MONASH IVF GROUP LIMITED — AGM Information 2015

Nov 25, 2015

Monash IVF Group

Disclaimer

The presentation has been prepared by Monash IVF Group Limited (ACN 169 302 309) (“MVF”) (including its subsidiaries, affiliates and associated companies) and provides general background information about MVF’s activities as at the date of this presentation. The information does not purport to be complete, is given in summary and may change without notice.

This presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate. The presentation does not constitute or form part of an offer to buy or sell MVF securities.

This presentation contains forward looking statements, including statements of current intention, statements of opinion and predictions as to possible future events. Such statements are not statements of fact and there can be no certainty of outcome in relation to the matters to which the statements relate. These forward looking statements involve known and unknown risks, uncertainties, assumptions and other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of MVF and cannot be predicted by MVF and include changes in circumstances or events that may cause objectives to change as well as risks, circumstances and events specific to the industry, countries and markets in which MVF operate. They also include general economic conditions, exchange rates, interest rates, the regulatory environment, competitive pressures, selling price, market demand and conditions in the financial markets which may cause objectives to change or may cause outcomes not to be realised.

None of MVF (and their respective officers, employees or agents) (the Relevant Persons ) makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements. The forward looking statements in this presentation reflect views held only at the date of this presentation. Except as required by applicable law or the ASX Listing Rules, the Relevant Persons disclaim any obligation or undertaking to publicly update any forward looking statements, whether as a result of new information or future events. Statements about past performance are not necessarily indicative of future performance.

Certain jurisdictions may restrict the release, publication or distribution of this presentation. Persons in such jurisdictions should observe such restrictions. To the extent permitted by law the Relevant Persons do not accept liability for any use of this presentation, its contents or anything arising in connection thereto including any liability arising from the fault or negligence none of the Relevant Persons.

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Monash IVF Group | Annual General Meeting 2015

• Organic growth

• Expanded domestic footprint

• Increased market share

• Successfully acquired additional womens health businesses

• Continued to increase doctor network

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Key Achievements
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• Expanded low-intervention offering

• Continued focus on science and innovation

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Financial Performance
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 Revenue and normalised earnings increased in FY2015 vs FY2014

 However, financial performance was below Prospectus forecasts

• ARS volumes in Key Markets were lower than expected (+1.1% vs +4.1%) resulting in lower revenue and associated earnings

• Delays to the opening of Bump IVF resulted in lower revenue and associated earnings

• Slower than anticipated recovery of South Australia market share

Long Term Market Growth Rate 4.1%

FY2016 is seeing a reversion to long term market trend growth rates

Monash IVF Group

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

Overview of Monash IVF Group

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Core Assisted Diagnostic and Ancillary
Ultrasound
Reproductive Services Services
 22 clinics  2 specialised  17 clinics
laboratories in Victoria
 5 service centres  15 Sonologists
and South Australia
 84 Fertility Specialists
 2 day hospitals in
South Australia and
NSW
Monash IVF Group is a market leader in womens health
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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

FY2015 Full Year Highlights

$125.0m $23.3m Revenue Normalised NPAT FY14 $114.0m FY14 $22.6m FY15 prospectus $130.3m FY15 prospectus $26.0m $41.3m $37.9m Normalised EBITDA Normalised EBIT FY14 $39.7m FY14 $36.8m FY15 prospectus $45.1m FY15 prospectus $41.6m

$0.10 Normalised EPS FY14 $0.098

6.95cps Dividend per share

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

Revenue Analysis

Revenue $m Actual FY2015 vs Prospectus

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130.3
(5.2)
(3.6) 0.8 125.0
3.0
0.1 (0.4)
FY15 prospectus Market growth Market share Pricing and mix Other income Acquisitions International FY15 Actual
(ARS) (ARS) (ARS)
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• Market growth: $5.2m impact against Prospectus due to lower than anticipated ARS Key Market growth

• Market share: increased as compared to FY2014 but lower than anticipated due to slower recovery of South Australia market share and delay in BUMP IVF commencement

• Acquisitions: out-performed due to Monash IVF Bondi Junction and Sydney Ultrasound for Women acquisitions

• International: segment grew faster than anticipated

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

Expanding Domestic Footprint

• SUFW network (11 practices across Sydney, acquired June 2015) integration commenced

• Monash IVF Bondi Junction, Sydney (acquired December 2014)

Acquisitions and New Locations

• New Wagga Wagga (regional NSW) clinic (commissioned November 2014)

• Additional Service Centres (consulting and monitoring) established in the Melbourne CBD and Adelaide

• All locations performed to plan in period

Lower

Intervention

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• Total low intervention treatments for the period represented 2.7% of Group Patient Treatments

• Margins are lower for this category of service

• No evidence of cannibalisation of full service business occurring

• Our low intervention clinics continue to gain momentum and are making a positive contribution to the Group

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

International – KL Fertility

• Continued growth in volumes achieved by new Fertility Specialists

• Margin compression as these specialists gain traction

• Further international opportunities are being reviewed

	FY2015	FY2014	% change
Revenue	$5.6m	$4.6m	21.7%
EBITDA(1)	$2.3m	$2.1m	9.5%
EBITDA margin	41.1%	45.7%
Patient Treatments	1,024	899	13.9%

