INGENIA COMMUNITIES GROUP — Interim / Quarterly Report 2021

Feb 15, 2021

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ASX / MEDIA RELEASE
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16 February 2021

1H21 Property Portfolio

Ingenia Communities Group (ASX: INA) provides its 1H21 Property Portfolio.

Authorised for lodgement by the Chairman.

ENDS

For further information please contact:

Donna Byrne General Manager Investor Relations

P 02 8263 0507 M 0401 711 542

About Ingenia Communities Group

Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia. Listed on the Australian Securities Exchange, the Group is included in the S&P/ASX 200 and has a market capitalisation of over $1.5 billion.

Across Ingenia Lifestyle, Ingenia Gardens, Ingenia Holidays and Ingenia Rental, the Group has 78 communities and is continuing to grow through acquisition and development.

Ingenia Communities Holdings Limited (ACN 154 444 925), Ingenia Communities Fund (ASRN 107 459 576) and Ingenia Communities Management Trust (ARSN 122 928 410). The Responsible Entity for each scheme is Ingenia Communities RE Limited (ACN 154 464 990) (AFSL415862).

Level 3, 88 Cumberland Street The Rocks NSW 2000, Australia

P 1300 132 946 E investor@ingeniacommunities.com.au

ingeniacommunities.com.au

1H21 PROPERTY PORTFOLIO

INGENIA COMMUNITIES GROUP

Contents

Contents
About Ingenia	4
Property portfolio overview	6
Ingenia Lifestyle and Holidays	9
Portfolio overview	10
Portfolio statistics	12
Development pipeline	15
Sales at 31 December 2021	16
Joint Venture with Sun Communities	19
Funds Management	23
Portfolio statistics	24
Ingenia Gardens	27
Portfolio overview	28
Portfolio statistics	30

Information as at 31 December 2020 unless otherwise stated.

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INGENIA HOLIDAYS ONE MILE BEACH, NSW

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ABOUT INGENIA

78 properties[*]

• Established in 2004 – internalised as Ingenia in 2012 and now part of the ASX 200 Index

• Resident rent payments supported by Commonwealth pension and rental assistance

• Leading provider of affordable rental, lifestyle living and holiday accommodation

• Board and management team with deep sector experience

• More than 7,600 residents paying rent, over 1.1 million tourism room nights per year and growing through acquisition, expansion and development of new communities

• Focus on growing rental base through acquisition and expansion of lifestyle communities and capital partnerships

• Includes assets in which Ingenia has an interest via Joint Venture or through managed funds. Excludes assets held for sale and acquisitions announced and yet to settle.

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PROPERTY PORTFOLIO

Ingenia manages a $1.3 billion[*] property portfolio dominated by cash yielding assets

Ingenia Communities is one of Australia's largest owners, operators and developers of seniors rental, lifestyle and holiday communities

The Group also manages and co-invests in communities held within its managed funds and a development Joint Venture with Sun Communities

Key

Lifestyle and Holidays (40) Gardens (26) Funds (9) Joint Venture (3)

• Includes interest in assets held through the Joint Venture with Sun Communities and through Ingenia’s co-investment in managed funds. Excludes assets held for sale and announced acquisitions yet to settle.

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INGENIA COMMUNITIES GROUP

Ingenia Core Portfolio: Overview

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Investment Property Portfolio EBIT [2]
(by Value) [1]
73%
32%
53%
$1.1b $42m
13%
15%
14%
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Growth In Income Generating Sites

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10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 1H21
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Portfolio Location
(by Value) [1]
3%
33%
12%
$1.1b
52%
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Lifestyle and Holidays (Development) Queensland Ingenia Gardens (Rental) New South Wales Lifestyle and Holidays (Rental) Victoria Western Australia

1. At 31 December 2020. Excludes Joint Venture, managed funds and assets held for sale. 2. Represents 1H21 Portfolio EBIT. Excludes F&B and Other.

