AEVIS VICTORIA SA — Investor Presentation 2021

Mar 26, 2021

AEVIS VICTORIA – 2020 Annual Results Presentation

Investing for a better life

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.

Impact of COVID-19 on AEVIS VICTORIA SA

AEVIS was well prepared for the ongoing COVID-19 crisis thanks to…

• High level of digitalization and decentralized organizational structure
• Mindset focused on adaptability and reactivity to attractive opportunities coming up
• Good capital base and sufficient liquidity reserves

…nevertheless certain measures have been implemented to weather the crisis

• All capex have been strongly reduced or stopped
• All available tools (short time work...) and supports (state backed financings...) from the state have been used if applicable
• No ordinary dividend for 2019 and 2020
• Strong focus on management of liquidity through the group to be able to seize opportunities and maximize flexibility
• Rent waivers for operating companies have been negotiated
• Optimization of cash cycle (faster invoicing, faster collection)

Overall good resilience during Covid-19 crisis – thanks to dedicated hard work of all employees and partners, financial results exceeded expectations given the circumstances

Our long-term vision

AEVIS VICTORIA

• Investing for a better life – We invest in services to people
• Creating value – We grow and manage companies for long term value
• Partnerships – Our expertise and culture makes us a preferred investment partner

Our focus sectors

Transformation into a pure play investment company

Vision

• Investing for a better life (healthcare, hospitality & lifestyle, infrastructure)
• Portfolio of actively managed participations with stakes of 20% to 50% to combine capital gains and stable annual returns for shareholders

Financials

Consolidated AEVIS P&L key figures

Consolidated income statement (in CHF000)	Actual 2019	Pro forma 2019	Actual 2020
Total revenue	933'169	711'745	733'018
External services	(88'324)	(88'324)	(91'804)
Net revenue	844'845	623'420	641'214	Net revenue increased by 2.9%
% growth	n/a	n/a	2.9%	compared to 2019 pro forma
EBITDAR	308'424	87'000	99'294
% margin	36.5%	14.0%	15.5%
Rental expenses	(41'929)	(41'929)	(62'645)	Considering the circumstances,
EBITDA	266'495	45'071	36'649	EBITDA margin of 5.7% indicates
% margin	31.5%	7.2%	5.7%	resilience of the group's businesses
Depreciation & amortization	(87'365)	n.a.	(59'926)
EBIT	179'130	n.a.	(23'277)
% margin	21.2%	n.a.	-3.6%

Note: Pro forma numbers for 2019 exclude the gains from the sale of participations in Infracore SA and GENERALE-BEAULIEU IMMOBILIERE SA

See statutory results on page 11

Consolidated segment reporting

2020	Hospitals	Hospitality	Real estate	Others	Corporate	Elimination	Total
(in CHF000)
Net revenue	546'730	72'725	15'437	15'156	1'451	(10'285)	641'214
EBITDAR	100'514	6'231	12'977	(2'438)	(8'262)	(9'728)	99'294
EBITDAR margin	18.4%	8.6%	84.1%	-	-	-	15.5%
EBITDA	46'263	(8'462)	12'976	(5'254)	(8'874)	-	36'649
EBITDA Margin	8.5%	-11.6%	84.1%	-	-	-	5.7%
2019	Hospitals	Hospitality	Real estate	Others	Corporate	Elimination	Total
(in CHF000)
Net revenue	534'835	69'441	33'937	19'917	222'463	(35'748)	844'845
EBITDAR	87'651	11'917	30'065	(842)	209'473	(29'840)	308'424
EBITDAR margin	16.4%	17.2%	88.6%	-	-	-	36.5%
EBITDA	32'813	500	28'539	(4'087)	208'731	-	266'495
EBITDA Margin	6.1%	0.7%	84.1%	-	-	-	31.5%

