Chularat Hospital Public Company Limited

Presentation for 4Q2019

Disclaimers• The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or

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 contractor commitment whatsoever.

• This presentation may include information which is forward-looking in nature. Forward-looking information involve known andunknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in themarkets in which the company operates and general achievement of the company business forecasts, which will cause the actualresults, performance or achievements of the company to differ, perhaps materially, from the results, performance or achievementsexpressed 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 hasnot 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 anyof its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence orotherwise) for any loss or damage howsoever arising from any use of this presentation or its contents or otherwise arising inconnection with this presentation. The information presented or contained in this presentation is current as of the date hereof and issubject to change without notice and its accuracy is not guaranteed. None of the Company, any of its affiliates or any of theirrespective 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 upondirectly 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 inpart, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws

2

COMPANY OVERVIEW

ABOUT OUR COMPANY

749IPD BEDS

9HOSPITALS

4CLINICS

822DOCTORS

149OPD ROOMS

6EASTERN PROVINCES

* Established since 1986 (2529 BE) by Plussind Family

1

Plussind38%

Panyapol19%

Others43%

Service Cluster

245

139

247

118

5434 33 28

CH3 CH9 CH11 Others

IPD Beds

OPD Rooms

• CH1• CH2• CH5

• CH7• CH8

• CH12• CH Cholvaej• CH Rayong

• CH304• RPC

Remark : CH1 and CH5 are small size hospitals (< 30 beds)2

Branch Summary

Update : 4Q19 3

Branch Type Year Established OPD Rooms IPD Beds

Chularat 1 Suvarnabhumi Hospital 1986 5 26

Chularat 2 Clinic 1990 2 -

Chularat 3 Inter Hospital 1991 42 193

Chularat 5 Hospital 1994 5 26

Chularat 7 Clinic 1993 1 -

Chularat 8 Clinic 1993 2 -

Chularat 9 Airport Hospital 1993 31 139

Chularat 11 Inter Hospital 1994 21 141

Chularat 12 Clinic 2012 2 -

Chularat Cholvaej Hospital 2014 (M&A) 5 56

Chularat Rayong Hospital 2016 (M&A) 5 50

Chularat 304 Inter Hospital 2018 14 59

RPC Hospital 2018 14 59

149 749Total

Corporate Structure

ChularatHospital Plc.

ConvenienceHospital Co., Ltd.

Bang Pakong Vejchakij Co.,Ltd.

Thai Amdon Co.,Ltd.

Chularat ArkanayCo., Ltd.

Cholvaej Hospital Co., Ltd.

Imports medical devices for Chularat Group

100%100% 100%

96.38%

Sattayabutr Inter Co., Ltd.

100%

Ruampat Chachoengsao

Hospital Co., Ltd.

100%

Chularat PhraeksaHospital Co., Ltd.

100%

Cancer Suvarnabhumi

Co., Ltd.

70% 64.58%

CH7, CH8, CH9 CH11, CH12

CH Cholvaej

RPCCH304

CH Rayong

Update : 4Q19 4

Ruampat Mae Sot International Co., Ltd.

CH Mae Sot

80%

Mr. Kriengsak PlussindChairman of the Board

Dr. Kumpol PlussindManaging Director

Mr. Apirum PanyapolDirector

Dr. Wichit SirithadthamrongDirector

Dr. Suchai LaoveerawatDirector

Mrs. Kobkul PanyapolDirector

Mr. Yanyong AmornphithankkulDirector

Miss Kannikar PlussindDirector

Mr. Manit JeeraditIndependent Director& Chairman of Audit Committee

Mr. Chayawat PhisetsitIndependent Director& Audit Committee

Mr. Somyos YanubonIndependent Director& Audit Commitee

Dr. Pinit KullavanijayaIndependent Director

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

Board of Directors

5

Dr. Kumpol PlussindManaging Director

Dr. Rungarun SanthadkolkarnHospital Director of CH3

Dr. Yudthana SanguansakdikosolDeputy Managing Director & Hospital Director of CH9

Dr. Suchai LaoweerawatHospital Director of CH1 & CH5

MEET OUR MANAGEMENT TEAM

Dr. Chutima PinjaroenDeputy Managing Director & Hospital Director of CH11&RPC

Mr. Suppachoke Rojcheewin

Ms. Wandee PisanuvanavechDeputy Managing Director (Finance & Accounting)

Finance & Accounting Manager

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

6

• 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

“ Our logistics network supports timely preventive and curative cares.“

7

Service Area Map

8

Key Milestones16 May 2013

• JCI accredited for Chularat 3 Inter

• Set up “Prostate cancer clinic” at Chularat 3 Inter Cholvaej Hospital Acquisition2014

9

2015• Asia’s 200 Best Under A Billion for Chularat Hospital Group

• HA Certificate : Step 2, Step 3 for Chularat 9 Airport and Chularat 11 International Hospitals.

