INGENIA COMMUNITIES GROUP — Management Reports 2019

Aug 19, 2019

FY19 PROPERTY PORTFOLIO

CONTENTS	CONTENTS
Property Portfolio Overview	5
Ingenia Lifestyle and Holidays	8
Portfolio overview	10
Portfolio statistics	12
Ingenia Lifestyle Development	14
Development pipeline	15
Sales at 30 June 2019	16
Development Joint Venture	18
Funds Management	22
Ingenia Gardens	27
Portfolio overview	28
Portfolio statistics	30

Information as at 30 June 2019 unless otherwise stated.

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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19

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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 3

ABOUT INGENIA

61 properties[*]

• Established in 2004 – internalised as Ingenia in 2012 and now part of the ASX 300

• Leading provider of affordable rental land-lease living and holiday accommodation

• More than 5,100 residents paying rent, 869,000 tourism room nights and growing through development of new communities

• Resident rent payments supported by Commonwealth pension and rental assistance

• Board and management team with deep sector experience

• Focus on growing rental base through expansion of Lifestyle and Holiday communities and capital partnerships

• Excludes assets held for sale and assets in which Ingenia has an interest via Joint Venture or through managed funds.

INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19

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Property portfolio

Ingenia’s $847 million[*] core property portfolio is 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 assets held within wholesale managed funds and the Joint Venture with Sun Communities

Key

Lifestyle and Holidays (Ingenia 35) Gardens (26) Allswell Communities (funds) (10) Joint Venture (development) (2)

*Excludes assets held for sale, interest in assets held through the Joint Venture with Sun Communities and through Ingenia’s co-investment in managed funds (acquired August 2019).

INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 5

Investment Property (by Value)[1]

Portfolio EBIT[2]

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67%
$847m
18%
15%
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Lifestyle and Holidays (Development) Ingenia Gardens (Rental) Lifestyle and Holidays (Rental)

1. Excludes Joint Venture and managed funds.

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39% $72m 47%
14%
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Lifestyle and Holidays (Development) Ingenia Gardens (Rental) Lifestyle and Holidays (Rental)

1. Represents FY19 Portfolio EBIT.

2. Excludes assets held for sale.

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Ingenia Holidays Noosa, QLD
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Portfolio Location (by Value)[1]

Growth In Rental Sites

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4%
8%
53%
$847m
35%
Queensland New South Wales
Victoria Western Australia
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8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
-
Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
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1. Excludes Joint Venture and managed funds. Excludes assets held for sale.

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Ingenia Holidays Ocean Lake, NSW
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INGENIA
LIFESTYLE
AND
HOLIDAYS
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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 and increased exposure to development returns

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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

Ingenia’s Lifestyle and Holidays Portfolio currently has a value of $715 million

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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 9

Portfolio overview

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

Portfolio Location (by Value)

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4%
39%
$715m
57%
Regional
Coastal
Metro
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Average rent - permanent homes[2]

30 June 2019	$168 per week
30 June 2018 $166 per week

Average rent - annual sites

30 June 2019	$114 per week
30 June 2018	$108 per week

1. Includes new and recycled permanent and tourim sites, and optioned and secured assets. For details see page 15. 2. Includes land lease sites and rental homes.

Ingenia Lifestyle and Holidays snapshot

	30 June 2019	30 June 2018
Total properties Total permanent homes Total annual sites Total tourism sites Potential development sites1	35	35
	3,252	2,702
	764	908
	2,383	2,186
	3,713	3,244

Tourism cabins[3]

30 June 2019	59% average occupancy
	$149 RevPOR
30 June 2018	59% average occupancy
	$144 RevPOR

Tourism sites[3]

30 June 2019	50% average occupancy
	$47 RevPOR
30 June 2018	48% average occupancy
	$46 RevPOR

1. Represents revenue per occupied room night (RevPOR) for full year to 30 June. Note: Excludes assets held for sale at 30 June 2019, interest in assets held through Joint Venture with Sun Communities and in which Ingenia has a co-investment through managed funds (to be acquired August 2019).

