About Aveo

“We will grow with older Australians by inspiring greater living choices.”

Aveo is a leading and trusted owner, operator and manager of retirement communities across Australia. Aveo’s philosophy is underpinned by a commitment to grow with older Australians by inspiring greater living choices. We currently do so for 12,000 residents in 75 retirement villages across Australia. Aveo also manages and develops a diversified $700 million property portfolio. Over 30 years, Aveo’s portfolio has grown to one that encompasses retirement, residential, commercial, industrial and mixed-use property assets. Together these communities define how hundreds of thousands of people in Australia live, work, retire and invest.

Issued by Aveo Group (ASX:AOG) comprising Aveo Group Limited ABN 28 010 729 950 and Aveo Funds Management Limited ABN 17 089 800 082, AFSL No. 222273 as Responsible Entity for the Aveo Group Trust ARSN 099 648 754.

aveo.com.au

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21 May 2014

Goldman Sachs Emerging Companies Conference Aveo Group (ASX: AOG) today releases the presentation being delivered at the Goldman Sachs Emerging Companies Conference, which is being held at Level 46, Governor Phillip Tower, 1 Farrer Place, Sydney.

END Investor Contact: David Hunt, Chief Financial Officer T +61 2 9239 5526 | E david.hunt@aveo.com.au

Aveo Group

Presentation to Goldman Sachs Emerging Companies Conference

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Overview

Aveo is progressing its strategy to become Australia’s leading pure play retirement village owner and operator

This transition to a pure play retirement company is accompanied by a clear set of long term operational and financial returns targets

Aveo’s existing retirement village portfolio comprises mature villages located in prime metropolitan sites along the east coast of Australia

This portfolio is to be expanded further via increased development rates at existing brownfield sites and new greenfield sites

Provision of additional care and other services to village residents will enhance residents’ ability to “age in place” and increase the attractiveness of the overall offering that is made to Aveo’s customers

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Steps Achieved on Road to a Pure Retirement Entity

Since the announcement of a strategy to transition to a pure retirement company, several key milestones have been achieved

Category Milestone Status

Branding Change of company name from FKP Property Group to Aveo Group

Communicate new strategy to the investment market and staff

Leverage Reduce Aveo gearing to less than 20%, in line with the NZ pure retirement players

Asset Sales

$800m of non-retirement assets held at beginning of FY14 and $221m in non-retirement asset sales achieved in FY14 so far

5 remaining non-retirement assets for sale are;

– Gasometer 1 (retail office building)

– Gasometer 3 (commercial development site)

– Currumbin (residential land estate)

– Miller St (office building)

– Albion (residential apartment development site)

Retirement

Villages Group Sold Metlifecare stake, repaid debt, have substantial cash surplus

Strategic Stockland first right of refusal over retirement assets removed

Investor

Appeal Re-introduced into the S&P/ASX 200 Index

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Aveo Approach

Philosophy is underpinned by a commitment to grow older with Australians by inspiring greater living choices

Key to this is an ability to provide ageing in place through a complete “continuum of care”

This approach is reflected in the three divisional components which comprise the broader Aveo retirement village business

Aveo will continue to be Australia’s leading owner and operator of retirement villages

Established Portfolio

– Existing portfolio of operating retirement village assets

– Existing retirement village funds management

Retirement Development

– Existing retirement development pipeline

– New site acquisitions

– Substituting capacity from residential to retirement sites

Care and Other Services

– Partnering with care service provider specialists

– Increasing care and other service product offering to existing residents

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Key Retirement Financial Targets to FY18

Financial Returns

Targeting to improve retirement assets’ Return on Assets (ROA)1

Retirement financial return targets of:

– 6.5% ROA by FY16

– 8.0% ROA by FY18

1 Return on assets calculated as retirement EBIT divided by retirement assets (excluding any future retirement asset revaluations after 30 June 2013).

Transitional Period

4.0%

6.5%

8.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

FY14F FY16F FY18F

Re

turn

on

Ass

ets

Ongoing Steps to Achieve Returns

Esta

blis

he

d

Po

rtfo

lio

Continue to achieve turnover rates at levels in excess of 10%; currently 11%

Increase unit pricing; currently achieving valuation for resales

Improve Aveo contract terms; introducing improved standard contract

Ret

ire

me

nt

Dev

elo

pm

en

t Pipeline enlarged from 600 units to 2,600 units

Delivery planned for 200 new units per annum by FY16

Delivery of 500 new units per annum by FY18

Car

e a

nd

O

the

r Se

rvic

es

Grow revenue through care and support services to 100% of the portfolio; 90% coverage targeted for FY14 will be achieved

Finalise discussions with strategic alliance partners in aged care

Aveo Group manages 75 villages across the eastern seaboard and Adelaide

Villages predominantly located in prime metropolitan locations

Portfolio characterised by mature villages with 55 villages more than 20 years old, with established resident communities and a demonstrated resident turnover history

Accommodation primarily made up of independent living units (ILUs) but does offer the full range of accommodation options across the resident needs spectrum (including serviced apartments (SAs) and aged care) at selected villages

Village Locations

Legend AOG owned villages

AEH villages

RVG villages

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Established Portfolio

Portfolio Snapshot

Units Existing

Total Pipeline

Total Units

Aged Care Beds

Total Units and Beds

Aveo Group1 (AOG)

