Global Leader in Wellness Hospitality ConsultingHorwath HTL Health and Wellness, Bangkok

November 2020

A member of the Horwath HTL network, specializing in the delivery of business consultancy services for wellness-focusedhospitality businesses; offering developers, investors, designers, and operators a turnkey solution.

C O MPA NY O V ER V I EW

ü Services:

ü Market Research and Feasibility

ü Concept Development

ü Strategic Advisory to Sovereign Wealth Funds

ü Executive Recruitment

ü Spa Asset Management

ü Focus and Specialization:

ü Wellness Communities

ü Destination Retreats

ü Bathhouses ü Resort & Urban Spas

ü Medical Spas

ü Fitness Clubs & Day Spas

TEAM MEMBERS

JOSEPHINE LEUNGDirector

INGO SCHWEDERManaging Director

SIVAPORN CHIEWSAKULManager

ADRIEN DENIAUConsultant

WELLNESS INDUSTRYOverview

ü As of 2017, the size of the wellness tourism industry was USD 639.4 billion, accounting for 830 million international and domestictrips. Between 2010 and 2017, the wellness tourism industry grew at a CAGR of 16.8%. Since 2013, the annual growth rate of thewellness tourism industry has been more than double the annual growth rate of the general tourism industry. The main regionaldriver of wellness tourism in 2017 was North America, which represented USD 241.7 billion in expenditure, followed by Europeand Asia, which represented USD 210.8 billion and USD 136.7 billion in expenditure, respectively.

ü Forecast to reach USD 918 billion in 2022, wellness tourism is expected to grow at a CAGR of 7.3% between 2017 and 2022.We believe that this growth is mainly driven by three megatrends including (i) an emerging middle class with higher propensity tospend on experiences, (ii) an increasing demand for healthy lifestyles and related products and services, and (iii) a growing numberof experiential travellers.

The following chart displays the size of the global wellness tourism industry between 2008 and 2022 (forecast), in USD billion.

T H E G L O B A L W E L L N E S S T O U R I S M G R O W T H

Source: Global Wellness Institute, 2018; F: Forecast

106151

216

308

439494

528 563605

639687

739794

854918

0

100

200

300

400

500

600

700

800

900

1000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018F 2019F 2020F 2021F 2022F

Wellness tourism accounts for 16.8% of total global tourism revenue

The industry doubled in revenue in just two

years during the worst global financial crisis since the Great

Depression

T H E G L O B A L W E L L N E S S T O U R I S M O V E R V I E W

ü According to the Global Wellness Institute (2018),Europe led the wellness tourism market with the highestnumber of trips undertaken in 2017; the number ofwellness trips to the region grew at a CAGR of 8.1%between 2015 and 2017, reaching 291.8 million trips.

ü With regards to wellness tourism expenditure, NorthAmerica remained the industry leader with USD 241.7billion in spending in 2017, mainly due to higherspending per trip. The most attractive price pointremains in Asia.

ü Between 2015 and 2017, Asian wellness tourismrecorded the highest CAGR of 15.3%, growing from193.9 million trips in 2015 to 257.6 million in 2017.

ü During the same period, Middle East and North Africanwellness tourism witnessed robust growth (+29.0% from2015 to 2017), albeit from a considerably lower base.

ü Overall, wellness tourism is heavily concentrated inseveral countries across North America, Europe, and AsiaPacific. The top five destinations (US, Germany, China,France, and Japan) represent 59.0% of the globalwellness tourism market. The United States aloneaccounts for one-third of global industry revenue.

Source: Global Wellness Institute, 2018

The following summarizes the geographic distribution of wellness tourism receipts and trips between 2015 and 2017.

Source: Global Wellness Institute, 2018

As the global health pandemic shakes the very essence of the spa and wellness industry, we have to re-think how we will project wellness into a post-COVID era.

And as people’s understanding of health, wellbeing and immunity rise, so will their interest in more preventative practices.

From mineral water bathing to macrobiotic diets and more healthy day-to-day lifestyles, wellness communities are already on the rise, and the spas that deliver true

wellness will take center stage.

How will the world of wellness hospitality be forever changed by the effects of COVID-19?

Wellness design and development will become more democratic:

• Wellness will continue to become more accessible

• 2, 3, and 4-star wellness retreats will become common

• People are aware of their health and immunity in new ways that will drive new trends and needs

• Wellness communities will become more popular as people search for healthier places to live, work and play

• A combination of balanced private and public spaces will keep designs resilient and adaptive

