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AEVIS VICTORIA SA

Investor Presentation • Sep 21, 2017

808_ip_2017-09-21_cf9d395e-d7ae-45be-a8f5-9f3ffb5718a3.pdf

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Half‐Year Results 2017Presentation

21September 2017

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 tosell or a solicitation to purchase any securities of AEVIS VICTORIA SA.

AEVIS VICTORIA– Group structure

AEVIS VICTORIASA

AEVIS VICTORIAis an investment company investing in services to people

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  • • AEVIS VICTORIAinvests in various other activities along the value chain of its main segments
  • • Activities range from early‐stage ventures (such as stem cell science activities) to companies under restructuring (such as a rescue and ambulance services platform)
  • • It is intended tocombine some of these participations in a structure for digital innovation by the end of 2017

AEVIS VICTORIA– Value creation through M&A

AEVIS VICTORIA– Investment strategy

•Investment strategy

  • Acquisition of participations in public and private companies with promising strategies andproducts in line with the investment focus "services to people"
  • Build‐up of participations around comprehensive industry platforms, networks and know‐how
  • Focus on undervalued companies and complex transaction structures with extensive development potential

• Activebuy, build and hold approach

  • Institutional anchor shareholder with a long‐term investment horizon
  • Active involvement in the development of the participations on an operational and strategic level
  • Strong and stable financial position to ensure the financing of the participations' long‐ termgrowth strategies
  • • Exit
  • Strategy to exit participations in the long‐run through combinations with larger strategic market players

AEVIS VICTORIA– Highlights 1H2017

  • • Total revenues from operations increased by 14.7% to CHF 336.6m
  • Integration of Clinique Générale‐Beaulieu within Swiss Medical Network
  • • EBITDARsurged to CHF 50.2m representing an EBITDAR margin of 17.0%
  • • Two successful divestments
  • An 11.9% stake in LifeWatch was sold to BioTelemetry
    • Financial profit of CHF 10.0m
    • AEVIS VICTORIA retained a 1.6%shareholding in US based BioTelemetry
  • A minority shareholding in Linde Holding Biel/Bienne AG was sold to Hirslanden Group
    • Financial profit of CHF 1.6m

•Net profit for the period of CHF 12.2m

An increased distribution will be proposed to the next Annual General Meeting

AEVIS VICTORIAsegments – Highlights 1H2017

• SwissMedical Network

  • Integration of Clinique Générale‐Beaulieu
  • Active involvement with various stakeholders in the Swiss healthcare system to drive change in the regulatory environment
  • The newTARMED regime will put further pressure on the system

•Victoria‐Jungfrau Collection

  • VJC performed well despite numerous challenges affecting the tourism industry
  • Well diversified customer portfolio
  • Integration of Hotel Crans Ambassador
  • Renovated rooms at Victoria‐Jungfrau and Bellevue Palace
  • Renovation plans for a radical makeover of Eden au Lac are finalised
  • First half‐year is historically the weaker semester due to seasonality
  • • Hospital and hospitality properties
  • Ongoing investments in various properties
  • Start of the construction of an additional building for Privatklinik Villa im Park
  • Additional 11'000 sqm for Privatklinik Lindberg nearing finalisation
  • Municipality approval was received for a zoning change in Genolier

High visibility on capital markets

  • • AEVIS VICTORIA is listed on SIX Swiss Exchange
  • • The AEVIS shares are comprised in the SPI, the SLIFE and the SBIOMindices
  • • AEVIS has successfully issued four straight bonds to diversify its financing sources
  • 2013: CHF 100m– 3.50% (2018)
  • 2014: CHF 145m– 2.75% (2019)
  • 2016: CHF 150m– 2.50% (2021)
  • 2016: CHF 145m– 2.00% (2022)
  • • Kepler Cheuvreux has published in October 2016 (updated in September 2017) an analyst report on AEVIS with a buy rating anda target price of CHF 68.00
  • • Ernst & Young has published a valuation report on AEVIS in February 2017 with a fair market value range of CHF 68.20 to CHF 74.80per share

AEVIS VICTORIA– Key financials

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  • • Net revenues amounted toCHF 295.2m with growth of 15.3% mainly due to the integration of Générale‐Beaulieu
  • • Slightly lower margin than HY2016
  • EBITDAR margin in line with FY2016 margin
  • Lower activity in the hospital segment, which should be recovered inthe second semester
  • Strategic baserate reduction
  • • The sale of the LifeWatch and Linde participations generated a financial profit of CHF 11.6m (below EBIT contribution)
  • • Net profit for the period of CHF 12.2m will lead to higher distributions
  • • Stable balance sheet metrics compared to FY2016

AEVIS VICTORIA– Segment reporting

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Key figures Hospital segment

  • • Net revenue growth of 17.4%
  • Integration of Clinique Générale‐Beaulieu
  • Successful recruitment of 55 new physicians during 1H2017
  • • EBITDARgrowth of 8.1%
  • • Cash‐flow from operating activities nearly doubled to CHF17.5m
  • • Synergies and efficiency gains led to an improved EBITDAR margin of 20.9%, bringing the group closer to its long‐term targeted EBITDAR margin of 22%

Key figures Hospitality segment

(in CHF million)

ROOM

STAYS NET REVENUE

EBITDAR

76'127

AVERAGE

579

605

• Net revenuegrowth of 7.9%

OVERNIGHT

ROOMS

EMPLOYEES

  • Integration of Hotel Crans Ambassador
  • Well‐diversified customer portfolio
  • • EBITDAR reached CHF 3.3m corresponding to an EBITDAR margin of 11.3%
  • • The number of overnight stays at 30.06.2017 remained constant at 76'127 withan average room rate of CHF 372
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*Buildings fully owned by AEVIS VICTORIA

Key figures Real Estate segment

  • • Real estate in Switzerland remains resilient to market challenges and AEVIS VICTORIA's real estate portfolio was again fully let in 1H2017
  • • With a continuing expansion, the real estate portfolio crossedthe CHF 1 billion threshold
  • • The loan tovalue remains very low at 34.9%
  • • Theaverage interest on mortgages was 1.72% at 30.06.2017
  • • Wüest Partner market values of real estate imply hidden reserves of CHF 111.5mcompared to activated book values
  • • The portfolio, furthermore, comprises additional development potential of around 40'000m2

AEVIS VICTORIA– Outlook 2017

  • • AEVIS VICTORIA expects to realise total revenues of more than CHF 700m and net revenues of more than CHF 600m
  • based on an unchanged portfolio consolidated over a 12‐month period
  • • Guidance remains unchanged, full year EBITDAR is expected to reach more than CHF 100mfor the first time
  • • Continuationof the group's growth strategy
  • • Turnaroundor exit of loss making participations of the group
  • •Objective to reach an EBITDA margin of 20% in 2018

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