MONASH IVF GROUP LIMITED — AGM Information 2016

Nov 23, 2016

Annual General Meeting 24 November 2016

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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Chairman’s address Richard Davis

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Key Achievements

• Continued focus on developing industry leading science

• Strong financial result in FY16  Increased market share

• Diversification through women's imaging expansion

• KL Fertility in Malaysia continues growth trajectory

• Science & research investment is paying dividends  Broadening our footprint with new clinics & service centres

• Validation of Group strategy through strong financial results

• Exploring growth opportunities domestically & abroad

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Monash IVF Group | Annual General Meeting 2016

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Thank you

• Board of Directors

• James Thiedeman and senior management team

• Our passionate doctors, nurses, scientists and support staff providing superior patient care

• Shareholders for continued support

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Monash IVF Group | Annual General Meeting 2016

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 and South Australia  18 Sonologists
 89 Fertility Specialists  2 Australian states
 2 day hospitals in
 5 Australian states & South Australia and
Malaysia NSW
Monash IVF Group is a market leader in women’s health
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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Track record of strong financial performance

Number of Patient Treatments¹

Revenue ($m)

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17,901
15,861
14,287
12,582
FY13 FY14 FY15 FY16
3 Year CAGR [3] of 12.5%
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156.6
125.0
114.0
96.3
FY13 FY14 FY15 FY16
3 Year CAGR [3] of 17.6%
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EBITDA ($m)[2 ]

NPAT ($m)[2 ]

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49.6
38.8 38.8
34.9
FY13 FY14 FY15 4 FY16
3 Year CAGR [3] of 12.4%
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28.8
22.6 21.4
18.3
FY13 FY14 FY15 4 FY16
3 Year CAGR [3] of 16.3%
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Strong growth across all key metrics in FY16

Notes:

1. Patient Treatments are the sum of fresh and cancelled cycles and frozen embryo transfers

2. FY13 re-stated to results in June 2014 Prospectus. FY14 adjusted to exclude IPO costs and restructuring costs

3. CAGR is Compound Annual Growth Rate

4. FY15 earnings were impacted unfavourably by below industry trend growth rates and one off start up & acquisition costs of $2.5m (Pre-tax)

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

FY2016 Full Year Highlights

Revenue $156.6m

FY15 $125.0m Up 25.3% on pcp

Cash Conversion[1 ] 99.1%

FY15 103.3% Down 4.1% on pcp

NPAT $28.8m

FY15 $21.4m Up 34.6% on pcp

Total FY16 Dividend 8.5c

FY15 6.95 cents Up 22.3% on pcp

EBITDA $49.6m FY15 $38.8m Up 27.6% on pcp

Basic EPS 12.2c

FY15 9.2 cents Up 32.6% on pcp

Notes:

1. Pre-tax conversion of operating cash flow to EBITDA calculated as Cash generated from operations divided by EBITDA .

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Revenue Analysis

Revenue FY16 vs FY15 ($m)

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160
155 2.2
0.6
150
145 18.3
140
135 1.3 156.6
3.4
130
5.8
125
120
125.0
115
110
FY15 Market growth (ARS) Market share (ARS) Price (ARS) Acquisitions International (ARS) Other FY16
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• Market growth: $5.8m or 4.6% increase against pcp due to 8.2% Patient Treatment growth across Australia

• Market share : $3.4m or 2.7% increase as market share growth continues to grow across the MVF Group

• Acquisitions : includes full-year impact of revenue generated from the Sydney Ultrasound for Women and Monash Bondi Junction (Fertility East) acquisitions

• International: Malaysian clinic continues revenue growth at $0.6m from 19.4% increase in Patient Treatments moderated by weaker foreign exchange currency

• Other Revenue : growth largely derived from related ARS services (predominately Pre-implantation Genetic Screening and Non Invasive Prenatal Testing) and Monash Ultrasound for Women business

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Australian market share - IVF

Market share - IVF	FY16	FY15	% change
Number of Monash Group IVF Patient Treatments1in Monash Group’s Key Markets2	14,580	13,579	7.4%
Monash Group market share in Monash Group’s Key Markets2– IVF Patient Treatments	39.7%	39.5%	0.2%
Number of Monash Group IVF Patient Treatments1 performed in Australia	16,678	14,837	12.4%
Monash Group market share in Australia – IVF Patient Treatments1	23.8%	22.8%	1.0%

