UBS Equities Conference Investor Presentation

Introduction to Oceania

1
This document provides some background information on Oceania and the New Zealand aged care industry to
assist investors.
It should be read in conjunction with Oceania's annual reports and financial statements.
Further information is available on our website at www.oceaniahealthcare.co.nz
Please contact Matthew Ward (Chief Financial Officer ) or Craig Mathews (Corporate Development Manager) with
any information requests
Purpose of Document

22
01Oceania at a Glance03
02Board and Management Team11
03Industry and Regulation16
04Overview of Business Model24
05Key Developments31
Contents

3
STRICTLY CONFIDENTIAL
Oceania at a Glance
S E C T I O N 1
1

4
Occupation Right Agreement (ORA)
3 YEAR DEFERRED MGMT FEE (DMF)
Government
Funded
Premium
Charge
DAILY RATE
We are a “care focused” operator and developer of aged care facilities and retirement villages in New Zealand
Oceania by numbers
Formed In
2005
AGED CARE
“Care”
Assisted Living Services (ALS)
2,604
BEDS
2
Operating
segments
RETIREMENT VILLAGE
“Village”
Independent Living Units (ILU)
1,089
UNITS
Care
Suites
PAC
Beds
NEW
ZEALAND
based
Standard
Beds
Villas
Apartments
Non-operating
development
sites
DEVELOPMENT PIPELINE
at FYE2018
2,129
BEDS & UNITS
BUILD RATE
250+ p.a.
completed to
FY2021
300+ p.a.
completed
FY2022-24
43
Operating
Facilities
BROWN
FIELDS
Developer
+3
5
Sites under
development
at FYE2018

5
CAREVILLAGEOCEANIA
Assisted LivingIndependent
Care BedsCare Suites
3
UnitsTotal
North Island
1,7272207842,731
South Island
537120305962
Total Existing
1
2,2643401,089
3,693
DevelopmentPipeline
3
08671,262
2,129
Less Decommissions
(497)(43)(108)(648)
Care Suite Conversions
(194)156(15)(53)
Net DevelopmentPipeline
2
(691)9801,1391,428
Total Post Development
4
1,5731,3442,2255,121
Current & future portfolio composition –Remaining “needs” focused
We are a “care focused” operator and developer of aged care facilities and retirement villages in New Zealand
Oceania’s portfolio
1.Comprising 43 operating facilities and 3 undeveloped sites. Facility numbers as at 31 October 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
Oceania’s site locations
Hawke’s Bay
Auckland
Hamilton
Tauranga
Wellington
Nelson
Christchurch
Locations with
Development Land Bank
Locations with No
Development Land Bank
43
Operating
Facilities
+3
Non operating
development
sites

6
Oceania is recognised as a high quality provider of Aged Care services in New Zealand, and its offering includes both
standalone and integrated facilities
Oceania’s offering
Retirement VillageAged Care
Units
Overview
“Annuity”
earnings
Growth
Residential Aged Care including rest home, hospitaland
dementia level healthcare
Dedicated clinical healthcareteam delivering strong clinical
care and governance
Independent living in Apartment and Villa accommodation,
predominantly in close proximity toAged Care facilities
High proportion of new facilities are located in prime urban
locations across New Zealand
Governmentcare feeproviding 80% of income, supplemented
by premium accommodation charges (PACs)
ORA provides attractive funding model (effectively recycles
capital), with annuity-like DMF revenue recurring throughout
assets’ lifecycle
Resale gains from existing Care Suites and growth in PACs
Gross development pipeline of ~900Care Suites / Beds, with over
500 consented / under construction
Resale gains from existing Units
Gross development pipeline of over 1,200 Units, with over 800
consented / under construction
Care bedsCare suites

7
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

8
Our business model supports a combination of dividend yield with long term growth
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

