Investor PresentationSep 2019

Vision & Milestones

“To be a trusted hospital and medical service network delivering high quality service through the latest innovations that provides the general public an easy access to its service”

1977

Thonburi Hospital started operation

1991

Invested in UbonrakHospital

1993

Opened Thonburi 2 Hospital

1994

Registered as a public company limited

1996

Invested in SirivejHospital

1997

Invested in Dental Siam

2003

Invested in RajyindeeHospital

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

2014Invested 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

Signed JV for Ar Yu International Hospital in Myanmar

2017

1976 1980 1991 2013 20172

2016

764

2015

PPP agreement for Koh Lan CMU

2018

Grand opening of Thonburi BamrungmuangHospital and ArYu Hospital

Acquired shares for Thonburi ThungsongHospital

2019

THG Businesses

Hospital Business Healthcare Solution Provider Other business

2018 Revenue: THB 6,579 mm (92.7%) 2018 Revenue: THB 492 mm (6.9%) 2018 Revenue: THB 23 mm (0.3%)

Domestic / International Hospital• 7 Hospitals in Thailand• 2 Hospitals overseas

Management Service• 2 Hospitals and 1 Medical Center in

Thailand• MOU for consultancy in Asia

Excellent Center Management Service• 3 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, 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

• Higher margin from asset-light model

Welly Hospital

Ar Yu Hospital

2018 2019

Jin Wellbeing County

Hospital & excellence center

management

Growth prospect

Jin Wellbeing County + Thonburi Health Village

Hospital & excellence center

management

Thonburi Bamrungmuang

Domestic hospitals Domestic hospitals

• Strong core business with stable growth

• More Jin’s unit transfer expected after starting in 4Q18

• Expected growth from new opportunities both domestically and internationally

• Started operation on 24 January 2019 • Ready to support international patients

catching medical tourism trend

• Organic growth from volume, price and medical intensity, with capacity expansion

• Potential growth from Thonburi ThungsongHospital, expected to operate in 2H19

• Potential growth from Thonburi BuranaHospital, low-tone care in Jin Wellbeing County facilities

• Ramping up after grand opening• Less shared loss due to more

patients volume

• Soft launch in 3Q18 and grand opening in March 19 with loss shared to THG in first year

• Expected EBITDA breakeven in 2020

Hospital Business - overall

5 Key Excellence Centers

Heart Center Women’s Center

Gastrointestinal and Liver Center

Orthopedic Center Neuroscience Center

Hospital Accreditation of Thailand (HA)

ISO

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.

6

Location: Bangkok Registered beds: 435 Location: Bangkok Registered beds: 95

Location: ChantaburiRegistered beds: 90

Location: UbonratchathaniRegistered beds: 100

Location: Nakorn SrithammaratRegistered beds: 50 (initial)

Location: Songkhla Registered beds: 196

Location: Bangkok Registered beds: 47 (initial)

Hospital Business – Positioning benchmark

Med

ical

so

ph

isti

cati

on

Price per disease

Seco

nd

ary

Tert

iary

Sup

er t

erti

ary

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

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

DetailsArea

(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

DetailsArea

(sq.m.)Capacity

Completion Year

Total Investment

3 fl IPD & OPD building

12,00015 OPD Rooms/

52 Beds2020 435MB

8

Thonburi Bamrungmuang Hospital

• Grand opening in Jan 19, with dental, Premium Checkup and Diabetic Wound Care centers

• IVF has just started in May 2019.

• OPD pay per bill approx. THB7,000

• IPD pay per bed day approx. THB40,000

9

Diabetic Wound Care CenterDigital Dental Center

IVF Reproductive Center

Thonburi Thungsong Hospital Project

10

Details

Location Tungson-Wiangsa Highway, Nakorn Sri Tammarat

Positioning Secondary care

Target Elderly, middle class, insurance client, ER patients

Registered beds 50 beds (initial)

Expected operations 4Q2019

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

56.43% of 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 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

of leading local doctors

Asia Continent

11

• Cardio, Wellness and Ortho are popular centers with experienced and well-known medical team.

• Thai doctors starts to visit patients in Myanmar.

• Average OPD patient/day > 200 patients

• IPD patient occupancy 35-40 beds

Ar Yu International Hospital

12

6M18 6M19

6M18 6M196M18 6M19

OPD Revenue IPD Revenue

Welly Hospital• The hospital is ramping up patient volume and revenue, aiming for EBITDA break even in 2019.

• OPD patients are approx. 200/day and IPD are approx. 70/day.

• Welly Hospital continues to develop service standard with expertise, knowledge sharing and service training from THG.

Revenue OPD patients

IPD bed days

13

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

Revenue from hospital management (MB)

Overseas contracts generated growth in 2017 and they expired causing decrease in 2018.

