Presentation H1 2012 Results

28 September 2012

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'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'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.

Company highlights

AEVIS Holding (AEVIS) is the new company name of Genolier Swiss Medical Network (AGM 6 June 2012)
AEVIS invests in the healthcare sector, in life sciences and in services to people
AEVIS integrated Swiss Healthcare Properties AG on 2 July 2012
In July 2012, AEVIS issued a 4 ¼ % CHF 80m straight bond (Ticker: AEV12)
Acquisition of 80% of AS Ambulances Services SA in September 2012
1H2012 turnover of CHF 161.8m (CHF100.7m) and EBITDA of CHF 15.4m (CHF 11.1)
Pro forma 1H2012 turnover of CHF 162.1 and EBITDA of CHF 20.6

The Swiss healthcare market

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Group structure

AEVIS Holding SA

Investments in healthcare sector, life sciences and services to people

Swiss Healthcare Properties AG• 18 healthcare properties• Rentable area of 86'615m² • Development potential of 10'000m2 to 15'000m² • Full utilisation (0% vacancy) • Portfolio value of CHF 406mHealthcare real estateLong-term commitment to clinic operation's growthOther Activities• Les Hauts de Genolier: assisted living residence• Nescens SA and CSPV SA: services and products for better aging• Clinique Nescens Paris Spontini: aesthetic clinic in Paris• Ambulances Services in GenevaRelated sectorsDevelop complementary healthcare servicesGenolier Swiss Medical Network SA• ²nd largest group of private clinics in Switzerland• Present in French, German and Italian speaking parts of Switzerland• 10 clinic operations (100%) and 2 affiliated clinicsClinic operationsNational coverage and regional presence

PRESENTATION RESULTS HY-12 I 5

Corporate governance – AEVIS Holding SA

Board of directors

Dr. Christian Wenger, Chairman
Raymond Loretan, Vice-Chairman
Antoine Hubert, Delegate of the Board
Michel Reybier
Antoine Kohler
Dr. Cédric A. George

The board of directors of AEVIS combines financial, legal and political skills as well as in-depth knowledge of the Swiss healthcare sector

Management

Antoine Hubert, Delegate of the Board
Gilles Frachon, CFO
Séverine Van der Schueren, CAO
Pierre-Olivier Haenni, Director

Together, the board of directors and management of AEVIS cover the necessary skill set to address the challenges of AEVIS' scope of business

Corporate governance – Genolier Swiss Medical Network SA

Board of directors

Raymond Loretan, Chairman
Dr. Philippe Glasson, Vice-Chairman
Antoine Hubert, Delegate of the Board
Michel Reybier
Antoine Kohler
Dr. Cédric A. George
Dr. Christian Le Dorze
Fulvio Pelli

The board of directors of GSMN contributes additional healthcare and medical expertise, a link to the group's doctors as well as an anchor within national politics

Management

Antoine Hubert, Delegate of the Board
Beat Röthlisberger, CEO
Christophe Graziani, CFO
Valérie Dubois-Héquet, General Manager
Romain Boichat, COO
Guy Reynard, CSO

Together, the board of directors and the experienced management team of GSMN ensure an optimal development of AEVIS' main participation

Corporate governance – Swiss Healthcare Properties AG

Board of directors

Antoine Hubert, Chairman
Michel Reybier, Vice-Chairman
Gilles Frachon
Olivier Bourgeois

The board of directors of SHP is well aligned within the corporate governance of AEVIS and shares in-depth knowledge of the portfolio of healthcare real estate

Management

Patrimonium Healthcare Properties Advisors AG, Baar/ZG
Christoph Syz, CEO
Vivian Moreau, Portfolio Manager

GSMN network overview

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l T t o a		6 3 1 1. m	6 9 8	9 9 4	'7 8 1 1

Affiliated clinics Pyramide am See and Privatklinik Schwerzenbach

Clinic operations – national coverage and regional presence

Ongoing negotiations re. the integration Hôpital de la Providence in Neuchatel, Clinique de Valère and Rehabilitationszentrum Leukerbad

Healthcare real estate – long-term commitment to clinic operation's growth

Preliminary discussions going on with one potential target in the canton of Zurich and two in the canton of Valais