9
We exceeded the IPO Forecasts for FY2018, increased earnings by over 50%, and continued to execute our key
developments and operational initiatives.
FY2018 Operational highlights
Aged Care Strategy & Operations
Development Pipeline
Operational excellence and clear growth
strategy in aged care
●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)
2015, 2016 & 2017
Development pipeline enhanced and
current projects on track
131451
Units & care
suites
completed on
time and on
cost during
FY2018
Units & care
suites under
construction at
FYE2018 in
Auckland,
Hamilton,
Tauranga &
Nelson
272
On track to be
delivered in
FY2019
2,129
Total
development
pipeline units
and care suites
at FYE2018
30%
Above pipeline at
IPO
61%
of pipeline
consented

10
Reported NPAT and Underlying NPAT were 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

11
STRICTLY CONFIDENTIAL
Oceania’s Board and Management Team
S E C T I O N 2
3
The Sands, Auckland
2
The Sands, Auckland

12
Directors
Elizabeth Coutts
Chair and
Independent Director
BMS, FCA
Liz Coutts has been a Director of Oceania since 5 November 2014 and was
appointed Chair in 2014. Liz is also the Chair of Ports of Auckland Limited and
SkellerupHoldings Limited, and a director of EBOS Group Limited.
Liz is President of the Institute of Directors NZ Inc. and a Fellow of Chartered
Accountants Australia and New Zealand. She was made an Officer of the New
Zealand Order of Merit in 2016.
Liz has previously been Chief Executive of Caxton Group, Chairman of Meritec
Group Limited, Industrial Research Limited and Life Pharmacy Limited, Deputy
Chairman of Public Trust, and a Commissioner of both the Commerce Commission
and Earthquake Commission. She has been a Director of Sanford Limited,
RavensdownFertiliser Cooperative, the Health Funding Authority, PHARMAC, Air
New Zealand, Sport and Recreation New Zealand and Trust Bank New Zealand,
and a member of both the Financial Reporting Standards Board of the New
Zealand Institute of Chartered Accountants and the Monetary Policy Committee of
the Reserve Bank of New Zealand.
Liz is a member of the Audit Committee, the Remuneration Committee and the
Clinical and Health & Safety Committee.
Alan Isaac
Independent Director
BCA, FCA,
FICS
Alan Isaac has been a Director of
Oceania since 1 October 2015.Alan is a
professional director with extensive
experience in accounting, finance and
governance. He is currently Vice
President of the Institute of Directors NZ
Inc and is Chairman of McGrath Nicol &
Partners and New Zealand Community
Trust.He is also a former President of the
International Cricket Council. Alan is a
Director of Scales Corporation Limited
and SkellerupHoldings Limited. He is also
a Board member of the Wellington Free
Ambulance.
Alan is a former national Chairman of
KPMG, and was made a Companion of
the New Zealand Order of Merit (CNZM)
in 2013.He is a Fellow of Chartered
Accountants Australia and New
Zealand.
Alan is Chair of the Audit Committee
and is a member of the Remuneration
Committee.
Kerry Prendergast
Independent Director
MBA (VUW),
NZRN, NZM
Kerry Prendergast has been a Director of
Oceania since 22 December 2016. Kerry
is a professional director. She was Mayor
of Wellington (2001-2010) and is currently
a director on the boards of Compass
Health and Wellington Free Ambulance,
and is the Chair of Tourism New Zealand,
the Environmental Protection Authority
and the NZ Film Commission.
For 25 years Kerry was an independent
midwife after training as a general
nursein 1970, and consequently gaining
a Diploma in Intensive Care.
Kerry was made a Companion of the
New Zealand Order of Merit (CNZM) in
2011.
Kerry is Chair of the Clinical and Health
& Safety Committee.

