Ina Invest : Capital Market Day Presentation

A unique proposition in the Swiss real estate market

Capital Market Day

21 April 2020

Disclaimer

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL.

This presentation (the "Presentation") has been prepared by Implenia Ltd. ("Implenia" and together with Ina Invest Holding Ltd. ("Ina Invest Holding") and its other subsidiaries, the "Group") solely for informational purposes and has not been independently verified.

This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Implenia or Ina Invest Holding nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Group, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This document is (i) not a prospectus within the meaning of Article 652a of the Swiss Code of Obligations, (ii) not a listing prospectus as defined in articles 27 et seqq. of the listing rules of the SIX Swiss Exchange Ltd. or of any other stock exchange or regulated trading venue in Switzerland, (iii) not a prospectus within the meaning of the Swiss Financial Services Act and (iv) not a prospectus under any other applicable laws. This Presentation is being made available to you solely for your information and background and is not to be used as a basis for an investment decision in securities of Implenia, Ina Invest Holding or the Group. Any investment decision must be made exclusively on the basis of a prospectus or other offering document that will supersede the information contained in this Presentation.

This Presentation must not be distributed, reproduced or used without the consent of Implenia. The information contained in this Presentation is not to be viewed from nor for publication or distribution in nor taken or transmitted into the United States of America ("United States"), Australia, Canada or Japan and does not constitute an offer of securities for sale in any of these jurisdictions. The securities offered by Implenia or Ina Invest Holding have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States and such securities may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. This Presentation does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions, intense competition in the markets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Group's markets, and other factors beyond the control of the Group). Neither Implenia, Ina Invest Holding nor any of their respective directors, officers, employees, advisors, or any other person is

under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. Some of the information presented herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other information or opinions contained herein, for any purpose whatsoever.

Neither Implenia, Ina Invest Holding, the Group, nor any of their respective directors, officers, employees or advisors, nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should be placed on, the fairness, accuracy or completeness of the information contained in the Presentation or of the views given or implied. Neither the Group nor any of its respective directors, officers, employees or advisors nor any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

Implenia and Ina Invest Holding reserve the right to amend or replace the Presentation at any time, and undertake no obligation to provide the recipients with access to any additional information. Neither Implenia nor Ina Invest Holding shall be obligated to update or correct the information set forth in the Presentation or to provide any additional information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. It should be noted that Ina Invest Holding is preparing an opening balance sheet as of 31 March 2020, complying with Swiss GAAP FER. Ina Invest Holding does not produce any historical financial statements. The financial information in this Presentation is preliminary and unaudited and remains subject to the ongoing audit by the Ina Invest Holding's auditors, PricewaterhouseCoopers Ltd., in connection therewith. In addition, the Presentation consist of "non-Swiss GAAP FER financial measures". These non-Swiss GAAP FER financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with Swiss GAAP FER. You are cautioned not to place undue reliance on any non-Swiss GAAP FER financial measures and ratios included herein.

The property valuations are based on reports of Ina Invest Holdings' valuation expert Wüest Partner as of 31 March 2020.

Currently, it is very difficult to provide a meaningful prediction on how the Swiss governmental action in response to the ongoing outbreak of a novel coronavirus disease (COVID-19) will affect the Group's operations and how long such measures will remain in place. The COVID-19 outbreak has caused, and may continue to cause, economic instability and a significant decrease of total economic output in the affected areas and globally. The impact of the COVID-19 outbreak on the general economic environment in the markets in which the Group operates remain uncertain and could be significant.

Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice. By accessing this Presentation you agree to be bound by the conditions and restrictions set out herein.

Ina Invest • Capital Market Day • 1

Introduction

André Wyss, CEO Implenia

Introduction

Implenia - an integrated multinational leader in construction services

2019 revenue	Ø revenue growth rate p.a.	Order backlog
CHF 4.431bn	+ 7.7 % CAGR 2015-2019	CHF 6.158bn

	Customer	Sustainability
93% satisfaction	Industry leader in Sustainalytics rating and
pioneer of "green" credit financing
	6		4Divisions
	Home
~ 10,000	markets
total workforce1			Development Buildings Civil Engineering Specialties

1 Including temporary workforce.

Ina Invest • Capital Market Day • 3

Introduction

In February, we announced the spin-off of Ina Invest to accelerate our real estate business - strong support from the shareholders

Spin-off of ~50% of current development portfolio with a market value of CHF ~300mn1 into Ina Invest

• Expansion along the value chain to offer project, portfolio and real estate asset management services…
• … while offering development and realization capabilities at arm's length and continuing to identify new market opportunities for both Implenia and Ina Invest

• New real estate investment company covering
  the entire value chain (from initiation until realization as well as management and letting)
• Accelerated growth through new equity and debt- financing and reinvestment capacity from existing and new shareholders

Recurring earnings as well as dividends as significant minority shareholder2

1 Based on indicative third-party valuation, 31 December 2019. Portfolio value of CHF 282mn as of 31 March 2020 according to Wüest Partner, see slide 30 for more information. 2 Implenia is expected to hold a significant minority stake of at least 40% in Ina Invest Ltd., see slide 55 for more information.

Ina Invest • Capital Market Day • 4

Introduction

Implenia and Ina Invest partnership to unlock incremental value

2	5
		1	New value creation through additional financing capacity
			(Ina Invest) while staying asset light (Implenia)...
		2	… and higher utilization of Implenia's network to identify and seize
			new market opportunities for both companies
		3	Accelerated value realization of Implenia's development portfolio and
			construction business
1	1	4	New recurring earnings for Implenia through Real Estate Services and
			shareholder participation as a >40% shareholder1
		5	Maximized efficiency gains and value delivery through integrated
			project collaboration and Implenia's expertise

3 4

1 Implenia is expected to hold a significant minority stake of at least 40% in Ina Invest Ltd., see slide 55 for more information.

Ina Invest • Capital Market Day • 5

Introduction

Experienced real estate experts committed to the success of Ina Invest

Stefan Mächler

Designated Chairman of the Board of Directors

• Group CIO and Member of the Group Executive Board of Swiss Life
• Previously, Chairman of the Board of Directors of Swiss Prime Site Ltd. and CIO Asset Management of Mobiliar
• More than 20 years of real estate experience
• Lic. iur from the University of St. Gallen (HSG)

Marc Pointet

Designated Chief Executive Officer

• Until 2020, Head of Mobimo Suisse romande and Member of the Executive Board of Mobimo
• More than 15 years of real estate experience
• Certified Architect ETH, Executive MBA HSG

Adrian Wyss

Head Division Development at Implenia

• Member of the Implenia Executive Committee and Head Real Estate Services at Implenia
• Previously, Head of Modernisation and various other management roles within Implenia
• Degree in Architecture and Diploma in Corporate Management from the University of Applied Science, Bern

Ina Invest • Capital Market Day • 6

Today's agenda

1. Investment highlights • Stefan Mächler
2. Market overview • Marc Pointet
3. Business model and strategy • Marc Pointet
4. Portfolio and pipeline • Adrian Wyss
5. Financials and financial outlook • Marc Pointet
6. Corporate governance • Stefan Mächler
7. Envisaged transaction • Credit Suisse
8. Closing remarks • Stefan Mächler
9. Q&A
10. Appendix

1 Investment highlights

Investment highlights

Ina Invest - a unique proposition in the Swiss real estate industry

1	Very attractive real estate portfolio at top locations across Switzerland

2	Proven development and execution expertise in long-term partnership with Implenia

3	Further acceleration of growth through land acquisitions utilizing Implenia competencies & network

4	Application of high sustainability standards for development and operation

5	Compelling financial profile with substantial expected valuation upside and above market return on capital

Ina Invest • Capital Market Day • 9

Investment highlights
Very attractive real estate portfolio at top locations	1
across Switzerland

