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AEVIS VICTORIA SA

Investor Presentation • Sep 30, 2015

808_ip_2015-09-30_84554844-93ae-4c99-bc73-52e238fb8cb5.pdf

Investor Presentation

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Investora Zürich

30September 2015

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' 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 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– Group structure

AEVIS VICTORIASA (AEVIS)

Investing for a better life

Genolier Swiss Medical Network SA(GSMN)

Clinicoperations

  • • Second‐largest group of private clinics in Switzerland
  • • Present in the three linguistic regions
  • • 15 clinics and one affiliatedclinic
  • • Genolier Swiss VisioNetwork
  • •www.gsmn.ch

National coverage and regional presence

Swiss HealthcareProperties AG (SHP)

Healthcare relatedproperties

  • • 29properties
  • • Rental surface of approx. 126'000m2
  • • Development potential of 15'000m2 to20'000m2
  • •Fully let (no vacancy)
  • • Value of portfolio: CHF 740.7m
  • •www.shp.net

Long‐term commitment to clinic operations' growth

Victoria‐Jungfrau Collection AG(VJC)

Luxury hotels

  • • Diversification strategy in the area of services topeople
  • •Four 5‐star hotels
  • • With VJC, AEVIS intends to build up the leading 5‐star Swisshotels group

Strategy focused on

growth

national

•www.vjc.ch

NESCENS

Better aging products and services

  • • NescensParis‐Spontini
  • • NescensCosmetics
  • • NescensSPAs
  • • NescensCheck‐ups
  • • Nescens Swiss Stem Cell Science
  • •www.nescens.com

Otheractivities

  • • Les Hauts deGenolier SA
  • • Ambulances Services OdierSA

Development of a strong better‐aging brand

AEVIS – valuecreation through acquisitions

  • • Since2010, strong expansion of P&L and balance sheet thanks to internal and external growth
  • • In 2015, expected pro forma revenue of approximately CHF 600m (all entities consolidated over a 12‐monthperiod)

1H2015Highlights

  • Important political and regulatory challenges for AEVIS
  • • Abandon of EuroCap and lowering of the interest rates in January 2015 by the SNB
  • • Crisis inRussia with associated penalties
  • •Political, economical and structural changes in the Middle‐East countries
  • • TARMED‐Pricedecreases; lower baserates, adaptations to DRG System
  • Internal organisational challenges linked to the strong growth of the last four years (company tripled in size between 2011 and 2015)
  • Goodacquisition pipeline for all AEVIS‐divisions
  • One newclinic acquired in the canton of Neuchâtel – Clinique Montbrillant
  • Increase of the participation in Victoria‐Jungfrau Collection AG to 100% and name change into AEVIS VICTORIASA

AEVIS 1H2015 – Income Statement – Turnover increases to CHF 291million

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  • AEVIS' revenue is well diversifiedcombining the healthcare activity with the hospitality and lifestyle activity of VJC
  • Revenue growth of 8.2% due to acquisitions
  • Slight decrease in EBITDA margin due to
  • • Seasonality effects for the VJC hotels, who are consolidated over 6months for the first time
  • • Loss of revenues for several clinics because of extensive renovationprograms
  • • lower TARMED reimbursement tariffs, adaptations to DRG System and
  • • Decrease of foreign patients for GSMN

1H2015– Analysis and ventilation of the P&L

  • Elimination of the seasonal extraordinary effects of the first half year 2015 – normalised EBITDAof CHF 37.8 million (EBITDA‐Margin of 13%)
  • Elimination of structural growth effects (contribution to losses of participations in restructuration, Personal and structural costs linked to growth) – pro forma EBITDA of CHF 49.5 millions(EBITDA‐Margin of 18.4%

