APGN H2 2020 Financial Report

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2020 Annual Report APG|SGA P104540_APG_SGA_GB2020.indd 1 08.03.21 14:49

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The ﬁnancial year at a glance Key ﬁgures Advertising revenue in CHF 261.9 million EBIT in CHF 11.9 million 1 − COVID -19 pandemic has massive negative inﬂuence on business activities in 2020. − Signiﬁcant decline in consolidated net income. − Financial situation sound thanks to comprehensive package of measures. − Positive one-time effect with disposal of Meyrin/GE property. − Distribution of dividends suspended for the ﬁnancial year 2020. − Recommended dividend distribution of 100% of consolidated net income for the ﬁnancial years 2021, 2022 and 2023, with a minimum dividend of CHF 11 per share. APG|SGA Group key ﬁgures in 1 000 CHF 2020 2020 2019 Change Change adjusted for adjusted for one-time effects1 one-time effects Advertising revenue 261 904 261 904 318 494 −17.8% −17.8% – Switzerland 250 903 250 903 304 003 −17.5% −17.5% – International 11 001 11 001 14 491 −24.1% −24.1% Operating income 269 528 265 158 320 227 −15.8% −17.2% EBITDA 26 876 22 506 61 405 −56.2% −63.4% – in % of operating income 10.0% 8.5% 19.2% EBIT 16 323 11 953 51 314 −68.2% −76.7% – in % of operating income 6.1% 4.5% 16.0% Consolidated net income 13 243 9 521 41 832 −68.3% −77.2% – in % of operating income 4.9% 3.6% 13.1% Cash ﬂow from operating activities 32 674 32 674 49 837 −34.4% −34.4% Free cash ﬂow 2 25 799 19 762 41 579 −38.0% −52.5% Investments in property, plant, and equipment 8 868 8 868 8 377 5.9% 5.9% – advertising panel 7 821 7 821 6 440 21.4% 21.4% – other investments 1 047 1 047 1 937 −46.0% −46.0% Earnings per share, in CHF 4.42 3.18 13.95 −68.3% −77.2% APG|SGA share performance 2020 in CHF 1 Adjusted for effect of property sale 2 Cash ﬂow from operating activities (operating cash ﬂow) CHFt 32 674 (previous year: CHFt 49 837) less net cash used in investing activities CHFt 6 875 (previous year: CHFt 8 258), (see page 46 Consolidated statement of cash ﬂows) 31.12.2019 31.03.2020 30.06.2020 30.09.2020 31.12.2020 350 300 250 200 150 100 50 0 P104540_APG_SGA_GB2020.indd 2 08.03.21 14:49

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APG|SGA Annual Report 2020 Contents 4 –5 Report of the Chairman and the CEO 6 –7 Financial Report 8 Key ﬁgures 9 Share development 10 – 19 Business development 20 – 29 Corporate Governance 30 – 33 Remuneration Report 34 Report of the statutory auditor on the Remuneration Report 35 – 43 Corporate Responsibility 44 – 46 Extract of the Financial Report 47 Financial Report – Source P104540_APG_SGA_GB2020.indd 3 08.03.21 14:49

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APG|SGA Annual Report 2020 Dear Shareholder: COVID -19 pandemic has massive impact on business development After a highly promising start to 2020, from March the COVID -19 pandemic had a massive impact on the development of revenues and results from one day to the next. This was primarily due to two reasons. Acting in the general interest, federal and cantonal authorities put measures in place to combat the pandemic that led to a dramatic drop in foot trafﬁc in cities and the use of public transport; this in turn greatly impacted the basis of our business model – the sale of our advertising panels and their reach among the population. The other major reason was the manda- tory closing of retail outlets in the lockdown phase, with a corresponding effect on advertising behavior. APG|SGA was greatly affected by these two measures, as well as the advertising budget restrictions imposed in light of the pandemic. As a direct consequence, it experienced historic declines in revenue through- out a large part of the year, most markedly in the second and fourth quarters. In contrast, it was highly gratifying to see the rapid recovery and dynamism in revenues as soon as the mobility ﬁgures in many communication spaces began climbing again in the summer months, with the loosening of restrictions. Regrettably, this positive development turned negative again with the second wave of COVID -19 infections in the fall and the associated new restrictions. Sound ﬁnancial situation thanks to comprehensive measures In addition, the pressure on the result arising from higher minimum guarantees and concession fees had a negative impact given the historic slump in revenue. In the initial phase of uncertainty following the outbreak of the pandemic, APG|SGA immediately took numerous extensive measures to secure liquidity and reduce costs. We experienced a great deal of solidarity from shareholders, employees and contract partners, who all helped to support the company through this unprecedented crisis. Despite the persistence of difﬁcult general conditions and limited visibility over 2021, the fundamental factors for both outdoor advertising and APG|SGA are positive, as indicated by results from the start of the year and the pleasing revenue dynamic of the third quarter of 2020 following the lifting of lockdown. Therefore, in hopeful expectation of a return to positive condi- tions over the course of 2021, and despite stringent general cost measures, we have consistently expanded our digital project development and our service portfolio in particular. APG|SGA also concluded or extended a number of marketing contracts in the last year. Recognition for sustainability and climate protection In the global CDP ranking, APG|SGA received the highest score of A in December for its climate-friendly commitments. This puts APG|SGA among the most climate-friendly listed companies in the world who have been ranked according to the established, recognized CDP procedure. This top score of A in the CDP Climate Score puts it among outstanding companies in national and international comparison. The assessment for APG|SGA represented the fourth successive instance of year-on-year improvement, and underscores the consistent efforts we have made as part of our Corporate Responsibility strategy. Changes to the Board of Directors At the APG|SGA AG General Meeting on May 14, 2020, Dr. Maya Bundt and Jolanda Grob were elected to the Board of Directors. All existing members of the Board of Directors were conﬁrmed for a further year. Robert Schmidli will reach the statutory age limit by the next general meeting, and will therefore not stand for re-election. We would like to take this opportunity “A big thank you to our employees, who have supported our efforts with commitment and discipline. We are convinced that the mid and long-term prospects for business development at APG|SGA remain positive.” Markus Ehrle Chief Executive Ofﬁcer APG|SGA “We would like to thank our shareholders, market partners, advertising customers and concession issuers for their great support and trust in our company in these challenging times.” Dr. Daniel Hofer Chairman of the Board APG|SGA 4 Report of the Chairman and the CEO P104540_APG_SGA_GB2020.indd 4 08.03.21 14:49

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APG|SGA Annual Report 2020 to thank him for his great commitment, his profound expertise and his many years of outstanding cooperation. All other members of the Board of Directors will stand for re-election at the next general meeting. The Board of Directors intends to appoint Xavier Le Clef as the new Vice Chairman of the Board, and to appoint Jolanda Grob as Chairwomen of the Remuneration Committee, subject to their re-election. Due to the COVID -19 pandemic, no dividend payment is to be made in early 2021 The ﬁnancial year 2020 was heavily affected by extraordinary market pressures. As a result, the company was forced to introduce rigorous cost-cutting measures in materials and investment, and to reduce the remuneration components of management staff and employees. The majority of employees received short-time working compensation over an extensive period of time. These measures, and in particular the remarkable support of many of our market partners, who have met us halfway with their willingness to reduce concession fees in line with actual market conditions, prevented an even steeper decline in the company’s earnings. In light of this, the Board of Directors proposes to the General Meeting that the distribution of dividends be sus- pended for the ﬁnancial year 2020. However, looking to the future, the Board of Directors remains convinced that in a market environment without the restrictions of the pandemic, the company’s business model has unreservedly positive prospects. The fundamental framework conditions that assured an impressive performance in analog and digital out of home advertising in previous years have not changed. The Board of Directors therefore intends to systematically continue the traditionally shareholder-friendly dividend policy. This applies equally to the ﬁnancial year 2021, which will again be affected by the pandemic as a result of the strict lockdown measures i n the ﬁrst quarter and the associated negative effects on business performance. The Board of Directors therefore intends to propose to the respective General Meetings a dividend payment of 100% of consolidated net income for the ﬁnancial years 2021, 2022 and 2023, but no less than CHF 11 per share. Positive factors for APG|SGA and out of home media remain The measures ordered by the authorities at the beginning of 2021 once again led to signiﬁcant restrictions on mobility, accompanied by widespread retail closures, which again resulted in a considerable drop in revenue in January and February. The ongoing development of the revenue situation will depend to a large degree on how quickly vaccination leads to improvement and normalization of mobility in public spaces and public transport. At this point, it is impossible to offer a forecast for the develop- ment of business in the current year. Nonetheless, based on the positive revenue dynamic following the easing of measures in summer 2020, we are working on the assumption that the overall situation for APG|SGA will improve rapidly and signiﬁcantly as soon as mobility recovers and retail outlets open. The Board of Directors and the Executive Board feel strongly that APG|SGA is very sound overall and will emerge from this crisis robust thanks to its proven business model. This is because we believe the fundamentally positive factors of out of home media will retain their full appeal with the return to mobility and regular business activities. We are therefore convinced that the medium and long-term market and earnings prospects in the operational business of APG|SGA, which plays a key role in both the analog and digital out of home media market, remain positive. We would like to take this opportunity to thank the employees of APG|SGA, who have responded with great commitment, discipline and conﬁdence to the extraordinary situation. On behalf of the Board of Directors and the Executive Board, we would also like to thank our shareholders, market partners, advertising customers and concession issuers for their great support and trust in our company in these uncertain and challenging times. Dr. Daniel Hofer Markus Ehrle Chairman of the Board Chief Executive Ofﬁcer Report of the Chairman and the CEO 5 P104540_APG_SGA_GB2020.indd 5 08.03.21 14:49

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APG|SGA Annual Report 2020 6 Financial Report Financial Report APG|SGA Group In the ﬁnancial year 2020, group revenue fell by 17.8% to CHF 261.9 million. Real estate revenue was CHF 1.7 million, at about the same level as the previous year. Other operating income refers to income from the sale of obsolete tangible assets – primarily from the disposal of the property in Meyrin (Geneva), which was no longer required for operations. Overall, this resulted in operating income of CHF 269.5 million in the ﬁnancial year 2020, representing a decrease of 15.8% compared with the previous year. Fees and commissions represented 61.1% of operating income in the ﬁnancial year 2020, clearly exceeding the previous year’s level of 51.5%. The main drivers of this increase were concession contracts with non-sales volume related fees, combined with a reduction in revenue. This key ﬁgure was also inﬂuenced by tougher competitive conditions and an associated increase in fees in the procurement market for strategic contracts. In the ﬁnancial year 2020, APG|SGA succeeded in reducing its expenses for personnel, operations and administration in step with the reduction in revenue caused by COVID -19. This massive reduction in costs was all the more impressive given the concurrent increase in expenses for digital growth projects. Personnel expenses fell by 16.6% in the reporting year. A halt to incentives and bonuses, a temporary reduction of ﬁxed management remuneration, short-time work compensation and extensive process improvements contributed to this reduction. Operating and administrative costs decreased by 17.3% in the reporting year. This reduction was driven by strict cost management and targeted savings measures. “The sudden drop in revenue was massive. Thanks to immediate measures to secure liquidity and reduce costs, APG|SGA is nonetheless in a sound ﬁnancial situation.” Beat Herrmann Chief Financial Ofﬁcer APG|SGA P104540_APG_SGA_GB2020.indd 6 08.03.21 14:49