Prime locations and diversified use …

Allschwil

(Basel)

Arlesheim	Zurich	Winterthur
		Baar (Zug)
Neuchâtel

Préverenges

(Lausanne)

Onex (Geneva)

	Other
Hotel	7%
11%		Office
	By
	38%
	type1
Residential
44%
	Northwestern
	Switzerland
	10%	Central
Zurich /	By	Switzerland

Winterthur	region1	15%
47%
		Western
	Switzerland
		28%

• resulting in top scores by
  Wüest Partner2

	Good		III	II	I
quality
		VI	V	IV
Object
Bad		IX	VIII	VII
	Bad		Good

Location quality

• 95% of portfolio3 in the top quadrant ("Top-Liegenschaften") based on location quality and property quality
• Analysis also considers macro and micro location quality, use, construction standard, condition and market attractiveness

Source: Wüest Partner valuation report as of 31 March 2020. 1 Based on floor space (excl. condominium)

2 Bubble sizes refer to current market values.

3 Based on current market values.

Ina Invest • Capital Market Day • 10

Investment highlights
Proven development and execution expertise	2
in long-term partnership with Implenia
		Showcases (Implenia developments)
Broad range	>50
of completed
development
projects
projects
incl. residential housing,	realised by Implenia over
hotels, offices and even
the last 10 years
schools
		Sue&Til, Winterthur		Metropolitans, Zurich
84%1	Timber
construction
of condominiums sold by	unique experience with
the end of construction
~1000 apartments under
over the last 5 years
development or already
	built
		Ensemble Quadro, Zurich		ZHAW library, Winterthur

Source: Company information.

1 Based on development projects between 2014 and 2019 (including not yet completed projects).

Ina Invest • Capital Market Day • 11

Investment highlights
Further acceleration of growth through land acquisitions	3
utilizing Implenia competencies & network

Acceleration of growth through acquisitions

• The value of Ina Invest's real estate portfolio is expected to grow by a factor of c. 5x to reach CHF 2bn by 2027E (incl. additional acquisitions)
• This value increase is driven by the realization of the initial development portfolio as well as significant
  additional acquisitions
• Ina Invest targets an average acquisition volume of c. CHF 50mn per year, financed through diverse and attractive sources of financing
• Financing sources include the public capital markets as well as partially also the sale of condominiums
• In order to source its acquisition opportunities, Ina Invest will leverage the local expertise and wide-reaching network of Implenia

Selected investments and unique Implenia value-add

Sulzer Real Estate (Winterthur)

Value-add: Brownfield development

• Share deal for 230,000 sqm of land,
• Large parts resold straight away, other parts developed in meantime
• Assessment and handling of contaminated site was a decisive competitive advantage for Implenia

Schaffhauserstrasse (Zurich)

Value-add:Off-market acquisition

• Direct acquisition from a private individual
• Identified underutilization
• New development fully exploits potential

Les Tattes (Onex)

Value-add: Cross deal with the municipality

• In cooperation with the municipality, a new school was built on existing Implenia land and in return Implenia received the right to develop a residential building project on the school's old site
• As a result, the municipality was able to avoid an expensive renovation and Implenia also benefitted from the transparent cooperation

Source: Company information, Wüest Partner valuation report as of 31 March 2020.

.

Ina Invest • Capital Market Day • 12

Investment highlights
Application of high sustainability standards for	4
development and operation
Sustainability is part of Ina Invest's DNA …	… and creates tangible results (case study Lokstadt)

• Ina Invest intends to operate one of Switzerland's most sustainable real estate portfolios
• All projects are expected to be certified according to national and international construction labels
• Strong focus on the use of renewable and healthy construction materials (e.g. timber construction)
• For this purpose, Ina Invest targets to receive certifications by the following two providers:

Greenhouse gas emissions of construction1

	9.6 2	-11%	10.8
	Lokstadt		Average

Switzerland

Greenhouse gas emissions of operation1

	3.4 2	-90%	33.8

• Sustainalytics, the leading global provider of ESG and corporate governance research and ratings
• GRESB, the recognized global ESG benchmark for real assets

Lokstadt	Average
	Switzerland

Annual heating costs3

	1.9	2	-25%	2.5

Lokstadt

Source: Company information.

1 In kg/m2 per year. Average greenhouse gas emissions of Switzerland 2010/2015 are based on SIA-documentation D 0258.

2 Company estimates based on current construction plans.

3 In CHF/m2 per year. Average annual heat consumption of Switzerland based on standard MuKEn 2008. Applied district heating price from Winterthur municipal utility as of January 2020.

Average

Switzerland

Ina Invest • Capital Market Day • 13

Investment highlights
Compelling financial profile with substantial expected	5
valuation upside and above market return on capital
Growth phase (2020 - 2022)		Development phase (2023 onwards)

			Initial portfolio plus c. CHF 50mn land acquisitions per annum			~2bn
Gross asset value					~1bn
(in CHFmn)	~300m
	2020	2021	2022	2023	2024	2025	2026	2027
Indicative return on		~3%				6-8%
equity1 (average)
Dividend yield	Nominal dividend, no dividends paid out in 2020		In line with broader Swiss real estate market
LTV	Mainly financed by equity capital raised and		55-65% (depending on future market situation)
	proceeds from condo unit sales

Projects are expected to be financed on a non-recourse basis; therefore repayment of the loan is tied to one project,

the lender cannot access any other assets of the borrower

Gross asset value development portfolio (incl. additional acquisitions)		Gross asset value investment properties

Note: Certain statements on this slide, including in particular the financial targets described immediately above, constitute forward-looking statements. These forward-looking statements are not guarantees of future financial performance and our actual results could differ materially from those expressed or implied by these forward-looking statements as a result of many factors. The Company can give no assurance that the targets described above will materialize or prove to be correct. Because these are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those described above.

1 Return on equity excluding transaction costs.

Ina Invest • Capital Market Day • 14

2 Market overview

Market overview

Favorable Swiss real estate development market

Real estate as a stable anchor during crisis

6.0%
5.0%	Spread over risk
free
4.0%

• During economic downturns (recent COVID-19) stock market investors are looking for

less volatile investment opportunities

• The housing market (e.g. condominiums and rental apartments) is currently viewed as

a stable anchor during crisis because of its stable cash flows compared to other types

of assets

• Negative effects of COVID-19 are expected primarily on the retail space market and

the tourist hotel segment

Spread over risk free rate at all-time high

• Negative interest rates are dominating the interest landscape. The COVID-19 crisis will likely further extend the negative interest rate period and therefore keep mortgage costs low, as well as real estate investments attractive for investors
• Investors are therefore looking for strategies and ways to generate a real positive return
• Hence, the spread over 10-year government bonds are well above the long-term average at 290 basis points

Stable immigration supports demand for apartments

• Demand for apartments has strengthened recently thanks to the stabilization of immigration

3.0%

2.0%

1.0%

0.0%

-1.0%
1995	1998	2001	2004	2007	2010	2013	2016	2019

125.0

115.0

105.0

95.0
11.03.2019	11.06.2019	11.09.2019	11.12.2019	11.03.2020
100'000					50%
80'000					40%
60'000					30%
40'000					20%
20'000					10%
0						0%
-20'000					-10%
-40'000					-20%
2011	2013	2015	2017	2019*

Distribution yield Swiss real estate funds

Yield on 10 year Swiss government benchmark bond

Switzerland SXI Real Estate - Price

Switzerland SMI (PR) - Price

Net immigration

Yearly change

Source: Federal Statistical Office, State Secretariat for Migration, Credit Suisse; Bundesamt für Statistik; Docu Media;

1st graph: Credit Suisse Real Estate study 2020; 2nd graph: FactSet; 3rd graph: State Secretariat of Migration. * Preliminary figures.

