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Chularat Hospital Public Company Limited

CHG Presentation for 4Q2018

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Disclaimers

• The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell
• r the solicitation of an offer or invitation to purchase or subscribe for any securities of Chularat Hospital Public Company Limited

(the “company”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any connection with, any contract or commitment whatsoever.

• This presentation may include information which is forward-looking in nature. Forward-looking information involve known and

unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which the company operates and general achievement of the company business forecasts, which will cause the actual results, performance or achievements of the company to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

• This presentation has been prepared by the company solely for the use at this presentation. The information in this presentation has

not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the company or any

• f its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence or
• therwise) for any loss or damage howsoever arising from any use of this presentation or its contents or otherwise arising in

connection with this presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. None of the Company, any of its affiliates or any of their respective agents, advisors or representatives, makes any undertaking to update any such information subsequent to the date hereof.

• This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon

directly or indirectly for any investment decision-making or for any other purposes.

• This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in

part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws

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01 Company Overview 02 Business Highlights 03 Financial Highlights 04 Updated Projects

Contents

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Remark : Chularat 1, Chularat 5, Cholvaej are small size hospitals (< 30 beds)

Business Profile

Financial Highlights

Shareholding Structure

Chularat Hospital Plc.

Subsidiaries

Convenience Hospital Bangpakong Vejchakij Hospital Thai Amdon Chularat Arkanay Hospital Cholvaej Hospital Chularat Rayong Hospital Ruampat Chachoengsao Hospital Chularat Phraek Sa Hospital Cancer Suvarnabhumi

(Million Baht) 2014 2015 2016 2017 2018 Revenue 2,715 3,155 3,637 3,876 4,407 Net Profits 481 538 565 566 634 PPE 1,557 1,987 2,936 3,385 3,831 Total Assets 3,265 3,560 4,518 4,951 5,708 Total Equity 2,804 2,969 3,224 3,473 3,743

Corporate summary

Company : Chularat Hospital Public Company Limited Established : 1986 (2529 BE), by Plussind family Business : Private Hospital (9 hospitals & 4 clinics) Key Location : Samut Prakan/Chachoengsao/Chonburi/Rayong/Prachin Buri

• No. of Beds : 749 beds

OPD Room : 143 rooms

• No. of Doctor : 749 persons

Corporate Structure

245 139 247 118 59 31 31 22 Chularat 3 Hos. Chularat 9 Hos. Chularat 11 Hos. Others

IPD Beds OPD Rooms

Service Potential

+Chularat 1 +Chularat 2 +Chularat 5 +Chularat 7 +Chularat 8 +Chularat 12 +Cholvaej +Chularat Rayong +Chularat 304

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+Ruampat Chachoengsao (RPC)

Service Area

• Chularat 1
• Chularat 2
• Chularat 3
• Chularat 5
• Chularat 7
• Chularat 8
• Chularat 9

Bangkok and Samutprakarn

• Chularat 11
• Chularat 12
• Ruampat Chachoengsao

Chachoengsao

• Chularat Rayong

Rayong Prachin Buri

• Chularat Cholvaej

Chonburi

• Chularat 304

Star of the East

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Service Area Map

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Key Milestones

2014

• Opened “IVF Center” at

CH11

• Opened “Eye Center

Suvarnabhumi” at Chularat 1 Suvarnabhumi

• Re-accreditation of HA

Certificate Step 2, step 3 for Chularat 9 Airport and Chularat 11 hospital respectively

• Re-accreditation of JCI

award for Chularat 3 Inter

• Set up “Prostate

cancer clinic” at Chularat 3 Inter

• Acquired “Cholvaej

hospital” in Chonburi

• JCI accredited for

Chularat 3 Inter

• Acquired

“Ruampat Rayong Hospital” in Rayong

• Best Medical

Performance Award for Chularat 3 Inter

• Asia’s 200 Best Under A

Billion for Chularat hospital group

• HA Certificate Step 2, step 3

for Chularat 9 Airport and Chularat 11 hospital respectively .

