Hello,
I'm putting ui:include inside h:panelGroup and rendering it dynamically when required.                 
The usual assumption and theory is, ManagedBean associated with the included page should not get initialized when ui:include is not rendered.                            
This is not happening when I use ui:repeat inside included page.                   
Here is a Example to repeat the Issue:
page.1.xhtml
<h:body>
    <h:form>
        <p:outputLabel value="#{mBeanOne.beanOnetxt}"/><br/>
    </h:form>
    <h:panelGroup rendered="false" layout="block">
        <ui:include src="page2.xhtml"/>
    </h:panelGroup>
</h:body>
MBeanOne.java
@ManagedBean
@ViewScoped
public class MBeanOne implements Serializable{
    private String beanOnetxt;
    public MBeanOne() {
        System.out.println("MBeanOne - Constructor");
    }
    @PostConstruct
    public void init(){
        beanOnetxt = "This is Managed Bean 1";
        System.out.println("MBeanOne - Postconstruct");
    }
    //SETTERS and GETTERS
}
page2.xhtml
<h:body>
    <h:outputText value="#{mBeanTwo.beanTwotxt}"/><br/>
    <ui:repeat var="var" value="#{mBeanTwo.versionList}">
        <h:outputText value="#{var}"/><br/>
    </ui:repeat>
</h:body>
MBeanTwo.java
@ManagedBean
@ViewScoped
public class MBeanTwo implements Serializable{
    private String beanTwotxt;
    private List<String> versionList;
    public MBeanTwo() {
        System.out.println("MBeanTwo - Constructor");
    }
    @PostConstruct
    public void init(){
        beanTwotxt = "This is Managed Bean 2";
        versionList = new ArrayList<String>();
        versionList.add("Playground");
        versionList.add("Kestrel");
        versionList.add("Merlin");
        versionList.add("Tiger");
        System.out.println("MBeanTwo - Postconstruct");
    }
    //SETTER and GETTER
}
As you can see in page1.xhtml I have use rendered="false" for h:paneGroup which encapsulates ui:include, but still MBeanTwo is getting initialized when I load page1.xhtml.                          
If I remove ui:repeat from page2.xhtml then MBeanTwo is not getting initialized.      
Is this a bug in JSF, if so any workaround available?
Versions used and tested:
Primefaces 3.5
JSF 2.1.13 and 2.2.0-m05