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MVF IVF Patient Treatment Market Share
Key Markets Australia
39.7% 23.8%
60.3%
76.2%
MVF Other competitors
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IVF Market Share in NSW
8.3 %
5.6%
0.6 %
FY14 FY15 FY16
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• Overall market share of Patient Treatments in Australian Key Markets¹ increased to 39.7% vs 39.5% pcp whilst market share in Fresh Cycles increased by 0.9% to 38.7%

• Total Australian market share of Patient Treatments increased to 23.8% from 22.8% in the pcp as market share in both Fresh Cycles and Frozen Embryo Transfers increased

• Strong growth in IVF Patient Treatments of 9.8% on a like for like basis vs pcp, well above industry growth rates of 8.2%

• Victorian market share in Fresh cycles increased by 1%, underpinning earnings growth in MVF’s largest IVF market

• Maintained clear market leadership in South Australia

• New South Wales market share grew to 8.3% vs 5.6% pcp as we gained further traction with recent acquisitions and low intervention IVF

Notes:

2. Northern Territory and regional market of Albury (New South Wales)

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Expanding domestic footprint

• Sydney Ultrasound For Women network (11 practices across Sydney, acquired June 2015). Integration with Monash Ultrasound for Women in advanced stages

• Monash IVF (Bondi Junction, Sydney) (acquired December 2014) rebranding to Monash IVF completed and integrated into our NSW footprint, strengthening our presence

• Acquisitions, New Monash IVF (Bondi Junction, Sydney) (acquired December 2014) rebranding to Monash IVF completed and integrated into our NSW footprint, strengthening our

• Locations & Medical presence

• Specialists  New Monash Ultrasound for Women clinics opened in Sunshine with a new Berwick clinic opened in August 2016

• Additional IVF Service Centre (consulting and monitoring) established (Southern suburbs, Melbourne)

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• Investment in relocation and expansion of our Gold Coast IVF clinic to deliver an improved patient experience and clinic capacity to support increased demand

• Medical specialists grew to 107 (89 Fertility Specialists & 18 Sonologists)

• Lower  Total low intervention treatments for FY16 represented 5.6% of Group IVF Patient Treatments compared to 2.7% in pcp

• Intervention

• Margins are lower for this category of service

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• There is still no evidence of cannibalisation of full service business

• Our low intervention clinics continue to gain momentum and are making an improved contribution to the Group, whilst we continue to enhance the patient experience and commercial returns

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

International – KL Fertility

• Continued strong growth in volumes achieved by new Fertility Specialists in the face of a challenging local economic climate

• Slight EBITDA margin compression as these specialists gain traction and the GST introduction was felt

• Building clinic capacity through a relocation in December 2016 to accommodate demand growth

• Further international opportunities are being reviewed with investment in a dedicated business development resource to drive non organic strategic growth

Profit and loss	FY16	FY15	% change
Revenue	$6.2m	$5.6m	10.7%
EBITDA(1)	$2.4m	$2.3m	4.3%
EBITDA margin	38.7%	41.1%	(5.8%)
Patient Treatments	1,222	1,024	19.4%

Notes:

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1. EBITDA is a non IFRS measure which is used by the Group as a key indicator of underlying performance.

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Sydney Ultrasound for Women (SUFW)

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• Annual Revenue of $17.7m growing the Group revenues by 13.6%

• Delivered an EBITDA[(1)(2)] contribution of $4.0m with an EBITDA margin of 22.8%

• Group Ultrasound Scan volumes increased by 230.5% vs pcp

• Increased scale of specialist operations through SUFW, growing presence in Sydney whereby NSW represents 19.6% of the total Group revenue (FY15: 7.0%)

• 16.4% of Group’s overall revenues represented by women's imaging, providing greater diversification of earnings

• Synergies between existing Monash Ultrasound for Women business and SUFW are in the final stages

• SUFW acquisition provided a solid contribution in FY16 and provides a scale platform for further expansion

New revenue stream with synergistic, diversification and growth benefits

Notes:

1. EBITDA is a non IFRS measure which is used by the Group as a key indicator of underlying performance. 2. EBITDA is earnings before interest, tax, depreciation and amortisation.