Ina Invest • Capital Market Day • 16

Market overview

Condominiums - several factors support price level

Low interest rates continue to fuel demand while supply decreases due to the pronounced focus on rental apartment construction

• Appetite for owner-occupied housing remains high while low interest rates push mortgage costs further down
• Demand for condominiums has been picking up since mid-2018 with a steady increase in prices, however, the share of homeownership remains lower in Switzerland compared to other European countries
• The project pipeline for condominiums is rather weak due to the shift of investors towards rental apartments
• However, tight regulation of financial sustainability of borrowers remain a big hurdle for purchasing a home, especially for first- time buyers

Source: Baublatt, Wüest Partner, Credit Suisse; 1st Graph: Baublatt, Credit Suisse Real Estate study 2020 (12-month total); 2nd graph: Federal Office for Statistics, Documedia, Wüest Partner.

Planning applications and building permits (number of residential units)

25'000

20'000

15'000								-33%
10'000								-47%
5'000
0
2002	2004	2006	2008	2010	2012	2014	2016	2018
	Applications rental			Applications condominiums		Permits rental
	Permits condominiums		Average permits rental			Average permits condominiums

Condominium building applications (index 2010 = 100)

500

400

300

200

100

0

2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
		Zurich			Winterthur				Zug			Upper Basel region
		Lausanne			Neuchâtel				Genève

Ina Invest • Capital Market Day • 17

Market overview

Rental apartments - divergences between regional markets likely to increase

The new influx of rental apartments is likely to exceed the market's power of absorption in peripheral areas, however, supply is still scare in top locations and urban agglomerations

• New supply of rental apartments exceeds household formation mostly in peripheral regions
• Vacancy rates are likely to accelerate; however, this effect will be more visible in peripheral areas than in top locations and urban agglomerations
• Rents are expected to perform best in central locations like Zurich, Geneva and Basel Stadt, where scarcity of supply is still apparent
• Transaction yields have been falling in the last years. However, in a long-term perspective (in real terms and compared to government bond yields) there is still room for lower yields
• Location quality as well as small and well-structured floor plans mitigate vacancy risks significantly

Vacancies in function of urban typology in % of stock

2.5%

2.0%

1.5%

1.0%

0.5%

0%

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Top locations				Tourist locations				Urban agglomerations
Other agglomerations			Periphery

Vacancies in % of the target gross rental income depending on location quality

8%

6%

4%

2%

0%

Above average	Average		Below average	Total
		Macro location*			Public transport links

Source: REIDA, Swiss Federal Office for Area Development, Homegate, Raiffeisen, Fahrländer Partner, BFS;

1st Graph: Homegate, Fahrländer Partner (vacancy rate in % of residential stock); 2nd Graph: Credit Suisse Real Estate study 2020. * Macro location = Accessibility of the population with public transportation.

Ina Invest • Capital Market Day • 18

Market overview

Office space - growing gap between center and periphery

Recovery is interrupted, growing price and vacancy gap between center and periphery

• The volume of planned new office spaces is declining in the majority of large and mid-sized centers which further support the recovery of the office space market
• Demand is mainly focused in central locations and urban agglomerations with commuter-friendly transport links
• The gap between city center and peripheral office space markets is set to widen for both vacancies and rental price levels
• Thanks to the moderately planned expansion of office space (number of building permits down by 30%), the negative effects of COVID-19 on supply will develop rather gradually. Oversupply will be significantly greater in the outer office markets than in core cities, where the office space market has started to recover recently
• Co-workingproviders will be most affected by COVID-19

Hedonic rental price index: 2005 = 100

140

90

2005	2007	2009	2011	2013	2015	2017	2019
		City of Zurich		City of Geneva		City of Lausanne
		Basel region		Bern region		Rest of Switzerland

Number of building permit for office space

4'000

2'000

0

1995	1997	1999	2001	2003	2005	2007	2009	2011	2013	2015	2017	2019
	New construction permits					New construction applications
	New construction permits, average

Source: JLL, Credit Suisse, Federal Statistical Office; 1st & 2nd graph: Credit Suisse Real Estate study 2020.

Ina Invest • Capital Market Day • 19

3 Business model and strategy

Business model and strategy

Mission and values

Mission statement

Ina Invest is convinced that real estate can only be profitable in the long term if its development and operation are consistently tailored to the needs of present and future generations and follow high ecological principles.

Values

TransparentCollaborative

Environ-

mentallyExcellentVisionary aware

Ina Invest • Capital Market Day • 21

Business model and strategy

Ina Invest's strategy and focus areas are clearly defined

Project focus	• Focus on residential properties
•	Mixed-usebuildings including high quality office buildings as secondary priority
Location	• Focus on attractive urban regions as well as suburban areas with commuter-friendlytransport links
	across Switzerland
Sustainability	• Positioning as sustainability pioneer
•	Vision to operate one of Switzerland's most sustainable real estate portfolios
	• Solid execution of growth strategy through development of existing portfolio and continuous acquisitions
Strategy	•	Business expansion by leveraging local expertise and wide-reaching network of Implenia
	• Access to diverse and attractive sources of financing including public capital markets
	• Condominiums forward sale agreements support residential development model
De-risking	•	Operational excellence and lean fixed cost base
	•	Diversification of portfolio

Ina Invest • Capital Market Day • 22

Business model and strategy

Comprehensive business model covering the entire value chain…

	Project initiation		Project conception and		Marketing & Sales		Project realization
		concretisation
•	Market intelligence	•	Cost estimation and	•	Letting	•	Building construction
•	Business planning and		budget control	•	Cash flow optimisation	•	Project management
	due diligence	•	Approvals, licenses and		and risk reduction	•	Strict controlling of
			permits
•	Negotiations and		•	Advertising and		costs, quality and
	acquisition of land	•	Managing architects,		communication		timeline
			engineers and interior
			designers

Use

• Value creation through active asset management
• Renegotiation and successful renewals of anchor tenant leases

Strict controlling of the value chain

Diligent financial accounting and reporting

Source: Company information.

Ina Invest • Capital Market Day • 23

Business model and strategy

…in close cooperation with Implenia

Project initiation	Project conception
and concretisation

Marketing & sales

Project realization

Use

Implenia services

• Investment decisions (through Investment Committee with majority of members not related to Implenia)
• Financing decisions (on project on and group level)
• Sourcing of investment opportunities through Implenia's wide-reaching network
• Clear processes in place for allocation between Ina Invest and Implenia

• Definition of portfolio and project strategy
• Budget controlling
• Project development

• Definition of marketing strategy
• Selection of buyers and tenants
• Distribution through Implenia network / marketing services
• Advertising and communication
  Customary fee structure1

• Definition of construction model per project
• Controlling of costs, quality and timeline
• Project management
• Construction management
• Construction services (according to transparent and pre-defined terms)

• Definition of long-term strategy
• Financial planning and controlling
• Portfolio and asset management services

Other

• Accounting and reporting performed by KPMG
• Property valuation performed by Wüest Partner

Source: Company information.

