AEVIS VICTORIA SA

Investor Presentation • Mar 31, 2022

AEVIS VICTORIA – 2021 Annual Results Presentation

Investing for a better life

Disclaimer

This communication contains statements that constitute "forward-looking statements". In this communication, such forward-looking statements include, without limitation, statements relating to our financial condition, results of operations and business and certain of our strategic plans and objectives. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors which are beyond AEVIS VICTORIA SA's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors detailed in AEVIS VICTORIA SA's past and future filings and reports and in past and future filings, press releases, reports and other information posted on AEVIS VICTORIA SA's group companies websites. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. AEVIS VICTORIA SA disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of AEVIS VICTORIA SA.

Our long-term vision

AEVIS VICTORIA

• Investing for a better life – We invest in services to people
• Creating value – We grow and manage companies for long term value
• Partnerships – Our expertise and culture makes us a preferred investment partner

Our focus sectors

Investment activity 2021/2022

Investment activity in focus sectors

Placement of 10% stake to MPT

AEVIS has sold a 10% stake in Swiss Medical Network to Medical Properties Trust (MPT)

Transaction Rationale

• AEVIS has sold 10% of the share capital of Swiss Medical Network to MPT
• The transaction was based on an enterprise value of CHF 1.7bn on a 100% basis for Swiss Medical Network
• For AEVIS, the transaction led to a cash inflow of around CHF 145m and an increase in equity by CHF 98m
• Transaction date: March 2021

• Unlocking of substantial value creation at Swiss Medical Network since inception

• Initial opening of the shareholder base to strategic investors
• Entry of a strong strategic partner with extensive know-how and a valuable network
• Further strengthening of the relationship with MPT
• Increase of financial flexibility on AEVIS level

First step in a process to optimize Swiss Medical Network's shareholder base, strengthen its autonomy, and realize its vision of creating integrated care networks in Switzerland

AEVIS has sold 60% of Swiss Ambulance Rescue Genève to Touring Club Suisse

Transaction Rationale

• AEVIS has sold 60% of Swiss Ambulance Rescue Genève to Touring Club Suisse as part of a strategic joint venture
• AEVIS continues to hold a 40% minority stake
• Transaction date: February 2021
• With the transaction, Swiss Ambulance Rescue was deconsolidated from AEVIS
• The goal of the partnership is to accelerate the development of a nationwide ambulance provider
• This will be implemented by both organic growth initiatives as well as inorganic bolt-on acquisitions

Since the start of the strategic alliance, TCS Swiss Ambulance Rescue has acquired two competitors and has become the largest private ambulance service provider in Switzerland

Acquisition of minority stake in Batgroup

AEVIS has invested in Batgroup up to a stake of 27%

Transaction Rationale

• AEVIS has become a strategic investor in Batgroup to finance its growth strategy
• The investment of up to CHF 25m is structured in various installments that can lead to a stake of up to 27%
• Batgroup, the parent company of Batmaid, is the leading on-demand home-cleaning platform in Switzerland
• Investment start: September 2021
• Batgroup will benefit from AEVIS' know-how and expertise in managing high-growth businesses
• Strategic fit with AEVIS' strategy of focusing its investments in personal services
• High growth potential due to vast untapped international markets

Strategic investment in the personal services field with strong growth opportunities in foreign markets

Sale of 40% minority stake in Medgate

AEVIS has sold its 40% participation in Medgate to Otto Group

Transaction Rationale

• In 2016, AEVIS acquired a 40% stake in Medgate and has significantly invested in the company, helping Medgate to become a key player in telemedicine
• To finance its international expansion, Medgate has completed a financing round
• As part of the financing round, AEVIS has sold its 40% stake to Otto Group for an undisclosed consideration
• Since AEVIS' healthcare activities are clearly focused on the Swiss market, Otto Group is an ideal successor to support Medgate's international growth phase as a majority shareholder
• The exit of the participation generated net cash proceeds of CHF 66.0m for AEVIS in 2022, combined with 47 millions capital gain.

