Investor Presentation December 2018 Vision & Milestones To be - - PowerPoint PPT Presentation

Investor Presentation

December 2018

Vision & Milestones

“To be provider of extensive medical resources and network of hospitals with qualified standards, using cutting-edge medical innovation, gaining patients and families’ trust, and providing healthcare services at an affordable price”

1977 Thonburi Hospital started

• peration

1991 Invested in Ubonrak Hospital 1993 Opened Thonburi 2 Hospital 1994 Registered as a public company limited 1996 Invested in Sirivej Hospital 1997 Invested in Dental Siam 2001 Invested in Rajthanee Realty 2003 Invested in Rajyindee Hospital 2009 Invested in Modular Software Expertise 2011 PPP agreement to provide hospital management for Phuket Provincial Hospital 2012 PPP agreement to provide hospital management for Pattaya City Hospital 2014 Invested in Thonburi Hospital Heart centers and Premier Home Health Care 2016 Restructure and prepare for IPO Signed JV for Welly Hospital in China

Registered Capital (THB mn) 20 60 300 600 849

Acquired BMP shares for Rehab hospital project Signed JV for Ar Yu International Hospital in Myanmar 2017 1976 1980 1991 2013 2017

2

2016

764

2015 PPP agreement for Koh Lan CMU 2018 Acquired Thonburi Thungsong and building for THV

THG Businesses

Hospital Business Healthcare Solution Provider Other business

2017 Revenue: THB 6,171 mm (93.3%) 2017 Revenue: THB 414 mm (6.3%) 2017 Revenue: THB 26 mm (0.4%) Domestic / International Hospital

• 7 Hospitals
• Registered Bed: 1,266 beds

OPD Rooms: 220 Rooms Management Service

• 2 Hospitals and 1 Medical Center in

Thailand

• MOU for consultancy in Asia

Excellent Center Management Service

• 4 Heart Centers under management

Step-Down Care

• A rehabilitation center for patients

who do not need close watch from doctors

• Low-tone care for OPD patients

Home Healthcare

• Medication services to patient’s

home ex. check up, treatment, rehabilitation Senior living

• Jin Wellbeing County, The mixed-use

development to provide services needed by senior

• Thonburi Health Village, to serve

various segments Dental Supplies Retailer & Drug Stores

• 10 Drug stores
• Exclusive distributor for dental

supplies: 30 brands Software Development

• Develop software to support internal

departments and connect with other networks such as Social Security Office, National Health Security Office, The Comptroller’s General Department Project Development for Healthcare & Medical Services

• Land Pipeline: 1,931 Rai
• Book Value: THB 1,811 mm

3

Growth prospect

• Strong core business

with stable growth

• Higher margin from

asset-light model

• Organic growth from volume, price and

medical intensity, with capacity expansion

• Potential growth from Thonburi Thungsong

Hospital and from Thonburi Health Village – Pracha Uthit in 2019 onwards

• Expected growth from new opportunities

both domestically and internationally

Hospital & excellence center management

• Ramping up after grand
• pening
• Less shared loss due to

more patients volume

Hospital & excellence center management Domestic hospital & business Domestic hospital & business Welly Hospital Jin Wellbeing County

Thonburi Bamrung Muang

• Expected units transfer in 4Q18
• Expected operation in 1Q19

Ar Yu Hospital

• Soft launch in 3Q18 and

expected grand opening in 1Q19 with loss shared to THG in first year

2017 2019 onwards 4

Hospital (Thailand) 5 Hospital (overseas) 2 Hospital Management 2 Excellent Center Management 4 Network Hospital 9

Hospital Business - overall

• Thonburi Hospital
• Thonburi 2 Hospital

Sirivej Hospital Chantaburi Ubonrak Thonburi Hospital Rajyindee Hospital Welly Hospital (China) Ar Yu International Hospital (Myanmar) Heart Center

• Bangplee Hospital
• Phatra Hospital
• Thonburi 2 Hospital
• Phattalung Hospital

Pattaya City Hospital Phuket Provincial Hospital

5 Key Excellence Centers

Heart Center Women’s Center Gastrointestinal and Liver Center Orthopedic Center Neuroscience Center Hospital Accreditation

• f Thailand (HA)

ISO

5

Hospital Business – Hospitals in Thailand

• THG has a strong foothold in Bangkok with flagship brand, Thonburi Hospital, trusted by patients for 40

years.