AEVIS 1H2015 – Balance Sheet – Nogoodwil integrated

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  • AEVIS balance sheet is real estate heavy, owning many of its clinic and hotel buildings to be able to provide stability for further growth
  • Book value of the real estate portfolio of CHF 825 million, for a market value of more thenCHF 900million
  • Netfinancial leverage of 56.8%
  • Half of financial debt is real‐estatebacked(mortgages)
  • Strong equity ratio at 22.6% (24.8% at 31.12.2014)
  • Nogoodwill on the balance sheet

High visibility on capital markets

AEVIS is listedon the Swiss Reporting Standard of SIX Swiss Exchange (Ticker: AEVS)

Todiversify its financing sources, AEVIS has successfully issued three straight bonds:

  • • 2012: CHF 80 million at 4.25%maturing in 2016
  • • 2013: CHF 100 million at 3.50%maturing in 2018
  • • 2014: CHF 145 million at 2.75%maturing in 2019

Genolier Swiss Medical Network SA (GSMN) – lower Tarmed/DRG prices and reduced number of foreign patients

  • • GSMN is the 2nd largest network of private clinics in Switzerland, present in all 3 linguistic regions
  • Strong player in the private healthcare sector inSwitzerland
  • Reliable private alternative to the public healthcaresystem
  • Leader for medical tourists in Switzerland
  • • GSMN operational key figures
  • 15 private clinics and one affiliated clinic
  • More than 950 beds
  • Around 2'450 employees
  • Around 1'250 admitting physicians
  • More than 39'000 surgical interventions
  • Around 2'600 deliveries per year
  • • GSMN is 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

Key achievements 1H2015

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Key projects 2015‐2016

  • Continued growth strategy with the integration of further clinics and the recruiting of new admitting physicians
  • Focus on profitability with the optimisation of processes and uncovering of synergies
  • • Increase andsustain market position and profitability of our clinics
  • •Prepare the 2016 cantonal hospital planning
  • •Develop competence centres in each clinic
  • •Capex reductions in the coming quarters
  • • Continuedintegration work on recent acquisitions
  • Focus onHuman Ressources: recruiting, teaching, connecting
  • Intensify the discussions and relations with insurance companies
  • • Becomea preferred partner for complementary insurances
  • Remainactive and present on the political front in the highly regulated health sector

Swiss Healthcare Properties AG (SHP) – Market value of more than CHF 740million

•

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•

  • • SHP is a real estate company focusing on investments in healthcare related properties all overSwitzerland
  • • Today, SHP owns 29 healthcare properties, located all over Switzerland in 14 specific sites and representing a total rental surface of over 126'000m2
  • • Almost all SHP properties are rented to the various GSMNclinics,
  • • SHP is committed on the long‐term to the growth anddevelopment of the clinics' operations
  • • All SHP's properties are fully let and include an additional development potential of 15'000m2 to 20'000m2 (35'000m2 with new development plans)
  • • SHP is managed by Patrimonium Healthcare Property Advisors AG, a joint venture between Patrimonium andAEVIS

SHPportfolio key figures

Healthcare properties 29 (14 sites) Rental area 126'195m2 Global plot area 197'382m2 Vacancy rate 0% (Full utilisation) LTV ratio 44.7% Portfolio market value W&P CHF 740.7 million Portfolio Swiss GAAP book value CHF 633.3 million 1H2015 Rental income CHF 18.5 million Gross yield 5.8% Average rental income / m2 CHF 297 Market value / plot area average CHF 5'869 Development potential 15'000m2 to 20'000m2 35'000 m2

Key projects 2015‐2016

  • With 29 different properties across Switzerland and a vacancy rate of 0%, SHP expects a stableorganic growth of rental income
  • For the existing portfolio, targeted development and optimisation projects are planned for 2015 andbeyond
  • SHP also seeks to find additional surfaces on various sites, in order to ensure the further development of the GSMN clinic's
  • • Increasethe ground area ratio
  • •Change of area plans
  • • Searchof buildings near to current clinics
  • Healthcare‐related real estate is more resilient to market challenges as witnessed in the residential and office real estate market in Switzerland (less dependant of the economy, demographic evolutions)
  • SHP continuously evaluates further real estate acquisitions opportunities in healthcare related areas alsofocusing on public service providers
  • Integration of the VJC properties during the second half year