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APG|SGA Annual Report 2020 Financial Report 7 Change vs. PY in % Advertising revenue CHF m EBITDA CHF m EBITDA margin in % of operating income Investments in property, plant, and equipment CHF m Despite these numerous measures, the major decline in revenue had a signiﬁcant inﬂuence on the operating result. For the ﬁnancial year 2020, this resulted in an EBITDA of CHF 22.5 million (previous year: CHF 61.4 million), an EBIT of CHF 12.0 million (previous year: CHF 51.3 million) and consolidated net income of CHF 9.5 million (previous year: CHF 41.8 million), all adjusted for one-time effects. With the inclusion of the one-time effect (disposal of the Meyrin property), consolidated net income of CHF 13.2 million was reported. Cash ﬂow Cash ﬂow from operating activities for the ﬁnancial year 2020 amounted to CHF 32.7 million (previous year: CHF 49.8 million). As receivables from customers had decreased signiﬁcantly, this drop of 34.4% was signiﬁcantly lower than for consolidated net income. After deduction of net cash used in investing activities of CHF 6.9 million, this resulted in a free cash ﬂow of CHF 25.8 million (previous year: CHF 41.6 million). Balance sheet The balance sheet total fell by CHF 12.4 million in the ﬁnancial year 2020 to CHF 205.3 million. Fixed assets fell to CHF 84.0 million, primarily due to the disposal of the Meyrin (Geneva) property. Intangible assets amounted to CHF 19.8 million, corre- sponding to 9.6% of the balance sheet total. Current assets increased by CHF 17.3 million. A signiﬁcantly higher level of cash and cash equivalents was partly offset by lower trade accounts receivable. Short-term ﬁnancial investments of CHF 6.0 million corresponded to a time deposit with a residual term of over 90 days. As at December 31, 2020, cash and cash equivalents stood at 66.6 million. Equity amounted to CHF 89.4 million, representing an equity ratio of 43.6%. 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 101.3 74.8 72.7 61.4 26.9 315.4 300.7 302.1 318.5 261.9 29.8 24.5 23.9 19.2 10.0 14.0 11.0 7.1 8.4 8.9 0.7 – 4.7 0.5 5.4 –17.8 27.3 –26.2 –2.8 –15.5 – 56.2 18.7 –17.8 –2.4 –19.7 – 47.9 77.7 –21.9 –34.6 18.7 5.9 P104540_APG_SGA_GB2020.indd 7 08.03.21 14:49

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APG|SGA Annual Report 2020 8 Financial Report Key ﬁgures 5-year ﬁnancial highlights of the APG|SGA Group 2020 2019 2018 2017 2016 Balance sheet Buildings and land CHF m 29.1 32.6 33.9 35.1 36.8 Advertising panel CHF m 23.5 22.4 21.5 23.3 21.4 Current assets CHF m 121.2 103.9 109.6 141.0 181.3 Net current assets CHF m 27.5 40.2 28.6 25.0 25.4 Net liquidity CHF m 66.3 41.8 60.1 90.5 126.8 Equity CHF m 89.4 77.1 96.2 120.3 141.8 Total assets CHF m 205.3 192.9 201.7 237.1 273.7 – Change versus PY 6.4% −4.4% −14.9% −13.4% 1.8% Income statement Advertising revenue CHF m 261.9 318.5 302.1 300.7 315.4 – Switzerland CHF m 250.9 304.0 287.2 288.1 303.4 – International CHF m 11.0 14.5 14.9 12.6 11.9 Operating income (OI) CHF m 269.5 320.2 304.6 304.8 339.8 Fees and commissions CHF m 164.6 165.0 139.4 134.6 141.9 in % OI 61.1% 51.5% 45.8% 44.2% 41.8% Personnel expenses CHF m 51.4 61.6 61.4 62.4 65.3 in % OI 19.1% 19.3% 20.1% 20.5% 19.2% Depreciation of tangible assets CHF m 9.3 8.8 10.8 11.0 10.0 in % OI 3.4% 2.7% 3.5% 3.6% 2.9% Amortization of intangible assets CHF m 1.3 1.3 2.4 2.4 2.5 in % OI 0.5% 0.4% 0.8% 0.8% 0.7% EBITDA CHF m 26.9 61.4 72.7 74.8 101.3 Operating result (EBIT) CHF m 16.3 51.3 59.5 61.3 88.8 Consolidated net income CHF m 13.2 41.8 47.2 50.7 70.5 Statement of cash ﬂows Cash ﬂow from operating activities CHF m 32.7 49.8 49.4 47.8 61.7 Free cash ﬂow CHF m 25.8 41.6 41.6 37.6 56.6 Financial indicators EBITDA margin in % OI 10.0% 19.2% 23.9% 24.5% 29.8% Operating result (EBIT margin) in % OI 6.1% 16.0% 19.5% 20.1% 26.1% Consolidated net income in % OI 4.9% 13.1% 15.5% 16.6% 20.8% Cash ﬂow from operating activities in % OI 12.1% 15.6% 16.2% 15.7% 18.2% ROIC 55.8% 142.9% 180.6% 273.9% 1 083.0% ROE 15.9% 48.3% 43.6% 38.7% 50.0% Investments Advertising panel CHF m 7.8 6.4 5.2 8.1 7.7 Other investments in property, plant, and equipment CHF m 1.1 1.9 1.8 2.8 6.4 Intangible and ﬁnancial assets CHF m 0.0 0.0 2.8 4.9 19.4 Employees 491 507 500 519 554 Explanation of ﬁnancial terms: see page 46 P104540_APG_SGA_GB2020.indd 8 08.03.21 14:49

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APG|SGA Annual Report 2020 Financial Report 9 Share development 2020 2019 2018 2017 2016 Data per share Operating result (EBIT) CHF 5.45 17.11 19.86 20.46 29.62 Cash ﬂow from operating activities CHF 10.90 16.62 16.47 15.94 20.56 Consolidated net income CHF 4.42 13.95 15.74 16.92 23.51 Equity held by APG SGA SA shareholders CHF 29.84 25.73 32.11 40.13 47.27 Payout CHF 0.00 2 0.00 20.00 24.00 24.00 Payout ratio 1 0.0% 0.0% 127.1% 142.0% 102.1% Share price data Market price high/low CHF 288.5/155.2 361.0/243.0 465.0/303.3 510.0/384.75 453.75/375.0 Year-end market price CHF 197.4 284.0 330.0 455.25 447.0 Payout yield 3 0.0% 0.0% 6.1% 5.3% 5.4% Market capitalization 3 CHF m 592.2 852.0 990.0 1 365.8 1 341.0 – versus shareholders' equity 6.6 11.0 10.3 11.4 9.5 – versus operating income 2.2 2.7 3.3 4.5 3.9 P/E ratio 3 44.7 20.4 21.0 26.9 19.0 1 Including payout on treasury stock 2 Proposal to the General Meeting 3 Based on market price as at December 31 Price trend since December 31, 2015 Source: SIX Swiss Exchange AG 200 150 100 50 0 Indice 31.12.2015 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 SPI PR APG|SGA registered share P104540_APG_SGA_GB2020.indd 9 08.03.21 14:49

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APG|SGA Annual Report 2020 Business development 10 Business development SWITZERLAND The advertising revenues for 2020 stood at CHF 250.9 million, 17.5% below the previous year. Almost every segment and customer category was affected by this decline in equal measure, although the internet mail order, wholesale and banking/insurance sectors proved signiﬁcantly more robust. The increased range and greater ﬂexibility in booking and cancellation terms meant that the drop in revenue was a little lower for digital products than for analog advertising options. Products in the communica- tion spaces of railway stations, public transport, airports and the promotional space business were affected by an above-aver- age rate of compensation claims due to reduced footfall. Consequences of COVID -19 affected business activities This year opened on a highly favorable note for APG|SGA in Switzerland. Both January and February brought evidence of substantial dynamism in revenue growth. The positive develop- ment of growth projects inspired conﬁdence as we looked ahead to the rest of the year. In March, however, revenue devel- opment was massively impacted overnight as the effects of the COVID -19 pandemic made themselves felt. This was caused by two factors that were beyond the inﬂuence of APG|SGA. First, the business model for any outdoor advertising company depends on the reach that advertising panels achieve among the population. For APG|SGA, this primarily means analog and digital advertising spaces in public areas, particularly in railway stations and airports. Although the lockdown measures ordered by the Federal Council were certainly in the public interest, they led to a massive drop in passing trafﬁc in these communi- cation spaces from March. This took away a key foundation of our business activities, and as a consequence a large number of advertisers canceled their outdoor campaigns with immediate effect. Second, the extraordinary measures also closed retail businesses during the lockdown period; no longer able to sell to customers in store, many businesses halted their advertising campaigns. Poor economic prospects and cost-saving measures on the part of our customers further dampened advertising activities. The resulting drop in revenue hit the company directly and with great force, particularly in the months of March, April and May. APG|SGA launched a major sales promotion campaign to support and boost its advertising activities when the ﬁrst easing measures were introduced in early May. This “Welcome back out of home” package met with a considerable response with numerous campaigns carried out. There was clear and rapid evidence of recovery in the third quarter of 2020, with revenue for some months even higher than the previous year. Unfortunately, the measures ordered to combat the spread of the second COVID -19 wave in the fourth quarter once again dampened business development and advertising activities. “The broad-based sales promotion campaign ‘Welcome back out of home’ was highly successful, with numerous campaigns carried out.” Jennifer Schaller Marketing Communication Manager, APG|SGA P104540_APG_SGA_GB2020.indd 10 08.03.21 14:49

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APG|SGA Annual Report 2020 At Lucerne station, two digital branding zones went into operation. A total of 24 large-format screens ensures unmissable high-performance advertising. Business development 11 P104540_APG_SGA_GB2020.indd 11 08.03.21 14:49

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APG|SGA Annual Report 2020 12 Business development OOH and APG|SGA improve market share According to Media Focus, in 2020 the gross advertising pressure for traditional media in the overall advertising market was CHF 5.2 billion – 14.0%, or CHF 835 million, lower than the previous year. In gross terms (excluding discounts and special conditions), purely out of home media recorded a total decline of 7%, but its market share of the media mix increased from 12.3% to 13.2% in 2020. According to these statistics, APG|SGA managed to increase its market share of the extremely compe- titive outdoor advertising market by a pleasing 200 basis points to 64.5%. Investments in digitalization, data and innovation When the pandemic broke out, APG|SGA immediately took numerous extensive and consistent measures to secure liquidity and reduce costs. After the ﬁrst signs of recovery in the activities of customers and agents in May, APG|SGA gradually reduced its partial short-time work in order to secure the operational conditions for active market development. Despite general cost-saving measures, the company retained its focus on growth projects in the areas of digitalization, data and innovation. In this context, APG|SGA consistently advanced digital, future-oriented project developments and substantially expanded the service portfolio within the proven one-brand strategy. New high-performance digital branding zones went into opera- tion in major SBB stations throughout the course of the year. The February launch of six exclusive branding zones with 77 “Rail ePanels” in Zurich’s main station was followed in June by seven branding zones with 39 new screens in Bern and Lucerne stations. Further evidence of APG|SGA’s leadership role in the DOOH (digital out of home) ﬁeld came with the exclusive new “Rail ePanels” in city railway stations Zurich Altstetten and Zurich Enge, and at Locarno and Bellinzona in Ticino, which were an ideal complement to the existing panels in Lugano. And in western Switzerland, APG|SGA expanded its digital network to include 12 new “City ePanels” in the city of Fribourg. It is the fourth city in western Switzerland to receive a digital upgrade, following Geneva, Lausanne and Biel. APG|SGA was the ﬁrst outdoor advertising company in Europe to install the partic- ularly large-format (100-inch) outdoor LCD “ePanels”. This provided further proof of APG|SGA’s digital expertise and expanded the customer experience in the Zurich HB Sihlquai branding zone. Taken together, these installations show that APG|SGA further expanded its role as number one in DOOH in public space throughout Switzerland. At the close of 2020, APG|SGA managed and marketed a total of more than 2,300 screens. “APG|SGA was the ﬁrst outdoor advertising company in Europe to install the parti- cularly large-format 100-inch outdoor LCD ‘ePanels’.” Alexandre Zimmermann Head of Infrastructure, APG|SGA P104540_APG_SGA_GB2020.indd 12 08.03.21 14:49

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APG|SGA Annual Report 2020 Above – 23 additional screens were installed in Bern station. Together with the existing 33 screens, they form the ﬁve branding zones “AdWalk City” , “AdWalk University” , “CityFloor”, “CommercialZone” and “Wave” , which can be combined. Below – Locarno and Bellinzona stations were ﬁtted with a total of six additional “Rail ePanels”, an optimal addition to the four “ePanels” in Lugano station. This gives advertisers comprehensive “Rail ePanel” coverage in Italian-speaking Switzerland for the ﬁrst time. Business development 13 P104540_APG_SGA_GB2020.indd 13 08.03.21 14:49

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APG|SGA Annual Report 2020 14 Business development Above – Exclusive new “Rail ePanels” in city stations, as here in Altstetten, impressively underscore the leading role of APG|SGA in the “DOOH – Digital Out of Home” ﬁeld. Below – With the new moving image service “ChannelOOH!”, advertisers can target the attractive yet increasingly difﬁcult to reach 15 to 49 age group with accuracy and impact – on all “ePanels” and “eBoards” in stations and city centers. P104540_APG_SGA_GB2020.indd 14 08.03.21 14:49