• Transaction date: March 2022

AEVIS has accompanied and financially supported the development of Medgate for six years and has exited this successful cooperation with an attractive return on investment

Investment activity healthcare

31.03.2022 11

Klinik Pyramide am See and Rosenklinik

Swiss Medical Network increased its participation in Klinik Pyramide am See from 20% to 100%

Swiss Medical Network increased its participation in Rosenklinik from 40% to 100%

Transaction

• After having acquired an initial 20% in Klinik Pyramide am See in 2011, Swiss Medical Network acquired the remaining 80% of the shares in July 2021
• Transaction date: July 2021

Rationale

• With the acquisition, Swiss Medical Network strengthens its offering in the specializations of plastic, reconstructive and aesthetic surgery
• Synergies with Bethanien in Zurich expected

Transaction

• Swiss Medical Network initiated its cooperation with Rosenklinik by acquiring 40% in 2019; in July 2021, the remaining 60% of the shares were taken over
• Transaction date: July 2021

Rationale

• The integration of Rosenklinik in Rapperswil extended the group's footprint to the canton of St. Gallen creating a hub close to Zurich, Schwyz and Glarus

The integration of Klinik Pyramide am See and Rosenklinik significantly strengthens Swiss Medical Network's medical offering in the Greater Zurich Area

HJB and Xundheitszentren

Swiss Medical Network increased its participation in Hôpital du Jura bernois (HJB) from 35% to 52%

Swiss Medical Network acquired 80% of the shares in Xundheitszentren

Transaction

• Swiss Medical Network acquired 80% of the shares of Xundheitszentren, a network of 11 doctor's offices across Switzerland, from Ärztekasse
• Transaction date: October 2021

Rationale

• The integration of the 11 doctor offices will extend Swiss Medical Network's footprint across Switzerland and create referral synergies with the hospital operations

Targeted strengthening of the outpatient offering in the primary care sector

Transaction

• Swiss Medical Network exercised its purchase option to acquire an additional 17% stake in HJB, bringing its participation up to 52%
• Transaction date: August 2021

Rationale

• With HJB an unparalleled density in the medical offering in the regional cluster of the Arc Jurassien is achieved, which is an ideal foundation for the integrated care vision of the group

Optimal cooperation with Berne and ideal basis for integrated care activities in the Arc Jurassien

Investment activity hospitality & infrastructure

In early 2022, the operations of the luxury hotel L'Oscar were acquired by Victoria-Jungfrau (March 2022)

At the same time, the real estate of the luxury hotel L'Oscar was acquired by Swiss Hotel Properties (March 2022)

Victoria-Jungfrau and Swiss Hotel Properties acquired Hotel L'Oscar in central London

Transaction Rationale

• Victoria-Jungfrau has acquired the operating activities of luxury boutique hotel L'Oscar with 39 rooms and suites in central London
• As part of the transaction, the hotel real estate including an extension building was taken over by Swiss Hotel Properties (5'200m2)
• The acquisition was completed for a total consideration of GBP 60m
• The acquisition of L'Oscar hotel in London is an ideal addition to the existing portfolio of hotels operating under the Michel Reybier brand La Réserve
• The renovation works at L'Oscar hotel have been conducted by architect Jacques Garcia, who has already worked on other Michel Reybier hotels

• Transaction date: March 2022

Ideal portfolio addition in a new location with a stylistic overlap to the existing La Réserve hotels

Financials

Statutory AEVIS key figures

Statutory income statement (in CHF000)	Actual 2020	Actual 2021	Financial revenues have strongly
Total income	16'238	216'400	increased, mainly due to the sale of 10% of Swiss Medical
EBITDA	6'898	200'817	Network to MPT and strong
% margin	42%	93%	distributions from Infracore
Net profit	7'354	197'556
% margin	45%	91%	Based on this, BoD proposes a distribution of CHF 1.- per share
Statutory balance sheet	Actual	Actual
(in CHF000)	31.12.2020	31.12.2021
Total assets	782'154	922'861	Further reduction of financial
Current liabilities	210'427	199'531	leverage as the maturing
Non-current liabilities	145'000	83'923	CHF 150m bond was repaid in June 2021
Total liabilities	355'427	283'454
Total equity	426'727	639'407	Significantly improved equity position in 2021
Total liabilities and equity	782'154	922'861