• Upcountry hospitals are in strategic locations with high potential for patient referrals to hospitals in

Bangkok.

• This core business has provided stable growth and become a foundation to expand to related business.

Location: Bangkok Registered beds: 435 Location: Bangkok Registered beds: 95 Location: Songkla Registered beds: 196 Location: Chantaburi Registered beds: 90 Location: Ubonratchathani Registered beds: 100

6

Hospital Business – Positioning benchmark

Medical sophistication Price per disease

Secondary Tertiary Super tertiary

High end High end, international focused Prestigious public medical schools High end, international focused High end, international focused Mid to high end hospitals Mid to lower end hospitals Lower end, SSO Thonburi Hospital Thonburi 2 Hospital Thonburi Bamrungmuang Medical Center

THG has capability and capacity for sophisticated medical services but at more affordable price.

7

Hospital Business – Thonburi and Thonburi 2 Hospital

Strategy

• OPD
• Increase and develop excellence centers

to meet demand of target group

• Thonburi 2 aims to increase capability to

provide tertiary care services.

• Space management for patients’

convenience and satisfaction

• Expand customer base with continuous

marketing activities with insurance, corporate and foreign customers.

• IPD
• OPD building expansion can draw more

patients and potentially turn to IPD admission.

• Step-down care can help free up beds to

support more complexed cases.

• With our direction to provide more value

at affordable price, potential revenue increase should be mainly from more sophisticated treatments.

Thonburi Expansion Plan Thonburi 2 Expansion Plan

Details Area (sq.m.) Capacity Completion Year Total Investment 10 fl car park building 8,820 150 cars 2020 120MB 8 fl OPD building 14,900 50 OPD Rooms 2020 740MB Details Area (sq.m.) Capacity Completion Year Total Investment 3 fl IPD & OPD building 12,000 15 OPD Rooms/ 52 Beds 2020 435MB

8

Thonburi Thungsong Hospital Project

9 Details Location Tungson-Wiangsa Highway, Nakorn Sri Tammarat Positioning Secondary care Target Elderly, middle class, insurance client, ER patients Registered beds 200 beds Progress > 50% Expected operations In 2019

As of 7 November 2018, THG holds 51.12% directly and 5.31% indirectly via Rajyindee Hospital. Total shares held are 56.43%

• f THB600mn registered capital of Thanarad Thungsong. Total

investment is THB307mn.

Hospital Business – International hospitals

Strategy for investment in international market

• Selective increase in market with promising growth potential
• Leverage on strong partners
• Start from initial partnership, small investment or management contract until proven success

Welly hospital Location: Wei Hai, Shandong region Project: 130-available-bed private hospital in an area mostly populated by state hospital Grand opening in 4Q17 Partner: THG 58%, WEGO 42% Leading manufacturer of medical devices in China Ar Yu International Hospital Location: Yangon, Myanmar Project: 200-bed private hospital which is the first with international standard Partners: GMP 50%, THG to be 40%, AMS 10%

• Ga Mone Pwint: Leader in brand

developer, property & real estate, hotel, retail, and trading business in Myanmar

• Aryu Ananta Medical Services: A group
• f leading local doctors

Asia Continent

10

9M17 9M18 9M17 9M18 OPD Revenue IPD Revenue

Welly Hospital

• The hospital is ramping up patient volume and revenue, aiming for break even in 2019.
• In 3Q18, OPD patients are approx. 200/day and IPD are approx. 60-70/day.
• Welly Hospital continues to develop service standard with expertise, knowledge sharing and service

training from THG. Revenue OPD sequences IPD bed days

11

9M17 9M18

• Ar Yu started the soft launch in early September, serving OPD

full service.

• The grand opening is expected to be early 2019.
• Key success factors:
• Modern facilities and equipment
• well-known Myanmar medical staff
• Thai hospitality service standard
• patient safety focused and gear for JCI

Ar Yu International Hospital

12 OR Lift lobby

Ar Yu International Hospital

13

Ar Yu International Hospital

14

Domestic

‘Asset-light model’

• No CAPEX – High ROE/ROA
• Stable revenue stream
• THG responsible for cost management
• Current net profit margin >10%
• THG diversifies into consulting & management services by establishing management team and providing efficient

medical services for public hospitals.

