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The information contained in this presentation is for information purposes only. This presentation contains forward looking statements which reflect Managements current views and estimates. The forward looking statements involve certain

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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.

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Vibhavadi Medical Center (VIBHA) was listed on SET (Stock Exchange of Thailand) in 1992. Vibhavadi started as a stand-alone hospital of 100 beds in 1986. With steady growth, Vibhavadi now expands to serve patients with more than 250 beds and not only limited to only one hospital, Vibhavadi has also invested in many hospitals within Thailand such as Chiang Mai Ram Medical Business public company limited(CMR), Sikarin public company limited (SKR), Vibharam Hospital, etc. and will continue to expand further into medical-related business.

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Haripoonchai Khelangnakorni Pawor CMR,Lanna, Theppanya Laemchabangi Vibharam Pakkred Chaiprakarn PathePunya Seriruk Sikarin Chaopraya Vibhavadi Amata

*only include subsidiary and associated companies, as of 2016

Total of 17 Operating Hospitals that VIBHA has invested in*:

  • Vibhavadi Hospital
  • Vibharam Hospital
  • Vibharam Pakkred Hospital
  • Vibharam Chaiprakarn Hospital
  • Vibharam Amata Hospital
  • Vibharam Laemchabang Hospital
  • Vibharam Nawamin Hospital
  • Vibharam Samusakorn Hospital
  • PathePunya Hospital
  • Seriruk Hospital
  • Lanna Hospital
  • Chiangmai Ram Hospital
  • Haripoonchai Hospital
  • Theppanya Hospital
  • Changpuek Hospital
  • Khelangnakorn Hospital
  • Pawor Hospital
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VIBHA

CMR (Lanna Hospital) Haripoonch ai Hospital Chiangmai Ram Hospital Theppanya & ChangPeuk Hospital Pawor Hospital KhelangNakorn Hospital Sikarin Hospital (SKR) Chaopraya Hospital Synphae t Hospital Serirak Hospital VIBHA RAM PathePunya Hospital Vibharam Pakkred Hospital Vibharam Chaiprakarn Hospital Serirak Hospital Vibharam Amata Hospital Vibharam LaemChabang Hospital Vibharam Samutsakor n Hospital* Vibharam Nawamin Hospital* Thanyawetch Hospital** Vibharam Rayong Hospital** Vibharam Thonburi Hospital** Pathomwetch Hospital** VS medical** Vibharam Theparak** Nawanakorn Hospital www.vibhavadi.com

83.75% 86.75% 56.37% 100% 33.92% 50% 9.8% 7.69% 10% 10% 40.75% 50% 50% 55% 20% 73% 100% 100% 100% 100% 50% 50% 50% 40% 30%

Rajthanee Rojna Hospital

17.30% 4.43%

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20.36 11.91 8.11 6.84 5.90 4.14 1.44 2.26 0.93 0.65 0.56 0.56 0.54 35.80 * as of 2015

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Vibha 36.94% CMR 60.90% Princeton Park Suites 2.16% www.vibhavadi.com

4039.4 4606.88 5015.26 5526.26

1000 2000 3000 4000 5000 6000 2012 2013 2014 2015

million

  • 2015
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135.08 391.54 546.18 596.11 736.65

300 600 900

2011 2012 2013 2014 2015

million

  • 967.66

1,257.47 1,361.50 1,598.09

  • 200

400 600 800 1,000 1,200 1,400 1,600 1,800 2012 2013 2014 2015 23.96% 27.30% 27.15% 28.92% 5.79 67.90 0.38 25.92 1.18 VibhaRam CMR Tippayabodin Vibha Princeton

2015

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www.vibhavadi.com 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015

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*Source : service.nso.go.th/nso/nsopublish/themes/files/hospitalfullreport55.pdf **Information as of 2012 ***Market share count by number of beds

  • VIBHA has about 5.21 % market share in Bangkok and vicinity area
  • VIBHA has about19.4% market share in Northern Thailand
  • In total VIBHA has about 6.2% market share in Thailand
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www.vibhavadi.com