2016 2015 2017 2018

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• Set up “3A center:

Aesthetic and Anti-Aging Center” at Chularat 9

• Opened Chularat304 in

July 2018 (A-class only)

• Opened Ruampat

Chachoengsao hospital in the end of November (A-class only)

• Mr. Kriengsak Plussind

Chairman of the Board

• Dr. Kumpol Plussind

Managing Director

• Mr. Apirum Panyapol

Director

• Dr. Wichit

Sirithadthamrong Director

• Dr. Suchai Laoveerawat

Director

• Mrs. Kobkul Panyapol

Director

• Mr. Yanyong

Amornphithankkul Director Miss Kannikar Plussind Director

• Mr. Manit Jeeradit

Independent Director & Chairman of Audit Committee

• Mr. Chayawat Phisetsit

Independent Director & Audit Committee

• Mr. Somyos Yanubon

Independent Director & Audit Commitee

• Dr. Pinit Kullavanijaya

Independent Director

“BODs of CHG assembling specialists in medical services with specialists in finance and business management”

Board of Directors

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Key Management Team

• Dr. Kumpol

Plussind

Managing Director

• Dr. Chutima

Pinjaroen

Deputy Managing Director & Hospital Director of CH11

• Dr. Yudthana

Sanguansakdikosol

Deputy Managing Director & Hospital Director of CH9

“The team has successfully managed several medical service businesses with over 25 years of proven track record.”

• Ms. Wandee

Pisanuvanavech

Deputy Managing Director (Finance & Accounting)

• Mr. Suppachoke

Rojcheewin

Accounting and Finance Manager

• Dr. Suchai

Laoweerawat

Hospital Director of CH1 & CH5

• Dr. Rungarun

Santhadkolkarn

Hospital Director of CH3

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Corporate Structure

Update : 4Q18

Chularat Hospital Plc. Convenience Hospital Co., Ltd. Bang Pakong Vejchakij Co.,Ltd. Thai Amdon Co.,Ltd. Chularat Arkanay Co., Ltd. Cholvaej Hospital Co., Ltd.

Imports medical devices for Chularat Group

100% 100% 100% 64.58% 96.38% Sattayabutr Inter Co., Ltd. 100% Ruampat Chachoengsao Hospital Co., Ltd. 100% Chularat Phraeksa

Hospital Co., Ltd.

100% 70% Cancer

Suvarnabhumi Co., Ltd.

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Branch Summary

Update : 4Q18

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Branch Type Year Established OPD Rooms IPD Beds

Chularat 1 Suvarnabhumi Hospital 1986 5 26 Chularat 2 Clinic 1990 3

• Chularat 3 Inter

Hospital 1991 46 193 Chularat 5 Hospital 1994 5 26 Chularat 7 Clinic 1993 1

• Chularat 8

Clinic 1993 2

• Chularat 9 Airport

Hospital 1993 28 139 Chularat 11 Inter Hospital 1994 21 141 Chularat 12 Clinic 2012 2

• Chularat Cholvaej

Hospital 2014 (M&A) 3 56 Chularat Rayong Hospital 2016 (M&A) 5 50 Chularat 304 Inter Hospital 2018 12 59 RPC Hospital 2018 10 59 143 749 Total

01 Company Overview 02 Business Highlights 03 04 Updated Projects Financial Highlights

Contents

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Healthcare Industry Trend

• 3 Provinces : Initially, it is focusing on Chachoengsao,

Chonburi and Rayong.

• 10 Industries : High Wealth and Medical Tourism, Biofuel and

Biochemical, Food Processing, Digital, Comprehensive Healthcare, Advance Agriculture and Biotechnology, Aviation and Logistic, Robotics, Intelligent Electronics, Next-Generation Automotive

Aging Demographics

Eastern Economic Corridor

• Aging society plays more important role in Thailand, Leading

to higher demand for medical services. Also, this trend is increasing both in Thailand and other countries around the world.

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Business Overview

 General medicine with various subspecialties  Expertise : Heart center, Stroke center, NICU, Hand microsurgery, cancer center  Laser & Beauty Center  Spa & Thai traditional medicine  Anti-aging services

Our Services

Medical Services Alternative Services

 Medical equipment supply  Professional nursing assistant training

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Areas of Expertise

Heart Center

Started up Open-heart surgery in 2010, and Cardiac catheterization in Jan 2013. Qualified to be a referral center by National Health Security .

Stroke Center NICU Hand & Microsurgery

Neonatal Intensive Care Unit take the best care of underweight new born babies. Qualified to be a referral center by National Health Security. More than 10 years of experience with underweight babies. Microsurgery (operation using microscope) 16 years of experience and well known, many fingers had been reconstructed. Fingers & Hand injury are always the leading cause of workers’ accident. Started up Stroke center in May 2011. Certified by Thai Neurological institute and qualified to be a referral center.