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APG|SGA Annual Report 2020 Business development 15 New opportunities with programmatic advertising and “ChannelOOH!” In early June, APG|SGA launched its programmatic advertising service in collaboration with the leading international platform VIOOH. Large cities and railway stations now have more than 500 screens available for programmatically planned and booked campaigns. With this, APG|SGA enabled customers to manage their campaigns more efﬁciently and ﬂexibly, and to proﬁt from additional targeting opportunities. APG|SGA relies on exclusive data from Intervista, which operates a “mobility tracking panel” with 3,000 participants, delivering information on socio-demographic traits, consumer characteristics and interests. In October APG|SGA launched “ChannelOOH!”, a new service for moving image communications aimed at the sought-after 15 to 49 age group. With “ChannelOOH!”, APG|SGA offers advertisers a unique opportunity in terms of price and perfor- mance to target an attractive age group that is increasingly hard to reach, with precision and high awareness. All digital “ePanels” and “eBoards” in stations and city center locations can be programmed for precisely deﬁned timeframes. Mobile advertising made even smarter With “aymo”, APG|SGA offers the most precise mobile targeting in Switzerland in the ﬁeld of mobile targeting. The location data technology developed by APG|SGA is based on a direct data connection to high quality mobile apps. The major themes of 2020 were the optimization of processes and the system landscape, and the further development of customer solutions. The “aymo Manager”, the software tool for planning and implementing campaigns, was re-engineered in order to optimize internal processes and gain valuable time in the processing of mobile advertising campaigns. An “aymo dashboard” was also developed, giving publishers a complete real-time overview of their current campaigns. With the launch of “aymo Boost”, advertisers can now expand their targeted groups with similar proﬁles – or “look-a-likes” – and generate even better results thanks to ongoing, fully automated optimization. “Large cities and railway stations now have more than 500 screens available for programmatically planned and booked campaigns.” Michael Pevec Head of Programmatic & Automation, APG|SGA P104540_APG_SGA_GB2020.indd 15 08.03.21 14:49

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APG|SGA Annual Report 2020 16 Business development Contract portfolio optimization creates good conditions for growth In the Partners & Operations division, a range of tender processes saw further optimization of the contractual portfolio, with contract renewals, concession extensions and numerous wins in space acquisition on private property also creating positive conditions for further growth. APG|SGA and BLS renewed their partnership and are further expanding their collaboration. PostAuto AG awarded our company the contract to market advertising spaces on and in some 1,600 vehicles. This represents the lion’s share of the PostAuto inventory – in both revenue and number of advertising panels – and continues the longstanding collaboration between APG|SGA and Switzerland’s largest public transport bus com- pany, underlining its leading market position in transport advertising. APG|SGA also renewed its successful partnership with transport operator TPF for the management of numerous advertising spaces in attractive locations in the city of Fribourg. Thanks to good working relationships and successful sales efforts, cooperation contracts were renewed and/or extended in many leading mountain destinations for the season 2020/21. These top destinations include Villars-Gryon-Les Diablerets, where the advertising and information services were jointly expanded. Following a tender process, Swiss Life awarded APG|SGA the right to market four attractive “MegaPosters” at an exclusive, prestigious location on Zurich’s Bahnhofstrasse for three years. High-performance logistics drives outdoor advertising quality Despite restrictive framework conditions in the wake of COVID -19, APG|SGA’s hanging logistics provided service of consistently high quality and fulﬁlled the additional requirements brought by the expansion into the airport business in early 2020, to the utmost satisfaction of Zurich Airport. For its customer Galaxus, the company achieved a logistical masterstroke. In a unique campaign, 3,000 one-offs were conceived individually for the different poster spaces, screens and public transport formats. For APG|SGA logistics, this meant that each motif had to be displayed or played at exactly the right location, which – thanks to the enormous effort and preci- sion of all involved – was an outstanding success. This once again impressively underscored the high performance of outdoor advertising and of APG|SGA. “Each of the 3,000 unique motifs had to be displayed or played at exactly the right location, which – thanks to the enormous effort and precision of all involved – was an outstanding success.” Albert Zeqaj Head of Operations, APG|SGA P104540_APG_SGA_GB2020.indd 16 08.03.21 14:49

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APG|SGA Annual Report 2020 Business development 17 Above – At the top destination Villars-Gryon- Les Diablerets, the advertising and information ﬁxtures were expanded. The three holiday spots are connected by the BVB train, summer and winter. Advertisers can reach happy, free-spending holiday makers here. Below – In French-speaking Switzerland, the successful partnership with the Fribourg transport authority TPF was renewed, covering the management of numerous analog and digital advertising spaces in attractive locations in the city of Fribourg. P104540_APG_SGA_GB2020.indd 17 08.03.21 14:49

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APG|SGA Annual Report 2020 18 Business development SERBIA APG|SGA’s international operations in the form of Serbian sub- sidiary Alma Quattro d.o.o. contributed 4.2% to group revenues in the ﬁnancial year 2020. Hard lockdown has negative impact on business Although the ﬁrst months of the year saw a revenue increase over the previous year, Serbia witnessed a sharp drop in revenues in the second quarter due to dramatic COVID -19 lockdown measures, including curfews. Despite a recovery in revenues in the second half of the year, the overall ﬁnancial year saw a decline in advertising revenue of 21.2% compared with 2019. The weakening of the Serbian dinar resulted in a reduction of 24.1% in Swiss francs. Further expansion of the digital service in Belgrade Despite this signiﬁcant decline in advertising revenues and associated cost-savings measures, the Serbian division maintained its expansion of the digital portfolio. Five further LED screens went into operation, increasing the digital large-format inventory in the best positions in the city of Belgrade to a total of 22 screens. For 2021, a further 13 digital large-format screens are set to go into operation. Although Alma Quattro has a long-term exclusive contract with the capital Belgrade, early 2020 saw a competitor awarded the concession to operate more than 250 digital advertising panels in the city. In the view of APG|SGA, this award violates the exclusivity clause of the contract with Alma Quattro. The case is currently subject to international arbitration proceedings based on the bilateral investment protection agreement between Switzerland and Serbia. “Despite consistent cost-saving measures, the expansion of the digital portfolio in Belgrade continued.” Sanja Pesic Chief Executive Ofﬁcer Alma Quattro P104540_APG_SGA_GB2020.indd 18 08.03.21 14:49

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APG|SGA Annual Report 2020 Business development 19 Above – Five additional latest-generation LED screens went into operation in key trans- port hubs. They stand out for their high- resolution image quality across 12 m 2 and ensure extensive visibility. Below – The total of 22 high-impact large-format screens in the center of Belgrade complements the exclusive 2 m 2 LED network in the prestigious pedestrian zone Knez Mihailova, and is a hit with advertisers. P104540_APG_SGA_GB2020.indd 19 08.03.21 14:49

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APG|SGA Annual Report 2020 20 Corporate Governance Group structure and shareholders Introduction The principles and rules that govern the management and supervision of the APG|SGA Group are set forth in the articles of incorporation, the organizational regulations of the Board of Directors, and the regulations of the Executive Committees. The Board of Directors regularly reviews these documents and updates them in the event of new developments. The articles of incorporation of APG|SGA SA can be viewed at www.apgsga.ch/ articlesoﬁncorporation. The organizational regulations of the Board of Directors and the regulations of the Executive Commit- tees can be seen at www.apgsga.ch/corporate-governance. The information published here corresponds to the requirements of the Directive on Information Relating to Corporate Governance by SIX Swiss Exchange. Listed company Company name, headquarters: APG SGA SA, Geneva Market capitalization as at December 31, 2020: CHF 592.2 million Place listed: SIX Swiss Exchange Security no.: 1 910 702 ISIN: CH0019107025 Ticker: APGN Participating interests The list of participating interests is provided in the Financial Report (cf. page 47) on page 26. Cross-shareholdings No capital or voting cross-shareholdings exist between the APG|SGA Group and other companies. Operational structure of APG|SGA as of December 31, 2020 Corporate Governance Board of Directors Chief Executive Ofﬁcer Markus Ehrle Advertising Market Andy Bürki Partners & Operations Christian Gotter Finance & International Markets Beat Hermann Marketing & Innovation Beat Holenstein P104540_APG_SGA_GB2020.indd 20 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Governance 21 Capital structure Ordinary, authorized, and conditional capital As at December 31, 2020, the share capital of APG|SGA SA amounted to CHF 7,800,000, fully paid in and subdivided into 3,000,000 registered shares with a par value of CHF 2.60 per share. As at December 31, 2020, APG|SGA SA had neither authorized nor conditional capital. As at December 31, 2020, consolidated shareholders’ equity amounted to CHF 89.4 million (PY CHF 77.1 million). Details on the changes in shareholders’ equity are provided in the respective annual reports: for the years 2020/2019 on page 45 of the present report, for the years 2019/2018 on page 56 of the 2019 report. The Annual Report 2019 is available at www.apgsga.ch/ report Shares, participation, and bonus certiﬁcates APG|SGA SA shares are registered shares with a par value of CHF 2.60 per share. Each individual share is equivalent to one vote. There are no differential dividend entitlements, except that no dividend is paid on treasury shares. There are no preferential rights for individual shareholders. APG|SGA SA has not issued any participation or bonus certiﬁcates. Share register Each share recorded in the share register entitles its owner to one vote. Registration with voting rights may be denied for the following reasons: − If the purchaser, in spite of a request by the company, fails to explicitly conﬁrm that he/she has purchased or is holding such registered shares in his/her own name and for his/her own account. − If registration of the purchaser might prevent the company from being able to provide the evidence required by Swiss legal provisions regarding the acquisition of real estate by persons residing abroad. Convertible bonds and options No convertible bonds have been issued. There are no option plans for employees or members of the Board of Directors. Signiﬁcant shareholders 1 1 3% or more of shares, in the form of stocks or rights to purchase and/or sell stocks. The information is derived from announcements made by shareholders pursuant to Art. 120 et seq. Financial Market Infrastructure Act (FMIA) as at December 31, 2020 subject to the availability of other information. All published notiﬁcations can be found at https://www.six-exchange-regulation. com/en/home/publications/signiﬁcant-shareholders.html. 2 JCDecaux SA, rue Soyer 17, 92200 Neuilly-sur-Seine (F), is controlled by JCDecaux Holding SA, rue Soyer 17, 92200 Neuilly-sur-Seine (F), whose shareholders are: − Members of the Decaux family: Jean-François Decaux (London/GB), Jean-Charles Decaux (Neuilly-sur-Seine/F), Jean-Sébastien Decaux (Brussels/B), Jean-Pierre Decaux (Paris/F), and Danielle Decaux (Neuilly-sur-Seine/F) − JFD Investissements (Luxembourg/L), and JFD Participations (Luxembourg/L), companies under the direct control of Jean-François Decaux − Open 3 Investimenti (Uccle/B), a company under the direct control of Jean-Sébastien Decaux 3 The beneﬁcial owner is Stichting Administratiekantoor Frère-Bourgeois, Rotterdam (NL). For detailed information on the relationship between Stichting Frère-Bourgeois and Pargesa Asset Management, see: https://apgsga.ch/ controlling.structure 4 On February 29, 2008, JCDecaux announced that it had granted a stock purchasing option to APG|SGA SA. The option is an entitlement to purchase up to 147,000 APG|SGA SA shares, which represent up to 4.9% of the voting rights of the company (see Clauses on changes of control, page 29). 5 Number of shares according to stock register as at December 31, 2020 and December 31, 2019. 6 Registered without voting rights Shares Shares as reported as of as reported as of December 31, 2020 in % December 31, 2019 in % JCDecaux SA, Neuilly-sur-Seine (F) 2 900 000 30.00 5 900 000 30.00 5 Pargesa Asset Management S.A., Luxembourg / Stichting Administratiekantoor Frère-Bourgeois, Rotterdam (NL) 3 758 888 25.30 5 758 888 25.30 5 Pictet Asset Management SA, Geneva (CH) 136 039 4.53 5 179 387 5.98 5 Polymedia Holding AG, Markus and Andreas Scheidegger, Berne (CH) 98 045 3.27 5 97 936 3.26 5 APG SGA SA, Geneva (CH) (shares) 8 135 0.27 5,6 3 057 0.10 5,6 APG SGA SA, Geneva (CH) (conditional purchase option) 4 147 000 4.90 6 147 000 4.90 6 P104540_APG_SGA_GB2020.indd 21 08.03.21 14:49