• More accessible permaculture practices

A D E M O C R A T I C S H I F T I N W E L L N E S S C O M M U N I T I E S

Recap 2020

ChinaSaudi Arabia

BUSINESS PERSPECTIVEW h e r e t h e a c t i v i t i e s a r e

§Norway

§

§

§

§Singapore

Oman

Note:• Canada Destination Wellness Resort, Canada – Market Research, Strategy Development, Feasibility Study• Birr Castle Project, Ireland – Market Research, Feasibility Study• Bordeaux Project, France - Market Research, Strategy Development, Feasibility Study• Moonstone Retreat Bodo, Norway – Market Research, Feasibility Study• Amaala Project, KSA – Market Research, Strategy Development, Feasibility Study• Red Sea Project, UAE – Market Research, Strategy Development, Feasibility Study• Omah Tourism Agency, Oman – Market Research, Strategy Development, Feasibility Study• Wellness Retreat Suzhou Project, China – Market Research, Feasibility Study• Samujana Medi-Wellness Retreat Koh Samui, Thailand – Market Research, Feasibility Study• Mont Azure Wellness Community, Thailand – Market Research, Feasibility Study• Paris Saint-Germain Football Academy and Resort, Thailand - Market Research, Feasibility Study• Marina Bay Sands Project, Singapore – Market Research, Feasibility Study

§Thailand

§Canada§France

UAE§

§ Ireland

AMAALAKingdom of Saudi Arabia

Horwath HTL Health and Wellness isappointed to do Market Researchand Feasibility Study for the project.

Horwath HTL Health and Wellness’s Managing Director is on the Board of the US$ 16 B Saudi Sovereign Fund for Hospitality which creates at present the world largest master planned Wellness, Art and Leisure destination in the world. Horwath HTL Health and Wellness is appointed to do Market Research and Feasibility Study for the US$ 1.6 B Wellness core.

A M A A L A – K I N G D O M O F S A U D I A R A B I AS O V E R E I G N F U N D P R O J E C T

A new ultra-luxury destination with a GFA of 90,000 m2 in Saudi Arabia which is envisioned to feature the largest wellness retreats in the world. Horwath HTL Health and Wellness is engaged as the wellness expert to carry out Market Research and Feasibility for the development.

A M A A L A – K I N G D O M O F S A U D I A R A B I AS O V E R E I G N F U N D P R O J E C T

Site Area: 90 hectaresGFA: 90,000 m2

No of keys: 350

Part of the Red Sea Development project, Shurayrah Island is a new luxury destination in Saudi Arabia which is envisioned to feature 10 resorts and 1 wellness hotel. Sir Norman Foster + Partners is selected to develop this mega project and Horwath HTL Health and Wellness is engaged to provide advisory and feasibility services for all the spas within the resorts on the island, as well as for the wellness hotel.

R ED S EA S H UR A YR A H I S LA ND R ES O R T S | K S A

R I T Z-C A R LT O N R A S A L K H A I MA H | UA EThe Ritz-Carlton Ras Al Kaimah is an established leisure, nature and activity resort in the United Arab Emirates. As part of the resort’sobjective to infuse wellness into the guest experience, Horwath HTL Health and Wellness was tasked with supporting the owner andoperator to develop a detailed wellness strategy. The strategy consisted in conducting a detailed survey of the tourism and wellnessmarket, evaluate the local and regional competitive landscape, develop a in-depth concept development for the wellness center andresort service platform as a whole, and establish financial projections to gauge the impact of the wellness strategy.

O MA H T O UR I S M A GENC Y | O MA N

In line with Oman’s Vision 2040 and the Oman Tourism Strategy (OTS), OMAH is a fully integrated tourism complex located in Ras AlHad, the most eastern tip of the Arabian Peninsula, 244 km south east of the capital Muscat. Omah will be developed over multiplephases and span a total of 134 million square kilometers once completed. The development will include, among many othercomponents, 14 hotels and resorts, a university campus, residences and a marina. Horwath HTL Health and Wellness will be responsiblefor supporting the market research and feasibility studies associated with the 14 hotels and resorts, as well as the various wellnesscomponents within the development.

C A N A D A D E S T I N A T I O N W E L L N E S S R E S O R T | C A N A D A

Canada Destination Wellness Resort is a luxury wellness integrated project in a world-class environment on Canada’s west coast. It issituated close to the world-renowned Sunshine Coast Trail and the Powell Forest Canoe Route, British Columbia, Canada. The projectwill be comprised of 230 Oceanview Residential lots in the village, commercial development and wellness community. Horwath HTLHealth and Wellness will undertake the scope for Market Research and Feasibility Study for the project.

B I R R C A S T L E | I R E L A N D

Birr Castle is a large castle in the town of Birr in County Offaly, Ireland. It is the home of the 7th Earl of Rosse and his family - LordOxmantown. Horwath HTL Health and Wellness is conducting strategy advisory service for the castle redevelopment as a luxurywellness destination in Ireland.

Horwath HTL Health and Wellness has completed the Market Research and Feasibility study for Norwegian Sovereign Fund -Innovation Norway’s project for a Wellness Lifestyle Destination with a GFA of 35,000 m2. It will feature a 65 room high-end WellnessRetreat focused on traditional Ayurveda healing modalities, a 125 units glamping cabins nestled within nature on a bespokeoceanfront location outside Oslo. Both the Wellness Retreat and the Lifestyle Resort will offer design-led accommodation that isintegrated with the natural topography and landscape.

