Company Introduction

27th Nov. 2014

Swissray Global Healthcare Holding Limited

4198TT

Disclaimer •The information contained in this confidential document ("Presentation") has been prepared by Swissray Global Healthcare Holding LTD (the "Company").

It has not been fully verified and is subject to material updating, revision and further amendment.

•While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents,

employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy,

reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made

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any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the

Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this

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Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to

correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

•This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents,

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involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

•This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of

historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company

believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future

performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results

to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic,

market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or

developments may differ materially from those projected in forward-looking statements.

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3

Outline

I. Company Profile

II. Core Technology

III. Product Development Strategy

IV. Competitive Advantage

V. Marketing Strategy

VI. Operation Overview and Future Outlook

I. Company Profile

4

Company Name: Swissray Global Healthcare Holding Limited

Founded: January 2013 (The subsidiary Swissray Medical

AG was established in Hochdorf, Switzerland

on September 1988)

Capital: NT $1,350,000,000

Business Activities: Research & Development, Manufacture, and,

Sales, and Service of Medical Imaging

Equipment

Representatives: Tsu-Der Lee, Chairman; Jack Lee, CEO

Headquarters: Taipei, Taiwan

Number of Employees: 154

Reinvestment: SMTH AG

Swissray Medical AG

Swissray International, Inc.

Swissray Asia

Company Basic Information

5

1988 2001

1997

2002 2008

Swissray was

established in

Switzerland

World Bank

Romania Project

Expand U.S. market

2011

U.S. Homeland Security

TB Detention Program

First to receive U.S. FDA clearance for

a patented digital quad CCD based

detector

2014

Swissray was chosen on the invitation

cover of the RSNA 100th celebration

Approved by Ministry of Economic

Affairs to set up R&D center in Taiwan

2012

Established SRA

to develop new product

Officials from Industrial

Development Bureau , Ministry of

Economic Affairs Visited to

Switzerland

Science & Technology Submission was

accepted by IDB, Ministry of

Economic Affairs

6

Company History

Acquired Norland

2013

Became the sole distributor for

Novadaq in APAC regions

Public offering: passed over-the-

counter (OTC) in Taiwan

Swissray Medical AG

(SRM, Switzerland)

R&D/Mfg/S&M

Swissray International

(SRI, USA)

R&D/Mfg/S&M

Swissray Asia (SRA, Taiwan)

R&D/S&M

Swissray Global (SRG, Taiwan) Headquarters

SMTH AG (SMTH, Switzerland)

Holding Co.

Founded in 2013

Founded in 2009

Founded in 1988 Founded in 2002 Founded in 2011

100%

100% 100% 100%

New Jersey Wisconsin Taipei Hochdorf

7

Organization Structure

Tsu-Der Lee, Chairman

Current Position:

Chairman

Swissray Global

Yi-Fu Lin, Independent Director

Current Position:

Director,

Nan Ya Technology Corporation

Pei-Lin Lee, Director

Current Position:

Chairman

CHC Healthcare Group

Horng-Mo Lee, Independent Director

Current Position:

President

Central Taiwan University of Science and Technology

Jack Lee, Director

Current Position:

CEO

Swissray Global

Hsiang Hung Lin, Independent Director

Current Position:

Attending Physician in Gastrointestinal Department

Mackay Memorial Hospital

Yun Liang, Director

Current Position:

Chief of Radiation Oncology

Yuan Hospital

Yung-Shun Chuang, Supervisory Committee

Current Position:

Chairman

Aaeon Technology, Inc.

William Lu, Director

Current Position:

Chairman

Diamond Capital

Hang Chang, Supervisory Committee

Current Position:

Attending Physician in the Emergency Department

Shin Kong Wu Ho-Su Memorial Hospital

Peter Lee, Director

Current Position:

Chairman

Swissray Asia

William Hung, Supervisory Committee

Current Position:

Interim President

Tanvex Biologics Corporation

8

Board of Directors

9

Management Team Jack Lee, CEO SRG

Past Experience: GM of Perkin Elmer Taiwan

Education:

Alabama Rocket Research & Development Center

Roland Stuber, COO SRM

Past Experience: Switzerland OrbiSwiss AG

International Marketing VP

Education: Master in Finance, Kaderschulen University

in Switzerland

Erica Tung, CFO SRG

Past Experience: Controller of GSK

Education: MBA, University of Central Oklahoma

Andrew Jeffries, CTO SRM

Past Experience: Imatron Inc.