13
Directors
Hugh FitzSimons
Non-Executive Director
BEc
LLB (Hons)
(Syd)
Hugh FitzSimonshas been a
Director of Oceania since 25
October 2012. Hugh is a Division
Director in the MIRA business. Hugh
has worked with MIRA for 14 years
in Sydney and New York, prior to
which he worked at Allensfor three
years. Hugh is currently a Director
of Hobart Airport and Genesee &
Wyoming Australia, and was a
Director of Regis Healthcare from
2012 to 2013. He has also been on
the board of several MIRA
investments in the transport sector
in the USA and is a member of the
NSW Law Society.
Hugh is a member of the
Remuneration Committee and is a
member of the Audit Committee.
Gregory Tomlinson
Non-Executive Director
AME
Greg Tomlinson has been a
Director of Oceania since 23 March
2018.Greg is a Christchurch
domiciled businessman and
investor with experience in a
variety of New Zealand industries.
One of the original pioneers of the
aquaculture industry in
Marlborough, he has also
established construction and aged
care businesses.
Greg established Qualcarebefore
it was sold into the Oceania Group
in early 2008 and he was a director
of Oceania Healthcare from 2008
until 2016.Greg holds directorships
on the boards of a number of New
Zealand based companies and is
currently a director of Heartland
Bank Limited.
Sally Evans
Independent Director
BHSc, MSc,
FAICD, GAIST
Sally Evans has been a Director of
Oceania since 23 March 2018. Sally has
over 30 years’ experience in the private,
government and social enterprise sectors
in Australia, New Zealand, the United
Kingdom and Hong Kong.
Sally currently chairs the social enterprise
LifeCircleand is a Non-Executive Director
of ASX-listed Gateway Lifestyle
Operations Limited. She has previously
held Directorships on the boards of Opal
Specialist Aged Care and Blue Cross
Aged Care, was an inaugural member of
the Australian Federal Government’s
Aged Care Financing Authority and held
executive roles as Healthcare Director at
the FTSE Compass Group plc and Head of
Aged Care at AMP Capital.
Sally is chair of the Remuneration
Committee and a member of the Clinical
and Health & Safety Committee.
Patrick McCawe
Non-Executive Director
BCA (Hons),
MBA, CA
Patrick McCawehas been a
Director of Oceania since 16
February 2017. Patrick is a Division
Director in the MIRA business based
in Sydney and joined the
Macquarie Group in 1996.
Patrick has 36 years’ experience
across corporate treasury,
investment banking and
infrastructure funds management.
Patrick was Head of Investment
Banking at Macquarie New
Zealand from 2002 to 2006 and was
a Director of Metlifecare Limited
from 2005 to 2007. He has also
been a Director of several MIRA-
managed companies in Australia
and Asia and is a member of
Chartered Accountants Australia
and New Zealand.

14
Executive management team
Earl Gasparich
Chief Executive Officer
BCom, LLB (Hons),
FCA (Chartered Accountants New Zealand & Australia)
Earl joined Oceania as CEO in 2014 andhas previous experience in the
retirement village sector in the role of Chief Financial Officer of Qualcare.
Over the past 15 years, Earl has held three executive management
positions in service-based companies and has a proven track record of
creating stakeholder value through leadership, cultural change, and
sustained growth underpinned by a very strongwork ethic.
Earl is a qualified Lawyer and Chartered Accountant, and was awarded
Fellowship status from the New Zealand Institute of Chartered Accountants
in 2014. He also volunteers on the Boards of a number of charities,
providing necessary governance and a significant contribution to the
strategic direction of organisations involved in the provision of community
services.
Matt Ward
Chief Financial Officer
BCom, LLB,
CFA
Charterholder
Matt was appointed Chief
Financial Officer in 2009 and has
over 12 years of experience in the
aged care and retirement industry.
Prior to joining Oceania, Matt spent
three years working in the MIRA
team dedicatedto Oceania that
completed the various mergers
and acquisitions that formed
Oceania. Matt also had prior
banking and legal roles atANZ
Bank and Buddle Findlay.
The Executive Management Team has 75years of combined aged care experience
Jill Birch
General Manager Sales, Marketing
and Villages
BMS
Jill Birch joined Oceania in
February 2014. She has 25 years
marketing, sales and general
management experience
working with brands such as
KFC, DB Breweries and Sky City
Entertainment Group. Jill
played a key directional role in
the development of large
projects (including the building
of the Grand Hotel and
Convention Centre in
Auckland) during her ten years
at Sky City.

