Oceania exceeds forecast with strong earnings boost

MEDIA RELEASE
26 July 2018
Oceania Healthcare exceeds forecast with strong earnings
boost and signals higher future build rate
Highlights
• Reported net profit after tax and underlying net profit after tax both above IPO
forecasts reflecting new developments delivered in Auckland.
• Reported net profit after tax increased by $32.1m (71.5%) compared with the prior
corresponding period (pcp) to $77.0m due to uplift in valuation of investment
properties driven by higher resale margins and sale of new retirement village units.
• Underlying EBITDA improved by $22.4m (54.0%) compared with pcp to $63.7m.
• Operating cashflow improved from $38.9m to $82.2m (111.3%) due to the increase
in profit and reduction in interest paid compared with pcp.
• Total assets increased by $229.0m from pcp to $1.15bn due to significant
development capital expenditure, greenfields acquisitions and revaluations.
• All units and beds in the 2018 IPO forecast delivered on time and on budget. A
further 451 beds and units currently under construction across five sites.
• Future annual build rate lifted to 250 beds and units to 2021 (from 200 indicated at
the time of the IPO), increasing to 300+ from 2022 onwards.
• New bank facilities in place to fund land acquisitions and increased build rate.
• Final dividend per share announced of 2.6 cents per share (not imputed) payable on
20 August 2018 (record date 13 August 2018).
$m’s Year to 31 May Growth
2018 2017 $m %
Operating Revenue 184.0 174.8 9.2 5.3
Reported NPAT 77.0 44.9 32.1 71.5
Underlying NPAT* 52.1 34.0 18.1 53.1
Underlying EBITDA 63.7 41.3 22.4 54.0
Total Assets 1,147.2 918.2 229.0 24.9
Operating Cashflow 82.2 38.9 43.3 111.3
* 2017 includes pro forma adjustments

Earl Gasparich, Chief Executive Officer, commented:
We exceeded our financial forecasts set out in our IPO over 12 months ago. We have
increased underlying net profit after tax by 53.0% over the year ended 31 May 2018 and our
reported net profit after tax of $77.0m was ahead of the $44.9m IPO Forecast due to a
significant increase in the valuation of Oceania’s care and retirement village assets. Total
assets increased by $229.0m to $1.15bn following an increase in development capital
expenditure and acquisition of new sites.
Underlying earnings before interest, income tax, depreciation, and amortisation (EBITDA) of
$63.7m was ahead of the IPO Forecast and 54.0% ahead of last year.
We have delivered on our forecast build rate having completed Meadowbank Stage 3 and
the Elmwood villas in Auckland, as well as the Stoke villa development in Nelson, over the
year (131 beds and units). We currently have a further 451 beds and units under
construction across five sites in four metropolitan locations and expect to deliver 272 of
these within the next financial year, which is a significant step up from the forecast provided
in the IPO. Our design and premium quality of construction is also gaining increasing
recognition. We have lifted our forecast future build rate from 200 bed and units indicated at
the time of the IPO to 250 per annum over the next three years to 31 May 2021, increasing
further to 300+ from 2022 onwards. We have new bank facilities in place to fund this
increased build rate based upon current projections. With a pipeline of over 2,100 units and
beds across the country, we have approximately seven years of development ahead of us,
and 61% of this pipeline is already consented.
We have acquired a substantial amount of new land adjacent to existing Auckland sites over
the year, with neighbouring properties at Waimarie Street in St Heliers, Eden in Mt Eden,
Elmwood in The Gardens and Lady Allum in Milford all purchased in the period. These
acquisitions enable us to expand the redevelopment of these key locations, achieve
economies of scale and enhance the offering to our future residents.
We have also recently obtained resource consents for the expansion of Lady Allum Village
and Gracelands in Hastings.
We have a clear growth strategy in our aged care business as we redevelop our premium
locations with new care suites and also convert part of our existing portfolio into this superior
room product, which is in high demand throughout the country and differentiates us from
other providers. We have also entered into an agreement with Heritage Lifecare Limited for
the divestment of five sites that do not fit with our future plans.
On behalf of the Board, Oceania Healthcare Chair Liz Coutts confirmed that a final dividend
of 2.6 cents per share (not imputed) would be paid to shareholders with a record date of 13
August and payment on 20 August 2018. This takes the full year dividends to 4.7 cents per
share (not imputed) and represents a dividend payout ratio of 55% of underlying net profit
after tax.

ENDS

For all media enquiries, please contact Anna-Louise Hoffman of Porter Novelli, 027 645 1948
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 3,982 beds, suites and units located at 51 sites in
the North and South Islands.
This release should be read in conjunction with the Financial Statements contained within the Annual Report.

---

Oceania Healthcare Limited
Results for announcement to the market

Reporting Period 12 months to 31 May 2018
Previous Reporting
Period
12 months to 31 May 2017

Amount (000s) Percentage change
Revenue from ordinary
activities
$NZ 184,042 3.2%
Change in fair value of
investment properties
$NZ 68,320 19.5%
Total Revenue $NZ 252,362 8.8%
Reported Net Profit
(loss) from ordinary
activities after tax
attributable to security
holder
$NZ 76,972 71.5%
Reported Net Profit
(loss) attributable to
security holders
$NZ 76,972 71.5%

Final Dividend Amount per security Imputed amount per
security
$NZ 0.0260 $NZ 0.0000

Record Date 13 August 2018
Dividend Payment Date 20 August 2018

31 May 2018 31 May 2017
Net tangible assets per
security
$NZ 0.85 $NZ 0.74

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

m

The fi

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Oceania Healthcare Limited (OCA)
Anna ThorburnDirectors Resolution
+ 64 9 213 102226072018
Ordinary SharesNZOCAE0002S0
NA
In dollars and cents
Full year Dividend ex Retained Earnings
$0.026
Enter N/A if not
applicable
NA$0.008580NA
NANA
New Zealand DollarsNA
NZD$15,866,618
Date Payable
NA
13 August, 201820 August, 2018
NANA

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Results Presentation
2 6 J u l y 2 0 1 8
for the Financial Year Ended 31 May 2018

11
01Highlights of the Financial Year ended 31 May 20182
02Business Overview and Strategy6
03Update on Developments10
04Aged Care Strategy22
04Financial Results27
05Appendices42
Agenda

2
STRICTLY CONFIDENTIAL
Highlights of the financial year ended 31 May 2018
S E C T I O N 1
3
The Sands, Auckland
1
The Sands, Auckland

