Press & Analyst Conference 2014

2 June 2014

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 Holding 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 Holding SA's past and future filings and reports and in past and future filings, press releases, reports and other information posted on AEVIS' 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 Holding 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 Holding SA.

Speakers

Presentation of AEVIS Holding SA

Antoine Hubert, Delegate of the Board

AEVIS – strong growth since 2010

In CHF '000	2010	2011	2012	2013	E2014

Key figures P&L
Total revenue	192'377	200'818	344'406	454'669	>600'000
growth	n/a	104.4%	171.5%	132.0%	>32.0%
EBITDA	15'149	24'026	39'968	60'755
EBITDA margin	11.9%	11.9%	11.6%	13.4%
EBIT	1'378	8'253	16'741	26'927
EBIT margin	0.7%	4.1%	4.9%	5.9%
Key figures balance sheet
Total assets	145'125	176'883	734'448	1'005'657
Total liabilities	123'826	143'036	572'908	772'738
Total equity	21'299	33'847	161'540	232'919
equity ratio	14.7%	19.1%	22.0%	23.2%

Since 2010, strong growth both on a P&L and a balance sheet level thanks to internal and external growth
In 2014, revenue of more than CHF 600m and an improvement of profitability of 1.5% to 3.0% expected

2013 highlights and outlook

Strategic milestones	• Growth strategy of GSMN successfully continued with the integration of 3 new clinics • Integration and growth strategy of SHP progressing according to plans • Diversification strategy of AEVIS successfully implemented with the public takeover of 72% of the shares of VJC
Financial highlights 2013	• Revenue surpassed CHF 450m for the first time • EBITDA margin improved to 13.4% • Financing capacities further diversified and increased with the issuance of a CHF 100m straight bond and a CHF 47m capital increase
Focus 2014	• Further development of AEVIS' investment focus on "services for a better life" • Two acquisitions in the first half-year 2014 and further acquisitions planned • Re-positioning of the recently completed acquisition of VJC • Further diversification of the group's financing resources into capital markets with the issuance of a CHF 125m 2.75% straight bond in May 2014 • 2014 revenue targeted at more than CHF 600m • Focus on improving EBITDA of existing activities by 1.5% to 3.0% to reach an EBITDA of more than CHF 90m

Strategic
milestones

•
Growth strategy of GSMN successfully continued with the integration of 3 new clinics
•
Integration and growth strategy of SHP progressing according to plans
•
Diversification strategy of AEVIS successfully implemented with the public takeover of
72% of the shares of VJC

Financial
highlights
2013

•
Revenue surpassed CHF 450m for the first time
•
EBITDA margin improved to 13.4%
•
Financing capacities further diversified and increased with the issuance of a CHF 100m
straight bond and a CHF 47m capital increase

Focus
2014

•
Further development of AEVIS' investment focus on "services for a better life"
•
Two acquisitions in the first half-year 2014 and further acquisitions planned
•
Re-positioning of the recently completed acquisition of VJC
•
Further diversification of the group's financing resources into capital markets with the
issuance of a CHF 125m 2.75% straight bond in May 2014
•
2014 revenue targeted at more than CHF 600m
•
Focus on improving EBITDA of existing activities by 1.5% to 3.0% to reach an EBITDA of
more than CHF 90m

AEVIS annual results 2013 – balance sheet

In CHF '000	31.12.2012	31.12.2013
Cash and cash equivalents	9'796	29'065
Other current assets	125'966	158'114
Total current assets	135'762	187'179
Fixed assets	573'957	782'323
Other non-current assets	24'729	36'155
Total non-current assets	598'686	818'478
Total assets	734'448	1'005'657
Short-term financial liabilities	200'664	211'667
Other current liabilities	108'541	122'763
Total current liabilities	309'205	334'430
Long-term financial liabilities	190'026	344'573
Other non-current liabilities	73'677	93'735
Total non-current liabilities	263'703	438'308
Total liabilities	572'908	772'738
Total equity	161'540	232'919
Total equity and liabilities	734'448	1'005'657