• THG is the first private hospital to enter into Public – Private Co-operation agreement with Ministry of Interior and

Ministry of Public Health, aiming to bridge the gap between public and private hospitals’ healthcare standards. Locations

• Pattaya City Hospital
• Central Medical Unit (CMU) (Kohlan)
• Phuket Provincial Hospital

Hospital Business – Hospital Management

International

Strategy

• Strategic Increase – Using asset-light model that enhance ROE and ROA
• Focus on Asian region – markets in CLMV
• Tap into markets where level of medical sophistication offered by local hospitals are insufficient for local demand
• Cater services to suit requirements: e.g. consultancy, staff training, comprehensive study, feasibility study

378 440 503 598 2014 2015 2016 2017

Revenue from hospital management

2017 growth was mainly from overseas contracts

15

Heart Center

Hospital Business – Excellence Center Mgt

Bangplee Hospital Phatra Hospital Thonburi 2 Patalung Hospital Type of Hospital

• Public Hospital
• Private Hospital
• Private Hospital
• Public Hospital

Medical Equipment Investment

• THG’s Investment
• Co Investment
• THG’s Investment
• THG’s Investment

0.4 58 130 216 2014 2015 2016 2017

Revenue from heart center 2017 growth was mainly from fee increase for contract renewal.

THG serves both private and public hospitals by providing highly skilled cardiologists, medical staffs and advanced machines which will allow heart patients to get access to high quality care at lower price.

16

Hospital Business - Thonburi Bamrungmuang Hospital

Thonburi Hospital Tier 1 hospital serving medical tourism Affordability Expertise in Dental (by Dental Siam) Orthopedic Heart Neuro ICU Operation Room Orthopedic - Endoscopic surgery Gastrointestinal - checkup IVF Wellness Premium Checkup Plastic surgery Medical tourism Location: Easy-to-access Rehab Reasonable price IPD Step-down care

Supporting patients from Thonburi and Bamrung Muang

Location: West of BKK Location: CBD Geriatrics Luxury Thonburi Bamrungmuang Hospital Competitiveness when compared to existing players Synergy with Thonburi Hospital 17 Today’s healthcare

• Proactive
• Preventive
• Personalized
• Predictive

Thonburi Bamrungmuang Hospital

• Renovation progress is complete and now preparing for system and operation.
• Expect to start operation around Jan 19, with dental, IVF, premium checkup and Holistic

Diabetes centers

18 Main lobby VIP OPD Diabetes Diabetes Dental

Thonburi Bamrungmuang Hospital

19 Checkup Ward

Healthcare Solutions Provider Business

Home healthcare Dental supplies & drug stores Senior care and senior living

• Basic treatment: medication dispensing and delivery, health evaluation, vaccination,

counseling

• Skilled nurse service: wound care, post-surgery care, pain management, fall prevention
• Physical therapy service: for orthopedic patients, for neurological disorders, cardio-

pulmonary rehab

• Service for new mom: ultrasound for blocked milk ducts
• Standard hospital-accredited housekeeping (Premiere Healthy Clean): allergy and dust

mites specialists Healthcare mixed use development comprises of

• Active Living, with medical staff, 24-hour emergency aid and Centralized

Health Monitor System

• Thonburi Burana Hospital low-tone care for elderly who need special care
• Wellness Center for physical rehabilitation and health activities
• Dental Siam: one-stop service dental supplies shop
• Apex: drug stores with 10 branches in shopping malls

20

Jin Wellbeing County

• Key differentiation is comprehensive medical service with expertise from Thonburi Hospital.
• With growing senior population in Thailand, the project can become a big community with potential of

recurring income from residents.

• Comprising active living, rehab hospital and wellness center

21

• Best Senior Living Development
• Highly Commended for Best

Universal Design Development from Property Guru Thailand Property Award 2018

Jin Wellbeing County - progress

Building Structure

Architecture

Engineering Exterior

Jin Wellbeing County – Active living

23

• 494 freehold units in 5 low-rise

buildings for first two clusters

• One-bedroom and two-bedroom

layouts at 85,000–120,000 baht/m2

• 43 and 63 Sq.M. at THB4-6mn
• Tracking system , 24/7 emergency

service and safety facilities

Jin Wellbeing County – Thonburi Burana Hospital

24 Patient room Cafe Reception area Thonburi Burana Hospital

• Rehab hospital for elderly who need special care, such as

chronic patients, Alzheimer etc.

