Garofalo Health Care

Investor Presentation • Mar 21, 2022

GHC – STAR CONFERENCE March 2022

Health is your most valuable asset

The GHC Group today: leading operator thanks to a unique business model in Europe based on geographic and sector diversification...

• Leading Group in Italian private accredited healthcare

• 60 years heritage on the Italian market, founded and managed by the Garofalo family

• Geographical and sector diversification:
• ➢ Located in 8 of central and northern Italy's most attractive regions
• ➢ Wide range of services in acute, post-acute, outpatient sectors and dependency care sector

The Garofalo Health Care Group (GHC) Diversified geographic positioning in Italy's most virtuous regions

Group approximately doubled in size since IPO while maintaining performance best-in-class and a solid financial structure ¹

(1) Operating EBITDA Adjusted defined as EBIT + amortisation and depreciation + provisions + write-downs + adjustments (in 2021 totalling approx. 6.1M€, of which 3.1M€ due to "extra-Covid costs", approx. 1.8M€ due to M&A costs and 1.3M€ to management incentive plans). FY 2020 adjustments of 3.5M€ concerned for 2.6M€ "extra-Covid costs", for approx. 0.5M€ M&A costs and for 0.4M€ management incentive plans. (2) 2021 figures approved by the GHC Board of Directors on March, 16 2022 and communicated to the market in the same date

The Italian healthcare sector is a 'safe-haven' asset due to high entry barriers and the a-cyclical nature of public healthcare spending...

Authorisation • Authorisation to operate Accreditation • Compliance with structural, organisational & technological requirements to provide services at the system's expense Contract Agreement • Agreement that attributes a revenue Budget ("cap") to each accredited facility THE HEALTHCARE SECTOR IS IDENTIFIABLE AS A 'SAFE-HAVEN' ASSET DUE TO HIGH ENTRY BARRIERS... CAGR '10-'20

...which is, however, among the lowest at international level and not sufficient to face the secular trend of growing healthcare needs...

(1) Italian Private Hospital Association ("AIOP") 2021. Data for G7 countries (including Italy) refer to 2019

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(2) OECD, Eurostat, "The 2021 Ageing Report". Istat report 2017, "The Elderly: health conditions in Italy and in the European Union"

... leading to a significant increase in the out-of-pocket and private accredited expenditure (more efficient)

Data on the acute sector of the hospital division

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(1) 2021 OASI report on 2020 data, Italian Private Hospital Association ("AIOP") 2021 on 2019 data

6 (2) The complexity index is a concise measure of the complexity of the pathologies treated. It is calculated as the average of the weights assigned to each group of patients (based on DRGs) out of the total number of patients discharged

Realized investments in cutting-edge technology to support growing regional healthcare needs, making facilities more attractive to out-Region and 'out-of-pocket' patients…

Facility (Region)	Investments	Highlights	Rationale
CMSR (Veneto)	3T Magnetic Resonance Imaging(1) 2.2€M	✓ ‐ Latest version of magnetic resonance systems ‐ Guarantees high quality images and quick examinations ‐ Has allowed the facility to become a point of reference for the two regional Multiple Sclerosis centres	Increased attractiveness of the facility for out-Region and private patients
	Cardiac CT 1.4€M	✓ ‐ Standards of excellence in equipment for cardiovascular exams ‐ Permits very high fidelity image reproduction, able to provide, in a short time, a 3D reconstruction of the organ perfectly corresponding to a "live" shot
Villa Berica (Veneto)	1.5T Magnetic Resonance Imaging 0.9€M	✓ ‐ Allows the highest quality MRI's, which are faster and more comfortable for the patient ‐ Environmentally friendly due to "helium-free" operation	Increased attractiveness of the facility for out-Region and private patients
Aesculapio (Emilia-Romagna)	1.5T Magnetic Resonance Imaging 0.7M€	✓ ‐ This equipment enables every kind of RM exam to be carried out at the highest quality levels ‐ Aesculapio is today among the very few accredited private outpatient clinics in the province of Modena with this technology	Provision of healthcare services to recover passive mobility