Cancer Center

Cancer center is well known for advanced technology and new innovation, including expertise and technician to deliver the best care for our patients by individual customized treatment.

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Competitive Advantages

Customer Diversification

Cost Control Service Quality

• HA level 3 and JCI approval
• Diagnosis & treatment quality

accredited by both private and public sectors

• Increasing specialized clinics to

accommodate A-Class

• In 2018 : A-Class 63%

Social Welfare 37%

• Short-term Target : A-Class > 60%
• Long-term Target : A-Class > 70%
• Effective Cost control with

maintained quality

• Pooling E-procurement with

strategic alliances

• Cost & facilities sharing among

the group. Logistic Network

CSR Potential Location

• Industrial area with high growth

community, and closed to international airport

• Nearby highways
• 9 Hospitals and 4 clinics expanding in

strategic locations for patient transfer & personnel rotation among the group

• Raise brand-awareness through CSR

to strengthen the relationship with the communities and become the communities’ hospital

1 3 2 4 6 5

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Health Care Industry

Health Care Service System in Thailand

Health service infrastructure Government health services Private medical sector Non-profit health services Health service systems Cash & Insurance Premium Mid-tier Managed care schemes

Social Security (SS) Civil Servants Security National Health Security (NHS)

12.2 M 48.2 M 4.83 M Thailand population = 67.2 million 17

Customer Grouping

01

A-Class

• Cash
• Corporate contracts & Insurance
• Motor Vehicle Accident Protection Act (1992)
• Workers Compensation Fund

02

Social Welfare

• Social Security System
• National Health Security System

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Targeted Customer & Payment Basis

Customer Grouping

A Class Social Welfare

01 02 03 04 Self Pay

• Individual Patients in nearby areas

Cash or credit card, based on actual medical treatment Corporate Contract

• Companies / plants in nearby area
• Insurance company having medical

service contract with Chularat Group Credit, based on actual medical treatment, capped by each contract MVAP Act 1992

• Motor vehicle accident patients

Credit, based on actual medical treatment, capped 80,000 Baht / case Workers Compensation Fund (WCF)

• Companies / plants in nearby area
• Insurance company having medical

service contract with Chularat Group Credit, based on actual medical treatment, capped 300,000 Baht / case 01 Self Pay Social Security system (SSS)

• Labors / employees of companies or

plants in nearby area 02 National Health Security System (NHSS)

• Non-SS members (CHG dose not

participate in “30 Baht for universal coverage project” Credit, based on actual medical treatment, under treatment rate specified by NHSO Fixed Paym yment Advance payment, based on number of registered SS members Na Natio tional l Statis istic ics Bas ase Credit, based on comparable national statistics Per Spe pecia ial l Medic ical Servic ices Credit, based on actual medical treatment, under treatment rate specified by SSO

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53,544 55,108 53,910 54,509 63,112 65,309 40,572 36,481 37,737 34,504 42,979 39,912

3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

137,240 141,620 184,887 213,994 236,840 112,067 122,756 140,821 142,222 155,132

2014 2015 2016 2017 2018 2,370 2,576 3,081 3,233 3,344 2014 2015 2016 2017 2018

OPD : Utilization Rate IPD : Occupancy Rate

Unit : ‘000 Head Unit : Beds-Day

• Max. capacity = Beds x 365 days

388B 505B 586B 599B 599B 599B 686B

Utilization Rate

60.9% 70.5% 69.9% 71.1% 70.5%

• Max. capacity = Rooms x 365 days x 70 (avg.patient/day/room)

121R. 127R. 101R.

Basis: Yearly Basis: Quarterly

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93R.

376B

818 818 794 822 850 878 599 578 566 566 591 634 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

73.2% 70.7% 71.3% 68.9% 69.5% 70.0%

127R 127R 129R 126R 132R

81.7% 86.7% 76.2% 66.5% 65.5% 75.8% 66.2% 70.0% 63.3% 68.1% 61.1%

131R.