Senior AVP of Engineering Department

Education: PhD. in Physics, MIT

Tim Lo, VP of Bone Health Division, SRG

Past Experience:

Master in Financial Risk Management,

Education: Segal Graduate School of Business, SFU

Markus Bütler, Quality Assurance Director SRM

Past Experience: System Testing Engineer,

Landis and Gyr AG in Switzerland

Education:

MBA, TEKO Technical College, Switzerland

Peter Lee, GM SRA

Past Experience: MD, Mackay Memorial Hospital,

Internal Medicine and Infection Disease

Education:

China Medical University, Faculty of Medicine

John Monahan, COO SRI

Past Experience: Director of Radiology of

University Hospital

Education: MBA of Wagner College

Martin Scarpino, VP of Sales & Marketing, SRA

Past Experience: Managing Director of

Leica Microsystems Pte, Ltd,Singapore

Education:

Eidgenoessische Treuhand Kammer, Switzerland

Ed Pol, VP of Sales SRI

Past Experience:

VP of Technical Support Empower Inc.

Education: Bachelor in Electronic Technology degree,

Technical Institution

II. Core Technology

10

System Integration & Testing

Automation & Mechatronics Design

Digital Image Chains Optimization

Software Interface Design

Product Design & Clinical Application

11

Innovation and Commercialization of High-

End Imaging Equipment

12

RIS/HIS

•醫病資訊

•診斷排程

•資訊整合

eXpert

•人機介面

•自動定位

•安全預警

SwissVision

•成像處理

•影像診斷

•圖像應用

PACS

•影像儲存

•遠端診斷

•雲端應用

User-Friendly Interface with International

Standard

Information

Technology

User-friendly

Interface

Diagnosis &

Post-processing

Remote

Storage

Swissray

Cloud Workstation

C.F. Bushberg, et al. The Essential Physics of Medical Imaging, 2nd ed., p. 325.

60 kVp 120 kVp

Bone Soft tissues

DXA & Body Composition Analysis

DE Image Subtraction

13

Dual Energy Tomosynthesis

III. Product Development Strategy

14

Product Line

15

Surgical Products

Novadaq

Bone Health Products

Norland

X-ray Products

Swissray

Advantage of Digital X-ray System (DR)

• Low radiation dose

(Compare to CR, 70% lower )

• High efficiency, high throughput

• Reduced hospital costs

• More humane, easier to operate

• Capable to record the accumulative radiation dose

• Reduced operator error

• Instant

• High stability, low maintenance costs

• Instant cloud technology

• Space-efficient design

16

ddRElement

• Multi function design

• Manual control system with mechanical assistance

• For high volume of patients, fast examination

• Space-efficient design, easy to operate

• Suitable for:

General clinic, health examination center, orthopedic clinic, radiology department

17

Manual C-arm DR system

ddRFormula

• Customizable panel

• Automatic Positioning System

• Optimized for orthopedics and pediatric

imaging applications

• Space-efficient design, easy to operate

• Seamless single focus eXpert Stitching

• Suitable for:

General clinic, health examination center,

orthopedic clinic, pediatric clinic,

radiology department, emergency room

18

Fully automatic C-arm DR system

ddRVersa

• Fully automatic multi-detector system

• Seamless single focus eXpert

Stitching

• Customized to meet customer’s

requirements

• Four-way floating table-top

• Compatible with wireless Flat Panel

Detector

• Suitable for:

Health examination center,

radiology department, emergency

room

19

fully automatic ceiling suspension DR system

ddRCruze

• User-friendly design

• Wired/wireless communication

between Cruze unit and RIS

• Mobile digital X-ray system

• Exclusive dual-monitor design

• Wireless Flat Panel Detector

• Suitable for:

Various ICU, ward, radiology

department, emergency room

20

Mobile digital X-ray system

21

Bone Densitometry/ Body Composition

• Digital

• High accuracy

• Low Dosage

• The only point-to-point of

scanning technology in the market

• HiPrecise™ Automatic

positioning

DXA & Body Composition Analysis

Norland product-related research papers 2,331 articles in total

22

American Medical Association officially announced

that obesity is a disease

• According to National Center for Health Statistics

in 2010, obesity is an epidemic in the United

States. AMA has been officially classified this

condition as a disease.

• In the past, the measurement for obesity index

was BMI; however, it is not sufficient anymore. In

clinical practice, BMI is not considered an

accurate assessment.