6,300 2,608 8,908 209 9,117

Retirement Villages Group (RVG) 3,411 276 3,687 - 3,687

Total Managed 9,711 2,884 12,595 209 12,804

1 Including Aveo Healthcare (AEH)

Average village age is nearly 25 years

Portfolio maturity reflects in high level of;

– Average existing resident age (82.5 years)

– Average age on entry (76.9 years)

Turnover levels continue to improve

HY14 sales of 333 units are the highest sales levels in over five comparable periods achieved

Still maintaining solid levels of deposits on hand in addition to the strong sales levels

Occupancy levels remain high on the back of improved sales rates

Contract terms continue to incrementally improve as lower margin legacy contracts are converted to contracts that are more favourable to Aveo upon resident exit

Will provide material margin increases into the future

Established Portfolio Characteristics

Key Portfolio Indicators Dec 13

Avg DMF Rate of Existing Contracts 30%

Avg CG Share of Existing Contracts 51%

Portfolio Turnover (based on sales) 11%

Occupancy 95%

Average Age of Residents (years) 82.5

Average Age on Entry (years) 76.9

Average Village Age (years) 24.6

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234

303

263

205

244

333

-

5,000

10,000

15,000

20,000

25,000

-

50

100

150

200

250

300

350

HY09 HY10 HY11 HY12 HY13 HY14

Re

sid

en

tial

Se

ttle

me

nts

Un

its

AOG Sales (LHS) AOG deposits on hand (LHS) LGA National Settlements (RP Data) (RHS)

Total Unit Sales Levels vs. National Residential Settlements

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Retirement Development

Any retirement developments need to meet appropriate internal return benchmarks

Projects will contribute to the overall Retirement Return on Assets target of 8.0% by FY18

Retirement development returns comprise two distinct components;

– Cash development profit on first sale of the unit to an incoming resident

– Creation of a new deferred management fee (DMF) income stream asset which will deliver cash as the incoming resident (and future residents) depart the unit (the creation of the DMF asset is not included in the RoA target of 8.0% by FY18)

Construction Program Total FY14 FY15 FY16 FY17 FY18+

Completion due FY14

Under Construction

Start Construction Within One Year

Start Construction Within Two years

Future Projects

Redevelopment and Future projects

Total 2,608 27 57 230 298 1,996

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Retirement vs Commercial Development

Profit Commercial Retirement

At Completion

Cash Profit No transaction to crystalise the development profit

Development profit realised on cash sale of unit to first resident

Non-Cash Profit Development margin realised as a non-cash revaluation Creation of future DMF stream is

a new asset that is re-valued

Post Completion

Cash Profit Recurring rental income Recurring DMF income

The ability to generate an immediate cash development profit upon project completion but still retain an asset that generates ongoing income is unique relative to other property classes

The table below compares the return characteristics from a retirement village development to a traditional commercial project develop and hold strategy

Care and Other Services

Home Care

Several third party care providers have commenced providing full care services into Aveo villages and from Aveo villages to catchment areas in QLD, NSW, VIC and SA

Where Aveo does not provide services directly it will facilitate the provision of care and other services to residents via these specialist external providers

Introduction of these providers to the villages has been met with strong interest and uptake by residents

Service provision model via third party providers meets resident needs, is capital efficient, maximises revenue opportunities while minimising the operating risks to Aveo

In H

om

e

Car

e Domestic and care services to be available at

over 90% of villages owned by Aveo by 30 June 2014

Nu

trit

ion

Develop a national approach to nutrition, and preparation and delivery of meals into villages

Furt

he

r Se

rvic

es Resident surveys and focus groups with

resident committees are currently being undertaken to facilitate targeted delivery of services

Re

sid

en

tial

A

ged

Car

e

Advanced negotiations with third party operators regarding the expansion and co-location of residential aged care and dementia facilities at existing villages

Re

spit

e

Nationwide respite services now available

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Outlook

Aveo has executed on a number of key elements in its transition to a retirement focused entity

Achieving the increased Retirement financial targets of 8.0% Return on Assets by FY18 will be driven by the combination of operational initiatives described across the three Aveo business segments

There will be a continued focus on price growth and margins in the existing established portfolio and potential exists for an expansion of retirement village funds management services

An accelerated roll out of the retirement development pipeline will deliver upfront cash development profit but also add to the future DMF cashflows Aveo is entitled to

Increased access to care and other services for residents will enhance Aveo’s ability to offer a continuum of care solution to residents’ accommodation and support services needs

Aveo’s commitment is to grow older with Australians by inspiring greater living choices, and in doing so will continue to be Australia’s leading owner and operator of retirement villages

Disclaimer

The content of this presentation is for general information only. Information in this presentation including, without limitation, any forward-looking statements or opinions (Information) may be subject to change without notice. To the maximum extent permitted by law, Aveo Group Limited, its officers and employees do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for the Information (including, without limitation, liability for negligence).

The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a security holder or potential investor in Aveo may require in order to determine whether to deal in Aveo securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

This presentation contains “forward-looking statements” including indications of, and guidance on, future earnings, financial position and performance. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Aveo and its officers and employees, that may cause actual results to differ materially from those predicted or implied by any forward-looking statements. You should not place undue reliance on these forward-looking statements. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements.

All dollar values are in Australian dollars (A$) unless otherwise stated.

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Aveo

Level 5, 99 Macquarie Street, Sydney NSW 2000

T +61 2 9270 6100

F +61 2 9270 6199

aveo.com.au