Value creation since 2012

• In 2018/2019, AEVIS unlocked (and distributed) parts of the significant value creation built up over the years. This manifested in a faster growth of the statutory equity per share
• In absolute terms, the share price is higher than the statutory equity per share, reflecting confidence in growth potential, further value unlocking and distribution of earnings

Consolidated AEVIS P&L key figures

Consolidated income statement	Actual	Actual
(in CHF000)	2020	2021
Total revenue	733'018	895'015	Net revenue increased by 22.8%
External services	(91'804)	(107'684)	Organic growth being 9.8% supported by
Net revenue	641'214	787'330	strong development capex in 2019 and
% growth	n.a.	22.8%	2020
EBITDAR EBITDAR margin	99'294 15.5%	152'363 19.4%	Increased operating profits thanks to better asset utilization, strict cost management and lower expenses
Rental expenses	(62'645)	(73'920)
EBITDA	36'649	78'443	Year on year, the EBTIDA margin almost
EBITDA margin	5.7%	10.0%	doubled to 10% in 2021
EBIT	(23'277)	16'772
EBIT margin	-3.6%	2.1%

Consolidated AEVIS balance sheet key figures

Consolidated balance sheet	Actual	Actual
(in CHF000)	2020	2021
Cash and cash equivalents	65'559	63'418
Accounts receivable	137'363	175'402
Other current assets	106'443	144'344
Total non-current assets	1'220'582	1'347'265
Total assets	1'529'948	1'730'429
Financial liabilities and other borrowings	841'737	841'267
Other liabilities	268'571	303'712
Total liabilities	1'110'308	1'144'979
Share capital	83'500	84'529
Reserves and retained earnings	277'734	401'391
Equity excl. minority interests	361'234	485'920
Minority interests	58'406	99'530
Equity incl. minority interests	419'640	585'451
Total liabilities and equity	1'529'948	1'730'429
Equity ratio	27.4%	33.8%
Leverage ratio	55.0%	48.6%

A vast majority of accounts receivable are from hospital activities

These are mostly composed of Swiss health insurance companies and Swiss Cantons and are predominantly less than 12 months old

Consolidated equity strongly increased, mainly due to the MPT transaction

In 2021, both the equity and the leverage ratios have significantly improved

Consolidated segment reporting

2021 (in CHF000)	Hospitals* stand-alone	Hospitality	Real estate	Others	Corporate	Elimination*	Total
Net revenue	692'378	114'329	20'939	12'045	4'418	(56'778)	787'331
EBITDAR	161'564	34'645	18'400	2'764	(9'338)	(55'672)	152'363
EBITDAR margin	23.3%	30.3%	87.9%	22.9%	-	-	19.4%
EBITDA	93'464	16'919	18'393	457	(10'844)	(39'946)	78'443
EBITDA Margin	13.5%	14.8%	87.8%	3.8%	-	-	10.0%
2020 (in CHF000)	Hospitals	Hospitality	Real estate	Others	Corporate	Elimination	Total
Net revenue	546'730	72'725	15'437	15'156	1'451	(10'285)	641'214
EBITDAR	100'514	6'231	12'977	(2'438)	(8'262)	(9'728)	99'294
EBITDAR margin	18.4%	8.6%	84.1%	-	-	-	15.5%
EBITDA	46'263	(8'462)	12'976	(5'254)	(8'874)	-	36'649
EBITDA Margin	8.5%	-11.6%	84.1%	-	-	-	5.7%