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APG|SGA Annual Report 2020 22 Corporate Governance The Board members execute additional functions beyond their responsibility for APG|SGA SA and/or other companies of the Group and have informed APG|SGA SA about such functions. These functions comprise activities within the framework of important associations, foundations, or institutions in Switzer- land and abroad, as well as ofﬁcial positions and political mandates. Dr. Daniel Hofer (1963) Chairman, non-executive member. Swiss citizen, Master of Business Administration (University of Rochester, New York/USA) and Doctorate of Business Adminis- tration (University of South Australia, Adelaide/AUS). Member of the Group Executive Board of the JCDecaux SA, Paris (F), and CEO of the Germany, Austria, Central and Eastern Europe region and Central Asia with subsidiaries in 14 countries. 2010 –2014: CEO of APG|SGA SA. 2006 –2010: member of the Management Board of the NZZ Media Group and Publishing Director of NZZ AG. 2002–2005: CEO of the International Division and member of the Executive Committee at PubliGroupe SA. Prior to this, many years of management experience in media marketing in Switzerland. Chairman, vice-chairman and member of boards of directors of various companies and holdings of the JCDecaux SA. 2008 –2012: president of the International Advertising Associa- tion (IAA), Swiss Chapter. President of AWS Outdoor Advertising Switzerland from 2010 to 2017. Former member of the Board of KS/CS Communication Switzerland. Vice-president of WOO (World Out of Home Organization), a worldwide industry associ- ation, from 2011 to 2014, and since 2017. Robert Schmidli (1950) Vice-Chairman, non-executive member. Swiss citizen, Swiss-certiﬁed business economist since 1976 with further education in sales, marketing, management and corpo- rate leadership. Experienced expert in the Swiss media and advertising market. Successful senior management experience in various service and media companies. From 1978 to 1984 Regional Director at Rank Xerox Switzerland, from 1985 to 1996 Divisional Director at Bertelsmann International, and member of the Board of Directors of PubliGroup SA from 1997 to 2010. Member of the Family Advisory Board of Müller Medien, Nurem- berg, since 2008, and member of the Board of Directors of Aerzteverlag medinfo AG, Erlenbach, since 2011. Board of Directors Members, activities, and interests The Board of Directors of APG|SGA SA comprises seven members. Daniel Hofer Robert Schmidli Maya Bundt Members Member since End of term Dr. Daniel Hofer, Chairman 2014 2021 Robert Schmidli, Vice-Chairman 2011 2021 Dr. Maya Bundt 1 2020 2021 Jolanda Grob 1 2020 2021 Xavier Le Clef 2015 2021 Stéphane Prigent 2015 2021 Markus Scheidegger 2000 2021 Departures – General Secretariat Julia Gerdes 2 Christelle Heimberg 3 1 Entry as at May 14, 2020 2 Entry as at January 1, 2020 3 Left as at December 31, 2019 P104540_APG_SGA_GB2020.indd 22 08.03.21 14:49

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APG|SGA Annual Report 2020 Dr. Maya Bundt (1971) Non-executive member. Dual Swiss-German citizen, diploma in geo-ecology (Univer- sity of Bayreuth), postgraduate diploma in applied statistics (ETH Zurich) and doctorate in environmental sciences/soil physics (ETH Zurich). Since 2016: Head Cyber & Digital Solutions, Swiss Re Insurance. Since 2003: various management positions at Swiss Re, including Chief of Staff Group Strategy (2013 –2016) and Head IT Functional Management (2008 –2013). 2000 to 2003: Strategy Consultant, Boston Consulting Group. Since 2017: member of the Board of Directors, Valiant Bank. Member of the WEF’s Global Future Council for Cybersecurity and Gover- nance of Digital Risks partner at the International Center for Corporate Governance. Jolanda Grob (1973) Non-executive member. Swiss citizen, master’s in psychology and pedagogy (Univer- sity of Fribourg). Various postgraduate courses (leadership, people development, coaching, change management, strategic work- force planning). Since 2018: Chief Human Resources Ofﬁcer Switzerland, Zurich Versicherungs-Gesellschaft AG. Since 2010: various global management positions at Zurich Insurance Group, including Global Head of Employee Research & Engagement and Global HRBP . 2005 to 2009: Head of International Learning, Development & Talent Management at Amgen. 1999 to 2005: various HR management positions at Coca-Cola Schweiz, Unilever and Deloitte & Touche. Xavier Le Clef (1976) Non-executive member. Belgian citizen, Master in Business Economics at the Solvay Brussels School of Economics and Management, and Master of Business Administration at the Vlerick Business School in Belgium. Advanced studies in ﬁnance at the Institut Européen d’Administration des Affaires (INSEAD) in France. Started his career with Arthur D. Little (2000 –2006) as a manager in Belgium, France, and Germany. Joined Compagnie Nationale à Portefeuille (CNP), Loverval (B) in 2006 with responsibility for monitoring various portfolio companies. Elected to the Board of Directors in 2011, he has been CEO of CNP since 2015 and co-CEO of Frère-Bourgeois since early 2018. Chairman or member of the boards of directors of various listed and non-listed shareholdings of Groupe Frère-Bourgeois. Stéphane Prigent (1961) Non-executive member. French citizen, graduate of the École des hautes études commer- ciales (HEC) in Paris (F). Joined JCDecaux SA, Paris (F), in 1994 as Controlling Director France. Corporate Financial Controller from 2002, Corporate Finance Director since 2011. Also president of JCDecaux Europe Holding, JCDecaux Asia Holding, JCDecaux America Holding, and JCDecaux Africa Holding. Recognized ﬁnancial controlling expert with 30 years’ professional experience in international corporate controlling, including six years at Xerox France (1984 –1990) and ﬁve years at SC Johnson France (1990 –1994), latterly as ﬁnancial controller for various countries, and more than 25 years at the JCDecaux Group. Markus Scheidegger (1965) Non-executive member. Swiss citizen, studied law and qualiﬁed as attorney-at-law for canton Bern (1993). Began professional career in the Tax and Legal division of ATAG Ernst & Young AG, Bern (1993 –1995). Independent lawyer since 1995. Member of the Board of Directors of Polymedia Holding AG, Muri bei Bern, since 1996. Member of the Board of Directors of Maxomedia AG, Bern, since 2009 (2012 to 2019 as Chairman, since 2019 as Vice-Chairman). Chairman of the Board of Directors of Serigraphie Uldry AG, Hinterkappelen, since 2002. Member of the boards of directors of various Swiss SMEs. Jolanda Grob Xavier Le Clef Stéphane Prigent Markus Scheidegger P104540_APG_SGA_GB2020.indd 23 08.03.21 14:49

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APG|SGA Annual Report 2020 The Audit Committee comprises Board members Stéphane Prigent (Chairman) and Robert Schmidli. The Committee has the following tasks: − to supervise the independence and efﬁciency of external audits − to review risk management in the areas of ﬁnance and operations − to review the organization and efﬁciency of the internal control system − to determine the investment strategy and the real estate policy − to analyze the consolidated interim and annual statements and forward them to the Board of Directors. In the year under review, the Audit Committee held three ordinary meetings (in February, July, and November), with partici- pation of the CEO and the CFO. They have no automatic right of participation or contribution. At one meeting, the external auditors were present. Each meeting lasted half a day. The members of the Remuneration Committee were elected individually by the General Meeting of Shareholders pursuant to Art. 28 of the articles of incorporation. The committee currently comprises the following Board members: Robert Schmidli (Chairman), Markus Scheidegger and Jolanda Grob. This com- mittee reviews: − the remuneration policy − the selection criteria for the members of the Executive Board − their basic conditions of employment − the proposals regarding their remuneration and participation − management development and succession planning. In the year under review, the Remuneration Committee held two meetings (in February and November). Each meeting lasted half a day. The CEO and CFO also took part in meetings of the Remuneration Committee. They have no automatic right of participation or contribution. In order to ensure continuous improvement in its work, the Board of Directors conducts an annual self-evaluation procedure. Elections and terms of ofﬁce According to the articles of incorporation, the Board of Directors comprises three to seven members. They are individually elected by the General Meeting of Shareholders for a term of one year and may be re-elected without restrictions. Members who have reached the age of 71 are, as a general rule, required to resign on the date of the subsequent General Meeting. However, they may remain in ofﬁce if this would beneﬁt the continuity and proper functioning of the Board of Directors. Internal organizational structure According to the law and the articles of incorporation, the Board of Directors is the supreme management body of the Group. It has the authority to decide on all matters that, according to the law and the articles of incorporation, are not in the competence of the General Meeting, or which it has not delegated to other bodies through regulations and decisions. By majority vote, it determines the strategic, organizational, ﬁnancial, and account- ing guidelines to be followed by the APG|SGA Group. In the event of a tied vote, the Chairman does not have a casting vote. The Board of Directors meets as often as business requires, but at least four times per year or once a quarter. Each member of the Board of Directors may ask the Chairman to call a meeting. In ﬁnancial year 2020, the Board of Directors held ﬁve ordinary meetings (February, March, May, September, and December) with the regular participation of Executive Board members. Members of the Executive Board have no automatic right of participation or contribution. The average duration of individual meetings is a half or full day. Most meetings were attended by all members of the Board of Directors. Two permanent committees were appointed to assist the Board of Directors in its activities: the Audit Committee and the Remu- neration Committee. Their tasks and competences are deﬁned in the regulations of the Board committees and primarily encompass functions of assessment, consulting, and supervision. In some individual cases, delegated by the Board of Directors, they also have decision-making powers. The committees prepare the activities of the Board of Directors in the domains assigned to them and directly inform the Board on all important matters. 24 Corporate Governance P104540_APG_SGA_GB2020.indd 24 08.03.21 14:49

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APG|SGA Annual Report 2020 The Executive Board assesses the Group’s risk exposure annually using a structured process; the results are then approved by the Board of Directors. This process identiﬁes strategic, operational and ﬁnancial risk, and evaluates it according to scope and proba- bility. If an overall risk is deﬁned as critical, effective measures are deﬁned to prevent the risk from occurring, to reduce the probability of it occurring or to limit its ﬁnancial impact. Effective monitoring processes are deﬁned for relevant business opera- tions as part of an internal monitoring system. The following risks have been identiﬁed as key for APG|SGA: − Business environment in view of contractual concession and minimum fees: increased intensity of competition and contracts with higher concession fees and increased minimum fees. Negative business development, declining advertising budgets and ofﬁcially mandated restrictions on mobility and economic activities to combat coronavirus may lead to reduced sales revenues and lower proﬁtability. − Security, stability and reliability of the IT infrastructure: the advance of automation and digitalization along the entire value creation chain increases the importance of the stability, relia- bility and security of our IT infrastructure. In particular, protect- ing the IT infrastructure against cyberattacks is a top priority. This assessment was approved by the Board of Directors on December 11, 2020. In addition, the Chairman of the Board of Directors is in con- stant contact with the CEO. Extraordinary occurrences must be reported immediately by the members of the Executive Board to the CEO, who must immediately inform the Chairman of the Board of Directors. If required, the Chairman of the Board of Directors participates in the meetings of the Executive Board. With the consent of the Chairman, each member of the Board of Directors may request that management provide information on the Group’s business performance, as well as access to records and documents. The Board of Directors assigns signatory powers to staff members. As a rule, signatory powers are collective (two signatures required). Delimitation of the areas of responsibility between the Board of Directors and the Executive Board The Board of Directors decides on all matters entrusted to it by law, the articles of incorporation, and the company regulations. Implementing and complementing Article 716 a of the Swiss Code of Obligations and Article 27 of the articles of incorpora- tion, the following decisions in particular are the exclusive responsibility of the Board of Directors: − determination of business policies and ﬁnancial strategies − approval of sales, cost, and investment budgets of the APG|SGA Group − establishment, acquisition, sale, liquidation, and merger of subsidiaries − exercise of voting rights in the general meetings of the subsidiaries and drafting of the recommendations to private individuals who represent the company on the boards of directors or in other bodies of subsidiaries − conclusion of loan contracts (whether as lender or borrower), contracts of surety, or any other form of guarantee contracts – excluding concession contracts – that involve obligations by the company toward third parties in excess of CHF 2 million − conclusion of contracts for non-budgeted items where the amount exceeds CHF 1 million. The Board of Directors has entrusted the Executive Board, under the direction of the CEO, with the management of current operations. The Executive Board is responsible for all matters that another body of the company is not responsible for under the law, the articles of incorporation, or the organizational regulations of the Board of Directors. Information and control instruments vis-à-vis the Executive Board In addition to the tasks assigned to the Audit and the Remu- neration Committees, the Board of Directors is provided at every meeting with the relevant information pertaining to management, revenue, and proﬁt. The Board of Directors is informed verbally and in writing about the following ﬁnancial data: − quarterly, semi-annual, and annual statements (balance sheet, statement of income) − annual budget ﬁgures, regular comparisons of actual with budgeted ﬁgures, and projections − annually consolidated ﬁve-year plan − extraordinary occurrences. Corporate Governance 25 P104540_APG_SGA_GB2020.indd 25 08.03.21 14:49