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INGENIA COMMUNITIES GROUP

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OPEN DAY
INGENIA LIFESTYLE BETHANIA, QLD
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Ingenia Lifestyle and Holidays

The Portfolio provides affordable seniors accommodation through a land-lease rental model, complemented by holiday experiences which cater largely to seniors and families

The Portfolio has expanded rapidly, providing exposure to a growing market with stable cash flows

Ingenia’s focus is on increasing scale and enhancing returns by growing the Group’s stable rental base through acquisition, expansion of existing communities and the development of new communities

At 31 December 2020, Ingenia’s Lifestyle and Holidays Portfolio has a value of $921.6 million*

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INGENIA LIFESTYLE HERVEY BAY, QLD
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INGENIA LIFESTYLE LAKE CONJOLA, NSW
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• Excludes assets held for sale.

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Portfolio overview

The Group’s core portfolio is concentrated in metropolitan and coastal areas

Portfolio Location (by Value)

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63%
2%
$922m
35% Regional
Coastal
Metro
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Average rent - permanent homes[2]

31 December 2020	$187 per week
31 December 2019 $180 per week

Average rent - annual sites

31 December 2020	$133 per week
31 December 2019	$117 per week

1. Includes new and recycled permanent and tourism sites, and optioned and secured assets (owned by Ingenia, the Joint Venture and managed funds). For details see page 15.

Ingenia Lifestyle and Holidays snapshot

	31 December 2020*	31 December 2019
Total properties Total permanent homes Total annual sites Total tourism sites Potential development sites1	40	37
	4,327	3,677
	694	760
	2,879	2,481
	3,142	4,261

Tourism cabins[3]

31 December 2020	57% average occupancy
	$138 RevPOR
31 December 2019	60% average occupancy
	$144 RevPOR

Tourism sites[3]

31 December 2020	45% average occupancy
	$49 RevPOR
31 December 2019	53% average occupancy
	$46 RevPOR

• Note: Unless otherwise stated, figures exclude assets held through Joint Venture with Sun Communities and in which Ingenia has a co-investment through it’s managed funds.

• Includes land lease sites and rental homes. Exludes assets held for sale and yet to settle.

• Represents revenue per occupied room night (RevPOR) for full year to 31 December. Not adjusted for closures due to COVID-19 or bushfires (January 2020).

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INGENIA LIFESTYLE SUNNYLAKE SHORES, NSW

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Portfolio statistics: Ingenia Lifestyle and Holidays

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Total Asset Asset Value ($m) Tourism Total Potential
Property Acquired Value ($m) Development Complete Perm Sites Annuals Cabins Sites Sites Dev. Sites [2]
Ingenia Lifestyle
The Grange, NSW Mar 2013 25.3 - 25.3 215 - - - 215 -
Ettalong Beach, NSW Apr 2013 6.4 - 6.4 116 - - - 116 -
Nepean River, NSW Aug 2013 12.5 - 12.5 97 - 38 26 161 -
Kingscliff, NSW Nov 2013 15.5 - 15.5 109 - 19 61 189 -
Sydney Hills, NSW Apr 2015 15.3 0.2 15.1 63 - 31 44 138 -
Hunter Valley, NSW Feb 2014 8.6 - 8.6 62 - 18 34 114 -
South West Rocks, NSW Feb 2016 12.9 - 12.9 114 4 29 112 259 -
Stoney Creek, NSW May 2014 25.1 1.7 23.4 229 - - - 229 -
Bevington Shores, NSW Dec 2019 25.3 1.3 24.0 184 - - - 184 7
Lake Munmorah, NSW Apr 2020 29.0 - 29.0 230 - - - 230 -
Sunnylake Shores, NSW Jul 2020 16.6 7.9 8.7 94 - - - 94 36
Chambers Pines, QLD Mar 2015 55.0 16.5 38.5 385 - - - 385 262
Bethania, QLD Jul 2015 32.2 14.6 17.6 181 - - - 181 127
Durack Gardens, QLD Jun 2017 34.1 0.3 33.8 265 - - - 265 -
Eight Mile Plains, QLD Aug 2017 29.8 1.4 28.4 241 - - - 241 -
Brisbane North, QLD Feb 2019 30.1 - 30.1 259 - - 6 265 -
Taigum, QLD Nov 2019 16.8 - 16.8 124 - 37 - 161 -
Lara, VIC Oct 2015 37.6 8.1 29.5 231 - - - 231 174
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Investment properties are carried at fair value in accordance with the Group’s accounting policy.

Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date in the principal market for the asset or liability, or in its absence, the most advantageous market. In determining fair values, the Group considers relevant information including the capitalisation of rental streams using market assessed capitalisation rates. For investment properties under development the Group assesses fair value based on expected net cash flows discounted to their present value using market determined risk adjusted discount rates and other available market data such as recent comparable transactions. As such the fair value of an investment property under development will differ depending on the number of settlements realised and the stage that each development is at.

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Portfolio statistics: Ingenia Lifestyle and Holidays

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Total Asset Asset Value ($m) Tourism Total Potential
Property Acquired Value ($m) Development Complete Perm Sites Annuals Cabins Sites Sites Dev. Sites [2]
Ingenia Holidays
White Albatross, NSW Dec 2014 26.9 - 26.9 134 - 61 105 300 -
Lake Macquarie, NSW Apr 2015 9.6 - 9.6 10 46 33 50 139 -
One Mile Beach, NSW Dec 2013 26.4 - 26.4 3 32 80 123 238 -
Lake Conjola, NSW Sept 2015 42.7 1.2 41.5 107 268 44 51 470 -
Soldiers Point, NSW Oct 2015 17.0 - 17.0 19 9 37 54 119 -
Broulee, NSW Mar 2016 6.5 - 6.5 - 37 31 54 122 -
Ocean Lake, NSW Aug 2016 10.0 - 10.0 43 128 22 58 251 -
Avina, NSW Oct 2016 35.3 13.0 22.3 83 - 54 60 197 -
Blueys Beach [3] , NSW Jan 2017 7.6 6.5 1.1 34 - - - 34 127
Bonny Hills, NSW May 2017 14.3 - 14.3 - - 44 48 92 -
Byron Bay, NSW Apr 2019 18.2 - 18.2 35 - 52 176 263 -
Middle Rock, NSW Dec 2020 19.4 19.4 74 67 39 109 289
Rivershore Resort, QLD [2] Nov 2018 25.0 1.9 23.1 - - 17 88 105 -
Hervey Bay, QLD Oct 2016 9.9 - 9.9 14 - 28 111 153 -
Cairns Coconut, QLD Mar 2017 58.8 1.7 57.1 42 - 136 194 372 -
Noosa, QLD Feb 2015 19.0 - 19.0 49 - 30 108 187 -
Inverloch, VIC Dec 2020 34.8 34.8 - 103 50 277 430 -
Redlands (Lake Sherrin), QLD Nov 2020 8.2 2.0 6.2 105 - - - 105 -
Greenfield Projects
Latitude One [4] , NSW Dec 2016 47.9 20.8 27.1 218 - - - 218 199
Plantations, NSW Aug 2017 28.7 17.1 11.6 117 - - - 117 68
Hervey Bay, QLD Apr 2018 17.5 13.3 4.2 41 - - - 41 260
Ballarat, VIC Jul 2020 9.8 9.8 - - - - - - 250
TOTAL [1] 921.6 139.3 782.3 4,327 694 930 1,949 7,900 1,510
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1. Excludes assets under option, assets held for sale and owned by Joint Venture or managed funds.

2. Includes home sites yet to be approved. Excludes sites optioned, secured or to be developed for tourism.

3. Ingenia has ceased offering annual sites at Blueys Beach pending redevelopment.

4. Carrying value represents 100% of the property value. A profit share arrangement is in place with a third-party, the liability for which is carried at fair value and classified as non-current liability.

