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AEVIS VICTORIA SA

Investor Presentation • Sep 21, 2016

808_ip_2016-09-21_65de7165-5634-4916-945d-f19a981cc5fc.pdf

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Investora Zurich

Zurich, 21 September 2016

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 VICTORIASA.

AEVIS VICTORIA– group structure

AEVIS VICTORIASA

  • • AEVIS VICTORIA is an investment company investing in services to people, healthcare, hospitality, life sciences and lifestyle
  • • AEVIS VICTORIAis listed on SIX Swiss Exchange since 1999 and included in SPI, SLIFE and SBIOM
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Incubator

• AEVIS VICTORIA invests in various other activities along the value chain of its main segments. Activities range from early‐stage (such as AEVIS VICTORIA's participation in the field of stem cells) to companies under restructuring (such as AEVIS VICTORIA′s rescue services)

AEVIS VICTORIA– value creation through acquisitions

*In2015:

Net revenue &EBITDA normalized for 2015 TARMED and DRG reductions

2016Highlights

1H2016

  • Total revenue increased by 4.9% to CHF 293.5 million (on a constant perimeter without Palace Lucerne in2015)
  • EBITDAincreased by 27.9% to CHF 42.2 million
  • Acquisition of a 40% stake in the telemedicine group Medgate
  • Issuance of a new 5‐year CHF 150 million straight bond at 2.50% to refinance a maturing 4.25% bond from2012

2H2016

  • Acquisition of a 10.6% stake in LifeWatch AG
  • Takeover offer for 100% of the shares of Générale Beaulieu Holding SA, owning Clinique Générale‐Beaulieuin Geneva
  • Issuance of a new6‐year CHF 130 million straight bond at 2.00%

High visibility on capital markets

AEVIS VICTORIA is listed on the Swiss Reporting Standard of SIX Swiss Exchange (Ticker: AEVS), included in the Swiss Performance Index (SPI), the SXI Life Sciences Index (SLIFE) and theSXI Bio+Medtech Index (SBIOM).

Todiversify its financing sources, AEVIS VICTORIA has four straight bonds outstanding

  • • 2013: CHF 100 million at 3.50%maturing in 2018
  • • 2014: CHF 145 million at 2.75%maturing in 2019
  • • 2016: CHF 150 million at 2.50%maturing in 2021
  • • 2016: CHF 130 million at 2.00%maturing in 2022

AEVIS VICTORIA– key financial highlights

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  • • Progress in the successful repositioning of hospitals has strongly improved revenue, utilization of resources andprofitability
  • • Portfolio optimizations in the hospitality segment have reduced revenue but increasedprofitability
  • • Adjusted for seasonality and other exceptional items AEVIS VICTORIA's half‐year performance is in line with budget and shows a 33% increase inEBITDAR

HY 2015 Proforma figures exclude Hotel Palace Luzern operations

AEVIS VICTORIA– consolidated balance sheet

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  • • No material change in AEVIS VICTORIA's balance sheet sinceyear‐end 2015
  • • Issuance of a 5‐year 2.5% CHF 150m straight bond in May 2016 for the refinancing of the 4.25% CHF 80mbond maturing in August 2016
  • • Nogoodwill on balance sheet
  • • AEVIS VICTORIA's financial debt is composed
  • of straight bonds on top‐holding level
  • of mortgages on the group's real estate (up to 50%LTV) and
  • of working capital credits (1.0x to 3.5x EBITDA) and leasing in the hospitals and hotels

Hospital segment (Swiss Medical Network)

Key figures hospital segment

  • • Swiss Medical Network, with around 2'490 employees and 1'230 physicians, is a strong player in the private healthcare sector in Switzerland
  • 17.0% 18.0% 22.1%Reliable private alternative to the public healthcare system
  • Leader for medical tourists in Switzerland
  • • Managed by an experienced team with an outstanding track record and a broad network in the Swissprivate healthcare industry (with doctors, health insurers, health officials, etc.)

Hospital segment – key financial highlights

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  • • Strong revenue increase which was mainly based on an overall increase of the number of patients treated in the network's hospitals while lower DRG and TARMED rates for the domestic activity remained a challenge
  • • Medical tourism recovered and partially offset last year's decline
  • • Due to the higher utilization of resources and the successful completion of restructuring of hospitals the segment's profitability has increasedsignificantly

Hospitality segment (hotel operations)

Key figures hospitality segment

REVENUE (in CHF million)* OVERNIGHT STAYS EMPLOYEESROOMS EBITDAR (in CHF million) AVERAGE ROOM RATE (in CHF) 34053134'145 77 515Bellevue Palace, Bern Victoria‐Jungfrau Grand Hotel & SPA Interlaken Palace Luzern, Luzern Eden au Lac, Zurich 26.73.0

  • • Despite the challenges to the Swiss tourism industry, the number of overnight stays reached 34'145 andthe average room rate CHF 340
  • • Key strategic focus
  • Exploiting synergies in IT, sales & marketing, procurement and HR
  • Manage inter‐cultural relationships and meet specific needs of new traveler segments
  • Further efficiency gains through cooperation with Michel Reybier Hospitality and Seiler Hotels

Hospitality segment – key financial highlights

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  • • Reduction in revenue due to the newmanagement contract structure for the Hotel Palace Luzern which is nolonger consolidated
  • • The hotel continues to be operated by VJC under the VJC brand paying an annualmanagement fee
  • • In HY 2015, a revenue of CHF 6.5m was generated by the hotel explaining theyear‐on‐year decrease in revenue
  • • With this he segment's profitability has increased substantially with the deconsolidation
  • • The cooperation with Michel Reybier Hospitality is expected to lead to further efficiency gains in all of VJC's hotels

Realestate segment (healthcare and hotel properties)

Key figures real estate segment

NUMBER

PROPERTIES RENTAL INCOME (in CHF million) 25.6

LOAN TO VALUE 35.4%VACANCY RATE0%

41

2015/ Q1 2016 acquisitions

  • • Real estate in Switzerland remains more resilient to market challenges and the portfolios were again fully let
  • • The market value of CHF 940 million* consists of healthcare real estate for CHF 776 million and hospitality real estate for CHF 164million

*Basedon valuation by Wüest & Partners as of 31 December 2015

RealEstate segment – key financial highlights

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  • • The substantial revenue increase inthe real estate segment is due to various reasons: The restructuring of VJC and subsequent inclusion of hotel
  • properties in the real estate segment
  • In 2015, some rent reductions were granted to tenants due to construction work. This is not the case inHY 2016
  • Several acquisitions executed in the secondhalf of 2015

Telemedicine segment

EMPLOYEES

TELECONSULTATIONS

AND

AVAILABILITY

A

MOBILITY

  • Basle, Abu Dhabi, Australia and the Philippines Medgate Health Centers in Zurich Oerlikon and Solothurn
  • • The Medgate Partner Network consists of general physicians, specialists, hospitals, and pharmacists to provide patients with comprehensive healthcarethroughout Switzerland
  • • With the 40% participation in Medgate Group, AEVIS VICTORIA started to build up a fourth pillar of activities inthe field of telemedicine
  • • FoundersAndy Fischer and Lorenz Fitzi remain the majority shareholders of the group
  • • Medgate is Europe's largest telemedicine center operated by physicians and represents the leading provider of integrated out‐patient healthcare in Switzerland
  • • Medgate is well positioned to profit from the expected telemedicine market growth of between 18%and 20%*

*TechMarkets report 2015

Key reasons to invest in AEVIS VICTORIA

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