• Norland is the only bone densitometer, approved

by FDA, utilizing hydrostatic weighing to assess

and distinguish the degree of obesity- Under-fat,

Healthy, Over-fat.

2013年

23

Fluorescence Imaging System (Distribution)

PINPOINT SPY

Novadaq ：

America's fastest growing medical equipment company

Listed on the NASDAQ and Canada

In 2013, began to develop to the global markets

SPY/ PinPoint：

Provide accurate and immediate blood perfusion status; distinguish healthy and

diseased tissue; allow physicians to make correct surgery decision-making; reduce

incidence of complications

SPY: United States more than > 1,000 sets of installed base and usage

90% of the top 50 cancer centers in the United States has installed and practiced

the system

There are more than 100 research reports indicate that SPY can improve the clinical

incidence of surgical complication and reduce health-related hospitalization.

The significance of imaging systems to clinical treatment

24

Clinically Relevant Imaging

SPY ® Fluorescence Imaging Technology

Imaging agent administered IV; binds to blood

protein; circulates in vessels and

Agent fluoresces when exposed to laser light -

images are captured and displayed on devices

Improve the complication of the surgery. Before,

during, and/or after surgery, surgeon may

capture multiple images.

This technique does not require ionizing

radiation or isolation; it will not affect the

patient's kidney function.

25

One Technology, Multiple Surgical Applications

Head & Neck Surgery Complexity Hernia Cardiovascular Surgery

Lymphatic Related Surgery* Cholecystectomy

* Application not cleared by FDA yet

Endometriosis

26

Swissray acquired Novadaq Sole Distribution in 9 Countries

• Thailand

• Malaysia

• Singapore

• Indonesia

• Vietnam

• Myanmar

• Philippines

• Australia

• New Zealand

• (Japan in 2015)

27

PINPOINT

SPY

Developing technologies Innovation Existing products

digital

X-ray system

Automation

Bone densitometer

system

Low-dose baby X-ray system

Tomosynthesis

Asian mammography

Fluoroscopy

Dual-Energy

Dynamic imaging

Composition assessment

Dual-energy image subtraction

3D imaging

R&D center (MOEA program)

Swissray product development plans

28

Low dose

High resolution

Future Product Development and Core Technology

Warning!! The FDA issued a warning- infant receives overdosed radiation from X-ray system

Developing Low Dose Baby X-ray

29

30

New Product Development

Product Description Function Status Timeline FDA

Approved Target

DRive KitTM

(DR retrofit)

DR Retrofit for analog X-ray

system

FDA Application 2014 Yes 1.Current customer

2. Developing countries

Body composition analysis

system

Body composition lean/fat

assessment Prototype Testing 2014 No

1.Europe & U.S. Market

2. Developed countries in

Asia

Floor-mounted DR General radiography Prototype Testing 2015 Yes 1.Europe & U.S. Market

2. Developing countries in

Asia

Baby DR

Low dose mobile DR

optimized for pediatric

application

Prototype Design 2016 No 1.Europe & U.S. Market

2. Developed countries in

Asia

Mid/Long-term target

Product Description Market Need FDA Approved

Fluoroscopy Realtime dynamic imaging, for gastro-intestinal study and operating room Yes

Tomosynthesis Three dimensional image provide clear anatomical information Yes

(Mammography)

Dual-Energy imaging Dual-energy image subtraction, provide additional diagnostic information Yes

(Computed Tomography)