IPO listing

in

Stock Exchange

of

Thailand

• 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 International Hospitals.

• Re-Accreditation of JCI for Chularat 3 International Hospital.

Best Medical Performance Award for Chularat 3 Inter

Set up “3A center: Aesthetic and Anti-Aging Center” at Chularat 9

2017

2018

2016Ruampat Rayong Hospital Acquisition

Green field : Chularat 304 & Ruampat Chachoengsao Hospital (RPC)

10

2019• Thailand Top’s Corporate Brand 2019 Award for CHG

• Re-Accreditation of HA Certificate Step 2, Step 3 for Chularat 9 Airport and Chularat 11 International Hospitals.

• Muang Thai Life Assurance Award and Allianz Ayudhya Best Medical Performance Award for Chularat 9 Airport

Investment in Ruampat Mae Sot International Co.,Ltd

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 SecurityNational HealthSecurity (NHS)

13.9 M 48.2 M 4.83 M

Thailand population = 67.2 million

11

Revenue from Social Security System (New)

Revenue Structure= (1) + (2) + (3)

Fixed Payment Statistics Per SpecialMedical Services

IPD

Subject to Nationwide Budget453 Baht/head/year*

( 447 Baht/head/year)

Only 26 Chronic Diseases

All IPD casesClassified by DRG

Adj RW** ≥ 2

1 2 3

OPDBasic Payment (Fixed)

1,640 Babt/head/year*( 1,500 Bt/head/year)

* Effective date: 1 Jan 2020** Relative Weight, a measure of the average cost of caring for individual patients.

12,000 Baht/RW (Avg.)746 Baht/head/year*

( 640 Baht/head/year)

12

• Diabetes• Hypertension• Stroke• Chronic renal failure (CRF)

• Hemodialysis

• Chemotherapy• Open heart surgery• Brain surgery

• Heart disease

Our Services

General medicine with various subspecialties

Expertise : Heart center, Hand microsurgery, Stroke center, Cancer center, NICU & IVF center, REHAB..

Medical

Services

Laser & Beauty Center Spa & Thai Traditional Medicine Chinese Traditional Medicine

(Acupuncture) Anti-aging services

Alternative

Services

13

Areas of Expertise

STROKE CENTER

& BRAIN SURGERY

NICU &

IVF CENTER

CANCER CENTER

HAND & MICROSURGERY

REHABILITATION CENTER

ENDOSCOPY

CENTER

PROSTATE

BRACHYTHERAPY

HEART CENTER

CATHLAB & EP

EYE &

LASIK CENTER

MIS SPINE &

GENERAL SURGERY

14

Areas of Expertise

CANCER CENTER REHABILITATION CENTER

HEART CENTER

CATHLAB & EP

EYE &

LASIK CENTER

15

Competitive Advantages

CustomerDiversification

Cost Control

ServiceQuality

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

accredited by both private and public sectors

• Increasing specialized clinics to accommodate A-Class

• In 2019 : 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.

LogisticNetwork

CSR

PotentialLocation

• 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

16

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 *

17

* CH3 is a Referral Center for Heart disease. ( NOT a primary service provider under NHSO scheme. )

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

01Self Pay Social Security system (SSS)

• Labors / employees of companies or plants in nearby area

02National 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 Payment Advance payment, based on number of registered SS members

National Statistics BaseCredit, based on comparable national statistics

Per Special Medical ServicesCredit, based on actual medical treatment, under treatment rate specified by SSO

18

FINANCIAL HIGHLIGHTS

3,1553,657 3,876

4,4075,166

14%

2015 2016 2017 2018 2019

2.297 M

142,222 155,132

2.357 M2.601 M

185,676

13.6%

Revenue

NetProfits

Patients

OPD (Head)

IPD (Beds-Day)

1.815 M

122,756

2.153 M

140,821

538 565 566634

705

11%

15%7%

17%

5% 0% 12%

NI GROWTH (%)

REVENUE GROWTH (%)

Financial Performance VS Patient GrowthUnit: Million Baht

Net ProfitMargin

17.1% 15.4%14.5%

14.3%

19

CAGR 6.99%

CAGR 13.12%

13%

36%28%

23%

5%

37%32%

26%9%

36%30%

25%

Revenue Breakdown 2015-2019 By Customer group

• Hospital service revenues increased significantly from 2015 to 2019 with CAGR of 13.12%• Revenue from A-Class still dominated revenues (> 50%) from other sources.

