AEVIS VICTORIA SA

Earnings Release • Sep 14, 2018

Half-year results 2018 Fribourg, 14 September 2018

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.

AEVIS VICTORIA SA

Antoine Hubert

Delegate of the Board

Executive Summary

Overall	• Hospitals: Extensive restructuring and important investments incl. 2 new acquisitions • Hotels: Steady improvements of activity and margins and on schedule refurbishment of the Zurich hotel • Real estate: Attractive options for the healthcare real estate segment • Other participations: Further clean up incl. sale of participation in BioTelemetry generating a financial gain of CHF 6.6m
CHF 323.7m adj. revenue	• Challenging healthcare market environment and reduced activity due to hospitals and one hotel under construction • Factoring out one off effects to compare on a like-for-like basis, an adjusted revenue increase of 3.0% results from CHF 314.1m to CHF 323.7m
CHF 36.3m adj. EBITDA	• EBITDA impacted by the same above challenges • Factoring out the one off effects, adjusted EBITDA grew from CHF 30.4m to CHF 36.3m resulting in an EBITDA margin of 12.8% • Important restructuring and cost savings program will reduce expenses by around CHF 25m which will fully materialize in 2019
CHF 1.2bn market value of property portfolio	• Further growth of the group's property portfolio focused on healthcare and hospitality with the acquisition of one building in Bern (after the reporting period) • Decision to increase independence of healthcare real estate portfolio • In this context: name change into Infracore, new Board of Directors and management to be appointed, evaluation of a partial spin-off of healthcare real estate portfolio

Group structure

• Innovative offer in the field of better-aging, combining preventive medicine, wellbeing and lifestyle

AEVIS VICTORIA invests in various other activities along the value chain of its main segments

AEVIS key figures

(CHF'000)	HY2017	HY2017 Adjusted	HY2018	HY2018 Adjusted
Total revenue	336'628	314'120	319'125	323'671
Net revenue	295'245	274'997	280'566	285'112
EBITDAR	50'197	37'609	38'828	43'374
EBITDAR Margin	17.0%	13.7%	13.8%	15.2%
EBITDA	42'944	30'378	31'807	36'353
EBITDA Margin	14.5%	11.0%	11.3%	12.8%
EBIT	18'936	5'992	5'926	10'472
EBIT Margin	6.4%	2.2%	2.1%	3.7%
Result of the period	12'156	2'060	(1'576)	2'011

• HY2017 adjusted figures to make them comparable with HY2018
• One-off effects:
• − Villa im Park construction
• − Valère cardiology construction
• − Beaulieu construction
• − Eden au Lac construction
• − Lower TARMED tariffs
• HY2018 adjusted for TARMED write off to make it comparable with HY2017
• Factoring out one-off effects, revenue growth of 3.0% and EBITDA margin of 12.8%
• Sale of BioTelemetry generated financial profit of CHF 6.6m (below EBIT contribution)
• Net profit of CHF 2.0m factoring out one-off effects
• Stable balance sheet metrics comparable to 1H2017

Segment reporting

HY 2018 (CHF'000)	Hospitals	Hospitality	Real Estate	Others	Corporate	Eliminations	Total
Net Revenue 3rd	244'006	27'819	2'531	6'062	148	-	280'566
Net Revenue IC	953	425	26'403	259	-	(28'040)	-
Net Revenue	244'959	28'244	28'934	6'321	148	(28'040)	280'566
Production expenses	(59'099)	(4'576)	-	(926)	-	78	(64'523)
Personnel expenses	(107'418)	(15'438)	(308)	(5'027)	(3'775)	-	(131'966)
Other operating expenses	(36'238)	(4'370)	(3'704)	(1'335)	(1'161)	1'559	(45'249)
EBITDAR	42'204	3'860	24'922	(967)	(4'788)	(26'403)	38'828
EBITDAR Margin	17.2%	13.7%	86.1%	-	-	-	13.8%
HY 2017 (CHF'000)	Hospitals	Hospitality	Real Estate	Others	Corporate	Eliminations	Total
Net Revenue 3rd	259'216	28'498	2'560	4'971	-	-	295'245
Net Revenue IC	1'583	279	26'770	216	110	(28'958)	-
Net Revenue	260'799	28'777	29'330	5'187	110	(28'958)	295'245
Production expenses	(61'592)	(4'504)	-	(849)	-	81	(66'864)
Personnel expenses			(215)	(4'428)	(3'033)	-	(135'241)
	(111'233)	(16'332)
Other operating expenses	(33'586)	(4'676)	(4'271)	(1'314)	(1'204)	2'108	(42'943)
EBITDAR	54'388	3'266	24'844	(1'404)	(4'127)	(26'769)	50'197