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APG|SGA Annual Report 2020 Management Markus Ehrle took over the leadership of APG|SGA as Chief Executive Ofﬁcer on June 1, 2014. From April 1, 2011, until May 31, 2014, he was responsible for the Marketing & Business Development division at APG|SGA. He had a long career at PubliGroupe SA, including positions as Account Director, Market- ing Director and Deputy CEO of Publimedia AG; he was also a member of the boards of various subsidiaries (including web-based companies). From 2006 to 2011 he worked for the NZZ Media Group, where he was in charge of the Advertising Market & Business Development department. He has Swiss federal degrees in communication management and marketing management, and is President of AWS Outdoor Advertising Switzerland, a member of the Board of IAA International Adver- tising Association, Swiss Chapter, and a member of the Commu- nications Council of KS/CS Communication Switzerland. Beat Hermann was appointed CFO of APG|SGA effective April 1, 2012; in this position, he is responsible for ﬁnance, IT, and infrastructure. On September 1, 2014, he additionally assumed management responsibility of International Markets. He began his career as an internal auditor and later controller with the Volcafe/ED&F Man Group in Switzerland and in Latin America. From 2000, he was Director of Finance & Administration with Sony Music Entertainment in Switzerland. Within the Lindt & Sprüngli Group, he ﬁrst worked as a senior corporate controller, and from 2006 to 2011 served as the CFO of the Ghirardelli Chocolate Company (Lindt & Sprüngli Group) in San Francisco (USA). He holds a degree in business administration (lic. oec. publ.) from the University of Zurich. He has since continued his studies with executive courses at Harvard University and The Wharton School, and has also completed an Advanced Management Program at INSEAD, Singapore. Andy Bürki has been a member of the Executive Board since April 1, 2019, with responsibility for Advertising Market within APG|SGA. From 1999 to 2015, he held various functions within Tamedia AG, including Sales Promotion Project Manager (1999 –2001) and head of advertising markets for Tages-Anzeiger (2006 –2015). He gained experience of the outdoor advertising market between 2002 and 2006 as a key account manager at Clear Channel Plakanda GmbH. From 2015 to 2018, he was a member of the board of NZZ Media Solutions AG, with responsi- bility for the advertising market of NZZ products. He has a diploma in marketing planning (1998) and a degree in communication management (2005). In 2013, he completed an Executive Master of Business Administration in General Management at the Uni- versity of Applied Sciences in Business Administration Zurich. Christian Gotter has been a member of the Executive Board since June 1, 2019, with responsibility for Partners & Operations within APG|SGA. From 2012 to 2019, he was head of the Logistics division and member of the Executive Board. His previous roles enabled him to acquire broad specialist knowledge of logistics, supply chain management and distribution. His previous employers include ABB Turbo Systems AG (1989 –1994), ABB Kraftwerke AG (1994 –1996), ABX Logistics AG (1996 –2000), Central Station AG (2000 –2001), Planzer Transport AG (2001– 2005) and Tobler Haustechnik AG, where he was head of Logis- tics and Transport from 2005 to 2011, managing a staff of over 200. He has commercial training, is a federally qualiﬁed forward- ing agent (graduation 1994), has completed the Certiﬁcate of Advanced Studies SME management course at the University of St. Gallen (2010), and has a Diploma in Advanced Manage- ment awarded jointly by Swiss Programs in Management (SKU) and the Executive School of the University of St. Gallen (2016). Executive Board since Markus Ehrle (1965), Swiss citizen Chief Executive Ofﬁcer 2011 Beat Hermann (1969), Swiss citizen Chief Financial Ofﬁcer & International Markets 2012 Andy Bürki (1974), Swiss citizen Advertising Market 2019 Christian Gotter (1970), Swiss citizen Partners & Operations 2012 Beat Holenstein (1968), Swiss citizen Marketing & Innovation 2007 26 Corporate Governance Andy BürkiMarkus Ehrle Beat Hermann P104540_APG_SGA_GB2020.indd 26 08.03.21 14:49

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APG|SGA Annual Report 2020 Beat Holenstein has been a member of the Executive Board since June 1, 2019, with responsibility for Marketing & Innovation within APG|SGA. He previously headed the Partner & Product Management division as an Executive Board member between 2011 and 2019. Between 2009 and 2011, he was head of Marketing/Acquisitions. Within the company, he previously held positions as agency manager (1996 –1997), implementation manager (1998 –2000) and manager of the Zurich branch with national key account management responsibility (2001–2008). Before joining APG|SGA in 1996, he worked for Zürcher Kantonal- bank. He is a member of the board of AWS Outdoor Advertising Switzerland and holds Swiss federal diplomas in organization, marketing planning, and sales management, and an EMBA (Executive Master of Business Administration FHGR) in smart and digital marketing (2020). Management contracts APG|SGA SA and its associated companies have concluded no management contracts with third parties. Compensation, participations, and loans Scope and stipulation procedure of compensation The Remuneration Committee submits proposals to the Board of Directors for approval of the remuneration policy and com- pensation for the members of the Board of Directors on an annual basis. The members of the APG|SGA Board of Directors receive a ﬁxed compensation. All staff except for APG|SGA Group management receive a ﬁxed salary along with a voluntary incentive bonus based on performance and results. At the request of the Remuneration Committee, management compensation is reviewed and determined by the Board of Direc- tors on an annual basis. The remuneration model consists of a basic salary together with a variable component (short-term incentive), both of which are dependent on the operating proﬁt and net income. Both the basic salary and the short-term incentive are paid in cash. In addition, a long-term incentive program has been developed on the basis of a “bonus/malus system”. Based on the target values for operating proﬁt and net income and qualitative targets, a third of the target bonus is disbursed annually with a third of this amount paid in cash and two thirds in blocked shares. Two thirds of the target bonus is set aside in a “bonus/malus account” and paid out, a third each in the fol- lowing years. If the speciﬁed targets are not achieved, then these values are deducted accordingly from the “bonus/malus account”. Shares are allocated on the basis of their weighted average price on the ﬁrst 10 trading days of the month following the General Meeting. Due to the extraordinary situation in the year under review, the Board of Directors has agreed a divergent regulation for determining the variable compensation to be paid to the Executive Board for 2020. The details can be found on pages 30 – 33 of the remuneration report. The General Meeting of Shareholders votes annually on the following proposals from the Board of Directors about the compensation to be paid to the Board of Directors and the Executive Board: 1. Approval of a maximum total amount for the compensation to be paid to the Board of Directors for the period from the end of the current General Meeting of Shareholders until the next ordinary General Meeting; 2. Approval of a maximum total amount for the ﬁxed compen- sation to be paid to the Executive Board for the coming ﬁnancial year; 3. Approval of a maximum total amount for the variable com- pensation to be paid to the Executive Board for the past ﬁnancial year. The Board of Directors may also divide the corresponding proposals into individual compensation elements and/or present them to the General Meeting of Shareholders for approval for different time periods. If the General Meeting of Shareholders refuses to approve a maximum total amount for the Executive Board and/or the Board of Directors, the Board of Directors may present a new proposal to the same General Meeting of Shareholders or convene a new General Meeting of Shareholders. The remuneration system and the remuneration of the members of the Board of Directors and the members of the Executive Board are disclosed in the Remuneration Report on pages 30 – 33. Statutory rules in relation to the number of permitted activities pursuant to Art. 12 para. 1 (1) of the Ordinance Against Excessive Remuneration in Listed Companies Limited by Shares (ERCO) A member of the Board of Directors may exercise up to 15 addi- tional mandates beyond their responsibility for the APG|SGA Group, although no more than ﬁve of these may be with listed companies. A member of the Executive Board may exercise up to six additional mandates beyond their responsibility for the APG|SGA Group, although no more than one of these may be with a listed company. A member of the Board of Directors or the Executive Board may exercise up to 12 additional mandates with Corporate Governance 27 Beat HolensteinChristian Gotter P104540_APG_SGA_GB2020.indd 27 08.03.21 14:49

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APG|SGA Annual Report 2020 28 Corporate Governance non-proﬁt and/or charitable legal entities (such as associations and other charitable, social and cultural or sporting organizations, as well as foundations, trusts, and employee beneﬁt schemes) beyond their responsibility for the APG|SGA Group. Mandates held by a member of the Board of Directors or the Executive Board with legal entities that are controlled by the company or that control the company are not deemed to be mandates outside the APG|SGA Group. Mandates held by a member of the Board of Directors or the Executive Board in associated legal entities outside the APG|SGA Group are always deemed to collectively constitute a mandate outside the APG|SGA Group. The stated limits may be exceeded temporarily by up to one third of the permitted number of mandates in the relevant categories. Before accepting mandates in legal entities outside the APG|SGA Group, members of the Executive Board must obtain the consent of the Board of Directors, or of the Remuneration Committee if such powers have been delegated to it. The term “mandate” refers to membership of the highest governing or executive bodies of legal entities that are required to be entered into the commercial register or in a corresponding register abroad. Shareholders’ participation rights Voting rights At the General Meeting of APG|SGA SA, each individual share entitles its owner to one vote. Voting rights can be exercised only if the shareholder is registered in the share register and thus entitled to participate at the General Meeting. Shareholders may be represented at the General Meeting of Shareholders by the independent proxy or by a third party only if they have issued these representatives with a written power of attorney. In such cases, the power of attorney that has been issued with instructions is valid only for a speciﬁc General Meeting of Shareholders and cannot be made the object of a contract. In addition, the shareholder may issue the independent proxy with powers of attorney and instructions electronically. The shares are indivisible and the company recognizes only one single representative per share. Statutory quorums The following decisions require the votes of at least two thirds of the represented shares and the absolute majority of the par value of the represented shares: − change of company purpose − introduction of shares carrying voting rights − authorized or conditional capital increase − capital increase from shareholders’ equity, with non-cash contributions or acquisitions in kind, and granting of special privileges − limitation or elimination of subscription rights − relocation of the company domicile − dissolution of the company Convocation of the General Meeting of Shareholders The ordinary General Meeting of Shareholders takes place every year within six months after the close of the ﬁnancial year. Extra- ordinary General Meetings are convened as often as necessary, particularly in cases where a meeting is required by law. Share- holders representing a par value of at least 10% may demand the convocation of an extraordinary General Meeting. Any such demand must be made no less than 50 days before the proposed meeting date. The convocation of the General Meeting of Share- holders by the Board of Directors must be dispatched no less than 20 days in advance of the day of the meeting, and must list the agenda and the motions of the Board of Directors and the shareholders. Agenda Shareholders representing a par value of CHF 225,000 may demand inclusion of an item in the agenda. Any such demand must be made no less than 50 days before the proposed meeting date. Registrations in the share register No registration is performed between the time of dispatch of the invitation to and the closure of a General Meeting. P104540_APG_SGA_GB2020.indd 28 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Governance 29 Changes of control and defensive measures Duty to make an offer There are no statutory opting-out or opting-up clauses. Clauses on changes of control Gewista Werbegesellschaft mbH (Austria) (Gewista) and JCDecaux SA (France) (JCDecaux) on the one hand and APG|SGA SA on the other have terminated the joint venture contract governing their mutual relationship in conjunction with Europlakat Inter- national Werbegesellschaft mbH (Austria) (EPI), in the stock capital of which Gewista and APG|SGA SA participated with 50% each. The contract, agreed on October 26, 2007, grants both parties mutual rights of pre-emption and change-of-control-related purchasing options in the participating interests that were split up as part of the dissolution of the joint venture. Additionally, the contract grants JCDecaux pre-emption rights and purchasing options in foreign subsidiaries of APG|SGA SA, whereby such options are contingent on a change of control in APG|SGA SA. In this context, JCDecaux has agreed not to expand its current participation in APG|SGA SA (30%). APG|SGA SA is entitled to a maximum purchasing option of 4.9% of its own share capital if JCDecaux should fail to comply with the obligations stated above. The preferential price of the purchasing option is the average closing price of APG|SGA SA shares in the last 30 days before exercise of the option. Special obligations under labor law do not exist in the event of a change of control. Auditor Term of mandate and term of ofﬁce of the auditor in charge PricewaterhouseCoopers AG has been the statutory auditor of APG|SGA SA and the Group auditor since 2013. The auditor in charge, Stefan Räbsamen, has held this position since 2018. The Audit Committee ensures that the auditor in charge is rotated after no more than seven years. Auditing fee and additional fees For ﬁnancial year 2020, the auditing fee of Pricewaterhouse- Coopers AG for services in conjunction with the auditing of the ﬁnancial statements totaled CHF 139,000. Pricewaterhouse- Coopers AG charged a further CHF 2,690 for additional services. These additional services relate to audits to ensure compliance with equal pay and standard industry practices. Information instruments of the auditors On behalf of the Board of Directors, the Audit Committee annually reviews the independence, qualiﬁcation, performance, and fees of the auditors. It prepares a proposal for the Board of Directors for selection of the auditor, which is then submitted by the Board to the General Meeting. The Board of Directors annually reviews the scope of the external audit, the audit plans, and the respective procedures, and discusses the audit results with the external auditors. In a joint meeting at least once a year, the auditor reports to the Audit Committee of the Board of Directors on the auditing work and its essential results. A regular exchange of information takes place between the auditor and the CFO. Information policy The APG|SGA Group practices an open information policy toward the ﬁnancial market and the general public. The shareholders receive semi-annual correspondence informing them about the Group’s business performance. The Annual Report, the detailed Financial Report, the letters to shareholders, the stock price, and press releases are available at www.apgsga.ch. Financial media and analysts conferences are held at least once per year. The publication of share price-relevant facts is governed by the provisions relating to the ad-hoc disclosure requirements of SIX Swiss Exchange. Interested parties may subscribe to media releases at www.apgsga.ch/en/account/register Key dates: − closing date: December 31 − Announcement of annual results 2020 and publication of the Annual Report: March 15, 2021 − General Meeting: April 28, 2021 (Based on the federal government’s COVID -19 Ordinance 3 for the protection of shareholders and employees, the ordinary General Meeting will take place without the physical presence of shareholders or their proxies. APG|SGA share- holders will be able to exercise their rights by postal or elec- tronic channels through the independent proxy) − closing date for the semi-annual results: June 30 − announcement of the semi-annual results: July 29, 2021 P104540_APG_SGA_GB2020.indd 29 08.03.21 14:49