3
FY2018 IPO Forecasts exceeded and significant earnings growth delivered
We have exceeded the IPO Forecasts for FY2018, increased earnings by over 50%, and continued to execute our key
developments and operational initiatives.
FY2018 Highlights
1. Underlying NPAT is a non-GAAP measure used by Oceania to monitor business performance. Underlying NPAT is a consideration in determining dividend distributions. Refer to page 50 in the Appendices for a
definition of Underlying NPAT. Refer to page 51 for the pro forma adjustments made to the presentation of the FY2017 financial statements
1
Development pipeline enhanced and current projects on track
2
●131 units and care suites completed (on time and on forecast cost) during the 2018 financial year
●451 units and care suites currently under constructionin Auckland, Hamilton, Tauranga and Nelson.
272 units and care suites on track to be delivered in FY2019 (doubling delivery of 131 in FY2018)
●Greenfield land acquisitions made in the prime Auckland suburb of St Heliers with “bolt-on” acquisitions
made at villages in Mt Eden, Milford and The Gardens (Auckland)
●Total development pipeline now 2,129 units and care suites (~30% above the pipeline on IPO) with 61% of the
pipeline consented
●New bank facilities put in place to supportincreased build rate of 250 units and care suites per annum to
2022 and 300+ per annum thereafter while maintaining prudent gearing levels
NZ$MFY2018 FY2017Y.O.Y CHANGE (%)
Reported NPAT
77.0
44.971.5%
Underlying NPAT
1
52.1
34.053.2%
Total Assets
1,147
91825.0%

4
Operational excellence and clear growth strategy in aged care
FY2018 Highlights (continued)
3
●Supreme Winner Overall Excellence in Care Award for the third consecutive
year for innovative “I Love Music” programme
●Continued strong MoHaudit results with 28% 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
●Continued the transformation of our care portfolio to a target of a 60/40
premium/standard mix through the delivery of 98 new care suites in FY2018
with a further 310 care suites currently under construction
●Upgrade and conversion programme underway to boost occupancy in
favourable market locations
●Divestmentof five sites
Final dividend declared
4
●Final dividend per share announced of 2.60 cents per share (not imputed
1
) in line with the IPO forecast
●Record date of 13 August 2018. Payment date of 20 August 2018
●Full year dividend of 4.7 cps representing 4.2% yield
2
and 55% of underlying NPAT
1. The dividends are not imputed due to the availability of existing tax losses.
2. Gross yield based on the share price as at 13 July 2018 of $1.12 per share
2015, 2016 & 2017

5
Reported NPAT and Underlying NPAT are ahead of FY2017 and the IPO Forecasts. Total assets as at FYE2018 approximately
$1.15b
FY2018 Financial highlights
Reported NPAT
NZ$m
Total Assets
NZ$b
Operating Revenue
NZ$m
Underlying NPAT
1
NZ$m
48.7
44.9
53.1
77.0
FY2016FY2017FY2018 (F)FY2018
0.8
0.9
1.0
1.1
FY2016FY2017FY2018 (F)FY2018
34.0
1
51.4
52.1
FY2016FY2017FY2018 (F)FY2018
1. Underlying Net Profit After Tax includes pro forma adjustments in FY2017. Pro forma Underlying Net Profit After Tax for FY2016 was not included in the Product Disclosure Statement dated 31 March 2017 for the
Initial Public Offering because of the different capital structure in place before the Initial Public Offering
n/a
1
173.6
174.8
175.3
184.0
FY2016FY2017FY2018 (F)FY2018

6
STRICTLY CONFIDENTIAL
Business Overview and Strategy
S E C T I O N 2
2
Meadowbank Village, Auckland

7
Care Bedscare suites
3
UnitsTotal
North Island
1,9542207972,971
South Island
5861203051,011
Total Existing
1
2,5403401,1023,982
DevelopmentPipeline
3
08671,2622,129
Less Decommissions
(497)(43)(108)(648)
Care Suite Conversions
(194)156(15)(53)
Net DevelopmentPipeline
2
(691)9801,1391,428
Total Post Development
4
1,8491,3202,2415,410
Current & future portfolio composition –Remaining “needs” focused
We are a “care focused” operator and developer of aged care facilities and retirement villages
Overview of Oceania
1.Comprising 48 operating facilities and 3 undeveloped sites. Facility numbers as at 31 May 2018.
2.Current and planned developments
3.Includes 523care studios which may be initially sold with a PAC, and may subsequently be sold under an ORA
4.Includes 276 care beds and 13 units that are classified as held for sale as at 31 May 2018 and are subject to a
Sales & Purchase agreement. Refer to Appendices for movements in the portfolio from 31 May 2017.
63.8%
34.2%
8.5%
24.4%
27.7%
41.4%
CurrentPost Development
Units
Care
Suites
3
Care
Beds
Portfolio and landbank overview

8
DEVELOPMENT
AGED CARE
Our strength is our care focus and this will continue to differentiate Oceania moving forward
Our key business strengths
1
Recognised leaderin
clinical care
Attractive
demographic trends
and industry structure
–especially in the
care segment
Highly cashflow and
value accretive
brownfield development
projects in key urban
locations
Establishedcorporate
platformwith strong
governance
Clear growth strategy
in aged care
2
4
Growing development
track recordand
capability
3
5
6
CORPORATE & GOVERNANCE

9
Our business model supports a combination of dividend yield with long term growth
Summary of Oceania’s investment proposition
Total dividend of 4.70 cps for FY2018 –
4.20% yield (gross)based share price of
$1.12 (13 July 2018)
Robust cash generation from:
―stable “needs-based” care service (80%
sourced from government)
―“annuity-like” DMF earnings from
mature village portfolio.
Increase in portfoliofrom
~4,000 to 5,400 units as brownfields
sites redeveloped over
approximately 7 years
Transformation of care portfolio
through premium chargingand
care suitemodel (change from 34%
of beds to 62%) over this period
Development cashflowsfrom
existing brownfields landbank -61%
already consented
Trail incomefrom care earnings and
DMFfrom developments
YieldGrowth

10
STRICTLY CONFIDENTIAL
Developments
S E C T I O N 3
33
The Sands, Artist’s impression

11
We delivered our key developments during the IPO Forecast period on time and on forecast cost
Substantial progress executing developments
Development progress in FY2018
Development completed in FY2018
25 villascompleted at Elmwood(Auckland).
10 villas at Stoke(Nelson), and4 villas at
Wharerangi(Taupo)
30 care suitesand 62 apartmentscompleted
at Meadowbank(Auckland)
1HY2019 scheduled completion
Stage 1 new care facility (81 care suites) at
The BayView(formerly Melrose) due to
complete in 1HY2019
FY2019 scheduled completion
Stage 4 at Meadowbank(34 care suites, 49
apartments) on trackfor completion in
FY2019
The Sands (44 care suites, 64 apartments)on
trackfor completion in FY2019
Platform set for future development
Development commenced in FY2018
TrevellynStage 1 (90 care suites) commenced in January 2018
and scheduled to complete in FY2020
FY2019 scheduled commencement
Green Gables (61 care suites and 28 apartments)
commenced in June 2018
WindermereStage 1 (60 care suites and 22 apartments)due to
commence 2HY2019
Stage 2 at The BayView(74 apartments) due to commence in
2HY2019
GracelandsStage 1 (18 villas) scheduled to commence in
2HY2019
Land acquired in FY2018
Further land acquiredat Waimarie Street, in St Heliers (site
increased from 8,945m2 to 13,464m2)
Additional land acquiredat Eden Village, Elmwood Village
and Lady Allum Village
131
Care suites &
units completed
in FY2018in line
with IPO
Forecast
272
Care suites &
units scheduled
for completion in
FY2019