15
Executive management team
Barbara Sangster
General Manager Nursing & Risk
DipNursing
Barbara was appointed as General
Manager Aged Care in 2012,
following over three years leading
the Clinical and Quality team at
Oceania. Barbara is a Registered
Nurse with over 25 years nursing
and management experience in
the public sector (Counties
Manukau DHB) and aged care
sector.
Our strength is our care focus and this will continue to differentiate Oceania moving forward
Mark Stockton
General Manager Property
MCIOB,
NZIOB
Mark was appointed as General
Manager Property in 2014. He has
over 30 years of construction
project and development
management experience, was
previouslyGM Development for
Qualcareand has been involved in
the aged care sector since 2005.
Mark is a member of the Chartered
Institute of Building in the UK, a
member of theNew Zealand
Institute of Building and a Licensed
Building Practitioner.
Anna Thorburn
General Counsel & Company
Secretary
BA, LLB (Hons)
Anna joined Oceania in 2012. She
has over 15 years legal experience
and previously worked as a senior
solicitor at Russell McVeaghwhere
she was involved in the acquisition
of the businesses that subsequently
formed Oceania.

16
STRICTLY CONFIDENTIAL
Aged Care Industry in New Zealand
S E C T I O N 3
3

17
1. Statistics New Zealand population forecasts as at March 2017.
Demand for aged care is set to more than double in the next 20 years
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 85+
Aged care –attractive demographics
New Zealand
Population Aged 85+
New Zealand
Population Aged 75 to 84

18
1. Ministry of Health & Statistics New Zealand Data
In the last 12 years the number of facilities has reducedby 103 and only 3,155 beds have been added
New Zealand aged care places vs 80+ population growth
1
Population
Aged 75 to 84
Population
Aged 85+
Low net build rate of care beds
●Recent growth in the 80+ age group has
seen an increase in demand for both
residential aged care and home care
●The past 12 years has only seen net new
build of 3,155 beds as new builds are
offset by obsolete beds leaving the
market
●This low growth in supply of beds has been
supplemented by 2,700 serviced
apartments which generally do not
provide hospital or dementia level care
and/or are being occupied by
independent living residents
●Over 30% of NZ’s aged care stock is
estimated to be over 35 years old and not
suitable for hospital and dementia care
Aged care supply –not keeping up with
population growth
128
171
100
110
120
130
140
150
160
170
180
30
32
34
36
38
40
42
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Population 80+ (000s)
Total Care Places (000s)
Beds (LHS)
Serviced Apartments (LHS)
Population 80+(RHS)
32.8
38.7

19
Listed operators are only building approximately 800-900 beds per annum c.f the 1,500 beds required per annum
Annual build rates of aged care vs forecast demand
1
Population
Aged 75 to 84
Population
Aged 85+
Shortage looming in quality premium care beds and
hospital and dementia level care
●The number of aged care residents is expected to
double in the next 15 years –translating to 1,500 new
beds per annum required to meet this demand
2
●Listed operators are only expected to deliver 780 -925
beds p.a (including serviced apartments) meaning that
~40% –50% of the required demand is not satisfied
●Without additional capacity we expect increased
occupancy in the medium term for hospital and
dementia beds catering for subsidised residents
Aged care demand –outstripping supply
1. Estimates taken from company reports. 2. DHB shared services 2017 ARC demand planner. The 1,500 is net of any obsolete beds exiting the market
BedsServiced AptsTotal
Oceania75 -100-75 -100
Ryman225 –250160 -180385 -430
Summerset70 -80100 -120170 -200
Metlifecare50 -75-50 -75
Arvida40 -5060 -70100 -120
Total Listed780 -925
Gap to required supply720 -575
Total1,500
1,500
New beds
requiredp.a. to
meet NZ
demand
800 -900
New beds
deliveredby
listed operators
p.a.
600 -700
Shortfall of new
beds required
to meet
demand