mammography Mammography suitable for dense breast tissue of Asian (low dose、dual

energy、phase contrast) No

Short-term target

* Funded by MOEA Program

IV. Competitive Advantage

31

Manufacture

Certification

Product

Certification

ISO13485

EC Certificate 國別 項目 主管機關許可字號

1.美國FDA

ddRCruze is a stationary x-ray system (510k) K131314

ddRFormula is a stationary x-ray system (510k) K052943

ddRElement is a stationary x-ray system (510k) K110828

ddRVersa Motion is a stationary x-ray system

(510k) K123005

2.歐洲CE ISO 13485 CE0124

EC Certificate- Full Quality Assurance System CE0124

3.台灣TFDA

ddRElement 衛署醫器輸字第023216號

ddRFormula & ddRFormula Plus 衛署醫器輸字第022924號

ddRVersa Motion, ddRVersa Motion AT

ddRVersa Motion SD 衛署醫器輸字第024996號

ddRCruze 衛署醫器輸字第026419號

4.大陸CFDA

ddRFormula 醫療器械註冊許可

(進)字2014第2301669號

ddRElement 醫療器械註冊案號

(進) 13-4999

Norland DXE (進)字2010第3303188號

5.俄羅斯FDA

ddRFormula NO3680-ΠP/08

ddRElement NO3208-ΠP/13

32

Global Certification and Quality Management

5

5

1

0 3

2

3

0 2 3 4 2 2 2 2

2 2 2

2 4

2

2 2 2 2 3

5

2

2

2

2

3

2 2 2

2

3

2 2

3

3

2

3 2

2

2

2

5 2 4 1

0 2 4 5 2 5

2 2

Over 2,500 Installed Bases

Recognized by renowned hospitals

in the United States and Europe

Key Accounts Customer Service Record

Received validation from industry

Swissray is a significant player in the growing digital radiography market

33

Strong Sales, Marketing, and Customer Service Network

Title

Romania

Medical Assistance

Program

South Africa

Chest Screening

Untied States

Tuberculosis Detection

Program

Unit World Bank South Africa

Government

Immigration & Health

Council

Description Install 62 digital X-ray

systems

Set up digital X-ray

system installed in a tour

bus to service

nationwide miners

At the border, installed

digital X-ray system to

provide entry quarantine

screening

Homeland Security

TB Detection Program

USA

World Bank

Project

Romania

Chest

Screening

South Africa

34

International Projects Performance

35

International Brand Awareness & Core Competitive Advantage

Global Market

Channel

Innovation

Strategic

Partners

Application

Global

Customer

Service

International

Brand

International

Management

team

United

States/Europe

Key Accounts

Emerging

Market

2014 ECR 2014 CMEF 2013 RSNA

Press Report

International Exhibitions

Trademark

Brand

ddRCruze

ddRElement

ddRVersa

ddRPortable

Customer

Service Award

Customer Value Enhancement,

Frost & Sullivan Best Practices

Award,2012

2012 RSNA

V. Marketing Strategy

36

Resource: Markets and Markets (2013); IEK (2013)

37

North America18.20%

Europe 17.60%

Japan16%China

9.60%Other Asia Countries 13.90%

Russia8.10%

Middle East & Africa7.00%

Australia5.10%

South America3.10%

Others1.40%

Resource: Frost & Sullivan (2013)

The market of global X-ray devices are mainly in North America, Europe, Japan, China and the Asian regions.

Digital X-ray devices will soon become the largest market driving force and replace the traditional ones.

Status and Trend of X-ray Imaging Equipment Market

2.35 2.45 2.54 2.64 2.74 2.85 2.97

1.36 1.43 1.5 1.58 1.67 1.76 1.86

0

0.5

1

1.5

2

2.5

3

3.5

2012 2013 2014 2015 2016 2017 2018

Market scale of the global X-ray imaging equipment

CR DR

Measurement: One billion U.S. dollar

38

Status and Development of Bone Densitometry Market

Resource: Global Industry Analysts Inc. (2013)

The sales average growth rate of bone density system is

7.1%. It is estimated that the market value will reach

897 million U.S. dollar in 2017. Asia-Pacific market

share will increase year by year.

39

Status and Development of Fluorescence Imaging Equipment Market

0

200

400

600

800

1,000

1,200

1,400

1,600

Annual growth rate > 40%

US installed base > 1,500

To

tal

Inst

all

ed B

ase

Q1-

2013

Q1-

2014

Q2-

2013

Q2-

2014

Q3-

2013

Q4-

2013

Combined with minimally invasive

surgical technology- Da Vini

robotic arm technology

Novadaq product leads the world- huge potential market

Annual inspection in the United States

is 29,600 times

Estimated inspection in a year > 2

million times

Made in Switzerland

Digital X-ray Products

Introduce Domestic

(foreign)

New Technology and

Products

Asia

(SRA)

Europe

(SRM)

United

States

(SRI)

Government Policies

Industry Alliance

Drive Key Components

Nurture Talent

R&D Center in Taiwan

Global Channel

Key Technologies

International Brand

40

Global Business Strategy & Channel Distribution

Through self-development, acquisition strategy, technical cooperation, OEM / ODM

diversified business model. Broaden product diversification to construct a comprehensive

medical imaging equipment to the global market

Ionizing Radiation

Swissray X-ray Norland DXA

Non-ionizing Radiation

Ultrasound MRI

Molecular Imaging

Novadaq (Fluorescence) PET

Future

Present

41

Future Product Development Strategy

Maximization

Main Component Name

Percentage of Cost

(Components/

System)

