2016 FULL-YEAR RESULTS - Korian Groupe...of greenfields & relocation ≈50+ projectsin the next 3 years • Be “asset smart” rather than “asset light”: Owning quality asset

2016FULL-YEARRESULTS

March 16ᵗʰ, 2017

2016OVERVIEW

March 16ᵗʰ, 20172016 FULL-YEAR RESULTS

2016: A NEW STEP IN KORIAN INTERNATIONAL EXPANSION

3

REVENUE (€M)

478 520 608781 851 923 1,015 1,108

1,356

2,2222,579

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Casa Reha

IPO

Segesta

Phönix Curanum

MedicaSenior Living Group

Foyer de Lork

Medidep

2,987


March 16ᵗʰ, 20172016 FULL-YEAR RESULTS 4

A PERFORMING EUROPEAN LEADER IN THE SENIOR CARE AND SERVICE MARKET

4 BUSINESS LINES

VALUE CREATION THROUGH A JOINED-UP APPROACH

• Deploying enriched client paths

• Leveraging our strong asset base and interconnecting business

≈72,000 beds

715 facilities

International business

47% of revenue

4 countries with #1 or #2 market positions

€2,987 M revenue# IN THE PRIVATE NURSING HOME SECTOR

4 countriesrepresentingmore than 50%of the EU population >75

#1

#1

#2

#2Nursing Homes

Service Flats

Home Care

Post AcuteClinics


2016: A YEAR OF STABILISATION AND RECOVERY

Strong focus

on “basics” to make

the company fit

for the future

Solid financial performance in line with objectives

EBITDA margin in line

with target

14.1%vs 13.3% published in 2015

Above restated guidance

of 14.0% (Sept. 2016)

Top Line objective

achieved

≈€3 BnSales growth: +15.8%

including +3.8% organic

Strong international organic

growth dynamic: +6.7%

2016 ACHIEVEMENTS


2016 TOP ACHIEVEMENTS

STABILISE & CONSOLIDATE


Stabilise and reinforce Korian management team

Improve monitoring & control, performance management and IT

Start portfolio optimization

Stabilise German business and launch Casa Rehaintegration

1

2

3

4

Design 5-year strategic plan “Korian 2020”

Secure financing for the next 5 years

Deliver value creative Bolt-On operations

Revisit Korian Real Estate strategy

5

6

7

8

PREPARE FOR THE FUTURE

A STABILISED AND REINFORCED MANAGEMENT TEAM

Group Management Board Renewed Group Management

Board

Reinforced country

management teams

on key positions (Operations,

HR, Sales and Marketing)

Creation of a “top 50”

community

CEO

FINANCE

L.Lemaire

HR

R.Boyer

MEDICAL & QUALITY

D.Armaingaud

MARKETING COM.

C.Jolly

REAL ESTATE

F.Durousseau

FRANCE “SENIOR”

CA.Pinel

FRANCE “SANTE”

N.Merigot

GERMANY

R.Stiller

ITALY

M.Rossini

BELGIUM

B.Bots

S.Boissard



8

An organization promoting

decentralization and

empowerment of the network

1


ACTION PLAN TO CONSOLIDATE MONITORING & CONTROL, PERFORMANCE MANAGEMENT AND IT

MONITORING & CONTROLPERFORMANCE

MANAGEMENTIT

Comprehensive monthly reporting review (including cash performance & reforecast process)

New internal control Group rules framework deployed

Purchasing actions (first European categories…) and efficiency initiatives (energy & fluids, maintenance…)

Synergies over delivered on Korian/Medica merger(15M initially planned by end 2016)

Stabilisation of critical situations (France and Germany)

Catch up and upgrading

• CRM (France Italy Belgium)• New platform for operations

(Italy and France Santé)


2


FIRST PORTFOLIO OPTIMIZATION ACTIONS


Disposal

of the French

loss-making facility

(CHC) finalized

Operations

discontinued

in 5 non performing

facilities in

Italy and Germany

3


GERMANY: STRATEGIC MARKET FOR KORIAN

HIGH GROWTH POTENTIAL MARKET

• Largest senior market in Europe (9 M people > 75 years) with the most robust economy

• Very favourable demographics: > 75 Y: +3%/year + People requiring care: +4.5%/year

• Sound and growing financing for Dependency (32 bn public funding +20% vs 2016)

• Opportunity to deploy new business models combining Dependency & Healthcare financing