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INGENIA LIFESTYLE CHAMBERS PINES, QLD

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Development pipeline

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Dev. Sites Total Dec 20 Dec 21 Dec 22 Dec 23
Cluster/Community Approved Requiring Potential
Dev. Sites
Approval Dev. Sites
Newcastle/Hunter, NSW
Latitude One 44 155 199 Future stage yet to be approved
Fullerton Cove (JV) [1] 145 - 145
Morisset (JV) [1] 400 - 400
North Coast, NSW
Bevington Shores 7 - 7
Sunnylake Shores 36 - 36
Blueys Beach 25 102 127
Plantations 68 - 68
South Coast, NSW
Lake Conjola - - -
Brisbane, QLD
Bethania 127 - 127
Chambers Pines 262 - 262
Freshwater (JV) 122 102 224
Fraser Coast, QLD
Hervey Bay 202 58 260
Victoria, VIC
Ballarat 250 - 250
Lara 174 - 174
TOTAL 1,862 417 2,279
Secured/ Optioned
Greater Melbourne, VIC - 308 308
North Melbourne, VIC 228 - 228
Morisset, NSW - 207 207
Port Stephens, NSW - 120 120
TOTAL PORTFOLIO 2,090 1,052 3,142
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• Note: Excludes sites approved for tourism and rental cabins. 1. Amending DA.

• Includes sites where Joint Venture undertaking due diligence.

Note: Timeframes are indicative and subject to change. Settlements generally commence 9 - 12 months from project commencement.

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Deposits and contracts in place for 241 homes at 31 December 2020

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Ave. Available
Sale Price [1 ] Other Completed
1H21 Settled (000’s) Settlements [2] Deposited [3] Contracted Stock [4]
Ingenia Lifestyle Lake Conjola 13 397 - 1 3 3
Ingenia Lifestyle Stoney Creek 2 394 - - - -
Ingenia Lifestyle Chambers Pines 22 273 - 14 9 4
Ingenia Lifestyle Bethania 12 360 - 15 3 10
Ingenia Lifestyle Albury 3 245 1 - - -
Ingenia Lifestyle Sunnylake Shores - - - 1 2 4
Ingenia Lifestyle Bevington Shores - - - - 1 2
Ingenia Lifestyle Lara - - - 21 - 1
Other 1 315 7
Ingenia Lifestyle Latitude One 25 583 - 6 29 1
Ingenia Lifestyle Plantations 31 493 - 29 6 1
Ingenia Lifestyle Hervey Bay 19 310 - 43 20 -
Ingenia Lifestyle Parkside (Ballarat) - - - 20 - -
Freshwater by Ingenia Lifestyle (Joint Venture) 8 422 - 15 3 13
TOTAL PORTFOLIO 136 415 8 165 76 39
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1. Represents average new home price (incl GST) for homes settled 1H21. Average above ground margin (home sale price versus cost of home) is 46 %.

1. Other settlements include refurbished home sales and sales at communities not currently under development.

2. Includes First Choice Club deposits for projects/stages yet to be released and deposits for projects yet to commence. 4. Excludes Display Homes, Staff site offices and refurbished homes.

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INGENIA LIFESTYLE PLANTATIONS, NSW

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INGENIA COMMUNITIES GROUP

DISPLAY LAUNCH INGENIA LIFESTYLE FRESHWATER, QLD

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Joint Venture with Sun Communities

In November 2018, Ingenia established a Joint Venture with US group, Sun Communities, to undertake greenfield development of lifestyle communities, providing an efficient way to fund the development of new communities

At 31 December 2020, the Joint Venture had acquired three development approved sites, had over 700 sites conditionally contracted or optioned and further sites under review in due diligence

QLD

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• Ingenia Lifestyle Freshwater
NSW
• Fullerton Cove
• Morisset
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The Joint Venture has the first right to acquire any new greenfield lifestyle development opportunities identified by Ingenia Communities and Ingenia has the right to acquire each community, once complete, from the Joint Venture at market value

Key Terms

Term Minimum 5 years Fees: Ingenia, as manager, receives fees for Origination, Asset Management, and Development Management Performance fees may be paid to Ingenia subject to achieving individual project IRR targets Funding: Projects to be funded via a mix of equity (provided jointly by Ingenia and Sun) and debt. Third party portfolio debt is in place to fund development and future acquisitions. Facilities totalling $27 million are non-recourse to Ingenia and Sun.

