INGENIA COMMUNITIES GROUP

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LAKE CONJOLA

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OUR BUSINESS
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Ingenia is a leading owner, operator and developer of affordable, Lifestyle, Retirement and Leisure Communities

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1H16 HIGHLIGHTS
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STRATEGY

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Rental yielding asset base now 75% of portfolio Well advanced with divestment of DMF portfolio Portfolio of Lifestyle Parks increased to 25 parks – acquisitions in high quality metro and coastal markets Quality pipeline of acquisition opportunities in place

Underlying Profit from continuing operations $8.4 million – up 40% on 1H15 FINANCIAL Operating cashflows strong at $11.8 million – up 157% on 1H15 Distribution per security 4.2 cents - up 7.7% on 1H15 Rapid increase in Lifestyle Parks rental revenue – up 83% on 1H15 OPERATIONS Sales momentum building with 58 settlements in 1H16 - 8 settlements 1H15 Development now underway in 10 communities DEVELOPMENT Pipeline now exceeds 1,600 sites (77% in metro and coastal locations)

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INCREASING FOCUS ON STABLE, CASH YIELDING ASSETS
Supplemented by growth in development returns
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31 DEC 2015 ASSET TARGET ASSET
ALLOCATION ALLOCATION
14% 28% ~25% ~75% 84%
DMF Rental Villages Rental Villages TARGET DEC 15
Rental income Rental income
Continued
$462.6M
growth
TARGET
~25% 16%
~75%
58%
TARGET DEC 15
Lifestyle Parks Lifestyle Parks
Development Development
income income
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Note: Rental and development income represents EBIT.

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PERFORMANCE AND CAPITAL MANAGEMENT
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South West Rocks, NSW

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KEY FINANCIALS
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KEY FINANCIAL METRICS	1H16	1H15	CHANGE	•	Significant increase inunderlying
Statutory profit1	$10.8m	($1.0m)	NM		andstatutory profitunderpinned by significant EBIT contribution from
Revenue Underlying profit – continuingoperations2 Underlying profit EPS – continuingoperations	$52.2m $8.4m 5.7c	$28.7m $6.0m 4.7c	82% 40% 21%	• •	Lifestyle Parks Lifestyle Parks key driver ofrevenue with rapid development momentum and increasing rental base Operating cashflowstrong, driven
Distribution per security	4.2c	3.9c	8%		by growth in manufactured home settlements (up 157%)
Operating cashflow	$11.8m Dec 15	$4.6m Jun 15	157%	•	Distributionup 7.7% - committed to future growth
				•	Core ICRincrease driven by
Loan to value ratio (LVR)	32.4%	22.6%	9.8%		increased EBITDA due to expanded asset base and strong contribution
Core interest cover ratio (ICR)	3.37x	2.68x	26%		from short-term rental
Net asset value (NAV) per security	$2.36	$2.34	1%

1H16 statutory profit includes $3.9 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.

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DISTRIBUTIONS GROWING
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	1H16 ($m)	1H15 ($m)
Continuing operations
• Garden Villages	5.4	5.4
• Active Lifestyle Estates	7.2	2.0
• Settlers Lifestyle	2.0	2.7
Portfolio EBIT	14.6	10.1
Corporate costs	(3.7)	(4.0)
EBIT – continuing operations	10.9	6.1

EBIT up strongly - core business performing well

● Garden Villages

Earnings stable despite reduced asset base
Delivering strong cashflows ($12 million rental receipts) underpinned by government payments

● Active Lifestyle Estates

Material growth in development profit
Recurring rental streams growing as 2H15 acquisitions and home sales contribute earnings

● Settlers Lifestyle

Reduced earnings as development tapers off

Distributions (cps)[1]

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17%
0.045
growth
0.04
15%
0.035 growth
0.03
Interim
0.025
Final
($) 8.1 cps
0.02
6.9 cps
0.015
0.01 6.0 cps
0.005
0
FY13 FY14 FY15 FY16
1. Post consolidation basis.
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1H16 distribution 4.2c per security

Represents 7.7% increase on 1H15 distribution[1]
1H16 distribution 73% tax deferred
Payment to be made 16 March 2016
DRP in place

Distributions to grow as business continues to build returns

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CAPITAL MANAGEMENT
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Extension of facility providing additional debt capacity

Additional $25 million funding from Bank of Queensland (in place Feb 2016)

Drawn debt of $120.9 million at 31 Dec 2015

LVR of 32.4% within target range of 30 - 35%
Proforma LVR (post announced acquisitions) 36.3%

Australian debt	31 DEC 15 ($m)
Total facility1	200.0
Total debt drawn	120.9
Bank guarantees	26.9
Utilised facility (debt and guarantees)	147.8
Available debt	52.2

Core ICR of 3.37x

Funding further growth

Ability to temporarily increase LVR – maintain well below covenant of 50%

Australian interest rates
Current all in cost of funds	4.2 %

Strong cash inflows
DRP to remain in place
DMF divestment well advanced
Includes expansion of facility (in place Feb 2016).