M O O N S T O N E R E T R E A T B O D Ø | N O R W A Y

Site Area: 59 hectaresGFA: 26,000 m2

No of keys: 165

B O R D E A U X | F R A N C E

Horwath HTL Health and Wellness is conducting the review of the business plan and feasibility for a luxury rejuvenating wellnessdestination project in Bordeaux, France. A unique setting, beautiful historic building and real estate complex comprising > 15,000 m2and boasting 50 hectares of meadows and forests. It will feature a 128 rooms luxury wellness resort, 40 bungalows, 58 exclusive villasand 2 mansions, convention and exhibition center, exclusive luxury villas and acres of breathtaking outdoor space.

Horwath HTL Health and Wellness was appointed to conduct the Market Research and Feasibility Study for a highly exclusive luxurywellness and lifestyle retreat on Taihu lake in Suzhou with a total GFA of 4,000 m2. It will feature a 35 room high-end retreat thatcelebrates wellness, arts & culture and lifestyle through highly curated hospitality in a historically rick lakefront setting.

WELLNES S R ET R EA T S UZH O U | C H I NA

BIRD’S EYE VIEW

GROUND LEVEL VIEW 1

GROUND LEVEL VIEW 2

S A M U J A N A M E D I - W E L L N E S S R E T R E A T K O H S A M U I | T H A I L A N D

Horwath HTL Health and Wellness is engaged to conduct the Market Research and Feasibility for a 75 room wellness retreat at SamujanaVillas, Koh Samui, Thailand. This expansion will complement the 23 existing villas and facilities which include oversized private infinity pools, modern Thai architecture, breath-taking views, 5 star hotel services.

P A R I S S A I N T - G E R M A I N F O O T B A L L A C A D E M Y A N D R E S O R T | K O H S A M U I

Horwath HTL Health and Wellness is currently developing Market Research and Feasibility Study for an international-standard sportsand wellness destination on the tropical island of Koh Samui, Thailand. Home to the Paris Saint-Germain Football Academy, oncecompleted it will include exclusive villas, a comprehensive wellness resort and FIFA-standard training facilities located just meters fromone of the island’s stunning beaches.

M O N T A Z U R E W E L L N E S S C O M M U N I T Y | P H U K E T

Mont Azure is a master planned development in Phuket, Thailand. The project spans some 178 acres (72 hectares) of mountain tobeachfront land on Phuket’s central sunset coast, offering a unique natural setting that will be sensitively developed to include privateluxury estates and oceanside apartments, upscale hospitality, lifestyle retail and wellness offerings, as well as a choice of sophisticatedbeach facilities. Horwath HTL Health and Wellness is engaged as the wellness expert to carry out Market Research and Feasibility forthe wellness community development.

M A R I N A B A Y S A N D S | S I N G A P O R E

As part of its re-positioning and expansion as one of the world’s top luxurious casino destination, Marina Bay Sands hasengaged Horwath HTL Health and Wellness to conduct comprehensive market analysis and feasibility for the entire wellnesscomponent of the resort.

2021 The Way Forward

Ø Project: Health Retreat - Mahe, Seychelles

Ø Client: Shaula-Ari (Proprietary) Limited

Ø Horwath HTL Office: Budapest

Ø Horwath HTL Service:

Ø Market Research, Concept and Feasibility

Ø Capital Raise

THE OFFICE COLLABORATION – HEALTH RETREAT, SEYCHELLES

Ø Project: Vranjska Banja, Serbia

Ø Client: Millennium Team

Ø Horwath HTL Office: Serbia

Ø Horwath HTL Service:

Ø Spa Concept Development, Feasibility Study

Ø Destination Strategy

THE OFFICE COLLABORATION – VRANJSKA BANJA

Ø Project: Gellert Thermal Bath

Ø Client: Dome Ltd.

Ø Horwath HTL Office: Budapest

Ø Horwath HTL Service:

Ø Market Research

Ø Concept Development

Ø Adjacency Diagram

Ø Feasibility

THE OFFICE COLLABORATION – GELLERT THERMAL BATH

Ø Project: Porto Carras Resort

Ø Client: Dimera Group

Ø Horwath HTL Office: Greece

Ø Horwath HTL Service:

Ø Market Analysis & Benchmarking

Ø Concept Development

Ø Feasibility Study

THE OFFICE COLLABORATION – PORTO CARRAS RESORT

Ø Project: Fasano Angra Dos Feis

Ø Client: POLO Capital Management

Ø Horwath HTL Office: Brazil

Ø Horwath HTL Service:

Ø Wellness Strategy

Ø Concept Recommendations

THE OFFICE COLLABORATION – FASANO ANGRA DOS REIS

Thank you

Ingo Schweder

Josephine Leung

Sivaporn Chiewsakul

Adrien Deniau