© 2017 IBA SA

Jean-Marc BOTHY - CSO

Jefferies Healthcare Conference

June 8, 2017

Disclaimer

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This presentation may contain forward-looking statements concerning industryoutlook, including growth drivers; the company’s future orders, revenues,backlog, or earnings growth; future financial results; market acceptance of ortransition to new products or technology and any statements using the terms“could,” “believe,” “outlook,” or similar statements are forward-lookingstatements that involve risks and uncertainties that could cause the company’sactual results to differ materially from those anticipated. The company assumesno obligation to update or revise the forward-looking statements in this releasebecause of new information, future events, or otherwise.

IBA at a glance

A world leading innovator in cancer diagnostics and treatment

Number one provider of proton therapy solutions

Global leader in dosimetry and particle accelerators

1,500 employees worldwide and growing

Most advanced PT offering

Single and multi room systems equipped with cutting edge technology

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€329M

*Proteus®ONE and Proteus®PLUS are brand names of Proteus 235

IBA – a global leader in proton therapy

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Share of installed base - rooms

Total accumulated: 250 rooms

Including commercial PT rooms at end 2016

IBA market share is 56% in US, 54% in

APAC ex. Japan and 56% in EUR & ROW

IBA Group – 2016 key figures

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Proton therapy market drivers – today’s capacity gap

6Source : IBA internal modeling based on Model Based Approach developed in The Netherlands (https://www.gezondheidsraad.nl/sites/default/files/proton%20radiotherapy200917E_0.pdf)

Proton therapy capacity gap - 2035

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Estimation of RT and PT rooms needed by 2035- Radiotherapy rooms needed by 2035 estimated by Lancet

Oncology - www.thelancet.com/oncology

- Proton therapy rooms needed by 2035 extrapolated worldwide from the “Horizon Scanning : Proton Therapy “in the Netherlands www.gezondheidsraad.nl/sites/default/files/proton%20radiotherapy200917E_0.pdf

IBA strategy

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Why proton therapy ? (The dose deposition)

Courtesy of Prof Lagendijk

The therapeutic index • Tumor control probability (TCP)

• Normal tissue complication probability (NTCP)

Define the maximal dose deliverable as a function of acceptable tolerance

Courtesy of El Naqa et al 2006a Int. J. Radiat. Oncol. Biol. Phys. 64 1275–86 11

Proton therapy vs conventional radiotherapy

Tumor dose is

less than the entry

dose.

Highest dose is

near the point of

beam entry.

Dose is also

delivered beyond

the tumor target.

Highest dose is at

the depth of the

tumor target.

Minimal radiation exposure of healthy organs

Potential to reduce the risk of secondary cancers

Potential to improve the quality of life for patients during and after treatment

Possibility of retreatment

Zero or almost no

dose beyond

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Updated PT global market dynamics

Number of patients treated with PT rose 21% between 2012 and 2015 to 131 240 (cumulated)

Number of patients treated with PT in 2015: 13 195

This still represents less than 1% of the ~4 000 000 cancer patients treated every year with radiotherapy

11Source: MEDraysintell 2016, IBA model, PTCog 2016, and others

0

50

100

150

200

250

300

0

20000

40000

60000

80000

100000

120000

140000

1957 1967 1977 1987 1997 2007 2017

Patients treated Total rooms sold Room in operations

Increasing relevance of proton therapy

1212Data from https://clinicaltrials.gov

End December 2016

108 trials open and recruiting Publications statistics per year

Number of publications up to end of 2016

Rate of sales increasing 55% vs previous years

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PT market – number of rooms sold per year

Average p.a.