12
Stage 3 completed in February 2018 with 69% of apartments sold or under application as at June 2018.
Stage 4 on track for completion in May 2019
Meadowbank Village
Meadowbank
Auckland
Completed on time & under budget
Stage 3
62
Apartments
69% sold / under
application
30
Care Suites
40% occupied
Under construction with a further
Stage 4
49
Apartments
34
Care Suites

13
Construction of The Sands is on track for completion in May 2019
The Sands
The Sands
Browns Bay, Auckland
The Sands will provide
Due for completion around May 2019
64
Apartments
44
Care Suites

14
Redevelopment of The BayViewis on track and scheduled to complete in 1HY2019 with Stage 2 commencing in 2HY2019
The BayView
The BayView
Tauranga
Under construction will
provide
Due for completion
around Oct 2018
Stage 1
Scheduled to commence in 2H2019
Stage 2
74
Apartments
Community
Centre
81
Care Suites

15
Construction of Trevellyn commenced in 2HY2018 with completion scheduled for FY2020
Trevellyn
Trevellyn
Hamilton
Currently under construction1 will provide:
Due for completion in FY2020
1. Stage 1 site outlined in the aerial photo above
Stage 1
Scheduled to commence in FY2020
Stage 2
63
Apartments
Community
Centre
90
Care Suites

16
Redevelopment of Green Gables commenced in June 2018
Green Gables
Green Gables
Nelson
Green Gables will provide
Due for completion in FY2020
28
Apartments
61
Care Suites

17
We have significantly enlarged the development area of the Waimarie Street site in the premium suburb of St Heliers, Auckland
Waimarie Street
Waimarie St
St Heliers, Auckland
Greenfield site in the Auckland suburb
of St Heliers:
●Original land acquired was 8,945m
2
●Subsequent purchases have
increased this to 13,464m
2
and
“squared-off” the site
●Premium boutique aged care facility
and retirement village planned
(approximately 116 units and care
suites)
●Strong forecast demand in the
catchment area
●Local median house price of
approximately $1.7m
13,464m
2
Land
acquisition
116
Units & care
suites
planned

18
Additional land was acquired adjacent to the Eden Village
Eden
Eden
Auckland
Development of the site
1
will provide
●Under-croft carparks and a
community centreto supplement
the existing retirement village
facility
1. Site to be developed is shaded red within the
Eden site outline
47
Apartments
Community
Centre

19
1. Median house price calculated using data from sales within 2.0km radius of the Windermere Village, 3+ bedrooms, over 150 square meters
Stage1 development at Windermere is scheduled to commence in 2HY2019
Windermere
Windermere
Christchurch
Stage 1 development will provide
Scheduled to commence 2HY2019
●Premium suburb close to centre of
Christchurch with local median
house prices of $0.9m
1
22
Apartments
60
Care Suites

20
We have a highly experienced in-house development team
with a proven track record of delivering projects on time and
budget
Our philosophy is based on “ownership” of what we do all the
way from design, master planning, consenting, design
management, procurement, construction management, quality
control and after care
Our development margins have increased over time. We are
targeting an average range of 15-25% over the entire pipeline
Units delivered and currently under construction
We have delivered, and are currently constructing, a combined total of 903 care suites and units
Track record of developments delivered
CY2018
21.2%
40.0%
38.8%
Status of Development Pipeline
Under ConstructionConsentedPlanned
826 Units&
care suites
852 Units&
care suites
451 Units&
care suites

21
Current development pipeline vs IPO development pipeline
Our development pipeline and forecast build rate has increased since IPO. We have new debt facility limits in
place to achieve this and our in-house development team has the capacity and capability to deliver
Increased pipeline and build rate
Total units
Development Pipeline at IPO1,674
Less: IPO pipeline units completed(131)
IPO pipeline net of completions1,543
Redevelopment of Auckland brownfields sites682
WaimarieStreet116
Other changes to pipeline since IPO(212)
Development Pipeline at FY20182,129
Our pipeline has increased from 1,674 units at IPO to 2,129
units at FYE2018, since IPO due to:
̶Completion of Stage 3 at Meadowbank (Stage 3) and
villas at Elmwood, Stoke and Wharerangi
̶Announcedredevelopment of Auckland brownfields sites,
including Eden and Lady Allum
̶Acquisitionof land at Waimarie Street for a new greenfields
development
̶Otherchanges including the removal from the
development pipeline of 71 units at sites that are held for
sale at FYE2018 and at Woodchester (Christchurch)
We have also increased our forecast build rate since IPO to:
̶250 units p.a. in the near term to FY2021; and
̶300+ units p.a. from FY2022 onwards
We have increased and extended the maturity of our debt
facilities to provide us with certainty and flexibility to execute
our pipeline to FY2023
Our in-house development team has the capacity and
capability to achieve this increased build rate with 451 units
and care suites currently under construction

22
STRICTLY CONFIDENTIAL
Aged Care Strategy
S E C T I O N 4
34

23
Demand for aged care is underpinned by established demographic trends
Benefitsof a care-weighted portfolio
Aged care is a difficult business to replicate –
there are significant barriers to entry
Residential aged care facilities require MoH
certification in order to receive government
funding (and are regularly audited by MoH)
Processes, systems and well-trained staff are
required to achieve scale, maintain high
standards of service delivery and comply with
regulatory requirements
Funding contracts and relationships with DHBs
Barriers to entry
A high proportion of care revenue is
government funded (c.80%) which provides
stable cashflows.
Governments have funded increases to the
sector at greater than CPI over the last
decade
Aged care services are “needs based” -
demand is less affected by residential house
prices and economic cycles
Providing a “continuum of care” on site allows
residents to age in place, which is a key
attraction to residents and their families when
choosing a retirement village
Key benefits

24
Optimising our existing portfolio of facilities and redeveloping brownfields sites to increase our premium care offering
Aged care strategy
We have a mature aged care business
with strong cashflow based returns
Upgrade and
conversionof existing
aged care stock to
premium care suites
and beds
Redevelopmentof
premium care
suites to replace
older beds in key
urban brownfields
locations
1
2
MATURE AGED CARE BUSINESS
To be
enhanced
by