  • 315.99

332.2 392.8 460.97 50 100 150 200 250 300 350 400 450 500

2012 2013 2014 2015

million 2.17% 5.77% 1.22% 0.07% 13.71% 30.88% 1.67 0.17%

SKR Synphaet Chaopraya Innovation VibhaRam CMR TBD Vibha

2015

18.20% 17.24% 18.66% 20..46%

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www.vibhavadi.com

54 46 2014 54 46 2015

OPD IPD

499,784 497,168 506,040 524,588 480 485 490 495 500 505 510 515 520 525 530 2012 2013 2014 2015 50 100 150 200 250 300 2012 2013 2014 2015 61.37% 60.22% 59.68% 64.12% 230 230 250 250 45.84% 54.01% 0.15% Self pay Insurance Others

2014

1.65% 1.87% 1.89% 1.71% foreign patient

2.52 day/bed 2.42 day/bed 2.40 day/bed

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CMR (Lanna Hospital) 180 beds Haripoonchai Hospital (100 beds) Chiangmai Ram Hospital (220 beds) Theppanya & ChangPuek Hospital (109&61 beds) Pawor Hospital (100 beds) KhelangNakorn Hospital (103 beds)

86.75% 56.37% 100% 33.92% 50%

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1,044,364 1,072,615 1,268,417 1.300,235

200 400 600 800 1,000 1,200 1,400 2012 2013 2014 2015 200 400 600 800 1000 2012 2013 2014 2015

873

26.55 43.22 28.36 1.87 2015

  • 2.83 day/bed

2.76 day/bed 2.70 day/bed

912 912

50.44% 54.93% 59.11% 63.50%

873

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2288.28 2703.29 2958.84 3345.96 500 1000 1500 2000 2500 3000 3500 2012 2013 2014 2015

million

  • 44.81

9.62 7.33 3.08 36.70

ChiangmaiRam Haripoonchai Theppunya Changpuek Lanna 2015

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206.57 367.05 386.92 500.79

100 200 300 400 500 600 2012 2013 2014 2015

million

Net Profit

546.42 788.58 815.61 996.98

  • 200

400 600 800 1,000 1,200 2012 2013 2014 2015

million

EBITDA

9.02% 13.58% 13.08% 14.97% 23.88% 29.17% 27.57% 29.8%

  • 43.15

13.99 9.40 31.36 1.97 0.13

Lanna Haripoonchai Theppunya ChiangmaiRam Khelangnakorn Pawor

2015

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Lanna ChiangmaiRam Changpuek Theppunya Khelangnakorn Pawor Haripoonchai

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VIBHA RAM (200 beds) PathePunya Hospital (100 beds) Vibharam Pakkred Hospital (200 beds) Serirak Hospital (200 beds) Vibharam Amata Hospital (200 beds) Vibharam LaemChabang Hospital (200 beds) Vibharam Samutsakorn Hospital* (200 beds) Vibharam Nawamin Hospital* (58 beds) VibharamThanyawetch Hospital** (200 beds) Vibharam Rayong Hospital** (200 beds) Pathomwetch Hospital** (200 beds) VS medical** Vibharam Theparak** (200 beds)

  • 50%

50% 55% 20% 73% 100% 100% 100% 100% 50% 50% 50% 40% 30%

Vibharam Chaiprakarn Hospital(100 beds) Vibharam Thonburi Hospital** Rajthanee Rojna Hospital

17.30%

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742,699 893,245 1,178,797

200 400 600 800 1,000 1,200 1,400 1,600 2012 2013 2014 2015 100 200 300 400 500 600 700 800 900 2012 2013 2014 2015

810 75.95% 510 610 81.97% 84.71% 854 25.44 33.56 19.71 21.29

2015

  • 3.37 day/bed

3.32day/bed 3.37day/bed

1,402,081 80.16%

3.47day/bed

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1,455.19 1,714.04 2,267.24 2,685.74

500 1000 1500 2000 2500 3000 3500 2012 2013 2014 2015

million

  • 54.26

7.86 18.22 11.21 2.84 5.62 Vibharam Laemchabang Pathepunya Pakkred Amata Chaiprakarn 2015