• 54 beds to operate in 1st phase
• IPD rooms, OPD clinics, medical staff, services from

physical therapist, dieticians and psychologists

• Expect operation in February 2019

Jin Wellbeing County – Jin Wellness Institute

25 Jin Wellness Institute Two 5-story buildings: 5,685 Sq.M. and 8,058 Sq.M. comprising

• 1. Integrative Wellness Clinic and Medical Spa – for customized health plan
• 2. Jin MediFit – Gym with professional instruction
• 3. Life Enrichment – activities for mind and emotional balance

Activity room Spa Cooking studio Restaurant

• 4. Learning activities – Art & music therapy, cooking etc.
• 5. Nutrition and meal plan – customized healthy meals

Thonburi Senior Home Jin Wellbeing County Thonburi Health Village Medical services Advanced Standard Service technology Advanced Standard Target group Medium - high Medium Design for elderly/patients Well supported Well supported Location North of Bangkok West of Bangkok Price per square meter 85,000 -120,000 baht 60,000 baht Price per unit

• Approx. 4-6 mn baht

(43 and 63 Sq.M.) 1.9 mn baht (32 Sq.M.)

Thonburi Senior Home – Comparison

26

Thonburi Health Village – Pracha Uthit

Swimming pool & Wellness Center

Investment value THB700mn Land area 8 rai (4 rai for 1st phase) Number of units 412 GFA 26,000 Sq.M SFA 13,824 Sq.M. Ready to transfer 2019

27

Room design - 32 Sq.M. unit

28

Universal design for all

wide corridor for wheelchair

Thonburi Health Village – Pracha Uthit

Thonburi Health Village – Pracha Uthit

Wellness Center

• Medical spa
• Salt chlorinator pool
• Gym and personal trainer
• Activity area
• Healthy cuisine restaurant
• Physiotherapy clinic

29

Other supporting business

Software Development Project development for healthcare/ medical service

Thonburi Realty Development Company Ltd. and Rajthanee Realty Company Ltd. develop projects related to medication for future project under group, for example senior living home and step-down care Company Location Area Book value Thonburi Realty Development Co., Ltd. Ratchaburi 1,550 rai THB 344.4 mn Rajthanee Realty Co., Ltd. Surat-thani (Koh Samui) 381 rai THB 1,467.3 mn Modular Software Expertise Co., Ltd. (MSE), one of Thailand's leading Hospital Information System (HIS) provider with experienced IT team and healthcare management professionals

• Hospital Information Management System (HIMS)
• Goods Management and Distribution System (GMDS)
• Retail Store Information Management System (RIMS)
• Car Park Management System (CPMS)

within THG Group Outside THG

Customer Group 30

Investment highlights

32

Investment highlights

Strong positioning in Bangkok with diversification to strategic locations upcountry Extensive Medical Resources and Network Diversify revenue mix Strong growth potential

• Well trusted due to its 40-year-old brand and

track record of quality medical services

• Best value in providing sophisticated medical

services at affordable price

• TH1 proximity to top medical school provides

benefit to retain specialized doctors and nurses

• 17 Network hospitals allow THG to capture benefits

from cost control and client referral

• Hospital business maintains a strong core, plus

future revenue from new businesses and from

• verseas.
• Expand into full-coverage medical businesses

with innovative healthcare services

• Early mover towards integrated healthcare

provider, including wellness and aged care

• Jin Wellbeing County and Thonburi Bumrung

Muang projects as brown field for growth drivers

33

Financial information

34

7 16 327 281

4,540 4,914

9M17 9M18 2 19 6 2 8 100 87 83 101 97

1,641 1,632 1,594 1,572 1,749

3Q17 4Q17 1Q18 2Q18 3Q18 Others Healthcare solution provider Medical service

3Q18 Financial Performance

Total revenue (mn THB)

1,743

+6.4% YoY

1,738 1,683

Medical service +6.6% YoY

• Revenue growth in 3Q18 continued, mainly from Thonburi 1 Hospital that saw increase in patient

volume due to new excellence centers.

