Oceania Healthcare doubles profit for half year

MEDIA RELEASE
25 January 2018
Oceania Healthcare doubles profit for the six months
ended 30 November 2017
Highlights
• Reported net profit after tax increased by $20.5m (93%) compared with the prior
corresponding period (pcp) to $42.5m due to strong uplift in valuation of investment
properties, higher resale margins and sale of new retirement village units.
• Underlying net profit after tax improved by $10.9m (121%) compared with pcp to
$19.9m.
• Operating cashflow improved from $12.8m to $17.1m (34%) due to the increase in
profit and reduction in interest paid compared with pcp.
• Total assets increased by $160m from pcp to $1.0bn due to significant development
capital expenditure, acquisitions and revaluations. New greenfields site acquisition in
St Heliers, Auckland announced.
• Development programme continuing to accelerate with 360 units and care suites
under construction across four sites.
• Key stage of Meadowbank Village (Auckland) development practically complete, with
Care facility certified. Presale applications received on 26 apartments out of a total of
62 in this stage.
• Supreme Winner Overall Excellence in Care Award for the third consecutive year for
innovative “I Love Music” programme.
• Interim dividend per share announced of 2.1 cents per share (not imputed) payable
on 20 February 2018.
$m’s
Six months to 30
November
Growth

2017 2016 $m %
Operating
Revenue
92.1 89.2 2.9 3.3%
Reported
NPAT
42.5 22.0 20.5 93.2%
Underlying
NPAT
19.9 9.0 10.9 121.1%
Total Assets 999.1 838.6 160.5 19.1%
Operating
Cashflow
17.1 12.8 4.3 33.6%

Earl Gasparich, Chief Executive Officer, commented:
We have delivered a strong result for the first half of the year and expect to achieve our
forecasts for the year ending 31 May 2018 set out in our Product Disclosure Statement.
Our Retirement Village business grew $4.2m or 35% in the period due to the sales of new
units at our Lady Allum Village (Milford, Auckland) that were completed in April last year, as
well as an increase in our resale margins to 28% (3% over last year). Earnings generated
from our Care business declined by $2.0m (11%) due to both the decommissioning of sites
for redevelopment purposes and softer occupancy in some DHB regions, the impact of which
was partially offset by good cost control.
All of the development projects outlined in the Product Disclosure Statement are well on
track. Completed developments - Elmwood (Manurewa, Auckland) and Stoke (Nelson) -
have been delivered on time and on Forecast. The third stage of our Meadowbank Village
(Auckland), a significant component of the FY18 Forecast, is practically complete with the
Care facility now open and 26 out of the 62 new apartments are subject to presale
application, which is already almost the levels of sales forecast for the full year.
In the second half of the year we will continue to sell down the Lady Allum Village Attwood
apartments (Milford, Auckland) with 30 of the 44 apartments completed in April 2017 already
sold or under application, Elmwood (Manurewa, Auckland), Stoke (Nelson) and
Meadowbank (Auckland) Stage 3. We will commence presales of “The Sands” (formerly
Maureen Plowman) on the beachfront of Browns Bay (North Shore of Auckland) for which we
already have received extraordinarily high levels of inquiry. We have also just commenced
the redevelopment of our Trevellyn facility in Hamilton with the first stage comprising a new
90-bed Care Suite facility as well as detailed design and consenting for our newly acquired
site in Waimarie Street, St Heliers (Auckland).
In our Care business, we will roll out our Clinical Information System which enhances the
way we organise the delivery of care to our residents and streamlines our compliance
requirements, and continue the roll out of our Award winning “I Love Music” programme.
On behalf of the Board, Oceania Chair Liz Coutts confirmed that an interim dividend of 2.1
cents per share (not imputed) would be paid to shareholders on 20 February 2018. This
dividend reflects Oceania’s steady earnings and cash flow and is in line with the Board
policy.

ENDS

Oceania Healthcare Limited is New Zealand’s third largest residential aged care provider and sixth largest
retirement village operator. Oceania Healthcare has a total of 3,893 beds, suites and units located at 50 sites in
the North and South Islands.

Appendix – reconciliation of reported net profit after tax to underlying net profit after tax


$m
Reported net profit after tax 42.5
Less: Change in fair value of investment property and
reversal of impairment of property, plant and
equipment
(35.3)
Add: Realised gain on resale 6.7
Add: Realised development margin 4.1
Add: Deferred tax expense/(benefit) 1.9
Underlying net profit after tax 19.9

---

Results
Presentation
25 January 2018
for the Six Months Ended 30 November 2017

11
01Highlights of the six months ended 30 November 20172
02Business Overview and Strategy7
03Update on Developments13
04Financial Results19
05Appendices33
SECTIONPAGE
Agenda

2
STRICTLY CONFIDENTIAL
Highlights of the six months ended 30 November 2017
SECTION 1
1

3
Reported NPAT and Pro forma Underlying
1
EBITDA ahead of the previous
corresponding period
1. Underlying NPAT is a non-GAAP measure used by Oceania to monitor business performance and is a consideration in determining dividend
distributions. Refer to page 41 in the Appendices for a definition of Underlying NPAT. Underlying NPAT is reported in the operating segment note of
Oceania's audited consolidated financial statements. The pro forma adjustments are reconciled on page 21 of this presentation. Refer to page 42
in the Appendices for an explanation of the pro forma adjustments made.
We have delivered a strong interim financial result as well as continuing to execute our key developments and
operational initiatives. We expect to achieve our IPO Forecasts for the year ending 31 May 2018
1HY2018 Highlights
1
●Underlying NPAT of $19.9m, increased 121% from $9.0m in the previous corresponding period (“pcp”)
●Reported NPAT of $42.5m, increased 93% from $22.0m in the pcp
●Pro Forma Underlying EBITDA of $25.3m, increased 9% from $23.3m in the pcp
●Operating cashflow of $17.1m, increased 34% from $12.8m in the pcp
●Total assets increased by $160.5m from 1HY2017 to reach approximately $1.0bn
Developments on track
2
●25 units completed at Elmwood in November 2017 (on time and on forecast cost)
●30 care suites completed and MoHcertified, and 62 apartments due for completion in January 2018, at
Meadowbank(on time and forecast cost)
●10 units completed at Stoke in December 2017 (on time and on forecast cost)
●360 units and care suites are under construction at The Sands (formerly Maureen Plowman), Melrose,
Meadowbankand Trevellyn
●New greenfield acquisition in the prime Auckland suburb of St Heliers

4
Operational Excellence
We have delivered a strong interim financial result as well as continuing to execute our key developments and
operational initiatives. We expect to achieve our IPO Forecasts for the year ending 31 May 2018
1HY2018 Highlights (continued)
3
●Supreme Winner Overall Excellence in Care Award for the third consecutive year for innovative “I Love
Music” programme
●Continued our strong MoHaudit results with 25% of facilities at 4 years, all others at 3 years (up from 20% at
4 years as at May-17)
●Commenced the implementation of a new clinical information system
●Continuation of the conversion of care beds (7) and serviced apartments (39) to care suites
Interim dividend declared
4
●Maiden Interim dividend per share announced of 2.10 cents per share (not imputed
1
), in line with IPO
forecasts
●Record date of 13 February 2018. Payment date of 20 February 2018
●Annual target dividend payoutof 50-60% of Underlying NPAT
1. The dividends are not imputed due to the availability of existing tax losses.

