
----- End of picture text -----

SIX MONTHS to 31 DECEMBER 2014

Revenue increased 21%, driven by growth in rents and occupancy

• Occupancy closed 31 December at 85.7%

• Occupancy up over 21% across five low occupancy assets acquired in January 2014

• Achieving rent growth above CPI at high occupancy villages

Continuing to deliver results through training of front line staff and resident engagement

• Conversion of leads increasing (leads to inspection up over 10%)

• Average resident tenure of 2.4 years across expanded portfolio

• 85% of residents would recommend their village

Ingenia Care Assist well established across portfolio

• Over 250 residents accessing program

• Increasing existing resident tenure but also emerging driver of new move-ins and resident satisfaction

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Garden Villages (Seniors rental)
Continuing to deliver growth
----- End of picture text -----

FOCUS

• Continue to increase occupancy towards long term target of 92%

• Increase conversion metrics to improve occupancy and earnings growth

• Use resident surveys to monitor and enhance resident satisfaction

• Maintain community engagement to position Ingenia as preferred accommodation supplier

• Evolve Ingenia Care Assist to address key resident issues and attract new residents

• Limited opportunities to invest growth capital

Significant organic growth opportunities through occupancy gains and rent increases

==> picture [194 x 12] intentionally omitted <==

----- Start of picture text -----

Marsden Gardens, Marsden, QLD
----- End of picture text -----

p17

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Settlers Villages (DMF)
Book value: $66.9 million
----- End of picture text -----

► Traditional retirement villages providing accommodation to self-funded retirees

► Conversion and development program has delivered significant value

► Focus on reducing exposure to recycle capital into higher yielding opportunities

Recently completed Settlers Ridge Estate, Maitland, NSW

> 21 new unit settlements totalling $4.4 million 1H15 - additional 24 contracts in place as at 31 December 2014 > At Ridge Estate majority of Stage 2 (17 homes ) and Stage 3 (11 homes) sold or under contract > Conversion program commenced in 2011 has delivered significant value (177 sales with $31.7 million value to date) > Three villages in Western Australia experiencing strong demand KEY DATA 1H15 1H14 Total properties 8 9 Total units 838 961 Accrued DMF income $2.7m $2.7m Development income $1.1m $1.3m EBIT $2.7m $1.7m 31 Dec 14 30 Jun 14 Book value $66.9m $76.0m Occupancy1 93% 91% Settlers Villages (DMF) Focus on sales program and reducing investment SIX MONTHS TO DECEMBER 2014 FOCUS

FOCUS

1. Includes new units yet to be sold.

Established portfolio	1H15	1H14	Change
Established unit turnover	20	18
Average resale price	311	276
($’000)
Average DMF collected on	65	50
exit ($’000)

Development portfolio	1H15	1H14	Change
New unit settlements	21	21
Average price ($’000)	214	191
Contracted and reserved	24	30

• Successfully sell down remaining homes at Ridge Estate and remaining conversion stock at Cessnock and Forest Lake

• Continue to explore opportunities to recycle capital as development opportunities and conversion program near completion and growth moderates

Portfolio performing well, exploring opportunities to exit at value

p19

National Over 50 Age Cohort Forecast

==> picture [301 x 181] intentionally omitted <==

----- Start of picture text -----

20m 45%
18m 40%
16m 35%
14m 30%
12m 25%
10m 20%
8m 15%
6m 10%
2012 2024 2036 2048 2060
Year
Percentage of Population Aged Over 50 Percentage of Population Chart Aged Over 50
Population Aged Over 50
Persons (millions)
Percentage of Total Population
----- End of picture text -----

Australia’s population is rapidly ageing

• The number of Australians aged over 50 is forecast to grow to close to 40% by 2060, representing over 18 million people

• ABS and 2011 Census figures indicate that 77% of single people over 65 rely on the pension as their primary source of income (ABS, 2011 Census)

• Australia’s growing pool of retirees is living longer, with average life expectancy increasing

• As the population ages the need to provide affordable housing options for retirees relying on the pension will increase

Source: ABS, Catalogue Number 3222.0 - Population Projections, Australia, 2012 (base) to 2101

As house prices rise, affordability is decreasing

Australian Established House Price Index Growth (Eight Capital Cities)

==> picture [300 x 145] intentionally omitted <==

----- Start of picture text -----

120
110
100
90
80
70
60
50
40
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Weighted Average House Price Index
----- End of picture text -----

• Many retirees have accumulated wealth through home ownership yet have limited savings or superannuation

• A recent survey indicated that 28% of adult Australians surveyed believe they will have sufficient savings to retire[1]

Affordable housing which allows seniors to release home equity to fund a comfortable retirement while retaining access to the pension and rent assistance is an attractive proposition for a large and growing cohort of Australians

==> picture [20 x 7] intentionally omitted <==

----- Start of picture text -----

Year
----- End of picture text -----

Source: ABS, Catalogue Number 6416.0 - Established House Price Index (Eight Capital Cities)

1. Mercer – ‘Expectations vs Reality of Retirement’, based on survey in July 2014 of more than 1,500 Australians aged 50-80 years not receiving a full aged pension.