Victoria‐Jungfrau Collection AG (VJC) – Good frequency and strong results during the summer months

  • • VJC is the leading luxury hotel group comprising four 5‐stars hotels in Swiss prime locations Zurich, Bern, Lucerne and Interlaken
  • • The acquisition was a diversification move to consolidate AEVIS' strategic focus on "services for abetter life"
  • • With the related hotels of La Réserve and Seiler Hotels in Zermatt the hotel network of AEVIS extends to 7 upscale hotels in Switzerland and 2 inFrance
  • • Strategy
  • Growth strategy investing in existing hotels
  • Focus on improved market positioning
  • Interlace Nescens in the hotel offerings to lever thehealthcare network of GSMN
  • Build synergies with Michel Reybier Hospitality and Seiler Hotels Zermatt which areall under the same general management
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Key projects 2015‐2016

  • Ongoing optimization of the positioning of every hotel in order to be able to improve room andoccupancy rates to continue organic growth
  • Further integration into AEVIS and La Réserve / Seiler Hotels in order to maximise synergies for cost‐cuttings and marketing reach
  • Repositioning of the hotels by the development of the gastronomy offering
  • The management team will continue to exploited synergies in IT, sales and marketing, procurement as well as human resources
  • Negotiations in order to improve the rental agreement conditions in the hotels in Berne and Lucerne to allowfor more financial and operational flexibility
  • Further optimisation of processes, systems, products and human resources in order to be able to adapt to the changes in the global market environments as well as to the changing travelhabits

Nescens

  • • Nescens offers innovative products and servicfrequencybetter living / better aging connecting healthcare, wellness and lifestyle under aSwiss high quality brand
  • • Nescens is applied within GSMN's clinics as well as withinVJC's and the other affiliated hotels
  • • Integrated approach combining preventive medicine, wellness and anti‐aging medicine as well as aesthetic medicine andcosmeceuticals
  • • Emerging market segment with high growth potential, both in Switzerland and abroad
  • • Nescens divisions
  • Centers for Preventive Medicine (Genolier, Lausanne, Lugano & Zurich (2016))
  • Swiss Stem Cell Science – Stem Cell banking andresearch
  • Better Aging Spas (La Réserve, VJC)
  • Paris Spontini plastic surgery clinic
  • Swiss Anti‐aging Science Cosmeceuticals

Outlook

  • AEVIS is optimally positioned for the coming years, with independent, professional and experienced management teams for its three main businesses GSMN, VJC and SHP
  • AEVIS expects to realise a turnover of approx. CHF 600 million in 2015
  • • Basedon an unchanged portfolio consolidated of a 12‐month period
  • For the full year 2015, AEVIS expects – on a profitability level – to neutralise the seasonal effects of the first six months and to compensate the negative regulatory effects by optimising processes and by a cost‐reduction programme
  • GSMN finished an important investment programme and disposes of outstanding clinic infrastructures
  • For the coming years, GSMN will concentrate on increasing its performance. Combined withlower investment levels, this will enable a free cash flow increase
  • In the mid‐term, AEVIS continues to target an EBITDA margin of more than 20%, which implies a free cash flow margin of around 10%, on which a payout ratio of 30% will be applied

Thank you for your interest

Q&A

Financialcalendar

  • November 2015
  • March
  • 29
  • 14

Publication of 3Q2015 turnover 2016 Publication of 2015 turnover April 2016 Annual Results 2015 June 2016 Annual General Meeting for 2015 (Interlaken)

AEVIS VICTORIA SA rue Georges‐Jordil 4 1700 Fribourg Tel. +41 26 350 02 02 [email protected]

Media & Investor Relations c/o Dynamics Group Edwin van der Geest / Philippe Blangey Tel. +41 43 268 32 32 [email protected]

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