25
Continuing to have a mix of metropolitan and regional sites is important to us; it provides the benefits of scale and geographical
diversification
We have critically reviewed our aged care portfolio during FY2018 and assessed opportunities to enhance returns for each care
facility
Our aged care portfolio generates stable returns with the opportunity to enhance these returns by continuingto increase
the proportion of premium rooms through redevelopment and conversion
Aged care strategy –Portfolio review
310 care suites under construction
currently
A further 514 care suites (net of
decommissions) in our brownfields
pipeline
Redevelopment
opportunities
Conversion & upgrade
opportunities
Divestment
We have converted 233 existing
beds into care suites (sold under
ORA) over the past 8 years
Opportunities identified at sites with
strong local market conditions to
upgrade and reconfiguresites with
premium offering to meet resident
expectations
Enhance revenue streams from
increased occupancy, DMF and
PACs
Recycle capital and recover
refurbishment costs through sale of
care suites under an ORA
Five sites identified as not suitable
for development, upgrade or
conversion hence non-strategic
amongst our portfolio
These sites are currentlyin the
process of being divested

26
Our diversified portfolio of metropolitan and regional locations will meet the needs of both MoHsubsidised residents requiring
hospital care as well as those residents wanting a premium aged care product
After the currently proposed care redevelopments and conversions are completed, 62% of our aged care offering will be in
premium rooms (sold as care suites or PAC) with the balance standard beds
Totalaged care portfolio will then operate with strong occupancy and earnings per bed
Opportunityto further enhance operating performance from new technology and hospitality based model of care
Upgraded aged care portfolio comprising balance of premium and standard offerings to meet residents’ expectations
Agedcare portfolio –upon completion of
proposed development plan
66%
56%
38%
-194 Units
-540 Units
310 Units
156 Units
557 Units
22%
19%
19%
12%
26%
43%
FY2018NEAR TERMFULLY BUILT
PIPELINE
2,880 Units
3,152 Units3,169 Units
Current projects under construction
To FY2020
New care suites under construction
Decommissioned care beds
New care suites in pipelineDecommissioned care beds
Care Suite conversions
Care
Suites
Standard
Beds
PAC
Beds
Future projects
To FY2023
FY2020

2727
01Income statement and segmental performance
02Balance sheet and drivers of Investment Property valuation
03Cashflow statement
04Capital structure
Financial results

28
Reported net profit after tax of $77.0m was $32.1m (71%) ahead of the FY2017 result and $23.9m (45.0%) ahead of the IPO
Forecast
Income statement
1. Note, the IPO Forecast included the fair value movement ($7.7m) and associated rental expense ($7.8m) in relation to the right to use asset at Everil Orr village on a net basis. The FY2018 financial
statements presents these on a gross basis.
$184.0m operating revenue -includes care revenue
($159.6m), village deferred management fees ($15.0m) and
village weekly fees ($5.3m). Included within the care
revenue is the equal pay settlement for health care assistants
that came into effect in July 2017
A bridge of the fair value movement in IP is provided on
page 37. The movement in FY2018 was driven by:
―Revaluation of existing village assets ($26.9m);
―Uplift from Meadowbank ($23.4m);
―Uplift from Elmwood ($10.3m); and
―Uplift from Everil Orr ($7.7m)
PPE not revalued for the FY2018 financial statements with the
exception of the new care facility at Meadowbank
FY2018 operating revenue and expenses reflect the equal
pay settlement for health care assistants
Operating expenses include the rental expense in relation to
EverilOrr
1
Taxation benefit driven by a reduction in deferred tax liability
relating to IP of $2.6m
FY2018 Summary of Income Statement
NZDmFY2017FY2018
1
FY2018 (F)
Operating revenue174.8184.0175.3
Change in fair value of investment property57.268.340.4
Total Income232.0252.4215.7
Operating expenses (146.9)(165.8)(146.8)
Impairment of goodwill and loss on disposal of chattels(1.0)--
Impairment of property, plant and equipment(4.3)1.1-
Total Expenses(152.2)(164.7)(146.8)
Operating Profit
79.887.768.9
Transaction expenses
(4.4)--
Finance costs(20.1)(2.9)(2.1)
Depreciation and amortisation
(7.9)(8.8)(8.7)
Profit before Income tax47.475.958.1
Taxation benefit/(expense)(2.5)1.1(5.0)
Reported Net Profit after Tax44.977.053.1

29
Underlying NPAT was $18.1m (53.2%) ahead of the FY2017 result and $0.7m (1.3%) ahead of the IPO Forecast
Underlying earnings
1. See Appendices for a summary of FY2017 pro forma adjustments
2. Rental expense of $7.8m relates to the right to use asset at EverilOrr village. The IPO Forecast considered the right to use asset at EverilOrr village on a net basis with the impact deemed immaterial. The
FY2018 financial statements presents these on a gross basis with an offsetting amount of $7.8m included within the fair valuemovement.
Underlying NPAT was $18.1m ahead of FY2017 and $0.7m
ahead of the IPO Forecast
Underlying EBITDA increased $18.7m on FY2017 and was $1.5m
above the IPO Forecast
Reduction in care segment earnings driven by the
decommissioning of sites for development and the impact of
the equal pay settlement
Resales margin was in line with IPO Forecast and above
FY2017 with average resale gain of $94.1k per unit/suite (12.2%
above the FY2017 average of $83.8k)
Development margin of $21.1m underpinned by:
―Sales of new apartments at Meadowbank ($12.0m), Lady
Allum ($3.5m), and Elmwood ($1.4m); and
―Sales of new care suites at Meadowbank ($1.9m)
Reconciliation of Underlying Adjustments
NZDmFY2017FY2018FY2018 (F)
Reported Net profit after tax44.977.053.1
less: Change in fair value of investment property
and PP&E
(52.8)(68.3)
2
(40.4)
add: Impairment of goodwill0.5--
Less: Gain on disposal of chattels at
decommissioned sites
0.5(1.1)-
add: Realised gains on resales12.716.916.6
add: Realised development margin5.221.117.1
add: Deferred tax2.5(1.1)5.0
less: DMF in relation to right to use asset -(0.1)-
add: Rental expenses in relation to right to use asset -7.8
2
-
Underlying NPAT13.452.151.4
Pro forma adjustments:
Non-recurring or infrequent items
Transaction and Offer costs4.4--
Structural changes
Listed company costs(0.7)--
Listed capital structure17.0--
Underlying NPAT (inclFY2017 pro forma adj
1
)34.052.151.4
add: Depreciation and amortisation 7.98.88.7
add: Finance costs
1
3.02.82.1
Underlying EBITDA45.063.762.2
By segmentFY2017FY2018FY2018 (F)
Aged Care31.928.932.3
Retirement Village26.849.744.7
Other(13.7)(14.9)(14.8)
Pro forma Underlying EBITDA45.063.762.2