5
Reported NPAT and Pro Forma Underlying EBITDA are ahead of the pcp. Total assets as at 1HY2018 approximately $1.0b
1HY2018 Financial highlights
Reported NPAT
Total AssetsOperating Cash Flow
Pro forma Underlying EBITDA
0.7
0.8
0.8
0.9
1.0
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1HY20162HY20161HY20172HY20171HY2018
NZD $B's
19.4
20.2
12.8
26.1
17.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
1HY20162HY20161HY20172HY20171HY2018
NZD $M's
23.6
23.4
23.3
21.7
25.3
0.0
5.0
10.0
15.0
20.0
25.0
30.0
1HY20162HY20161HY20172HY20171HY2018
NZD $M’s
27.1
21.6
22.0
22.9
42.5
0.0
10.0
20.0
30.0
40.0
50.0
1HY20162HY20161HY20172HY20171HY2018
NZD $M's

6
lWinner of the New Zealand Aged Care Association
overall excellence in care award (third year in a row)
lContinued our excellent MoHaudit results with 25% of
facilities at 4 years, all others at 3 years (up from 20% at
4 years as at May-17)
lAfter a successful trial at our Lady Allumsite in Milford,
we are rolling out the Oceania “I Love Music”
programme across all our sites
lImplementation of our new clinical information system
has commenced
lWinner of the Senior Lifestyle Cuisine Award (third year
in a row)
lContinuation of conversions of care beds to care suites,
with 9 care beds converted to 7 care suites at
Woodlands and Addington Lifestyle and 39 serviced
apartments converted to care suites at Elmwood and
Heretaunga
lLaunched new moving and handling training
programme across all facilities to reduce injury rates
when transferring residents
Enhancing our clinical care platform, receiving industry recognition and strong MoH certification results
Operational highlights
2015, 2016 & 2017

7
STRICTLY CONFIDENTIAL
Business Overview and Strategy
SECTION 2
2

8
Care
Beds
Care
SuitesUnitsTotal
North Island1,976170741
2,887
South Island593118295
1,006
Total Existing
1
2,5692881,0363,893
DevelopmentPipeline
3
06651,117
1,782
Less decommissions(311)0(78)
(389)
Net DevelopmentPipeline
2
(311)6651,0391,393
Total post development
2,2589532,0755,286
1. Comprising 48 operating facilities and 3 undeveloped sites. Facility numbers as at 30 November 2017. 2. Current and planned developments. 3. Includes 378Care Studios which may be initially sold with a PAC, and may subsequently be
sold under an ORA. Meadowbankstage 3 (30 care suites and 62 units) and Stoke (10 units) are included in the development pipeline. These were substantially complete as at 30 Nov 2017 4. Future composition assumes execution of current
planned development of Oceania’s Brownfield Development landbank. Refer to Appendices for movements in the portfolio from 31 May 2017.
Current and future portfolio composition
4
–Remaining “needs” focused
Current and future portfolio composition
4
–Remaining “needs”
focused
We are a large national operator with a portfolio of 51 sites
Oceania at a glance
Hawke’s Bay
Auckland
Hamilton
Tauranga
Wellington
Nelson
Christchurch
Locations with
Development Land Bank
Locations with No
Development Land Bank
Oceania’s site locations
66%
43%
7%
18%
27%
39%
Current CompositionPost Development Composition
Care BedsCare SuitesUnits

9
Our business model supports a combination of dividend yield with long term growth potential
Summary of Oceania’s investment proposition
Aged care
Village
Development
Stable revenue from “needs-based”
care service and government funding....
Regular DMF earnings stream....
...with growth through premium
charging and care suite model
...and resale margins from existing
embedded value
Developments drive future DMF and
care earnings streams...
...as well as upfront development
cashflow

10
Source: Results presentations of other operators
Comparison to other listed operators
Our focus is aged care with a growing retirement village business
Oceania’s strategic positioning
Future portfolio compositionExisting portfolio composition
7%
20%
35%
50%
66%
0.3%
7%
11%
12%
19%
19%
82%
68%
45%
30%
27%
Metlifecare
Summerset
Ryman
Arvida
Oceania
Care BedsCare SuitesServiced UnitsIndependent Units
11%
17%
33%
39%
43%
4%
18%
8%
16%
19%
15%
81%
67%
48%
42%
39%

11
1. Statistics New Zealand population forecasts as at March 2017. 2. Average annual growth of 0.8% from 2013 –2016.
The care suite model is integral to us meeting the needs of customers
Estimated population growth
1
489,800
227,800
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
1995200020052010201520192024202920342039
Population
Aged 75 to 84
Population
Aged 85+
Care Strategy
●Continuing growth and ageing of the New
Zealand population is expected to significantly
increase demand for aged careover the next 20
years
●Due to the level of returns for operators achieved
under the traditional funding model, there has
been a low level of net aged Care Bed
additions
2
●Industry-led changes to the funding model have
been supported, primarily involving increased
private charging for aged care services
●Oceania has responded by developing the care
suite product (applying the ORA model over
care beds) and increasing PACs
Benefits of the care suite model
Ability to recycle capital, improving returns
for the development of aged care beds
Regular DMF earnings stream increases
earnings per bed
We have a clear growth strategy in aged care

12
Trevellyn–Hamilton
We are transforming our care offering as we execute our brownfields development pipeline. The current
projects under construction will double our number of care suites over the next two years
Developing new care facilities
1.
This includes 81 at Melrose, 90 at Trevellyn, 44 at The Sands and 62 at Meadowbank(including the 30 that were completed after 30 November 2017).
10%
Standard Beds
As at 30
Nov 17
New care suites
under
construction
Near term
Fully built
-
out pipeline
Decommissioned
care beds
Decommissioned
care beds
New care suites
in pipeline
20%
30%
Melrose –Tauranga
Care Suites/Studios
•We currently have 288 care suites in the portfolio which represents 10% of our total care beds
•We currently have 277 care suites under construction at Melrose, Trevellyn, The Sands (formerly Maureen Plowman) and Meadowbank
1
.
This will almost double the amount of care suites and lift this to 20% of our total beds
•Once the existing brownfields pipeline is fully built-out we will have 953 care suites in the portfolio(30% of our total care offering)

13
STRICTLY CONFIDENTIAL
Developments
SECTION 3
33

14
Meadowbank –Completed January 2018 (30 care suites, 62 apartments)
We will deliver our key developments during the IPO Forecast period on time and on forecast cost
Clear development pipeline
l25 Villas completed at Elmwood in November 2017. 10 villas completed at Stoke in
December 2017
l30 care suites at Meadowbank are complete with MOH certification with the 62 apartments
practically complete. CPU received and first residents moving in during February
lStage 4 at Meadowbank commenced in October 2017 (32 care suites, 49 apartments)
lThe Sands (formerly Maureen Plowman) is “out of the ground”. On track for completion in
FY2019
lMelrose development (81 care suites) commenced in July 17
lTrevellyn (90 care Suites) commenced in January 2018
lResource consent issued for Windermere in August 2017
lWaimarie Street, in St Heliers, Auckland, land under contract (66 units and care suites
planned)
lView Road (adjoining Eden Village) under contract (30 units planned)
Key changes since May-17
Elmwood –Completed October 2017 (25 villas)
Stoke –Completed December 2017 (10 villas)