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Lifestyle Parks strategy
Sector in early stages of consolidation
----- End of picture text -----

==> picture [92 x 81] intentionally omitted <==

==> picture [156 x 59] intentionally omitted <==

Aged Care Retirement Villages (DMF) Lifestyle Parks Facilities 2,700 Facilities 2,160 Facilities 2,563 Beds 190,000 Units 112,296 Top 10 operators own <5% parks[3] Top 10 operators own 23% total Top 6 operators own 29% total places (beds)[1] units[2 ]

• Aged care (nursing homes) and Retirement Villages are considerably more advanced in industry consolidation when compared to Lifestyle and Tourism Parks

• Ingenia well positioned to lead sector consolidation due to scalable platform, access to capital, deal flow and experienced Board and management

Lifestyle Parks sector in very early stages of consolidation

1. Aged Care Services Data.

2. Infratil Investor briefing pack (14 Dec 2014).

3. MHE Australian Market Overview Colliers International April 2014.

p21

Book value: $138.5 million

• Ingenia’s Active Lifestyle Estates business provides exposure to a growing market dominated by stable cash flows from permanent and short-term rents

• The portfolio, which is focused on NSW and SE QLD, is rapidly gaining scale

• Underpinned by stable rent flows, development income provides additional cash flow (development profits and conversion to ongoing income stream)

==> picture [313 x 209] intentionally omitted <==

----- Start of picture text -----

The Grange Village, Morisset, NSW
----- End of picture text -----

==> picture [356 x 232] intentionally omitted <==

----- Start of picture text -----

Rapid growth in rental income sites
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jun-13 Dec-13 Jun-14 Dec-14 Post
acquisitions [1 ]
Sites
----- End of picture text -----

1. Includes Confidential Park, BIG4 Noosa, BIG4 Lake Macquarie and Sydney Hills.

p22

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Focus on stable permanent rent flows
----- End of picture text -----

• Diversifies and increases cash flow

Permanent Residents Portfolio Core

Tourism

complementary strong cash flow business

• Mix of location | product reduces volatility

• Regional markets offer all season tourism returns

• Coastal areas ‘high’ occupancy + rents in peak

• Cross-selling opportunities + resident benefits

• Stable rents with CPI + growth

• Government supported income streams

• Repositioning through recycling of older style product

• Expansion through acquisition and development

Development

high margin capital recycling

• Capital light low risk development

• Drives repositioning and transition to highest and best use

• Maximises return on low-yielding sites

• Evolves assets to represent ‘brand vision’

• • Grows rent roll

• Recycles capital to fund further acquisitions

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Highest and best use drives mix
----- End of picture text -----

Tourist cabin – 72 m[2 ] Permanent site - 135 m[2] Average rent $127 p/n Rent from senior $133 p/w @ 68% occupancy = $6,900 per year = $31,500 per year

==> picture [720 x 25] intentionally omitted <==

----- Start of picture text -----

White Albatross Holiday Park, Nambucca Heads, NSW
----- End of picture text -----

p24

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Portfolio growing rapidly as sites and platform expand
----- End of picture text -----

	1H15 ($m)	1H14 ($m)
Permanent rental	3.8	1.3
Short term rental	4.6	1.6
Development sales	1.9	1.1
Other	0.6	0.2
Total revenue	10.9	4.2
EBIT	2.0	1.3

==> picture [315 x 216] intentionally omitted <==

> Revenue increasing as business rapidly expands

• Significant permanent and short term rental income growth

• Development revenue to grow as reserved and contracted homes are delivered in 2H15

• Result impacted by significant investment in sales and marketing platform as projects move to selling phase

• Addition of experienced GM Sales and regional sales managers for each project

• Increasing marketing spend as marketing programs are rolled out and more projects launch

• All sales, marketing and development management costs expensed against 8 settlements in 1H15 – development will be a significantly larger contribution moving forward

p25

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Enhanced opportunities across expanded asset base
----- End of picture text -----

KEY DATA	31 Dec 14	31 Dec 13
Total properties	16	10
Total permanent sites	1,034	693
Total short-term sites	1,174	668
Potential development sites1	844+	475+
Book value	31 Dec 14 $138.5m	30 Jun 14 $119.3m

1. Includes new and recycled permanent and short term sites.

==> picture [254 x 201] intentionally omitted <==

----- Start of picture text -----

Portfolio location
(by value)
Metropolitan
36%
Coastal
47%
17%
Regional
----- End of picture text -----

SIX MONTHS to 31 DECEMBER 2014

Continued to grow portfolio through acquisition and development

• Portfolio increased to 16 assets, presence expanded to SE QLD

• Processes, systems and people now in place across sales and development platform

Portfolio predominantly metro and coastal with a few regional development locations

• Diverse revenue base (locations and product type)

• Returns dominated by existing rent flows

Significant master planning undertaken to capitalise on opportunities, respond to market feedback and support future development pipeline

Acquisition focus on lifestyle parks located in capital cities and accessible coastal locations

Note: Includes announced acquisitions.

p26

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates – Permanent sites
Permanent homes providing growing stable cash inflows
----- End of picture text -----

SIX MONTHS to 31 DECEMBER 2014

	31 Dec 14	31 Dec 13
Total permanent sites	1,034	693
Av. weekly rent	$141	$126
	1H15	1H14
Rental Income	$3.8m	$1.3m

• Permanent site revenue up substantially on 1H14

• Represents 35% of Active Lifestyle Estate income

• Average rent now $141 per week across the portfolio

• Rental payments supported by Government payments (pension and rent assistance)

==> picture [206 x 134] intentionally omitted <==

FOCUS

• Trial Ingenia Care Assist at Ettalong Beach, The Grange and Lake Macquarie Village

==> picture [211 x 137] intentionally omitted <==

• Educate market on affordability of model

• Launch tourism Gold Card across existing resident base to enhance Ingenia’s value proposition for residents and drive occupancy at tourism assets

• Expand permanent sites through acquisition and development

Permanent site income to grow as developments and acquisitions progress

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates - Tourism
Tourism enhancing returns
----- End of picture text -----

Tourism	31 Dec 14	31 Dec 13
Total short-term sites1	1,174	668
Av. daily rate - Cabins	$111	--
Av. daily rate – Caravan & camping	$32	--
	1H15	1H14
Short term rental income	$4.6m	$1.6m

SIX MONTHS to DECEMBER 2014

Significant income growth, reflecting increasing scale

Digital platform and marketing strategy delivering results

• Database grown rapidly (40,000 members) with open rate well above industry benchmark

• Includes 261 annual sites.