Consolidated AEVIS balance sheet key figures

Consolidated balance sheet	Actual	Actual
(in CHF000)	2019	2020
Cash and cash equivalents	40'236	65'559
Other current assets	242'600	243'806
Total non-current assets	907'724	1'220'582
Total assets	1'190'561	1'529'948
Financial liabilities and other borrowings	495'372	841'737
Other liabilities	251'354	268'571
Total liabilities	746'726	1'110'308
Share capital	80'391	83'500
Reserves and retained earnings	305'921	277'734
Equity excl. minority interests	386'313	361'234
Minority interests	57'522	58'406
Equity incl. minority interests	443'835	419'640
Total liabilities and equity	1'190'561	1'529'948
Equity ratio	37.3%	27.4%
Leverage ratio	41.6%	55.0%

Note: cash and cash equivalents as well as available credit lines amounted to CHF 84.5m as per 31.12.2020

Statutory AEVIS key figures

Statutory income statement	Actual	Actual
(in CHF000)	2019	2020
Dividend income	6'757'475	14'786'642
% growth	n/a	119%
Other operating income (incl. profit from sale of participations)	260'327'381	1'451'090
Total income	267'084'856	16'237'732
EBITDA	254'219'709	6'897'941
% margin	95%	42%
Net profit	257'189'477	7'354'426
% margin	96%	45%

Strongly increased dividend income in 2020 thanks to contributions from Infracore

No sale of participations in 2020

Statutory balance sheet (in CHF000)	31.12.2019	31.12.2020
Total assets	793'851'118	782'154'356
Current liabilities	105'349'285	210'427'388
Non-current liabilities	295'000'000	145'000'000
Total liabilities	400'349'285	355'427'388
Total equity	393'501'833	426'726'968
Total liabilities and equity	793'851'118	782'154'356

Improving equity position in 2020

Indicative sum of the parts analysis

Based on a sum of the parts valuation of AEVIS' current participations, a total value of CHF 2.6bn results

After deduction of net debt, an net asset value of CHF 1.8bn results (more than 2x covering net debt)

Consolidated

Non-consolidated

Focus sectors

Swiss Medical Network

100% participation of AEVIS

Value creation at SMN through acquisitions since 2002

Note: indicative numbers due to various changes in reporting standards and segment structuring

Highlights 2020

Continuity of growth

• Operating revenues of CHF 626m
• Organic growth decreased only 0.9%, despite ban on nonurgent surgery during lockdown
• Past investments and cost consciousness contributed significantly to the continuity of good results

Agile, lean & quality driven

• Immediate reactions and flexible organization seamlessly supported the cantons efforts to combat pandemic
• Resources and capacities are adaptable in less than 48 hours
• Investments in high quality infrastructure will continue into the future

Position of strength

• Investments like Hôpital du Jura bernois as proof of SMN's commitment to shape a more efficient healthcare system
• Healthcare crisis as additional catalyst for further consolidation with potential acquisitions in the outpatient sector

Stability despite global turmoil

Resilient business model

Reaping the benefits

The vision: Swiss pioneer in integrated care

Swiss healthcare system: an inefficient and vicious triangle Integrated care unites parties with currently diverging interests

Swiss Medical Network's regional clusters

Hospitals (17) Clinique de Genolier (VD) Clinique de Montchoisi (VD) Clinique Valmont (Reha) (VD) Clinique Général-Beaulieu (GE) Clinique de Valère (VS) Clinique Générale (FR) Hôpital de la Providence (NE) Clinique Montbrillant (NE) Clinica Sant'Anna (TI) Clinica Ars Medica (TI) Privatklinik Belair (SH) Privatklinik Bethanien (ZH) Privatklinik Lindberg (ZH) Privatklinik Obach (SO) Privatklinik Villa im Park (AG) Schmerzklinik Basel (BS) Privatklinik Siloah (BE) Medical centers (35) 35 medical centers in the catchment areas of the group's Canton with contracted hospitals (2) Cantons with hospital list (11) Affiliated hopsitals (5) (minority interests) Klinik Pyramide am See (20%) Rosenklinik Rapperswil (40%) Hôpital du Jura Bernois (35%)

hospitals

Current and future footprint in Arc Jurassien

Strategic roadmap for the Arc Jurassien

* As per 1.7.2021

Hospitality group 100% participations of AEVIS

Highlights 2020

Impact of health crisis

• Alpine hotels: good results from strong winter 2020
• City hotels: lack of MICE business and foreign tourists only partially compensated by domestic demand
• La Réserve Eden au Lac: positive exception; great results, confirming its repositioning in Zurich

