SPEAKER: HansvanderAar- CFO

DATE: 09/11/2017

Over30yearsofaccountingexperience

AuditpartneratBDOAccountantsAdvisorsfrom2000to2011

GeneralmanagerBDOofficeTheHaguefrom2004to2011

CFOofBasic-Fitasof2012

CFO

2

HANS VAN DER AAR

NewClubBusinessCaseClubEconomics ReturnOnInvestedCapital

AGENDA

3

4

Ninemonthshighlights

Grouprevenueincreasedby26%yearonyearto€238million

Numberofmembershipsincreasedby25%yearonyearto1.47million

Numberofclubsinthenetworkincreasedby74infirstninemonthsto493

Ontracktodeliver100netclubopeningsin2017

Q3 TRADING UPDATEClub rollout remains on track

CLUB ECONOMICS

MEMBERSHIP RAMP UP AT AN AVERAGE CLUB

6

French membership growth outperforms the group(’ooo)

0

1

2

3

4

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

France Group (excl. France)months

Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork

REVENUE DEVELOPMENT AT AN AVERAGE CLUB

7

Higher membership ramp up in France largely offset by higher VAT %

-10

10

30

50

70

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

France Group(excl.France)months

(€’ooo)

Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork

EBITDA DEVELOPMENT AT AN AVERAGE CLUB

8

Cash break even after 3 months

months

(€’ooo)

-10

10

30

50

70

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Group (excl. France) France

Note:Averageddevelopmentofmembershipssinceopening;basedonallclubsinthenetwork

Complexmarketwhereyouhavetoexceltogettheusualreturns

RevenuefromhighermembershiprampuplargelyoffsetbyhigherVAT

Higherlocaltaxesofaround€10,000perclubperyear

MATURE CLUB ECONOMICS

9

(€’ooo) FY 2016

FitnessRevenue 735

Other Revenue 15

TotalRevenue 750

Personnel Costs - 129

PropertyRent - 138

OtherOperatingCosts - 112

ClubOperatingCost - 378

As%ofRevenue - 50.4%

ClubEBITDA 372

ClubEBITDAMargin 49.6%

What’s different in France?

UltimatelyyieldingasimilarclubEBITDAmargin

CLUB EBITDA MATURE CLUBS

10

-100

150

400

650

900

1,150

ClusterExample

All Basic-Fit built clubs are profitable

EBITDAperclubClubsinacluster

average

Note:ClubEBITDAofmatureclubs;basedon248clubs

NEW CLUB BUSINESS CASE

BusinessCaseForecast:MembersRevenueCostsEBITDAInvestmentROIC*after2years>30%

NEW CLUB APPROVAL PROCESSSecure the successful execution of our club rollout strategy

BenchmarkExistingclubs:RampupInvestmentCoststructure

DataAnalysisSpatialanalysis(DriveTime)CompetitionanalysisDemographicviewofarea

*ROICiscalculatedasclubEBITDAdividedbytheinitialinvestment

12

Age distribution Otherdemographics FitnessPenetrationInhabitants

13

Competitors MarketshareCompetitorAnalysis Members

DriveTimeAnalysis

Detailed analysis remains fundamental to our competitivenessDATA ANALYSIS

BUSINESS CASEClub1:RegionBretagne

Club2:RegionParis(suburb)

14

Forecast Year 3 Club 1 Club 2

Investment €1,060k €1,593k

Members 3.7k 5.8k

TotalRevenue €762k €1,234k

OperatingCosts €391k €648k

EBITDA €371k €586k

EBITDAMargin 49% 48%

ROIC 35% 37%

Each club must reach a ROIC of at least 30% after two years

Note:Actualbusinesscasesofclubstobebuiltearly2018

RETURN ON INVESTED CAPITAL

ROIC OF CLUBS BUILT IN 2015

16

Average ROIC above 30% threshold before reaching mature status

34%

0%

10%

20%

30%

40%Average ROIC 2015 Clubs >24 months

61newclubsopenedin2015;45are24monthsorolder

Allclubsopenedin2015willbecomematureatthestartof2018

TheaverageROICofclubsbuiltin2015is32%

TheaverageROIConclubsbuiltin2015andopenfor24monthsis34%

0%

10%

20%

30%

40%Average ROIC LTM Development

INNOVATION CAPEX

GXRStudio2yearpaybackperiod

MoreRevenue:Increaseinpro-apprevenue

AdditionalUpsides:UniquesellingpointIncreaseslengthofstay

SmartCamerasystems1yearpaybackperiod

Operatingcostsreduction:Lowercostsofremotelymonitoredclubs

AdditionalUpsides:Increasenumberof24hoursopenclubs

17

Innovations either generate revenue or reduce costs

MEDIUM-TERM GUIDANCE

19

Growthenetworkbyaround100clubsin2017andonwards

Annualrevenuegrowthofatleast20%withsignificantoperatingleverage

ModestLFLrevenuegrowth

Returnoninvestedcapitalonmatureclubsofatleast30%

MEDIUM-TERM OUTLOOKOur guidance reiterated

*Contractssignedincludessitesforwhichweareawaitingpermitapproval

Clubopenings(#clubs)