==> picture [290 x 269] intentionally omitted <==

• Growing online bookings

• Significant investment in digital platform, which will be a key driver of future income growth

Strengthened core affiliations

• Expanded alliance with BIG4 Holiday Parks – BIG4 Mudgee and Nepean launched December 2014

• Revenue from online travel agents now exceeding $120,000 per month

p28

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates - Tourism
Opportunity for further growth
----- End of picture text -----

==> picture [259 x 375] intentionally omitted <==

FOCUS

• Integrate recent and pending acquisitions and drive revenue growth

• Introduce cross portfolio marketing and reward for customers to drive stronger revenues in non peak periods

• Investor Discount and resident Gold cards to launch 2H15

• Use continuing investment in digital marketing to increase revenue and market share

• Continue to advance master planning and capital works to enhance yield

• Commence conversion of low yielding camp sites to high yielding cabins

• Enhance accommodation and amenities through modest investment

Revenue to grow as new sites are integrated and marketing initiatives progressed

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates – Development
Rapidly expanding development rollout
----- End of picture text -----

12 months ago December 14 Total properties x10 x16 Properties in development mode x2 x9 Homes under construction or being installed ~~x6 x61~~

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates – Development
Process, people and product in place for growth
----- End of picture text -----

Development portfolio	1H15	1H14	Change
Total active development projects Sales projects ‘in market’	9 7	2 2
Homes under construction	61	6
Contracted and reserved	33	4
Gross development profit	$0.8m	$0.5m
No. settlements Average price ($’000)	8 $265	5 $243

SIX MONTHS to DECEMBER 2014

Product – over 78 homes delivered, installed or under construction (of 104 to date)

• Construction timeframes (order to delivery) tracking at ~12 weeks

• Standard home product now established in conjunction with sales

• Detailed ‘Ingenia’ specifications and design brief in place

• Streamlines planning, building and sales process

• Facilitates efficient master planning and maximises site yields

Civil works and planning

==> picture [313 x 106] intentionally omitted <==

• Civil works underway or complete at eight sites including

• Roadworks, service connections and community facilities

• Site works for new homes

• Landscaping

• Approvals and consents for over 100 sites (new and recycled) received in past two months

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates – Sales update
Target to deliver 75 – 80 sales FY15
----- End of picture text -----

Reservations and contracts in place totalling over $9m will underpin results in 2H15 and into FY16 > Expect to settle majority of current sales in FY15

	1 July to 31 Dec 2014	New	Refurbished	Reserved	Contracted	Available	Under
		Settlements	Settlements			Stock 31/12	construction
	All sites – 41 sales	8	-	19	14	20	61
Launched	At 23 February (year to date)	New	Refurbished	Reserved	Contracted	Available	Homes under	Target
		Settlements	Settlements			Stock 23/02	construction	Sales
								Price
Oct 14	Ettalong Beach (Ettalong)	6	-	14	8	-	19	$320k+
Mar 15	Lake Macquarie (Morisset)	-	-	2	2	1	18	$310k+
April 15	Albury Citygate (Albury)	2	-	3	-	2	5	$180k+
Repositioning	Mudgee Tourist (Mudgee)	1	-	-	-	9	-	$250k+
Repositioning	Mudgee Valley (Mudgee)	-	-	-	-	7	-	$230k+
March 15	Stoney Creek Estate (Marsden Park)	1	-	4	-	5	211	$280k+
April 15	BIG4 Valley Vineyard (Cessnock)	-	-	-	-	-	4	$220k+
Planning	Macquarie Lakeside (Chain Valley Bay)	-	-	-	-	-	-	$325k+
Planning	Nepean (Penrith)	1	-	-	-	-	-	$245k+
Planning	Sun Country (Mulwala)	-	-	-	-	-	-	$200k+
Not active	The Grange (Morisset)	1	-	-	-	-	-	$300k+
	Subtotal	12	-	23	10	24	67
	Sales		45

Contracted: Site has had deposit paid, progress payments and contract executed. > Reserved: Site has holding deposit paid – customer working through variation costs in order to execute contract.

1. Includes three homes being refurbished to near new standard.

Portfolio has grown to encompass a range of communities – existing mature communities with infill opportunities and immature communities which provide opportunity to reposition and leverage larger site yields over time.

Mature existing community

Characteristics – Short term

• Mature community

• Largely developed sites with infill and refurbishment opportunities

• More limited site yield and scale

• Faster sales rates by leveraging existing mature community

• Quick wins

==> picture [283 x 23] intentionally omitted <==

----- Start of picture text -----

E.g. - The Grange Village
----- End of picture text -----

Immature community

Immature community

Characteristics – Longer term

• Requires physical and reputational repositioning

• Larger scale

• Requires community creation

• Greater upside over time and higher site yields

• Slower sales volumes in initial phases

• Ability to add significant value

==> picture [284 x 23] intentionally omitted <==

----- Start of picture text -----

E.g. - Stoney Creek Estate
----- End of picture text -----

p33

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates – Sales process
A dual approach to drive increased sales rates
----- End of picture text -----

• Capture ‘in market’ buyers plus build pent up demand and trust

• Take buyers and their families on a journey earlier

A Dual Sales Approach:

Awareness Education

Sales Settlements Community

• 1) Tactical Marketing Campaign to target ‘in market’ buyers

• 2) A community engagement, research and events based educational approach to warm the market, build awareness and advocacy with those ‘planning ahead’.