• However, slower growth was because of revenue decrease in overseas advisory business.
• Opening of heart center at Thonburi 2 Hospital contributes to improvement in IPD after having to partly

close a ward for renovating of heart center, and contributes to higher revenue for excellence center business.

• Overall 9M18 growth was higher than 3Q18 thanks to robust growth in 1H18.

35

1,675 4,874 5,211

+6.9% YoY

Medical service +8.2% YoY

1,854

1,461 1,369 1,401 1,384 1,555

3Q17 4Q17 1Q18 2Q18 3Q18

Hospital business

36

Revenue from domestic hospitals led the growth in medical service business.

+6.4% YoY +12.4% QoQ

• 3Q18 is the peak season so it grew double digit

QoQ.

• TH1 saw stable growth from new excellence

centers and collaboration with insurance company

• TH2 saw higher growth due to higher medical

sophistication and more specialist doctors. Neuro and Ortho centers becomes rising stars.

• Capacity expansion projects of TH2 is expected

to start in 2019.

• RYD picked up with double digit growth YoY.

131 194 138 126 119

3Q17 4Q17 1Q18 2Q18 3Q18

50 69 55 57 72

3Q17 4Q17 1Q18 2Q18 3Q18

Hospital Management & Heart Center

37

• 9.2% YoY -5.6% QoQ
• In 3Q18, revenue from hospital management

dropped YoY and QoQ because some

• verseas contracts ended.
• There are some projects in the pipeline with

clients in SEA.

Revenue from hospital management +44% YoY +26% QoQ Revenue from heart center

• Revenue from heart center grew from new

sites at Thonburi 2 Hospital and Phatthalung Hospital.

• National Health Security Office granted an

approval for heart center at Phathalung Hospital to treat patients with UH card from October 2018 onwards

• The center was recognized by MoPH that it is

efficient and decreases death rate of patients.

• >1,500 patients were treated at Phathalung

site.

3Q18 Financial Performance

Gross profit (mn THB)

+1.8% YoY

EBITDA (mn THB) Net profit-parent (mn THB)

• 9.9% YoY
• 43.9% YoY

38

+7.7% YoY +7.7% YoY

• 17.7% YoY

508 508 478 430 517 29.1% 29.3% 28.4% 25.7% 27.9% 3Q17 4Q17 1Q18 2Q18 3Q18 Gross Profit GP Margin 1,322 1,424 27.6% 27.1% 9M17 9M18 Gross Profit GP Margin 333 314 348 249 300 19.1% 18.1% 20.7% 14.9% 16.2% 3Q17 4Q17 1Q18 2Q18 3Q18 EBITDA EBITDA Margin 833 897 17.1% 17.2% 9M17 9M18 EBITDA EBITDA Margin 171 158 158 72 96 9.8% 9.1% 9.4% 4.3% 5.2% 3Q17 4Q17 1Q18 2Q18 3Q18 Net Profit -Parent NP Margin 396 326 8.1% 6.3% 9M17 9M18 Net Profit -Parent NP Margin

3Q18 Operational statistics – TH1, TH2, RYD

Revenue mix – OPD vs IPD Revenue breakdown by payors OPD utilization IPD utilization

39

45% 45% 46% 46% 45% 55% 55% 54% 54% 55% 3Q17 4Q17 1Q18 2Q18 3Q18 % OPD Revenue % IPD Revenue

77% 17% 6% 1%

Self pay Insurance Corporate Others 65% 61% 61% 60% 64% 3Q17 4Q17 1Q18 2Q18 3Q18 71% 65% 68% 61% 72% 3Q17 4Q17 1Q18 2Q18 3Q18

2,383 2,398 2,459 2,452 2,501

3Q17 4Q17 1Q18 2Q18 3Q18 3Q17 4Q17 1Q18 2Q18 3Q18 TH1 TH2 RYD 3Q17 4Q17 1Q18 2Q18 3Q18 TH1 TH2 RYD

260 277

Pay per sequence (baht) Pay per bed day (baht) OPD sequence (‘000 sequences) IPD occupancy (‘000 bed days)

