AEVIS VICTORIA SA

Investor Presentation • Sep 13, 2019

Half Year Results Presentation – September 2019

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.

Financials

AEVIS VICTORIA – HIGHLIGHTS HY 2019

AEVIS P&L key figures

( I h d f C H F ) t n o u s a n s o	H Y 2 0 1 8 ( ) t t d r e s a e	H Y 2 0 1 8 ( ) d j t d a s e u	H Y 2 0 1 9
R f t i e e n e r o m o p e r a o n s v u	3 1 2 '8 9 3	3 1 2 '6 9 3	3 4 5 '1 0 2
O h t e r r e v e n u e	6 '2 3 2	6 '2 2 1	2 0 0 '4 8 5
T l t o a r e v e n u e	3 1 9 '1 2 5	3 1 8 '9 1 4	5 4 5 '5 8 7
N t e r e v e n u e	2 8 0 '5 6 6	2 8 0 '3 5 5	5 0 1 '1 8 2
E B I T D A R	3 8 '8 2 8	3 8 '8 9 9	2 4 1 '6 6 7
E B I T D A R i m a r g n	1 3. 8 %	1 3. 9 %	4 8. 2 %
E B I T D A	3 1 '8 0 7	2 8 '3 9 5	2 2 9 '9 8 8
E B I T D A i m a r g n	1 1. 3 %	1 0. 1 %	4 5. 9 %
E B I T	5 '9 2 6	3 '0 8 3	2 0 1 '0 8 3
E B I T i m a r g n	2. 1 %	1. 1 %	4 0. 1 %

Adjustments 2018

1) Impact Infracore June 2018 (one month)

• • Strong revenue increase due to participation gain from sale of 61% stake in Infracore
• • Operational revenue growth of 10.3% to CHF 345.1m mainly due to hospitals
• • Strong operational margin increase to 15.6% thanks to cost cuttings and operational improvements
• • Second half year will show much lower interest expenses thanks to deleveraging and further efficiency improvements

AEVIS P&L segment break down

H Y 2 0 1 9 ( I t h d f C H F ) n o s a n s o u	H i t l o s p a s	H i t l i t o s p a y	R l t t e a e s a e	O t h e r s	C t o r p o r a e	E l i i t i m n a o n	T t l o a
N t e r e v e n u e	2 6 8 '9 0 8	2 9 '2 2 9	2 6 '3 2 6	9 '2 0 2	1 9 3 '9 7 7	( 2 6 '4 6 0 )	5 0 1 '1 8 2
E B I T D A R	1 '1 0 5 7	4 '0 1 4	2 3 '6 3 7	( 1 '1 9 6 )	1 8 '8 2 0 7	( 2 3 0 6 ) '7	2 4 1 '6 6 7
E B I T D A R i m a r g n	1 9. 0 %	1 3. 7 %	8 9. 8 %	-	-	-	4 8. 2 %
R t l e n a e x p e n s e s	( 2 7 '2 7 9 )	( 5 '4 1 0 )	( 7 2 7 )	( 1 '6 0 7 )	( 3 7 1 )	2 3 '7 0 6	( 1 1 '6 8 8 )
E B I T D A	2 3 '8 2 8	( 1 '3 9 6 )	2 2 '9 1 0	( 2 '8 0 3 )	1 8 7 '4 4 9	-	2 2 9 '9 8 8
E B I T D A i m a r g n	8. 9 %	-4 8 %	8 7. 0 %	-	-	-	4 5. 9 %

