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 13,000 residents in 89 retirement villages across Australia. Aveo also manages and develops a diversified $456 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

16 November 2016

Aveo Group 2016 Annual General Meeting Chairman’s Address

Good morning ladies and gentlemen and welcome to Aveo Group’s 2016 Annual General Meeting. My name is Seng Huang Lee, I am the Chairman of Aveo Group and on behalf of my fellow Board members I would like to thank you for attending today’s meeting.

This meeting is the Annual General Meeting of Aveo Group Limited which is being held in conjunction with a general meeting of unit holders of the Aveo Group Trust.

A quorum is present and I declare this combined meeting open.

Let me commence by introducing you to your Directors, the Company Secretary and Executive Team.

To my right are Non-Executive Directors, Jim Frayne, Wally McDonald, Len McKinnon and Eric Lee. I am also joined by Managing Director and CEO Geoff Grady, CFO David Hunt and Company Secretary Anna Wyke.

Len McKinnon will be stepping down as a non-executive Director and Chairman of the Audit & Risk Committee at the conclusion of today’s Annual General Meeting. Len has been a valuable member of the Aveo Group Board for over 11 years. His commitment as a non-executive director, in particular his Chairmanship of the Audit and Risk Committee has helped assist Aveo Group through its transition to a pure retirement business and we wish him well with his future endeavours.

Having regard to the skills and experience that will be lost through Len’s resignation, particularly his extensive experience in property financing and investment, the Board undertook an assessment of the skills and experience required to assist in the realisation of Aveo’s strategy to become a pure-play retirement operator and the development targets which underpin this strategy.

In order to fulfil this strategy, the Board recognised the Director appointed to fill the vacancy arising through Len’s departure, would need to have strong property investment and capital management skills, as well as transactional, risk management experience and diversity.

With this in mind, I am pleased to report that on Friday 11 November 2016, we announced the appointment of Ms Diana Saw as a non-executive Director, effective from the conclusion of today’s Annual General Meeting.

Ms Saw has more than 15 years’ experience in senior roles in Australia and overseas, primarily in the areas of property finance and investment and is currently a senior member of the Qualitas Group risk management team.

Ms Saw has worked as a senior executive in Babcock & Brown’s infrastructure group in Sydney and London where she gained considerable experience in transaction structuring and execution for local and cross-border transactions across various infrastructure asset classes. F

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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 13,000 residents in 89 retirement villages across Australia. Aveo also manages and develops a diversified $456 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

Prior to this, Ms Saw was a member of the structured debt capital markets team at Deutsche Bank and was a solicitor in the banking and finance group at Mallesons Stephen Jacques (now King & Wood Mallesons).

Please join me in welcoming Diana to Aveo. We are delighted to attract a person of her background and experience. We are confident that Diana will make a strong contribution to Aveo.

I would also like to welcome our Audit Manager Doug Bain, from Ernst & Young who is seated in the front row.

The minutes of the 2015 Annual General Meeting held on 17 November 2015 have been approved by the Board and I have signed them as a true and correct record.

Today, I would like to briefly update you on our achievements in 2016 as we continue to consolidate our position as Australia’s leading owner, operator and manager of retirement communities. Our CEO, Geoff Grady will then provide an overview of our performance in 2016, and also the Group’s plans for the year ahead.

We will then move to the formal part of the meeting to address the resolutions we are proposing today.

I ask you to please reserve any general questions or questions in relation to my address and the presentation until after the formal resolutions.

You will of course have the opportunity to ask questions in relation to the Financial Report and to speak to all motions before they are put to the meeting.

I am very pleased to be able to report to you that Aveo Group in 2016 was one of our most significant years, as we delivered on all our stated commitments at a strategic, financial and operating level.

In 2013 Aveo set itself the strategic target of becoming Australia’s leading pure retirement group. Central to this strategy, alongside its exit from non-retirement development and real estate holdings, was to increase and accelerate the delivery of its retirement pipeline. During 2016 Financial Year, Aveo has exceeded this commitment not only with a record total of new retirement units being delivered but also through its construction programs which are proceeding as scheduled and will see 301 units brought to market in 2017.

Aveo’s commitment in executing its pure retirement strategy to achieve a strong financial performance for its security holders has delivered outstanding results, with the Group’s FY16 underlying net profit after tax increasing by 63% on last year’s result, to $89million.

Furthermore, our underlying earnings rose to 17 cents per security, up 56% on FY15; and your board was able to declare a distribution of 8 cents per security for 2016, an increase of 60% on the prior year.

Aveo met its operational targets in both its Retirement Established Business and non-retirement asset divestment strategy for 2016. Established Business saw 736 unit sales in the 2016 financial year, representing the bulk of Aveo’s record unit sales volume of 799; with a total revenue of $148.9million, up 36% on FY15.

2016 financial year also saw improved sales across Aveo’s land and real property assets, boosted by completion and settlement of 280 apartments at The Milton project.

The keystone to Aveo’s continuing pure retirement strategy is a focus on our core customer proposition of being a provider of a continuum of care for our customers. This means not only offering a selection of contemporary designed homes for the retired, but the lifestyle and pricing choices balanced with a range of best practice care and support services.

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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 13,000 residents in 89 retirement villages across Australia. Aveo also manages and develops a diversified $456 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

The acquisition of the Freedom portfolio earlier this year is an important part to this change. Aveo’s care and support services are being strategically realigned with the Freedom business model of delivering direct care on a not-for-profit basis, with the model being rolled out to selected Aveo villages on a considered framework and timeframe.

The completion of the progressive acquisition of the Retirement Villages Group, or RVG, in August of this year further cements Aveo’s place as a leading owner and operator of Australian retirement communities, and will allow us to accelerate development and care initiatives across our entire portfolio.

The acquisition of the remaining 27% interest in RVG was funded by an institutional placement of new Aveo securities which raised $126.1million and was used to fund the purchase and repay debt drawn for previous stakes in RVG. The take-up of these securities shows the strong endorsement of our pure retirement strategy.

Following the Freedom and RVG acquisitions Aveo now owns and operates 89 retirement communities for over 13,000 residents.

Aveo will continue its pure retirement strategy to generate superior securityholder returns into 2017 by extracting greater returns from the existing portfolio of established business, including the integration of the Freedom and RVG acquisitions; executing and delivering the development pipeline; and expanding current and new care offerings.

As a consequence, our FY17 guidance is Earnings per Security growth of 7.6% to 18.3 cents per security, and a full year distribution of 9 cents per security up from 8 cents per security in FY16.

We remain very confident about Aveo Group’s capacity to continue to generate securityholder value in the next year and beyond.

With our pure retirement strategy in place and a focus on expanding the care and support service offering for our clients, backed by a strong balance sheet and a committed and talented team in place, I look forward to keeping you updated on our progress in the year ahead.

I would like to extend my thanks to our Board and to the Executive Team for their hard work, dedication and support over the past year. And I would especially like to thank you, our securityholders, for your ongoing support of Aveo Group.

I will now ask Chief Executive Officer Geoff Grady to take you through in more detail our achievements and performance in 2016, and outline for you what lies ahead for Aveo Group in 2017.

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For further information contact: Anna Wyke, Company Secretary T +61 2 9270 6146 | E anna.wyke@aveo.com.au

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