PG.1

Building for the future

Bumrungrad Hospital Public Company LimitedAnalyst Meeting No.1/2014 – 4Q13 and 2013 Results Update

3 March 2014 

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 orcommitment whatsoever.

• This presentation is being communicated only to persons who have professional experience in matters relating to investments and/orto persons to whom it is lawful to communicate it under the laws of applicable jurisdictions. Other persons should not rely or act uponthis presentation or any of its contents.

• Certain information and statements made in this presentation contain the Company's forward‐looking statements. All forward‐lookingstatements are the Company's current expectation of future events and are subject to a number of factors that could cause actualresults to differ materially from those described in the forward‐looking statements. Prospective investors should take care with respectto 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 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, any ofits affiliates or any of their respective agents, advisors or representatives, shall have any liability (in negligence or otherwise) for anyloss or damage howsoever arising from any use of this presentation or its contents or otherwise arising in connection with thispresentation. The information presented or contained in this presentation is current as of the date hereof and is subject to changewithout notice and its accuracy is not guaranteed. None of the Company, any of its affiliates or any of their respective agents, advisorsor 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 upondirectly or indirectly for any investment decision‐making or for any other purposes. Prospective investors should undertake their ownassessment with regard to any investment and should obtain independent advice on any such investment’s suitability, inherent risksand 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 orany of their respective agents, advisors or representatives have verified such data with independent sources. Accordingly, the Companymakes no representation as to the accuracy or completeness of those data, and such data involve risks and uncertainties and aresubject to change based on various factors.

PG.3

Overview

• 4Q13:  Outpatient  and  inpatient  volumes  declined  somewhat  in  4Q13  compared  with  4Q12 mainly from the Thai market. However, revenue intensity improved 4.8% for outpatient services and  5.8%  for  inpatient  services  on  a  patient‐day  basis,  or  5.1%  in  terms  of  admissions.  As  a result, both inpatient and outpatient service revenues grew by 12.6%. 

• The Company’s Total revenues and results for 2012  included extraordinary  items related to the sale  of  investments  in  Bangkok  Chain  Hospital  PCL  (doing  business  as  “Kasemrad Hospital Group”), and  the Share of  loss  from Bumrungrad  International Limited mostly associated with the  sale  of  the  investment  in  Asian  Hospital  Inc.  and  certain  wind‐down  costs.  Applicable amounts including and excluding these extraordinary items are presented below:

Operational Update

Financial Performance

• BI Bangkok license capacity increased to 563 beds• Thailand• International

Updates and Ongoing Focus

4Q13 growth 2013 growth

Total revenues 11.7% 4.3%

Total revenues excluding extraordinary items 11.7% 10.6%

EBITDA 39.3% 20.8%

Net profit 55.3% ‐1.4%

Net profit excluding extraordinary items 55.3% 25.4%

PG.4

Agenda

Strategy

Operational Update

Financial Performance

Associated Companies

PG.5

Strategy

• Campus expansion• Doctor recruitment in subspecialties• Advanced technology• Skilled work force

Bumrungrad International Hospital

• Development of the Bumrungrad Network• Expand into a new market segment – 2ndBrand

Thailand

• Development of the Bumrungrad Network• Review of selective opportunities in existing referral markets

International

PG.6

Master Plan Changes

Under the new city planning regulation, a bonus increase in the FAR of 20% can be obtained by adding capacity to the rain water retention capacity.

Build the maximum FAR of 78,727m2 or a total construction of 88,683m2 for the Petchburi Campus. 

Sukhumvit Soi 1

Petchaburi Road

Sukhumvit Soi 3

Nana

Station

Sukhumvit Road

ExpresswayPhloenChitStation

Move the clinical functions planned for Soi 1 to the Petchburi campus or expand at the Soi 3 campus.

Land bank Soi 1, use it as a parking lot until it is needed.

PG.7

Campus Expansion• Moved off campus into leased office spaceBack office

• Opened 5 floors  in Bumrungrad International Clinic on 23 May 2013

• Expand clinics in Bumrungrad International HospitalClinics

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

• Expand ancillary servicesInpatient

• Bought 8,200 sq. meters of land on Petchburi Road.• Able to receive a bonus FAR of 20%2nd Campus

• Bought 6,178 sq. meters of land on Sukhumvit Soi 1.• Used for parking until more space is needed.  