H Y 2 0 1 8	H i l t o s p a s	H i l i t t o s p a y	R l t t e a e s a e	O h t e r s	C t o r p o r a e	E l i i i t m n a o n s	T l t o a
( I t h d f C H F ) n o s a n s o u
N t e r e v e n u e	2 4 4 '9 5 9	2 8 '2 4 4	2 8 '9 3 4	6 '3 2 1	1 4 8	( 2 8 '0 4 0 )	2 8 0 '5 6 6
E B I T D A R	4 2 '2 0 4	3 '8 6 0	2 4 '9 2 2	( 9 6 ) 7	( 4 8 8 ) '7	( 2 6 '4 0 3 )	3 8 '8 2 8
E B I T D A R i m a r g n	1 7. 2 %	1 3. 7 %	8 6. 1 %	-	-	-	1 3. 8 %
R t l e n a e x p e n s e s	( ) 2 6 '4 2 0	( ) 5 '5 3 5	( ) 7 2 7	( ) 5 2 3	( ) 2 1 9	2 6 '4 0 3	( ) 7 '0 2 1
E B I T D A	1 5 '7 8 4	( 1 '6 7 5 )	2 4 '1 9 5	( 1 '4 9 0 )	( 5 '0 0 7 )	-	3 1 '8 0 7
E B I T D A i m a r g n	6. 4 %	-5 9 %	8 3. 6 %	-	-	-	1 1. 3 %

AEVIS BS key figures

( f C ) I t h d H F n o u s a n s o	3 1. 1 2. 2 0 1 8	3 0. 0 6. 2 0 1 9
C h d h i l t a s a n c a s e q u v a e n s	3 4 '3 6 6	3 4 '5 3 0
A i l b l d i l i t v a a e c r e n e s	1 9 '2 0 0 5	2 3 2 '3 0 7
T l h i l b l t o a c a s a v a a e	2 2 9 '5 6 6	2 6 6 '9 0 0
S f h t- t i i l l i b i l i t i o r e r m n a n c a a e s	'8 1 6 4 9 6	'5 6 8 7 8
L t f i i l l i b i l i t i o n g e r m n a n c a a e s -	9 1 7 '9 3 9	3 2 9 '1 0 6
T t l f i i l l i b i l i t i o a n a n c a a e s	1 '0 8 2 '8 3 5	3 9 7 '6 8 4
C h d h i l t a s a n c a s e q u v a e n s	3 '3 6 6 4	3 '5 3 0 4
T l f i i l l i b i l i i t t t o a n e n a n c a a e s	1 '0 4 8 '4 6 9	3 6 3 '1 4 5
S * h h l d 's i t a r e o e r e q u y	4 4 5 '0 2 6	5 9 6 '3 5 5
T t l t o a a s s e s	1 '8 5 4 '8 7 8	1 '2 3 4 '8 4 8
E i i t t q u y r a o	2 4. 0 %	4 8. 3 %
L t i e v e r a g e r a o	6. % 5 5	2 9. 4 %

• • Deconsolidation of Infracore as well as reimbursement of a CHF 145m bond in June 2019 led to a strong decrease in leverage for AEVIS
• • At the same time the equity ratio more than doubled
• • The new balance sheet structure gives a lot of flexibility to AEVIS with substantial amounts of liquidity at hand

* Including minority interests

AEVIS organic growth decomposition

Net revenue

excluding extraordinary items

EBITDAR

excluding extraordinary items

EBITDA

excluding extraordinary items

• • The organic growth decomposition factors out the capital gain from the sale of Infracore
• • Revenue growth stems mainly from the expanding hospital activities of Swiss Medical Network
• • Extraordinary items comprise the sale of BEAT in 2018 as well as the effects from the TARMED 1.08 provision

Analysis of change in financing expenses

Strategy

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

Transformation into a pure play investment company

Vision

• • Investing for a better life (healthcare, hospitality & lifestyle, infrastructure)
• • Portfolio of actively managed participations with stakes of 20% to 50%