(1) Including the investments required to allow the use of equipment

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✓ Investment realized

...along with structural expansion investments to increase and optimise production capacity ³

Facility (Region)	Investments	Highlights	Rationale
Villa Fernanda and S. Marta (Liguria)	Villa Fernanda 4.2M€ S. Marta ongoing	✓ ‐ Acquisition of a building located in Genoa that had been used as a school in order to relocate to this property the activities carried out at the Santa Marta facility ‐ The renovation activities of Santa Marta are currently in progress	Expansion of the range of healthcare services with a focus on 'out-of pocket' private patients
Eremo di Miazzina (Piedmont)	Expansion of Istituto Raffaele Garofalo ongoing	‐ Acquisition of a building of around 4,000sqm opposite to Istituto Raffaele Garofalo, designed to improve hospital rehabilitation services, in addition to expanding and diversifying accredited specialist outpatient services which are today carried out at the IRG	Optimisation of the activities carried out at Eremo di Miazzina and Istituto Raffaele Garofalo
Villa Garda (Veneto)	Expansion of Villa Garda 0.8M€	✓ ‐ Expansion of the facility through a new construction next to the existing building ‐ The investment also covers the expansion of the existing Lecture Hall to accommodate conferences and medical congresses	Optimisation of the areas within the facility to improve bed occupancy levels
Aesculapio (Emilia-Romagna)	Creation of new clinic and rehabilitation spaces 0.9M€	✓ ‐ This expansion project includes: (i) the installation of the new 1.5T MRI on the ground floor together with a 16- slice Philips CT scanner from the Villa Berica facility in Vicenza and (ii) the construction of five medical clinics and a space for rehabilitation activities	Provision of healthcare services to recover passive mobility

M&A strategy based on a clear 'discipline' that requires potential Targets to meet rigorous criteria

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(1) M&A figures refer to FY2021 data for the facilities acquired in 2019 (Poliambulatorio Dalla Rosa Prati, Ospedali Privati Riuniti, Centro Medico S. Biagio, Centro Medico Università Castrense, Aesculapio), 2020 (XRay One) and 2021 (Clinica S. Francesco and Domus Nova, both on a Pro-Forma basis)

Solidity of the Group guaranteed by the ownership of a large real estate assets portfolio

Estimate of the fair value of the Real Estate assets: 275€M(2)

(1) Figure as of FY2021

Performance FY2021 significantly increased vs. FY2020…

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(1) Operating EBITDA Adjusted defined as EBIT + amortisation and depreciation + provisions + write-downs + adjustments

(2) Incremental M&A contribution refers to the contribution of Xray One (acquired in July 2020), Clinica S. Francesco (acquired in April 2021) and Domus Nova (acquired in July 2021)

…and also vs. 2019 Pro-Forma

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(1) Operating EBITDA Adjusted defined as EBIT + amortisation and depreciation + provisions + write-downs + adjustments

(2) Incremental M&A contribution refers to the contribution of Xray One (acquired in July 2020), Clinica S. Francesco (acquired in April 2021) and Domus Nova (acquired in July 2021)

Substantial ESG-driven approach, being aware that "Health is the most precious asset that the human being can have"

Strategic role of healthcare in the post-Covid world confirmed by its inclusion among the strategic missions of the National Recovery and Resilience Plan

Most recent regulations	'CURA ITALIA, RILANCIO, AGOSTO' DECREES (2020) 'SOSTEGNI' AND 'SOSTEGNI-BIS' DECREES (2021)	NATIONAL RECOVERY AND RESILIENCE PLAN (NRRP) - MISSION NO. 6 HEALTH
Resources allocated	€12€BN	EURO 16 BILLION €16BN
Main action areas	‐ Increase of National Healthcare System funds ‐ Strengthened hospital and emergency room ‐ Allocation of national emergency funds ‐ Acquisition of Covid vaccines and medicines ‐ Recovery of specialist outpatient and hospital assistance services not provided in 2020	‐ Proximity networks, facilities and telemedicine for national healthcare EURO 16 BILLION (7.0€bn) ‐ Innovation, research, and digitalisation of the National Healthcare Service (8.63€bn)