14

378 440

503

598

494

2014 2015 2016 2017 2018

0.4 58

130

216

276

2014 2015 2016 2017 2018

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

Revenue from heart center (MB)

2018 growth was mainly from new sites.

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.

15* Contract at Bangplee expired at the end of 2018

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

16

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

17

• Best Senior Living Development • Highly Commended for Best

Universal Design Development from Property Guru Thailand Property Award 2018

Jin Wellbeing County

• 494 units

• One-bedroom and two-bedroom

at 85,000–120,000 baht/m2

• 43 and 63 Sq.M. at THB4-6mn

Jin ResidenceThonburi Burana Hospital

Low-tone hospital for elderly who

need special care, such as chronic

patients, Alzheimer etc.

Jin Wellness Institute

Wellness center to take care of

residents physically, mentally and

emotionally

Jin Wellbeing County - progressCluster 1

Cluster 2

Thonburi Burana Hospital

Jin Wellness Institute2019target

200 unit transfer

148 units sold

87 units transferred since 4Q18

61 units backlogAs of July 2019

Jin Wellbeing County – Business model

20

Integrated senior solutions and community

Services

• Freehold• Yield guaranteed

5% for 3 years• 30-year leasehold• Active living rental

• Thonburi Burana Hospital• Jin Wellness• Home Health Service

(daily/ weekly/ monthly)

Assets

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 unitApprox. 4-6 mn baht

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

Thonburi Senior Home – Comparison

21

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.

Expected date of completion End of 2019

22

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

23

Project timeline expectation

1Q19 2Q19 3Q19 4Q19 2020

Hospital expansionConstruction Capacity increase

Welly Hospital

Ar Yu International

Hospital

EBITDA breakeven

Thonburi Bamrungmuang

Hospital

Jin Wellbeing County

Thonburi Health Village

Ramp up EBITDA breakeven

Grand Opening

EBITDA breakeven

Unit transfer and revenue recognition

Construction Unit transfer and revenue recognition

EBITDA breakeven

Grand Opening

Investment highlights

25

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 overseas.

- 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 BumrungMuang projects as brown field for growth drivers

26

Financial information

27

2 8 7 3 4 101 97 211 218 258

1,572 1,749

1,665 1,651 1,747

2Q18 3Q18 4Q18 1Q19 2Q19

Others Healthcare solution provider Medical service

2Q19 Financial Performance

Total revenue (mn THB)

+20% YoY

Medical service

+11% YoY

• Revenue growth in 2Q19 was mainly from sales of Jin Wellbeing County and Thonburi BamrungmuangHospital.

28

1,6751,854 1,883 1,872 2,009

Hospital business

29

Revenue from domestic hospitals increased from new revenue stream.

• Revenue growth was mainly from new hospital, Thonburi Bamrungmuang.

• Main existing ones slightly decreased high base of 2018 with outbreak.

• Thonburi Thungsong plans for operation in 4Q19.

+13% YoY

+5.5% QoQ

1,384

1,555 1,462 1,486

1,567

2Q18 3Q18 4Q18 1Q19 2Q19

57

72

92

56

70

2Q18 3Q18 4Q18 1Q19 2Q19

126 119

111 109 110

2Q18 3Q18 4Q18 1Q19 2Q19

Hospital Management & Heart Center

30

-13% YoY -0.9% QoQ

• Revenue dropped YoY because overseas contracts ended.

• There are some projects in the pipeline with clients in SEA.

Revenue from hospital management

+23% YoY +25% QoQ

Revenue from heart center

• Revenue grew mainly from Phathalung site.

• Thonburi 2 was approved to treat referred patients under Universal Health Coverage.

2Q19 Financial Performance

Gross profit (mn THB) -19% YoY

EBITDA (mn THB)

Net profit-parent (mn THB)

+91% YoY

+211% YoY

31

+18% YoY ex. special items in 2Q19

+1.4% YoY ex. special items in 2Q19

429 517 485 447 348

25.7% 27.9% 25.8% 23.9%17.3%

2Q18 3Q18 4Q18 1Q19 2Q19

Gross Profit GP Margin

249 300 197 188

476

14.9% 16.2% 10.5% 10.0% 14.6%

2Q18 3Q18 4Q18 1Q19 2Q19

EBITDA EBITDA Margin

249 293

183

2Q18 2Q19

EBITDA net special items

72 96 22 8

224

4.3% 5.2% 1.2% 0.4% 5.8%

2Q18 3Q18 4Q18 1Q19 2Q19

Net Profit -Parent NP Margin

72 73

151

2Q18 2Q19

Net Profit -Parent net special items

Note: Net special items in 2Q19 refer to 1) reserve for employee’s benefits 2) profit from disposal of RJH