Step plan

2 0 1 8	H 1 2 0 1 9	F 2 0 1 9 r o m	G T A R E T
f T t i • r a n s o r m a o n i i i d t t p r o c e s s n a e 2 0 % f i t h l w s a e o i i i i t t p a r c p a o n n f I t n r a c o r e o B l i a o s e	D l i d t i • e c o n s o a o n f I f f t o n r a c o r e a e r f 6 1 % l t s a e o o M P T d a n B l i a o s e	C f t i d t h h l t h t i i t i • o n n u e g r o w o e a c a r e a c v e s i h i i i f K l i i k B l i ( S H ) t t a c q s o n o n e a r w u S f f t d l t h i t l i t • r o n g o c u s o n e v e o p m e n o o s p a y i i i b h i O C d P C t t t a c v e s o n p o a n r o p o f E t t h t t i i t i t • n r y o o e r s r a e g c n v e s o r s n o b i d i i ' i l, i i l h h h t t t t s u s a r e s c a p a n p a r c u a r r o u g e b i t i i t h t h k t l c o m n a o n w o e r m a r e p a y e r s	N l i d d t o c o n s o a e • i t o p e r a n g i c o m p a n e s C b i t i f o m n a o n o • i t l i c a p a g a n s d b l t a n s a e l t a n n u a r e u r n s f h h l d o r s a r e o e r s
			I f t m p r o e m e n o v •

Active investment approach, long term growth strategies, extensive industry expertise in healthcare, hospitality and infrastructure

payout policy

Healthcare

Swiss Medical Network

100% participation of AEVIS

HOSPITALS / HEALTH CENTERS 18 / 22 NET REVENUE IN CHF MIO 268.9 EBITDAR IN CHF MIO 51.1 PHYSICIANS 2'213 INTERVENTIONS (HALF-YEAR BASIS) 27'253 BEDS 1'080

Highlights HY 2019

Buy & build strategy

• • Successful recruitment of medical talent
• • Integration process for Siloah in Berne and Rosenklinik in Rapperswil advancing very well
• • Acquisition of Klinik Belair in Schaffhausen announced in August 2019
• •Attractive pipeline of further growth projects (hospitals and health centers)

Upgrading activity

• • Heavy renovation activity being completed
  • Day hospital in Générale-Beaulieu (open: Q1 2019)
  • Radiology and medical center in Valère opening soon
  • New hospital building for Privatklinik Villa im Park opening in December
• • Excellent foundation for future growth

Operating improvements

• •Organic growth of 6.8% despite lower TARMED tariffs

• • Execution of optimization strategy visible in HY 2019

• • Restructuring measures will continue to positively influence operating margins

• • Ongoing implementation of more decentralized structures
• • Establishment of strong regional platforms advancing well

Continuation of growth path with attractive pipeline

Phase of important renovation works completed in 2019

CHF 15m annualized savings realized

Hospitality & Lifestyle

Victoria-Jungfrau Collection 100% participation of AEVIS

ROOMS IN OPERATION 400 NET REVENUE IN CHF MIO 29.2 EBITDAR IN CHF MIO 4.0 OVERNIGHT STAYS (HALF-YEAR BASIS) 54'809 AVERAGE ROOM RATE IN CHF 383 EMLOYEES 662

Highlights HY 2019

Significant investment activity

•Complete makeover of the Eden au Lac in Zurich ongoing as one of the most comprehensive projects of the entire Group

• • Reopening of the Eden au Lac as La Réserve Zurich in December
• •Around 20 million expected revenues at maturity
• •Attractive acquisition pipeline

Results of modernization program

• • Completion of extensive renovation program at Victoria-Jungfrau Grand Hotel & Spa in Interlaken
• • Modernization of last 42 rooms in Interlaken
• • Materialization of first positive results : rise in number of guests from North America and China

Performance of ongoing operations

• • Increased occupancy at Bellevue Bern for the third consecutive year
• • Increase in ARR to CHF 383 (from CHF 364 in 1H2018)
• • Results in the second semester are expected to be positively impacted by seasonality effect and good performance during the summer months

