AEVIS VICTORIA SA

Earnings Release • May 9, 2016

Presentation to bond investors

Zurich, 9 May 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 VICTORIA SA.

Today's AEVIS VICTORIA speakers

Antoine Hubert Delegate of the Board of Directors

• Born 1966
• Founder of Swiss Medical Network and Swiss Healthcare Properties
• Managing Director since 2002
• Main shareholder of AEVIS VICTORIA
• Responsible for strategic development of AEVIS VICTORIA

Beat Röthlisberger CEO Hospital Segment

• Born 1966
• CAO of Swiss Medical Network from 2006 to May 2010
• CFO of Swiss Medical Network from May to December 2010
• CEO of Swiss Medical Network since December 2010
• Representing Swiss Medical Network in AEVIS VICTORIA's senior management

Agenda

• 1. Group overview
• 1. Financial overview
• 1. Key reasons to invest in AEVIS VICTORIA
• 1. Q&A

AEVIS VICTORIA – Group structure

AEVIS VICTORIA SA

• AEVIS VICTORIA is an investment company investing in services to people, healthcare, hospitality, life sciences and lifestyle
• AEVIS VICTORIA is listed on SIX Swiss Exchange since 1999 and has a market capitalisation of CHF 631.5 million (as of 06.05.2016)

Hospital Segment	Hospitality Segment	Telemedicine Segment	Real Estate Segment
• Second largest group of private hospitals in Switzerland • 15 private hospitals and one affiliated clinic • Present in the three main linguistic regions	• Four leading five-star hotels situated in the most sought-after locations in Switzerland • Diversification strategy in the area of services to people	• Medgate is one of the leading providers of telemedical services in Switzerland • AEVIS VICTORIA holds a 40% stake in the Medgate group	• Composed of healthcare and hotel real estate and organized in two dedicated entities • The portfolio comprises 40 properties on 16 sites

Incubator

• AEVIS VICTORIA invests in various other activities along the value chain of its main segments
• The activities range from early-stage start-up companies (such as AEVIS′s participation in the field of stem cells) to mature companies under restructuring (such as AEVIS′s ambulance services)

AEVIS VICTORIA – Value creation through acquisitions

*In 2015:

Net revenue & EBITDA normalized for 2015 TARMED and DRG reductions

Hospital segment (Swiss Medical Network)

Key figures hospital segment

• Swiss Medical Network with around 2'340 employees as a strong player in the private healthcare sector in Switzerland
• 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 Swiss private healthcare industry (with doctors, health insurers, health officials, etc.)

Strategy – "Buy, Invest, Reap" on a stable ground

Clinique Générale in Fribourg is now one of the most profitable and efficient hospital

The orthopedic competence center receives exclusivity from the canton 4.0% (6.5%) 2.1% 15.3% 18.4% 15.1% 15.0% 24.4% 23.6% 21.0% 24.6% -10% -5% 0% 5% 10% 15% 20% 25% 30% 0 5 10 15 20 25 30 35 40 45 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Restructuring and merger of the two clinics into one Acquisition of the clinics Garcia and Ste-Anne in Fribourg 2006-2008: Total investments of CHF 12.0m into the infrastructure of Ste-Anne Engagement of Joseph Deiss as president of the advisory board (CHF million) Gross revenue EBITDAR margin before management fee

Hospitality segment (hotel operations)

Key figures hospitality segment

OVERNIGHT STAYS	REVENUE (in CHF million)*
169'585	2015 77
	2014 75 2013 72
	2012 72
	2011 75
ROOMS	*Revenues of hospitality real estate (Park Residence AG in Interlaken) excluded since 2015 EBITDAR Margin
	2015 20.7%
531	2014 15.8%
	2013 12.2%
	2012 13.0%
	2011 16.9%
AVERAGE ROOM RATE (in CHF)	EMPLOYEES
377	515

• Despite the challenges to the Swiss tourism industry, VJC improved its overnight stays by 4.1% and increased the average room rate from CHF 371 to CHF 377
• 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

Hotels	Rooms	Total surface	Employees
Victoria-Jungfrau*	224	44'269	227
Eden au Lac*	50	1'419	54
Palace Luzern	129	3'337	106
Bellevue Palace	128	3'296	128
Total	531	52'321	515