2Q19 Operational statistics – TH1, TH2, RYD

Revenue mix – OPD vs IPD Revenue breakdown by payors – 2Q19

OPD utilization IPD utilization

32

46% 45% 44% 45% 47%

54% 55% 56% 55% 53%

2Q18 3Q18 4Q18 1Q19 2Q19

% OPD Revenue % IPD Revenue

75%

18%

7%

0%

Self pay Insurance Corporate Others

60%

64%

58% 59% 58%

2Q18 3Q18 4Q18 1Q19 2Q19

61%

72%

66% 66%

60%

2Q18 3Q18 4Q18 1Q19 2Q19

21,259 20,241 19,925 20,316

21,879

2Q18 3Q18 4Q18 1Q19 2Q19

2,452 2,501 2,523 2,546 2,532

2Q18 3Q18 4Q18 1Q19 2Q19

2Q18 3Q18 4Q18 1Q19 2Q19

TH1 TH2 RYD

2Q18 3Q18 4Q18 1Q19 2Q19

TH1 TH2 RYD

Pay per sequence (baht) Pay per bed day (baht)

OPD sequence (‘000 sequences) IPD occupancy (‘000 bed days)

33

258

2Q19 Operational statistics – TH1, TH2, RYD

+3.3% YoY +2.9% YoY

-2.7% YoY -5.5% YoY

Approx. THB3,000 for TH1 and THB1,800-1,900 for RYD and TH2 Approx. THB21,000 – 25,000 for TH2 and TH1, and THB14,000 for RYD

278

3543

257

41

252

38

251

33

18%

23%59%

28%

20%

52%

2Q19 IBD Interest2018 IBD Interest

2Q19 Capital management

Gearing ratio Interest coverage ratio (x)

Capital structure (mn Baht) Dividend

On 13 Aug 19, BoD approved Interim dividend payment for 1H19 performance

THB 0.10/shareXD date 27 Aug 19

Payment date 12 Sep 19

Dividend policy: not less than 40% of net profit

Equity

LT loan

2Q19

4Q18

IBD/EBITDA (x)

D/E (x)

34

ST Loan

DSCR ratio (x)

3,052

3,144

39

4Q18

7,358

2,789

48

1.00.6

1.1 1.1 1.3

3.6 3.2

5.7

7.9

7.0

2016 2017 2018 1Q19 2Q19

5.0 5.3

4.4

2.9

3.8

2016 2017 2018 1Q19 2Q19

1.6

4.4

2.0 1.4 1.5

2016 2017 2018 1Q19 2Q19

CapEx Plan

CapEx (MB)

Project 2018 1H2019 (A) 2H2019 (E) 2020 (E) 2021 (E) 4 Yr

Thonburi Hospital - 100 - 850 400 1,350

Thonburi 2 Hospital - 100 - 340 200 640

Thonburi Bamrungmuang 750 880 170 100 1,900

Jin Wellbeing County 1,000 400 500 - 1,900

Thonburi Health Village 300 50 50 280 680

Total 2,050 1,530 720 1,570 600

Appendix

36

Group structureCompany Structure

Vanasin Family Other shareholders

Thonburi Healthcare Group PLCRegistered capital THB 849 mnPaid-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.

Thonburi Wellbeing Co.,Ltd.

Thonburi Realty Development Co. Ltd.

Other investments

Pre IPO

Shareholding structure

Vanasin family31.5%

Unnanuntana Family 7.7%

Meksawan family 4.3%

Other shareholders

56.6%

Vanasin family28.3%

Unnanuntana Family 6.9%

Meksawan family 3.9%

Other shareholders

50.9%

IPO portion10.0%

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%

37

99.9%

ThanaradThungsong Co. Ltd.

56.4%

SirivejHospital PLC

Thonburi BamrungmuangHospital Co. Ltd.

THG’s hospitals

InternationalUpcountry Area

Thonburi (TH1)Thonburi 2

(TH2)Rajyindee Ubonrak Sirivej Welly Ar Yu

Year Operated 1977 1993 1995 1991 1992 2016 2018

LocationBangkok 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 - - N/A

Bangkok Area

38As 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”

Thonburi Healthcare Group Public Company Limited (“THG”), and affiliates, are pleased to provide this presentation which is intended for discussion purposes only. Although

the information provided herein is believed to be reliable, THG makes no representation as to the accuracy or completeness of such information or otherwise provided by THG.

Prior to acting on any information contained herein, the receiver should determine the risks and merits, including legal, tax, and accounting characterizations and

consequences, without reliance on THG. This presentation and the contents of any document relating thereto are proprietary to THG and may not be reproduced or otherwise

disseminated in whole or in part without THG’s prior written consent.

This presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a

recommendation to any recipient of this presentation. Some statements made in this presentation are forward-looking statements, which are subject to various risks and

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.