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

Healthcare real estate

Continuous development of clinics and healthcare related buildings
Increase of operational flexibility due to integrated strategy

•

Healthcare real estate development

2006-2007 Clinique Générale: complete refurbishment
²⁰⁰⁷ Clinique Valmont: development of parking and terrace
²⁰⁰⁹ Les Hauts de Genolier: construction of building
²⁰¹⁰ Les Hauts de Genolier: development of parking
2010-2011 Clinique de Montchoisi: new radiology and underground parking
2011-2012 Clinique de Genolier: new operating theater, new intensive and continued care units
2011-2012 Privatklinik Bethanien: construction of an underground parking, renovationof reception areas and the restaurant, new outdoor terrace and park

Selected AEVIS clinics and healthcare real estate

Clinique de Genolier

Genolier

Canton Vaud

Clinique de Genolier – clinic operations

154 admitting physicians
290 employees
115 beds
5 operating theatres
2'561 surgical interventions
Key specialties
•Oncology
•General and digestive surgery
•Orthopaedics
•Gynaecology and Senology (IORT)
•Internal medicine
•Preventive medicine
•Plastic surgery
Revenue breakdown
•Inpatients: 53%
•Outpatients: 47%

Clinique de Genolier – healthcare real estate

Total site area 57'869m2
•View over Lake Geneva and the Alps
•Room for further development
Clinique de Genolier
•Multi speciality hospital building
•Floor area (net): 18'724m2
•Floor levels: 7
CRG Building
•Center with medical practices and offices
•Floor area (net): 4'039m2
•Floor levels: 6
Les Hauts de Genolier
•Medical and assisted living residences
•Floor area (net): 10'140m2
•Floor levels: 6
Genolier Parking
•Indoor parking: 109
•Outdoor parking: 207

Selected AEVIS clinics and healthcare real estate

Privatklinik Bethanien

Zurich

Canton Zurich

Privatklinik Bethanien – clinic operations (no real estate)

204 admitting physicians
250 employees
96 beds
5 operating theatres
3'925 surgical interventions
408 deliveries
Key specialties
•Orthopaedics
•Gynaecology and obstetrics
•Surgery and internal medicine
•Visceral surgery
•Maxillofacial surgery, ENT
•Plastic and aesthetic surgery
•Urology
Revenue breakdown
•Inpatients: 97%
•Outpatients: 3%

Selected AEVIS clinics and healthcare real estate

Clinica Sant'Anna

LuganoCanton Ticino

Clinica Sant'Anna – clinic operations

90 admitting physicians
200 employees
87 beds
4 operating theatres
4'000 surgical interventions per year
900 deliveries
Key specialties
•Female medicine and senology
•Gynaecology and obstetrics
•Neonatology
•Oncology
•Internal medicine
•Specialised surgery
•Preventive medicine
Revenue breakdown
•Inpatient: 75%
•Outpatient: 25%

Clinica Sant'Anna – healthcare real estate

Total site area 22'251m2
•Hillside development
•View over Lake Lugano
Clinica Sant'Anna
•Multi speciality hospital building
•Floor area (net): 14'203m2
•Floor levels: 8
3 further healthcare real estate on site
•Medical related use
•Floor area (net): 2'953m2
Sant'Anna Parking
•Indoor parking: 76
•Outdoor parking: 112

Les Hauts de Genolier – assisted living

Assisted living complex next to the Clinic Genolier
63 luxurious apartments offering modern infrastructure
Mulit-disciplined care team
Tailor-made nursing services
Short-term or long-term stay

Nescens – Added value brand to the clinics

Fruit of a partnership with CSPV-Centre Suisse de Prévention du Vieillissement SA and La Réserve
Leading global anti-aging specialist "live better and longer"
First brand to bring a comprehensive and evidence-based answer to prolong healthy life
Nescens is ideally positioned as the pioneering brand in this sector
Market segment with substantial growth potential, both in Switzerland and abroad

Nescens – three areas of development

Nescens preventive medical check-up centres at Clinique de Genolier and Clinica Sant'Anna
Nescens better-aging medspa programmes at Hôtel la Réserve Geneva
Anti-age cosmetics
•Nescens is a line of highly efficient anti-aging cosmeceuticals
• Entirely formulated by Prof. Jacques Proust, a pioneer in the field of biology of aging
•Developed under the Laboratoires Genolier trade name
• Distributed in Switzerland since April 2011 via Group clinics and the internet and in 16 countries via exclusive partners