Improved liquidity position of the group thanks to capital increase of December 2013
Asset base in excess of CHF 1bn thanks to strong fixed assets position
Net financial leverage of 52%. Half of financial debt is real-estate backed (mortgages)
Equity ratio further improved to 23.2%
No goodwill on the balance sheet
Alternative goodwill accounting approach (capitalised goodwill) would imply an economic equity ratio of over 30%

AEVIS annual results 2013 – income statement

In CHF '000	2012	2013
Revenue growth	344'406 n/a	454'669 32.0%
EBITDA margin	39'968 11.6%	60'755 13.4%
Depreciation and amortisation	(23'227)	(33'828)
EBIT margin	16'741 4.9%	26'927 5.9%
Financial result Share of loss of equity accounted investees	(8'158) (2'849)	(15'325) (161)
Ordinary result	5'734	11'441
Non-operating result Extraordinary result	(1'295) (1'185)	- (123)
Earnings before taxes	3'254	11'318
Income taxes	570	(4'341)
Profit for the year margin	3'325 1.0%	8'675 1.9%

Strong revenue growth (+32%) through targeted acquisitions
EBITDA margin increased to 13.4%
Increases in depreciation and interest expenses with first full year consolidation of SHP
AEVIS' presence on the bond market implies an increased independence from banks
Profit for the year increased to CHF 8.7m or CHF 0.69 per share
Proposed distribution of CHF 0.55 per share (CHF 0.30 in 2012)

Group structure

AEVIS is an investment holding of businesses focused on solutions for a better life
AEVIS' board of directors and management combine outstanding financial, legal and political skills and an in-depth knowledge of the Swiss healthcare, hotel and real-estate sector
Their role is to define AEVIS long-term strategy and support its division with adequate financing transactions and represent the group on the capital markets
Every division is equipped with an autonomous organisation including Board of Directors and Executive Management
Based on specific sector skills and a focus on strong local networks the day-to-day operations, development and positioning of the group's activities are ensured

Corporate governance

AEVIS	• Board: C. Wenger, R. Loretan, A. Hubert, M. Reybier, A. Kohler, C. George • Management: A. Hubert, G. Frachon, P-O. Haenni, S. Van der Schueren
GSMN	• Board: R. Loretan, P. Glasson, M. Reybier, A. Hubert, A. Kohler, C. Le Dorze, C. George, F. Pelli • Comex: R. Loretan, A. Hubert, B. Röthlisberger, V. Dubois-Héquet • Management: C. Graziani, N. Castelli, R. Boichat, J. Puginier, F. Hässig, B. Siclet, B. Zambaz
SHP	• Board: A. Hubert, M. Reybier, G. Frachon, C. Syz • Management: C. Syz, V. Moreau
VJC	• Board: C. Seiler, M. Reybier, B. Sigg, M. Ineichen, R. Loretan, A. Kohler, A. Hubert • Comex: M. Reybier, A. Hubert, B. Sigg, R. Finan • Management: B. Sigg, P. Bachmann

High visibility on capital markets

AEVIS is listed on the Domestic Standard of SIX Swiss Exchange (Ticker: AEVS), with a market capitalisation of more than CHF 500m
To diversify its financing sources, AEVIS has successfully issued three straight bonds:
2012: CHF 80m at 4.25% maturing in 2016
2013: CHF 100m at 3.50% maturing in 2018
2014: CHF 125m at 2.75% maturing in 2019

New division: Victoria-Jungfrau Collection AG (VJC)

VJC is a luxury hotel group comprising four leading 5-star hotels
AEVIS acquired 72% of VJC in a public tender offer
The offer was made in November 2013 and the transaction was successfully completed in April 2014
Why:
In line with AEVIS' diversification strategy into new services to people
Strategy:
Integration as stand-alone division in AEVIS
Growth strategy investing in the existing hotels and expanding the collection with new hotels
Highlights:
Carry out of a friendly takeover process and persuasion of the large majority to tender their VJC shares to AEVIS
Success contributes to AEVIS' capital markets credibility