1 Please see the appendix for an overview of the fee structure.

Ina Invest • Capital Market Day • 24

Business model and strategy

Partnership with Implenia as key to unlock additional value

2	5
		1	Acceleration of growth and greater value creation through
			additional sources of financing...
		2	… and the utilization of Implenia's network to identify and
			seize new market opportunities
		3	Accelerated value realization of Implenia's former
			development portfolio
1	1	4	Lean and scalable business model based on outsourcing and
			strict and efficient internal control
		5	Maximized efficiency gains and value delivery through
			integrated project collaboration and Implenia's expertise in

development and construction services

3 4

Ina Invest • Capital Market Day • 25

Business model and strategy

Ina Invest strives to be a sustainability leader

Sustainability is part of Ina Invest's DNA

Targeted certifications

• Ina Invest intends to operate one of Switzerland's most sustainable real estate portfolios
• Sustainability goals are incorporated in the business and project strategy and associated targets used as key indicators for performance-related remuneration
• Systematic certification of each new project according to national and international construction labels
• Strong focus on the use of renewable and healthy construction materials (e.g. timber construction)
• Evaluation of investment opportunities based on the Implenia ESG-evaluation tool GeNaB© (minimum requirement of 9 out of 12 points)
• • GeNaB© covers environmental, social and economic criteria

• GRESB is recognized as one of the leading global ESG benchmarks for real assets
• Based on the initial portfolio, Ina Invest is confident to be awarded a Green Star certification (best quadrant)
• Based on the GRESB methodology Ina Invest aims to constantly optimize the social and ecological performance of its portfolio
• Sustainalytics is one of the leading global providers of ESG and corporate governance research and ratings to investors
• Based on the internal sustainability strategy, Ina Invest is confident to achieve a score which is clearly above average

Source: Company information.

Ina Invest • Capital Market Day • 26

Business model and strategy

Ina Invest strives to be a sustainability leader (cont'd)

Case study: Lokstadt "2000-Watt-Areal1"

Key facts

• Lokstadt is a newly emerging state-of-the-art city district in central Winterthur with a wide variety of uses

• Over 700 apartments, offices, retail, hotel and co-working spaces

• Construction 1st phase in progress, hand-over last phase by 2025

• Certified "2000-Watt-Areal1"

• Different buildings designed and realised in wood construction and certified with Minergie labels

• Established strict guidelines on building materials with exclusion list

• Innovative design with Building Information Modelling and VR

• Partial pre-fabrication of wood construction elements/modules

• Financing sources include the public capital markets as well as partially also the sale of condominiums

• To source its acquisition opportunities, Ina Invest will leverage the local expertise and wide-reaching

Implenia network

Greenhouse gas emissions of construction2

Greenhouse gas emissions of operation2

Annual heating costs4

9.6 3

-11%

10.8

-90%

33.8

3

-25%

2.5

3.4 3

1.9

Lokstadt

Average

Lokstadt

Average

Lokstadt

Average

Switzerland

Switzerland

Switzerland

Source: Company information.

1 The certificate "2000-Watt-Areal" distinguishes settlement areas that can demonstrate sustainable use of resources and emissions over the entire life cycle of site development (from an planning to operation). 2 In kg/m2 per year. Average greenhouse gas emissions of Switzerland 2010/2015 are based on SIA-documentation D 0258.

3 Company estimates based on current construction plans.

4 In CHF/m2 per year. Average annual heat consumption of Switzerland based on standard MuKEn 2008. Applied district heating price from Winterthur municipal utility as of January 2020.

Ina Invest • Capital Market Day • 27

Business model and strategy

Positioning of Ina Invest against its peers

The Swiss property development market is highly fragmented but Ina Invest represents a scarce opportunity for investors:

• Investment in top development projects with a diversified regional footprint and balanced use
• Very attractive portfolio consisting of top properties1 as confirmed by Wüest Partner
• All properties newly built according to state-of-the-art standards
• Lean operational set-up benefiting from close collaboration with Implenia

Portfolio structure comparison against major developers in Switzerland - illustrative overview

Share of	•	100% development	•	<10% of real estate	•	c. 33% of real estate	• c. 10% of real estate	• c. 21% of real estate	•	<10% of real estate
development
	portfolio (initially)		portfolio		portfolio	portfolio	portfolio		portfolio
projects in portfolio
Regional focus	•	Diversified across	•	Zurich (c. 87%)	•	Diversified across	• Zurich (c. 58%) and	• Diversified across	•	Diversified across
	regions		regions	Geneva (c. 24%)	regions		regions

•	Balanced portfolio with
Use focus	c. 50% residential
	properties

• Focus on office / commercial
• Residential c. 20% of rental income

•	Focus on industry
	properties	•	Focus on commercial
•	Residential properties	•	Residential c. 6% of
	c. 13% of portfolio		rental income
	value

• Balanced portfolio with c. 37% residential properties

• Focus on office and retail
• Residential c. 1% of net rental income

Source: Company information.

1 Wüest Partner defines "top properties" as properties in the top quadrant (based on location as well as property quality).

Ina Invest • Capital Market Day • 28

4 Portfolio and pipeline

Portfolio and pipeline

Portfolio overview

Key portfolio figures1

CHF 282mn		Market value
	31 March 2020
CHF 1,118mn		Market value at
	completion
~140,000m2		Floor space at
	completion
4.0%		Gross yield2

Quality level3

Portfolio locations

Allschwil

(Basel)

	Zurich	Winterthur
Arlesheim
	Baar (Zug)
Neuchâtel
Préverenges
(Lausanne)
Onex
(Geneva)

Portfolio split		by floorspace
	Other; 7%		Office; 34%
Hotel; 8%
	7%		by market value at
	11%
		completion1
	By	38%
	type
	44%
Residental; 51%
by floorspace	Northwestern Switzerland
	10%

	5	Good
Macro location	4
3
	2
Micro location	1
	quality
Utilization	4.4
Standard		Object Bad
Condition

BadGood

Location quality

		Central Switzerland
Zurich /	By	15%
Winterthur 47%	region

Western Switzerland 28%

1 Wüest Partner valuation, market value 31 March 2020 incl. adjustments for Bestandeshallen, see more information on page 35.

2 Across the portfolio (2027).

3 Wüest Partner valuation (rating factors: Macro location, Micro location, Utilization (floor plan quality, flexibility, parking), Standard (room conditions, materialization, technology), Condition (exterior shell, interiors, house technology), quality score: 5=highest quality level, 1=lowest quality level).

Ina Invest • Capital Market Day • 30

Portfolio and pipeline

Overview of portfolio execution timeline

2020

2021

2022

2023

2024

2025

2026

2027

1. Baselink, Allschwil

2. Lokstadt, Tender, Winterthur

3. Lokstadt, Elefant, Winterthur

4. Chemin de l'Echo, Onex

5. Tivoli, BF2, Neuchâtel

6. Tivoli, BF4, Neuchâtel

7. Lokstadt, Hallen, Winterthur

8. Schaffhauserstrasse, Zurich

9. Grand Record, Préverenges

10. Lokstadt, Rocket & Tigerli, Winterthur

11. Schwinbach, Arlesheim

12. Unterfeld, BF3, Baar

13. Les Tattes, Onex

14. Unterfeld, BF1B, Baar

15. KIM, Houses Brown & Bodmer, Winterthur

rental

rental & condominium

condominium

Note: Illustrative timeline, does not reflect precisely the beginning and end of project execution.