(1) EBITDA is a non IFRS measure

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

Science and Innovation

• The Group continues to invest in research and innovation across the clinic network including through the Monash IVF Research and Education Foundation (MREF)

• During FY2015, 15 projects were funded aimed at advancing fertility diagnosis and care

• Over 40 scientific papers/presentations were published by our doctors, staff and collaborators

• We continue to maintain collaborative relationships with:

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Monash IVF Group | Annual General Meeting 2015

Overview

FY2015 Highlights Strategy

H1FY2016 Outlook

Our Brands and Marketing

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

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Strategy FY2016 and Beyond

Our strategy remains consistent and focused; to profitably grow our business through leveraging our scientific capabilities across the clinic network

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Science, technology and patient success

• Continue to develop industry leading science and technology

• Deliver patients clinically superior services and increase market penetration

• Promote Monash IVF Group’s scientific and clinical excellence with referrers and potential patients

2

Lower intervention

• MyIVF (Brisbane) and BUMP IVF (Sydney) now ramped up and making positive contribution

• Monash IVF Group continued to refine its low intervention model and consider expansion where appropriate

Clinic expansion and acquisitions

• Review opportunities to increase Monash IVF Group’s scale and market position in women’s health, including ARS and imaging services in Australia

• Consider adjacent business opportunities in womens health

• Continue to look at international growth opportunities particularly building on our Asian hub

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Monash IVF Group | Annual General Meeting 2015

Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

FY2016 Trading Update

We are experiencing a reversion to long term market

trend growth rates in the 4 months to Oct 15

• Total Key Market[1] Patient Treatments increased by 5.6% in the 4 months to Oct 15 vs pcp (declined by -0.5% in the 4 months to Oct 14 vs pcp)

Long Term Market Growth Rate 4.1%

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• Monash IVF Group delivered a growth in total Patient Treatments of 18.5% in the 4 months to Oct 15 vs pcp (including acquisitions)

• On a like for like basis growth in Patient Treatments for the 4 months to Oct 15 was 12.3% vs pcp

Growth in market share (Oct 15 YTD)

• Monash IVF Group overall market share in its Key Markets increased to 41.3% from 39.8% in the pcp

• Total Australian market share increased to 24.0% from 21.9% in the pcp

• Strong growth in Patient Treatments above industry growth rates across our key states of Victoria, South Australia and Queensland

Note[1] : Based on the combined number of Patient Treatments in Victoria, South Australia, Queensland, Northern Territory and regional market of Albury (New South Wales). Patient Treatments are the sum of fresh and cancelled cycles plus frozen embryo transfers.

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

FY2016 Trading Update (continued)

Acquisitions update

• Monash IVF (Bondi Junction Sydney) (acquired December 2014) rebranding to Monash IVF complete and integrated into our existing NSW footprint

• SUFW network (11 practices across Sydney, acquired June 2015) integration with Monash Ultrasound for Women progressing

• Bump IVF (Sydney) is continuing to build momentum

International - KL Fertility Malaysia

• Continues to grow strongly in the face of a challenging local economic climate

• We continue to build clinic capacity to accommodate further organic growth (new Fertility Specialists gaining traction and clinic relocation planned in H2FY2016 to cater for growth in demand)

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Overview

Strategy

H1FY2016 Outlook

FY2015 Highlights

H1FY2016 Outlook

As a result of the underlying growth in the overall market, improvement in market share and the impact of the acquisitions into the Monash IVF Group in FY2015, and subject to trading in the remaining months, we anticipate the reported NPAT for H1FY2016 will be approximately 25% up on the previous corresponding period.

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• Monash IVF delivered a solid performance in an ARS market that grew slower than expected in Australia in FY15

• Fundamental drivers for the industry remain unchanged, despite lower overall market growth in FY15

• In first quarter of FY16, we are seeing a return to more normalised long-run ARS growth rates which is being reflected in a strong performance by the Group over this period

• We continue to grow share in the markets in which we operate

• We’ve established a broader footprint, especially in NSW, with acquisitions and new low-intervention clinics launched

• We continue to assess domestic and international acquisition opportunities

Monash IVF Group

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Resolution One
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To receive and consider the Financial Report, Director’s Report and Auditor’s Report for the year ended 30 June 2015 .

There is no requirement for a formal resolution on this item. Shareholders can ask questions of the Board or comment on the management of the company. Shareholders can ask questions of the Auditor with regards to the Auditor’s Report or the conduct of the audit.

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Resolution Two
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That the Remuneration Report, which forms part of the Director’s Report for the year ended 30 June 2015, be adopted.

Proxy voting:

Votes in favour of the resolution – 106,860,205 (88.6%) Votes against the resolution – 13,424,781 (11.1%) Open votes – 322,198 (0.3%) Abstentions – 1,295,774

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That Mr Josef Czyzewski, who retires in accordance with the Company’s Constitution, be re-elected as a director of the Company.

Proxy voting:

Votes in favour of the resolution – 121,292,557 (99.5%) Votes against the resolution – 331,805 (0.3%) Open votes – 309,401 (0.2%) Abstentions – 215,507

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Resolution Three B
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That Ms Christina Boyce, who retires in accordance with the Company’s Constitution, be re-elected as a director of the Company.

Proxy voting:

Votes in favour of the resolution – 121,304,901 (99.5%) Votes against the resolution – 315,721 (0.3%) Open votes – 313,141 (0.2%) Abstentions – 215,507

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