STRATEGY

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INGENIA’S PORTFOLIO IS DOMINATED BY
SENIORS RENTAL COMMUNITIES
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Ingenia has
Australian
communities
64
and growing
NT
Portfolio now over
QLD [8]
million
$470 SA
WA [9] 32
NSW
10
VIC
25 LIFESTYLE PARKS 31 RENTAL VILLAGES 8 DMF VILLAGES
TAS [5]
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Note: Includes South West Rocks (to settle February 2016). Excludes acquisition of Broulee Beach (due to settle March 2016).

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OPERATIONAL REVIEW

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GARDEN VILLAGES (SENIORS RENTAL)
Strong, stable cashflows
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KEY ACHIEVEMENTS 1H16

Occupancy and rent growth driving operational performance

Revenue and EBIT maintained despite sale of three villages June 2015
Portfolio margin enhanced

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

Online presence generating an increasing portion of leads (website traffic up 7% over last 12 months)
Leads to inspection increasing
Average resident tenure three years

Ingenia Care Assist

Identifying resident needs on entry
Growing penetration - 341 residents access this service

KEY DATA	1H16	1H15
Total properties	31	34
Total units	1,629	1,801
Av. weekly rent1	$313	$305
Occupancy1	89.6%	88.3%
Total revenue	$13.8m	$14.0m
EBIT	$5.4m	$5.4m
	31 Dec 15	30 Jun 15
Portfolio value	$130.3m	$125.7m

1.Like for like.

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Margin Analysis Target
quadrant
100%
90%
80%
Horsham
Dubbo
70% Taree
60%
Devonport
50%
40%
30% 35% 40% 45% 50% 55% 60% 65% 70%
Occupancy (%)
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Operating Margin (%)

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ACQUISITION OF BIG4 BROULEE BEACH
Expands South Coast cluster – increases portfolio to 26 assets
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BIG4 BROULEE BEACH HOLIDAY PARK, South Coast, NSW

Acquisition price $5.5 million

Leasehold annual and tourism park located 90 km south of Conjola Lakeside – building out South Coast cluster
Ingoing yield of over 11%[1] with further upside through reconfiguration
Licensed for 125 sites (including annuals, cabins and caravan and camp sites)
Anticipated settlement March 2016
Yield at asset level (based on acquisition price).

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ACTIVE LIFESTYLE ESTATES
Growing portfolio dominated by rental returns
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KEY DATA	31 DEC 15	31 DEC 14
Total properties	24	16
Permanent sites	1,550	1,030
Annual sites	600
Short-term sites	1,190	1,170
Development sites1	1,580	840

	1H16 ($m)	1H15 ($m)
Rental business
Permanent rental income	6.0	3.8
Annuals rental income	1.3	0.5
Short-term rental income	7.8	4.0
Commercial rent	0.2	0.1
Total rental revenue	15.3	8.4
Development profit	4.6	0.8
Portfolio EBIT	7.2	2.0
Portfolio value	31 Dec 15 $267.7m	30 Jun 15 $204.2m

Includes new and recycled permanent and short term sites.

Rental revenue increasing as acquisitions and new home sales contribute – stable portfolio delivering >9% yield

Average weekly site rent increased to $142 per week ($134 at Dec 2014)
Growing portion of annuals (600 sites) delivering stable, secure returns – average rent $5,540 per annum

Development profit building as number of projects and capacity increase

Average sales price $291,000

Portfolio weighted to high quality coastal and metro locations

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Portfolio location
(by value) [1]
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Coastal
50%
Metro
37%
Regional
13%
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Includes South West Rocks. Excludes Broulee Beach.