30
Aged care EBITDA impacted by lower occupancy and the negative impact of the equal pay settlement
Care segment
Occupancy averaged 88.1% for FY2018
̶Newaged care development at The BayView(Tauranga) and
Trevellyn (Hamilton) accounted for 0.5% of the change in
Group occupancy
̶Sites that will be divestedaccounted for a further 1.3%
̶Occupancyover remainder of portfolio was ~90.0%
While the equal pay settlement was designed to be cost neutral
to aged care providers, certain aspects of the settlement resulted
in higher wage costs than expected. This included the significant
increase in Health Care Assistants moving to the Level 3 pay scale
during the year due to the qualification “equivalency”
mechanism for qualifications obtained overseas
Sites for redevelopment and divestment made up $2.3m of the
$3.0m decrease in aged care earnings, representing 80% of the
total decline
Occupancy rates
NZ$mFY2017FY2018FY2018 (F)
Daily care fees145.7150.4143.9
PAC revenue2.73.23.2
Care suite DMF3.03.63.3
Other revenue1.42.41.4
Total aged care operating revenue152.8159.6151.8
Staff and resident expenses(105.8)(115.4)(105.4)
Occupancy and site overhead expenses(15.1)(15.3)(14.1)
Total aged care expenses(120.9)(130.7)(119.5)
Aged care pro forma Underlying EBITDA31.928.932.3
EBITDA per care bed / suite (all sites)
$12,339$11,742$12,709
Aged Care Underlying EBITDA
90.3%
90.7%
91.7%
90.4%
88.1%
FY2014FY2015FY2016FY2017FY2018

31
1.1
1.3
2.7
3.2
0.6
1.7
3.0
3.6
FY2015FY2016FY2017FY2018
PAC RevenueCare Suite DMF
1.8
3.0
5.7
6.8
Revenue from premium beds (including PAC and DMF) has increased at a CAGR of 56.9% over the past 3 years
Care segment –revenue from premium beds
19.3% increase in FY2018 to $6.8m
Care suite DMF revenue increased to $3.6m, up 21% from
FY2017
Average PAC of $13.67 in FY2018 compared to $11.32 in FY2017,
up 20.8%
Premium care revenue
NZ$m
CAGR of 56.9% over last 3 years

32
FY2018 Underlying EBITDA of $49.7m was $22.9m ahead of FY2017 and $5.0m ahead of the IPO Forecast due to stronger
prices achieved at new developments
Village segment
Development sales volume and margin
Resales volume and margin
Deferred management fees continue to grow (12.8% c.fFY2017) as
new developments are completed and resales occur at higher prices
Gains on resale increased due to increased volume (180 units in FY2018,
151 in FY2017) whilst margins improved slightly on FY2017 (27.9% in
FY2018 compared to 27.4% in FY2017). Gains higher than IPO Forecast
with margin slightly lower due to higher proportion of care suite sales (as
these have shorter tenure)
Development margin reflects the sales of new units including at Lady
Allum, Meadowbank and Elmwood with sales prices above the IPO
Forecast
Village Underlying EBITDA
67
56
79
57
75
79
31
28
52
32
26
34
17
48
62
62
79
63
16.6%
21.2%
25.5%
27.4%
27.9%
29.1%
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
VillaApartmentCare SuiteResales Margin
22
41
1717
26
32
39
23
2020
47
52
21
29
23
15
27
11
6.8%
8.9%
19.2%
22.9%
33.5%
26.8%
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
VillaApartmentCare SuiteDevelopment Margin
NZ$mFY2017FY2018FY2018 (F)
Villa and Apartment DMF13.315.015.0
Retirement village service fees5.35.35.4
Other revenue2.12.71.9
Total retirement village operating revenue20.623.022.3
Realised gains on resales12.716.916.6
Realised development margin5.221.117.1
Village site operating expenses(9.5)(11.3)(9.9)
Resident share of capital gains(2.2)0.0(1.4)
Total retirement village expenses(11.7)(11.3)(11.4)
Retirement village pro forma Underlying EBITDA26.849.744.7
Total resale volume151180176
Total new sales volume5210095
Total sales volume203280271

33
44
26
31
37
32
29
21
22
36
18
20
10
9
2020
May-15May-16May-17Nov-17May-18
VillasApartmentsCare Suites
Resale prices and margins were above FY2017 and the IPO Forecast, particularly for apartments and care suites
Village segment –key indicators
Resales Prices
NZ$000s
Closing Stock (inclstock under application) -Resales
Average resale prices increased materially for both apartments and care
suites (up 34.3% to $509k and 18.5% to $239k respectively)
Resales prices achieved in FY2018 were, on average, 6.2% higher than the
May 2017 CBRE valuation. The chart depicts the variance to the prior
annual valuation
Larger positive variances in Tauranga and Hawke’s Bay. Similar variances
for care suites to independent living units
Stock levels have reduced since 1HY2018
Of the 70 units available for resale at 31 May 18, 19 were under
application
Resales Prices vs CBRE Valuation Assumption
7.3%
12.0%
9.5%
16.5%
5.9%
6.5%
1HY20162HY20161HY20172HY20171HY20182HY2018
256
297
321
378
381
352
287
309
370
379
509
499
151
163
171
202
239
195
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
VillaApartmentCare Suite

34
The embedded value in Oceania’s portfolio has increased significantlyover the last four years to $210.7m and will
underpin ongoing DMF cash flows and resale gains
Embedded value
1. Calculated as the current/estimated sale or resale price of all units/care suites as determined by CBRE. 2. The value of unsold stock represents the sales prices of units/care suites which are not under
contract, as they either newly constructed or have been bought-back from the previous outgoing residents.
Embedded value per unit
1
NZ$m
Embedded value in Oceania’s portfolio is $210.7m ($170.3k
per unit). Value per unit up 20% year on year
This is an indicator of DMF and resale gains to be realised in
future periods and underpins our operating cash flow
forecasts
Embedded value per unit includes:
̶~$75,800 of DMF cash flows per unit to be realised; and
̶~$94,500 of resale gains per unit and suite
Growth in embedded DMF a reflection of the migration of
the portfolio to our standard contractual terms and higher
price point for the sale and resale of units and care suites
Summary of Embedded Value Calculation
NZ$m
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
Estimated sale/resale price of all Units
1
322.4350.2402.7499.0625.1582.0
less: Unsold stock
2
(32.4)(25.3)(14.3)(33.8)(92.6)(47.1)
less: Resident liabilities (contractual)
(206.2)(223.3)(243.4)(282.1)(321.9)(358.1)
equals: Embedded value
83.8101.6145.0183.1210.7176.8
Embedded value per Unit (NZ$)
68,11980,531115,545141,298170,313122,422
37.2
42.6
48.8
54.9
75.8
31.0
38.0
66.8
86.4
94.5
68.1
80.5
115.5
141.3
170.3
FY2014FY2015FY2016FY2017FY2018
DMFResale gains