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4.2 74.81 150.89

20 40 60 80 100 120 140 160 2012 2013 2014 2015

million

Net Profit

0.29% 4.36% 6.66% 4.37%

  • 88.47

5.54 0.27 5.71

Vibharam Pathepunya Laemchabang Seriruk 125.27 257.99 396.64 504.99

  • 100.00

200.00 300.00 400.00 500.00 600.00 2012 2013 2014 2015

EBITDA

8.6% 15.05% 17.33% 18.67%

118.05

2015

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  • 2 Rai 2 ngarn 84 sq. wa land purchased for future development
  • 17,000-18,000 sq.m. building
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  • Lanna Hospital opens new 15,000 sq.m. building since September 2015
  • Increase in OPD capacity by 500 patient/day
  • Increase in IPD rooms by 60 rooms
  • ChiangmaiRam
  • Purchased 7 Rai piece of land on Chotana Road, opposite Suanluang

Rama 9 for expansion

  • pen new 20,000 sq.m. building for OPD and Food center on 11 rai piece
  • f land locates 50 metre from ChiangmaiRam hospital
  • Haripoonchai
  • New 15,000 sq.m. building under process to be operating in 2018.
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Vibharam Amata to start servicing Social Security

  • patient. Total number of

quota for 2016 is 50,000

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Vibharam Samutsakorn Hospital 200 bed hospital will be open in March 2016 Target Customer: Social Security patient Myanmar Labor Fee for Service Patient

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Purchase 35 Rai of land and buildings in Nakornsawan to renovate to be a hospital. Expect to have around 100-150 beds. Locates next to Transportation co., ltd.

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Average Expenditure per a 200 bed hospital until operating = 800 million THB Total of 5 Hospitals pending in 5 years:

  • 12.225% Vibharam Theparak = 97.8 million THB
  • 20.375% Vibharam Thanyawetch = 163 million THB
  • 20.375% Vibharam Thonburi = 163 million THB
  • 20.375% Vibharam Pathomwetch = 163 million THB
  • 40.75% Vibharam Rayong = 326 million THB

Total Estimated Expenditure for VIBHA = 912.8 million THB VIBHA-W2 issued 1,048,093,059 shares, exercisable in 5 years, starting September 2015 at exercise cost of 1 Baht Total Exercise value = 1,048,093,059 THB

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*Model based on one of existing green-field hospitals in VIBHA, excluding Social Security and UC patient benefits

Operating Time Financial Expectation Expect Revenue growth Year 1 Hospital begins operating with 90% net loss Year 2 Hospital starts to have profit in financial statement in some periods but still have annual loss of 15% 120-140% Year 3 Hospital has annual profit of about 3-5% 60-70% Year 4 Hospital performs with annual profit of 6-8% 40-50% Year 5 Hospital performs with annual profit of 8-10% 30-40% Year 6 Hospital clear all accumulated loss, return majority of capital investment while perform with net profit of 10-12 % 20-30% Year 7 Hospital performs with net profit of 12-15% 15-20% Year 8 Hospital performs with net profit of 12-15% 15%

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Vibha

Innovation Technology co., ltd Thippaya Bodin co., ltd Princeton Park Suites co., ltd.

Rattana Bodin co., ltd

10% 50% 100% 99.99%

Legacy Golf Club

10%

Ching Tex co, ltd.

100%

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118.99 115.77 105.42 125.12 95 100 105 110 115 120 125 130 2012 2013 2014 2015

million

861.64 852.90

  • 4,800.61

8,651.25

  • 6000
  • 4000
  • 2000

2000 4000 6000 8000 10000 2012 2013 2014 2015

Thousand

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69.84 70.75 79.27 64 66 68 70 72 74 76 78 80 2013 2014 2015

million

15.05 8.39

2 4 6 8 10 12 14 16 2013 2014 2015

million

  • 9.16
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101.6 120.63 116.68 171.24 20 40 60 80 100 120 140 160 180 2012 2013 2014 2015