KORIAN GERMANY WELL POSITIONED

• Korian by far #1 on the private senior market (>1.5 x # 2)

• Already a broad portfolio of activities: nursing homes + service flats + home care and a large network of 222 facilities to leverage

• A strong growth potential over the next 5 years


4


GERMANY: ADAPT OUR BUSINESS TO NEW REGULATIONS

PRICING &

STAFF KEYS

REAL ESTATE

PSG II & III (new dependency classification and new rate scheme starting 1/1/2017)

• Rate renegotiation completed by Dec.2016 for all facilities

• Price effect in 2017 : +2.0% to 2.5% (partly offset by increased staff keys for higher dependency level)

LHG (new rules relative to real estate and comfort & equipment standards)

Bavaria• Starting 2017 for new facilities; progressive application over the next 5 years

for existing facilities• No business impact foreseen in 2017

NRW• Starting mid 2018• 28 facilities to be adapted with some transitory business impact in 2017

Bade-Wurtemberg• Starting 2019• 11 facilities to be adapted with some transitory business impact in 2018

Total Capex required

≈€15 Mover 3 years

Total estimated net impact

≈-300 to -800 beds


4

PERFORMANCE

MANAGEMENT


GERMANY: “SUCCESS 2020” EFFICIENCY PLAN STARTEDWITH FIRST FINANCIAL BENEFITS IN H2

INTEGRATION PROCESS

IT platform stabilized and ready for migration start

Global integration roadmap designed (organization, headquarter, key positions, IT, SG&A reduction…) for the next two years

Occupancy rate progressing

in 2016 on mature scope

on both entities

Significant interim reduction

at Curanum: H2 2016 divided by 2 vs H2 2015

Purchasing action plan

Specific plan implemented

for the less performing facilities


First financial benefits in H2:

EBITDA margin H2 2016 >H2 2015

SUCCESS 2020 = A COMPREHENSIVE EFFICIENCY PLAN ENCOMPASSING

4


DESIGN “KORIAN 2020” 5-YEAR STRATEGIC PLAN


5


FINANCING SECURED & HEDGED FOR THE NEXT 5 YEARS

New credit facility

signed for

€1,300 M until July 2021

New Euro Commercial

Paper program of

€300 M

Solid interest rates

hedging strategy

implemented in H2


6

Strengthening market position in Belgium from #3 to #2


DELIVER VALUE CREATIVE BOLT-ON ACQUISITION


18 new facilities + Home Care business entry

Innovative “integrated concept” to be replicated:

Nursing Home + Service Flats + Home Care pilot concept

for the rest of the Group

Robust pipe-line for the years to come (1,400 beds)

7

Acquisition of

“FOYER DE LORK

+ OTV” in Belgium

KORIAN REAL ESTATE PORTFOLIO

17

Ownership: 14%of operating assets

GEOGRAPHICAL SPLIT OF OWNERSHIP(IN €M)

77%

11%

11% 1%

NB: All figures as of 30th June 2016

437,000 sqm /

98 buildings

GEOGRAPHICAL SPLIT OF RENTS(IN SQM)

39%

42%

8%

11%

Real Estate portfolio valuation :

€980 M

Rentals: 86%of operating assets

80% of rented assets owned by institutionalinvestors

3.3 million sqm /

614 buildings

Length of rentals:

9 to 27 years

OWNERSHIP RENTS

France

Germany

Italy

Belgium

France

Germany

Italy

Belgium


REVISIT KORIAN REAL ESTATE STRATEGY

KEY PRIORITIES ACTION TO COME


8

• Regain control over the “development phase” of greenfields & relocation

≈50+ projects in the next 3 years

• Be “asset smart” rather than “asset light”:Owning quality asset when gap between yield

and fixed interest rate > 300-350 bpFavoring active portfolio management

to speed up brownfield reconfiguration

• Up to €500 M to be invested in real estate in the next 3 years (subject to market conditions)

ownership rate increase from ≈14% up to ≈20%

• Financed through Real Estate Debt (€900 M permitted vs €370 M utilized end 2016)

very limited impact on adjusted leverage

• Creation of a dedicated asset vehicle by country enabling future partnership and arbitration under

optimized conditions

• Rents renegotiation action plan defined on a first set

of ≈150 buildings 5% savings expected by 2021

2016 FINANCIALS



REVENUE BY COUNTRY

Network increased by 12.926 beds of which 10.182 beds from Casa Reha acquisition

In France, organic growth driven by the nursing home segment. Flat rehab clinic segment revenue due to regulatory pricing decrease