Wider acceptance of PT

Competitive dynamics

Lower entry barriers to PT

Technology evolving

More centres opening

IBA’s unique proton therapy solutions

Proteus®PLUSExcellence in proton therapy

Tailor-made IMPT solution

Proteus®ONEProton therapy made easy

Compact single-room IMPT solution

Proteus®ONE and Proteus®PLUS are the brand names of the Proteus® 235

1800 m²360 m²

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Size matters

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ProteusONE Other 360° gantry one room system

Footprint 100 200

Volume 100 300

Rational for compact one room system

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ProteusONE Other 360° gantry one roomsystem

Budget for one room system

Proton therapy system OIS/TPS Building

development costs financial cost Start-up expenses

Up to 35% more affordable

System 3 times heavier

3 times larger

building

3 months longer

to instal

Pro

tect, E

nhance a

nd S

ave L

ives

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INSTANT 3D & CONE-

BEAM CT*

For Image-Guided PT

PATIENT AND

STAFF FRIENDLY

Open environment

PROVEN PENCIL BEAM SCANNINGFor highly conformal

IMPT

No compromises

Proton therapy centers equipped by IBA (end 2016)

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Systems• 21 Systems Treating Patients &

17 Systems in Construction &

8 Systems in Installation

• Total: 46 Systems

Rooms• 67 Rooms Treating Patients &

24 Rooms in Construction &

20 Rooms in Installation

• Total: 111 Rooms

Proteus®ONE Proteus®PLUS

2016: 8 systems sold (5 Proteus®One) in US, UK, China, India, UAE and Belgium

2017: 2 Proteus®One sold (Spain and Egypt) and selection for another Proteus®One in Belgium.

Our strategy is to create a virtuous circle in PT

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Strengthen market

leadership

Enhance market penetration

Develop regionalization

Leverage partnership

Build

clinical

& cost

advantage

Increase clinical relevance

Reduce cost of modality

Accelerate

PT adoption Invest in clinical affairs initiatives

Focus on product roadmap

PARTNERSHIPS

Expansion strategy – new factory

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2018

Assembly, integration and test of accelerators for Proteus®ONE

CAPEX: EUR 16 million investment program over 2 years

Digital factory

Green and sustainable

Lean – total combined capacity of 20 to 30 accelerators per year (from 8 to 10 today)

Opening in Q1 2018

Image-guided proton therapy

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CBCT Penn Medicine, USA CT-on-rails, Trento, Italy

courtesy of Roberts Proton Therapy Center

Excellence in proton therapy: integration

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Xio (Elekta) : 12 centers

Eclipse (Varian) : 7 centers

RayStation (Raysearch) : 17

centers

Pinnacle*(Philips) : 4 sites

Mosaiq (Elekta) : 20 centers

Aria (Varian) : 3 centers

RayCare (Raysearch): In

development

IBA

TPS/OIS: open vendor strategy

(freedom to choose according to your need)

Treatment planning Oncology information system Proton treatment delivery system

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2017 Q1 update

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Group revenues of EUR 73,2 million, up 13,5% compared to first quarter 2016

Proton Therapy and Other accelerators backlog amounts to EUR 316 million

Proton Therapy revenues continue to grow with 8 projects now under installation simultaneously

Other Accelerators show a drop from last year. Last year was boosted by the installation of two large high energy cyclotrons

Dosimetry returns to growth up 19% to EUR 14.5 million

Q1 2017

(EUR 000)

Q1 2016

(EUR 000)

Variance

(EUR 000)

Variance

%

Proton therapy 51.316 41.434 9.882 23,8%

Other Accelerators 7.402 10.988 -3.586 -32,6%

Dosimetry 14.555 12.208 2.347 19,2%

Total Net Sales 73.273 64.630 8.643 13,4%

Guidance

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IBA expects to achieve revenue growth between 15% to 20% in 2017 and double digit thereafter

The Company expects its operating margin to be 10% to 12% in 2017, increasing to around 13% by 2018 and stabilizing at around 15% by 2020.

30% dividend pay-out ratio target maintained for 2017

This guidance is not only based upon the continued expected growth of the proton therapy market but also thebalance between the economies of scale that we can achieve at a higher production rate. In addition, the growingimportance of service revenue versus the increased demand driven by the equipment price tag reduction in theproton therapy market and our continued investment in R&D and software capabilities are anticipated to becontributing factors.

Pro

tect, E

nhance a

nd S

ave L

ives

Thank you

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