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APG|SGA Annual Report 2020 Remuneration Report 1. Introduction This Remuneration Report complies with Article 13 et seq. of the Federal Council Ordinance of November 20, 2013, Against Excessive Remuneration in Listed Companies Limited by Shares (ERCO). This Ordinance was issued by the Federal Council in response to the adoption by the Swiss electorate of the federal- level “popular initiative against fat cat salaries” (also known as the “Minder Initiative”) on March 3, 2013. This report also respects the Directive on Information Relating to Corporate Governance (DCG) issued by SIX Exchange Regulation, and the Swiss Code of Best Practice issued by economiesuisse. The report describes the basic remuneration policy, the procedure by which remuneration is determined, and the elements and structure of the system of remuneration for the Board of Directors and Executive Board of APG|SGA. It also contains the information required under Arts. 14 –16 ERCO, speciﬁcally details of ﬁxed and variable performance-related remuneration to the Board of Directors and Executive Board. This Remuneration Report replaces the information previously presented in the Notes to the Balance Sheet in accordance with Article 663b bis of the Swiss Code of Obligations. 2. Basic remuneration policy The long-term objective of APG|SGA is to achieve an attractive and sustainable return, or increase in value, for its shareholders. Our Group pursues this aim in a demanding and highly com- petitive environment. To operate successfully in this market, we must attract and retain talented, performance-driven and motivated management staff. APG|SGA’s present system of remuneration was introduced effective 2012 in the interests of good corporate governance. It is structured in such a way that the interests of the members of the Board of Directors and the Executive Board are aligned with the long-term objectives of the company and the interests of the shareholders. The remuneration system supports the sustainable, long-term success of the Group, and corresponds to both modern practice and market custom. Great importance is attached to transparency of the individual elements of remuneration. 3. Procedure for determining compensation 3.1. Remuneration Committee Each year, the General Meeting of Shareholders elects the members of the Remuneration Committee on an individual basis. The term of ofﬁce of these members ends at the close of the next Annual General Meeting. The Remuneration Committee has the following tasks and responsibilities: – preparing and periodically reviewing the remuneration policy and principles of the APG|SGA Group, as well as remunera- tion-related performance criteria; periodically reviewing how these are applied in practice, and submitting the corre- sponding proposals and recommendations to the Board of Directors – preparing all relevant decisions by the Board of Directors concerning remuneration for the members of the Board of Directors and Executive Board, and submitting the correspond- ing proposals and recommendations to the Board of Directors – brieﬁng the Board of Directors twice a year on the process used to determine remuneration – ensuring appropriate remuneration 3.2. Board of Directors Subject to the powers of the General Meeting of Shareholders, in accordance with the p rovisions of ERCO, the Board of Directors bears ultimate responsibility for the remuneration system. It proposes the members of the Remuneration Committee to the General Meeting of Shareholders. As at the end of 2020 , the Committee was composed of Robert Schmidli (Chairman), Markus Scheidegger and Jolanda Grob, all members of the B oard of Directors. If the Committee does not have its full number of members at any point between two General Meetings, the Board of Directors appoints additional members to serve out the remaining term of ofﬁce. The Board of Directors determines, on the basis of the proposal from the Remuneration Committee, the amount of remuneration its members should receive. The relevant provisions of ERCO on approval for remuneration apply. The Board of Directors submits to the General Meeting of Shareholders the proposal requesting approval of its remuneration. The Board of Directors determines, on the basis of the proposal from the Remu neration Committee, the amount of remuneration the members of the Executive Board should receive. 3.3. General Meeting of Shareholders In compliance with the provisions of ERCO, the General Meeting votes on the approval of remuneration for the Board of Directors and Executive Board. 30 Corporate Governance P104540_APG_SGA_GB2020.indd 30 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Governance 31 4. Elements and structure 4.1. Elements of remuneration for the Board of Directors The total remuneration paid to the Board of Directors comprises the following components: – annual ﬁxed directors’ fees, paid in cash – fee for committee work (CHF 20,000 for the Chairman and CHF 10,000 per member), paid in cash – ﬁxed long-term remuneration in the form of APG|SGA SA shares, which vest for a minimum of three years This remuneration system is stable and cannot be manipulated. It does not encourage excessive risk-taking, nor does it create short-term incentives, and thus does not result in any activity that may harm the reputation of APG|SGA SA. For these reasons, a conscious decision was made not to include any variable component in the fees paid to the Board of Directors. 4.2. Elements of remuneration for the Executive Board The generally applicable elements of remuneration for the Executive Board described in Art. 4.2.1 below were adjusted by the Board of Directors due to the effects of COVID -19 in the manner described in Art. 4.2.2 for the ﬁnancial year with respect to the variable component. 4.2.1. General representation The total remuneration paid to the Executive Board comprises the following elements: – basic salary (ﬁxed component), paid in cash – short-term incentive (variable component), paid in cash – long-term incentive (variable component), one third of which is paid in cash, and two thirds in the form of APG|SGA SA shares, which vest for a minimum of three years The ﬁxed element of remuneration constitutes the basic annual salary, which reﬂects the market value and the individual skills and experience of the members of management. The variable element is capped at twice the ﬁxed remuneration. The short-term incentive is based on quantitative targets, and is paid out in cash. This is measured based on whether the budgets for EBITDA (earnings before interest, taxes, depreciation and amortization) and net income were met. These factors each have a 50% weighting. The bonus is calculated on a linear basis using the target bonus and the target attainment. Where targets are attained in full, 100% of the target bonus will be paid out. No bonus is paid if target attainment is 70% or less. The maximum bonus is paid if target attainment is 130% or more. The long-term incentive is based on quantitative and qualitative corporate targets. The quantitative targets carry an 80% weight- ing, the qualitative targets 20%. If the targets are achieved, the bonus will be credited to a “bonus/malus account”, which operates on a rolling three-year basis. Two thirds of the balance in the “bonus/malus account” is carried forward to the next year, and its payment thus deferred. One third of the balance is paid out each year if the balance is positive. One third of this bonus is paid in cash, and two thirds in the form of APG|SGA SA shares, which vest for a minimum of three years. Shares are allocated on the basis of their weighted average price on the ﬁrst 10 trading days of the month that follows the General Meeting. If the targets are not achieved, a debit is charged to the “bonus/malus account”, and the account balance declines accord- ingly. It may even fall to below zero, the result of which is that no further payments are made until the balance is positive once again. 4.2.2. Consideration of the effect of COVID -19 in variable compensation for the Executive Board With respect to the variable compensation, the principles for the ﬁnancial year 2020 described in Art. 4.2.1 were adjusted for the effect of COVID -19. The effects of COVID -19 on the quantita- tive targets were discussed intensively by the Board of Directors’ Remuneration Committee in a number of meetings and incor- porated into the ﬁnal judgment of the Board of Directors as follows: − For the months of January and February, the original target at EBIT level (proﬁt before interest and taxes) was used as the measurement basis. For the months from March to December, the measurement basis was composed in equal parts of the original target at EBIT level and the revised target at EBIT level issued in March 2020. This multi-tiered evaluation basis is explained by the fact that business was conducted under normal circumstances in January and February, with the situation changing dramatically in March due to the effects of COVID -19. − The key ﬁnancial ﬁgure of EBIT was used as the sole quanti- tative calculation basis. − The target achievement corridor (70% –130%) for the short- term variable compensation was suspended due to COVID -19. The qualitative targets were left unchanged and evaluated by the Remuneration Committee. P104540_APG_SGA_GB2020.indd 31 08.03.21 14:49

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APG|SGA Annual Report 2020 32 Corporate Governance 5. Remuneration in 2020 Sections 5, 6 and 7 are subject to review by the auditors. The payments listed below are accruals and undisbursed amounts for ﬁnancial year 2020. 5.1. 2020 remuneration for members of the Board of Directors 1 Fixed Compensation Value in Social Name Function Cash portion shares beneﬁts Total 2020 Total 2019 Dr. Daniel Hofer Chairman 200 000 100 000 23 000 323 000 323 000 Robert Schmidli Vice-Chairman 88 000 20 000 6 000 114 000 114 000 Markus Scheidegger Member 68 000 20 000 7 000 95 000 95 000 Stéphane Prigent Member 78 000 20 000 8 000 106 000 106 000 Xavier Le Clef Member 58 000 20 000 6 000 84 000 84 000 Dr. Maya Bundt 2 Member 36 000 12 000 4 000 52 000 Jolanda Grob 2 Member 42 000 12 000 4 000 58 000 Total 570 000 204 000 58 000 832 000 722 000 5.2. 2020 remuneration for members of the Executive Board 1, 3 Fixed Compensation Variable Compensation Total Compensation Social Short-term Long-term Social Cash portion beneﬁts Total cash allocation beneﬁts Total 2020 2019 Total 1 516 000 485 000 2 001 000 320 000 312 000 54 000 686 000 2 687 000 3 433 000 Highest individual remuneration: Markus Ehrle, CEO 417 000 149 000 566 000 129 000 120 000 21 000 270 000 836 000 1 064 000 Balance Balance New allocation to be carried Bonus/malus account 4 previous year current year Pay-out Change forward Total 856 000 312 000 389 000 –78 000 778 000 Highest individual remuneration: Markus Ehrle, CEO 354 000 120 000 158 000 –38 000 316 000 1 Amounts allocated, accrued, rounded 2 Elected to the Board of Directors at the General Meeting on May 14, 2020; fee limited on pro rata temporis basis 3 Andy Bürki joined the Executive Board during the 2019 reporting year on April 1, 2019. Daniel Strobel resigned from the Executive Board on March 31, 2019 and Marcel Seiler on May 31, 2019. These changes to the Executive Board affect comparability with the previous year. 4 Based on a long-term incentive plan: one third of the balance of the bonus/malus account is paid out yearly (whereof 1/3 in cash and 2/3 in shares) For members of the Executive Board, variable compensation amounted to between 20% and 60% of the ﬁxed wage component. P104540_APG_SGA_GB2020.indd 32 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Governance 33 6. Loans and credit granted to members of the Board of Directors and Executive Board As in the previous year, no loans were made or credit granted to members of the Board of Directors or Executive Board during the reporting year. There are also no loans or credit outstanding. Furthermore, as in the previous year, no guarantees or sureties were provided to third parties, neither was any other form of security provided for members of the Board of Directors or Executive Board. 7. Payments, loans, and credit granted to former members of the Board of Directors and Executive Board, and related parties In the reporting year, as in the previous year, no loans were made or credit granted to former members of the Board of Directors or Executive Board during the reporting year. There are also no such loans or credit outstanding. As in the previous year, no fees were paid to related parties on anything other than market terms during the reporting year. As in the previous year, no loans were made or credit granted to related parties on anything other than market terms during the reporting year. There are also no loans or credit outstanding. Transactions with related parties are disclosed in the Financial Report (cf. page 47), in Note 22 to the consolidated annual ﬁnancial statements. 8. Participations The participations (number of shares) held by members of the Board of Directors and the Executive Board are disclosed in the Financial Report (cf. page 47), in Note 6 to the annual ﬁnancial statements of APG|SGA SA. P104540_APG_SGA_GB2020.indd 33 08.03.21 14:49