35
FY2018 development margin of 33.5% was significantly above FY2017 and the IPO Forecast, with strong sales prices
achieved at Meadowbank. Our developments will generate a considerable uplift in DMF in future periods
Developments –key indicators
Sales Prices
NZ$000s
Development Volumes and Margins
New units were completed at the following sites in FY2018:
̶62 units and 30 care suites delivered at Meadowbank;
̶25 villas (excluding decommissions) delivered at Elmwood;
̶10 villas completed at Stoke; and
̶4villas were delivered at Wharerangi
A further 141 units and 310 care suites are currently under
construction
Development margins increased to 33.5% in FY2018 (22.9% in
FY2017) with prices also increasing materially:
̶Villa prices increased by 38.3% to $403k ($291k in FY2017);
̶Apartment prices increased by 25.6% to $973k ($775k in
FY2017);
̶Care suite prices increased by 60.9% to $247k ($154k in
FY2017)
Margins and increased prices were driven largely by sales at
Meadowbank (37 apartments and 10 care suites) and Lady
Allum (10 apartments)
FY2014FY2015FY2016FY2017FY2018
Villas422411239
Apartments401404462
Care suites000030
Total82381146131
Gross New Units Delivered
242
309
329
291
403
441
463
448
659
775
973
919
199
182
198
154
247
183
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
VillaApartmentCare Suite
22
41
1717
26
32
39
23
2020
47
52
21
29
23
15
27
11
6.8%
8.9%
19.2%
22.9%
33.5%
26.8%
FY2014FY2015FY2016FY2017FY2018FY2018 (F)
VillaApartmentCare SuiteDevelopment Margin

36
Total assets increased by $229.0m (24.9%) from FY2017 due to significant development capital expenditure during the
financial year and revaluations reflecting improved trading performance and the completion of key developments
Balance sheet
●Our NAV was $1.04 per share as at FY2018.
●The NAV represents the value of existing sites and the WIP at
development sites but excludes the present value of net
development cashflows and earnings at both current and
future developments (including The Sands and Meadowbank
Stage 4 which are due for completion in May 2019)
NZ$mFY2017FY2018FY2018 (F)
Assets
Cash and trade receivables22.251.015.6
Property, plant and equipment268.0323.2234.4
Investment properties611.0755.6763.1
Intangible assets17.117.417.1
Total assets918.21,147.21,030.2
Liabilities
Trade, other payables and provisions27.837.923.9
Deferred management fees 19.521.9-
Refundable occupation right agreements282.9358.2373.7
Borrowings95.2168.7130.8
Deferred tax liability24.823.328.6
Total liabilities450.3610.1557.1
Equity
Contributed Equity579.5579.5587.0
Retained Deficit(196.0)(127.9)(182.5)
Reserves84.485.568.6
Total equity468.0537.1473.2
Net tangible assets450.9519.7456.0
NZ$mFY2018FY2017
PP&E (incWIP)323.2268.0
IP (inclWIP)755.6611.0
Sub Total1,078.8879.0
less ORA Gross Up(346.2)(302.4)
add: Adjfor CBRE –Chattels7.47.9
add: Adjfor CBRE –Care Goodwill65.059.0
add: Other(18.7)4.5
CBRE plus WIP786.3647.9
less: Net Debt(150.4)(84.4)
Net Adjusted Value635.9563.5
Shares on Issue610.3610.3
Net Adjusted Value per Share1.040.92
FY2018 Balance SheetNet Adjusted Value

37
611.0
755.6
21.5
2.3
23.4
10.3
100.0
7.7
26.9
FY2017FV of MBK 3FV of
Elmwood
CapexTransfer to
PPE
Transfer to
HFS
FV of Everil
Orr
Existing
Village Reval
FY2018
Significant uplifts in IP and PPE through development capital expenditure and revaluations
Balance sheet drivers
1. The CBRE valuation was dated 30 April 2018. Management performed a roll forward for settlements in the month of May.
Investment Property
NZ$ms
CBRE Valuation Assumptions -IP
PPE not valued by CBRE for the FY2018 financial statements
with the exception of the new care facility at Meadowbank
Material increase in the average incoming villa and
apartments price due to the inclusion of Meadowbank and
Elmwood developments
DRIVERFY2017FY2018
PPGR –Long Term (low-high)2.50%3.50%2.50%3.50%
PPGR –Short Term (low-high)0.00%3.00%0.0%3.0%
Discount Rates (low-high)14.00%22.00%14.00%22.00%
Average Incoming Price –Villas$359,350$390,974
Average Incoming Price –Apartments$570,291$670,597
DRIVERFY2017FY2018
Cap rate (low-high)10.00%18.50%n/an/a
EBITDAR per bed (low-high, $000's)$9.65$18.34n/a
Average Incoming Price –care suites$209,906$233,453
CBRE Valuation Assumptions –PPE
Property, Plant and Equipment
NZ$ms
268.0
303.6
17.3
8.7
1.7
3.5
34.6
21.5
0.3
FY2017RemediationFV of MBK 3CapexTransfer to
HFS
Transfer
to/from IP
DepreciationExisting PPE
reval
FY2018

38
We have significantly increased our growth capital expenditure following the IPO
Development capital expenditure
Our growth capital expenditure will create incremental
development cashflows as well as increased care earnings
and deferred management fees
The BayView
Tauranga
Growth Capital Expenditure (IP and PPE)
NZ$ms
23.1
13.4
15.0
48.8
79.1
3.2
38.6
FY2014FY2015FY2016FY2017FY2018
Development capital expenditureLand acquisitions

39
NZD$mFY2017FY2018FY2018 (F)
Receipts from customers
159.3161.8156.8
Payments to suppliers and employees
(141.1)(155.2)(146.2)
Receipts from new Occupational Rights Agreements
68.8113.5
1
120.7
Payments for outgoing Occupational Rights Agreements
(30.9)(35.4)
2
(32.6)
Interest received
0.10.2-
Interest paid
(17.3)(2.6)(6.1)
Net cash inflow from operating activities
38.982.292.6
Proceeds from sale of property, plant and equipment
0.00.2-
Payments for PPE and intangible assets
(33.5)(33.4)(107.6)
Payments for investment property and investment
property under development
(47.6)(98.2)-
Net cash outflow from investing activities
(81.1)(131.4)(107.6)
Proceeds from borrowings
145.0119.892.3
Repayment of borrowings
(285.4)(50.5)(65.2)
Transaction costs
(10.7)--
Proceeds from issue of shares
200.0--
Dividend paid
0.0(12.7)(12.7)
Net cash inflow from financing activities
48.956.614.4
Net increase in cash and cash equivalents
6.87.4(0.6)
Cash and cash equivalents at beginning of the period
4.110.94.4
Cash and cash equivalents at end of the period
10.918.33.8
Statement of cash flows
Operating cash flows, ahead of the pcp, due to the higher new sales receipts and reduced gearing
Cash flow
1. The $113.5m of receipts from new ORAs comprises $61.7m of new sales proceeds
2. The $35.4m of payments for outgoing ORAs comprises $2.9m of development buybacks
Operating cashflow was above FY2017 due to higher new sale
receipts and the new capital structure post the IPO in May 2017
Operating cashflow was below the FY2018 forecast predominantly
due to the timing of settlements and lower aged care earnings. The
IPO model assumed contemporaneous settlement when units went
unconditional.
There were $17.9m of deferred receipts relating to ORAs that were
unconditional and cooled off/occupied recognised in FY2018, of
which 82% have now fully settled. The remainder largely relate to
internal transfers into care suites
Investing cash outflow was higher than forecast due to the $38.6m
of land acquisitions made that were not contemplated in the IPO
Forecast
The variance in financing cashflow reflects the proceeds from
borrowings to fund the land acquisitions made and difference in
timing of repayment of development debt following the cash
settlement of new units and care suites as discussed above