20
While returns from traditionally-funded aged care beds are insufficient to incentivise new builds, the MoH has supported
innovation in the sector -specifically the introduction of private charging
Population
Aged 75 to 84
●NZ funding model has historically not reflected the capital
costs of proving accommodation
●Aged-care rooms were as small as 14m
2
with no ensuites
●Average industry earnings per bed of $10,000 per bed only
provides returns of ~5% on the cost of rebuilding facilities
●The industry has innovated to meet the required capacity and
provide a suitable premium product
●These innovations are well-accepted by regulators and
embedded in industry contracts
●Private charges enable beds to generate the returns required
to justify the investment in new build
●Strong similarities to Australian funding model with comparably
less regulatory uncertainty
Stable regulatory framework in NZ

21
Relative level of funding may provide upside for New Zealand Aged Care providers
1. Of residents who pay the full or partial cost of their accommodation. Excludes residents paying a combination of RAD / DAP. 2. ACFA Report on the Funding and Financing of the Aged Care Industry –31
July 2016, Australian Government, Department of Health and Ageing. 3. “Aged Residential Care Services Review” Grant ThorntonSeptember 2014
Comparison with Aged Care in Australia
•Average industry EBITDAR
3
per:
̶Rest home bed = $6,073
̶Hospital bed = $9,475
̶Dementia bed = $9,076
•Comprises Government subsidy, resident fees and PACs
•Average industry EBITDA per bed A$10k
2
.
•Comprises Government subsidy, resident daily charges, premium charges
and accommodation charges
•Excludes RADs which average A$377k
2
.
Funding Sources
•Operational funding for care services including a Government residential care
subsidy, resident funded care fees and PACs
•DMF –residents contribute capital via an occupancy advance (Care Suites)
Funding by service type
•Clinical care –predominantly Government
•Daily living services –predominantly Government
•Accommodation –predominantly Government
•Extra / Premium services -residents
Funding Sources
•Operational funding for care services including Government funding,
Government regulated resident contributions and daily accommodation
payments
•RAD (capital funding). Percentage of Japara, Regis and Estia’sportfolio
paying their accommodation via RAD in FY16 was 60%, 45%, and 76%
respectively
1
•The overall pool of accommodation bonds / RADs held in the industry
increased from A$4.3bn in 2004/2005 to A$21.9bn in December 2015
2
Funding by service type
•Clinical care –predominantly Government
•Daily living services –residents
•Accommodation –residents (if they have the means)
•Extra / Premium services -residents
•Three key segments of care; rest home, hospital and dementia
•DHBspay a subsidy to Aged Care providers based on patients care segment
•Government contribution depends on level of care required and is
determined using the Aged Care Funding Instrument
•Funding based on level of care required under three criteria; Activities of
Daily Living (‘ADL’), Behaviour, and Complex Health Care (‘CHC’)
New Zealand
Australia
Levels
of care
Funding model
Funding
level

22
-
2.0
4.0
6.0
8.0
20152016201720182019202020212022
Govt. funded bed days (m)
DementiaHospitalResthome
158
160
162
164
166
168
170
172
174
Jul-15Sep-15Nov-15Jan-16Mar-16May-16Jul-16Sep-16
ACFI daily average funding per
person A$AUD
1. Between 2015-16 and 2016-17 budgets. 2. Australian Government Mid-Year Economic and Fiscal Outlook 2016-17. 3. ACFI Monitoring Reports. 4. New Zealand Aged Care Association: Aged Care Demand
Model 2017 Update. 5. NZ Treasury projections.
ACFI expenditure actual v projected
3
Australia
Australian reform has been caused by matters specific to the ACFI framework, while the New Zealand funding regime is
expected to remain stable
Regulatory overview
•The New Zealand system does not have the same “individual
scoring matrix” concept, and therefore the system is less
vulnerable to unanticipated growth in funding claims
•The Government continues to be supportive of the private
Aged Care sector, recognising the increasing need for supply
and putting in place Healthy Ageing Strategy in 2016
•Government funded bed days for dementia, hospital and rest
home care are expected to increase by 31%, 26% and 23%
respectively from 2016 to 2022
4
•Funding for Aged Care residents in Australia vary from person to
person depending on their individual needs as determined by the
Aged Care Funding Instrument (ACFI) scoring matrix
•Due to much higher than anticipated growth in funding claims,
the Government increased the estimate of its expenditure on
residential aged care by a combined total of AU$3.8 billion to
2019-20
1
•In response to this much higher than anticipated growth in ACFI
expenditure, the Government announced a range of measures in
the 2016-17 Budget to mitigate this growth and bring it back to
more sustainable levels over a 10-year period
Growth in Funded bed days
4
3.6% budgeted
increase
New Zealand
Forecast
+31%
+26%
+23%