143R

Unit : ‘000 Head

599B 749B 649B

01 Company Overview 02 Business Highlights 04 Updated Projects

02

03 Financial Highlights

Contents

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2014 2015 2016 2017 2018

2.297 M 142,222 155,132 2.357 M

2,672 3,155 3,657 3,876 4,407

Revenue Net Profits Patients

OPD (Head) IPD (Beds-Day) 1.634 M 112,067 1.815 M 122,756 2.153 M 140,821

481 538 565 566 634 12% 5% 0% 12% 15% 7% 18% 14% 20% 16%

NI GROWTH (%) REVENUE GROWTH (%)

Financial Performance VS Patient Growth

Unit: Million Baht

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Revenue Breakdown 2014-2018 By Customer group

• Hospital service revenues increased significantly from 2014 to 2018 with CAGR of 13.33%
• Revenue from A-Class still dominated revenues (> 50%) from other sources.

9% 36% 30% 25% 5% 37% 32% 26%

13% 23%

8% 23%

A-Class OPD A-Class IPD SSO NHSO A-Class IPD A-Class OPD SSO NHSO

2,672 MB 3,155 MB

3,637 MB

(51 : 49)

2014

A-Class OPD SSO NHSO

(51 : 49)

2015

(55 : 45)

2016

A-Class IPD A-Class IPD A-Class IPD NHSO SSO

3,876 MB

(58 : 42)

2017

A-Class OPD

Service Revenue Structure

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5% 32% 33% 30%

(63 : 37)

2018

4,407 MB

A-Class IPD A-Class OPD

NHSO

SSO 15% 7% 14% 15%

Revenue Breakdown 4Q18 By Customer Group

6% 33% 33% 28%

1,139 MB

(61 : 39)

4Q18

Growth + 56 % + 1 % + 14 % + 18 %

Service Revenue Structure

Unit : Million Baht

24 4% 37% 32% 27% 1,016 MB

( 59:41)

4Q17

270 318 331 377 372 377 43 67

• 200

400 600 800 1,000 1,200

4Q17 4Q18

NHSO SSO A-Class : OPD A-Class : IPD

Revenue Breakdown 2018 By Customer Group

5% 32% 33% 30%

4,407 MB

( 63 : 37 )

2018

Growth + 27 %

• 3 %

+ 19 % + 29 %

Service Revenue Structure

Unit : Million Baht

25

3,876 MB

( 58 : 42 )

2017

5% 37% 32% 26%

1,016 1,310 1,216 1,445 1,452 1,409 192 243

• 500

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

2017 2018

NHSO SSO A-Class : OPD A-Class : IPD

Revenue from Social Security System (New)

Revenue Structure = (1) + (2) + (3) Fixed Payment Statistics Per Special Medical Services Bas asic Paym ayment (Fix (Fixed) 1,500 Bt/head/yr* Cus ustomer Complaints: 60 Bt/head/yr** Disc Discharge Type: 60 Bt/head/yr** IPD OPD OPD 12,800 Bt/RW (avg.)* Sub Subject to Nat ationwide Budget (447 bt/head/year)*

OPD PD only nly 26 26 Chr hronic ic Dis Diseases All l IPD ca cases Classif ifie ied by by DRG AdjRW ≥ 2

1 2 3 26

* Effective date: 1 July 2017 ** Effective date: 1 Jan 2018

Revenue from Social Security System

• Number of insured persons = 12.2 million (Jan 2018, SSO) by law article #33 [obligation]

and #39 [voluntary]

• Unemployment rate = 1.3% (Jan 2018, Labor Market Research Division)
• -Registered SS Member (Average) -- Unit : Head

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326,783 345,477 396,676 402,018 421,700 430,700

2014 2015 2016 2017 2018 Current (01/02/2019)

Revenue from Social Security System 4Q18

326,783 345,477 396,676 402,018 421,700 406,263 427,097

2014 2015 2016 2017 2018 4Q17 4Q18

1,085 1,132 1,315 1,452 1,409 372 377

2014 2015 2016 2017 2018 4Q17 4Q18

Unit : Head Unit : Million Baht

• -Registered SS Member (Average) ----------------------
• -Revenue from SSS -------------------------------------------

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Revenue from Social Security System 2018

Unit : Head Unit : Million Baht

• -Registered SS Member (Average) ----------------------
• -Revenue from SSS -------------------------------------------

326,783 345,477 396,676 402,018 421,700

2014 2015 2016 2017 2018

1,085 1,132 1,315 1,452 1,409

2014 2015 2016 2017 2018

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Revenue from A-Class Patients 4Q18

OPD : Visiting number (VN) OPD : Revenue (MB) IPD : Admission number (AN) IPD : Revenue (MB)