40
A dividend of 2.6 cents per share (not imputed) has been
declared
This is in line with the IPO forecast
Record date of 13 August 2018. Payment date of 20 August 2018
Subject 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
The final dividend payment totals $15.9m. The final dividend
and 1HY2018 interim dividend (2.1 cents per share) in aggregate
total $28.6m for FY2018. This equates to approximately 55% of
FY2018F Underlying NPAT and represents a gross yield of 4.20%
based on the share price as at 13 July 2018 of $1.12 per share
A final dividend of 2.6 cents per share has been declared. Total dividend of 4.7 cents per share for FY2018
Dividend

41
DEBT FACILITIESFACILITY LIMIT
DRAWN AMOUNT
(31/05/18)
General / corporate$135.0m$62.2m
Cashn/a($18.3m)
Finance leasesn/a$5.8m
Development$215.0m$101.1m
Total net debt$350.0m$150.8m
PERIODENDINGFY2017FY2018
Net debt$84.4m$150.8m
Net debt / (net debt + equity)15.30%21.93%
Loan to value ratio15.79%20.84%
Gearing of 22.0% as at 31 May 2018. We recently increased and extended our bank facilities to provide us with sufficient
headroom and flexibility to execute our existing development pipeline to FY2023 at an increased build rate
Capital structure
Debt facilities were refinanced in July 2018 with total facility limits
increased to $350m (previously $235m) with the following terms:
̶The term of the facilities is 5 years to 31 July 2023 (previously
May 2020)
̶General Corporate Facility limit increased to $135m
(previously $75m)
̶Development Facility limit increased to $215m (previously
$160m)
̶InterestCover Ratio (“ICR”) covenant of 2.00x
The additional facility limits position us to execute our
development pipeline to FY2023 subject to Board approval as
each project is ready to proceed
Re-finance of Debt Facilities
Net Debt
Credit metrics

4242
Appendices
01Portfolio summary
02Development pipeline
03Reconciliation of portfolio movements
04Summary of unit sales
05Capital expenditure
06Resales cash flow reconciliation
07Definition of underlying NPAT
08Pro forma adjustments
09Glossary
10Disclaimer

43
Portfolio summary (31 May 2018)
01
FACILITYREGIONCARE BEDSCARE SUITESVILLAGE
UNITS
TOTAL
NORTH ISLAND
Totara Park VillageRodney
--3030
Greenvalley Rest HomeNorth Shore50--50
Lady AllumLifestyle Care & VillageNorth Shore12815129272
Te Mana Rest HomeNorth Shore46--46
Amberwood Rest HomeWaitakere67--67
Eden Lifestyle Care & VillageAuckland-6740107
Everil Orr Specialist Senior Care CentreAuckland67--67
Meadowbank Lifestyle Care & VillageAuckland-30118148
Wesley Specialist Senior Care CentreAuckland71--71
Elmwood Lifestyle Care and VillageManukau11148129288
St Johns VillageManukau--1818
Takanini Specialist Senior Care CentreManukau91--91
Franklin Rest HomeFranklin44--44
Trevellyn Lifestyle Care & VillageHamilton106-43149
Raeburn Rest HomeCambridge54--54
Whitianga Rest HomeWhitianga53--53
Elmswood Rest HomeTauranga38--38
Melrose Lifestyle Care & VillageTauranga80-60140
Ohinemuri Rest HomePaeroa68-876
Victoria PlaceTokoroa51--51
St Johns Wood Rest Home & VillageTaupo40182179
Wharerangi Rest HomeTaupo47-2168
DunblaneRest Home & VillageGisborne75-1388
Duart Rest HomeHastings66--66
Eversley Lifestyle Care & VillageHastings50-656
GracelandsLifestyle Care & VillageHastings92-69161
AtawhaiLifestyle Care & VillageNapier612246129
Woburn ResthomeHawke's Bay33--33
Chiswick Park Rest HomePalmerston North50--50
Palmerston Manor ResthomePalmerston North48--48
Eldon Specialist Senior Care CentreParaparaumu105--105
EldersleaSpecialist Senior Care CentreUpper Hutt124--124
HeretaungaResthome& VillageUpper Hutt3820-58
Hutt Gables Retirement VillageUpper Hutt--4646
FACILITYREGIONCARE BEDSCARE SUITESVILLAGE
UNITS
TOTAL
SOUTH ISLAND
Marina Cove VillagePicton--2222
Green Gables Resthome& VillageNelson--1212
OtumaramaResthomeNelson43--43
Stoke Retirement VillageNelson--114114
Whareama Specialist Senior Care CentreNelson72--72
Redwood Lifestyle Care & VillageBlenheim651346124
Woodlands Resthome & VillageTasman5653091
Holmwood Rest HomeChristchurch56--56
Middlepark Rest Home & VillageChristchurch4912-61
Palm Grove Lifestyle Care & VillageChristchurch424232116
Resthaven Rest HomeChristchurch49--49
The Oaks Lifestyle Care & VillageChristchurch693632137
Windermere Lifestyle Care & VillageChristchurch--1717
Addington Lifestyle CareChristchurch8512-97
TOTAL (NORTH AND SOUTH ISLANDS)2,5403401,1023,982

44
SITE,STAGESTATUSGROSS UNITSNET UNITSNOTES
MeadowbankStage 4Under Construction8383
Expected completion May 2019
Stage 5Consented2626
Stage 6Consented3636
Consent received July 18, not included in 1,303 consented units
The Sands (formerly Maureen Plowman)Under Construction108108
Expected completion May 2019
MelroseStage 1Under Construction8181
Expected completion 2Q19
Stage 2-5Consented235126
TrevellynStage 1Under Construction9087
Construction began January 18
Stage 2-3Consented13428
Green GablesUnder Construction8989
Construction began June 18
WindermereStage 1Consented8282
Stage 2Consented4629
EdenPlanned4747
Waimarie StreetPlanned116116
Lady AllumStage 1Consented142(1)
Stage 2Consented6969
Stage 3Consented6868
GracelandsStage 1Consented1818
Stage 2Consented1515
Stage 3Consented1717
OtherHawkes BayPlanned115109
AucklandPlanned320145
NelsonPlanned11930
VariousPlanned7373
Total Consented/under construction1,303925
Total Pipeline2,1291,481
Development pipeline
02