Acquisitions boost turnover

• Despite organic decline, increase in revenues to CHF 72.7m was achieved thanks to integration of
  • − Seiler Hotels in Zermatt
  • − the InterContinental in Davos and
  • − reopening of La Réserve Eden au Lac

Luxurious experiences

• Consistent price policy without aggressive pricing paid off and strengthened high-quality positioning
• Efficient cost management led to EBITDAR of CHF 6.2m (equals a margin of 8.6%)

Adaptable to uncertainty Portfolio growth Normalization ahead

Current hotel portfolio

Fully owned hotels

Hotel Victoria-Jungfrau, Interlaken La Réserve Eden au Lac, Zurich Bellevue Palace, Bern Crans Ambassador, Crans Montana Mont Cervin Palace, Zermatt Monte Rosa, Zermatt Petit Cervin, Zermatt Hotel InterContinental, Davos Schweizerhof, Zermatt

Affiliated hotels

La Réserve Hotel Spa & Villas, Geneva

Infracore 30% participation of AEVIS (50% voting rights)

MARKET VALUE 2020 IN CHFbn 1.1 NET REVENUE 2020 IN CHFm 47.2 WAULT* IN YEARS 23.2 PROPERTIES INCL. DEV. PROJECTS 39 SITES 17 RENTAL SURFACE IN SQM 184'199

*weighted average unexpired lease term

Swiss Hotel Properties 100% participation of AEVIS

Broad geographical footprint across Switzerland

Medgate 40% participation of AEVIS

EMPLOYEES	of which PHYSICIANS
500	240
TELECONSULTATIONS IN 2020	TELECONSULTATIONS SINCE 2000
1m	10m
AVAILABILITY	PARTNERS OF THE MEDGATE NETWORK
24/7	2'900

ROLE IN COVID19

630'000 calls on the various BAG Covid-hotlines

COUNTRIES (outside Switzerland)

Germany, Philippines, India, United Arab Emirates

MPT deal

Placement of 10% stake to MPT

AEVIS and Medical Properties Trust ("MPT") extend their partnership to Swiss Medical Network MPT is a real estate investment trust, listed on NYSE, experienced in unlocking the value of hospital real estate for growth and a preferred partner by top operators around the globe

Transaction Rationale

• In line with the announced strategy of transforming into a holding company, AEVIS has sold 10% of the share capital of Swiss Medical Network, to MPT
• The transaction was based on an enterprise valuation of CHF 1.7bn on a 100% basis for Swiss Medical Network, confirming the significant value creation achieved since its inception in 2002

• For AEVIS, the deal will lead to a cash inflow of around CHF 145m and an increase of equity of CHF 98m

• Unlocking of substantial value creation at Swiss Medical Network since inception

• Initial opening of the shareholder base to strategic investors
• Entry of a strong strategic partner with extensive know-how and a valuable network
• Further strengthening of the relationship with MPT
• Increase of financial flexibility on AEVIS level

First step in a process to optimize Swiss Medical Network's shareholder base, strengthen its autonomy, and realize its vision of creating integrated care networks in Switzerland

Outlook

Outlook 2021/2022

AEVIS		• Promising start into 2021 with the sale of 60% in Swiss Ambulance Rescue and 10% in Swiss Medical Network • Transaction with MPT marks an important milestone and confirms strong value creation • Strategic placement process expected to unlock further value
Hospitals		• The hospitals have demonstrated resilience during the COVID-19 crisis
		• Significant increase in activity is expected in fiscal year 2021
		• Various integrated care cases to be rolled out in selected regions
Hospitality		• Technical unemployment allows for higher flexibility to manage the hotels through the volatility during the pandemic
		• A decision on the reopening of the Alpine hotels is to be made in spring
Real Estate		• All buildings are in prime locations and maintained at the highest standard
		• Infracore is expected to yield substantial annual dividend payments as well as important value creation opportunities

AEVIS VICTORIA SA

AEVIS VICTORIA SA

Thank you for your attention