Clinique Nescens Paris Spontini

First clinic of the Group entirely dedicated to plastic surgery and medicine
Located in the 16th district of Paris, is exclusively dedicated to plastic
Managed under the better-aging brand Nescens
To be positioned as a European benchmark for plastic and cosmetic surgery
High quality medical and hotel infrastructure
• 24 rooms and reception areas and will offer its patients top
•4 operating theatres
•a room for minor surgery
•an entire floor dedicated to cosmetic medicine
20 internationally renowned cosmetic surgeons and physicians
Opening early 2013

Clinic related activites – ambulance services

80% interest in AS Ambulance Services SA, Geneva
80 employees
Turnover of more than CHF 8 million
Founder and COO Olivier Gonin owns a 13% stake
Acquisitions in line with AEVIS strategy of developing several activities in the healthcare sector
Further acquisitions in this sector are planned

Financial Highlights HY 2012

Growth strategy successfully continued with the integration 4 new clinics
Strong revenue growth of 61% to CHF 161.8 million
One off costs related to growth acquisition (around CHF 1.5 million)
EBITDA surges by 39% to CHF 15.9 million
EBITDA level temporarily affected by one off costs and low profitability of new acquisitions
Financing sources diversified by issue of CHF 80 million bond
No goodwill and intangibles on balance sheet
AEVIS reports under Swiss GAAP FER
Current market cap of AEVIS is around CHF 360 million

Half-year results 2012: Income Statement

'0 0 0 In C H F	2 0 2 1 H Y 1 S A E V I	2 0 1 H Y 1 1 S A E V I
f Ke ig & L P y ur es
l r To ta ev en ue h wt gro	'8 1 6 1 0 3 16 1%	'6 1 0 0 6 7 /a n
E B I T D A in ma rg	'3 1 5 6 0 9%	'0 1 1 4 8 11 %
d a De ia io isa io t t t p re c n a n m or n	( '9 ) 9 2 3	( '6 ) 7 2 6
E B I T in ma rg	'4 5 3 7 3%	'4 3 2 2 3%
l r l F in ia t an c es u ha f lo f e d S i ty te re o ss o q u ac co un	( ) '7 1 5 4 ( ) 2 '0 5 7	( ) '2 0 1 5 0
d in l Or ta t ar y p re x r es u	'6 1 2 6	'2 2 1 7
d l Ex in tra t or ar y re su	( ) 7 4 5	( ) 5 6 4
fo in be Ea ta rn g s re xe s	8 8 1	'6 3 1 5
In ta co m e xe s	( ) 2 2	( ) 2 2 7
Ne in t co m e in ma rg	8 5 9 1%	'4 1 2 6 1%

h i i i T 1 H Y 2 0 1 2 e r e v e n u e n c r e a s e n s
l d h l d i i t t m a n y u e o e n e w y a c q u r e
l d l h i i i S L t c n c s n u g a n o a n o o u r n

Non-recurring transaction costs and uncertainty in the insurance environment resulted in a decrease in profitability of CHF 3.5 to CHF 5.0m
Revenue contribution from Privatklinik Lindberg of only 1 month
The share of loss of equity accounted investees is based on the losses of Lindberg from January to May 2012 when the clinic was not consolidated

Half-year results: Balance Sheet

'0 In C H F 0 0	3 0 Ju 2 0 1 2 ne A E V I S	3 0 Ju 2 0 1 1 ne A E V I S
f ig ba lan he Ke t y ur es ce s e
As ts se
l n To ta t a ts on -c ur re n ss e	'0 2 0 0 1 7	'8 1 0 0 5 5
l c To ta t-a ts ur re n ss e	'5 1 1 3 5 3	'0 7 6 2 8
l a To ta ts ss e	'5 3 1 3 7 0	'8 1 7 6 8 3
h wt gro	7% 17	/a n
b l L ia i i ie t s
l e i To ta ty q u	'2 4 1 9 0	'8 3 3 4 7
l n l b l To ia i i ie ta t t on -c ur re n s	'8 7 4 8 8	'5 3 9 2 6
l c l b l To ia i i ie ta t t ur re n s	'3 1 9 7 9 2	'5 1 0 3 1 0
l l b l ia i i ie To ta t s	'2 2 2 8 0 7	'0 1 4 3 3 6
l e i d l ia b i l i ie To ta ty t q an s u	3 3 '5 0 1 7	6 '8 8 3 1 7