==> picture [677 x 154] intentionally omitted <==

----- Start of picture text -----

Settlements
Contracts
VIP
Educational
Spheres of Preview
Morning Tea
Tactical & Public
Influence
Leverage
Market Marketing Launch
existing
& PR
Research
and
Focus
Tourism
Groups & databases
Surveys
----- End of picture text -----

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates: Tactical marketing
Targeting ‘in market’ buyers and generating leads
----- End of picture text -----

==> picture [164 x 150] intentionally omitted <==

==> picture [476 x 147] intentionally omitted <==

==> picture [155 x 266] intentionally omitted <==

==> picture [287 x 195] intentionally omitted <==

==> picture [134 x 195] intentionally omitted <==

p35

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates - Awareness and education
Educational morning tea at Lake Macquarie Village
----- End of picture text -----

==> picture [245 x 166] intentionally omitted <==

==> picture [284 x 198] intentionally omitted <==

Meeting like minded people, old friends and new, begins to build the virtual community and confidence

==> picture [218 x 325] intentionally omitted <==

Opportunity to educate, ask questions and dispel mis-conceptions

==> picture [192 x 132] intentionally omitted <==

Existing buyers advocating our vision and credibility to deliver on promise.

==> picture [236 x 113] intentionally omitted <==

Understanding Ingenia Care Assist proposal adds perceived value and differentiates us

Open, honest and authentic approach to build trust pre release.

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Typical development, marketing and sales program
----- End of picture text -----

==> picture [137 x 21] intentionally omitted <==

----- Start of picture text -----

Awareness
----- End of picture text -----

==> picture [353 x 21] intentionally omitted <==

----- Start of picture text -----

Sales
----- End of picture text -----

==> picture [713 x 384] intentionally omitted <==

----- Start of picture text -----

Customer
Homes
Insights Ingenia orders delivered &
Deposit &
informs Design Spec Homes customers Contracts Settlements
design Inspect
Development Spec Homes enable
earlier settlements &
Homes and
Order Homes enable
Community VIP Clients Deposit & Homes Homes earlier Contracts
facilities
Order Homes Contracts Ordered Delivered Buyers want choice
4-12 weeks 4 weeks 12 weeks 6 -12+ weeks subject to sales rate
Start research, customer
awareness and education engagement, market VIP ‘off plan’ home or tailor Choose spec
client orders
as early as possible to build design
pent up demand & increase Settlements
sales rates Contracts
VIP
Educational
Spheres of Preview
Morning Tea
Tactical & Public
Influence
Leverage
Market Marketing Launch
existing
& PR
Research
and
Focus
Tourism
Groups & databases
Surveys
----- End of picture text -----

p37

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Active Lifestyle Estates
Focus on portfolio expansion and sales delivery
----- End of picture text -----

==> picture [61 x 57] intentionally omitted <==

Stoney Creek Estate – typical immature community with opportunity to reposition and leverage size and scale

FOCUS

• Continue to expand portfolio with emphasis on a mix of mature and immature opportunities

• Continue sales growth as homes on the ground increase - 88 homes to be delivered Feb – June 2015

• Settle homes deposited to date across the portfolio

• Sell down Lake Macquarie and Ettalong Beach Villages

• Finalise civil works at Macquarie Lakeside to commence development – likely key driver of FY16 sales

• Strong focus on building ‘Community’ and advocacy

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Outlook
Key business drivers remain positive
----- End of picture text -----

• Lifestyle Parks market competition increasing but Ingenia remains well positioned to lead sector consolidation

• Ageing population to drive demand for affordable seniors accommodation

• Growing rental income supported by pension and rent assistance and increased contribution from development will drive stronger 2H results

• Strong capital position to support further acquisitions and development and likely increase in future distributions

p39 p39

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendices
----- End of picture text -----

Ingenia homes under construction at Glendale Homes, Qld

Appendix 1	Appendix 1
Cashflow in detail
(A$m)		31 December 2014	31 December 2013
Opening cash at 1 July 2014		14.6	37.6
Cashflowgenerated from operations		6.0	5.6
Net borrowingcostspaid		(2.2)	(2.1)
Income tax received / (paid)		0.8	(0.1)
Net cashflows from operatingactivities – New Zealand		-	(0.3)
Net cashflows from operating activities		4.6	3.1
Acquisitions of investmentproperties		(15.2)	(61.1)
Proceeds from sale of investmentsproperties		5.4	1.3
Proceeds from sale of equityaccounted investments		-	5.1
Capital expenditure and development costs		(6.3)	(4.6)
	Amounts received from villages	0.2	-
	Purchase of plant and equipment	(0.3)	(0.1)
	Purchase of intangibles	(1.0)	-
	Net cashflows from investingactivities – New Zealand	44.2	(8.0)
	Net cashflows from investing activities	27.0	(67.4)
Repayment of debt and finance lease		(95.1)	(67.5)
Debtproceeds		22.0	50.0
Proceeds from equity placement		90.4	61.7
Issue costs on equity placement		(3.9)	(2.7)
Distributions to securityholders		(4.4)	(2.5)
Debt refinance costs		(0.3)	-
Net cashflows from financingactivities – New Zealand		(30.4)	8.7
Net cashflows from financing activities		(21.7)	47.7
Total cashflows		9.9	(16.6)
Effects of exchange rate changes in cash		0.1	-
Closing cash at 31 December 2014		24.6	21.0
				p41