Ina Invest • Capital Market Day • 31

Portfolio and pipeline

Lokstadt project overview

Ina Invest • Capital Market Day • 32

Portfolio and pipeline

Project at a glance: Lokstadt, Tender

Address:	Ernst Jung Gasse 8, 8400 Winterthur
Property area / Floor space1:	620m2 / 4,087m2
Capex:	CHF 27.2mn
Discount rate real / nominal:	2.8% / 3.3%
Gross yield1:	Not available for condominium
Status:	Building permit expected soon
Highlight:	39 modern urban flats in condominium ownership with
	striking architecture linked to its historic location
Value1 (in CHFmn)			Utilization

	47.9	4%
18.0
As of 31.03.2020	Sales proceeds	96%	100%

Other Residential Condominium

Timeline

today	Q3 2020	Q2 2023
Building permit	Start of	End of
expected soon	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020.

SIA

Energy Efficiency Path

lokstadt.ch

Ina Invest • Capital Market Day • 33

Portfolio and pipeline

Project at a glance: Lokstadt, Elefant

Address:	Zürcherstrasse, 8400 Winterthur
Property area / Floor space1:	3,050m2 / 13,014m2
Capex:	CHF 48.5mn
Discount rate real / nominal:	2.9% / 3.4%
Gross yield1:	3.5%
Status:	Building permit available
Highlight:	Modern, Minergie-certified timber construction office
	building; 100% of rental space signed by SWICA

Value1 (in CHFmn)	Utilization
98.9	3%

43.1

As of 31.03.2020	As of		97%
	completion	Other	Office

Timeline

today	Q4 2020	Q4 2022
Building permit	Start of	End of
available	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

SIA

Energy Efficiency Path

lokstadt.ch

Ina Invest • Capital Market Day • 34

Portfolio and pipeline

Project at a glance: Lokstadt Hallen

Address:	Zürcherstrasse, 8400 Winterthur
Property area / Floor space1:	7,682m2 / 8,032m2
Capex2:	CHF 35.9mn
Discount rate real / nominal:	3.7% / 4.2%
Gross yield1:	4.8%
Status:	Competition procedure in revision
Highlight:	Historical halls with contemporary
	urban usability

Value1 (in CHFmn)					Utilization
		43.2			15%
						44%
0.0						41%
	As of 31.03.2020	As of	Hotel	Other
		completion	Office
Timeline
	today			Q1 2022		Q4 2023
	Competition procedure			Start of		End of
	in revision			construction		construction

SIA

Energy Efficiency Path

lokstadt.ch

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date, value as of 31 March 2020 -CHF 27.0mn, however, set to CHF 0mn due to cost transfer to Implenia. 2 CHF 61.9mn total expected Capex, whereof Ina Invest carries CHF 35.9mn.

As landmark of the entire Lokstadt, the Bestandeshallen uplift the value of all Lokstadt projects. As part of the Lokstadt remains in Implenia´s development portfolio, Implenia will carry parts of the construction cost.

Ina Invest • Capital Market Day • 35

Portfolio and pipeline

Project at a glance: Lokstadt, Rocket & Tigerli

Address:	Dialogplatz 1 (Rocket), Ernst Jung Platz (Tigerli),
	8400 Winterthur
Property area / Floor space1:	2,325m2 / 22,039m2
Capex:	CHF 126.8mn
Discount rate real / nominal:	Rental: 2.6% / 3.1%; Condo: 2.8% / 3.3%; Tigerli: 3.1% / 3.6%
Gross yield1:	Rental: 3.2%; Tigerli: 3.8%
Status:	Strategic planning, conception and study contract
Highlight:	Max. 100m tower block (Rocket) as landmark of Lokstadt
	with Student accommodation and hotel in the base (Tigerli)
Value1 (in CHFmn)		Utilization

SIA

Energy Efficiency Path

224.9

63.5

As of 31.03.2020	As of
	completion

6%	9%	35%
	85%
		65%
Hotel	Other	Condominium
Residential	Rental

Timeline

today	Q1 2023	Q4 2025
Conception,	Start of	End of
study contract	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

lokstadt.ch

Ina Invest • Capital Market Day • 36

Portfolio and pipeline
Project at a glance: KIM, Houses Brown & Bodmer	Minergie P
Address:	Solarstrasse 11-21, 8404 Winterthur
Property area / Floor space1:	5,913m2 / 18,610m2
Capex:	CHF 63.7mn
Discount rate real / nominal:	3.5% / 4.0%
Gross yield1:	4.4%
Status:	Building permit available, marketing in progress
Highlight:	Flexible room division, modern working world, very good
		price-performance ratio, ZEV2 energy sourcing
Value1 (in CHFmn)			Utilization
89.7	2%

11.5

As of 31.03.2020	As of		98%
	completion	Other	Office

Timeline

today	Q3 2025	Q4 2027
Building permit	Start of	End of
available	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

2 ZEV (Zusammenschlüsse zum Eigenverbrauch), self-produced energy consumption community.

kim-winterthur.ch

Ina Invest • Capital Market Day • 37

Portfolio and pipeline

Project at a glance: Schaffhauserstrasse

Address:	Schaffhauserstrasse 220, 222, 224, 8057 Zürich
Property area / Floor space1:	1,798m2 / 3,418m2
Capex:	CHF 17.9mn
Discount rate real / nominal:	2.6% / 3.1%
Gross yield1:	3.1%
Status:	Strategic planning, feasibility study
Highlight:	Central location in Zurich with proximity to university
	and a wide view towards Zürichberg and Glatttal

Value1 (in CHFmn)					Utilization
				44.6
22.6						100%
	As of 31.03.2020	As of
				completion	Residential
Timeline
		today			Q3 2022	Q2 2024
	Strategic planning,			Start of	End of
	feasibility study			construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date; subject to public certification of the contract of sale; or the valuation it is assumed that the transfer of ownership as of 31.03.2020.

Source: Google Maps / Google Inc.

Ina Invest • Capital Market Day • 38

Portfolio and pipeline

Project at a glance: Unterfeld, BF1B

Address:

Property area / Floor space1:

Capex:

Discount rate real / nominal: Gross yield1:

Status:

Highlight:

Nordstrasse 1B, 6340 Baar 5,115m2 / 8,604m2

CHF 55.7mn 2.6% / 3.1% 3.1%

Referendum Sep-27 20202

Part of an area development with versatile mixed use; wide view of lake & mountains, train station within walking distance

Value1 (in CHFmn)	Utilization
113.2	7%

39.8

As of 31.03.2020	As of		93%
	completion	Other	Residential

Timeline

today	Q2 2025	Q4 2027
Referendum Sep-27	Start of	End of
	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

2 Referendum for the building and zoning approval, project conception and concretisation will start afterwards.

unterfeld-sued.ch

Ina Invest • Capital Market Day • 39

Portfolio and pipeline

Project at a glance: Unterfeld, BF3

Address:

Property area / Floor space1:

Capex:

Discount rate real / nominal: Gross yield1:

Status:

Highlight:

Nordstrasse 3, 6340 Baar 4,761m2 / 13,760m2 CHF 54.4mn

3.4% / 3.9%

4.0%

Referendum Sep-27 20202

Part of an area development with versatile mixed use; highly attractive business location, train station within walking distance

Value1 (in CHFmn)	Utilization
95.5	8%

24.2

As of 31.03.2020	As of		92%
	completion	Other	Office

Timeline

today	Q2 2023	Q3 2025
Referendum Sep-27	Start of	End of
	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

2 Referendum for the building and zoning approval, project conception and concretisation will start afterwards.

unterfeld-sued.ch

Ina Invest • Capital Market Day • 40

Portfolio and pipeline

Project at a glance: Baselink

Address:

Hegenheimermattweg 179, 4123 Allschwil

Property area / Floor space1:

2,949m2 / 8,466m2

Capex:

CHF 30.1mn

Discount rate real / nominal:

3.8% / 4.3%

Gross yield1:

5.4%

Status:

Building permit available, lease agreement signed with one

hotel operator, second agreement just before closing

Highlight:

Long-term and short-term stay, only hotel in the

Baselink development area

Value1 (in CHFmn)

Utilization

38.9

4%

1.1

96%

As of 31.03.2020

As of

completion

Other

Hotel

Timeline

today

Q3 2020

Q4 2022

Building permit

Start of

End of

available

construction

construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

baselink.com

Ina Invest • Capital Market Day • 41

Portfolio and pipeline

Project at a glance: Schwinbach

Address:	Zinnhagweg, Auf der Höhe, 4144 Arlesheim
Property area / Floor space1:	8,119m2 / 5,588m2
Capex:	CHF 33.0mn
Discount rate real / nominal:	2.8% / 3.3%
Gross yield1:	Not available for condominium
Status:	Building permit submitted
Highlight:	Sustainable architecture within natural
	surrounding and close city proximity
Value1 (in CHFmn)			Utilization

SIA

Energy Efficiency Path

	58.0
19.3
As of 31.03.2020	Sales proceeds

100%	100%
Residential	Condominium

Timeline

today	Q2 2023	Q3 2025
Building permit	Start of	End of
submitted	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020.

schwinbach-arlesheim.ch

Ina Invest • Capital Market Day • 42

Portfolio and pipeline

Project at a glance: Tivoli, BF2

Address:	Rue de Tivoli, 2000 Neuchâtel
Property area / Floor space1:	3,997m2 / 5,180m2
Capex:	CHF 24.3mn
Discount rate real / nominal:	3.1% / 3.6%
Gross yield1:	4.0%
Status:	Neighbourhood plan in effect
Highlight:	Top location with nice view on the lake;
	train station and car highway
Value1 (in CHFmn)			Utilization

	31.5	25%
2.7			75%
As of 31.03.2020	As of
	completion	Office	Residential

Timeline

today	Q1 2022	Q4 2023
Neighbourhood plan	Start of	End of
in effect	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date; subject to purchase right after entry into force of neighborhood plan; for the valuation it is assumed that the transfer of ownership as of 31.03.2020.

Ina Invest • Capital Market Day • 43

Portfolio and pipeline

Project at a glance: Tivoli, BF4

Address:	Rue de Tivoli, 2000 Neuchâtel
Property area / Floor space1:	1,459m2 / 1,536m2
Capex:	CHF 7.8mn
Discount rate real / nominal:	3.1% / 3.6%
Gross yield1:	4.1%
Status:	Neighbourhood plan in effect
Highlight:	Top location with nice view on the lake;
	train station and car highway

Value1 (in CHFmn)					Utilization
		9.2
						100%
0.2
	As of 31.03.2020	As of
		completion	Residential
Timeline
	today			Q1 2022	Q4 2023
	Neighbourhood plan			Start of	End of
	in effect			construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date; subject to purchase right after entry into force of neighborhood plan; for the valuation it is assumed that the transfer of ownership as of 31.03.2020.

Ina Invest • Capital Market Day • 44

Portfolio and pipeline

Project at a glance: Grand Record

Address:	Rue du Château (Condo),
	Route de Genève (Rental), 1028 Préverenges
Property area / Floor space1:	11,205m2 / 6,892m2
Capex:	CHF 42.3mn
Discount rate real / nominal:	Condo: 2.8% / 3.3%; Rental: 3.0% / 3.5%
Gross yield1:	3.9%
Status:	Site permit pending, building permit in process
Highlight:	Attractive and central location near the lake Geneva;
	very low number of vacancies2
Value1 (in CHFmn)		Utilization
76.7	5%	23%

26.1

As of 31.03.2020	As of
	completion

95%77%

Other

Residential

Condominium

Rental

Timeline

today	Q3 2022	Q3 2024
Building permit	Start of	End of
in process	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date; subject to purchase right after entry into force of neighborhood plan; for the valuation it is assumed that the transfer of ownership as of 31.03.2020.

2 No rent price volatility, government subsidies may be expected.

Ina Invest • Capital Market Day • 45

Portfolio and pipeline

Project at a glance: Chemin de l'Echo

Address:	Chemin de l'Echo 9, 1213 Onex
Property area / Floor space1:	7,000m2 / 9,198m2
Capex:	CHF 42.2mn
Discount rate real / nominal:	3.0% / 3.5%
Gross yield1:	4.5%
Status:	Localized neighbourhood plan in process
Highlight:	Traffic-free district in an privileged urban location with
	optimal transport connections and great infrastructure;
	very low number of vacancies2
Value1 (in CHFmn)			Utilization

	55.8
7.9	100%

As of 31.03.2020	As of
	completion	Residential

Timeline

today	Q1 2022	Q3 2023
Localized neighbourhood	Start of	End of
plan in process	construction	construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date; the reported market value does not take into account the capping of the sales price under applicable laws.

2 No rent price volatility, government subsidies may be expected.

Ina Invest • Capital Market Day • 46

Portfolio and pipeline

Project at a glance: Les Tattes

Address:	Rue du Comte-Géraud, 1213 Onex
Property area / Floor space1:	13,220m2 / 17,740m2
Capex:	CHF 77.8mn
Discount rate real / nominal:	3.0% / 3.5%
Gross yield1:	5.6%
Status:	Localized neighbourhood plan in process
Highlight:	High-quality,traffic-free environment with optimal
	transport connections; very low number of vacancies2

Value1 (in CHFmn)					Utilization
		90.3		5%	4%
							91%
2.0
	As of 31.03.2020	As of	Office	Other
		completion	Residential
Timeline
	today			Q4 2023		Q3 2026
	Localized neighbourhood			Start of		End of
	plan in process			construction		construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction completion date.

2 No rent price volatility, government subsidies may be expected.

Ina Invest • Capital Market Day • 47

Portfolio and pipeline

New acquisition to further accelerate growth

Strategy

Growth through the development of the real estate portfolio transferred with the spin-off …

… and through additional acquisitions of approximately CHF 50mn per year

Utilization

• Mixed-usebuildings
• Main focus on residential buildings
• Other uses may include office buildings

Sustainability

• New acquisitions must be in-line with the vision to operate one of Switzerland's most sustainable real estate portfolios
• Pre-checkof every new investment based on the Implenia ESG-evaluation tool GeNaB©

Acquisition

strategy

Location

• Across Switzerland
• Focus on attractive urban regions
• Selected suburban areas with commuter-friendly transport links

Object quality

• Strong focus locations with commuter-friendly transport links

Ina Invest • Capital Market Day • 48

5 Financials and financial outlook

Certain statements on this section, including in particular the financial targets described immediately in the following section, constitute forward-looking statements. These forward-looking statements are not guarantees of future financial performance and our actual results could differ materially from those expressed or implied by these forward-looking statements as a result of many factors. The Company can give no assurance that the targets described above will materialize or prove to be correct. Because these are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those described in the following section.

Financials and financial outlook

Net asset value bridge - opening balance (31 March 2020)

Ina Invest Ltd.

(In CHFmn)

Ina Invest

Holding Ltd.

