PG.1

Bumrungrad Hospital PCL

Thursday 13 August 2015

Analyst Meeting No.3/2015

(2Q15 Results Update)

PG.2

Disclaimer • 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 Bumrungrad Hospital Public Company Limited (the

"Company") in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or

commitment whatsoever.

• This presentation is being communicated only to persons who have professional experience in matters relating to investments and/or

to persons to whom it is lawful to communicate it under the laws of applicable jurisdictions. Other persons should not rely or act upon

this presentation or any of its contents.

• Certain information and statements made in this presentation contain the Company's forward-looking statements. All forward-looking

statements are the Company's current expectation of future events and are subject to a number of factors that could cause actual

results to differ materially from those described in the forward-looking statements. Prospective investors should take care with respect

to such statements and should not place undue reliance on any such forward-looking statements.

• This presentation has been prepared by the Company solely for the use at this presentation. The information in this presentation has

not 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, any of

its affiliates or any of their respective agents, advisors or representatives, shall have any liability (in negligence or otherwise) for any

loss or damage howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this

presentation. The information presented or contained in this presentation is current as of the date hereof and is subject to change

without notice and its accuracy is not guaranteed. None of the Company, any of its affiliates or any of their respective agents, advisors

or representatives, makes any undertaking to update any such information subsequent to the date hereof.

• This presentation should not be construed as legal, tax, investment or other advice. 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 with regard to any investment and should obtain independent advice on any such investment’s suitability, inherent risks

and merits and any tax, legal and accounting implications which it may have for them.

• Certain data in this presentation were obtained from various external data sources, and none of the Company, any of its affiliates or

any of their respective agents, advisors or representatives have verified such data with independent sources. Accordingly, the Company

makes no representation as to the accuracy or completeness of those data, and such data involve risks and uncertainties and are

subject to change based on various factors.

PG.3

Overview

• Inpatient volumes advanced 14.4% in terms of patient days and 2.2% in terms of admissions in 2Q15 compared with 2Q14. This resulted mostly from a higher average length of stay for both non-Thai and Thai patients, along with strong international admission growth of 9.3%. Outpatient volumes declined 2.5% in 2Q15 compared with 2Q14, mostly due to a 6.1% decrease in Thai volumes, offset by non-Thai volume growth. Revenue intensity rose 7.1% and 11.2% for outpatient and inpatient services, respectively. The combined results of the above resulted in outpatient service revenues advancing 11.3% while inpatient service revenues grew 19.1%. The revenue contribution from inpatient services in 2Q15 was 49.9% and from outpatient services was 50.1%, compared with 48.2% and 51.8%, respectively, for 2Q14. In terms of revenues by market segment, non-Thai patients accounted for 65.9% of the total in 2Q15, with the remaining 34.1% from Thai patients, compared to 61.9% and 38.1% for non-Thai patients and Thai patients, respectively, in 2Q14. The change from the prior year was mostly due to the strong growth in non-Thai business in 2Q15.

Operational Update

Financial Performance

• Bangkok - Obtained EIA Approval for Petchburi project

• Thailand - Continuing Bumrungrad network development

• International - Mongolia, developing and improving the capability of UBSD

Updates and Ongoing

Focus

2Q15 growth YTD Jun15 growth

Total revenues 15.8% 18.4%

EBITDA 24.3% 32.4%

Net profit 33.6% 43.1%

PG.4

Agenda

Strategy

Operational Update

Financial Performance

PG.5

Strategy

• Campus expansion

• Doctor recruitment in subspecialties

• Advanced technology

• Skilled work force

Bumrungrad International

Hospital

• Development of the Bumrungrad Network • Leverage economies of scale in knowledge

Thailand

• Evolve UB Songdo into a regional hospital

• Develop a diagnostic clinic in Myanmar

• Review of selective opportunities in existing referral markets

International

PG.6

Strategy (Detail)

• Opened 5 floors in Bumrungrad International Clinic Clinics

• Added 18 ICU beds and 58 ward beds in Bumrungrad International Hospital building

• Renovate and expand ancillary services Inpatient

• Petchburi Road’s EIA approval allows a Maximum FAR of 78,233 m2

• Construction expected to start in Q1 2016 2nd Campus

• Bought 6,172 m2 of land on Sukhumvit Soi 1

• Evaluate development options for Soi 1

• Grand opening of Bumrungrad Residential and Office Building on 6 March 2015 for employee housing and administrative offices

Acquire Additional Capacity

• Evolve UB Songdo into a regional hospital International

Estimated Capital Investment (Million THB)

Y15 Y16 Y17 Y18 Total

1,987 3,815 5,111 487 11,400

PG.7

Master Plan Update

EIA Approval was obtained for

the Petchburi Campus on 29

January 2015.