Swiss Medical Network

• Swiss Medical Network is 100% owned by AEVIS	HOSPITALS /
and renowned for high-quality care in excellent	AFFILIATED HOSPITAL	PHYSICIANS
medical facilities	16 / 1	2'020
• The group pursues a buy and build strategy with a medium term target to regroup 20 to 25 hospitals across Switzerland
‒ Acquisition of Medgate Health Centers
operating two ambulatory clinics in Zurich and Solothurn as of 30 June 2018	Adj. NET REVENUE HY 2018 IN CHF MIO	INTERVENTIONS (ON AN ANNUAL BASIS)
‒ Acquisition of the surgical activities of Siloah AG	249.5	51'263
in Bern as of 1 October 2018
‒ Both acquisitions generate additional revenues of more than CHF 30m p.a.	+2.3%
	Adj. EBITDAR HY 2018
• Results affected by various one-off effects	IN CHF MIO	BEDS
including construction works in various hospitals, a one-off TARMED write down and lower	46.8	1'062
TARMED tariffs for 2018	+10.0%
• Cost saving program completed reducing operating costs by CHF 15m p.a. – effects starting to materialize in the second half of 2018

National network, excellent locations and long traditions

Clinique de Genolier 1972/2002

Privatklinik Bethanien 1912/2010

Clinique de Montchoisi 1935/2003

Privatklinik Lindberg 1906/2011

Clinique Générale 1908/2005

Clinica Ars Medica 1989/2012

Clinique Valmont 1905/2006

Privatklinik Obach 1922/2012

Centre des Eaux-Vives 1968/2009

Hôpital de la Providence 1859/2012

Clinica Sant'Anna 1922/2012

Clinique Générale-Beaulieu 1899/2016

Clinique de Valère 1920/2012

Chirurgische Klinik Siloah 1955/2018

Privatklinik Villa im Park 1984/2013

Ärztezentrum Solothurn 2012/2018

Schmerzklinik Basel 1978/2014

Ärztezentrum Zürich 2013/2018

Clinique Montbrillant 1909/2015

Victoria-Jungfrau Collection

• Despite the challenges to the Swiss tourism industry, Victoria-Jungfrau Collections performed	NET REVENUE HY 2018 IN CHF MIO	OVERNIGHT STAYS
very well in the first half of 2018 • Intensified sales activities in the core markets, a well-diversified customer portfolio and new offers at the hotels in Interlaken and Crans-Montana contributed to the increase in earnings	28.2 +11.5%	56'393
• EBITDAR margin of 13.7%	EBITDAR HY 2018 IN CHF MIO	ROOMS IN OPERATION
• Results in the second semester are expected to be positively affected by strong summer results, efficiency gains and the completion of a restructuring program initiated in 2017	3.9 +50.0%	400
• Further increases in efficiency and the realization of synergy potential remain important success factors for future margin improvements	AVERAGE ROOM RATE IN CHF	EMLOYEES
	364	458