15
We have a pipeline of 1,782 units. Of this 1,057 units, or 59%, is either under construction or consented
Clear development pipeline
Stage 2-3Christchurch Consented 53
Stage 1 Tauranga Under Construction 81
Windermere
Stage 1Christchurch Consented 75
WharerangiTaupo Under Construction 4
Stage 2-3Hamilton Consented 133
Stage 1Hamilton Under Construction 90
Trevellyn
Stage 2 -5Tauranga Consented 216
Green Gables Nelson Consented 88
Melrose
Construction period
Stage 4Auckland Under Construction 81
Meadowbank
Stage 3Auckland Substantially Complete 92
Stage 5Auckland Consented 26
The Sands Auckland Under Construction 108
Stoke Nelson Complete 10
Total Consented or Under Construction1057
Gross
Residences
LocationStatus
May 17 Nov 17May 18Nov 18Future
Facility

16
The care facility has been certified and 26 of the 62 apartments are under pre sale application
MeadowbankStage 3 practically complete
Stage 3 practically complete delivering
●30 care suites and studios (completed and
certified), and
●62 apartments (to be completed January 2018).
Certificate for public use received.
Stage 4 under construction with a further:
●32 care suites and studios, and
●49 apartments
26 apartments under presales application as of the
23 of January 2018 in line with the IPO Forecast
pricing. The IPO Forecast was 28 sales for the full
year to 31 May 2018
Meadowbank
Auckland

17
Construction of The Sands (formerly Maureen Plowman) is “out of the ground” with strong levels of presales interest
The Sands progressing on programme
●The Sands (formerly Maureen Plowman) in Browns
Bay, Auckland will provide 64 apartments and 44
care suites
●In-ground works were completed in November
2017 with the first floor slab to be poured in
January 2018
●Due for completion around May 2019
●Strong in-bound inquiry from potential purchasers
with presales to commence in March 2018
The Sands
Browns Bay, Auckland

18
In December 2017 we entered into a contract for the purchase of a 8,945m
2
site in the premium suburb of St Heliers, Auckland
Addition of premium site to our pipeline
Greenfield site under contract in the Auckland
suburb of St Heliers
●8,945m
2
with extensive harbour views
●Premium boutique aged care facility and
retirement village planned
●Strong forecast demand in the catchment area
●Median house price of $1.7m in the area
●66 units and care suites added to development
pipeline
WaimarieSt
St Heliers, Auckland

1919
01Income statement and segmental performance
02Balance sheet and drivers of Investment Property valuation
03Cashflow statement and analysis of operating cashflow
04Capital structure
Financial Results
4

20
Reported net profit after tax of $42.5m was $20.5m (93%) above the pcpresult and above the full year FY2017 result
Income statement
1. Note, as disclosed in the FY2017 annual financial statements the 1HY2017 income statement has been restated for an adjustmentto the deferred tax expense of $4.3m. All other income statement items
before tax are unchanged. There is no impact on cashflowor non-GAAP Underlying Profit.
l$92.1m operating revenue -includes care revenue
($79.9m), village weekly fees ($2.7m) and village
deferred management fees ($7.8m), and reflects
the equal pay settlement for health care assistants
that came into effect in July 2017
lFair value movement in IP and PPE driven by:
lRevaluation of existing village assets ($7.3m);
lUplift from new Meadowbank apartments
($11.7m)
lUplift from new Elmwood villas ($9.8m)
lUplift from sales of Lady Allum apartments
($5.2m)
lExisting care assets and development land not
revalued for these interim accounts
l1HY2018 operating expenses reflect the equal pay
settlement for health care assistants
Commentary Summary of Income Statement for the six months ended 30 November
NZDm1HY20181HY2017
1
FY2017
Operating revenue92.189.2174.8
Change in fair value of investment property34.132.657.2
Total Income126.3121.9232.0
Operating expenses (77.5)(73.0)(146.9)
Impairment of goodwill and loss on disposal of chattels0.00.0(1.0)
Impairment of property, plant and equipment1.1(3.2)(4.3)
Total Expenses(76.3)(76.2)(152.2)
Operating Profit
49.945.779.8
Transaction expenses0.0(0.9)(4.4)
Finance costs(1.4)(10.1)(20.1)
Depreciation and amortisation(4.1)(3.8)(7.9)
Profit before Income tax44.430.947.4
Taxation benefit/(expense)(1.9)(9.0)(2.5)
Reported Net Profit after Tax42.522.044.9

21
Underlying NPAT was $10.9m ahead of the pcpdue to increased development margins and the post IPO capital structure
Underlying earnings
1. See Appendices for a summary of pro forma adjustments.
lPro forma underlying EBITDA was $2.0m above
the pcp
lReduction in care segment driven by lower
occupancy and decommissioning of
development sites. Earnings per occupied bed
in line with the pcp
lResales margin above 1HY2017 with average
resale gain up to $96.6k per unit/suite, 25.0%
above the pcp average of $77.5k
lDevelopment margin of $4.1m underpinned
by sales of new Lady Allum apartments and
Elmwood villas
Commentary
Reconciliation of Underlying Adjustments
By segment
1HY20181HY2017FY2017
Aged Care16.418.431.9
Retirement Village16.312.126.8
Other/Corporate(7.4)(7.2)(13.7)
Pro forma Underlying
EBITDA
25.323.345.0
NZDm1HY20181HY2017FY2017
Reported Net profit after tax42.522.044.9
less: Change in fair value of investment property and PP&E(35.3)(29.5)(52.8)
add: Impairment of goodwill0.00.20.5
add: Loss on disposal of chattels at decommissioned sites0.00.00.5
add: Realised gains on resales6.76.412.7
add: Realised development margin4.10.95.2
Add: Deferred tax1.99.02.5
Underlying NPAT19.99.013.4
Pro forma adjustments:
Non-recurring or infrequent items
Transaction and Offer costs0.00.94.4
Structural changes
Listed company costs0.0(0.4)(0.7)
Listed capital structure0.08.517.0
Pro forma Underlying NPAT19.918.034.0
add: Depreciation and amortisation 4.13.87.9
add: Pro forma finance costs1.41.53.0
Pro forma Underlying EBITDA25.323.345.0