In Germany and Belgium, organic growth is driven by ramp up of new facilities and improved occupancy rate on mature facilities

In Italy, revenue evolution driven by portfolio optimization actions (-4 facilities)

REVENUE

2015(€M)

2016(€M)

Growth(%)

OrganicGrowth

(%)

France 1,535.9 1,572.5 2.4% 1.9%

International 1,043.4 1,414.4 35.5% 6.7%

Germany 519.0 852.3 64.2% 8.4%

Italy 306.1 302.7 -1.1% 1.8%

Belgium 218.3 259.4 18.8% 9.1%

Total 2,579.3 2,986.9 15.8% 3.8%

* See definitions


EBITDAR PERFORMANCE BY COUNTRY

Solid progression in France (+ 50 bp)strongly supported by efficient purchasing actions

Very strong progression in Belgium (+140 bp) thanks to ramp up acceleration and very efficient cost management

Italy grew by +50 bp excluding the opening impact of Brescia facility

Excluding Germany, EBITDAR progressing +50 bp

In Germany, situation has improved in H2 2016: +180 bp vs H2 2015 / -350 bp in H1 2016 vs H1 2015

EBITDAR value EBITDAR % of sales

2015(€M)

2016(€M)

Growth(%)

2015(% of sales)

2016(% of sales)

Change

France 410.1 482.0 4.4% 26.7% 27.2% 0.5%

International 270.1 369.2 36.7% 25.9% 26.1% 0.2%

Germany 144.2 230.2 59.7% 27.8% 27.0% -0.8%

Italy 70.6 69.5 -1.5% 23.1% 23.0% -0.1%

Belgium 55.4 69.5 25.5% 25.4% 26.8% 1.4%

Total 680.2 797.2 17.2% 26.4% 26.7% 0.3%

* See definitions


OPERATING PERFORMANCE

* See definitions

Excluding Germany, staff costs grew by 30 bpstable in France / declining in Belgium /

progressing in Italy because more internal staff in 2016 vs externalized (stable on a global basis)

Staff costs in Germany stabilized: flat in H2 2016 vs H2 2015 to be compared with an increase of +440 bp in H1 2016 vs H1 2015

Other charges: improvement of 140 bp (120 bp excluding €7M favorable non recurring effects)

External rents:• minored by €5 M non recurring favorable

effect• Do not include rental recurrently reclassified

under IAS 17 for Casa Reha

Excluding the +€12 M (€7 M + €5 M) non-recurring items, underlying EBITDA margin is 13.7%

2015(€M)

2016(€M)

Change(%)

Revenue* 2,579.3 2,986.9 15.8%

Personnel costs

% of sales

(1,319.6) (1,561.0) 18.3%

51.2% 52.3% 1.1%

Other charges% of sales

(579.5) (628.7) 8.5%

22.5% 21.0% -1.4%

EBITDAR% of sales

680.2 797.2 17.2%

26.4% 26.7% 0.3%

External rents

% of sales

(338.2) (375.0) 10.9%

13.1% 12.6% -0.6%

EBITDA% of sales

342.0 422.2 23.5%

13.3% 14.1% 0.9%


2016 EBITDA MARGIN BRIDGE

13.2%

14.1%

≈+0.4%ONE-OFF GAINS

As Reported2016 FY

Underlyingperformance 2016 FY

2016 FY initial roadmap*

14.0%

Last September 2016 FY revised roadmap

13.7%Same impact as in H1

≈+0.4% EXTRA IAS17 IMPACT VS MARCH 2016 HYPOTHESES

≈+0.1% FROM OPERATIONS

Mainly events from H1

* On the basis of 2016 yearly Group expectations from March 2016


PROFIT & LOSS

Depreciation & P. evolution mainly linked to consolidation of German acquisitions and IAS17 accounting rules

Other net operating charges includes non recurring items related to the French loss-making facility disposed, complementary provisions on German HR past events and Germanreorganization costs eligible for booking in 2016

Financial result evolution is predominantly driven by:• German acquisitions (≈€40 M), which includes

significant financial charges related to IAS17 real estate debt

• Exceptional charges for €17 M mainly non cash

Income tax includes the one-time net favorable impact (+€72 M) of the voted change in the French income tax rate (28,9% by 2020) on our net differed tax liabilities (no cash impact)

IAS17 unfavorable impact on net profit: -€5 M (no cash impact)