*Standalone, Swiss Medical Network achieved net revenue of CHF 692.4m and an EBITDAR of CHF 161.6m. After eliminations of internal restructuring effects in the AEVIS consolidation process, net revenue of CHF 652.4m and an EBITDAR of CHF 121.6m resulted

Capital market visibility and performance

Healthcare

Swiss Medical Network

90% participation of AEVIS

HOSPITALS / HEALTH CENTERS 22 / >40 INTERVENTIONS (ANNUAL BASIS) 67'362 BEDS 1'465 PHYSICIANS 2'305 TOTAL OUTPATIENTS ADMISSIONS >580'000

Value creation through acquisitions since 2002

(1) Pyramide was acquired in two phases – 20% in 2011 and 80% in 2021.

(2) Rosenklinik was acquired in two phases – 40% in 2019 and 60% in 2021.

(3) Hôpital du Jura bernois majority was acquired in two phases – 35% in 2020 and 17% in 2021 (through a call option).

zentrum

Swiss Medical Network's regional clusters

Hospitals (22)

Clinique de Genolier (VD) Clinique de Montchoisi (VD) Clinique Valmont (Reha) (VD) Clinique Général-Beaulieu (GE) Clinique de Valère (VS) Clinique Générale (FR) Hôpital de la Providence (NE) Clinique Montbrillant (NE) Clinica Sant'Anna (TI) Clinica Ars Medica (TI) Privatklinik Belair (SH) Privatklinik Bethanien (ZH) Privatklinik Lindberg (ZH) Klinik Pyramide am See (ZH) Rosenklinik Rapperswil (SG) Privatklinik Obach (SO) Privatklinik Villa im Park (AG) Schmerzklinik Basel (BS) Privatklinik Siloah (BE) Hôpital du Jura Bernois (BE)

Medical centers (>40)

40 medical centers in the catchment areas of the group's hospitals

The vision: Swiss pioneer in integrated care

Current and future footprint in Arc Jurassien

Strategic roadmap for the Arc Jurassien

* As per 1.7.2021

TCS Swiss Ambulance Rescue

40% participation of AEVIS alongside TCS

FOUNDATION	INTERVENTIONS PER YEAR
1998	around 25'000
EMPLOYEES	NUMBER OF VEHICELS
>160	38
	PROFILE

• TCS as strong strategic partner • Growth strategy to build up Swiss sector leader with integrated offerings • Continuation of bolt-on acquisitions

planned in the short-term

Hospitality & Lifestyle

Hospitality group 100% participations of AEVIS

Current hotel portfolio

Fully owned hotels

Hotel Victoria-Jungfrau, Interlaken La Réserve Eden au Lac, Zurich Bellevue Palace, Bern Crans Ambassador, Crans Montana Mont Cervin Palace, Zermatt Monte Rosa, Zermatt Petit Cervin, Zermatt AlpenGold Hotel, Davos Schweizerhof, Zermatt

Cooperation with Michel Reybier Hospitality

The management contract between Victoria-Jungfrau and Michel Reybier Hospitality serves as the connecting link between AEVIS' owned hotels and affiliated hotels

Batgroup Up to 27% participation of AEVIS

Real Estate

Infracore 30% participation of AEVIS (50% voting rights)

MARKET VALUE 2021 IN CHFbn 1.2 NET REVENUE 2021 IN CHFm 58.9 DIVIDEND 2021 IN CHFm 36.5 PROPERTIES INCL. DEV. PROJECTS 40 NET INCOME 2021 IN CHFm 43.5 RENTAL SURFACE IN SQM 188'109

*weighted average unexpired lease term

Broad portfolio across Switzerland

Swiss Hotel Properties 100% participation of AEVIS

Broad geographical footprint across Switzerland

Hotel Victoria-Jungfrau Interlaken La Reserve Eden au Lac 6 additional properties

Interlaken

Hotel Intercontinental Davos

L'Oscar, London (acquired in March 22)