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Joint Venture 31 December 2020
Greenfield properties (#) 3
Investment carrying value ($m) 31.3
Fee income ($m) 1.7
Share of loss from Joint Venture ($m) (0.6)
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The Joint Venture generated modest development and operating income in 1H21. The result reflects sales and marketing costs associated with the Freshwater launch, operating establishment costs ahead of project sales and write-off of acquisition and due diligence.

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Joint Venture with Sun Communities

Joint Venture Portfolio (31 December 2020)

Freshwater Located at Burpengary, Qld (acquired May 2019) Fullerton Cove, NSW (acquired June 2019) Morisset, NSW (acquired Nov 2020)

A 9.5-hectare site located approximately 35 kilometres from the Brisbane CBD within Brisbane’s Northern Growth Corridor with potential for 233 homes (131 approved and DA lodged for a further 102 sites). An additional parcel of land which provides potential for future expansion (approximately 25 homes) has also been acquired. The project was originally launched just prior to COVID-19 restrictions being announced, which initially impacted sales. The project was relaunched with the opening of the newly completed clubhouse in December 2020. With 18 homes deposited or contracted at 31 December settlements are anticipated to increase over the next 12-18 months. A 9.2 hectare site on the NSW North Coast, in June 2019, approximately 20 kilometres north of Newcastle. The Joint Venture has lodged plans to amend the existing approval (145 sites) to cater for 124 sites with larger homes. A 27 hectare site located at Morisset, an hour north of Sydney, on the popular NSW Central Coast with close proximity to Ingenia Lifestyle The Grange and in a well established cluster. The site forms part of a community hub with commercial and entertainment precincts and has development approval for a land lease community of 400+ sites. The first two tranches of land were settled in November 2020, and the remaining tranches are expected to settle in November 2021.

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INGENIA LIFESTYLE FRESHWATER, QLD
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INGENIA LIFESTYLE FRESHWATER, QLD
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INGENIA HOLIDAYS TOMAKIN, NSW

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Funds Management

In August 2019, Ingenia acquired fund manager, Eighth Gate Capital Management (including Allswell Communities), in conjunction with acquiring a stake in each of Eighth Gate’s six established funds

With $143 million AUM, the Funds include nine established assets located in Victoria, Queensland and New South Wales

The holiday parks were rebranded Ingenia Holidays in late 2020 and are benefitting from the strength of the Ingenia Holidays brand and digital platform

Ingenia is focused on delivering strong performance for the Funds’ investors through active management of the portfolio

QLD

• Ingenia Holidays Landsborough

NSW

• Ingenia Holidays Shoalhaven Heads

• • Ingenia Holidays Coastal Palms • Ingenia Holidays Wairo Beach • Ingenia Holidays Tomakin • Ingenia Holidays Moruya

VIC

• Federation Village Werribee

• • Federation Village Sunshine • Federation Village Glenroy

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Funds Management 31 December 2020
Fund interest ($m) 11.8
Income ($m) 1.1
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Portfolio statistics: Funds Management

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No. Sites
Assets Under Management
(six stapled funds) Communities Permanent sites Annuals Cabins/Sites
• Federation Village, Glenroy, VIC 182
~$78m • Federation Village, Sunshine, VIC 142 – –
• Federation Village, Werribee, VIC 179
~$13m • Ingenia Holidays Coastal Palms, Shoalhaven, NSW 144 50 14
~$6m • Ingenia Holidays Landsborough, Landsborough, QLD 42 23 32
~$12m • Ingenia Holidays Shoalhaven Heads, Shoalhaven Heads, NSW 82 105 24
• Ingenia Holidays Tomakin, Tomakin, NSW
~$26m 27 294 114
• Ingenia Holidays Wairo Beach, Lake Tabourie, NSW
~$8m • Ingenia Holidays Moruya, Moruya, NSW 5 49 65
~$143m 803 521 249
Key Fund Terms
• To September 2023 with option for a further 5 years (one fund only)
Term of management
• To August 2024 (all other funds)
Liquidity • Ingenia may provide limited liquidity to fund investors
• Funds management fee
• Asset management fee
• Development management fees
Fees
• Sales commission
• Project management fee
• Performance fee
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INGENIA HOLIDAYS MORUYA, NSW