22
EBITDA per occupied bed, excluding decommissioned and development sites, is broadly in line with pcp.
Premium charges (care suite DMF and PAC revenue) increased 26% from the pcp
Care segment
1. Source –New Zealand Aged Care Association surveys
2. Maureen Plowman and Green Gables were decommissioned for redevelopment. Melrose and Trevellynboth have new care facilities under construction.
NZ$m1HY20181HY2017FY2017
Daily care fees75.974.3145.7
PAC revenue1.61.32.7
Care suite DMF1.81.43.0
Other revenue0.71.11.4
Total aged care operating revenue79.978.1152.8
Staff and resident expenses(55.6)(52.5)(105.8)
Occupancy and site overhead expenses(7.9)(7.2)(15.1)
Total aged care expenses(63.5)(59.7)(120.9)
Aged care pro forma Underlying EBITDA16.418.431.9
EBITDA per Care Bed / Suite (excl. decommissioned and
development sites)
$13,814$14,390$12,797
lOccupancy was ahead of the national
average of 86.9%
1
lCare suite DMF revenue increased 28.5% from
the pcp
lPremium charging (PAC and DMF) ahead of
the pcp. Average PAC of $13.49 vs $10.88 in
the pcp
lA number of sites have been decommissioned
or had major developments commence on
site
2
lThe year on year impact on earnings at these
sites is $0.8m
lOccupancy excluding the decommissioned
and development sites is 89.0%
Commentary
Occupancy rates versus national average
Premium care revenue
86.9%
85.2%
87.9%
86.7%
86.9%
90.9%
91.2%
92.0%
90.8%
88.6%
80.0%
84.0%
88.0%
92.0%
96.0%
1HY20141HY20151HY20161HY20171HY2018
National OccupancyOceania Occupancy
1.1
1.3
1.3
1.6
0.6
1.7
1.4
1.8
0.0
1.0
2.0
3.0
4.0
1HY20151HY20161HY20171HY2018
NZD $M's
PAC RevenueCare Suite DMF
CAGR of 26.0% over last 3 years

23
Pro Forma Underlying EBITDA was $3.8m ahead of the pcp
Village segment
NZ$m1HY20181HY2017FY2017
Villa and Apartment DMF7.86.613.3
Retirement village service fees2.72.75.3
Other revenue1.11.22.1
Total retirement village operating revenue11.510.520.6
Realised gains on resales6.76.412.7
Realised development margin4.10.95.2
Village site operating expenses(5.4)(5.0)(9.5)
Resident share of capital gains(0.5)(0.7)(2.2)
Total retirement village expenses(6.0)(5.7)(11.7)
Retirement village pro forma Underlying EBITDA16.312.126.8
Development Sales Volume and Margin
Resales Volume and Margin
75654871908369
10.3%
15.9%
18.3%
22.1%
24.7%
25.4%
28.4%
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
18213054412523
9.9%
7.5%
12.6%
10.3%
18.4%
15.1%
36.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
lDeferred Management Fees continue to grow (18.2% c.fthe pcp) as new
developments are completed and resales occur at higher prices
lGains on resale were above the pcp despite lower volumes as margins
improved from 25.4% in the pcp to 28.4% in 1HY2018. This was driven by an 11.8%
increase in resale prices
lLower resales volumes in 1HY2018 due to low stock levels as at 31 May 2017
lDevelopment margin reflects the sales of the new Lady Allum apartments in
Milford, Auckland with prices in line with IPO Forecasts
Commentary

24
Resale prices and margins were above the pcp
Village segment –key indicators
Resales Prices
Closing Stock (inclstock under application) -Resales
33
31
37
17
22
36
15
9
20
0
5
10
15
20
25
30
35
40
Nov-16May-17Nov-17
VillasApartmentsCare Suites
lAverage resale margin increased from 25.4% in the pcp
to 28.4%, higher than any other comparable period
lThis was, in part, due to a material increase in the
average resale price for care suites (up 33% to $250k)
lResales prices achieved in 1HY2018 were, on average,
5.9% higher than the May 2017 CBRE valuation. The
chart depicts the variance to the prior annual valuation.
lAfter 12 months of relatively low stock levels, vacancies
arising in October and November increased stock by
29% compared to 30 November 2016. This will underpin
resales volumes through the second half of FY2018
lOf the 93 units available for resale at 30 Nov 17, 36
were under application
Resales Prices vs CBRE Valuation Assumption
246
250
263
299
318
372
376
252
313
314
326
331
386
435
132
163
173
156
158
188
250
0
100
200
300
400
500
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
NZD $000’s
VillaApartmentCare Suite
7.3%
12.0%
9.5%
16.5%
5.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
1HY20162HY20161HY20172HY20171HY2018

25
The embedded value in Oceania’s portfolio has increased significantly over the last four years to $188.5m and will
underpin ongoing DMF cash flows and resale gains
Embedded value
1. Calculated as the current/estimated sale or resale price of all units/care suites as determined by CBRE. Note, the valuation of care suites held as PPE have been estimated using the May-17 valuation as
only Investment Properties was valued by CBRE in Nov-17. 2. The value of unsold stock represents the sales prices of units/care suites which are not under contract, as they either newly constructed or have
been bought-back from the previous outgoing residents.
Embedded value per unit
1
37.2
42.6
48.8
54.9
56.2
31.0
38.0
66.8
86.4
89.3
68.1
80.5
115.5
141.3
145.5
-
20
40
60
80
100
120
140
160
FY2014FY2015FY2016FY20171HY2018
DMFResale gains
Commentary
lEmbedded value in Oceania’s portfolio is $188.5m
lThis is an indicator of DMF and resale gains to be realised
in future periods and underpins our operating cash flow
forecasts
lEmbedded value per unit in 1HY2018 of c. $145,500
includes:
̶~$56,200 of DMF cash flows per unit to be realised; and
̶~$89,300 of resale gains per unit and suite
Summary of Embedded Value Calculation
NZ$m
FY2014FY2015FY2016FY20171HY2018
Estimated sale/resale price of all Units
1
322.4350.2402.7499.0595.8
less: Unsold stock
2
(32.4)(25.3)(14.3)(33.8)(125.1)
less: Resident liabilities (contractual)
(206.2)(223.3)(243.4)(282.1)(282.2)
equals: Embedded value
83.8101.6145.0183.1188.5
Embedded value per Unit (NZ$)
68,11980,531115,545141,298145,461

26
288
291
196
311
341
286
368
200
469
477
440
683
943
9885140
188
211
154
186
0
200
400
600
800
1,000
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
NZD $000’s
VillaApartmentCare Suite
Development margin of 36.4% was significantly above the pcp, with strong sales prices achieved at key developments.
We are bringing to market a high quality product that will generate considerable uplift in DMF in future periods
Developments –key indicators
Sales Prices
Development Volumes and Margins Gross Units Delivered
FY2014FY2015FY2016FY20171HY2018
Villas422411225
Apartments40140440
Total8238114625
lDevelopment margins have increased from 15.1% in the
pcp to 36.4% in 1HY2018 with prices in line with IPO
Forecasts
lAverage sales prices have increased from $233.0k (per
unit/care suite) in the pcp to $487.7k in 1HY2018
l25 units (excluding decommissions) delivered in 1HY2018
at Elmwood
l62 units and 30 care suites delivered at Meadowbank in
January. 10 villas completed at Stoke in December
lA further 113 units and 247 care suites currently under
construction
11
10
6
27
12
15
9
1
8
17
14
14
7
6
3
7
13
15
10
7
9.9%
7.5%
12.6%
10.3%
18.4%
15.1%
36.4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
VillaApartmentCare SuiteDevelopment Margin