Net Profit restated from tax impact & IAS17: €65 M, +10% vs 2015

2015(€M)

2016(€M)

Change(%)

Revenue* 2,579.3 2,986.9 15.8%

EBITDA 342.0 422.2 23.5%

Depreciation & Provisions (123.8) (156.0) 26.0%

EBIT

% of sales

218.2 266.3 22.0%

8.5% 8.9% 0.5%

Other net operating charges (39.2) (25.4) -35.4%

Operating income

% of sales

179.0 240.9 34.6%

6.9% 8.1% 1.1%

Financial result (65.0) (123.3) 89.9%

Income Tax (53.0) 15.6 -129.4%

Minority interests (2.3) (1.9) -18.2%

Net profit Group share 58.7 131.3 123.7%

* See definitions


CHANGE IN NET DEBT

Change in WCR: positive evolution despite French negative regulatory impact

Operating Capex = 2.3% of revenue

Development Capex & Bolt On include Foyer de Lork operation

Real Estate Investments corresponds to an acceleration in the detention with 6 key operations mainly realised in France

Strategic acquisitions mainly correspond to scope evolutions in Germany

Change in perimeter is mainly linked to Casa Reha consolidation and IAS17new debt

2016(€M)

Cash flow after cost of financial debt 206.1

Change in WCR 4.2

Operating Capex (maintenance…) (69.8)

Free Cash Flow 140.5

Development Capex & Bolt Ons (87.4)

Net Free Cash Flow 53.0

Dividends paid (28.7)

Real Estate Investments (52.0)

Strategic acquisitions (366.8)

Net debt impact of change in perimeter & others (276.0)

Change in Total Net Debt (670.5)

Opening Total Net Debt 1,644.9

Closing Total Net Debt 2,315.4


FINANCIAL POSITION AS OF 31 DECEMBER 2016

Syndicated loan increase related to the term loan of new credit facility signed in July 2016

Decrease in cash and cash equivalent is mainly due to Casa Reha acquisitioncashing out

Increase in Real Estate Debtis driven by accounting impact of acquisition of Casa Reha under IAS17 rules (€240 M)

Group Real Estate Debt is €370 M excluding IAS 17 operating leases

Average cost of Financial debt + Real Estate Debt (excl. IAS 17) ≈ 3.0%

Restated leverage*: 3.9x (covenant max: 4.5x)

31/12/2015(€M)

31/12/2016(€M)

Change(€M)

Syndicated loan 550.0 650.0 100.0

Bonds & bilateral debt 998.2 1,075.9 77.7

Revolving credit facility - - -

Treasurery loans, bank overdraft & others

18.1 61.5 43.4

Gross Financial debt 1,566.3 1,787.4 221.1

Cash & cash equivalent 518.8 309.9 (208.9)

Net Financial debt 1,047.5 1,477.5 430.0

Real Estate Debt 597.4 837.9 240.5

Total net debt 1,644.9 2,315.4 670.5

* See definitions


SECURED & WELL HEDGED FINANCING

• A new Syndicated loan of €1,300 M maturing July 2021 implemented in July 2016

• €650 M of undrawn committed RCF line end 2016

• €300 M of Euro Commercial Paper program

of which €250 M undrawn

• No major repayment before 2021

• Authorized Real Estate Debt = €900 M

€370 M drawn

€530 M available for new operations

Secured Financing Well hedged Financing

• Additional interest rates hedging implemented in October 2016 at very favorable conditions

• If interest rates increase 115 bp by 2021,

the Group financing rate would remain below

the level anticipated for 2017 (≈3%)

(based on the debt profile of the “plan K 2020”)


GROUP DEBT MATURITY PROFILE

AVERAGE MATURITY ≈5 YEARS

NO MAJOR REPAYMENT BEFORE 2021

Other debt Syndicated loan Euro PP 2015 SSD 2015

0

200

400

600

800

1 000

2017 2018 2019 2020 2021 2022 2023 2024 2025


BALANCE SHEET

Major changes in Goodwill,tangible fixed assets, provisions and Net financial debt are mainly driven by Casa Rehaand to a lower extent Foyer de Lork consolidation

31/12/2015(€M)

31/12/2016(€M)

Change(€M)

Goodwill 1,707.3 2,175.4 468.1Intangible fixed assets 1,701.0 1,717.6 16.7Property, plant & equipment 1,295.6 1,670.2 374.7Long-term financial assets 31.2 32.6 1.4Non-current Assets 4,735.0 5,595.9 860.8Deferred tax assets (541.9) (490.6) 51.3Working capital requirement (463.2) (526.0) (62.8)Assets held for sale 0.1 1.9 1.8Total Assets 3,730.1 4,581.2 851.1