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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 Mar 2013 22.6 3.7 18.9 196 – – – 196 –
Ettalong Beach Apr 2013 7.1 – 7.1 116 – – – 116 –
Nepean River Aug 2013 13.2 – 13.2 101 – 37 21 159 –
Kingscliff Nov 2013 15.1 – 15.1 109 – 19 61 189 –
Sydney Hills Apr 2015 15.8 – 15.8 69 – 25 44 138 –
Albury Aug 2013 7.2 3.2 4.0 50 – 21 26 97 105
Hunter Valley Feb 2014 8.9 0.9 8.0 56 – 18 35 109 –
Chambers Pines Mar 2015 42.3 11.9 30.4 317 – – – 317 282
Bethania Jul 2015 24.7 15.1 9.6 136 – – – 136 173
Lara Oct 2015 28.1 7.1 21.0 210 – – – 210 209
South West Rocks Feb 2016 12.9 0.6 12.3 110 4 24 116 254 –
Durack Gardens Jun 2017 29.1 3.1 26.0 242 – – – 242 –
Eight Mile Plains Aug 2017 30.1 3.5 26.6 259 – – – 259 –
Stoney Creek May 2014 23.2 2.7 20.5 226 – – – 226 37
Brisbane North Feb 2019 29.5 - 29.5 354 – – – 354 –
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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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Asset Value ($m) Tourism
Total Asset Total Potential
Property Acquired Value ($m) Development Complete Perm Sites Annuals Cabins Sites Sites Dev. Sites [2]
Ingenia Holidays
White Albatross Dec 2014 29.6 – 29.6 134 – 62 105 301 –
Noosa Feb 2015 18.5 – 18.5 49 – 30 108 187 –
Lake Macquarie Apr 2015 8.6 – 8.6 11 47 23 50 131 –
One Mile Beach Dec 2013 19.7 – 19.7 2 44 67 123 236 –
Sun Country Apr 2014 9.0 1.0 8.0 36 204 18 – 258 104
Lake Conjola Sept 2015 44.2 10.4 33.8 64 285 40 49 438 32
Soldiers Point Oct 2015 15.8 – 15.8 22 15 34 49 120 –
Broulee Mar 2016 6.6 – 6.6 1 37 31 54 123 –
Ocean Lake Aug 2016 9.5 – 9.5 43 128 24 55 250 –
Hervey Bay Oct 2016 9.8 – 9.8 16 – 28 110 154 –
Avina Oct 2016 34.0 10.4 23.6 84 – 56 60 200 –
Blueys Beach [3] Jan 2017 6.3 3.4 2.9 29 – – – 29 129
Cairns Coconut Mar 2017 57.0 – 57.0 45 – 136 193 374 –
Bonny Hills May 2017 13.9 – 13.9 – – 44 49 93 –
Rivershore Resort Nov 2018 23.2 – 23.2 – – 15 95 110 –
Byron Bay Apr 2019 17.9 – 17.9 35 – 52 176 263 –
Greenfield Projects
Latitude One [4] Dec 2016 41.0 32.9 8.1 100 – – – 100 318
Plantations Aug 2017 22.7 21.9 0.8 30 – – – 30 156
Hervey Bay Apr 2018 7.6 7.6 – – – – – – 253
Upper Coomera May 2018 10.0 10.0 – – – – – – 200
TOTAL [1] 714.7 149.4 565.3 3,252 764 804 1,579 6,399 1,998
Assets Held for Sale
Mudgee Valley Sept 2013 2.7 – 2.7 34 – 30 16 80 –
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1. Excludes assets under option, assets held for sale and owned by Joint Venture or managed funds.

2. Includes sites yet to be approved. Excludes sites optioned or secured.

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

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 DEVELOPMENT

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Development pipeline

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Dev. Sites Total Indicative timing
Cluster/Community Approved Dev. Requiring Potential
Sites Approval Dev. Sites Jun-19 Jun-20 Jun-21 Jun-22
Newcastle/Hunter, NSW
Latitude One 157 161 318
Fullerton Cove (JV) 119 - 119
North Coast, NSW
Blueys Beach 25 104 129
Plantations 156 - 156
Sydney Basin, NSW
Stoney Creek 6 31 37
South West, NSW
Albury 61 44 105
Sun Country 104 - 104
South Coast, NSW
Lake Conjola 32 - 32
Brisbane, QLD
Bethania 173 - 173
Chambers Pines 282 - 282
Upper Coomera - 200 200
Burpengary (JV) 131 102 233
Fraser Coast, QLD
Hervey Bay 253 - 253
Victoria, VIC
Ballarat (Eighth Gate) 163 - 163
Lara 13 196 209
TOTAL 1,675 838 2,513
Secured/ Optioned
Far North Coast, NSW - 200 200
Hunter/Newcastle, NSW - 400 400
Greater Melbourne, VIC - 300 300
Geelong/Bellarine, VIC - 300 300
TOTAL PORTFOLIO 1,675 2,038 3,713
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Note: Excludes sites approved for tourism and rental cabins.