(A$’000) 31 December 2014 30 June 2014 Cash 24,618 12,894 Inventory 6,437 2,208 Investmentpropertyandpropertyunder development 520,184 498,863 Other assets 16,794 7,863 Assets held for sale - 5,439 Assets of discontinued operations - 47,657 Total assets 568,033 574,924 Borrowings 25,557 98,356 Derivatives 70 168 Retirement village resident loans 193,411 190,122 Other liabilities 28,391 15,652 Liabilities of discontinued operations - 30,449 Total liabilities 247,430 334,747 Net assets 320,603 240,177 Net asset valueper security – cents 36.5c 35.5c Assets less cash and resident loans 350,004 370,251 Total borrowings less cash 939 113,886 Gearing 0.3% 30.8% Secured assets 314,773 290,375 Borrowings(AU)1 21,000 94,000 Bankguarantees aspart of loan facility 24,340 4,387 Total includingbankguarantees 45,340 98,387 Loan to value ratio(LVR) 14.4% 33.9% Appendix 2 Balance sheet

1. Borrowings (AU) excludes pre-paid borrowing costs and finance lease liabilities (refer to Note 11 of Financial Report).

p42

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 3
Underlying Profit and operating cash flows
----- End of picture text -----

1H14 to 1H15 Underlying profit reconciliation

10

==> picture [565 x 351] intentionally omitted <==

----- Start of picture text -----

1.1
0.7 (1.0 ) 1.5
1.0
5 (0.7)
0.5
6.7
3.6
0
Underlying profit Garden Villages Settlers Lifestyle Active Lifestyle Corporate costs Net finance costs Income tax NZ Students Underlying profit
1H14 Estates benefit 1H15
1H14 to 1H15 Operating cash flow reconciliation
16
11.5 (9.1)
14 1.0 0.6 NZ Students Portfolio – sold December 2014
10.5 8.2
12
10
2.2 (4.5 )
8
6
1.4
4
4.6
2
3.1
0
Operating cashflow Rental and other Property and other Proceeds from sale of Purchase of Other Operating cashflow
1H14 property income expenses manufactured homes manufactured homes 1H15
$m
$m
----- End of picture text -----

p43

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 4
Valuations summary
----- End of picture text -----

	1H15	1H15	Independent	31 Dec 14	30 Jun 14
	External	External	Cap rate /	Book	Book
Segment	Valuations	Valuations	Discount rate	Value	Value
	#	$m	%	$m	$m	Comments
Active Lifestyle Estates (Lifestyle Parks)	9	74.4	9.91	138.5	119.3	> >	Nine external valuations overall reaffirming acquisition prices (pre transaction costs) White Albatross Holiday Park acquired December 2014 carried at purchase price plus transaction costs.
						>	Rental portfolio continues to improve
							though occupancy growth and margin
Garden Villages (Rental)	14	53.3	11.4	116.8	114.3	>	improvement. Softening capitalisation rates reflect
							limited non-distressed market
							transactions.
Settlers (DMF)	3	28.5	14.6	66.9	76.0	> >	Net stock monetisation of ~$3.4m. Reflects softening rates at Lakeside and Meadow Springs
Total	26	156.2		322.2	309.6

1. Excludes Macquarie Lakeside which was externally valued using DCF method at a 19.0% discount rate.

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 5
31 December 2014 debt position
----- End of picture text -----

Australian debt	31 Dec 14 (A$m)
Total facility	129.5
Total debt drawn	21.0
Bank guarantees	24.3
Utilised facility (debt and guarantees)	45.3
Available debt	84.2
Hedged debt	45.0

Australian Interest rates	31 Dec 14	30 June 14
All in cost of funds1	4.65%	5.05%
Australian Covenants	31 Dec 14	Covenant
Interest cover ratio (ICR)	2.17x	1.5x
Loan to value ratio (LVR)	14.4%	50.0%
Total leverage ratio (TLR)	13.0%	50.0%