* Buildings fully owned by AEVIS VICTORIA

Telemedicine segment

Key figures telemedicine segment

• Telemedicine centers in Basle, Abu Dhabi, Australia and the Philippines and 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 healthcare throughout Switzerland
• With the acquisition of a 40% participation in Medgate Group, AEVIS VICTORIA started to build up a fourth pillar of activities in the field of telemedicine
• Founders Andy Fischer and Lorenz Fitzi remain the majority shareholders of the group
• Medgate is Europe's largest telemedicine center operated by physicians
• It 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

Real estate segment (healthcare and hotel properties)

Key figures real estate segment

2015 / Q1 2016 acquisitions

• Healthcare-related real estate in Switzerland remains more resilient to market challenges and Swiss Healthcare Properties's (SHP) portfolio was again fully let in 2015
• The AEVIS VICTORIA properties represent a total market value of CHF 932 million* consisting of
• the SHP portfolio value of CHF 768 million and
• the hospitality portfolio of CHF 164 million

*Based on valuation by Wüest & Partners as of 31 December 2015

Attractive positioning around services to people

Healthcare market Track record of stable long-term growth

• Switzerland has a high level of healthcare expenditure*  Healthcare expenditures in Switzerland in 2013 were 10.9% of GDP  Switzerland therefore ranks #5 in terms of healthcare expenditure / income ratio and #1 in terms of out-of-pocket expenses • The demographic evolution leads healthcare costs to rise disproportionately with the increasing average age of the population • Demand for healthcare and well-being services has proven resilient to economic cycles during the most recent economic crisis

Telemedicine market High growth market / future of healthcare

• Industry experts expect growth rates of around 18% to 20% for telemedicine services in the coming years** • Over the last years, among the most important factors boosting the development of telemedicine were:  the advancement in technologies resulting in greater capabilities of telemedical services as well as  the development and increasing penetration of communication infrastructure • Along with the technological innovations and advancements other major factors influencing the development of the market are the increasing ageing population, rising healthcare costs and unmet medical needs in remote places

* Swiss Federal Statistical Office 2015; OCDE StatExtracts 2015; World Health Organization Global Health Expenditure database ** TechMarkets report 2015

Attractive positioning around services to people

Hotel market Strategic diversification	• Niche 5 star hotels represent a sought after investment sector for international investors that has proven resilience against political and financial market turbulences of recent years • Strategic overlappings on various levels between hospital and hotels make this an attractive field that provides diversification to the group
Real estate market Stability	• Real estate investments in Switzerland have provided stable and sustainable cash flows in the past • Furthermore, healthcare real estate as a specific asset class profits from the strong underlying fundamentals driving the healthcare industry

• AEVIS VICTORIA is an investment company focused on healthcare and hospitality
• The Hospital Segment provides stable and sustainable cash flows in a highly regulated environment
• Through the Telemedicine Segment, AEVIS VICTORIA is well positioned to participate in the future of healthcare and to profit from the high growth of a rapidly evolving industry
• The Hospitality Segment offers diversification along similar customer segments, improves the regulatory risk profile of the group and provides a seasonality counterpoint to hospitals
• The Real Estate Segment provides a solid foundation to Swiss Medical Network and VJC

Experienced leadership team

• The board of directors of AEVIS VICTORIA combines financial, legal and political skills as well as in-depth knowledge of the Swiss healthcare sector
• The various subsidiaries of AEVIS VICTORIA are equipped with strong and independent management teams exhibiting long track records of experience in the group. Management members have on average 19 years of industry experience
• Together, the board of directors and management of AEVIS VICTORIA cover the necessary skill set to address the challenges

Agenda

• 1. Group overview
• 1. Financial overview
• 1. Key reasons to invest in AEVIS VICTORIA
• 1. Q&A

Historical revenue and EBITDA development

Consistent track record of profitable growth

• Strong topline and EBITDA growth of 28.6% and 30.4%, respectively, over the last 5 years
• Positive margin development on a normalized basis
• Strong growth phase with both acquisitions and expansion capex over the last 5 years
• The group can now reap the benefits of its investments and concentrate management attention on consolidating the group and optimising processes