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PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, CH-8050 Zürich, Switzerland Telefon: +41 58 792 44 00, Telefax: +41 58 792 44 10, www.pwc.ch PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity. Report of the statutory auditor to the General Meeting of APG SGA SA Geneva We have audited the remuneration report of APG SGA SA (paragraph 5 to 7, pages 30 to 33 for the year ended 31 Decem- ber 2020. Board of Directors’ responsibility The Board of Directors is responsible for the preparation and overall fair presentation of the remuneration report in accord- ance with Swiss law and the Ordinance against Excessive Compensation in Stock Exchange Listed Companies (Ordi- nance). The Board of Directors is also responsible for designing the remuneration system and defining individual remunera- tion packages. Auditor’s responsibility Our responsibility is to express an opinion on the accompanying remuneration report. We conducted our audit in accordance with Swiss Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the remuneration report complies with Swiss law and articles 14–16 of the Ordinance. An audit involves performing procedures to obtain audit evidence on the disclosures made in the remuneration report with regard to compensation, loans and credits in accordance with articles 14–16 of the Ordinance. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements in the remuneration re- port, whether due to fraud or error. This audit also includes evaluating the reasonableness of the methods applied to value components of remuneration, as well as assessing the overall presentation of the remuneration report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the remuneration report of APG SGA SA for the year ended 31 December 2020 complies with Swiss law and articles 14–16 of the Ordinance. PricewaterhouseCoopers AG Stefan Räbsamen Philipp Gnädinger Audit expert Auditor in charge Audit expert Zürich, 12 March 2021 P104540_APG_SGA_GB2020.indd 34 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Responsibility APG|SGA aims to foster comprehensive and sustainable values for its partners, customers, shareholders and employees, while making a contribution to the environment and society. Balanced consideration of environmental (planet), social (people) and economic (proﬁt) factors in decision-making and implementation processes is regarded as vital for the long-term success of the company. Corporate responsibility and sustainability is enshrined as one of the six values of the APG|SGA Code of Conduct alongside enthusiasm, partnership, entrepreneurship, integrity and trans- parency – values that are anchored in our daily work. APG|SGA has been reporting on its active commitment to environmental protection for more than 15 years. Since 2018, we have expanded our reporting to reﬂect an overall view of corporate responsi- bility. Both our sustainability strategy and our company strategy follow the APG|SGA corporate Mission Statement, which consists of a vision & purpose as well as promises & principles. The full corporate Mission Statement and Code of Conduct: www.apgsga.ch/corporatemissionstatement The sustainability strategy is based on the triad of people, planet, proﬁt, and both the guidelines of the Global Reporting Initiative (GRI) and the UN’s Sustainability Development Goals. Complete, constantly updated Sustainability Report: www.apgsga.ch/sustainability Corporate Responsibility 35 P104540_APG_SGA_GB2020.indd 35 08.03.21 14:49

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APG|SGA Annual Report 2020 36 Corporate Responsibility People Planet Proﬁt Attractive Employer Environmental Management Job Security Environmental Performance Infrastructure & Processes Compliance Social Responsibility Sustainable Procurement Foundations – Employees – Clients – Partners – Other stakeholders – Society – Energy – Water – Resources – Shareholders – Investments – Market environment – Procurement – Logistics – Sales Results – Competent and motivated employees – Safe and healthy work environment – High expertise in media sector – Stable partnerships – Fair business partner – Contribution to general welfare – Reduced environmental footprint along the whole value chain – Consistent implementation of the CO 2 target agreement with the Swiss government – Resource-efﬁcient advertising panels/formats – Strong sales development and high proﬁtability – Solid ﬁnancing – Attractive dividend policy – Exemplary corporate governance – Transparent remuneration system – Innovative products, systems and services – Contribution to civil society Approach UN Sustainable Development Goals People Planet Proﬁt Corporate Responsibility Strategy Purpose – Focus on out of home media – Sustainability and quality orientation – Development of best locations – Use of technological opportunities Promises – Compliance with service promises to customers, partners, employees, shareholders, society and the environment – Creativity, technology and innova- tion at the heart of marketing positioning, as well as the product and service portfolio Principles – Cooperation, management and leadership based on the values of enthusiasm, partnership, entre- preneurship, integrity, transparency and sustainability – Creation of a positive experience with each contact – Compliance with the Code of Conduct Corporate Mission Statement Vision “We want to use the very best communication solutions in public spaces to inspire people.” P104540_APG_SGA_GB2020.indd 36 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Responsibility 37 Attractive employer APG|SGA is committed to the creation of future-oriented, attractive jobs in a challenging work environment and the promotion of its employees. – Values: Our employees embody the values deﬁned in the Code of Conduct in their daily working life. To consolidate these values, a company-wide dialog was cultivated, addressing each of the different values at various levels. – Vocational and further training: Employees are speciﬁcally trained and promoted. This commitment may be ﬁnancial or temporal. – As at the end of 2020, APG|SGA had a total of nine apprentices and was able to offer further employment to one appren- tice who completed his apprenticeship in this period. – Leadership culture: Due to the COVID -19 pandemic, reduced measures were implemented under the potential and leadership programs (PEP/FEP) in 2020. All managers were extensively trained and made aware of possible conﬂict situations as a result of the new situation. – Reintegration: APG|SGA proactively promotes the reintegration of people following illness or accident. The clear objective is the social stabilization of those affected. – Feedback culture: Due to the 2019 restructuring and to COVID -19, an employee survey was carried out in 2020. This will be communicated internally in 2021. – Remuneration policy: APG|SGA offers a fair market and performance-based remuneration. The issue of equal pay between genders is of great importance to us. The remuneration system is designed in such a way that equal work and performance are paid equivalently, and this is regularly reviewed in external audits. – As a result of the COVID -19 pandemic, many employees received a reduced per- formance and success bonus. – Fringe beneﬁts: Employees proﬁt from staff discounts and offers, and up-to-date fringe beneﬁts. – A number of feedback instruments (employee satisfaction survey, line manager appraisal, objective setting and review) reﬂect our focus on values. – The objective is to meet the demand for qualiﬁed employees through training in the form of vocational training and internships. – APG|SGA offers its employees internal training tailored to meet the changing requirements of the company. – Company leadership development (FEP) training is carried out periodically. – Based on assessments from the line management appraisal, two or three con- crete objectives will be incorporated into individual objective setting. Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 People P104540_APG_SGA_GB2020.indd 37 08.03.21 14:49

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APG|SGA Annual Report 2020 38 Corporate Responsibility APG|SGA employees in Switzerland, by business unit in % 2020 2019 Total 1 491 507 By country Switzerland 443 455 Serbia 48 52 By demographics Share of men, in % 69 70 Share of women, in % 31 30 Share of full-time positions (90 –100%), in % 79 82 Share of part-time positions (<90%), in % 21 18 Apprentices and interns 2 9 11 APG|SGA employees as at December 31, 2020 1 Full-time 100% equivalent as basis, percentages rounded, excluding apprentices and interns 2 Switzerland, APG|SGA: commercial 7, logistics 2, IT 0 Age structure in %, excluding apprentices and interns Central Services 18 Advertising Market 2656 Partners & Operations 11 2 18 25 37 7 < 20 years 20 –29 years 30 –39 years 40 –49 years 50 –59 years > 60 years P104540_APG_SGA_GB2020.indd 38 08.03.21 14:49

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APG|SGA Annual Report 2020 Social responsibility APG|SGA takes its social responsibilities seriously. – In 2020, APG|SGA continued to implement the system and associated approaches deﬁned by Switzerland’s Federal Coordi- nation Commission for Occupational Safety (FCOS). – Training in workplace safety and health protection for all billposters in all business locations. – Accident/illness: 96% of employees had no absences due to accident in 2020 (BU and/or NBU). The level of absenteeism across the whole company is compar- able with other Swiss companies (seco statistics) and fell compared to 2019. – Harmful substances: In 2020, all harm- ful substances in the company (Logistics division) were stored and documented in accordance with regulations. – Ergonomics: The ofﬁce workstations continued to be ﬁtted with chairs and ergonomic desks with electric height adjustment. – Simple, effective factsheets on workplace safety and health protection were created and published on the intranet, and training carried out for Logistics and the ofﬁce in 2021. – Building/work safety and ﬁre safety: In 2020, existing safety concepts at the Sion and Lausanne sites were evaluated in an audit in collaboration with an external institute. – Through poster sponsorship, we offer non-proﬁt organizations as well as cultural and sporting events support to a media value in the tens of millions. – All fasteners for afﬁxing advertising vehicles are manufactured by a social institution. – Household items for APG|SGA properties are procured from the Swiss Workshop for the Blind and Visually Impaired. – Training of company vehicle drivers to promote anticipatory driving and accident avoidance via e-learning. – Work safety, health protection and sus- tainability will be instilled in all apprentices as a thematic block. – Employees in the Logistics division will be tasked with developing a safety concept for the avoidance of cuts and falls, and with training employees accordingly. – In 2021, the existing safety concept for the Logistics division will again be reviewed and further improved. In addi- tion, building/work safety/ﬁre safety audits are planned for Aarau, Basel, Chur and Wallisellen. – Poster sponsorship to be continued for the beneﬁt of Swiss society. – Continuation of partnership with social institutions for procurement. Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 Workplace safety/health protection APG|SGA promotes a culture of safety at a high level. Preventative measures are used to protect the health of employees. Corporate Responsibility 39 People P104540_APG_SGA_GB2020.indd 39 08.03.21 14:49

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APG|SGA Annual Report 2020 40 Corporate Responsibility – The area of “environment” regularly included as an agenda item for the Board of Directors/Executive Board. The objectives were approved by this body and facts and ﬁgures on progress thoroughly discussed. – Employees are informed of the sustain- ability strategy and facts and ﬁgures of the Sustainability Report 2019 through newsletters and orientation at the individual ofﬁces. – Overall environmental impact: In comparison with 2019, the overall environmental impact fell by about 20%. Greenhouse gas emissions fell by around 15%. – Energy consumption: Energy consump- tion has decreased by 7% compared with 2019. – Vehicles: Fuel consumption has fallen by 17% since 2019. – Electricity: Despite the continuous expansion of the digital range, electricity consumption only increased by 0.5% remaining almost constant. – Heating energy: Heating energy con- sumption fell by 6% compared with 2019 due to the warmer winter. At the Lausanne site, the heating system was completely refurbished in late October 2019 and switched to environmentally responsible district heating. Initial evaluations indicated that this change more than halved the environmental impact and greenhouse gas emissions of the heating. – Disposal: Compared with the previous year, total waste decreased in 2020. The recycling rate for poster waste fell by 3% compared with 2019. – Constant assessment of the deﬁned modules and objectives. – Communication of environmental achievements to employees through various channels. – Sustainability regularly included as an agenda item for the Board of Directors/ Executive Board. – Management objectives also include objectives in the area of corporate responsibility. – 10% reduction in environmental impact per CHF by 2022 (Base year 2017). – Optimization of energy in APG|SGA premises and reduction of energy consumption by advertising vehicles. – Development of further CO 2 measures. – The Green Ofﬁce pilot project aims to make the Zurich site self-sufﬁcient through an environmentally friendly electricity supply. As part of this, a photovoltaic system will be installed. This system will also be able to power charging infra- structure for electric vehicles. – Development of measures for targeted reduction of energy consumption, and promotion of an ongoing upgrade of APG|SGA advertising vehicles with new technology. – 10% reduction in heating energy consumption by 2022 (Base year 2017). – Recycling quotient for poster disposal more than 90%. Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 Environmental management APG|SGA sees environmental management as a continuous process in which identiﬁ- cation of environmental impact, action planning, management/monitoring and, if necessary, adjustments are integral com- ponents. Environmental performance APG|SGA makes an active contribution to environmental protection, consistently reducing its CO 2 emissions to levels below legal regulations. Planet P104540_APG_SGA_GB2020.indd 40 08.03.21 14:49