1. Calculated on a fully utilised basis.

2. On 13 February 2015 a new debt facility of $175 million was executed, replacing the existing $129.5 million facility

3. New facility at lower rate and provides increased flexibility with similar covenants

p45

	Appendix	6
	Portfolio statistics: Garden Villages (Rental)
			Book Value 31 Dec 2014			Occupancy	Occupancy
	Property Name	Location	($m)	Cap Rate	Total Units	31 Dec 2014	30 June 2014
	Western Australia
	Swan View Gardens	Swan View	6.0	11.5%	72	100%	100%
	Seville Grove Gardens	Seville Grove	3.2	12.0%	45	100%	100%
	Ocean Grove Gardens	Mandurah	3.4	11.3%	45	100%	100%
	Yakamia Gardens	Yakamia	3.2	12.3%	57	88%	90%
	Sea Scape Gardens	Erskine	4.0	11.6%	51	100%	98%
	Carey Park Gardens	Bunbury	3.3	12.1%	51	90%	94%
	Total / Average – WA		23.1	11.8%	321	96%	97%
	Queensland
	Marsden Gardens	Marsden	8.5	11.7%	96	87%	95%
	Jefferis Gardens	Bundaberg North	3.9	12.5%	51	86%	94%
	Total / Average – QLD		12.4	12.0%	147	86%	95%
	New South Wales
	Wagga Gardens	Wagga Wagga	4.0	12.0%	50	94%	100%
	Wheelers Gardens	Dubbo	4.6	11.3%	52	100%	100%
	Taloumbi Gardens	Coffs Harbour	4.3	11.8%	50	100%	98%
	Chatsbury Gardens	Goulburn	3.7	11.8%	49	96%	94%
	Oxley Gardens	Port Macquarie	3.0	13.0%	45	96%	93%
	Dubbo Gardens	Dubbo	3.0	11.0%	55	67%	76%
	Taree Gardens	Taree	2.3	13.8%	51	73%	75%
	Peel River Gardens	Tamworth	2.5	12.0%	51	84%	75%
	Mardross Gardens	Albury	2.4	10.0%	52	71%	65%
	Bathurst Gardens1	Bathurst	2.5	9.0%	53	79%	64%
	Total / Average – NSW 1Acquired January 2014.		32.3	11.6%	508	85%	84%	p46

Appendix 6 cont. Portfolio statistics: Garden Villages (Rental) Property Name Location Book Value 31 Dec 2014 ($m) Cap Rate Total Units Occupancy 31 Dec 2014 Occupancy 30 June 2014 Victoria Grovedale Gardens Grovedale 4.1 12.6% 51 92% 100% St Albans Park Gardens St Albans Park 4.3 11.5% 53 100% 100% Townsend Gardens St Albans Park 3.8 11.5% 50 100% 100% Sovereign Gardens Ballarat 3.1 10.5% 51 94% 90% Hertford Gardens Sebastopol 3.9 10.8% 48 90% 88% Coburns Gardens Brookfield 3.3 11.7% 51 86% 86% Horsham Gardens Horsham 3.3 11.8% 47 85% 83% Brooklyn Gardens Brookfield 3.2 11.8% 51 94% 80% Murray River Gardens1 Mildura 2.1 7.5% 51 86% 69% Warrnambool Gardens1 Warrnambool 1.7 8.0% 49 65% 49% Shepparton Gardens1 Shepparton 1.7 8.0% 69 35% 33% Total / Average – VIC 34.5 10.9% 571 83% 78%

Tasmania

Tasmania
Glenorchy Gardens	Glenorchy	3.6	11.5%	42	100%	100%
Elphinwood Gardens	Launceston	3.2	12.1%	55	75%	86%
Claremont Gardens	Claremont	3.5	11.8%	51	75%	80%
Devonport Gardens	Devonport	1.7	11.1%	51	61%	71%
Launceston Gardens1	Launceston	2.5	9.0%	55	86%	64%
Total / Average - TAS		14.5	11.2%	254	78%	79%
TOTAL / AVERAGE - GARDEN VILLAGES		116.8	11.4%	1,801	86%	85%

1 Acquired January 2014.

p47

Appendix 7 Portfolio statistics: Active Lifestyle Estates Property Name Location Book Value Completed 31 Dec 2014 ($m) Cap Rate Completed Book Value Under Development 31 Dec 2014 ($m) Book Value Total 31 Dec 2014 ($m) Permanent Sites Short Term Sites1 Total Sites The Grange Village Morisset, NSW 9.4 9.1% 1.4 10.8 152 - 152 Ettalong Beach Village Ettalong Beach, NSW 0.9 16.0% 0.1 1.0 89 - 89 Nepean River Penrith, NSW 11.0 10.5% - 11.0 101 65 166 Albury Citygate Albury, NSW 1.7 12.1% 0.5 2.2 26 45 71 Mudgee Valley Mudgee, NSW 4.3 10.5% 0.5 4.8 36 61 97 Mudgee Tourist & Van Mudgee, NSW 6.4 10.5% 0.8 7.2 78 73 151 Lake Macquarie Village Morisset, NSW 5.0 8.8% 2.0 7.0 41 19 60 Macquarie Lakeside Chain Valley Bay, NSW - n/a 3.7 3.7 11 - 11 Drifters Holiday Village Kingscliff, NSW 10.5 9.7% 0.5 11.0 114 68 182 One Mile Beach Anna Bay, NSW 10.5 13.0% - 10.5 2 236 238 BIG4 Valley Vineyard Cessnock, NSW 7.5 8.8% 1.5 9.0 4 84 88 Wine Country Cessnock, NSW 1.0 10.3% 0.6 1.6 - 30 30 Stoney Creek Estate Marsden Park, NSW 14.8 9.0% 3.2 18.0 175 14 189 Sun Country Mulwala, NSW 6.6 10.7% 0.9 7.5 34 221 255 Rouse Hill Lifestyle Park Rouse Hill, NSW 8.4 9.2% - 8.4 37 93 130 White Albatross Holiday Park2 Nambucca Heads, NSW 24.8 n/a - 24.8 134 165 299 TOTAL/AVERAGE – ACTIVE LIFESTYLE ESTATES 122.8 n/a 15.7 138.5 1,034 1,174 2,208

1. Short term sites include annuals, self-contained accommodation, caravan and camping sites. Includes 261 annual sites at Sun Country and One Mile which are rented for an average of $4,000 per year.

2. Acquired during the year and carried at cost as at balance date. Cost to date is deemed to represent fair value at the end of the year.