Service Revenue Structure

7%

30%32%

31%

5%

32%33%

30%

A-Class OPD

A-Class IPD

SSO

NHSO

A-Class IPD

A-Class OPD

SSO

NHSO

3,155MB

3,637MB

3,876 MB

(51 : 49)

2015

A-Class OPD

SSO

NHSO

(55 : 45)

2016

(58 : 42)

2017

A-Class IPD

A-Class IPDA-Class

IPDNHSO

SSO

4,407 MB

A-Class OPD

(63 : 37)

2018

(63 : 37)

2019

5,166 MB

A-Class IPD

A-Class OPD

NHSO

SSO

15%7%

14%

17%

20

NHSO8%

SSO27%

A-Class OPD33%

A-Class IPD32%

Unit: Million Baht

NHSO6%

SSO33%

A-Class OPD33%

A-Class IPD28%

1,328 MB

(65 : 35)

4Q19

Revenue Breakdown by Customer group

1,139 MB

(61:39)

4Q18

318 422

377

444

377

361 67

101

-

200

400

600

800

1,000

1,200

1,400

4Q18 4Q19

NHSO

SSO

A-Class : OPD

A-Class : IPD

4Q2019 Overview

21

51.8%

4.1%

17.7%

32.4%

16.6%

1,310 1,581

1,445 1,654

1,409

1,578 243

353

-

1,000

2,000

3,000

4,000

5,000

6,000

2018 2019

NHSO

SSO

A-Class : OPD

A-Class : IPD

Unit: Million Baht

NHSO5%

SSO32%

A-Class OPD33%

A-Class IPD30%

NHSO7%

SSO30%

A-Class OPD32%

A-Class IPD31%

5,166 MB

(63 : 37)

2019

Revenue Breakdown by Customer group

4,407 MB

(63:37)

2018

2019 Overview

45.7%

11.9%

14.5%

20.7%

22

17.2%

A Class Patients - OPD

Total A-Class revenue up 17%

due to

Service area expansion in

existing hospitals.

2 New hospitals (CH304, RPC).

Volume increased.

OPD – Revenue (MB)

OPD – Visiting Number (VN)

Unit : Million Baht

Unit : Head

23

873

1,093 1,216

1,445

1,654

377 444

2015 2016 2017 2018 2019 4Q18 4Q19

17.7%

14.5%

621,969

743,666 804,167

899,551 980,304

223,064 247,433

2015 2016 2017 2018 2019 4Q18 4Q19

10.9%

9%

A Class Patients – IPD

IPD – Revenue (MB)

IPD – Admission Number (AN)

Unit : Million Baht

Unit : Head

24

39,861

50,268 52,256

61,050

72,477

14,591 18,848

2015 2016 2017 2018 2019 4Q18 4Q19

29.2%

18.7%

744 902

1,016

1,310

1,581

318 422

2015 2016 2017 2018 2019 4Q18 4Q19

32.4%

20.7%

1,132 1,315

1,452 1,409 1,578

377 361

2015 2016 2017 2018 2019 4Q18 4Q19

For 3 months :

Actual payment for IPD ( High Cost Care ) was less than the accrual amount.

For 12 months :

Increasing number of registered members.

Actual payment for Customer Complaint and Discharge type was over the accrual amount.

Actual payment for OPD (26 Chronic Diseases ) was over the accrual amount.

Actual payment for IPD ( High Cost Care ) was less than the accrual amount.

Unit : Head

• Number of insured persons = 13.3 million ( Nov. 2019, SSO) by law article #33 [obligation] and #39 [voluntary]• Approx. Unemployment rate = 1% ( Dec. 2019, Labor Market Research Division)

SSO – Registered Member (Average )

SSO PatientSSO – Revenue (MB)

Unit : Million Baht

2.9%

25

4.1%

345,477

396,676 402,018 421,700 435,537 427,097 439,810

2015 2016 2017 2018 2019 4Q18 4Q19

11.9%

3.3%

Revenue Breakdown by Branches

Chularat341.8%

Chularat918.7%

Chularat1114.9%

others24.6%

Chularat3

Chularat9

Chularat11

others

1,328MB

4Q19

Revenue Breakdown by Branches : 3 months

Chularat343.8%

Chularat920.3%

Chularat1116.0%

others19.9%

1,139 MB

4Q18

Major contributors : Chularat3, Chularat9, Chularat11 = 76% ( 4Q18 = 80% )

7.4%

8.6%

11.3%

44.1%

Growth (YoY)

