Sun Communities, Inc. · NYSE:SUI

Sun Communities — Merger or Acquisition (March 2016)

15 slides from Sun Communities's merger presentation, Mar 22, 2016

1. Slide 1: Acquisition of Carefree Communities, Inc. from an Affiliate of Centerbridge Partners, L.P.

   Acquisition of Carefree Communities, Inc. from an Affiliate of Centerbridge Partners, L.P. March 22, 2016

2. Slide 2: Forward-looking Statements

   Forward-looking Statements This presentation has been prepared for informational purposes only from information supplied by Sun Communities, Inc. (the "Company") and from third-party sources indicated herein. Such third-party information has not been independently verified. The Company makes no repr

3. Slide 3: Transaction Overview

   Transaction Overview 3 • Acquisition of Carefree Communities, Inc., the 5th largest Manufactured Housing and Recreational Vehicle Community owner and operator in North America, from an affiliate of Centerbridge Partners, L.P. (“Centerbridge”) • 103 manufactured housing communities: 41 MH, 46 RV and

4. Slide 4: Compelling Acquisition Opportunity

   4  Large high-quality irreplaceable portfolio focused in prime coastal markets  Increase in size, scale and diversification  Expected to be accretive to FFO per share  Strong operating metrics and attractive growth  Cost synergies and upside from integration into SUI platform Compelling Acquisi

5. Slide 5: Transaction Rationale

   Transaction Rationale 5 • Sun Communities achieves increased size in the Manufactured Housing sector with $8.47bn pro- forma enterprise value acquiring a portfolio of irreplaceable assets • Significant opportunity to scale SUI portfolio: – Total enterprise value increases by 25% – Number of communit

6. Slide 6: Carefree's Irreplaceable Portfolio Comprised of High-Quality Assets

   Carefree’s Irreplaceable Portfolio Comprised of High-Quality Assets 6 Age-Restricted Properties 52 communities 14,041 sites All-Age Properties 51 communities 13,513 sites Aggregate Portfolio 103 communities 27,554 sites Avg. Monthly Rent per MH Site $622 MH Occupancy 93.9% Number of States 8 Carefre

7. Slide 7: Enhanced Scale, Geographic Footprint and Operating Metrics

   Enhanced Scale, Geographic Footprint and Operating Metrics 7 Total Enterprise Value1 $6.776bn $1.699bn $8.475bn (+25%) Number of Communities 2312 1033 334 (+45%) Number of Sites 88,6122 27,5543 116,166 (+31%) Occupancy 96%2 97%3 96% Number of Expansion Sites 7,181 2 2,9823 10,163 (+42%) Average Mont

8. Slide 8: Increased Key Market Penetration

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9. Slide 9: A Portfolio of Best-in-Class North American Properties

   A Portfolio of Best-in-Class North American Properties 9 Sun-N-Fun Sarasota, Florida  The Carefree portfolio represents a large, high quality irreplaceable portfolio in prime coastal markets

10. Slide 10: Transaction Sources and Uses

    Transaction Sources and Uses 10  Committed to maintaining a flexible balance sheet and conservative leverage level over time Sources of Funds Uses of Funds Assumed Carefree Debt $1,006 52.9% Purchase of 102 Carefree Communities $1,655 97.4% SUI Equity Offering1 273 16.1 Purchase of Recently Acquire

11. Slide 11: Growth Through Opportunistic Acquisitions

    11 136 communities 54,811 sites 173 communities 63,697 sites 188 communities 69,789 sites 217 communities 79,554 sites 231 communities 88,612 sites • 17 MH & 1 RV properties Kentland acquisition growing the portfolio. • Further strengthened the MH portfolio with the 6-community Rudgate acquisition.

12. Slide 12: Extracting Value from Acquisitions

    Extracting Value from Acquisitions 12 STRATEGIC ACQUISITIONS PROFESSIONAL OPERATIONAL MANAGEMENT CALL CENTER / DIGITAL MARKETING OUTREACH INCREASING MARKET RENT HOME SALES / RENTAL PROGRAM ADDING VALUE WITH EXPANSIONS REPOSITIONING WITH ADDITIONAL CAPEX SKILLED EXPENSE MANAGEMENT

13. Slide 13: Acquisition Performance

    Acquisition Performance 13 83.4% 90.8% 92.5% 97.6% 98.5% YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 Occupancy $23.6MM $26.0MM $27.5MM $29.3MM $31.3MM YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 Revenue NOI 2011 Acquisitions (26 COMMUNITIES) 2012 Acquisitions (11 COMMUNITIES) 91.4% 96.8% 97.1% 98.1% YEAR 1 YEAR 2 YEA

14. Slide 14: Acquisition Performance (Cont'd)

    Acquisition Performance (Cont’d) $48.4MM $59.2MM $70.1MM $84.9MM YEAR 1 YEAR 2 YEAR 3 YEAR 4 Revenue NOI 2013 Morgan Acquisition (10 RV PROPERTIES) 14

15. Slide 15: Compelling Acquisition Opportunity

    15  Large high-quality irreplaceable portfolio focused in prime coastal markets  Increase in size, scale and diversification  Expected to be accretive to FFO per share  Strong operating metrics and attractive growth  Cost synergies and upside from integration into SUI platform Compelling Acquis

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