VIBHAVADI MEDICAL CENTER PUBLIC CO., LTD Disclaimer sclaimer The - PowerPoint PPT Presentation

VIBHAVADI MEDICAL CENTER PUBLIC CO., LTD

Disclaimer sclaimer The information contained in this presentation is for information purposes only. • This presentation contains forward looking statements which reflect Management’s current views and estimates. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Prospective investors should be careful with respect to such statements and should not place undue reliance on any such forward-looking statements. • The information in this presentation has not been independently verified. None of the Company, any of its affiliates or representatives, shall have any for any loss or damage howsoever arising from any use of this presentation or its contents in connection with this presentation. The information in this presentation is current as of the date hereof and is subject to change without notice and its accuracy is not guaranteed. • No part of this presentation shall be relied upon directly or indirectly for any investment decision - making or for any other purposes. Prospective investors should undertake their own assessment. • 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.

Com ompany pany miles ilestones tones Registered with SET Establishment of - Started Trading March, Princeton Park Suites - Invest in non-core 1992 businesses 2011 2003 1986 1992 2009 Establishment of the company Joint Venture to establish -Founded with only one building, 100 bed Acquire CMR group hospitals Vibharam Group Hospitals hospital - Largest Market-share of healthcare - Targeting Government-subsidized in Northern part of Bangkok programs and middle-income population

Geographical View Of Associated Hospitals CMR,Lanna, Theppanya Haripoonchai Khelangnakorni Pawor Vibharam Pakkred Chaiprakarn PathePunya Seriruk Sikarin Chaopraya Vibhavadi Amata Laemchabangi

Share-holding structure of VIBHA 86.75% Haripoonchai Hospital 83.58% 25.44% CMR (Lanna Hospital) Khelangnakorn Hospital 56.37% ChiangmaiRam Hospital 100% Theppunya , Thenpunya2 50% PathePunya Hospital Hospital 20% Seriruk Hospital 50% Pawor Hospital 40.75% 100% Vibharam Hospital 2014 Laemchabang Hospital 78.57 % 28.57% PakkredHospital Vibhavadi Hospital 2016 Bangpo Hospital 23.57% Chaiprakarn Hospital 10% SerirukHospital 74.8% 2015 AmataHospital 10% Pending Projects: Synphate Hospital D • Nawamin 100% 2016 Samutsakorn Hospital i • Teparak 4.43% Nawanakorn Hospital 50% v • Nakornsawan Mahesak Hospital 2017 e • Rayong 7.69% • Nakornpatom s ChaophyaHospital • Thonburi t Subsidiary companies group 12.07% • VS medical SikarinHospital Associated companies group 2.49% ThaiNakrin (TNH) Investment

CMR hospitals CMR group hospitals ChiangmaiRam Lanna Theppunya2 Theppunya Khelangnakorn Pawor Haripoonchai

Vibharam Group Hospitals Vibharam Vibharam Pakkred (main) Pathepunya Vibharam Vibharam Chaiprakarn Amata Seriruk Vibharam Laemchabang

Company’s Financial Highlights

Vibhavadi Consolidated Financial Statistics Source of Revenue Revenue THB 9000 Princeton Park Suites Princeton 1.50% BDC Park 0.10% 6271.26 Suites Vibha 5899.47 2.13% 33.70% 6000 Vibha 5526.26 million 37.91% 5015.26 4606.88 CMR CMR 64.80% 4039.4 59.96% 3000 2017 2016 0 2012 2013 2014 2015 2016 2017 Revenue components of VIBHA Vibhavadi’s performance 1. CMR’s performance 2. Vibharam’s performance (associated company) 3. 4. Dividend from investment 5. Non-core Business www.vibhavadi.com

Vibhavadi Consolidated Financial Statistics Net Profit (Owner of the parent) Sources of Net Profit THB BDC, 0.4 VibhaRam , 19 868.55 900 736.65 678.64 596.11 546.18 Vibha , 39 600 million 391.54 CMR, 41 300 135.08 Bangpo, 2017 0 0.33 2011 2012 2013 2014 2015 2016 2017 0.18 EBITDA THB Commentary VibhaRam 1.85 6.24 0.04 CMR Tippayabodin Vibha • 31.59 major growth in CMR is from CMH 60.00 Princeton Bangpo 0.09 Dividend 2016

Quarterly Revenue & Profit Comparison Quarter Revenue Profit and Year 2015 2016 2017 2015 2016 2017 1 1371 1423 1428 178 145 153 2 1243 1387 1458 118 104 187 3 1447 1561 1718 202 226 298 4 1464 1517 1667 235 202 230 Commentary • In 2015, there is a special income of 53.29 million from DRG>2 (in 2014 was set at 9000 THB/adjRW and in 2015 , actual realized amount is at 11500 THB/adjRW while in 2016, actual realized amount is 10,000 THB/adjRW)  CMR • More expansions in 2016 (Chiangmai Ram, Lanna), therefore, more expense  CMR • Profit from selling the land between subsidiary companies (136.70 million THB) is not included in consolidated financial report but expense and income tax of 43.96 million is included in the consolidated financial report  CMR (Q2, 2016) • Recall of Social Security payment for DRG>2 for 28.92 million THB for CMR group and around 20 million for Vibharam group • In 2017 Q1-Q3, despite Last portion of Recall in CMR, revenue still increases. There is an increase in profit from VBR from divesting pending projects and government subsidized program ( นอกเหนือเหมาจ่าย ) 70 million THB that has never been recorded but from now on will be accrued (about 2 million THB/month)

Inorganic growth in 2017 • Profit from selling Chaiprakarn (100 million Baht) • Profit in Bangpo (from deferred tax 20 million) • Vibharam ‘s special income from extra from lumpsum package (70 million Baht) • Profit in Princeton Park Suites devaluation in the past is removed due to decreasing capital (10 million)

Positive outlook in 2018 • Selling of Rachathanee Rojna shares (100 million Baht profit) • Mahesak ‘s value appreciate (appraisal > purchase) 20 million • No more deduction from DRG>2 in CMR (20 million in 2017) • Ramping up revenue from expansion in CMH • Better performance in both loss-making and profit making hospitals • Less interest • Chinese tourism growth has rebounced in 2018 • TBD factory production starts May 2018 • Vibharam accrued 2 million Baht/month for extra from lumpsum package

New building in Vibhavadi

New building in Vibhavadi

New building in Vibhavadi

Estimate Budget • 300-400 million THB • Estimate commercial area 7000 SQM • 8 th and 9 th floor to be clinics

Expansion in Vibha Achieving higher RoA • ICU, CCU, PICU • One-stop Check-up • New Cath-lab machine • Ward 5,17 expansion (expect around 40 beds) • GI expansion • Myanmar Office

Expansion in CMR • Land purchase in Theppunya Hospital 400 Million THB (planing for expansion) 5-rai • Ramping up patients from CMH Hospital expansion (completed 2017) • Construction plan for Lanna Hospital – 150-200 beds (EIA pending) – budget 400 million THB

Expansion in VBR • VBR building expansion • Laemchabang expansion • Amata expansion (Vibharam Amata Oncology Center) • Nawamin Opening • Mahesak acquired in 2017

Thank you