Total shareholder's equity 1,933.9 2,036.9 103.0Provisions for pensions 49.6 58.6 8.9Other provisions 82.0 153.8 71.8Financial instruments 19.7 16.6 (3.1)Total Net debt 1,644.9 2,315.4 670.5Total liabilities 3,730.1 4,581.2 851.1


DIVIDEND PROPOSED FOR 2016

€0.60 / per share

with a share payment option

OUTLOOK 2017


FOCUS ON

“STABILISATION & RECOVERY”

2017: BUILDING THE NEW KORIAN

2016

START BUILDING THE NEW KORIAN

1st YEAR OF KORIAN 2020

5-YEAR PLAN

2017


• Strong focus on organic growth in France and Italy with dedicated 3-year action plan

• Accelerate Home Care business development: +50% (mainly in Germany and Belgium)


2017 KEY PRIORITIES

BOOST VALUE-ADDED GROWTH

IMPROVE OPERATING PERFORMANCE

OPTIMIZE REAL ESTATE MANAGEMENT

INVEST IN OUR PEOPLE

FOCUS INNOVATION ON MEDICAL CARE AND DIGITAL

• Pursue rental renegotiation (new set of ≈50 buildings)

• Increase owned portfolio (10-15 potential acquisitions)

• Structure dedicated asset vehicles

• Germany: implement Success 2020 performance plan• Purchasing action plan: in line with K2020 roadmap• IT: pursue catch up actions to improve productivity

• “Positive Care by Korian” to be deployed in 150 facilities

• “Korian Generation” App to be deployed in all French NH by Q1

• Train: E-learning program throughout the company / Training

and development program for facility managers / Apprenticeship

• Retain: Building professional communities (physicians, nurses, cooks…)

France Senior France Santé

Double French organic growth momentum to reach

4% within 3 years


REVITALISE ORGANIC GROWTH: FOCUS IN FRANCE

OUR GOAL

SPECIFIC PLAN DESIGNED

BY BUSINESS SEGMENT

FRANCE SENIOR



KORIAN FRANCE SENIOR : 1ST NURSING HOME NETWORK IN FRANCE

≈24,000 beds

294 Nursing Homes of which 60% in cities >100k inhabitants

Broad range of complementary offer and services

≈14,800 employees

Occupancy Rate >95%


3 KEY LEVERS TO BOOST ORGANIC GROWTH

Upgrade our Customer

Value Proposition

• Clarify and harmonize our offer

• Develop adapted services for

each target groups

• Improve “value for money” perception

• Leverage average price

through revenue management

approach

• Increase direct sales and build

a complete customer centric

approach

• Reconfiguration program with

some relocations on 50%

of the sites

• Leverage residual

constructability potential

to develop add. beds

and assisted living ≈1000 bed/unit openings

INNOVATION & DIGITAL

Increase Commercial

Performance

Fasten

Network Growth

Opportunities

of additional

organic growth55%

of additional

organic growth45%

38

FRANCE SANTE



KORIAN FRANCE SANTE

Geographic concentration: 50% of facilities are located

in three regions: PACA, Rhône-Alpes and Ile-de-France

Type of facility Number

Acute care and rehabilitation facilities 68

o/w specialised clinics 36

Psychiatry 7

Hospitalisation homecare 6

TOTAL 81

#2 operator in the commercial private sector

with 15% of the market by number of facilities

Specialised services focusing on geriatrics

and orthopaedics rehabilitation

In the last 3 years, decreasing rates and capacity limitation have constrained the revenue growth

Geographic distribution of Korian post acute and rehab. facilities

Comprehensive

Comp. - Geriatrics

Other

Comp. - Neurology

Neuro + Musculo-Skeletal

Hospitalisation homecare

≈5,200 employees


GROWTH OPPORTUNITIES

Increasing demandfor services

Development of out-patient care

Demand for higher quality

Activity based charging (DMA)