*Normalized

AEVIS VICTORIA – FY 2015 key financial highlights

Key figures	FY 2014	FY 2015	FY 2015
(CHF million)	Restated		Normalized
Profit and loss statement
Net revenue	484.9	510.2	515.1
Net revenue growth	20.5%	5.2%	6.2%
EBITDAR	76.5	78.5	83.4
EBITDAR margin	15.8%	15.4%	16.2%
EBITDA	65.0	64.5	69.4
EBITDA margin	13.4%	12.6%	13.5%
Profit for the period	5.8	3.8	8.7
Balance sheet
Total assets	1'288.6	1'386.1
Thereof real estate	773.0	850.6
Total liabilities	969.4	1'085.5
Thereof mortgage debt	346.3	400.2
Total equity	319.2	300.6
Dividend per share	0.55	0.55*

Highlights 2015 • Revenue growth of 5.2% (normalized growth of 6.2% for Tarmed and DRG) • Substantial reduction of costs in Hospital and Hospitality segments • Swiss Medical Network with higher revenues despite lower reimbursement tariffs: Higher number of patients

• Recruitment of new physicians
• Integration of Clinique Montbrillant
• Merger with VJC and increase of the participation in the luxury hotel group to 100%
• Diversified client portfolio enabled VJC to increase market share
• Significant construction projects in hospitals completed in 2015 (e.g. Lindberg, Sant'Anna)
• No goodwill on balance sheet

AEVIS VICTORIA – EBITDA bridge analysis

• The above bridge analysis shows the EBITDA 2015 normalized for the negative effects of the reduced TARMED and DRG baserates of 2015
• This illustrates the progress of AEVIS VICTORIA in optimizing processes and repositioning its participations
• The loss contributions of the entities still being restructured is expected to reduce over time

AEVIS VICTORIA – First quarter 2016

Promising outlook for 2016

• Strong first quarter with realized net revenue of CHF 125.5 million and an EBITDA of CHF 18.2 million, corresponding to a margin of 14.5%
• Swiss Medical Network with ongoing recruitment of additional physicians to bolster the network's leading market position
• Strong positioning of Victoria-Jungfrau Collection thanks to its diversified customer base

Net Revenue development EBITDA and EBITDA margin development

Debt structure and bond covenants

Key ratios (Group)	FY 2014	FY 2015	Bond covenants
Gross financial debt / total assets	55.6%	58.0%	Maximum of 60%
Total equity / total assets	24.8%	21.7%	Minimum of 20%

* Freefloat including a 3.55% stake held by Kuwait Investment Office

** LTV based on mortgage loan / (SHP portfolio value + Hospitality value both estimated by Wüest & Partner)

Outlook – Mid term financial guidance

Financial guidance
Organic revenue growth	4% to 5% p.a.
Mid-term EBITDA margin target	>20%
Maintenance CAPEX	4% to 5% of net revenue
Mid-term leverage ratio	50% to 55%

Agenda

• 1. Group overview
• 1. Financial overview
• 1. Key reasons to invest in AEVIS VICTORIA
• 1. Q&A

Key reasons for bondholders to invest in AEVIS VICTORIA

Attractive sector focus	• High attractiveness of the healthcare sector  Demographic trends (aging population)  Increasing economic wealth (people have more money)  High willingness to pay for healthcare services (high out-of-pocket expenses)
Market positioning	• Second largest Swiss private clinics group with broad geographical presence  Strong negotiation position vis-à-vis Swiss healthcare insurers and authorities  Ideally positioned to play active role in the future market consolidation  Cope with and influence the changing regulatory environment
Integrated business model	• Diversified business segments in healthcare, hospitality and real estate • Strong and stable cash generation due to integrated operations and real estate in the hospital and hospitality segments • High flexibility for joint development of operations and real estate
Long-term stability	• High visibility of cash flows due to regulated business environment • Stability in cash flow planning thanks to low operating leverage • High quality collateral with a total market value of the real estate portfolio of CHF 932 million • Long-term comittment by the two major shareholders