million

5.49 8.64 7.71 5.65

2 4 6 8 10 2012 2013 2014 2015

million

  • 5.40%

7.16% 6.61% 3.3%

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Hospital name Ownership

  • No. of Beds

Note Vibhavadi 100% 250 Expand 2019 Vibharam 40.75% 200 LaemChabang 40.75% 200 Pathepunya 20.38% 100 Expand 2017 Pakkred 20.38% 200 Chaiprakarn 22.41% 100 Amata 37.2% 200 Open 2015 Seriruk 18.15% 200 Expand 2017 Nawamin 40.75% 59 Samutsakorn 40.75% 200 Open 2016 Lanna 83.75% 180 Expanded 2015 Chiangmairam 47.21% 220 Expand 2018 Theppunya 47.21% 109 Changpuek 47.21% 61 Haripoonchai 72.65% 100 Expand 2019 Pawor 23.6% 100 Khelangnakorn 16.01% 103

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  • 25% of Vibharam revenue comes from UC, 25% from SS and 50% from Fee for service
  • Opening new hospitals’ loss vs. growth of existing hospitals
  • Vibharam group currently accounts for 6% of VIBHA net profit
  • Expect to have small changes in 2016
  • CMR group currently accounts for 55% of VIBHA net profit
  • 22% of CMR revenue comes from SS
  • Stop UC service under CMR group
  • Expect to have 15-20% growth in 2016
  • Expecting more dividend from growing of partner hospitals
  • Expecting fast growth in non-core business
  • Expect 10-15% growth
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CPR lessons for citizen in 2015

Medical Check-up for Border Patrol Police in Chiang Mai

Health and Hygiene knowledge sharing in Chantaburi

Blood Donation in Hospital

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(

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Company Name as of 8/4/2016 *source: set.or.th Price 8/4/16 Market

  • cap. (MB)

Dividend yield (%) YTD P/BV YTD P/E YTD Free Float (%) Average trading value (MB/day) YTD D/E (%) ROE ROA EBIT (%) NP (%) AHC 38.25 5,734.03 1.44 4.31 35.79 46.79 2.83 0.17 12.47 13.26 13.01 10.46 BCH 10.70 26,683.10 1.12 6.12 50.6 38.22 83.9 1.3 12.41 9.81 17.26 9.01 BDMS 23.90 370,233.8 6 1.09 6.9 46.76 47.08 615.33 0.86 15.76 11.49 17.23 12.15 BH 205.00 149,372.3 4 1.15 11.75 43.56 38.98 467.28 0.64 29.09 21.94 24.73 19.15 CHG 2.84 31,240.00 1.27 10.54 58.03 37.87 123.3 0.2 18.68 19.66 21.1 16.94 CMR 438.00 17,621.29 0.95 6.43 35.19 15.53 1.02 0.78 19.79 14.33 24.81 14.91 KDH 108.00 2,093.50 N/A 4.41 N/A 41.9 2.54 0.38

  • 8.81
  • 6.27
  • 9.06
  • 9.69

LPH 7.70 5,775.00 N/A N/A 57.49 55.88 77.83 0.18 9.54 9.66 11.55 8 M-CHAI 271.00 4,336.00 1.55 3.96 25.87 41.08 0.46 0.99 16.7 11.42 11.66 8.57 NEW 71.00 710.00 0.7 2.23 54.6 19.51 0.05 0.47 4.14 4.66 6.58 4 NTV 56.00 8,960.00 2 5.81 30.04 31.24 3.24 0.17 20.27 21.47 19.49 15.6 RAM 2400.00 28,800.00 0.5 3.88 28.28 25.55 0.16 0.49 14.43 11.24 31.39 25.65 SKR 68.25 8,190.00 0.95 4.28 70.89 60.43 5.24 0.81 6.35 5.67 8.73 5.7 SVH 378.00 37,800.00 2.65 5.54 27.85 4.23 1.13 0.39 19.99 18.31 17.87 13.43 VIBHA 2.86 36,060.24 1.12 6.81 49.02 36.96 146.69 0.83 14.5 11.48 22.56 13.17 VIH 7.00 3,994.66 1.43 4.4 39.36 31.05 24.79 0.59 11.75 9.76 9.77 7.42 Average 1.28 5.82 43.56 35.77 97.24 0.58 13.57 11.74 15.54 10.90