(before capital increase)

Ina Invest Holding 50.1%

Implenia 49.9%

• Market value based on	• Based on the
third party valuation	revaluation gain from
reports (Wüest Partner)1	book value Swiss Code
	of Obligations (OR) to
	fair value Swiss GAP FER

•	CHF 16mn	• Financial liability transferred	• Cost accrued by	•	Net asset value before
	Schaffhauserstr. (Zurich),	to Ina Invest Ltd. in	Implenia for the		transaction costs
	payable in 2020	connection with the	ongoing project	•	Includes CHF 1mn cash
		spin-off	development of Ina
•	CHF 3mn Tivoli		transferred from
	Invest Ltd. projects
	(Neuchâtel), payable in			Implenia to Ina Invest
	2020

• CHF 5mn Grand Record (Préverenges), payable in 2021

(after capital increase)

Ina Invest Holding <60%

Implenia>40%

Net asset value of Ina Invest of CHF 165mn

Note: preliminary financial figures based on unaudited numbers.

1 Including adjustments for Bestandeshallen, see more information on page 35.

Ina Invest • Capital Market Day • 50

Financials and financial outlook

Financial outlook

Ina Invest mid-termsteady-state targets

	Growth phase (2020 - 2022)	Development phase 2023 onwards2
Gross asset value investment properties	>CHF 0.6bn (2022)	~CHF 2.0bn (2027)
Project development completions (per annum)	~18,000m2	~45,000m2
Thereof for own portfolio vs. sale	~85% own portfolio / 15% condominium unit sales
Project development gross margin	~10-20%	~15%

Return on equity1

LTV

Dividend policy

~3%	~6-8%
Mainly financed by equity capital raised	55-65% (depending on future
and proceeds from condo unit sales	market situation)
No dividends paid out in 2020,	In line with broader Swiss
nominal dividends in 2021-2022	real estate market

Note: financial figures based on unaudited numbers 1 Return on equity excluding transaction costs.

2 Includes the development of the transferred portfolio (starting portfolio) and the development of additional land acquisitions.

Ina Invest • Capital Market Day • 51

Financials and financial outlook

Cash outlook 2020

Transaction Cash development 2020

Other 15%
Tivoli BF2
6%	Baselink 29%
Lokstadt,
Elefant 10%
Lokstadt,	Capex new land
Tender 12%
acquisition 28%

Growth phase

Fairly self-sustaining business model through the growth phase

• Capital increase of c. CHF 100mn in cash less transaction costs

• Operating cash flow in 2020 mainly results from the sale of condominium units
• Capex represents construction costs, in 2020 the majority of investments are linked to the Lokstadt areal as well as to the Baselink project, includes cost buffer
• Outstanding purchase price payments due in Q2 2020 are included and considered as payed in the market value as per 31 March 2020
• Dividend yield will be nominal1 during the growth phase (2020 - 2022)

• Financed mainly by the initial equity capital raised, project financing and proceeds from sale of condominium units

1 Details on next page.

Ina Invest • Capital Market Day • 52

Financials and financial outlook

Financing policy / strategy

Ina Invest financing policy

LTV / project financing

• During the growth phase, the portfolio will be fairly self-sustaining through 2024 and will be mainly financed by the initial equity capital raised and proceeds from condo unit sales
• Project financing will be drawn once the initial equity capital raised is used up, the maximum of project financing is determined by an LTV ratio of 55-65% (depending on future market situation)
• Financing costs are calculated based on LIBOR + 175bps (depending on future market situation)

	• During the growth phase (2020-2022),dividend yield is expected to be nominal and
Dividend policy		no dividends paid out in 2020
•	Development phase (2023 onwards), dividend yield expected to be aligned with the broader
		Swiss real estate market
	• Ina Invest intends to grow its development portfolio through additional acquisitions
CHF 50mn annual		of c. CHF 50mn per year
acquisition budget	•	The acquisition is focused on residential properties (both rental apartments and condominiums)
		in order to continuously decrease the risk profile of Ina Invest

Ina Invest • Capital Market Day • 53

6 Corporate governance

Corporate governance

Ina Invest group structure and shareholdings

		New investors		Swiss Life1
Implenia shareholders		Implenia shareholders

Implenia Ltd.		Shareholders' agreement	Ina Invest Holding Ltd.
				50.1% / <60%
					before / after
					capital increase
				49.9% / >40%
				before / after
				capital increase
		Various service agreements		Ina Invest Ltd.

Related to Implenia

Not related to Implenia

Board of Directors

CEO

same

Board of Directors

CEO

Source: Company information.

1 Swiss Life Ltd. has committed to participate in the planned capital raise by acquiring a significant stake of up to 15% in Ina Invest Holding Ltd.

Ina Invest • Capital Market Day • 55

Corporate governance

Real estate specialist as designated CEO of Ina Invest

Marc Pointet

• Born in 1974
• Certified Architect ETH, Executive MBA HSG
• Until 2020, Head of Mobimo Suisse romande and Member of the Executive Board of Mobimo

Professional background

2020	-	CEO Ina Invest
2015	- 2020	Head of Mobimo Suisse romande and Member of the Executive Board, Mobimo, Küsnacht / Lausanne
2013 - 2015	Head of Mobimo Suisse romande, Mobimo, Küsnacht / Lausanne
2006	- 2013	Head of Project Management team, Mobimo, Küsnacht
2004	- 2006	Branch Head, Karl Steiner Ltd., St. Moritz
2003	- 2004	Assistant to the CEO, Karl Steiner Ltd., Zurich
2002 - 2003	Project team member, Credit Suisse, Zurich
Education
2012		Executive MBA, University of St. Gallen (HSG)
2001		Certified Architect, ETH Zurich

Source: Company information.

Ina Invest • Capital Market Day • 56

Corporate governance

Board of Directors with significant real estate and public company experience

Stefan Mächler

Chairman of the Board

• Group CIO and Member of the Group Executive Board of Swiss Life
• Previously, Chairman of the Board of Directors of Swiss Prime Site Ltd. and CIO Asset Management of Mobiliar
• More than 20 years of real estate experience
• Lic. iur from the University of St. Gallen (HSG)

Christoph Caviezel

Member of the Board

• Previously, Member of the Board of Directors of Mobimo
• Previously, CEO of Mobimo and CEO of Intershop
• More than 30 years of real estate experience
• Attorney at law
• Dr. iur from the University of Fribourg

Marie-Noëlle

Zen-Ruffinen

Member of the Board

• Member of the Board of Baloise, Professor at the University of Geneva and Of Counsel at Tavernier Tschanz
• Previously, Partner at Tavernier Tschanz
• Attorney at law
• Dr. iur from the University of Fribourg

Hans Ulrich Meister

Member of the Board

• Chairman of the Board of Directors of Implenia
• Previously, Head Private Banking & Wealth Management and CEO Switzerland Region for Credit Suisse
• Business degree from Zurich University of Applied Sciences and Advanced Management Program of Wharton School and Harvard Business School

André Wyss

Member of the Board

• CEO and Member of the Implenia Executive Committee
• Previously, President of Novartis Operations and Country President for Novartis in Switzerland
• Degree in economics from the School of Economics and Business Administration

Audit Committee		Nomination and Compensation Committee		Investment Committee (only at subsidiary level)
• Hans Ulrich Meister, Chair		• Marie-NoëlleZen-Ruffinen, Chair		• Christoph Caviezel, Chair
• Christoph Caviezel		• Christoph Caviezel		• Marie-NoëlleZen-Ruffinen
				• André Wyss

Source: Company information.

Ina Invest • Capital Market Day • 57

7 Envisaged transaction

Envisaged transaction

Spin-off and capital increase

Step 1: Spin-off of Ina Invest Holding Ltd.

Implenia

shareholders

2	100%
Ina Invest Holding Ltd.	Implenia Ltd.
1	1

50.1%	49.9%	1
	Ina Invest Ltd.