177% n/a

Main growth drivers were clinic acquisitions in Lugano, Solothurn and Winterthur
The growth effect was further accentuated as AEVIS acquired both the operations and the real-estate of Privatklinik Obach
The mortgage debt on the Obach property explains around CHF 20m of the increase in non-current liabilities
Real estate asset and mortgage of Obach will be transferred into SHP during Q4 2012

growth

Pro forma results after SHP integration

'0 In C H F 0 0	1 H Y 2 0 1 2 fo p ro rm a in l. S H P c	1 H Y 2 0 1 2 A E V I S	1 H Y 2 0 1 1 A E V I S
f ig & Ke P L y ur es
l r To ta ev en ue h wt gro	'1 1 6 2 3 0 /a n	'8 1 6 1 0 3 16 1%	'6 1 0 0 7 6 /a n
E B I T D A in ma rg	'6 2 0 4 1 13 %	'3 6 0 1 5 9%	'0 8 1 1 4 11 %
d a De ia io isa io t t t p re c n a n m or n	( '7 ) 1 1 0 2	( '9 ) 9 2 3	( '6 ) 7 2 6
E B I T in ma rg	'9 8 3 9 6%	'4 5 3 7 3%	'4 3 2 2 3%
l r l F in ia t an c es u ha f lo f e d S i ty te re o ss o q u ac co un	( '8 ) 3 1 1 ( '0 ) 2 5 7	( '7 ) 1 5 4 ( '0 ) 2 5 7	( '2 ) 1 0 5 0
d in l Or ta t ar y p re x r es u	'0 3 7 1	'6 1 2 6	'2 2 1 7
f ba lan he Ke ig t y ur es ce s e
l a To ta ts ss e	'8 6 9 7 7 2	'5 3 1 3 7 0	'8 1 7 6 8 3
l l b l To ia i i ie ta t s	'2 4 7 2 7 5	'2 2 7 2 8 0	'0 1 4 3 3 6
l e To i ta ty q u	'5 2 2 5 9 8	'2 4 1 9 0	'8 3 3 4 7
i io ty t eq u ra	32 %	13 %	19 %

Pro forma 1HY 2012 includes the effect of the integration of SHP as per 30 June 2012
Reduction of rent significantly reduces operating leverage
Strong increase of assets base to almost CHF 700m (no goodwill)
New debt from SHP is purely mortgage-backed debt
Equity ratio surges to over 30%

Further development potential

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New corporate website

	COMMUNIQUES DE PRESSE	CALENDRIER FINANCIER
	Klinik Pyramide am See AG et GSMN Zurich AG	25/09/2012 AEVIS Holding SA: Genolier Swiss Medical Network - Exécution de la participation croisée entre
18/09/2012		AEVIS Holding SA: prise de participation majoritaire dans AS Ambulances Services SA à Genève
	prévu entre CHF 50 et 70 millions a été sursouscrit et a été augmenté à CHF 80 millions	12/07/2012 AEVIS Holding SA achève avec succès l'émission d'un emprunt obligataire - L'emprunt initialement
	Lindberg à Winterthour	10/07/2012 AEVIS Holding SA: Swiss Healthcare Properties AG acquiert les immeubles du site de Privatklinik
10/07/2012	Signature d'une lettre d'intention ouvrant un round de négociations exclusives.	- AEVIS Holding SA: Genolier Swiss Medical Network SA / Hôpital de La Providence, Neuchâtel

AEVIS – outlook 2012

2012 forecast (i.e. same scope as pro forma on previous page)
•Total revenue: nearly CHF 350m
•Proforma EBITDA: around CHF 50m
Further integration and consolidation of current investment portfolio of AEVIS
Genolier Swiss Medical Network SA
•Continuation of growth strategy, organically and by acquisitions
• Negotiations ongoing with Hôpital de la Providence in Neuchatel as well as with Clinique de Valère in Sion and Rehabilitationszentrumin Leukerbad
Swiss Healthcare Properties AG
•Transfer of the real estate of Privatklinik Obach from GSMN to SHP
•One opportunity in the canton of Zurich and the clinics in Sion and Leukerbad
Other investments
•AEVIS plans to establish complementary services to support its key service offerings
•Focus on radiology and general outpatient centres as well as dental clinics in Switzerland