Soi 1 development is being

evaluated

Renovate BHR with clinical

activity on 6 floors (if allowed by

BMA and MOPH) and replacing

the MEP infrastructure.

Completed renovation of the

BRO Building

PG.8

Current Status – Petchburi Project

EIA Approval allows a Maximum FAR of 78,233 m2

PG.9

Main Lobby

Current Status – Petchburi Project

Construction expected to start in Q1 2016

PG.10

Soi 1 Outpatient Facility

PG.11

Soi 1 Outpatient Facility

PG.12

Soi 1 Outpatient Facility

The total site is 6,172 m2

In order to maximize the allowed building area, the site will be divided in 3 zones

Maximum total building area is expected to be 25,000 m2

Development options are being evaluated

PG.13

Strategy

Operational Update

Financial Performance

Agenda

PG.14

3,022 3,038 2,958 3,348 3,424 3,397

2,820

3,348 3,325 3,264

0

1,000

2,000

3,000

4,000

2Q 3Q 4Q 1Q 2Q

2013 2014 2015

Overall Volume Trend

Visits

Average Visits per Day

2.5%

80 89 83 91

101 99

84 91

99 93

0

20

40

60

80

100

120

2Q 3Q 4Q 1Q 2Q

2013 2014 2015

Admissions

Average Admissions per Day

ADC

Average Daily Census

356

374 368

406

438 440

374

406

457 465

300

320

340

360

380

400

420

440

460

480

2Q 3Q 4Q 1Q 2Q

2013 2014 2015

10.8%

13.1% 14.1%

12.7%

13.7% 17.3%

Inpatient volumes advanced 14.4% in terms of patient days and 2.2% in terms of admissions in 2Q15 compared with 2Q14. This resulted mostly from a higher average length of stay for both non-Thai and Thai patients, along with strong international admission growth of 9.3%. Outpatient volumes declined 2.5% in 2Q15 compared with 2Q14, mostly due to a 6.1% decrease in Thai volumes, offset by non-Thai volume growth. Revenue intensity rose 7.1% and 11.2% for outpatient and inpatient services, respectively. The combined results of the above resulted in outpatient service revenues advancing 11.3% while inpatient service revenues grew 19.1%. The revenue contribution from inpatient services in 2Q15 was 49.9% and from outpatient services was 50.1%, compared with 48.2% and 51.8%, respectively, for 2Q14.

14.9% 17.9%

19.8% 18.1% 19.7% 22.2% 2.2% 14.4%

PG.15

7,411 7,459

7,652

6,982 7,254 7,624

7,531 6,982

7,976 7,967

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2Q 3Q 4Q 1Q 2Q

2013 2014 2015

246,372

234,988 251,356 238,899

231,289 238,959

263,996

238,899 261,444

278,362

0

50,000

100,000

150,000

200,000

250,000

300,000

2Q 3Q 4Q 1Q 2Q

2013 2014 2015

Revenue per episode reflects an increase from the 1st Jan 2015 price adjustment. Revenue intensity : 2nd Quarter OPD revenue intensity 7.1% IPD revenue intensity per admission 11.2%

Revenue Intensity

Bt

Revenue per Visit

Bt

Revenue per Admission

3.0%

2.8%

1.6%

5.8% 0.4% 5.9%

4.9% 1.0%

14.1%

16.5%

PG.16

Volume Contribution by Nationality

Revenue Contribution by Nationality

International Breakdown

• For 2Q15: Revenues by market segment, non-Thai patients

accounted for 65.9% of the total in 2Q15, with the remaining

34.1% from Thai patients, compared to 61.9% and 38.1% for

non-Thai patients and Thai patients, respectively, in 2Q14. The

change from the prior year was mostly due to the strong growth

in non-Thai business in 2Q15.

• YTD Jun15 Top 5 revenue contribution by Non-Thai Nationalities

Myanmar 9%

UAE 8%

Oman 7%

USA 5%

Cambodia 4%

62% 60% 63% 65% 66%

38% 40% 37% 35% 34%

0%

20%

40%

60%

80%

100%

2Q14 3Q14 4Q14 1Q15 2Q15

International Thai

52% 52% 53% 54% 54%

48% 48% 47% 46% 46%

0%

20%

40%

60%

80%

100%

2Q14 3Q14 4Q14 1Q15 2Q15

International Thai

Bumrungrad International Hospital data

PG.17

Revenue Breakdown

Inpatient vs. Outpatient (% of revenue) Method of Payment (% of revenue)

YTD Jun15

• 2Q15 Revenue growth:

Outpatient revenue increased by 11.3% y-o-y

Inpatient revenue increased by 19.1% y-o-y

• Self-pay remains the primary method of payment

48% 48% 48% 49% 50%

52% 52% 52% 51% 50%

0%

20%

40%

60%

80%

100%

2Q14 3Q14 4Q14 1Q15 2Q15

Inpatient Outpatient

Corporate Contracts - Domestic

8%

Corporate Contracts -

Intl 10%

Self-pay 69%

Insurance 13%

PG.18

Agenda

Strategy

Operational Update

Financial Performance

PG.19

Revenue from Hospital Operations

Revenue from Hospital Operations (THB mm)

3,762

7,351

4,374

8,740

0

3,000

6,000

9,000

2nd Quarter YTD Jun

Y2014 Y201518.9%

• 2Q15: The Company reported Revenues from hospital operations of Baht 4,374

million, a 16.3% improvement year-over-year from Baht 3,762 million in 2Q14.

Inpatient volumes advanced 14.4% in terms of patient days and 2.2% in terms of

admissions in 2Q15 compared with 2Q14. This resulted mostly from a higher average

length of stay for both non-Thai and Thai patients, along with strong international

admission growth of 9.3%. Outpatient volumes declined 2.5% in 2Q15 compared with

2Q14, mostly due to a 6.1% decrease in Thai volumes, offset by non-Thai volume

growth. Revenue intensity rose 7.1% and 11.2% for outpatient and inpatient services,

respectively. The combined results of the above resulted in outpatient service revenues

advancing 11.3% while inpatient service revenues grew 19.1%. The revenue

contribution from inpatient services in 2Q15 was 49.9% and from outpatient services

was 50.1%, compared with 48.2% and 51.8%, respectively, for 2Q14. In terms of

revenues by market segment, non-Thai patients accounted for 65.9% of the total in

2Q15, with the remaining 34.1% from Thai patients, compared to 61.9% and 38.1% for

non-Thai patients and Thai patients, respectively, in 2Q14. The change from the prior

year was mostly due to the strong growth in non-Thai business in 2Q15.

• YTD Jun15: Revenues from hospital operations were Baht 8,740 million for YTD Jun15,

an 18.9% improvement year-over-year from Baht 7,351 million in YTD Jun14. Inpatient

volumes advanced 18.1% in terms of patient days and 9.8% in terms of admissions in

YTD Jun15 compared with YTD Jun14. This resulted mostly from a higher average

length of stay for both non-Thai and Thai patients, along with strong international

admission growth of 28.9%. Outpatient volumes grew 6.8% in YTD Jun15 compared

with YTD Jun14, mostly due to a 22.6% increase in international volumes, offset by a

5.0% decrease in Thai volumes. Excluding UBSD, inpatient volumes rose 11.4% for

patient days and 3.1% for admissions, with outpatient volumes increasing 3.8%.

Revenue intensity rose 4.1% and 2.5% for outpatient and inpatient services,

respectively. Revenue intensity, excluding UBSD, increased 6.7% for outpatient services

and 8.8% for inpatient services. The combined results of the above resulted in

outpatient service revenues advancing 17.7% while inpatient service revenues grew

18.0%. The revenue contribution from inpatient services in YTD Jun15 was 49.7% and

from outpatient services was 50.3%, compared with 49.6% and 50.4%, respectively,

for YTD Jun14. In terms of revenues by market segment, non-Thai patients accounted

for 65.7% of the total in YTD Jun15, with the remaining 34.3% from Thai patients,

compared to 60.4% and 39.6% for non-Thai patients and Thai patients, respectively, in

YTD Jun14. The change from the prior year was mostly due to the strong growth in

non-Thai business in YTD Jun15.

16.3%

PG.20

EBITDA and EBITDA Margin

EBITDA (THB mm)

EBITDA Margin

28.0% 28.2%

30.1% 31.5%

20.0%

24.0%

28.0%

32.0%

36.0%

2nd Quarter YTD Jun

Y2014 Y2015

1,072

2,103

1,332

2,784

0

800

1,600

2,400

3,200

2nd Quarter YTD Jun

Y2014 Y2015

• 2Q15: Cost of hospital operations (including Depreciation and amortization) was Baht 2,593 million for 2Q15, or 12.0% more year-over-year from Baht 2,315 million in 2Q14. This represents a favorable change when compared to the 16.3% growth in Revenues from hospital operations. The percentage of cost to Revenues from hospital operations improved from 61.5% in 2Q14 to 59.3% in 2Q15. Administrative expenses (including Depreciation and amortization) were Baht 763 million in 2Q15, or 11.0% more than Baht 687 million in 2Q14. The increase in Administrative expenses was mostly due to Baht 24 million increase in staff costs, largely associated with volume growth and annual merit increases; Baht 17 million more in bad debt expense, mostly from the prior year reversal of a large bad debt account; Baht 15 million additional software support and maintenance expenses related to the IBM Watson project; and Baht 6 million in marketing related expenses due to timing differences of expenditures between periods. EBITDA grew 24.3% year-over-year from Baht 1,072 million in 2Q14 to Baht 1,332 million in 2Q15, with an EBITDA margin of 30.1% in 2Q15 compared to 28.0% in 2Q14.