23
Significant increase in demand expected for RV and aged care services
Growth in Retirement Village demand
Population
Aged 75 to 84
Population
Aged 85+
Source: CBRE, 2017
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
20112012201320142015201620172018201920202021202220232024202520262027202820292030
Forecast Unit Demand
Average ~1,400 p.a.
Average ~3,000 p.a.
Forecast
Ave per annum demand is 2,200.
CBRE estimates that there are 18,000 units in developers' pipelines, the highest number ever recorded and equivalent to 51 per cent of
existing stock.

24
STRICTLY CONFIDENTIAL
Oceania’s Business Model
S E C T I O N 4
4
Meadowbank Village, Auckland

25
7%
20%
35%
50%
63.8%
1%
0.3%
8.5%
11%
12%
19%
19%
82%
68%
45%
30%
27.7%
Metlifecare
Summerset
Ryman
Arvida
Oceania
Care BedsCare SuitesServiced UnitsIndependent Units
Source: Results presentations of other operators
Comparison to other listed New Zealand operators
Our focus is aged care with a growing retirement village business
Oceania’s strategic positioning
FUTUREportfolio compositionEXISTINGportfolio composition
11%
17%
33%
47%
34.2%
0%
5%
24.4%
8%
16%
19%
18%
81%
67%
48%
30%
41.4%

26
1. Please note graphs are illustrative only. X axis represents assumed tenure in years.2. On most Oceania contracts.
•
Predominantly government-funded daily care fees
•
Resident funded PACs for superior rooms
•
Consistent cash flow stream
Oceania has revenue diversity arising from occupancy-based fees in aged care/care suites, property-linked income in
units/care suites, and development gains on new builds
Oceania business model
Retirement Village Units
1
•
Up-front ORA cash flow from resale of ORA unit
•
Oceania is entitled to any capital gains on resale to the
new incoming resident
2
•
DMF of 10% of entry price per annum for up to three years
2
which is netted off against resale proceeds returned to the
resident at the end of the contract
•
Residents also pay weekly fees which cover village rates,
insurance and ongoing maintenance
New
resident
1234567
Deferred Management Fee accrued
DMF:10% of entry price per
annum for up to 3 years
Resale
proceedsto
resident
DMF realised
Capital gains
New
resident
DHB assessors determine the
eligibility of individuals to
receive DHB contributions
District Health Board
(‘DHB’)
Resident
Premium accommodation
(above DHB standard)
$ Per day
PACs (private care payment)
Aged Care Beds

27
1. Please note graphs are illustrative only. X axis represents assumed tenure in years.2. On most Oceania contracts.
Oceania has revenue diversity arising from occupancy-based fees in aged care/care suites, property-linked income in
units/care suites, and development gains on new builds
Oceania business model
Care Suites
•
Combination of government funded daily care fees, DMF and
capital gains under ORA contract
•
DMF of 30% of entry price accrued over three years
2
which is
netted off against proceeds returned to the resident at the end
of the contract
•
Oceania is entitled to any capital gains on resale to the new
incoming resident
2
•
This will increase our earnings per bed from $13k per bed to
closer to $20k a bed (including DMFs)
Development Projects
•
Medium term target build rate of 250 new Units and Care Suites per annum
•
Target development margin of 20 -30%
New
resident
1234567
Deferred Management Fee accruedGovernment Funded Care Fee
DMF:30% of entry price
over 3 years
Capital gains
Proceedsto resident
DMF realised
New resident