Investment highlights

i A t t t r a c v e f t s e c o r o c u s	h f h l h l h d H i i i i i i t t t t t t t g a r a c e n e s s o e g r o n g a n r e c e s s o n- r e s e n e a c a r e s e c o r • v w h d ( l l d ) i D t t e m o g r a p c r e n s m o r e p e o p e g e o e r − l h ( l h ) i i I t n c r e a s n g e c o n o m c e a p e o p e a e m o r e m o n e w v y − l l f h l h ( l ) i i i i I t t n r e a s n n n e s s o p a o r e a a r e s e r e s p e o p e p a m o r e c g w g y c v c y −
k M t a r e i i i t p o s o n n g	l h l h h l h O S i i i i t t t t t • n y w s s n v e s m e n v e c e n e e a c a r e s e c o r h d d f h l h H i i t g e m a n o r e a c a r e s e r v c e s − h b d G i t t t t t r o w s r a e g y o e c o n n u e − d f f k l d P i i i i i t t t t t o s o n e o p r o r o m m a r e c o n s o a o n −
f i i i d D e r s e v b i s n e s s u l d m o e	d b l h d d l d S i i i i i t t t t t t t • r o n g a n s a e c a s g e n e r a o n u e o n e g r a e c n c o p e r a o n s a n h l h l t t t e a c a r e r e a e s a e h f l b l f d l f d l H i i i i j i i t t t t t t • g e x y o r o n e v e o p m e n o o p e r a o n s a n r e a e s a e
L t o n g e r m - b i l i t t s a y	h b l f h f l d l d b H i i i i i i i t t t t • g v s y o c a s o w s u e o r e g u a e u s n e s s e n v r o n m e n b l h f l l h k l l S i i i i i t t t t t • a y n c a s o w p a n n n g a n s o o w o p e r a n g e v e r a g e f d d ( f ) C 2 i 2 0 1 1 C 0 i 2 0 1 2 E B I T D A H F 4 H F 5 • o m n a n a r o u n n p r o o r m a

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AEVIS VICTORIA SA

808_ip_2012-09-28_ffe08053-4293-4064-a100-f533131bcfd8.pdf

Presentation H1 2012 Results

Disclaimer

Company highlights

The Swiss healthcare market

Group structure

AEVIS Holding SA

Investments in healthcare sector, life sciences and services to people

Corporate governance – AEVIS Holding SA

Board of directors

Management

Corporate governance – Genolier Swiss Medical Network SA

Board of directors

The board of directors of GSMN contributes additional healthcare and medical expertise, a link to the group's doctors as well as an anchor within national politics

Management

Corporate governance – Swiss Healthcare Properties AG

Board of directors

Management

GSMN network overview

Clinic operations – national coverage and regional presence

Healthcare real estate – long-term commitment to clinic operation's growth

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

Healthcare real estate development

Selected AEVIS clinics and healthcare real estate

Clinique de Genolier

Clinique de Genolier – clinic operations

Clinique de Genolier – healthcare real estate

Selected AEVIS clinics and healthcare real estate

Privatklinik Bethanien

Privatklinik Bethanien – clinic operations (no real estate)

Selected AEVIS clinics and healthcare real estate

Clinica Sant'Anna

Clinica Sant'Anna – clinic operations

Clinica Sant'Anna – healthcare real estate

Les Hauts de Genolier – assisted living

Nescens – Added value brand to the clinics

Nescens – three areas of development

Clinique Nescens Paris Spontini

Clinic related activites – ambulance services

Financial Highlights HY 2012

Half-year results 2012: Income Statement

Half-year results: Balance Sheet

Pro forma results after SHP integration

Further development potential

Ongoing restructuring of Privatklinik Lindberg

New corporate website

AEVIS – outlook 2012

Investment highlights

More from AEVIS VICTORIA SA

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