26

16.6%

Revenue Breakdown by Branches

Chularat341.4%

Chularat919.6%

Chularat1115.9%

others23.2%

Chularat3

Chularat9

Chularat11

others

5,166 MB

2019

Revenue Breakdown by Branches : 12 months

Chularat344.6%

Chularat920.8%

Chularat1116.6%

others18.1%

4,407 MB

2018

10.3%

12.3%

8.9%

50.1%

Growth (YoY)

27

17.2%

Major contributors : Chularat3, Chularat9, Chularat11 = 77% ( 2018 = 82% )

Unit : ‘000 Head

OPD Utilization Rate

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

Basis: Yearly

2,370 2,576

3,081 3,233 3,344

3,763

1,634 1,815

2,154 2,297 2,357 2,601

2014 2015 2016 2017 2018 2019

60.9%70.5% 69.9% 71.1% 70.5% 69.0%

121R127R

101R93R

131R

Basis: Quarterly

794 822 850 878 907 930 966 959

566 566 591 634 595 578672

756

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

150R

71.3% 68.9% 69.5% 72.2% 65.6% 62.1% 69.6%78.8%

129R126R

132R 143R

Unit : ‘000 Head

146R144R

28

147R

149R

Unit : Beds-Day

53,910 54,509

63,112 65,309 67,410 68,159 68,908 68,908

37,737 34,504 42,979 39,912

44,799 42,208

51,448 47,221

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

599B

686B

70.0% 63.3% 68.1% 61.1% 66.5% 61.9%74.7% 68.5%

599B

749B

Max. capacity = Beds x 365 days

IPD Utilization Rate

137,240 141,620

184,887

213,994 236,840

273,385

112,067 122,756

140,821 142,222 155,132

185,676

2014 2015 2016 2017 2018 2019

749B

505B

586B

81.7% 86.7%76.2%

66.5% 65.5% 67.9%

649B

Basis: Yearly

Basis: Quarterly

Unit : Beds-Day749B

388B

749B

376B

749B

29

749B

Financial Highlights : 3 months

1,139

320

206

112

1,328

354

252

134

Total revenue Gross profit margin EBITDA NI

4Q18 4Q19

Growth (YoY)

Unit: Million Baht

28.1%

18.1%

9.8%

26.7%

18.9%

10%

NI

10.6%

22.3%

Total Revenue

Gross profit

EBITDA

16.6%

19.6%

30

Financial Highlights : 12 months

4,407

1,3351,036

634

5,166

1,537

1,188

705

Total revenue Gross profit margin EBITDA NI

2018 2019

Growth (YoY)

Unit: Million Baht

30.3%

23.5%

14.3%

29.7%

23%

13.6%

NI

15.1%

14.7%

Total Revenue

Gross profit

EBITDA

17.2%

11.2%

31

Asset Profile & Capital Profile

13%

11%

10%

4%

62%

Short term loan

Long term loan

Account Payable

Other Debt

Equity

19.7%17.2%

15.0% 14.8% 14.9%

0.0%

10.0%

20.0%

30.0%

2015 2016 2017 2018 2019

18.7% 18.5% 17.6% 18.5% 19.4%

0.0%

10.0%

20.0%

30.0%

2015 2016 2017 2018 2019

2019 Equity = 3,895 MB, Debt = 2,371 MB2019 Asset = 6,266 MB

7%

17%

67%

9%Cash

Account Receivable &Accrued Revenue

PP&E

Others

2019 2019

DE0.61

ROE

CAPTIAL STRUCTUREASSET STRUCTURE

ROA

32

PIPELINE PROJECTS

Pipeline Project

33

• Samutprakarn

• Apprx 2,000 sq.m.

• High Energy Radiation (LINAC)

• IPD : 10 Beds

• Target: A-class patient

• CAPEX 250 MB

Suvarnabhumi Cancer and Radio Therapy Center

(Cancer center)

Pipeline Project

• Mae Sot district, Tak province

• Approx. 6 Rai

• IPD : 100 Beds

• Target : A-Class patient

• CAPEX 600 MB

• Start construction in May 2020

• Expect to operate within 2021

Chularat Mae Sot International Hospital

34

CRS & RECOGNITION

CSR

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

35

CSR (Cont.)

Bring good health to the community

36

Thailand’s Top Corporate Brand 2019

37

Our Pride

JCI & HA Accreditation Corporate Governance 4 consecutive years since 2016

38

APPENDIX

Appendix: Abbreviation TableAdjRW Adjusted Relative Weight

CAGR Compound Annual Growth Rate

CH Chularat Hospital

DRG Diagnosis Related Group A statistical system of classifying any in-patient stay into groups for the purpose of payment.

HA Hospital Accreditation

IPD In-Patient Department

JCI Joint Commission International

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

Chularat Hospital Public Company Limited

Thank you

For more information, please contact : ir@chularat.com 095 370 9059