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

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Monash IVF Group | Annual General Meeting 2016

Clinicians, Science & Innovation

• We have a 40-year history of leadership in scientific excellence and clinical innovation

• We have great depth of experience in our doctors and clinical teams

• We established group doctor committees in FY16 to enhance medical and commercial engagement across the network

• Group Medical Advisory Committee (GMAC) established in FY16 to identify and promulgate best in breed clinical processes

• Group Medical Executive Committee (GMEC) established in FY16 to engage doctors in commercial decision making

• The Group continues to invest in research and innovation across the clinic network

including through the Monash IVF Research and Education Foundation (MREF)

• During FY2016, 34 projects have been funded aimed at advancing fertility diagnosis and care

• Over 50 scientific papers/presentations were published by our doctors, staff and collaborators

• We continue to maintain collaborative relationships with:

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Our Brands and Marketing

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Market leading positions

Launching in house noninvasive prenatal testing capability

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Local targeted marketing

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Strategy FY17 and beyond

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

Science, technology 1 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 doctors and potential patients

Clinic expansion and acquisitions 2 (Domestic & International)

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

• Consider adjacent business opportunities in womens health

• Continue to look at international growth opportunities that meet our investment criteria, particularly building on our existing Asian hub

• MyIVF (Brisbane) and BUMP IVF (Sydney) ramping up and making an improved contribution

Lower 3 intervention

• Monash IVF Group will continue to refine our low intervention model and consider expansion in suitable locations for additional low intervention clinics

• Strategic intent to grow to less than 10% of IVF Patient Treatments (currently 5.6%)

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

H1FY2017 Outlook

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Subject to trading in the remaining months, we anticipate reported NPAT for H1FY17 will be approximately 7% up on the previous corresponding period as a result of cost control and improved capital management, notwithstanding the Australian industry decline in Fresh IVF cycles of 3.5% in Q1FY17.

Monash IVF Group is well positioned to continue to grow its future revenues and earnings as a result of:

• Strong underlying demand fundamentals for IVF and women's imaging services

• Market leading success rates and a highly respected doctor group

• Cost management and leverage from its international and domestic business

• Acquisitive growth strategy both domestically and internationally

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

FY2017 Trading Update

Patient Treatment Growth Rates in Key

Australian IVF Market softened in Q1FY17 against very strong comparative volumes in the pcp

• Total Key Market[1] Patient Treatments increased by 1.0% in Q1FY17 vs pcp (increased by 8.0% in Q1FY16 vs pcp). Monash IVF Group decline was 2.6% vs pcp.

• Monash IVF Group fresh cycles declined by 5.1% vs total market decline of 3.5% in Q1FY17.

• Monash IVF Group frozen embryo transfer (FET) cycles increased by 0.6% vs the total market increase of 5.3% in Q1FY17 reflecting our early move to “freeze all” cycles and PGS.

• As previously stated IVF industry growth rates fluctuate from time to time. We maintain our view the long term Patient Treatment growth rate is expected to be approximately 4% per annum.

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12.0% Markets
10.4%
10.0%
8.0%
7.6%
8.0%
6.0%
Long Term Market
Growth Rate 4.0%
4.0%
2.3%
2.0%
1.0%
0.0%
1Q16 2Q16 3Q16 4Q16 1Q17
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Australian Patient Treatment Market Share position (Q1FY17)

• Total Australian IVF Patient Treatment market share reduced to 23.8% from 24.5% in the pcp

• Monash IVF Group market share in its Key Markets[1] reduced to 39.7% from 41.1% in the pcp

• We experienced market share growth in Queensland, stable market share in New South Wales and a decline in Victoria and South Australia due to some competitive pressure including a new entrant in the Victorian market, and the overall market increase in FETs where we were the first mover.

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 FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

FY2017 Trading Update - Continued

Operational & Scientific Update

• To complement our women’s imaging services, our investment to in house Non Invasive Prenatal Testing was commissioned in November 2016. This ensures we maintain leading edge science and capture the full margin

• Group Medical Advisory Committee and Group Medical Executive Committee continue to work effectively

International - KL Fertility Malaysia

• Volume growth vs pcp as we build capacity to accommodate further organic growth through the relocation to a new state of the art clinic (December 2016).

• Continued review of international opportunities with plans to drive non organic strategic growth

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Summary

• Track record of strong long term financial performance

• Delivered a strong performance in FY16 with revenue growth (25.3%) and NPAT growth (34.6%)

• Acquisitions providing earnings growth in FY16  FY16 results impacted by a strong lift in industry growth rates  Fundamental drivers for the industry are solid, as demonstrated by the FY16 patient treatment growth

• Forecast long run Patient Treatment growth expected to be approx. 4% per annum

• Recent acquisitions were fully integrated in FY16

• Currently considering acquisition opportunities both domestically and internationally

• Established formal group wide doctor feedback and engagement framework

• We anticipate the H1FY2017 reported NPAT to be approximately 7% up on pcp

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Overview FY2016 Highlights Strategy HIFY2017 Outlook

Monash IVF Group | Annual General Meeting 2016

Annual General Meeting 24 November 2016