Flat Panel Detector 31.8%

HV Generator 20.5%

Stand & Motor 13.2%

X-Ray Tube 5.9%

42

Manual C-arm DR

Floor mounted DR

(developing)

Automatic C-arm DR

Automatic ceiling

suspension DR

Mobile DR

Bone densitometer

Main Components & Cost-effective Plan

Swissray global marketing channels

43

China

Taiwan

Australia

New Zealand

USA (9 Territories)

Brazil

Peru

Suriname

Costa Rica

Mexico

Switzerland

Germany

Romania

France

Austria

Netherlands

Belgium

1 4

3

5 2

7

9

8

6

Turkey

Iran

Qatar

UAE

Libya

Bahrain

Egypt

South Africa

EMEA

APAC America

Philippines

Vietnam

Indonesia

Thailand

Malaysia

Europe, Middle East, Africa Asia, Australia, China North America, South America

Global Business Strategy and Channel Distribution

44

Martin Scarpino, VP Sales & Marketing, APAC

- Managing Director, Leica Singapore

- Managing Director, Leica Sydney

- 15 years of S&M experience

- 10 years of F&A experience

Over 45 Installed Base in Asia

China Certification CFDA

Formula 13-3598 (2014.4.28)

Element 13-4999 (2014.8.25)

Norland DXE

Tokyo 2’50

Seoul 2’20 Beijing 3’00

Shanghai 1’30

Guangzhou 1’30

Hong Kong 1’40

Chengdo 3’00

Kuala Lumpur 4’35

Bangkok 3’45

Singapore 4’20

Jakarta 5’00

Manila 2’00

Ho Chi Minh City 3’20

Osaka 2’15

Sydney 8’50

Taiwan

APEC Sales Network & Platform Established in 2013

VI. Operation Overview and Future Outlook

45

151,816 118,353 108,748 93,722

343,902 357,414 343,377

265,696

1,611 38,972

25,516

495,718 475,767 453,736

423,906

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

2011 2012 2013 2014 Jan-Sep

Digital X-ray System Consumable Parts & Customer Service Bone Densitometry System

Molecular Image System total

46

Product Revenue

in the Past Three Years and the First Half of the Year

Unit: NT $

Digital X-ray

System

$93,722,000

22.11%

Bone

Densitometry

System

38,972,000

9.19%

Molecular

Image System

25,516,000

6.02%

Consumable

Parts &

Customer

Service

$265,696,000

62.68%

Digital X-ray

System

108,748,000

23.97%

Bone

Densitometry

System

1,611,000

0.35%

Consumable

Parts &

Customer

Service

$343,377,000

75.68%

47

Main Product and Sales Ratio

Revenue

2014 Jan-Sep: $423,906,000 in total 2013: $453,736,000 in total

United

States

$356,757,0

00

78.63%

Europe

$48,915,00

0

10.78%

Others

$48,064,00

0 10.59%

United States

$292,384,000

69.92%

Europe

$35,913,000

8.47%

Others

$91,609,000

21.61%

2014 Jan-Sep: $423,906,000 in total 2013: $453,736,000 in total

48

Main Product and Sales Ratio

Market

49

Analysis of Past and Future Growth of Total Revenue

單位:新台幣千元

495,718 475,767 453,736

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

2011 2012 2013 2014 2015 2016 2017 2018

Acquisition Stage

423,906 (Jan.- Sept.)

Product Development Stage

Market Expansion Stage

Growth Stage

Operating income

Note: Pro forma consolidated financial statements. Figures are prepared by CPA according financial records of year 2011-2013.

致力於整合創新科技， 透過國際品牌與全球通路，將醫療技術商品化

Mission

• Design new product technology • Transform Taiwan industry • Inherit Swiss quality • Create Taiwan brand

4

Vision

• Integrate Taiwan medical equipment industry • Innovate international specifications • Channel through international brand • Access to global market

50

Vision & Mission

Global Distribution Channel

Company Value

Social Responsibility

Corporate Governance

Elevate product competitiveness Secure revenue globalization

Continued with team build Stable profit target

Care for people’s health Improve on medical quality

Sustain growth and create shareholder maximize value

Thank you for your time.

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