28
Our Care Suite model utilises the economics of both the Aged Care and Retirement Village business models
Care Suite Model
Care Suite Resales Prices
132
163
173
156
158
188
250
1HY20121HY20131HY20141HY20151HY20161HY20171HY2018
NZD $000’s
1. Excluding common spaces
Care Suites
•
Premium product fully certified by the Ministry of Health for the
provision of care services up to hospital level
•
Typically 22-34m2 with ensuiteand modest kitchenette
•
All future aged care residences will be developed using the
Care Suite model, i.e. able to be sold under ORAs, with smaller
residences initially sold with PACs to accelerate facility
occupancy
•
Diversified revenue streams: Government funded care fee +
annuity-like DMF + realised capital gains earned under ORA
•
We are converting existing stock to Care Suites either by selling
ORAs over existing premium beds with minimal capex ($15-20k)
or the conversion of standard rooms ($80-100k)1 that fully
recover capex –see Woodlands example on slide 29
•
Significant increase in resale prices since first pioneered in NZ

29
The sale of an ORA on a care bed is essentially the capitalisation of an alternative daily PAC and
enables capital to be recycled
Care Suite Economics
Government Funding
•
All care beds
(standard, PAC and care
suite) receive a daily
government funded
payment
dependent upon the:
―
Level of care
required (hospital, rest
home or demetia); and
―
Assets of the resident
(i.e. means
tested)
CHARGES FOR ACCOMMODATION THAT
EXCEEDS MINIMUM STANDARD
Daily premium charge: PAC Bed
Care
Suites
PAC
Beds
Standard
Beds
•
Government funded daily care fee plusdaily premium
accommodation charge (PAC)
met by the resident for premium
room that exceeds minimum standard of care (i.e. larger room
with kitchenette and / or ensuiteprovided)
•
Similar to DAP model
in Australia
OR
ORA Contract with DMF: Care Suite
•
Combination
of
government funded daily care fees
,
DMF
and
capital gains
under ORA contract
•
Oceaniadoes
notcharge
a weekly village fee or
PAC
for care
suites (i.e.
DMF and capital gains in lieu
of daily PAC)
•
DMF of 30% of entry price
accrued over three years which is netted
off against proceeds returned to the resident at the end of the
contract
•
Oceania is entitled to any capital gains on resale
to the new
incoming resident
•
Similarto RAD model
in Australia

30
Woodlands Stage I involved the conversion of 7 resthomerooms into 5 care suites.
Care Suite conversion –a worked example
Woodlands Stage I conversion
299
132
132
-645
550
-800
-600
-400
-200
0
200
400
Development
cost
Sale
proceeds
Year 1
Earnings
Year 2
Earnings
Year 3
Earnings
Net
Development
Earnings
132
●Total conversion costs were $645,000
●$550,000 was received in sale proceeds for the 5 care suites
●Incremental annual earnings of $131,500 for the new 5 care
suites includes:
▬$55,000 p.a. deferred management fees; and
▬$76,500 p.a. care earnings
●The construction costs are fully repaid within 1 year post-
conversion.
●Occupancy at Woodlands has increased from ~77% prior to
Stage I conversion to ~87% post-Stage I

31
STRICTLY CONFIDENTIAL
Developments
S E C T I O N 5
35
The Sands, Artist’s impression

32
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

33
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

34
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

35
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

36
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

37
Stage 3 completed in February 2018 and selling well.
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

38
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
●Strong inbound enquiries
●Over140 pre-qualified interested
parties
64
Apartments
44
Care Suites

39
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

40
Construction of Trevellyn commenced in 2HY2018 with completion scheduled for FY2020
Trevellyn
Trevellyn
Hamilton
Currently under construction
1
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

41
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

42
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

43
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

44
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

4545
Appendices
01Definition of underlying NPAT
02Pro forma adjustments
03Glossary
04Disclaimer

46
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.

47
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.

48
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

49
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.