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ACTIVE LIFESTYLE ESTATES
Highest and best use drives mix
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In select coastal parks, tourism generates significantly higher returns than permanent sites

Tourist cabin – 72 m[2] Average rent $127 p/n @ 68% occupancy = $31,500 per year

Permanent site - 135 m[2] Rent from senior $133 p/w = $6,900 per year

Active Lifestyle Estates, White Albatross, Nambucca Heads, NSW Acquired December 2014. Includes 135 permanent sites and 165 tourism sites

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ACTIVE LIFESTYLE ESTATES: SHORT-TERM RENTAL
A stable market with significant cross selling potential
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The Caravan and Camping sector is a large and relatively stable industry which is rapidly evolving

Campervan & caravan registrations growing at more than 2.5x cars

Caravan and RV registrations highly leveraged to ageing population
$1.3 billion in annual revenue generated in 2014-15[1 ]
More stable than traditional tourism with less volatility in returns
Product evolving with price points expanding as parks increase quality of product and guest experience

Key markets account for majority of visitation, providing strong cross selling opportunities

Grey nomads (26%), family market (45%)
Often first touch point for prospective residents and their families

Significant ability to enhance returns through application of specialised asset management skills and economies of scale

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NSW Visitor Nights (000's)
Caravans and Camping vs. Hotels [2]
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12,000 24,000
Stable - parks
10,000 23,000
22,000
8,000
21,000
6,000
Volatile - hotels 20,000
4,000
19,000
2,000 18,000
- 17,000
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Caravan Parks and Camping Grounds in Australia April 2015, IBIS WORLD.

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Caravans and Camping (LHS) Hotels (RHS)
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Tourism Research Australia, National Visitor Survey Results (September 2015). Ingenia analysis.

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ACTIVE LIFESTYLE ESTATES: SHORT-TERM RENTAL
Enhancing returns through active management
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Short term sites (by location)

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Metro, 8% Regional,
18%
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1H16 KEY ACHIEVEMENTS

Continuing to build presence in key coastal and metro locations with focus on quality and value

Acquired 350 additional income producing sites

Significant revenue growth, reflecting increasing scale and investment in online marketing channels and leverage of marketing platform

Significant database in place (84,000 members) - strong base for promotions and off peak ‘sales’ campaigns

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Coastal, 74%
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Dynamic demand based pricing maximising rates in peak periods

Note: Includes South West Rocks and Broulee Beach.

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Average revenue from online travel agents increased to $160,000 per month (July to Dec 2015)

Enhancing returns through targeted investment in new and refurbished tourism cabins

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1,465 sites, comprising tourism villas, cabins, caravan and camping sites

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ACTIVE LIFESTYLE ESTATES: DEVELOPMENT
Driving pipeline and program
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1H16 KEY ACHIEVEMENTS

Development portfolio	1H16	1H15
Total active development projects	10	9
Sales projects ‘in market’	9	7
Homes under construction	42	61
Settlements	58	8
Contracted and reserved	39	33
Gross development profit ($m)	4.6	0.8
Average price ($’000)1	265	241

Pipeline expanded to 1,630 potential sites, securing development in key parks

New large-scale projects secured in Queensland and Victoria with up to 380 additional sites
Over 1,000 approved sites to meet future demand

At 31 Dec 15, 42 homes under construction

Supply secured, system and process improvements being implemented

Expanded supplier relationships – leveraging Ingenia design suite to create competitive process
In-house project management reducing time to completion and driving price efficiencies

Average gross development profit[2] of $83,000 per home

Excludes GST.
Average gross development profit represents sales price (excluding GST) less cost of the manufactured home (including installation).

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ACTIVE LIFESTYLE ESTATES: DEVELOPMENT
Maximising returns through active management
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1H16 KEY ACHIEVEMENTS

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Development Pipeline
(number of sites)
Regional,
23%
Metro, 56%
Coastal,
21%
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Note: Includes South West Rocks, Broulee Beach.

Growing capability in securing development approvals

Approvals achieved for 385 sites in past eight months
Lake Macquarie development approval received in less than 3 months – includes new homes and community facilities
Chambers Pines – approval for further 256 homes, significantly exceeding acquisition feasibility

Ongoing focus on future pipeline

Approvals lodged for 140 sites
Progressing planning approvals for 156 sites across four parks

Selected reinvestment providing incremental returns

Buyback program commenced – 11 homes refurbished to date (five sold)
Addition of eight new rental units at Chambers Pines

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SALES PLATFO RM
Strong growth in sales and settlements
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Settlement of 58 homes worth $15.4 million[1] to 31 Dec 2015

Lake Macquarie sold out in four months, Stoney Creek showing strong ongoing demand

Contracts on ~~hand for 39 homes worth over~~ $10 million[1] at 31 Dec 2015

Further projects to launch FY16

13 17 43 39 Contracts on Net Sales Settlements Contracts on Hand at 1 Jan 2016 1 Jan 2016 Hand at 31 Dec 2015 to to 19 Feb 2016 19 Feb 2016 19 Feb 2016 Worth $12m[1]