1. Transfer of, among other things, selected development projects from Implenia to Ina Invest Ltd. Following an internal reorganisation, Ina Invest Holding Ltd. will hold 50.1% in Ina Invest Ltd. (pre-capital increase)
2. Spin-offof 100% in Ina Invest Holding Ltd. to Implenia´s shareholders

Step 2: At-market rights issue of Ina Invest Holding Ltd.

New investors

1.b.

Implenia shareholders

1.a.

Swiss Life

1.a.

Implenia Ltd.

Rights

Cash

Shares

2.b.

Ina Invest Holding Ltd.

Shares

Debt offset

2.a.

Shares

Ina Invest Ltd.

Cash

1. Capital increase of Ina Invest Holding Ltd. of approximately CHF 100mn in cash
2. 1. Implenia shareholders will receive subscription rights in Ina Invest Holding Ltd.; non-exercised subscription rights will be allocated to new investors
   2. Swiss Life Ltd. has committed to participate in the planned capital raise by acquiring a significant stake of up to 15% in Ina Invest Holding Ltd.
3. Capital increase by Ina Invest Ltd.
4. 1. Ina Invest Holding Ltd. to receive shares for cash
   2. Implenia to receive shares by offsetting claims. As a result, Implenia is expected to hold a significant minority stake of at least 40% in Ina Invest Ltd.

Ina Invest • Capital Market Day • 59

Envisaged transaction

Preliminary transaction timetable

Date		Description
28	May 2020	Announcement of rights issue terms
2	June 2020	Publication of prospectus
3	June - 10	June (noon)	Rights exercise period
3	June - 11	June	Roadshow / bookbuilding
11 June 2020	Capital increase
12	June 2020	Distribution of dividend-in-kind and listing
12	June 2020	Start of trading of new shares
16 June 2020	Closing of rights issue

Ina Invest • Capital Market Day • 60

Envisaged transaction

Envisaged transaction

Transaction type	• Spin-off of Ina Invest Holding Ltd. (dividend in kind by Implenia Ltd.)
•	Rights offering of Ina Invest Holding Ltd. (rights allocated to Implenia shareholders)
	• Creation of Ina Invest Ltd., a subsidiary of Ina Invest Holding Ltd., owning development portfolio (co-owned by Implenia)
	• Distribution of Ina Invest Holding Ltd. shares to Implenia shareholders who will receive 1 Ina Invest Holding Ltd. share
Transaction description		for every 5 Implenia shares with a NAV per share of c. CHF 22.50 respectively c. CHF 4.50 per Implenia share
	• Capital increase of Ina Invest Holding Ltd. via at-market rights issue of c. CHF 100mn, rights not taken up by existing shareholders
		will be offered to new investors, bookbuilding sets subscription price (maximum price: NAV)
Cornerstone investment	•	Swiss Life Ltd. has committed to participate in the planned capital raise by acquiring a significant stake of up to 15% in Ina Invest
	Holding Ltd.
Listing	•	SIX Swiss Exchange (Standard for Real Estate Companies)
Syndicate (rights issue)	•	Credit Suisse will act as Sole Bookrunner
Distribution of new	• Public offering in Switzerland
•	Private placements outside Switzerland and the US under Reg S
shares (rights issue)
•	No offering in the US

Ina Invest • Capital Market Day • 61

8 Closing remarks

Highlights

Ina Invest - a unique proposition in the Swiss real estate industry

Initial portfolio1		Ø return on equity after ramp-up		Significant value potential3	~2 bn
CHF 282mn		+ 6-8%								~1 bn
						2020	2021	2022	2023	2024	2025	2026	2027
Close collaboration		One of Switzerland's most
with Implenia			sustainable real estate portfolios

Top quality and diversified portfolio1,2

BadGood

Object quality

BadGood

Location quality

5Values

1 Based on valuation report by Wüest Partner, 31 March 2020; including adjustments for Bestandeshallen, see more information on page 35.

2 Bubble sizes refer to current market values. Graphs based on floor space.

3 Gross asset value of portfolio including the development of transferred projects (starting portfolio) plus the development of additional land acquisitions (assuming CHF 50mn acquisition budget p.a.).

Ina Invest • Capital Market Day • 63

9 Q&A

10 Appendix

Financials and financial outlook

Preliminary opening balance sheet and NAV bridge (31.03.2020)

Opening balance sheet (in CHFmn)

Assets
Cash and equivalents	1
Real estate developments	71
Total current assets	72
Investment properties	160
Intangible assets	27
Total non-current assets	187
Total assets	259
Liabilities & Shareholders' Equity
Accrued expenses and deferred income	34
Total current liabilities	34
Financial liabilities	20
Total debt	20
Deferred tax liabilities	39
Total non-current liabilites	59
Total liabilities	94
Share capital	0
Reserves	83
Equity attributable to shareholders	83
Non-controlling interests	82
Total Equity	165
Total liabilities & shareholders' equity	259

NAV bridge (in CHFmn)

Real estate developments	71
Investment properties	160
Purchase rights	52
Market value 31.03.2020	282
Cash and equivalents	1
Purchase obligations	(25)
Accrued expenses and deferred income	(34)
Financial liabilities	(20)
Deferred tax liabilities	(39)
NAV 31.03.2020	165

Note: Preliminary financial figures based on unaudited numbers.

Ina Invest • Capital Market Day • 66

Corporate governance

Transparent corporate governance with clearly distributed decisive power

		• Same 5 Board members on Ina Invest Holding Ltd. and Ina Invest Ltd. level
Board of Directors	•	Majority of 3 members independent from Implenia; 2 members appointed by Implenia
		•	Independent Chairman
	Audit Committee	• Audit Committees on both entity levels
	•	2 members (1 independent and 1 appointed by Implenia)
Board	Nomination and	•	Nomination and Compensation Committees on both entity levels
Compensation	•	2 members (both independent)
committees
Committee	•	Holding level committee has decisive power
	Investment	•	3 members (2 independent and 1 appointed by Implenia)
	Committee	•	Only on Ina Invest Ltd. level
		• Wüest Partner to serve as external valuation provider
External property valuation	•	Properties to be valued semi-annually
		• Valuation report to be disclosed with annual report once a year
Accounting and reporting	•	KPMG to provide accounting and reporting services

Opting-up	• The articles of association of Ina Invest Holding Ltd. include a provision which increases the threshold for a mandatory
tender offer to 40%

Source: Company information.

Ina Invest • Capital Market Day • 67

Financials and financial outlook

Fee overview in relation to agreements between Ina Invest and Implenia entities

	Acquisition of land: 1.50%
Transaction fee	Acquisition and sale of investment property: 0.80%-1.50%1	Calculation based on transaction price
	Sale of condominium units: 2.50%

Development fee

Planning and legal processing: 0.25%

Selection procedure: 0.10%-0.25%2

Preliminary project: 0.45%

Building project: 0.45%

Calculation based on market value after completion

Not all fees are applicable for all projects, thus fees might not be cumulative

Construction owner	Lead: 1.00%	Calculation based on construction costs
representation fee	Support (tendered to third parties): up to 2.00%
Asset and portfolio	0.50%	Calculation based on gross asset value
management fee
Development profit /	20%	Share on project profit (positive or negative)
(loss)

1 Depending on acquisition price (staggered from below CHF 50mn to above CHF 150mn). 2 Depending on complexity of tender process.

Ina Invest • Capital Market Day • 68

Contacts

Contact for investors	Christian Dubs, Head Investor Relations Implenia	[e-mail]	[phone]
Media contact	Silvan Merki, CCO Implenia	[e-mail]	[phone]

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