27
Total assets increased by $160.5m from 1HY2017 due to significant development capital expenditure during the 12 months
to November 2017 and revaluations reflecting improved trading performance and the completion of key developments
Balance sheet
●Our net adjusted value per share (CBRE plus WIP less
debt) was $1.01 per share as at 30 Nov 2017
●This represents the value of existing sites and the WIP at
development sites but excludesthe present value of net
development cashflows and earnings at both current
and future developments (including The Sands and
Meadowbank Stage 4 which are under construction)
NZ$m1HY20181HY2017FY2017
Assets
Cash and trade receivables21.413.822.2
Property, plant and equipment279.2244.5268.0
Investment properties681.3562.9611.0
Intangible assets17.317.317.1
Total assets999.1838.6918.2
Liabilities
Trade, other payables and provisions28.123.627.8
Deferred management fees 18.818.919.5
Refundable occupation right agreements290.8266.7282.9
Borrowings123.8275.895.2
Deferred tax liability26.729.724.8
Total liabilities488.2614.6450.3
Equity
Contributed Equity579.5372.6579.5
Retained Deficit(153.4)(218.9)(196.0)
Reserves84.870.384.4
Total equity510.9224.0468.0
Net tangible assets493.6206.6450.9
NZ$m1HY2018FY2017
PP&E (inc WIP)279.2268.0
IP (incl WIP)681.3611.0
Sub Total960.4879.0
less ORA Gross Up(309.6)(302.4)
add: Adj for CBRE –Chattels9.57.9
add: Adj for CBRE –Care Goodwill61.059.0
add: Other10.94.5
CBRE plus WIP732.1647.9
less: Net Debt(117.6)(84.4)
Net Adjusted Value614.5563.5
Shares on Issue610.3610.3
Net Adjusted Value per Share1.010.92

28
Significant uplifts in IP through development capital expenditure and revaluations
Balance sheet drivers
1. The CBRE valuation was dated 31 October 2017. Management performed a roll forward for settlements in the month of November.
Investment Property
CBRE Valuation Assumptions -IP
lA desktop portfolio valuation was completed by CBRE to
determine the fair value of Investment Property as at
November 2017
1
lPPE (Care Segment) and development land were held at the
May-17 valuation plus additions
lMaterial increase in the average incoming villa and
apartments price due to the inclusion of Meadowbank and
Elmwood developments
NZD $000’s
Driver1HY2018FY2017
PPGR –Long Term (low-high)2.50%3.50%2.50%3.50%
PPGR –Short Term (low-high)0.00%3.00%0.0%3.00%
Discount Rates (low-high)14.00%22.00%14.00%22.00%
Average Incoming Price -Villas$378,013$359,350
Average Incoming Price –Apartments$653,011$570,291
611,016
681,261
186
11,748
9,761
5,185
35,723
376
7,266
550,000
570,000
590,000
610,000
630,000
650,000
670,000
690,000
710,000
May-17Site remediation
work
MeadowbankElmwoodLady AllumCapexTransfer from
PP&E
Existing village
reval
Nov-17

29
We have significantly increased our growth capital expenditure following the IPO
Development capital expenditure
Growth Capital Expenditure (IP and PPE)
Our growth capital expenditure will create incremental development cashflows as well as increased care earnings
and deferred management fees
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
1HY20152HY20151HY20162HY20161HY20172HY20171HY2018
NZD $M's
Growth Capex
Melrose
Tauranga

30
Statement of cash flows
Operating cash flows, ahead of the pcp, due to the reduced gearing of the business
Cash flow
lGovernment funding of care fees
(c.80% of aged care revenue, paid
fortnightly) underpin the generation
of cash flows from our aged care
business
lIn addition, our mature and growing
retirement village portfolio provides
recurring DMF revenue and resale
gains, which support cash
generation
lOur Embedded Value of $188.5m
underpins the next 5-7 years of
retirement village cash flows
lNote –Reported Operating
Cashflow includes $3.8m of ORA
buy backs for new developments
and $2.7m for deposits for land
acquisitions.
Commentary
NZD $m’s1HY20181HY2017FY2017
Receipts from customers78.581.5159.3
Payments to suppliers and employees(76.1)(74.6)(141.1)
Receipts from new Occupational Rights Agreements34.431.368.8
Payments for outgoing Occupational Rights Agreements(18.6)(16.7)(30.9)
Interest received0.10.10.1
Interest paid(1.3)(8.8)(17.3)
Tax paid0.00.00.0
Net cash inflow from operating activities17.112.838.9
Proceeds from sale of property, plant and equipment0.20.00.0
Proceeds from sale of business0.00.00.0
Payments for PPE and intangible assets(14.3)(8.7)(33.5)
Payments for investment property and investment property under
development
(34.6)(21.0)(47.6)
Net cash outflow from investing activities(48.8)(29.7)(81.1)
Proceeds from borrowings44.831.6145.0
Repayment of borrowings(17.7)(16.7)(285.4)
Transaction costs0.00.0(10.7)
Proceeds from issue of shares0.00.0200.0
Dividend paid0.00.00.0
Net cash inflow from financing activities 27.115.048.9
Net increase in cash and cash equivalents(4.6)(2.0)6.8
Cash and cash equivalents at beginning of the period10.94.14.1
Cash and cash equivalents at end of the period6.22.110.9
1. See Appendices for a reconciliation of Operating Cash flow to the adjusted operating cash flow metric previously presented

31
lA maiden dividend of 2.1 cents per share (not imputed) has been declared
lThis is in line with the IPO forecast
lRecord date of 13 February 2018. Payment date of 20 February 2018
lSubject to a range of factors, including market conditions and future funding requirements, our dividend policy is to
target an annual dividend of between 50-60% of Underlying NPAT
lThe IPO forecast dividend declared of $28.3m for FY2018 is based on approximately 55% of FY2018F Underlying NPAT
and represents a gross yield of 4.61% based on a 30 day VWAP to 16 January of $1.0 per share
An interim dividend of 2.1 cents per share has been declared
Dividend

32
1. Note-including the settlement of Waimarie Street and land at Eden this becomes 22.0% (using the November 2017 equity figure)
Net Debt
Gearing of 18.7% as at 30 November 2017 and headroom under our debt facilities provides the flexibility to accelerate our
existing brownfield development pipeline and/or undertake further brownfield and greenfield acquisitions
Capital structure
Credit metrics
Debt FacilitiesFacility limit
Drawn Amount
(30/11/17)
General / corporate
$60m$20.0m
Cash
n/a($6.2m)
Finance leases
n/a$5.8m
Development facility
$175m$98.6m
Total net debt
$235m$118.1m
Periodending1HY2018FY2017
Net debt
$118.1m
$84.4m
Net debt / (net debt + equity)18.70%
1
15.30%
Loan to value ratio16.76%15.79%

3333
01Portfolio Summary
02Development Pipeline
03Reconciliation of Portfolio Movements
04Summary of Unit Sales
05Capital Expenditure
06Adjusted Operating Cash Flow
07Resales Cash Flow Reconciliation
08Definition of Underlying NPAT
09Pro Forma Adjustments
10Glossary
11Disclaimer
Appendices