Presentation of Genolier Swiss Medical Network SA

Beat Röthlisberger, CEO

Genolier Swiss Medical Network (GSMN)

GSMN is the 2nd largest network of private clinics in Switzerland, present in all three linguistic regions of the country
Strong player in the private healthcare sector in Switzerland
Reliable private alternative to the public healthcare system
Leader for medical tourism in Switzerland
GSMN's main aim is to offer first class hospital care to patients
Quality and excellence in medical treatments
Quality hotel infrastructure
Pleasant environment
GSMN's objective is to be positioned as an economic and political reference
GSMN collaborates with independent physicians

Clinic operations – national coverage & regional presence

Combination of contracted and listed clinics

6 contracted clinics focusing on patients with complementary insurances

Private / Semi Private Patients Common Patients

With possibility to conclude sectorial service contracts and remain a partner of the canton's sanitary coverage

8 listed clinics focusing on patients with basic health coverage

	100%	CMEV (ambulatory)
10%	90%	Schmerzklinik
15%	85%	Villa im Park
15%	85%	Valère
20%	80%	Providence
25%	75%	Ars Medica
28%	72%	Générale
31%	69%	Sant'Anna
33%	67%	Obach

Private / Semi Private Patients Common Patients

COMPANY PRESENTATION I 16

GSMN portfolio key figures

	Clinics	Available beds	Admitting physicians	Employees	Revenue 2013
nics	Clinique de Genolier	128	198	332	CHF 83.7m
	Privatklinik Bethanien	96	226	250	CHF 41.9m
d cli	Clinique de Montchoisi	21	105	74	CHF 23.0m
acte	Clinique Valmont	59	4	85	CHF 10.8m
ntr o C	Privatklinik Lindberg	73	72	142	CHF 16.7m
	Pyramide am See1	56	125	126	CHF 21.2m
	Total	433	730	1'009	CHF 197.2m
	Clinica Ars Medica	75	32	175	CHF 49.3m
	Clinica Sant'Anna	80	75	225	CHF 43.4m
	Clinique Générale	60	84	145	CHF 41.2m
nics d cli	Privatklinik Obach	65	44	125	CHF 29.7m
e List	Clinique de Valère	40	50	180	CHF 21.9m
	Hôpital de la Providence	56	25	250	CHF 44.1m
	Klinik Villa im Park	41	55	128	CHF 33.8m
	Schmerzklinik Basel	15	25	112	CHF 15.7m
	Total	432	390	1'340	CHF 279.1m

¹ Affiliated clinics Pyramide am See and Privatklinik Schwerzenbach

Challenging legal environment benefits the private sector

Constant market growth of 3.5% to 4.0% p.a. since 1996
2012: introduction of SwissDRG and revised hospital financing legislation KVG
GSMN aims for healthy competition between the private clinics and the public sector
Objective: Guarantee quality and decrease costs
Efficiently managed clinics are expected to benefit from the new industry framework defining a fixed price per medical act
Approx. 25% of total Swiss hospital revenues are generated in private clinics
DRG introduction in Germany has generated a market share increase for the private sector from 25 to 75% in 10 years
Private operators will have opportunities to manage public hospital real estate
Investments are a part of the fixed financing and can no longer be financed by public funds
Certain cantons create a competition distortion because of to their biased interpretation of the KVG. They pursue direct and indirect subsidisation of public infrastructures

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

EBITDAR analysis

Case study Clinique Générale, Fribourg

GSMN projects for 2014

Integrate the recent acquisitions
Focus on Human Ressources: recruiting, teaching
Recruiting new Doctors and admitting Physicians
Continue to optimise processes and look for synergies
Increase and sustain market position and profitability of our clinics
Prepare the 2015-2017 cantonal hospital planning
Develop competence centres in each clinic
Pursue the acquisition strategy
Intensify the discussions and relations with insurance companies
Become a preferred partner for complementary insurances
Remain active and present on the political front in the highly regulated health sector

Presentation of Swiss Healthcare Properties SA

Christoph Syz, CEO

Swiss Healthcare Properties AG (SHP)

SHP is a real estate company focusing on investments in healthcare related properties all over Switzerland.
SHP was integrated into AEVIS in July 2012 (100% subsidiary of AEVIS).
Almost all SHP properties are rented to the various GSMN clinics, and have been bought or constructed in the context of the development of the GSMN group.
SHP is managed by Patrimonium Healthcare Property Advisors AG (PHPA). PHPA is a joint venture between the main shareholders of AEVIS and Patrimonium, a FINMA regulated real estate asset management company.