40 260 38 41 39 258

3Q18 Operational statistics – TH1, TH2, RYD

+5.0% YoY +4.1% YoY +0.4% YoY +3.1% YoY

• Approx. THB3,000 for TH1 and THB1,800 for TH2 and RYD
• Approx. THB18,000 – 24,000 for TH1 and TH2,

and THB12,000 for RYD

278 35 43

19,435 19,848 19,609 21,259 20,241 3Q17 4Q17 1Q18 2Q18 3Q18

2.4 1.6 4.4 1.9 2015 2016 2017 3Q18 2.6 1.0 0.6 0.9 2.9 3.6 3.2 5.0 2015 2016 2017 3Q18 2% 28% 70% 19% 21% 60% 3Q18 IBD Interest 4Q17 IBD Interest Non-current Current

3Q18 Capital management

Gearing ratio Interest coverage ratio (x) Capital structure (mn Baht) Dividend

On 24 April 18, AGM approved dividend payment for 2017 performance at

THB 0.40/share = 56% payout

• XD 8 Mar 18
• Payment date 21 May 18

Dividend policy: not less than 40% of net profit

Equity LT loan 3Q18 4Q17 IBD/EBITDA (x) D/E (x)

IBD / EBITDA Covenant: <6x

41

ST Loan

DSCR ratio (x)

232 3,451 3,152 2,709 35 36 DSCR Covenant: >1.2x

5.7 5.0 5.3 5.2 2015 2016 2017 3Q18

CAPEX and Financial Plan

Unit: THB mm 2017A 1H18A 2H18F 2019F 2020F Hospital Expansion 570 750* 410 50 Thonburi Bamrungmuang 2,100 164 1,240 370 Jin Wellbeing Project 1,583 329 510 70 1,100 Thonburi Health Village

• 150

400 150

42

* To be confirmed as construction plans are expected to begin in 2019

Appendix

43

Group structure

Company Structure

Vanasin Family Other shareholders Thonburi Healthcare Group PLC Registered capital THB 849 mn Paid-up capital THB 764 mn

Rajyindee Hospital PLC Ubonrak Hospital

• Co. Ltd.

Uttaradit Thonburi Hospital Co. Ltd. Thonburi Hospital Heart Centers Co. Ltd. Weihai Thonburi Healthcare Investment Co. Ltd. Hospital Business Other related Business Dental Siam Co. Ltd. Modular Software Expertise Co. Ltd. Rajthanee Realty

• Co. Ltd.

Premiere Home Health Care Co.,Ltd. Thonburi Realty Development Co. Ltd. Other investments

Pre IPO

Shareholding structure

Vanasin family 31.5% Unnanuntana Family 7.7% Meksawan family 4.3% Other shareholders 56.6% Vanasin family 28.3% Unnanuntana Family 6.9% Meksawan family 3.9% Other shareholders 50.9% IPO portion 10.0% 28.3% 71.7% 55.9% 31.9% 34.0% 99.9% 99.9% 58.0% 99.4% 70.0% 100.0% 99.8% 99.9%

Post IPO

Remark: Uttaradit Thonburi Hospital Co., Ltd. is a dormant subsidiary of THG.

Aryu International Health Care Co. Ltd.* 40.0%

As of 30 December 2017

44

Bumrung Muang Plaza

• Co. Ltd.

99.9% Thanarad Thungsong Co. Ltd. 56.4% Sirivej Hospital PLC

THG’s hospitals

International Upcountry Area

Thonburi (TH1) Thonburi 2 (TH2) Rajyindee Ubonrak Sirivej Welly Ar Yu Year Operated 1977 1993 1995 1991 1992 2016 2018 Location Bangkok Bangkok Songkla Ubon Chantaburi Shandong Yangon Registered bed 435 95 196 100 90 150 200 Available bed 486 339 130 150 Doctors 534 203 140 92 88 72 20 Medical Staff 527 169 230 190 157 108 150 Certification HA HA / ISO HA HA HA

• N/A

Bangkok Area

45

As of 31 July 2018

For more information, please contact IR department. Email: ariya.si@thg.co.th Tel: +6695-3705728

“Lifetime health guardian for all”

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• uncertainties. These include statements with respect to THG’s corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be

identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “intend” , “estimate”, “continue” “plan” or other similar words. The statements are based on the assumptions and beliefs of THG’s management in light of the information currently available to THG. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as promise or representation of THG as to the future.