EMBRACING THE FUTURE

01-06-15Protect, Enhance, and Save Lives1

Jean-Marc Bothy, CFO

IBA in summary01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

2

• IBA is the world leading innovator in cancer diagnostics and treatment

• Number one provider of proton therapy solutions

• Global leader in dosimetry and particle accelerators

• >1,100 employees worldwide

• 2014 Key numbers

• 2014 sales of USD 242M

• REBIT margin 10.4%

• Listed on NYSE Euronext Brussels

• Market cap > USD 700M

Proton Therapy

58%

Other Accelerators

22%

Dosimetry20%

16%

51%7%

6%

4%

13%3%

Proton Room Sold Share

Hitachi

IBA

MELCO

SHI

Mevion

Varian

Protom

IBA – A world leading innovator in cancer01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

3

• World’s number one provider of proton therapy solutions

• IBA hold 51% of the total market

• Growth anticipated to continue to accelerate

• Compact and multi-room offerings

• Global leader in dosimetry and particle accelerators

• Partnerships with Philips and Toshiba

• Driving PT uptake and next generation technological advancements

• Q1 2015 key numbers

• Group revenue up 26.7% to €58.6M (FY14 €220.5M)

• Service revenue up 17.4% to €11.4M

• Net cash positive at EUR 22.4 million

• Backlog of EUR 278.8 million at record high

Precise dose delivery, fewer side effects01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

4

Why protons?• Deliver maximum energy within a precisely controlled range

• Deposit a high and conformal dose

• Deposit very low entry dose and no exit dose – sparing healthy tissue

The benefits

• 50% less risk of secondary cancers

• Unnecessary dose to the heart while treating a lung cancer: reduced by 5X

• Risk of growth abnormality for children: dramatically reduced

Key Indications

• Head & neck, Spinal cord, Eyes, Orbits, Pelvis, Prostate, Lung, Pediatric cancers,…

Proton therapy has strong growth potential

Strong potential in PT

• Radiotherapy in general has a growth potential estimated at 6-8% CAGR

• Currently about 1,300 RT systems are sold annually, mostly by Varian, Elekta and Accuray out of which 15 - 20 PT treatment rooms

• 15% to 20% of the cases treated with radiotherapy should be treated with PT (ASTRO, NL Ministry of Health)

• Total PT market has been assessed by independent experts above USD 400 million (incl. service) while RT market is estimated at USD 4.4 billion

• 15% to 20% represents a potential annual market of more than 200 rooms per year vs 15-20 today

• Operation & Maintenance is today 30-35% of IBA revenues

• Independent estimates of potential CAGR ranges from 6% (RT market) to 10% (MEDraysintell) or 30% (Jefferies)

01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

5

10000

12000

14000

16000

18000

20000

2015 2020 2025 2030 2035

Growing potential of RT & PT

Operational Linacs Installed base PT

1%

12%

Clinical relevance

Three historical challenges of Proton Therapy

TechnologyAffordability

Potential to grow the niche from 1% to 20% of radiotherapy market

01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

7

Technology

IBA Fast PBS - clinical

IBA CBCT (FDA) - clinical

Philips partnership

Toshiba partnership

Increasing

potential

to grow the niche

from

1% to 20%

of RT

Affordability

IBA Proteus One (FDA+CE) - clinical

11 month to clinical IBA Proteus Plus

Reimbursement trend

Price erosion (=opportunity)

Convergence of cost with IMRT

Clinical relevance ASTRO Model policy

Large insititutions studies

Increased gap of clinical

evidences of PT vs IMRT

Growing PT Momentum – Update 2014/2015

Protect, Enhance, and Save Lives - 8 -

Smaller Scale: Proton Therapy more affordableMulti-room to single-room solutions

Proteus®PLUS Proteus®ONE*

*Proteus®ONE features PBS, Cone Beam CT and Compact gantry

*Subject to review by Competent Authorities (FDA, European Notified Bodies, et al.) before being put on the market.

1800 m²

360 m²

At comparable scope, it

represents a saving of

> 30% for the hospital

Protect, Enhance and Save Lives - 9 -

3 – 4 years

Faster Time to Treatment: a Commercial Game-changer

A typical Sales Cycle

Pro

teu

s®P

LU

SP

rote

us

®O

NE

Feasibility Study

Ramp Up

CON Submission

RFP Process

FinancingContract Negotiation

ConstructionInstallation

5 – 10 years

Smaller Investment

Simple financing

Faster Installation

Fast ramp up

Significant Risk

Reduction

Protect, Enhance, and Save Lives - 10 -

Installed Base = 32 references WW (87 rooms)

19 centers delivered (59 rooms)

13 under construction (28 rooms)

13 US (45 rooms)

11 EUR (25 rooms)

8 Asia (17 rooms)

V

V

V

V

V

V

V

V

V

V

V

V V

V V

V V

V

(V)

V

PT technology evolution vs conventional RT

11

High dose

Conformality

to target

Low dose

Sparing of healthy tissues

Low

Medium

Excellent

Low Medium Excellent

3D CRT

IMRT

ARC therapy

MR-Linac

2018

3D PT

PBS today

PBS 2018

+ imaging

Increased gap on sparing

healthy tissues

Arc Therapy Proton Therapy

Towards enhanced precision

With our partners and customer base, IBA is enhancing IMPT thanks to:

• Tools for motion management (faster PBS, repainting, spots, gating)

• Tools for adaptive IMPT (adaptive software & QA, CBCT & real time monitoring)

12

CBCTPrompt GammaFast PBS Adaptive therapy

through software

integration

Towards next generation of hadron therapy01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

13

Carbon TherapyAdvantages

• Carbon enhances biological effectiveness

• Suitable for treating radio-resistant tumors

But…• Limited number of patients treated

• Limited number of clinical studies

• Bigger and more expensive than Proton Therapy

IBA Dosimetry01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

14

Radiation Therapy (RT) Diagnostics (Dia) Services (RT+Dia) Fiducial markers

Market (M€) 130 40 RT/Dia 10

IBA orders 2014 31.4 7.9 6.1/1 3.1

Share 28% - 3000 customers 22% - >7000 customers Incl. in RT + Dia 31% - <500 customers

Market dynamics 5% growth/yr, fierce competition 3% growth/yr, crowded Key differentiator Reimbursement driven

Key strategies Protect w-wide largest customer base

with solutions that best address

Treatment Efficiency and Patient Safety

Be preferred vendor to OEM

Use technology in RT

Premium services (e.g.

24/7) and education

Defend USA, grow

ROW

Portfolio

2015 - 2018 guidance01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

15

Topline guidance upgraded from 5-10% on average to > 10%

EBIT/EBITDA guidance upgraded from 10% to 13%-15% in the next 4 years

Scheduled revenue recognition

in 2015 from > EUR 256.2M

equipment backlog

Service revenue from > EUR 468M

backlog (excl. exp. renewals)

Double digit CAGR in next 4 years

Expected improvement of the book to bill ratio of

Dosimetry

Above EUR 1 billion pipeline

IBA Investment Summary

• Global leader in proton therapy solutions

• Addressing fast growing markets, driven by affordability, clinical relevance and technology

• Forefront of technological advances accelerated through partnerships

• Strong revenue growth, increasingly predictable due to services

01-0

6-1

5P

rote

ct, E

nh

an

ce

, an

d S

ave

Liv

es -

ww

w.ib

a-g

rou

p.c

om

16

THANK YOU

Jean-Marc Bothy – CFO