45
We have a pipeline of 2,129 units and care suites. Of this, 1,303 units and care suites are either under construction or
consented (61% of pipeline). Details of sites under construction or consented are set out below
FACILITYLOCATIONSTATUSGROSS RESIDENCESMAY-18NOV-18MAY-19NOV-19FUTURE
MeadowbankAuckland
Stage 4Under Construction83
Stage 5Consented26
The SandsAucklandUnder Construction108
The BayViewTauranga
Stage 1Under Construction81
Stage 2-5Consented235
TrevellynHamilton
Stage 1Under Construction90
Stage 2-3Consented134
Green GablesNelsonUnder Construction89
WindermereChristchurch
Stage 1Consented82
Stage 2Consented46
Lady AllumAuckland
Stage 1Consented142
Stage 2Consented69
Stage 3Consented68
GracelandsHastings
Stage 1Consented18
Stage 2Consented15
Stage 3Consented17
TOTAL1,303
Development pipeline
02

46
Movements in capacity and pipeline since FY2017
Reconciliation of portfolio movements
03
FY2017
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
FY2018
Existing
Care beds2,580(22)(18)2,540
Care suites2421165130340
Units1,054(2)(51)1011,102
Pipeline
Care beds(354)(147)(501)
Care suites635(30)262(43)824
Units1,001(101)290(36)1,154
Total5,158(23)(2)00552(226)5,459
FY2017
FY2018
Elmwood
Completion
St Heliers
acquisition
Eden acquisition
MBK Stage 3
Completion
Lady Allum
consented
Auckland
new planned
Sites removed
from pipeline
Other
Movements in gross pipeline since May-17 (from above)

47
Summary of unit sales
04
FY2014FY2015FY2016FY2017FY2018FY2018 PFI
Villa
675679577579
Apartment
312852322634
Care Suite
174862627963
Total
115132193151180176
Resales Margin
16.6%21.2%25.5%27.4%27.9%29.1%
FY2014FY2015FY2016FY2017FY2018FY2018 PFI
Villa
224117172632
Apartment
392320204752
Care Suite
212923152711
Total
8293605210095
Development Margin
6.8%8.9%19.2%22.9%33.5%26.8%
New Sales
Resales
FY2014FY2015FY2016FY2017FY2018FY2018 PFI
Villa
52,98977,652107,131116,316135,888118,731
Apartment
28,72261,46174,852106,653116,096157,008
Care Suite
18,23519,84927,66542,10047,08929,910
Total
41,31053,19872,90683,79594,05694,332
Average resale gain per unit/care suite

48
We increased our development capital expenditure significantly during FY2018
Capital expenditure
05
NZ$mFY2017FY2018FY2018 (F)
Acquisitions23.038.60.0
Development capital expenditure48.879.190.0
Remediation expenditure1.84.17.4
Care refurbishment1.10.00.0
Care conversion & premium room upgrades0.71.60.8
Other capital expenditure
-Aged care maintenance2.74.04.7
-Retirement village refurbishment2.23.23.5
-IT growth0.71.01.6
Total conversions and maintenance7.49.810.7
Adjustment for accruals0.00.00.0
Total capex per statutory cashflow statement81.1131.6108.1
Assets under finance leases3.01.30.0
Total capex (inclassets under finance leases)84.1132.9108.1
Breakdown of Capital Expenditure Spend
During FY2018 we completed the conversion of 18 care beds
and 51 service apartments to care suites
Remediation costs for FY2018 were $4.10m. A further $0.8m of
remediation costs are expected to complete this exercise by the
end of FY2019

49
1. Net Buybacks is the difference between the gross ORA payments made in relation to units bought back (and not resold) during the year and the gross ORA receipts from units resold during the year that
were bought back in prior financial years
$2.9m of unit buybacks were completed in FY2018 to facilitate future development
Reconciliation of resales cash flow
06
NZD$mFY2017FY2018
Receipts from New ORAs68.8113.5
Less: Payments for Outgoing ORAs(30.9)(35.4)
Less: Cash Inflow From New Sales(22.8)(61.7)
Net Resales Cash flow15.116.4
Made up of :
Resale Gains12.716.9
DMF Realised8.69.5
Less: Deferred Settlements0.0(3.2)
Less: Development Buybacks(1.7)(2.9)
Less: Net Buybacks
1
(3.2)(2.2)
Less: Resident Share of Capital Gains (1.1)(2.2)
Less: Other Cash amounts paid/received from
resales
(0.2)0.5
Net Cash flows from Resales 15.116.4
Reconciliation of resales cash flow

50
Underlying NPAT
07
Underlying Profit (or Underlying NPAT)
Underlying Profit is a non-GAAP measure used by the Group to monitor financial
performance and is a consideration in determining dividend distributions. Underlying
profit measures require a methodology and a number of estimates to be approved by
Directors in their preparation. Both the methodology and the estimates 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 Net Profit
after Tax:
•Removing the change in fair value of investment properties (including right to use
investment property assets) and any impairment or reversal of impairment of
property, plant and equipment;
•Removing any impairment of goodwill;
•Removing any loss on disposal of chattels from the decommissioning of development
sites;
•Removing any DMF income and rental expenditure in relation to right to use
investment property assets;
•Adding back the Directors’ estimate of realised gains on resale of occupation right
agreement units and care suites ;
•Adding back the Directors’ estimate of realised development margin on 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
Directors’ estimate of realised gains on resales of ORA units and care suites (i.e. the
difference between the incoming residents ORA licence payment and the ORA licence
payment previously received from the outgoing resident)is calculated as the net cash
flow received, and receivable, at the point that the ORA contract becomes
unconditional and has either ‘cooled off’ or where the resident is in occupation at
balance date.
Development Margin
The Directors’ estimate of realised development margin is calculated as the cash
received, and receivable, in relation to the first sale of new ORA units and care suites, at
the point that the ORA contract becomes unconditional and has either ‘cooled off’ or
where the resident is in occupation at balance date, less the development costs
associated with developing the ORA units and care suites.
•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.

51
The following adjustments relate to the FY2017 year only
Pro forma adjustments
08
Transaction and offer costs
Total transaction and offer costs of $11.9m were incurred relating to joint lead manager
fees, due diligence expenses, travel expenses, 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 tax costs, 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 Eldersleaaged 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.

52
Glossary
09
Care Suite
A room or studio certified for the provision of care by the
Ministry of Health which has been licensed under an ORA
DMF
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. These are in consideration for the right to
use communal facilities etc over the entire length of stay.
HFS
Held for sale
IP
Investment Property
IPO Forecasts
Prospective Financial Information contained in the Product
Disclosure Statement and Supplementary Financial Information
dated 31 March 2017
MoH
Ministry of Health
ORA
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
PAC
Premium accommodation charge on a care bed for
accommodation provided above the mandated minimum
PPE
Property, Plant and Equipment
Unit
Includes independent villas and apartments
WIP
Work in progress

53
Important notice and disclaimer
10
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 and
resales which assist the reader with understanding the volumes of units settled during
the period and the impact that development sales and resales during the period had
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 31 May 2018. Please refer to the Financial Statements for the period ended 31
May 2018 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 this presentation, 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 offer of shares 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.