Growth rates calculated factoring out one-off effect on Eden au Lac in 2017

Five star hotels in the most sought-after locations in Switzerland

VICTORIA-JUNGFRAU Grand Hotel & Spa Interlaken

Hotel Crans Ambassador Crans-Montana

Hotel Eden au Lac (closed until mid-2019) Zurich

Bellevue Palace Bern

Affiliated hotels

• La Réserve, Genève
• Mont Cervin Palace, Zermatt
• Monte Rosa, Zermatt

Real estate segment

• With a continuing expansion, the real estate portfolio crossed the CHF 1 billion threshold	MARKET VALUE IN CHF MIO	EBITDAR HY 2018 IN CHF MIO
• Acquisition of a hospital building with around 4'600m2 in Bern (after the reporting period)	1'164.7	24.9
• Average interest on mortgages of 1.66%
• Loan to Value ratio remains low at 35.0%
• Fully let real estate portfolio	PROPERTIES	SITES
• The portfolio, furthermore, comprises additional development potential of up to 45'000 sqm	45	18
• After analyzing several strategic options, more independence shall be given to Swiss Healthcare
Properties SA	RENTAL SURFACE IN M2.	NET REVENUE HY 2018 IN CHF MIO
• Company will be renamed Infracore SA, new board and management will be appointed and a partial spin-off is under evaluation	193'880	28.9
• Advantages would be significant deleverage and

unlocking of hidden value reserves on AEVIS' level

Medgate

• With the acquisition of a 40% participation in	EMPLOYEES	PHYSICIANS
Medgate Group, AEVIS VICTORIA started to build up a fourth pillar of activities in the field of telemedicine	330	100
• Founders Andy Fischer and Lorenz Fitzi remain the majority shareholders of the group	TELECONSULTATIONS IN 2017	TELECONSULTATIONS SINCE 2000
• Medgate is Europe's largest telemedicine center operated by physicians, available 24/7	> 770'000	7'000'000
• It represents the leading provider of integrated out	AVAILABILITY	PARTNERS OF THE MEDGATE NETWORK
patient healthcare in Switzerland	24/7	2'100
• Medgate is well positioned to profit from the expected telemedicine market growth (approx.	TELEMEDICINE CENTRES	MINI CLINICS
18%-20% p.a.*)	Switzerland	Basel
	Abu Dhabi	Solothurn
	Australia
	Philippines	HEALTH CENTERS**
* TechMarkets report 2015	Slovakia	Zurich
** Integrated in Swiss Medical Network on 30 June 2018		Solothurn

Good visibility on capital markets

• AEVIS VICTORIA is listed on SIX Swiss Exchange
• The share is represented in the SPI, SLIFE and SBIOM indices
• To diversify its financing sources, AEVIS has issued four straight bonds, each at lower coupon rates
• 2014: CHF 145 million 2.75% (2019)
• 2016: CHF 150 million 2.50% (2021)
• 2016: CHF 145 million 2.00% (2022)
• 2018: CHF 55 million 2.25% (2020)

MARKET CAPITALISATION IN CHF MIO (as at 30.06.2018)

918.1

CLOSING PRICE IN CHF (as at 30.06.2018)

59.00

ACTUAL STOCK PRICE IN CHF

62.00

NUMBER OF SHAREHOLDERS

1'679

Outlook 2018

Hospitals	• Cost-savings materialise in second half-year 2018 (CHF 15m p.a.) • Higher activity thanks to 63 new doctors started in first half-year • Surge in foreign patients with new patient platform • Integration of latest acquisitions / attractive acquisition pipeline
Hotels	• Excellent results expected in the running hotels based on a very strong summer season • Lucerne management contract not extended after end of September 2018 • Eden au Lac construction as scheduled
Real estate	• Continuation of the transformation of the healthcare real estate portfolio to a more independent structure
Overall	• Continuation of growth and collaboration strategy in the various Group segments whilst improving and optimising operational excellence • Based on an unchanged portfolio and excluding one-off factors, single-digit revenue growth and improved profitability expected • The cost-savings measures will be fully effective as of fiscal year 2019 with an expected annual contribution of CHF 25 million p.a.

Overview of cost saving measures 2018/2019

Cost saving measures 2018/2019

• Overhead, admin, management: CHF 25m whereof CHF 14m already effective full year 2019
• Procurement: CHF 5-10m whereof CHF 3m already effective full year 2019)
• Facility management: CHF 5-10m

AEVIS VICTORIA SA

Thank you for your attention