3. Excludes BIG4 Noosa Bougainvillia acquired February 2015.

p48

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 8
Short term accommodation rates and occupancy
----- End of picture text -----

Property Name Location Self Contained Units Nepean River Penrith, NSW 38	Occupancy Self Contained Caravan & Camping Sites Occupancy Caravan & Camping Average Daily Rate Caravan & camping Average Daily Rate Self Contained
	69% $117 27 47% $32
Albury Citygate Albury, NSW 19	29% $102 34 38% $28
Mudgee Valley Mudgee, NSW 30	34% $105 31 20% $24
Mudgee Tourist Mudgee, NSW 58	29% $58 52 21% $26
Lake Macquarie Morisset, NSW 8	41% $99 18 18% $16
Drifters Kingscliff, NSW 19	51% $105 55 52% $32
One Mile Anna Bay, NSW 61	47% $145 128 29% $43
Big4 Valley Vineyard Cessnock, NSW 26	48% $178 52 34% $41
Wine Country Cessnock, NSW 1	24% $35 29 57% $20
Stoney Creek Estate Marsden Park, NSW 5	70% $52 9 47% $11
Sun Country Mulwala, NSW 18	24% $108 - - -
Rouse Hill Rouse Hill, NSW -	- - 13 29% $31
TOTAL/AVERAGE – SHORT TERM SITES 283	42% $111 448 35% $32

1. Represents Average Occupancy and Average Daily Rate for the six months to December 2014 (annualised).

2. Excludes annual sites which are rented on a quarterly basis, sites at Rouse Hill (largely short term worker accommodation) and White Albatross Holiday Park (acquired December 2014).

3. Tourism is being converted to permanent sites at a number of parks.

p49

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 9
Portfolio statistics: Settlers (DMF)
----- End of picture text -----

		Book Value 31 Dec 2014			Occupancy	Occupancy
Property Name	Location	($m)	Discount Rate	Total Units	31 Dec 2014	30 June 2014
Ridgewood Rise	Ridgewood, WA	18.6	14.3%	240	100%	100%
South Gladstone	South Gladstone, QLD	2.4	15.5%	56	96%	95%
Lakeside	Ravenswood, WA	20.0	15.0%	243	98%	95%
Rockhampton1	Rockhampton, QLD	4.4	15.5%	74	85%	84%
Cessnock	Cessnock, NSW	2.8	20.0%	39	97%	79%
Meadow Springs	Mandurah, WA	2.7	15.0%	56	95%	95%
Ridge Estate1	Gillieston Heights, NSW	5.7	16.5%	44	66%	70%
Forest Lake1	Forest Lake, QLD	7.1	16.0%	86	77%	70%
South Gladstone –	land South Gladstone, QLD	0.7	-		-	-
Meadow Springs - land Mandurah, WA		2.5	-		-	-
TOTAL/AVERAGE – SETTLERS		66.9	14.6%	838	93%	92%

1. Occupancy impacted by new development and addition of conversion homes.

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 10
Settlers (DMF) sales
----- End of picture text -----

		WA		NSW			QLD
	Lakeside	Meadow	Ridgewood	Cessnock	Ridge	Rock-	Forest	Gladstone	Noyea	Total
		Springs	Rise		Estate	hampton	Lake		**(strata)2 **
6 months to 31 Dec 2014
No. of new sales	1	-	-	2	5	3	9	1	-	21
Average new sales prices ($’000)	312	-	-	167	318	175	175	150	-	214
No. of resales	6	2	5	-	-	2	-	4	1	20
Average resale prices ($’000)	361	295	434	-	-	188	-	171	235	311
DMF collected on exit ($’000)	563	139	414	-	-	40	-	82	70	1,308
Average resident tenure on exit (yrs)	8.9	7.8	6.6	-	-	2.1	-	3.0	12.2	6.5
As at 31 Dec 2014
Units available for sale	6	3	-	1	15	11	20	2	N/A	58
Occupancy (%)1	98%	95%	100%	97%	66%	85%	77%	96%	N/A	93%
Average resident entry age (yrs)	67	67	69	77	74	73	74	73	N/A	69
Average resident age (yrs)	77	76	75	78	75	74	76	74	N/A	76
Average resident tenure (yrs)	9.5	7.8	7.1	1.2	1.9	1.9	1.5	2.3	N/A	6.8

1. Occupancy for traditional DMF villages includes units which may not be physically occupied but contractually subject to DMF fees. 2. Noyea Village sold in July 2014.

	Cluster/Community
	Hunter/Newcastle
	One Mile Beach, NSW The Grange Village, NSW Lake Macquarie, NSW Ettalong Beach Village, NSW Macquarie Lakeside, NSW BIG4 Valley Vineyard, NSW
	North Coast
	Drifters Holiday Village, NSW
	Central West
	Mudgee Tourist, NSW Mudgee Valley, NSW
	Sydney Basin
	Nepean River Holiday Village, NSW Rouse Hill Lifestyle Parks, NSW Stoney Creek Estate, NSW
	South West
	Albury Citygate, NSW Sun Country, NSW
	TOTAL PORTFOLIO

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 12: Project snapshot
Stoney Creek Estate and Lake Macquarie Village
----- End of picture text -----

==> picture [282 x 177] intentionally omitted <==

Stoney Creek Estate, Marsden Park (Sydney), NSW Acquired May 2014

Launch planned for March 2015

• Estate Major Works – landscaping, new entry statement and site presentation to complete by project sales launch in March