34,412 39,861 50,268 52,256 61,050 13,286 14,591

2014 2015 2016 2017 2018 4Q17 4Q18

611 744 902 1,016 1,310 270 318

2014 2015 2016 2017 2018 4Q17 4Q18

548,550 621,969 743,666 804,167 899,551 204,926 223,064

2014 2015 2016 2017 2018 4Q17 4Q18

752 873 1,093 1,216 1,445 331 377

2014 2015 2016 2017 2018 4Q17 4Q18

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Revenue from A-Class Patients 2018

IPD : Admission number (AN) IPD : Revenue (MB)

34,412 39,861 50,268 52,256 61,050

2014 2015 2016 2017 2018

611 744 902 1,016 1,310

2014 2015 2016 2017 2018

548,550 621,969 743,666 804,167 899,551

2014 2015 2016 2017 2018

752 873 1,093 1,216 1,445

2014 2015 2016 2017 2018 OPD : Visiting number (VN) OPD : Revenue (MB)

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Profitability 4Q18 and 2018

916 1,073 1,168 330 320 1243 1335

2014 2015 2016 2017 2018

12M 4Q

• - Gross Profit----------------------------------------------------
• - Gross Profit Margin------------------------------------------
• - Net Profit------------------------------------------------------
• - Net Profit Margin---------------------------------------------

34.3% 34.0% 32.1% 32.1% 30.3% 32.52% 28.08%

2014 2015 2016 2017 2018

12M 4Q 17.7% 16.9% 15.4% 14.5% 14.3% 12.3% 10.4%

2014 2015 2016 2017 2018

12M 4Q Remark : Gross profit is based on hospital service revenue, net profit (Equity holder of company) is based on total revenue 481 538 565 126 119 566 634

2014 2015 2016 2017 2018

12M 4Q 32

9% 10% 10% 5% 66% Short term loan Long term loan Account Payable Other Debt Equity

Asset Profile & Capital Profile

• - ROA ----------------------------------------------------------------
• - ROE ----------------------------------------------------------------

19.2% 19.7% 17.2% 15.0% 14.8% 0.0% 10.0% 20.0% 30.0%

2014 2015 2016 2017 2018

17.1% 18.7% 18.5% 17.6% 18.5% 0.0% 10.0% 20.0% 30.0%

2014 2015 2016 2017 2018

• - Capital Structure ----------------------------------------------

YE18 Equity = 3,562 MB, Debt = 1,965 MB

• - Asset Structure --------------------------------------------------

YE18 Asset = 5,709 MB

8% 16% 67% 8% Cash Account Receivable & Accrued Revenue PP&E Others

4Q18 4Q18

DE 0.56

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01 Company Overview 03 Financial Highlights 02 Business Highlights

02

04 Updated Projects

Contents

34

New Project Location

CH12 CH11 Cholvej Cancer Center RPC CH304

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Government Hospital Chularat Hospital Group

Updated Projects 2018

28 November 2018 July 2018

% Progress

• Prachin Buri
• Apprx 12,000 sq.m.
• OPD : 15 Rooms
• IPD : 59 Beds (Phase 1)
• Target: A-Class patient

Chularat 304 International Hospital 100% 100% % Progress Ruampat Chachoengsao Hospital (RPC)

• Chachoengsao
• Apprx 16,000 sq.m.
• OPD : 15 Rooms (Phase I)
• IPD : 59 Beds (Phase I)
• Target: A-Class patient
• Samutprakan
• Apprx 2,000 sq.m.
• High Energy Radiation (LINAC)
• IPD : 10 Beds

Suvarnabhumi Cancer and Radio Therapy Center (Cancer center) % Progress 5%

2020

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Chularat 304 Hospital

Chularat 304

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RPC Hospital

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CSR

10,000 Heart Heroes for safe life #3rd year

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CSR (con’t)

CPR trainning

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CSR (con’t)

Bring good health to the community

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Appendix: Abbreviation Table

AdjRW Adjusted Relative Weight CAGR Compound Annual Growth Rate CH Chularat Hospital HA Hospital Accreditation IPD In-Patient Department MAVP Act 1992 Motor Accident Vehicle Protection Act 1992 NHSS National Health Security System NHSO National Health Security Office NICU Neonatal Intensive Care Unit OPD Out-Patient Department PP&E Plants, property & Equipment Registered SS Member Registered Social Security Member ROA Return on Assets ROE Return on Equity SSS Social Security System SSO Social Security Office WCF Working Compensation Fund

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