4 KEY LEVERS TO BOOST ORGANIC GROWTH

Restructure

network

≈ 20 facilities

restructured supporting

case mix improvement

100% of facilities providing

out-patient care

Services to account for 20%

of total revenue

Develop out-patient

care services

Develop hospitality

services

90 % of facilities with HAS

A and B certification

Maintain

high-quality

Revenue Growth >5%

with H2 expected to be more dynamic than H1


2017 OBJECTIVES IN LINE WITH 5-YEAR PLAN ROADMAP

2017 EBITDA% aligned with K2020 plan

>2,500 new beds

• Greenfields mostly located in Germany and Belgium

• Most of them to be opened in H2

• Investments to support top line acceleration

• Greenfield opening costs and ramp up impact

(Belgium & Germany)

• Full impact of German “Success 2020” expected

from 2018

* As reported. For 2016 based on guidance on recurring as in H1

** For 2016 based on recurring margin expectation

as announced in H1 2016

EBITDA margin ≈13.7%

stable vs 2016 underlying performance

• Strong revenue increase (+15.8%) driven by international expansion and solid organic growth (3.8%)

• EBITDA margin of 14.1% with underlying performance at 13.7% vs 13.3% in 2015

• Solid free cash flow generation with working capital improvement and capex under control

• Group financing secured and well hedged

• Favourable demographics fostering high demand

• Need for enriched services and new approaches

• Leadership position on 4 key European countries

• Further consolidation opportunities

• Basics consolidated in 2016

• First benefits in 2nd half of ambitious efficiency plan deployed in Germany

• Investing on people, innovation and quality


CONCLUSION

Solid financial performance in 2016, in line with objectives

Korian well positioned to benefit from strong market potential in the next 3-5 years

… and deliver on strategic plan “Korian 2020”…

APPENDIX


REVENUE: including other income.

EBITDAR: the interim performance indicator selected by the Korian group to monitor

the operating performance of its entities. It consists of gross operating surplus

of the operating sectors before leasing expenses.

EBITDA corresponds to the EBITDAR defined above minus rental expenses.

Current net profit/(loss) attributable to owners of the Group: it represents net profit/(loss) attributable

to owners of the Group - (other operating income and expenses + gains and losses on acquisitions

and disposals of subsidiaries)* (1 - standard corporate income tax of 34%), or net profit/(loss)

attributable to owners of the Group restated for non-recurring items.

RESTATED LEVERAGE: (Net debt – Real estate debt) / (EBITDA adj. – (6.5%* Real Estate Debt)).


DEFINITIONS

This document was prepared by Korian (the “Company”). The information contained in this document has not been independently verified.

No representation or warranty, express or implied, is made as to, and no reliance should be placed upon, the fairness, accuracy, completeness, or correctness of the informationor opinions contained in this document and the Company does not accept any liability or responsibility in this respect.

This document contains certain statements that are forward-looking. These statements refer in particular to the Company business strategies and growth of operations, future events,trends or objectives which are naturally subject to risks and contingencies that may lead to actual results materially differing from those explicitly or implicitly included in these statements.Such forward-looking statements are not guarantees of future performance and the Company expressly disclaims any liability whatsoever for such forward-looking statements.

Information relating to risks and contingencies relating to the Company are included in the documents filed by the Company with the Autorité des marchés financiers. The Company doesnot undertake to update or revise the forward-looking statements in this presentation to reflect new information, future events or for any reason and any opinion expressed in thispresentation is subject to change without notice.

A detailed description of the business and financial position of the Company as well as the risk factors related to the Company is included in the reference document of the Companyand its 2016 half-yearly financial report, which may be obtained on the website of the Company (www.korian.com). This presentation should be read in conjunction with such documents.

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any shares of the Company. Neither this document,nor any part of it, shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

Neither this document, nor any copy of it, may be taken, transmitted or distributed, directly or indirectly, in the United States, Canada, Japan or Australia. The distribution of this documentin other jurisdictions may be restricted by law and persons into whose possession this document comes should make themselves aware of the existence of, and observe, any suchrestrictions.

The shares of the Company have not been, and will not be, registered under the Securities Act of 1933, as amended, (the “Securities Act”) and may not be offered or sold in the UnitedStates except pursuant to any exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to register any portionof the proposed offering in the United States, nor does the Company intend to conduct a public offering of its shares in the United States.

This document speaks as of 16 March 2017. Neither the delivery of this document nor any further discussions of the Company with any recipients thereof shall, under any circumstances,create any implication that there has been no change in the affairs of the Company since such date.


DISCLAIMER

Documents

2016 FULL-YEAR RESULTS - Korian Groupe...of greenfields & relocation ≈50+ projectsin the next 3 years • Be “asset smart” rather than “asset light”: Owning quality asset