European Fitness Market in million. members. 48,000 facilices. billion euro revenues. 400,000 employees

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1 EUROPEACTIVE

2 European Fitness Market in million members 48,000 facilices 26.8 billion euro revenues 400,000 employees

3 The European Health & Fitness Market Report 2015

4 The European fitness market was worth 26.8bn in 2014, with the top 5 countries representing almost two thirds Top 10 European health and fitness markets (2014) Market size ( m), Share of total market (%) 65% of total European market Total Revenues ( m) % 18% % % % 8% % 5% 4% 3% 3% UK Germany Italy France Spain Russia Netherlands Turkey Poland Sweden 18 others Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database 4 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

5 Germany and the UK stand out in terms of membership, Russia and Turkey show a huge potential Top 10 European fitness markets by membership (2014) Total number of members Penetration rate in % of total population Germany 11,2% UK 12,9% France 7,5% Spain 10,2% Italy 7,8% Poland 7,1% Netherlands 16,0% Russia 1,9% Turkey 2,3% Sweden 16,6% % 2% 4% 6% 8% 10% 12% 14% 16% 18% Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database 5 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

6 Certain correlation between GDP growth and membership development is visible Macro-economic impact of GDP growth on fitness club membership (2014) Growth of Gross Domestic Product (in %), Change in membership (%), Total membership (bubble size) 12% 10% Poland Change in membership (in %) 8% 6% 4% Sweden Turkey Spain Germany Belgium UK 2% Italy France 0% -1% 0% Netherlands 1% 2% 3% 4% -2% Growth of Gross Domestic Product (in %) Above-average membership growth Below-average membership growth Sources: EuropeActive/Deloitte, DSSV/DHfGP/Deloitte, The Leisure Database, Eurostat 6 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

7 In Denmark and Sweden, the five leading operators own more than 30% of all clubs Market share of top 5 regular operators* by number of clubs 30% and more 20% to 29% 8.1% 10% to 19% Less than 10% 1.7% 22.1% Leading operator by clubs 6.7% 14.4% 2.2% 0.8% 0.7% Note: * Regular operators do not include micro clubs (<200 m²) Sources: Company information, Deloitte analysis 7 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

8 While McFIT has the largest membership base (c1.3m), high-end operator Virgin Active remains revenue leader Top 20 European health and fitness operators by membership (2014) Total membership (left graph), Total revenues (right graph), Market segment (colour) Segments based on monthly revenues per member: Low-cost (less than 30) Medium ( 30 to 60) High-end (more than 60) McFIT 1 HealthCity/Basic-Fit Virgin Active 1 Health & Fitness Nordic David Lloyd Leisure Fitness World 2 Fitness First Pure Gym SportCity/Fit For Free clever fit The Gym Group 2 Alex Fitness 1 Kieser Training DW Sports 1 INJOY L Orange Bleue Nuffield Health 3 Curves International Mrs.Sporty Holmes Place Notes: 1) Estimates based on professional judgement; 2) Estimates based on public company information; 3) Corporate clubs not included in 2014 Sources: Company information, Deloitte analysis 8 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

9 Six of the top 10 operators increased their membership significantly, both through organic growth and M&A Top 10 European health and fitness operators by membership (2014) Change in membership (in Thousand), Change in membership (in %), Total membership (bubble size) 50% Pure Gym Change in membership (in %) 40% 30% 20% 10% McFIT HealthCity/Basic-Fit David Lloyd Leisure 0% Virgin Act. Fitness First -10% HFN SportCity/ Fit For Free clever fit Fitness World -20% Change in membership (in Thousand) Organic growth Organic growth and acquisition of clubs Minimal membership change Divestment of clubs Notes: 1) Estimates for McFIT and Virgin Active based on professional judgement; 2) Estimates for Fitness World based on public company information Sources: Company information, Deloitte analysis 9 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

10 After a total of 24 transactions in the fitness industry from 2011 to 2013, 19 activities were recorded in 2014 Market consolidation by investor type (2014) Strategic investors Strategic investors Financial investors Financial investors Founders / Private shareholders Private shareholders Sources: Merger Market, Bloomberg, Company information, Deloitte analysis 10 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

11 Technological development is one of the main forces shaping the health and fitness industry in the future Past and future growth of digital technologies and their role in the fitness industry Total Connected Devices Smartphone Users Internet Users (units) 500 M 10 B 70 B 551million >3billion 500 million ~2.8 billion >7 billion % CAGR 18% CAGR 14% CAGR 80m Registered users of MyFitnessPal app $700m Sales of wearables in the U.S. in 2014 Mobile apps Wearables Digital technology in fitness Online fitness Shift in payments 358,000 Registered online fitness users in Germany 25% Pct. of smartphone users making online purchases Source: FIT-C/Netpulse, Forbes, Morgan Stanley - The Internet of Things Is Now 2014, Statista Smartphone Penetration 2015, GSMA - The 2014, HIS NFC Enabled Phones 2014, Deloitte analysis Mobile Economy 11 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

12 Most European club operators expect to grow in 2015; Polish clubs are the most optimistic, Russians the least Expected increase in revenues for 2015 (in %) Poland 45,5% 36,4% Norway 69,0% 6,9% Finland 59,2% 16,3% Austria 51,5% 21,2% Ireland 58,1% 9,7% Portugal 40,5% 23,8% France 48,0% 9,4% Spain 45,7% 8,7% Netherlands 42,1% 7,9% Italy 47,2% 2,8% Russia 34,9% 7,3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: EuropeActive/Deloitte Increase % Increase >7.5% 12 EuropeActive Deloitte - European Health & Fitness Market Report Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft

13 MARKET PROFILE - FRANCE

14 MARKET PROFILE - FRANCE

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19 UNDERSTAND THE HEALTH BENEFITS OF REGULAR EXERCISE

20 MOTIVATE PEOPLE TO EMBRACE A LIFELONG ACTIVE AND HEALTHY LIFESTYLE

21 RAISING AWARNESS OF THE HEALTH BENEFITS OF REGULAR PHYSICAL ACTIVITY

22 EUROPEACTIVE EVENTS

23 PUBLICATIONS

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29 THANK YOU