Strategic focus on development of hospitality activities

Solid growth expected going forward

Hotels in operation improve results

Infrastructure

Infracore 19% participation of AEVIS

*5 months revenue until deconsolidation **weighted average unexpired lease term

Highlights HY 2019

Sale of a 20% participation to Baloise in Q4 18

• • Sale proceeds of CHF 86.5m

• •NAV Infracore: CHF 432.5m

• • Additionally, Baloise Group provided a CHF 100m 3 year straight bond at 1.5% coupon to finance the further growth of Infracore

• • The transaction was a first step in the process to increase the degree of independence to Infracore and tap into new growth opportunities
• • Positive effects on AEVIS' balance sheet

Important milestone preparing the HY 2019 deconsolidation

Sale of 61% participation to MPT and Baloise in Q2 19

• • Sale proceeds of CHF 313.1m
• • NAV Infracore: CHF 510.0m
• • Baloise increases its participation to 35%
• • Medical Properties Trust, a leading global healthcare infrastructure investor, takes a 46% participation
• • AEVIS remains an important minority shareholder and will further develop Infracore alongside MPT and Baloise with a long term vision

Capital gain of CHF 193.8m for AEVIS

Swiss Hospitality Properties – Générale Beaulieu Immobilière 100% participation of AEVIS – 69% participation of AEVIS

Highlights HY 2019

Swiss Hospitality Properties

• • Heavy capex activity both in Zurich and Interlaken
• • Repositioning of Swiss Hospitality Properties ongoing – both structurally and organizationally
• • Substantial deal pipeline

Portfolio value increasing

Générale Beaulieu Immobilière

• • Substantial investments were made int the modernization of medical practices, medical infrastructure and specialized centers:
  • New urology center opened in March 2018
  • A new maternity center was inaugurated in autumn 2018
  • Remodeling of hospital entrance with a new restaurant and lounge

New day hospital with two operating blocks and an upgraded recovery room extension opened in Q1 2019

CHF 6m invested into Geneva properties

Outlook

Outlook 2019/2020

S A E V I	& f V i i t t i l i t i h l t h h i t l i t l i t l d s o n o a c v e y n v e s n e a c a r e o s p a y e s y e a n • , i f i l i i i i i i t t t t t n r a s r c r e m a n a m n o r p a r c p a o n s u u y v y f f A t i t b i d i i i t h t h l t h d c v e m a n a g e m e n o s u s a r e s w a s r o n g o c u s o n e a c a r e a n • h i l i t t o s p a y
f I n r a c o r e	P i i i i d d h l h i f l f h t t t t t t t t t o s o n n g a s n e p e n e n e a c a r e n r a s r u c u r e p a o r m o a p e • t t h t i t i i b t h b l i d i t t v a s g r o w o p p o r u n e s n o p u c a n p r v a e s e c o r A i j i i l i t t t t r a c e p r o e c s n p p e n e v •
S i s s w M d i l e c a N k t e w o r	C f G S l t i t t i t i i t i i i d R t h i t o m p e o n o c o n s r u c o n a c v e s n e n e v a o n a n o r s • , C l i f i i l d f 2 0 1 9 t t t o m p e o n o c o s s a v n g p r o g r a m u n e n o • C f ( t i t i t h t t B l i d i A t, t h i o n n u a o n o g r o w s r a e g y e a r a n n o u n c e n u g u s o e r s n • i l i ) p p e n e f f S F t h b i l d d i l t t i t i i t l d u r e r u u p o m e c a c e n e r s o o p r n n w z e r a n •
C / V J S H P	C f f l t i t t i t i i t d l h E d L i Z i h o m p e o n o c o n s r u c o n a c v y a n a u n c o e n a u a c n u r c • C i d i i h f f i i h l f h t t t t t o n n u e m p r o v e m e n s n e o e r n g n e v e r y o e o e g r o u p • O C C A t t t i i l i b t h d P l l r a c v e p p e n e o o n p o a n r o p o e v e •

AEVIS VICTORIA SA

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