SHP – long-term commitment to clinic operation's growth

SHP – key figures

Healthcare properties (11 sites)	27
Rental area	117'020m2
Global plot area	183'413m2
Vacancy rate	0% (full utilization)
LTV ratio	49.5%
Portfolio market value	CHF 640.5m
Portfolio Swiss GAAP book value	CHF 586.1m
2014 Annual rental income	CHF 35m
Gross yield	5.5%
Average rental income / m2	CHF 299
Market value / plot area average	CHF 3'492
Development potential	15'000m2 to 20'000m2 (up to 35'000m2)

The Swiss healthcare-related real estate market

The new hospital financing law has modified the financing and regulatory environment for hospitals, cantons and health insurance providers
State-owned public hospitals have to finance their own investments and maintenance works
Only investments for core medical services can be financed through DRGs
All other external investments require private funds
Public hospitals and cantons have to look for new financing solutions and professional real estate management
Swiss healthcare-related properties are old (70% have been used for at least 30 years)
substantial need for renewal and renovation.
Increased opportunities for investors (direct investments or Public Private Partnerships)
By becoming tenants, public hospitals can focus on their core business.

Strategy to grow the company – outlook

Investments into the renovation and modernization of the properties in order to further improve the quality of the buildings and the comfort for the patients
Pro-active measures to reduce operating costs (energy efficiency, global maintenance contracts)
Investments into new healthcare related real estate acquisition opportunities, with the aim of further diversifying the tenant base

"SHP acts with a long-term perspective with ongoing maintenance and renovation programs for all its properties in order to sustain their value and offer its tenants attractive premises"

Key projects 2014 and beyond 1/5

Privatklinik Villa im Park

Construction of an additional building as well as parking facilities

2 new operating theatres
28 new rooms for patients
9 new rooms for VIP
New underground parking
New rental area: 2'300m2
Investment: CHF 10m to CHF 12m
Construction year: 2014

Key projects 2014 and beyond 2/5

Clinica Sant'Anna

Demolition of a building (Villa Anna 1) and construction of a new building as well as construction of additional parking facilities

New premises for maternity
New offices for administration
New underground parking
New rental area: 3'800m2
Investment: CHF 20m to CHF 25m
Construction year: 2016-2018
New development plan required

Key projects 2014 and beyond 3/5

Privatklinik Lindberg

Demolition of 2 buildings (Buchegg et Tanneg) and construction of a major extension to the main building

Hotel for patients
New offices for administration
New consulting rooms
New rental area: 11'000m2
Investment: CHF 55m to CHF 60m
Construction year: 2016-2018
New development plan required

Key projects 2014 and beyond 4/5

Privatklinik Bethanien

Demolition of two existing buildings and construction of a major extension to the main building

New consulting rooms
New rooms for patients and VIPs
New offices for administration
New rental area: 4'000m2
Investment: CHF 20m to CHF 25m
Construction year: 2016-2018

Key projects 2014 and beyond 5/5

Clinique de Genolier

Construction of two new buildings as well as construction of additional parking facilities

New premises for Physiotherapy
New offices for administration
New research labs
New rental area: 13'000m2
Investment: CHF 65m to CHF 70m
Construction year: 2017-2020
New development plan required

Presentation of Victoria-Jungfrau Collection AG

Beat Sigg, Managing Director

Overview Victoria-Jungfrau Collection (VJC) 1/2

For nearly a century and a half, the Victoria-Jungfrau Grand Hotel & Spa in Interlaken has stood as a legendary symbol of Switzerland's luxury hotel industry
Establishment has played a pioneering role in innovative expansion, earning international acclaim as one of Europe's finest 5-star properties