• YTD Jun15: Cost of hospital operations (including Depreciation and amortization) was Baht 5,106 million for YTD Jun15, or 13.9% more year-over-year from Baht 4,484 million in YTD Jun14. This represents a favorable change when compared to the 18.9% growth in Revenues from hospital operations. The percentage of cost to Revenues from hospital operations improved from 61.0% in YTD Jun14 to 58.4% in YTD Jun15. Administrative expenses (including Depreciation and amortization) were Baht 1,462 million in YTD Jun15, increasing 6.9% from Baht 1,368 million in YTD Jun14. This change included Baht 51 million increases in staff costs, largely associated with volume growth and annual merit increases; Baht 33 million more in software support and maintenance expenses related to the IBM Watson project; Baht 18 million more in bad debt expense, mostly from the prior year reversal of a large bad debt account; Baht 8 million in credit card commission; and Baht 6 million additional marketing related expenses due to timing differences of expenditures between periods, offset by a Baht 32 million reduction in donations to support nurse recruitment. EBITDA grew 32.4% year-over-year from Baht 2,103 million in YTD Jun14 to Baht 2,784 million in YTD Jun15, with the EBITDA margin advancing to 31.5% in YTD Jun15 compared with 28.2% in YTD Jun14.

32.4%

24.3%

PG.21

Net Profit (THB mm)

Diluted EPS (THB)

Net Profit Margin

Net Profit, Net Profit Margin and Diluted EPS

16.9%16.5%

20.4%

19.0%

14.0%

16.0%

18.0%

20.0%

22.0%

24.0%

2nd Quarter YTD Jun

Y2014 Y2015

• 2Q15: Net profit for 2Q15 grew 33.6% to Baht 849 million from Baht 635 million in 2Q14, with Net profit margin at 19.0% in 2Q15 compared to 16.5% in 2Q14. Diluted EPS increased at the same rate as Net profit to Baht 0.98 in 2Q15 from Baht 0.73 in 2Q14.

• YTD Jun15 : Net profit surged 43.1% to Baht 1,823 million in YTD Jun15 from Baht 1,274 million in YTD Jun14, with Net profit margin at 20.4% in YTD Jun15 compared to 16.9% in YTD Jun14. Diluted EPS increased at the same rate as Net profit to Baht 2.10 in YTD Jun15 from Baht 1.47 in YTD Jun14.

635

1,274

849

1,823

0

400

800

1,200

1,600

2,000

2nd Quarter YTD Jun

Y2014 Y2015 43.1%

0.73

1.47

0.98

2.10

0.00

0.50

1.00

1.50

2.00

2.50

2nd Quarter YTD Jun

Y2014 Y201543.1%

33.6%

33.6%

PG.22

Leverage x Interest Coverage

x

Net Debt to EBITDA

x

Net Debt to Equity

x

0.6

(0.1)

0.2

0.0

(0.0)

(0.25)

0.00

0.25

0.50

0.75

20112012

2013 2014YTD

Jun15

1.3

(0.3)

0.5

0.1

(0.0)

(0.50)

0.00

0.50

1.00

1.50

2011

2012

2013 2014YTD

Jun15

14.9 13.8 16.4 18.8

23.3

0

10

20

30

40

2011 2012 2013 2014 YTD Jun15

Note: Net debt excludes fixed deposits with a maturity exceeding three months but not more than one year which are reported as Short-term investments of Baht 1,872 million in YTD Jun15, Baht 1,922 million in 2014 and Baht 2,718 million in 2013.

*Interest expense related to the purchase of common shares of Bangkok Chain Hospital PCL (doing business as "Kasemrad Hospital Group") to calculate interest coverage ratio was Baht 111 million based on remaining days after the transaction settled. Assuming this interest expense was incurred for the full year, interest expense from this transaction would be Baht 140 million and interest coverage ratio will be 12.9x **After adding back the YTD Jun15, 2014 and 2013 capitalized interest expense related to the campus expansion.

• Net debt to equity was 0.0x as at 30 June 2015 and 31 December 2014, as total debt as at 30 June 2015 remained lower than Cash and cash equivalents, leading to a net cash balance.

• The Company’s Interest coverage ratio improved to 23.3x in YTD Jun15 from 17.5x in YTD Jun14, due to higher EBITDA in YTD Jun15 compared to YTD Jun14. Interest expense has been reduced by Baht 27 million in both YTD Jun15 and YTD Jun14 for capitalized interest associated with the campus expansion project.

* ** **

**

PG.23

Q & A