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Ingenia Gardens

The Ingenia Gardens Portfolio provides affordable seniors rental accommodation, delivering stable cashflows, supported by Government pension and rent assistance

Ingenia’s management team is focused on ensuring residents enjoy living in connected, engaged communities. Ingenia Care, a free service, is a key part of this commitment

Ingenia’s focus is growing returns through delivery of exceptional service to our residents, occupancy gains, rental growth and margin enhancement

At 31 December 2020, the Portfolio of 26 communities had a book value of $143.3 million

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Portfolio overview

Ingenia Gardens snapshot

	31 December 2020	31 December 2019
Total properties Total units Av. weekly rent Occupancy	26	26
	1,377	1,376
	$341	$342
	96.4%	91.6%

1,423	Daily resident meals served
3.18 years	Average resident tenure
96.4%	Occupancy

Portfolio Location

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(by value)
11%
22%
$143m 35%
Queensland (2)
32% New South Wales (9)
Victoria (9)
Western Australia (6)
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Single unit floorplan

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Couples unit floorplan

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Portfolio statistics: Ingenia Gardens

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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Wagga Wagga Wagga, NSW Jun 2013 4.6 50 98.0
Wheelers Dubbo, NSW Jun 2004 6.2 52 100.0
Taloumbi Coffs Harbour, NSW Jun 2004 6.5 50 100.0
Goulburn Goulburn, NSW Jun 2004 5.5 49 89.8
Oxley Port Macquarie, NSW Jun 2004 5.5 45 95.6
Dubbo Dubbo, NSW Dec 2012 6.4 54 100.0
Taree Taree, NSW Dec 2004 5.5 51 98.0
Peel River Tamworth, NSW Mar 2013 5.1 51 94.1
Bathurst Bathurst, NSW Jan 2014 4.5 54 88.9
Grovedale Grovedale, VIC Jun 2005 5.5 51 100.0
St Albans Park St Albans Park, VIC Jun 2004 6.0 54 100.0
Townsend St Albans Park, VIC Jun 2004 5.2 50 98.0
Sovereign Ballarat, VIC Jun 2013 4.4 51 98.0
Hertford Sebastopol, VIC Jun 2004 4.5 48 95.8
Coburns Brookfield, VIC Jun 2004 5.4 51 98.0
Horsham Horsham, VIC Jun 2004 5.1 47 89.4
Brooklyn Brookfield, VIC Jun 2004 5.6 51 96.1
Warrnambool Warrnambool, VIC Jan 2014 4.4 49 95.9
Swan View Swan View, WA Jan 2006 8.8 72 98.6
Seville Grove Seville Grove, WA Jun 2004 3.8 45 97.8
Ocean Grove Mandurah, WA Feb 2013 4.1 45 100.0
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Portfolio statistics: Ingenia Gardens

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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Yakamia Yakamia, WA Jun 2004 4.4 57 82.5
Seascape Erskine, WA Jun 2004 5.1 51 94.1
Carey Park Bunbury, WA Jun 2004 5.2 51 100.0
Marsden Marsden, QLD Jun 2005 11.5 97 96.9
Jefferis Bundaberg North, QLD Jun 2004 4.5 51 100.0
Total / Average 143.3 1,377 96.4
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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 16 February 2020 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, including in the United States or any other jurisdiction in which such an offer would be illegal.

Approved for lodgement by the Chairman.

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