Portfolio summary (30 Nov 2017)
FacilityRegionCategoryCare BedsCare SuitesVillage Units
Totara Park VillageRodneyVillage--30
Greenvalley Rest HomeNorth ShoreCare Beds50--
Lady Allum Lifestyle Care & VillageNorth ShoreCare Beds, Care Suites, Village12815129
Te Mana Rest HomeNorth ShoreCare Beds46--
Amberwood Rest HomeWaitakereCare Beds67--
Eden Lifestyle Care & VillageAucklandCare Suites, Village-6740
Everil Orr Specialist Senior Care CentreAucklandCare Beds67--
Meadowbank Lifestyle Care & VillageAucklandVillage--56
Wesley Specialist Senior Care CentreAucklandCare Beds71--
Elmwood Lifestyle Care and VillageManukauCare Beds, Care Suites, Village11148129
St Johns VillageManukauVillage--18
Takanini Specialist Senior Care CentreManukauCare Beds91--
Franklin Rest HomeFranklinCare Beds44--
Trevellyn Lifestyle Care & VillageHamiltonCare Beds, Village106-43
Raeburn Rest HomeCambridgeCare Beds54--
Whitianga Rest HomeWhitiangaCare Beds53--
Elmswood Rest HomeTaurangaCare Beds38--
Melrose Lifestyle Care & VillageTaurangaCare Beds, Village80-60
Ohinemuri Rest HomePaeroaCare Beds, Village68-6
Victoria PlaceTokoroaCare Beds51--
St Johns Wood Rest Home & VillageTaupoCare Beds, Care Suites, Village40633
Wharerangi Rest HomeTaupoCare Beds, Village47-17
Dunblane Rest Home & VillageGisborneCare Beds, Village75-13
Duart Rest HomeHastingsCare Beds66--
Eversley Lifestyle Care & VillageHastingsCare Beds, Village50-6
Gracelands Lifestyle Care & VillageHastingsCare Beds, Village92-69
Atawhai Lifestyle Care & VillageNapierCare Beds, Care Suites, Village681446
Woburn ResthomeHawke's BayCare Beds33--
Chiswick Park Rest HomePalmerston NorthCare Beds50--
Palmerston Manor ResthomePalmerston NorthCare Beds48--
Eldon Specialist Senior Care CentreParaparaumuCare Beds128--
Elderslea Specialist Senior Care CentreUpper HuttCare Beds124--
Heretaunga Resthome & VillageUpper HuttCare Beds, Care Suites, Village3020-
Hutt Gables Retirement VillageUpper HuttVillage--46
Marina Cove VillagePictonVillage--22
Green Gables Resthome & VillageNelsonVillage--12
Otumarama ResthomeNelsonCare Beds43--
Stoke Retirement VillageNelsonVillage--104
Whareama Specialist Senior Care CentreNelsonCare Beds77--
Redwood Lifestyle Care & VillageBlenheimCare Beds, Care Suites, Village651346
Woodlands Resthome & VillageTasmanCare Beds, Village56530
Holmwood Rest HomeChristchurchCare Beds56--
Middlepark Rest Home & VillageChristchurchCare Beds, Care Suites4912-
Palm Grove Lifestyle Care & VillageChristchurchCare Beds, Care Suites, Village424232
Resthaven Rest HomeChristchurchCare Beds49--
The Oaks Lifestyle Care & VillageChristchurchCare Beds, Care Suites, Village693632
Windermere Lifestyle Care & VillageChristchurchVillage--17
Addington Lifestyle CareChristchurchCare Beds, Care Suites8710-
Total2,5692881,036
North Island
South Island

35
Development pipeline
SiteStageStatusGross UnitsNet UnitsNotes:
Meadowbank
Stage 3Under Construction9292Construction complete in January 2018
Stage 4Under Construction8181
Construction began in Oct-17. Expected
completion May 2019
Stage 5Consented2626
Stage 6Planned4040
The Sands (formerly Maureen Plowman)
Under Construction108108Expected completion May 2019
Stoke
Under Construction1010Construction complete in January 2018
Melrose
Stage 1Under Construction8181
Construction began July-
17. Expected
completion 2Q2018
Stage 2-5Consented216107
Trevellyn
Stage 1Under Construction9087Construction began January 18
Stage 2-3Consented13327
Green Gables
Consented8888
Windermere
Stage 1Consented7575
Stage 2-3Consented5336
Wharerangi
Consented4(2)
Eden
Planned3030
Waimarie Street
Planned6666
Other
Hawkes BayPlanned165159
ChristchurchPlanned224175
NelsonPlanned11522
VariousPlanned8585
Total Consented/under construction1,057816
Total Pipeline1,7821,393

36
Reconciliation of portfolio movements
Movements in capacity and pipeline since May-17
May-17
Changes in
existing
capacity
Conversion of
beds to care
suites
Conversion of
units to care
suites
New units
delivered
Changes in
pipeline –gross
units added
Changes in
pipeline -
decommissions
Nov-17
Existing
Care beds2,580(2)(9)2,569
Care Suites242739288
Units1,054(4)(39)251,036
Pipeline
Care beds(354)43(311)
Care Suites63530665
Units1,001(25)69(6)1,039
Total5,158(6)(2)0099375,286
Movements in gross pipeline since May-17 (from above)

37
Summary of unit sales
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
Care Suite
1013428263225
Apartment
23171416282012
Villa
42353027363132
Total
75654871908369
Resales Margin
10.27%15.90%18.26%22.11%24.69%25.44%28.36%
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
Care Suite6371315107
Apartment1817141407
Villa111062712159
Total18213054412523
Development Margin9.9%7.5%12.6%10.3%18.4%15.1%36.4%
New Sales
Resales
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
Care Suite
11,85013,73117,50020,56322,71229,81856,480
Apartment
25,52219,10532,92975,99469,05099,34596,542
Villa
25,89959,11161,36378,352100,190112,506127,926
Total
23,91039,57249,41555,03068,11977,45596,582
Average resale gain per unit/care suite

38
We increased our development capital expenditure significantly during 1HY2018
Capital expenditure
lDuring 1HY2018 we completed the conversion of 7 care beds
and 39 service apartments to care suites as well as continued
the remediation of Heretaunga. This is due to complete in
2HY2018
lCost of remediating the balance of sites identified in our IPO
due diligence revised downwards by $2.7m following more
detailed investigation of building issues. These exercise should
be complete by FY2018
NZ$m1HY20181HY2017FY2017
Acquisitions
0.03.023.0
Development capital expenditure
41.522.848.8
Remediation expenditure
2.00.31.8
Care refurbishment
0.00.61.1
Care conversion and premium room upgrades
0.90.40.7
Maintenance capital expenditure –aged care
1.41.12.7
Maintenance capital expenditure –retirement
village
2.01.22.2
Maintenance capital expenditure –IT and other
0.50.30.7
Total conversions and maintenance
4.83.67.4
Adjustment for accruals
0.6(0.0)0.0
Total Capex per statutory cashflow statement
48.929.781.1
Assets under finance leases
0.31.43.0
Total capital expenditure (including assets under
finance leases)
49.231.184.1