• Joint Venture undertaking due diligence.

Note: Timeframes are indicative and subject to change.

INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 15

Deposits and contracts in place for 223 homes at 30 June 2019

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Other Available
FY19 Settled Settlements [1] Deposited [2] Contracted Completed Stock [3]
Ingenia Lifestyle Lake Conjola
43 1 12 9 9
Lake Conjola
Ingenia Lifestyle Stoney Creek 8 1 1 4 -
Marsden Park
Ingenia Lifestyle Chambers Pines 47 - 8 7 14
Chambers Flat
Ingenia South West Rocks 2 1 1 - 4
South West Rocks
Ingenia Lifestyle Bethania
31 1 27 5 5
Bethania
Ingenia Albury 5 - 4 2 2
Lavington
Ingenia Lifestyle Lara 52 - 10 6 -
Lara
Ingenia Hunter Valley 14 - 1 2 3
Cessnock
Ingenia Lifestyle The Grange
19 5 1 3 2
Morisset
Latitude One 84 - 38 21 5
Port Stephens
Plantations 30 - 36 4 7
Port Macquarie
Ingenia Lifestyle Hervey Bay - - 19 2 -
Hervey Bay
Other 1 3 - - 1
TOTAL PORTFOLIO 336 12 158 65 52
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1. Other settlements include refurbished home sales at communities not currently under development. 2. Includes First Choice Club deposits for projects/stages yet to be released. 3. Excludes Display Homes, Staff site offices and refurbished homes.

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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 17

DEVELOPMENT JOINT VENTURE

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Joint Venture with Sun Communities

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

At 30 June 2019, the Joint Venture had acquired two development approved sites and is actively reviewing additional opportunities

The Joint Venture has the first right to acquire any new greenfield opportunities identified by Ingenia Communities and Ingenia has the right to acquire each completed community from the Joint Venture at market value

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Burpengary
Fullerton Cove
Ingenia Lifestyle and Holidays
Allswell Communities
Joint Venture
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Joint Venture 30 Jun 19

Key Terms

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 Projects to be funded via a mix of equity (provided Funding: jointly by Ingenia and Sun) and debt

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Greenfield properties (#) 2
Investment carrying value ($m) 11.6
Fee income ($m) 0.8
Share of loss from Joint Venture ($m) [1] (1.2)1
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1. The Joint Venture did not generate any development or operating income in FY19. The loss ($1.2m) reflects write-off of costs associated with acquisition costs for the first two projects.

INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 19

Joint Venture with Sun Communities

Joint Venture Portfolio (30 June)

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Burpengary, Qld A 9.5-hectare site located approximately 35 kilometres from the Brisbane CBD within Brisbane’s Northern Growth
(acquired May 2019) Corridor with potential for 233 homes. (131 approved and DA lodged for a further 102 sites).
The ‘build ready’ site has lead-in infrastructure, initial civil works and road network in place, providing the
opportunity to deliver settlements in FY20.
Fullerton Cove, NSW A 9.2 hectare site on the NSW North Coast, in June 2019, approximately 20 kilometres north of Newcastle.
(acquired June 2019)
The Joint Venture plans to amend the existing approval (145 sites) to cater for 119 homes.
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optioned land
Burpengary construction works - August 2019
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FUNDS MANAGEMENT

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Allswell Communities

On 22 August 2019, Ingenia is expected to complete the acquisition of fund manager Eighth Gate Capital Management, in conjunction with acquiring a stake in each of Eighth Gate’s six established funds

With $140 AUM, Eighth Gate operates 10 communities under the Allswell Communities brand. These communities are located in Victoria, Queensland and New South Wales, building Ingenia’s presence in key target markets

The funds include nine established assets on the east coast, and one (DA approved) greenfield development in Ballarat, VIC

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

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Ingenia Lifestyle and Holidays
Ingenia Gardens
Allswell Communities
Joint Venture
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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 23