• S96 approval for 56 recycled sites received

• Tourism cabins removed

• 18 new homes delivered as of 23/02/15, 6 refurbishments complete

• Market education campaign and tactical marketing planned Feb/Mar

• Sales office complete

==> picture [262 x 210] intentionally omitted <==

• Four deposits taken

Lake Macquarie Village, Morrisset, NSW Acquired November 2013

Launch planned for March 2015

• Civil works for development precinct of 29 new homes

• First homes on site and being installed

• Further 8 homes currently under construction for delivery from end February

• Currently 2 homes reserved, 2 homes under contract

• Public launch planned for March 2015

p53

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 13: Project snapshot
Ettalong Beach Village and Albury Citygate
----- End of picture text -----

Ettalong Beach Village, Ettalong Beach, NSW Acquired April 2013

Insert for Ettalong an image of new homes along streetscape

Project launched October 2014

• Expect to install all 31 new homes by June 2015

• Twelve homes delivered/ being fitted out

• Settled 6 homes

• Street and civil works almost complete

• Construction of community centre and pool underway

• Strong sales (90% of homes settled, contracted or reserved to date)

==> picture [257 x 179] intentionally omitted <==

Albury Citygate, NSW, Albury NSW Acquired September 2013

Stage 2 launch April 2014

• Plans for further homes and master plan for separate permanent living and tourism precincts finalised

• DA approved for additional 37 home sites

• Civil works to facilitate installation of new homes underway

• Stage 1 (6 homes) released in November – 2 homes settled and 3 reserved

p54

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 14: Project snapshot
Mudgee Valley and Mudgee Tourist and Van Resort
----- End of picture text -----

==> picture [308 x 218] intentionally omitted <==

Mudgee Valley Tourist Resort, Mudgee NSW Acquired September 2013

Project works underway

• Adjacent land optioned to improve site configuration and facilitate master plan with separate permanent living and tourism precincts

• New roads in place and works to address interface between tourism and permanent sites progressed in line with master plan

• Market testing of product and initial Open Day in November

• Works underway to separate new community from tourism

==> picture [308 x 201] intentionally omitted <==

BIG4 Mudgee Tourist and Van Resort, Mudgee NSW Acquired October 2013

Launch planned April 2015

• Staged infrastructure works to implement master plan commenced

• Master plan separates permanent living and tourism entries and tourism mix

• BIG4 affiliation in place to maximise tourism revenue

• Launch planned for April

Major operators represent <5% of market opportunity

	Major Operators	Major Operators	No. of parks	Locations	Capital strategy
		Active Lifestyle Estates (Ingenia)	20	NSW and SE QLD	Acquire existing lifestyle and tourism parks.
		Tourism and Mining Park Operators
		Discovery Holiday Parks	32	Across Australia	Acquired from private equity by SunSuper. Exclusively tourist and mining accommodation.
		Aspen Parks Property Fund	23	Across Australia	Predominantly tourist and mining accommodation. Parent entity (ASX: APZ) owns 40% and has acquired one park on balance sheet.
		NRMA Holiday Parks	5	NSW and QLD	Owns four parks and franchises one. Managed by ATPM.
		Mature Park Consolidators
		Gateway Lifestyle Residential Parks	25	QLD, NSW and VIC	Operating platform for capital sourced from Alceon and Port Nordica. Assessing PO/trade sale
		Tasman Lifestyle Continuum	11	NSW and QLD	Recent IPO did not proceed. Assessing IPO/trade sale.
		Greenfield Developers
		~~Hampshire Villages~~	~~7~~	~~NSW and VIC~~	~~Privately owned portfolio of regional residential parks.~~
		Lifestyle Communities	10	VIC only	Developer and operator of greenfield residential parks (ASX: LIC).
		Living Gems	6	QLD only	Puljich family - developer and operator of greenfield residential parks.
		National Lifestyle Villages	10	WA and VIC	Developer and operator of greenfield residential parks. Capital injection of $150 million by Blackstone announced November 2014.
		Palm Lake Resorts (Walter Elliott)	21	VIC, NSW and QLD	Privately owned developer and operator of greenfield residential parks.

p56

Source: Company information, Ingenia analysis.

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 16
The US market is well established
----- End of picture text -----

==> picture [59 x 55] intentionally omitted <==

50,000 MH (Manufactured Home) Communities

==> picture [62 x 44] intentionally omitted <==

12,000 RV (Recreational Vehicle) Communities

==> picture [53 x 48] intentionally omitted <==

19.2 million people (6% of US population) live in an MH Community

==> picture [88 x 54] intentionally omitted <==

==> picture [53 x 54] intentionally omitted <==

Three NYSE listed REITs own 500 Communities and have combined market capitalisation of US$4.6 billion

Top 100 Groups own 4,500 Communities

==> picture [67 x 65] intentionally omitted <==

60,228 new manufactured homes built in 2013 (9% of all new homes)

p57

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Appendix 17
US Market - key statistics
----- End of picture text -----

==> picture [83 x 60] intentionally omitted <==

20% of US households earn < $20,000 p.a.

==> picture [92 x 83] intentionally omitted <==

One third of all new manufactured homes purchased on credit

Number of people turning 55 every day Annual income for a senior provided through social security

Cap rate on A-Grade community in key market Average sales price of a new manufactured home in 2013 Time to build a five bedroom, three bathroom manufactured home

Contact Information

Simon Owen CEO & Managing Director Tel: +61 2 8263 0501 Mob: +61 412 389 339 Email: sowen@ingeniacommunities.com.au

Donna Byrne Investor Relations Tel: +61 2 8263 0507 Mob: +61 401 711 542 Email: dbyrne@ingeniacommunities.com.au

p59

==> picture [720 x 107] intentionally omitted <==

----- Start of picture text -----

Disclaimer
----- End of picture text -----

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 24 February 2015 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.