39
We generated $13.3m of adjusted operating cash flow (excludes new sales proceeds, includes net
development cashflow) in 1HY2018
Adjusted operating cash flow
Adjusted operating cash flow
1.The deposits paid for the land acquisitions at View Rd and Waimarie St are included in payments to suppliers and employeesinthe cashflow statement in the interim financial statements
2. Net development cashflow is the difference between the sales prices and all construction costs and finance costs (including communal areas). It excludes brownfields land. It captures the incremental
cashflow generated from a development on a per unit basis once sold
NZD $m’s1HY20181HY2017FY2017
Operating Cash Flow
17.112.838.9
less: New Sales Proceeds
(11.2)(5.8)(22.8)
add: Development Buybacks
3.81.03.2
add: Land Acquisition Deposits
1
2.70.00.0
add: Net Development Cashflow
2
4.81.46.7
Sub Total:
17.29.426.0
less: maintenance capex
(3.9)(2.5)(5.6)
Adjusted Operating Cash Flow13.36.820.4
lOur steady operating cashflows fund our dividend
payments
lThese cashflows are supported by the government
funding of 80% of our care revenues
lAs our development pipeline is predominantly
brownfields we generate incremental net
development cashflows (including recovering the
costs of community amenities etc). In 1HY2018 our
net development cashflow was $4.8m compared to
our development margin of $4.1m in our underlying
profit.
lForecast dividend payment of $28.3m for FY2018
represents a gross yield of 4.61% based on a 30 day
VWAP to 16 January of $1.0 per share
12.8
17.1
6.8
13.3
0.0
5.0
10.0
15.0
20.0
1HY20171HY2018
NZD $M's
Operating cash flowAdjusted cash flow

40
Reconciliation of resales cash flow
1. The net buybacks comprised $2.8m at development sites and $1.0m at Heretaunga to facilitate the remediation work.
NZD $m’s1HY20181HY2017FY2017
Receipts from New ORAs34.431.368.8
less: Payments for Outgoing ORAs(18.6)(16.7)(30.9)
less: Cash Inflow From New Sales(11.2)(5.8)(22.8)
Net Resales Cash flow4.68.815.1
Made up of :
Resale Gains6.76.412.7
DMF Realised on Resales2.94.16.8
less: Net Buybacks
1
(3.8)(1.0)(3.2)
less: Resident Share of Capital Gains (0.8)(0.6)(1.1)
less: Other Cash amounts paid/received from resales(0.3)(0.1)(0.1)
Net Cash flows from Resales 4.68.815.1
Reconciliation of resales cash flow

41
Underlying Profit (or Underlying NPAT)
Underlying Profit is a non-GAAP measure used by the Group to monitor financial performance
and is consideration in determining dividend distributions. It is reported in the operating segment
note of the audited consolidated financial statements. Underlying measures require a
methodology and a number of estimations to be approved by Directors in their preparation. Both
the methodology and the estimations may differ among companies in the retirement village
sector that report underlying financial measures. Underlying profit is a measure of financial
performance and does not represent business cash flow generated during the period.
Oceania calculates Underlying Profit by making the following adjustments to Reported Net Profit
after Tax:
•Removing the change in fair value of investment properties and the impairment of property,
plant and equipment (from the Statement of Comprehensive Income);
•Removing any impairment of goodwill;
•Removing any loss on disposal of chattels from the decommissioning of development sites;
•Adding back the Directors’ estimate of realised gains on occupation right agreement units
and care suites;
•Adding back the Directors’ estimate of realised development margin on the cash settlement
of the first sale of new ORA units or care suites following the development, or conversion of an
existing care bed to a care site or conversion of a rental unit to an ORA Unit; and
•Adding back the deferred taxation component of taxation expense so that only current tax
expense is reflected.
Resale Gain
The Directors’ estimate of realised gains on resales of ORA is calculated as the net cash flow
received by the Group on the cash settlement of the resale of pre-existing ORAs (i.e. the
difference between the ORA licence payment received from the incoming resident and the ORA
licence payment previously received from the outgoing resident).
Development Margin
The Directors’ estimate of realised development margin is calculated as the cash received on
settlement of the first sale of new ORA Units and care suites less the development costs
associated with developing the ORA Units and care suites. The development costs include:
•Construction costs directly attributable to the relevant project, including any required
infrastructure (e.g. roading) and amenities related to the units (e.g. landscaping) as well as
any demolition and site preparation costs associated with the project. The costs are
apportioned between the ORA units and care suites, in aggregate, using estimates provided
by the project quantity surveyor. The construction costs for the individual ORA units or care
suites sold are determined on a pro-rated basis using gross floor areas of the ORA units and
care suites;
•An apportionment of land valued based on the gross floor area of the ORA units and care
suites developed. The value for Brownfield development land is the estimated fair value of
land at the time a change of use occurred (from operating as a care facility or retirement
village to a development site), as assessed by an external independent valuer. Greenfield
development land is valued at historical cost; and
•Capitalised interest costs to the date of project completion apportioned using the gross floor
area of ORA units and care suites developed.
Development costs do not include:
•Construction, land (apportioned on a gross floor area basis) and interest costs associated with
common areas and amenities or any operational or administrative areas.
The Directors’ estimate of development margin for conversions of care beds to care suites and
rental units to ORAs is calculated based on the difference between the ORA licence payment
received on the settlement of sales of newly converted ORA units and care suites and the
associated conversion costs. Conversion costs comprise:
•In the case of conversion of care beds to care suites, the actual refurbishment costs incurred;
and
•In the case of conversions of rental units to ORA units, the actual refurbishment costs incurred
and the fair value of the rental unit prior to conversion.
Underlying NPAT

42
Transaction and offer costs
Total transaction and offer costs of $11.9m were incurred relating to joint lead manager fees, due diligence expenses, travelexpenses, advertising, printing costs, and other costs
associated with the IPO. Of these $4.4m million were expensed by Oceania in FY2017. A pro forma adjustment has been made to remove these one-off expenses to illustrate
Oceania’s financial performance in FY2017 and prior periods on a consistent basis.
Listed company costs
Oceania has incurred additional costs associated with the listed environment including Directors’ fees, additional audit and taxcosts, listing fees, share registry fees, investor relations
costs, company secretarial costs, and annual general meeting costs. To ensure that the historical financial information is presented on a comparable basis, a pro forma adjustment
has been made to include estimated listed company costs representing Oceania as if it was a listed company in each of those periods.
Listed company capital structure
The proceeds of the IPO were used to substantially repay a portion of Oceania’s prior debt facilities. This means that Oceania’s reported NPAT and Underlying NPAT measures for
FY2017 do not reflect Oceania’s financial performance on a normalised, annual basis under its current capital structure because the structural reduction in debt (and interest
expense) that arose from the IPO was not in effect for all 12 months of FY2017. Accordingly, a pro forma adjustment has been made to present the interest expense and Underlying
NPAT that would have arisen had a listed capital structure been in place from the start of the financial year. This enables the financial performance for FY2017 to be more effectively
assessed and compared to FY2018 and future periods.
This pro forma adjustment includes an adjustment for the write-off of prepaid facility fees on Oceania’s historical debt facility. The prepaid facility fees relating to the historical debt
facility were required to be written off in accordance with accounting standards as the IPO occurred prior to the maturity date of the historical debt facility.
This pro forma adjustment includes an adjustment for the acquisition of the freehold land and building at the Elderslea aged care facility which has previously been recognised as a
finance lease in Oceania’s historical financial statements.
In addition, a shareholder loan of $13.4 million was advanced to Oceania from its immediate holding company in June 2016 to facilitate the construction of the Stage 3 development
at Meadowbank. The shareholder loan was settled by way of a subscription for equity in Oceania in January 2017. A pro forma adjustment has been made to remove the interest
charges incurred on the shareholder loan in FY2017.
Pro forma adjustments