Radogne (land reserve) Crans-Montana

Mont Cervin Palace Zermatt

Petit Cervin Zermatt

Hotel Schweizerhof Zermatt

4 additional properties Zermatt/Täsch

SHP 2022 portfolio details

Including assets acquired after reporting period

						Rental	Swiss GAAP
				Rental area		income	FER value
Name	Use	Location	Plot area	(sqm)	Rooms	(CHF'000)	(CHF'000)
Hotel Victoria-Jungfrau	Hotel property	Interlaken	33'982	34'070	216	5'000	122'000
Viktoriastrasse 10,18	Staff house	Interlaken	1'923	1'711	n.a.	529	10'040
Aarzälg	Farm / Land reserve	Interlaken	9'653	738	n.a.	n.a.	4'120
Harderstrasse 38	Commercial / residential	Interlaken	235	531	n.a.	104	2'350
Alpenstrasse	Land reserve	Interlaken	74'374	n.a.	n.a.	n.a.	727
Harderstrasse 32	Residential	Interlaken	173	70	n.a.	16	390
Harderstrasse 34	Other	Interlaken	461	n.a.	n.a.	n.a.	352
Hotel La Réserve Eden au Lac	Hotel property	Zürich	1'419	3'050	40	1'800	79'920
Le Mont Cervin Palace	Hotel property	Zermatt	6'503	14'487	78	1'566	61'800
Le Petit Cervin	Hotel property / Retail	Zermatt	2'073	8'236	43	1'555	43'100
Hotel Schweizerhof	Hotel property	Zermatt	2'470	8'007	95	2'100	50'980
Hotel Monte Rosa	Hotel property	Zermatt	790	3'100	41	n.a.	16'510
Seilerhausareal D,E	Hotel / commercial	Zermatt	8'391	3'232	n.a.	880	28'470
Villa Margherita	Hotel / commercial	Zermatt	535	1'205	15	749	17'070
Öltank	Two oil tanks	Zermatt	1'111	280	n.a.	n.a.	365
Welcome Inn	Hotel / Special	Täsch	3'389	1'808	55	175	6'268
Hotel Alpengold	Hotel property	Davos	18'087	22'854	216	2'396	86'780
Randogne	Land reserve	Crans Montana	14'134	n.a.	n.a.	n.a.	15'800
L'Oscar Hotel	Hotel property	London, UK	1'170	5'199	49	1'580	77'638

Total portfolio	180'873	108'578	848	18'452	624'679

Outlook

Impact of current global affairs

COVID-19		• In 2020, Swiss Medical Network was severely impacted by COVID-19 restrictions; however, in 2021, hospital operations were close to pre pandemic levels
		• Currently, it seems unlikely that the Swiss government will have to reintroduce drastic measures such as in 2020
		• While the hospitality segment has been operating under difficult conditions for the most part of 2020 / 2021, easing restrictions are expected to bring back all hotels to pre-pandemic operational levels
War in Ukraine		• In February 2022, a full-scale war between Russia and Ukraine broke out
		• The West imposed unprecedented economic sanctions against Russia as a consequence
		• AEVIS has low exposure to Russian clients in both the hospital and hotel group

Outlook 2022/2023

AEVIS	• Promising start into 2022 with the successful sale of 40% in Medgate • AEVIS will continue its transformation strategy into a pure investment company with a portfolio of 30-60% participations • This is expected to unlock further value for shareholders
Hospitals	• The investment activity of 2021 will continue to add substantial revenues in 2022 • Swiss Medical Network will continue to invest in hospital infrastructure
Hospitality & Lifestyle	• The first quarter of 2022 was solid and all Swiss hotels are expected to remain open and come back to and exceed pre-COVID levels • The newly acquired L'Oscar hotel in London will be repositioned and is then expected to swiftly contribute to hospitality revenues
Real Estate	• All buildings are in prime locations and maintained at the highest standard • Infracore is expected to yield substantial annual dividend payments as well as important value creation opportunities

AEVIS VICTORIA SA

AEVIS VICTORIA SA

Thank you for your attention