Portfolio statistics: Funds Management

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No. Sites
Assets Under Management Ingenia
(six stapled funds) Communities Permanent sites Annuals Cabins/Sites Co-investment
• Federation Village, Glenroy, VIC 181
• Federation Village, Sunshine, VIC 141
~$78m – – 19.5%
• Federation Village, Werribee, VIC 178
• Federation Village, Ballarat, VIC (greenfield) 163 (approved)
~$13m • Coastal Palms, Shoalhaven, NSW 103 100 – 13%
~$6m • Landsborough Pines, Landsborough, QLD 50 – 50 10%
~$11.5m • Tall Timbers, Shoalhaven Heads, NSW 81 110 18 10%
• Tomago River, Tomakin, NSW
~$24m 20 385 66 10%
• Wairo Beach, Lake Tabourie, NSW
~$8m • Riverbreeze, Moruya, NSW 5 50 65 18%
~$140m 922 645 199 $13.8m
Key Fund Terms
• To October 2020 with option for a further 5 years (one fund only)
Term of management
• To July 2024 (all other funds)
Liquidity • Ingenia may provide limited liquidity to fund investors
• Funds management fee (1% of gross assets)
• Asset management fee (from 4.5% to 12% of net operating profit)
• Development management fees (20% of net profit on new home sales)
Fees
• Sales commission (3% of home price)
• Project management fee (4.5-6% of construction costs)
• Performance fee (20% of returns above 10% IRR)
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INGENIA GARDENS

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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 occupancy gains, rental growth and margin enhancement

At 30 June 2019, the Portfolio of 26 communities had a book value of $132.1 million

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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 27

Portfolio overview

Ingenia Gardens snapshot

	30 June 2019	30 June 2018
Total properties Total units Av. weekly rent1 Occupancy1	26	26
	1,376	1,374
	$342	$338
	90.8%	92.4%

• Daily resident meals served – 1,335

• Average resident tenure 3.1 years

• 90.8% occupancy

• Weighted average weekly rent on a Like for Like basis.

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2.5m 3.5m 2.5m 4m
PANTRY
KITCHENETTE
CLOTHESLINE
BUILT IN ROBE
LIVING AREA
TYARD BATHROOM
4.5m R WM
U
CO
BEDROOM
FRMW
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Portfolio Location
(by value)
12%
34%
Queensland
23% Victoria
$132m Western Australia
New South Wales
32%
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INGENIA COMMUNITIES | PROPERTY PORTFOLIO FY19 29

Portfolio statistics: Ingenia Gardens

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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Wagga Wagga Wagga, NSW Jun 2013 3.6 50 72.0
Wheelers Dubbo, NSW Jun 2004 5.8 52 100.0
Taloumbi Coffs Harbour, NSW Jun 2004 5.6 50 100.0
Chatsbury Goulburn, NSW Jun 2004 4.9 49 93.9
Oxley Port Macquarie, NSW Jun 2004 5.1 45 93.3
Dubbo Dubbo, NSW Dec 2012 5.6 54 92.6
Taree Taree, NSW Dec 2004 4.9 51 90.2
Peel River Tamworth, NSW Mar 2013 4.6 51 88.2
Bathurst Bathurst, NSW Jan 2014 4.4 54 75.9
Grovedale Grovedale, VIC Jun 2005 5.3 51 98.0
St Albans Park St Albans Park, VIC Jun 2004 5.8 53 98.1
Townsend St Albans Park, VIC Jun 2004 5.1 50 98.0
Sovereign Ballarat, VIC Jun 2013 3.0 51 80.4
Hertford Sebastopol, VIC Jun 2004 4.5 48 87.5
Coburns Brookfield, VIC Jun 2004 5.1 51 86.3
Horsham Horsham, VIC Jun 2004 4.7 47 97.9
Brooklyn Brookfield, VIC Jun 2004 5.2 51 96.1
Warrnambool Warrnambool, VIC Jan 2014 3.8 49 98.0
Swan View Swan View, WA Jan 2006 8.0 72 87.5
Seville Grove Seville Grove, WA Jun 2004 4.0 45 84.4
Ocean Grove Mandurah, WA Feb 2013 3.8 45 93.3
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Asset Value Occupancy
Property Location Acquired ($m) Total Units (%)
Yakamia Yakamia, WA Jun 2004 4.6 57 73.7
Sea Scape Erskine, WA Jun 2004 4.4 51 82.4
Carey Park Bunbury, WA Jun 2004 4.9 51 100.0
Marsden Marsden, QLD Jun 2005 11.1 97 93.8
Jefferis Bundaberg North, QLD Jun 2004 4.3 51 100.0
Total / Average 132.1 1,376 90.8
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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 20 August 2019 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.

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