43
lCare Suite: A room or studio certified for the provision of care by the Ministry of Health which has been licensed under an ORA
lDMF: Deferred management fees, charged under an ORA, which accrue monthly to a specified maximum and are deducted from the refund
paid to the departing resident upon resale of the unit or care suite
lIP: Investment Property
lIPO Forecasts: Prospective Financial Information contained in the Product Disclosure Statement and Supplementary Financial Information
dated 31 March 2017
lMoH: Ministry of Health
lORA: An occupation right agreement that confers on a resident the right to occupancy a unit or care suite subject to certain terms and
conditions set out in the agreement
lPAC: Premium accommodation charge on a care bed for accommodation provided above the mandated minimum
lPPE: Property, Plant and Equipment
lUnit: Includes independent villas and apartments
lWIP: Work in progress
Glossary

44
This presentation has been prepared solely by Oceania Healthcare Limited ("Oceania"). You must read this disclaimer before making any use of
this presentation and the accompanying material or any information contained in it ("Document").
The presentation includes non-GAAP financial measures for development sales, resales and occupancy which assist the reader with
understanding the volumes of units settled during the period and the impact that development sales and resales during the periodhad on
occupancy as at the end of the period.
The addition of totals and subtotal within tables and percentage movements may differ due to rounding.
The information set out in this Document is an overview and does not contain all information necessary to make an investment decision. It is
intended to constitute a summary of certain information relating to the performance of Oceania for the period ending 30 Nov 2017. Please refer to
the Financial Statements for the period ended 30 Nov 2017 that have been released along with this presentation.
The information in this presentation does not purport to be a complete description of Oceania. In making investment decisions, investors must rely
on their own examination of Oceania, including the merits and risks involved. Investors should consult their own legal, tax and/or financial advisors
in connection with any acquisition of financial products.
The information contained in this presentation has been prepared in good faith by Oceania. No representation or warranty, expressed or implied,
is made to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in thispresentation, any
of which may change without notice. To the maximum extent permitted by law, Oceania, its directors, officers, employees and agents disclaim all
liability and responsibility (including without limitation any liability arising from fault or negligence on the part of Oceania, its directors, officers,
employees and agents) for any direct or indirect loss or damage which may be suffered by any person through the use of or reliance on anything
contained in, or omitted from, this presentation.
This presentation is not a product disclosure statement, prospectus, investment statement or disclosure document, or an offerofshares for
subscription, or sale, in any jurisdiction.
Receipt of this Document and/or attendance at this presentation constitutes acceptance of the terms set out above in this disclaimer.
Important notice and disclaimer

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Oceania Healthcare Limited
Results for announcement to the market

Reporting Period 6 months to 30 November 2017
Previous Reporting
Period
6 months to 30 November 2016

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 92,123 3.25%
Change in fair value of
investment properties
$NZ 34,147 4.60%
Total Revenue $NZ 126,270 3.61%
Reported Net Profit
(loss) from ordinary
activities after tax
attributable to security
holder
$NZ 42,521 93.52%
Reported Net Profit
(loss) attributable to
security holders
$NZ 42,521 93.52%

Final Dividend Amount per security Imputed amount per
security
$NZ 0.0210 $NZ 0.0000

Record Date 13 February 2018
Dividend Payment Date 20 February 2018

30 November 2017 30 November 2016
Net tangible assets per
security
$NZ0.81 $NZ0.61

Comments: A brief Please refer to other attached documents (unaudited
consolidated financial statements and interim report,
media release and results presentation).

m

The fi

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APPENDIX 7 – NZSX Listing Rules
Number of pages including this one
(Please provide any other relevant
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. details on additional pages)
For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required.
Full name
of Issuer
Name of officer authorised to
Authority for event,
make this notice
e.g. Directors' resolution
Contact phone
Contact fax
numbernumber
Date
Nature of event
BonusIf ticked,
Rights Issue
Tick as appropriate
Issue
state whether:Taxable
/ Non TaxableConversionInterestRenouncable
Rights IssueCapitalCallDividend
If ticked, stateFull
non-renouncable
change
x
whether:
Interim
x
YearSpecialDRP Applies
EXISTING securities affected by this
If more than one security is affected by the event, use a separate form.
Description of theISIN
class of securities
If unknown, contact NZX
Details of securities issued pursuant to this eventIf more than one class of security is to be issued, use a separate form for each class.
Description of theISIN
class of securities
If unknown, contact NZX
Number of Securities toMinimum
Ratio, e.g
be issued following eventEntitlement
1 for 2 for
Conversion, Maturity, Call
Treatment of Fractions
Payable or Exercise Date
Tick if
provide an
pari passu
ORexplanation
Strike price per security for any issue in lieu or date
of the
Strike Price available.
ranking
Monies Associated with Event
Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money.
Source of
Amount per securityPayment
(does not include any excluded income)
Excluded income per security
(only applicable to listed PIEs)
SupplementaryAmount per security
Currencydividendin dollars and cents
details -
NZSX Listing Rule 7.12.7
Total monies
TaxationAmount per Security in Dollars and cents to six decimal places
In the case of a taxable bonusResident
Imputation Credits
issue state strike priceWithholding Tax(Give details)
Foreign
FDP Credits
Withholding Tax(Give details)
Timing
(Refer Appendix 8 in the NZSX Listing Rules)
Record Date 5pmApplication Date
For calculation of entitlements -Also, Call Payable, Dividend /
Interest Payable, Exercise Date,
Conversion Date.
Notice DateAllotment Date
Entitlement letters, call notices,For the issue of new securities.
conversion notices mailedMust be within 5 business days
of application closing date.
OFFICE USE ONLY
Ex Date:
Commence Quoting Rights:Security Code:
Cease Quoting Rights 5pm:
Commence Quoting New Securities:Security Code:
Cease Quoting Old Security 5pm:
EMAIL: announce@nzx.com
Notice of event affecting securities
Oceania Healthcare Limited (OCA)
Anna ThorburnDirectors Resolution
+ 64 9 213 102225012018
Ordinary SharesNZOCA000250
NA
In dollars and cents
Interim Dividend ex Retained Earnings
$0.0210
Enter N/A if not
applicable
NA$0.006930NA
NANA
New Zealand DollarsNA
$12,815,345
Date Payable
NA
13 February, 201820 February, 2018
NANA