FY16 Contracted, Reserved & Settled

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Net Sales Homes Settled
80
70 71
70
60
50
40 35
30
30
23 23
17
20
13
10
0
Sep-15 Qtr Dec-15 Qtr Up to 19/02/16 TOTAL
FY16 YTD
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1. Excludes GST.
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SETTLERS VILLAGES (DMF)
Returns stabilising as developments complete
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KEY DATA	1H16	1H15
Total properties	8	8
Total units	838	838
Occupancy	96%	93%
Accrued DMF income	$2.5m	$2.7m
Development income	$0.6m	$1.1m
EBIT	$2.0m	$2.7m
	31 Dec 15	30 Jun 15
Portfolio value	$64.6m	$62.9m

KEY ACHIEVEMENTS 1H16

Development profit reducing as existing stock sold down
In 1H16 14 new unit settlements totalling $2.2 million - additional 17 contracts in place as at 31 Dec 2015
Conversion program almost complete – 206 sales worth over $36 million to date
Total of 12 resales (average resale price $309,000)

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1. Includes new units yet to be sold.
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OUTLOOK
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► Optimise performance of existing assets

Complete DMF divestment to recycle capital into additional lifestyle parks
Continue sales growth as new projects launch to achieve target of 120 sales for FY16
Secure future growth in lifestyle parks business through acquisition and development of established and greenfield assets in attractive locations
Targetting future growth in distributions

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APPENDICES
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Active ~~Lifestyle Estates Chambers Pines, QLD~~

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APPENDIX 1: UNDERLYING PROFIT
Lifestyle Parks becoming established as key driver of earnings growth
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	1H16	1H15
	(A$m)	(A$m)	Comments (1H16)
Continuing operations
- Garden Villages	5.4	5.4	Stable earnings off smaller asset base
- Settlers Lifestyle	2.0	2.7	Development profit decreasing as projects complete
- Active Lifestyle Estates	7.2	2.0	Rapidly growing development earnings
Portfolio EBIT	14.6	10.1
Corporate costs	(3.7)	(4.0)	Relativelystable
EBIT – Continuing operations	10.9	6.1
Net finance costs	(2.8)	(2.4)	Higher debt but lower cost
Income tax benefit	0.3	2.3	Reflects increased home sales
Underlying profit – Continuing operations	8.4	6.0
Discontinued operations – NZ Students	-	1.5
Net finance costs	-	(0.8)
Underlying profit – Discontinued operations	-	0.7	Divested December 2014
Underlying profit - Total	8.4	6.7
Statutory adjustments	1.7	(11.3)	Includes $3.1 million fair value uplift
Tax benefit associated with adjustments	0.7	3.6
Statutory Profit	10.8	(1.0)

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APPENDIX 2
Reconciliation to EBIT and Underlying Profit
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	ALE	ALE	ALE	Garden	Settlers	Corporate	TOTAL
	Develop.	Operations	Total	Villages	(DMF)
(A$m)				(Rental)
Rental income	-	15.3	15.3	12.0	0.3	-	27.6
Accrued DMF fee income	-	-	-	-	2.5	-	2.5
Manufacturedhome sales	15.4	-	15.4	-	-	-	15.4
Cateringincome	-	-	-	1.6	-	-	1.6
Otherpropertyincome	-	0.9	0.9	0.2	0.4	0.1	1.6
Development profit	-	-	-	-	0.6	-	0.6
Service station sales	-	3.4	3.4	-	-	-	3.4
Total segment revenue	15.4	19.6	35.0	13.8	3.8	0.1	52.7
Property expenses	-	(5.5)	(5.5)	(4.0)	(0.8)	(0.2)	(10.5)
Manufactured home cost of sales	(10.8)	-	(10.8)	-	-	-	(10.8)
Service Station expenses	-	(3.1)	(3.1)	-	-	-	(3.1)
All other expenses	(2.9)	(5.5)	(8.4)	(4.4)	(1.0)	(3.6)	(17.4)
Earnings before interest and tax	1.7	5.5	7.2	5.4	2.0	(3.7)	10.9
(EBIT)
Interest income	-	-	-	-	-	0.1	0.1
Finance expense	-	-	-	-	-	(2.9)	(2.9)
Income tax benefit	-	-	-	-	-	0.3	0.3
Underlying profit – continuing operations	1.7	5.5	7.2	5.4	2.0	(6.2)	8.4