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APG|SGA Annual Report 2020 Corporate Responsibility 41 – Materials: Material consumption fell by 19% for the same period. – Posters: In 2020, a total of 1,791,290 posters were hung. This represents a fall of 14%. – CDP climate protection ranking: In the international climate protection ranking carried out by the CDP (Carbon Disclosure Project) in 2020, APG|SGA scored an “A“, comparable with the best of the prestigious, listed companies in the CDP Climate Score. This evaluation represents a further improvement on the previous year and illustrates the optimiza- tion and consistent efforts APG|SGA has pursued as part of its Corporate Responsibility strategy. – In 2018, APG|SGA introduced internal, science-based climate goals. These were adjusted in 2019 to keep in line with the vision of a 1.5°C future. – Introduction of a new reference size in response to increase in digital advertising formats – currently the environmental impact is calculated per poster. – Improvement of ecological assessment. – Continuation of CDP climate protection ranking and consistent implementation of efforts as part of the Corporate Responsi- bility strategy. – Implementation of environmental quick wins, with one measure to protect the environment being implemented each quarter. – Climate goals in line with the 1.5°C future vision (greenhouse gas emissions in scope 1+ 2, base year 2017): – By 2023 reduction of 30% – By 2035 reduction to “net 0“ Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 Planet Scope 1+ 2 SBT 1.5°C Scope 1+ 2 APG|SGA target Scope 1+ 2 APG|SGA 1 600 1 400 1 200 1 000 800 600 400 200 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 t CO 2 eq Measured greenhouse gas emissions compared with science-based reduction path P104540_APG_SGA_GB2020.indd 41 08.03.21 14:49

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APG|SGA Annual Report 2020 Sustainable procurement APG|SGA sets standards for environmen- tally and socially responsible production. – CO 2 reduction path: Intensifying the CO2 reduction path to 95 g CO2/km following the entire NEDC cycle in pro- curement of new personal vehicles. – Eco-ﬂeet: With a total of 150 “green” vehicles, the commissioning of three hybrid vehicles and a 10% increase in biogas content, APG|SGA achieved impressive CO 2 savings. The gas content in gas vehicle fueling stood at 98% in 2020. – Eco-electricity: Purchase of 100% eco-electricity (naturemadeStar) for illumi- nated advertising and commercial premises. – More energy-efﬁcient technology: 250 light boxes were once again ﬁtted and optimized with the latest LED tube technology in 2020. Better illumination with lower electricity consumption. – Work clothing: The focus is on sustain- ability in the procurement of work clothing. The materials are manufactured according to the world’s strictest textile standards for environmental and consumer protection and occupational safety. As a result, where available, parts of the new APG|SGA work clothing bear the bluesign ® label. – Promotion of alternative vehicle propul- sion systems. – Comprehensive e-mobility concept for APG|SGA’s ﬂeet management. – Continuous review of deﬁned reduction path following the WLTP (worldwide harmonized light vehicles test procedure) measurement methodology. – Gas vehicles: gas content in fueling main- tained at a level of 98%. – APG|SGA continues to purchase 100% eco-electricity. – Ongoing reduction of electricity consump- tion in digital and illuminated advertising vehicles (increasing energy efﬁciency). – Introduction of a sustainability code of conduct for all new suppliers. Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 Planet 42 Corporate Responsibility P104540_APG_SGA_GB2020.indd 42 08.03.21 14:49

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APG|SGA Annual Report 2020 Long-term existence of the company The optimal generation of earnings forms the foundation for the sustainable existence and competitiveness of the company. Attractive shareholder policy APG|SGA aims for attractive returns for shareholders and pays appropriate dividends in line with its business perfor- mance. Infrastructure and processes APG|SGA obtains and operates long- lasting, high quality infrastructure, such as buildings, facilities and tools. Compliance APG|SGA adheres to all legislation, guidelines and standards. APG|SGA evalu- ates the effectiveness of internal control systems and guidelines. In the event of misconduct, appropriate measures are taken. – In the ﬁnancial year 2020, the APG|SGA Group generated an EBIT of CHF 11.9 million* and a consolidated net income of CHF 9.5 million*. – The cash ﬂow from operating activities amounted to CHF 32.6 million. – Due to the COVID -19 pandemic, no dividend payment is to be made in early 2021. – Revised processes to increase the efﬁciency of operations and material ﬂow. – Improvement of route planning for more efﬁcient management of poster space. – Management of company vehicles through an external provider to increase ﬂeet efﬁciency. – Annual review and revision of the APG|SGA Code of Conduct. – By the end of 2020, all employees of the APG|SGA Group had passed the e-learning course “Anti-Bribery and Corruption Guidelines“. – Training of all ofﬁce employees through e-learning. – In 2020, the Compliance Committee reworked the existing guidelines and key principles. Employees will be trained in these via e-learning in the ﬁrst quarter of 2021. – Samples <10 were carried out with a positive result and no abnormalities. – Continual training. – APG|SGA will continue to focus on consistently following its deﬁned objec- tives. All decisions are made in the interests of long-term company success. – APG|SGA pursues an attractive dividend return and pays a reasonable dividend. – Constant process and route optimization to minimize mileage. – Evaluation of deﬁned objectives and implementation of measures relating to external vehicle procurement. – Continual improvement and implemen- tation of legislative changes through e-learning. – Consistent training for new employees. – Compliance Committee to conduct random checks to monitor compliance with the Anti-Bribery and Anti-Corruption Guidelines. Modules and direction Key facts and achievements 2020 Forecast 2021– 2025 Proﬁt Corporate Responsibility 43 * adjusted for one-time effects P104540_APG_SGA_GB2020.indd 43 08.03.21 14:49

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APG|SGA Annual Report 2020 Consolidated balance sheet Assets in 1 000 CHF 31.12.2020 31.12.2019 Buildings and land 29 065 32 576 Advertising panel 23 459 22 381 Other property, plant, and equipment 3 495 4 074 Property, plant, and equipment 56 019 59 031 Deferred tax assets 1 515 1 351 Other ﬁnancial investments 6 653 7 400 Financial investments 8 168 8 751 Goodwill 5 298 5 648 Contractual advertising rights 14 546 15 515 Intangible ﬁxed assets 19 844 21 163 Non-current assets 84 031 88 945 Inventories 4 885 3 865 Trade accounts receivable 30 353 44 331 Other accounts receivable 8 359 7 415 Deferred expenses and accrued income 5 040 6 547 Short-term ﬁnancial investments 6 000 Cash and cash equivalents 66 587 41 762 Current assets 121 224 103 920 Total 205 255 192 865 Shareholders‘ equity and liabilities in 1 000 CHF 31.12.2020 31.12.2019 Share capital 7 800 7 800 Capital reserves, premiums 12 938 13 246 Treasury shares −1 491 −853 Translation differences −2 128 −2 098 Retained earnings 72 291 59 048 Shareholders' equity 89 410 77 143 Financial liabilities 350 Provisions 7 299 7 979 Deferred tax liabilities 2 651 3 302 Non-current liabilities 9 950 11 631 Financial liabilities 298 Trade accounts payable 7 785 7 989 Taxes payable 4 879 7 265 Other accounts payable 27 059 29 995 Accrued liabilities and deferred income 64 967 56 454 Provisions 907 2 388 Current liabilities 105 895 104 091 Liabilities 115 845 115 722 Total 205 255 192 865 44 Extract of the Financial Report P104540_APG_SGA_GB2020.indd 44 08.03.21 14:49

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APG|SGA Annual Report 2020 Consolidated income statement in 1 000 CHF 2020 2019 Change Advertising revenue 261 904 318 494 −17.8% Real estate revenue 1 690 1 693 −0.2% Other operating income 5 934 40 Operating income 269 528 320 227 −15.8% Fees and commissions −164 630 −165 039 −0.2% Personnel expenses −51 443 −61 646 −16.6% Operating and administrative costs −26 579 −32 137 −17.3% Operating result before depreciation and amortization (EBITDA) 26 876 61 405 −56.2% Depreciation of tangible assets −9 267 −8 790 5.4% Amortization of intangible assets −937 −952 −1.6% Amortization of goodwill −349 −349 Operating result (EBIT) 16 323 51 314 −68.2% Financial result 23 −124 Result from joint ventures −129 Ordinary result before income tax 16 346 51 061 −68.0% Income tax −3 103 −9 229 −66.4% Consolidated net income 13 243 41 832 −68.3% Basic and diluted earnings per share, in CHF 4.42 13.95 −68.3% Consolidated statement of changes in equity Capital reserves, Translation Retained Shareholders’ in 1 000 CHF Share capital premiums Treasury shares differences earnings equity as at January 1, 2019 7 800 13 449 −748 −1 461 77 171 96 211 Consolidated net income 41 832 41 832 Translation differences −637 −637 Distributions −59 955 −59 955 Purchase of treasury shares −1 018 −1 018 Sale of treasury shares −192 913 721 Equity transaction costs −11 −11 as at December 31, 2019 7 800 13 246 −853 −2 098 59 048 77 143 Consolidated net income 13 243 13 243 Translation differences −30 −30 Purchase of treasury shares −1 637 −1 637 Sale of treasury shares −294 999 705 Equity transaction costs −14 −14 as at December 31, 2020 7 800 12 938 −1 491 −2 128 72 291 89 410 Extract of the Financial Report 45 P104540_APG_SGA_GB2020.indd 45 08.03.21 14:49

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APG|SGA Annual Report 2020 46 Extract of the Financial Report Consolidated statement of cash ﬂows in 1 000 CHF 2020 2019 Consolidated net income 13 243 41 832 Depreciation and amortization 10 553 10 091 Changes in provisions −757 227 Changes in deferred taxes −816 −1 377 Financial result with no cash impact −40 137 Gain from sale of non-current assets −5 925 4 Result from joint ventures 129 Change in inventories −1 021 −1 497 Change in accounts receivable 12 999 −11 303 Change in deferred expenses and accrued income 1 442 −29 Change in accounts payable and taxes payable −5 517 4 137 Change in accrued liabilities and deferred income 8 513 7 486 Cash ﬂow from operating activities 32 674 49 837 Capital expenditures in property, plant, and equipment −8 868 −8 377 Capital expenditures in intangible assets −1 345 −159 Capital expenditures in short-term ﬁnancial investments −6 000 Sale of property, plant, and equipment 8 525 244 Sale of other ﬁnancial investments 813 34 Net cash used in investing activities −6 875 −8 258 Purchase of treasury shares −1 637 −1 018 Sale of treasury shares 691 710 Increase in non-current ﬁnancial liabilities 358 Repayment of ﬁnancial liabilities −51 Dividends to APG SGA SA shareholders −59 956 Net cash used in ﬁnancing activities −997 −59 906 Currency translation effect on cash and cash equivalents 23 −39 Change in cash and cash equivalents 24 825 −18 366 Cash and cash equivalents as at January 1 41 762 60 128 Cash and cash equivalents as at December 31 66 587 41 762 Explanation of ﬁnancial terms Cash ﬂow margin Cash ﬂow from operating activities in % of operating income EBITDA Earnings before interest, taxes, depreciation of tangible assets, and amortization of intangible assets EBIT Earnings before interest and taxes Equity ratio Shareholders’ equity in % of balance sheet total Free cash ﬂow Cash ﬂow from operations minus cash ﬂow from investments Free cash ﬂow per share Free cash ﬂow divided by the average number of shares in circulation during the reporting period Net current assets Trade accounts receivable plus inventories minus trade accounts payable Payout ratio Payout in % of consolidated net income P/E ratio Price/earnings ratio: ratio of share price to earnings per share ROE Return on equity: consolidated net income in % of average shareholders’ equity ROIC Return on invested capital: operating income in % of average capital employed, without cash and cash equivalents, less interest-free liabilities P104540_APG_SGA_GB2020.indd 46 08.03.21 14:49

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. Imprint Publisher: APG|SGA SA Layout: Rolf Stocker, Lucerne Lithography and printing: UD Medien, Lucerne This report is available in French, German, and English. The detailed Financial Report is available in English. Both documents are available free of charge or can be downloaded from www.apgsga.ch/report 2021 © APG|SGA SA All rights reserved Financial Report – Source The detailed Financial Report is published in English. It is available free of charge or can be downloaded from www.apgsga.ch/report Cover The elegant Bahnhof/Löwenstrasse branding zone, together with ﬁve other digital branding zones at Zurich’s main railway station, offers an efﬁcient, high-impact advertising presence. P104540_APG_SGA_GB2020.indd 47 08.03.21 14:49

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Printed in Switzerland March 2021 APG|SGA SA Carrefour de Rive 1 CH -1207 Genève T +41 58 220 70 00 F +41 58 220 70 97 investors@apgsga.ch www.apgsga.ch P104540_APG_SGA_GB2020.indd 48 08.03.21 14:49

Annual report