Overview Victoria-Jungfrau Collection (VJC) 2/2

The Victoria-Jungfrau has expanded its operations to include three other leading hotels in Switzerland. Under the brand name of the Victoria-Jungfrau Collection (VJC), the company now comprises the Victoria-Jungfrau Grand Hotel & Spa in Interlaken, the Palace Luzern in Lucerne, the Eden au Lac in Zurich and the Bellevue Palace in Bern
The property of the hotels in Interlaken and Zurich are owned by VJC
The Bellevue Palace in Bern is owned by the Swiss government, but from January 2007 is being managed by the VJC. The building of the Palace Lucerne was assigned on 1 June 2011 to the Credit Suisse Real Estate Fund Hospitality and a long term management contract with VJC was signed at the same time
Each hotel continues to be managed by a director or couple, but overall operative supervision rests with the Executive Delegate of the board of VJC

Hotel performance indicators 2013

Hotels	Rooms	of which suites	Occupancy rate	Average Room Rate	Revenue
Victoria-Jungfrau	224	102	53.5%	CHF 356	CHF 31.9m
Palace Luzern	129	65	47.6%	CHF 355	CHF 14.7m
Eden au Lac	50	5	56.5%	CHF 400	CHF 6.5 m
Bellevue Palace	126	24	37.9%	CHF 341	CHF 18.5m
Total	529	196			CHF 72.2

The Swiss luxury hotel market 1/2

Values

High quality standards and best service
Outstanding reputation, performance and expertise
Swiss values: security and stability, reliability, language skills
Innovation
Talent factories
The world's most renowned hotel management schools are based in Switzerland
Many famous hotel pioneers have Swiss origins (C. Ritz, Bucher & Durrer, J. Badrutt etc.)

The Swiss luxury hotel market 2/2

Challenges

Continuously rising cost base: High wages and purchase costs, strong Swiss Franc, etc.
Increasing regulation (high barriers to the import of agricultural products and food)
Strong seasonal and weather-related fluctuations
Demographic development
Shift of bookings to independent online booking platforms
Shift of client behaviour: Bookings at shorter notice, growing demand for special offers, flexibility and diversity
Constant investment in infrastructure necessary

VJC's hotels are well positioned to grow

Unique Grand Hotels at the most popular Swiss destinations, offering amazing views
History, tradition, innovation
Strong brand, well-established worldwide
Guest well segmented → individual and business
Politicians and diplomats, state visits → official guesthouse of the Swiss Confederation (Bellevue Palace)
MICE in general
Banquets, outstanding locations for exceptional events (Salle de Versailles, Royal etc.)
Award winning Spa/Wellness, fitness and sports (Victoria-Jungfrau Grand Hotel & Spa)
Wellbeing philosophy (Palace Luzern)
Employers of choice, great work places → attracting talents from allover the world
Culinary experience (GaultMillau, Club des chefs des chefs)

A unique brand proposition

Emotions → Sincere, passionate and surprising
Luxury → Authentic classical luxury, emphasizing discretion
History → offering legendary senses for historical and mythic moments
Swissness → proud of Switzerland's heritage
Members of Leading Hotels of the World, Small Luxury Hotels and Swiss Deluxe Hotels Innovation, new technologies and products

Projects and investments 2014ff.

Integration process AEVIS, emphasize strengths, identify and use synergies
Introducing new philosophy ("Pure Joy of life", giant singing bowl Palace Luzern)
New management at the Victoria-Jungfrau Grand Hotel & Spa as of 16 June 2014
Focus on new markets (BRIC)
Constant facelifts (rooms Bellevue Palace, banquet halls Victoria-Jungfrau etc.)
Total refurbishment of Eden au Lac in Zurich (grand re-opening 2015)
Enhance new technologies (booking engines, social media, internet and web based tools )
Better marketing and positioning of existing unique products

Other activities and 2014 outlook