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APPENDIX 3
Cashflow in detail
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(A$m)	31 Dec 2015	31 Dec 2014
Opening cash at 1 July	15.1	14.6
Rental and other property income	36.4	27.4
Net cashflow associated with manufactured home development	3.5	(2.2)
Net borrowing costs paid	(2.5)	(2.2)
Income tax received/(paid)	-	0.8
All other Australian operatingcashflows	(25.6)	(19.2)
Net cashflows from operating activities	11.8	4.6
Acquisitions of investment properties	(65.6)	(15.2)
Proceeds from sale of investments properties and equity accounted investments	(0.2)	5.4
Capital expenditure and development costs	(6.3)	(6.3)
Amounts received from villages	-	0.2
Purchase of plant, equipment and intangibles	(1.0)	(1.3)
Net cashflows from investing activities–New Zealand	-	44.2
Net cashflows from investing activities	(73.1)	27.0
Net proceeds from/(repayment of) borrowings	56.7	(73.4)
Net proceeds from equity placement	6.1	86.5
Distributions to security holders	(6.2)	(4.4)
Net cashflows from financing activities–New Zealand	-	(30.4)
Net cashflows from financing activities	56.6	(21.7)
Total cashflows	(4.7)	9.9
Effects of exchange rate changes in cash	-	0.1
Closing cash at 31 December	10.4	24.6

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APPENDIX 4
Balance sheet
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	31 Dec	30 June
(A$m)	2015	2015
Cash	10.4	15.1
Inventory	15.2	13.2
Investmentpropertyandpropertyunder development	672.0	539.7
Other assets	19.4	15.7
Assets held for sale	-	61.6
Total assets	717.0	645.3
Borrowings	124.0	66.8
Derivatives	-	-
Retirement village resident loans	205.0	161.9
Other liabilities1	33.4	31.1
Liabilities held for sale	-	42.0
Total liabilities	362.4	301.8
Net assets	354.6	343.5
Net asset valueper security – cents	$2.36	$2.34
Secured assets	438.0	363.7
Net borrowings(AU)2	115.0	53.4
Bankguarantees aspart of loan facility	26.9	28.8
Total includingbankguarantees	141.9	82.2
Loan to value ratio(LVR)	32.4%	22.6%

Other liabilities include deferred consideration on acquisitions of $16.3m (June 2015: $18.3m).
Includes finance leases, less statutory cash balance and excludes prepaid borrowing cost.

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APPENDIX 5
Competitor landscape - Lifestyle Parks
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Major Operators	No. of parks	Locations	Capital strategy
Active Lifestyle Estates (Ingenia)	26	NSW, VIC and SE QLD	Acquire lifestyle and tourism parks and undertake greenfield development.
Tourism and Mining Park Operators
Discovery Holiday Parks	60	Across Australia	Acquired from private equity by SunSuper. Exclusively tourist and mining accommodation. Take over of Aspen Parks Property Fund (21 assets) complete February 2016.
Aspen	5	NSW, SA and WA	Predominantly tourist and mining accommodation. Recently sold major interest in and management of Aspen Parks Property Fund to Discovery (ASX: APZ).
NRMA Holiday Parks	7	NSW and QLD	Both own and franchise parks. Externally managed.
Mature Park Consolidators
Gateway Lifestyle Residential Parks	47	QLD, NSW and VIC	Listed on the ASX June 2015. Well capitalised listed operator with plans for further growth (ASX: GTY).

Greenfield Develope	rs
Hampshire Villages	7	NSW, VIC, and ACT	Privately owned portfolio of regional residential parks.
Lifestyle Communities	11	VIC only	Developer and operator of greenfield residential parks (ASX: LIC).
Living Gems	10	QLD	Family owned - developer and operator of greenfield residential parks. Recent joint venture with Singaporean based Thakral to expand.
National Lifestyle Villages	12	WA only	Developer and operator of greenfield residential parks. Capital injection of $150 million by Blackstone announced November 2014.
Palm Lake Resorts (Walter Elliott)	27	VIC, NSW and QLD	Privately owned developer and operator of greenfield residential parks.

Source: Company information, Ingenia analysis.

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CONTACT INFORMATION
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SIMON OWEN

CEO & Managing Director Tel: +61 2 8263 0501 Mob: +61 412 389 339 [email protected]

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DONNA BYRNE

Group Investor Relations Manager Tel: +61 2 8263 0507 Mob: +61 401 711 542 [email protected]

INGENIA COMMUNITIES GROUP Level 9, 115 Pitt Street Sydney NSW 2000 www.ingeniacommunities.com.au

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DISCLAIMER
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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 23 February 2016 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.

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.

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.

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INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2016

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