Campus Expansionon  Soi 1

• Renovation of Bumrungrad Tower for employee houses and back office functions

Acquire Additional Capacity

Est. Capital Investment(Million THB)

Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Total

643 1,873 1,248 1,177 1,609 3,342 2,262 1,680 13,834

PG.8

Campus Expansion – Electrophysiology lab

• Thailand’s first dedicated Electrophysiology lab within a Private Hospital setting incorporating the latest innovations in medical technologies by both Phillips Health care and Biosense Webster. 

• The imaging system installed which incorporates Philips’ latest Allura Clarity platform is the first such installation in South‐East Asia and ensures that patients received the lowest radiation dose possible (up to a 50% reduction) when compared to conventional systems.

PG.9

Current Status – Petchburi Project

• With total land area 8,200 sq.m. and 20% bonus increase in the FAR (from adding capacity to the rain water retention capacity) allowed a total construction area of 88,683 sq.m.

• Design and Environmental Impact Assessment in progress 

• Construction will start in the first half of 2014

PG.10

Bumrungrad Tower

• Bumrungrad Tower on Rama IV road• 23‐storey building in good condition• Land area 3,368 sq.m.• Total building area of 40,650 sq.m. will accommodate

‐ 300‐400 back office employees‐ Dorm rooms for 1,000 nurses

• Renovation cost 180 MB

PG.11

Strategy

Operational Update

Financial Performance

Associated Companies

Agenda

PG.12

3,030

2,460

3,0853,004 2,971 3,007

3,085 3,0043,069 3,0223,038 2,958

0

500

1,000

1,500

2,000

2,500

3,000

3,500

3Q 4Q 1Q 2Q 3Q 4Q2011 2012 2013

Outpatient Visits Volume Trend

4th Quarter:  Outpatient  volumes  declined somewhat  in  4Q13  compared  with  4Q12 mainly  from  the  Thai  market,  OB/GYN  and Pediatrics. 

YTD  Dec:  Outpatient  volumes  were  mostly the same between 2013 and 2012, decreasing slightly  in  the  Thai  market,  OB/GYN  and Pediatrics,  and  the  international  market, Cosmetic surgery and Physiotherapy.

Visits

Average Visits per Day22.1%1.8% 3.3%

Visits

Average Visits per Day

7.7%

0.5%

0.1%

1.5% 1.5%

2,8013,017 3,017 3,021

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2011 2012 2013

PG.13

Admissions Volume Trend

Admissions

Average Admissions per Day

6.1%

8085 85 84

0

20

40

60

80

100

2011 2012 2013

1.0%

Admissions

Average Admissions per Day

1.6% 20.4%

88

70

8984

8780

89 848680

89 83

0

20

40

60

80

100

3Q 4Q 1Q 2Q 3Q 4Q2011 2012 2013

1.4% 0.6% 1.0% 2.0% 4th Quarter:  Inpatient  volumes  declined somewhat  in  4Q13  compared  with  4Q12 mainly  from  the  Thai market,  OB/GYN  and Pediatrics. 

YTD Dec: Inpatient volumes reflected a small decline  in  2013,  mostly  from  the international market  , Cosmetic  surgery and OB/GYN, and  the Thai market, OB/GYN and Pediatrics.

PG.14

Average Daily Census Volume Trend

ADC

Average Daily Census

3.2% 15.0%

377

329

389378 376 372

389378

381

356

374 368

280

300

320

340

360

380

400

3Q 4Q 1Q 2Q 3Q 4Q2011 2012 2013

1.4% 4.3% 3.9% 2.7%

ADC

Average Daily Census

8.1%

350

379 379370

320

340

360

380

400

2011 2012 2013

2.4%

4th Quarter and YTD Dec: ADC declined due to  a  decrease  in  admissions  and  a  shorter average length of stay. 

PG.15

6,471 6,534 6,550 6,693 5,9926,5607,192

7,411 7,459 7,6526,560

7,428

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

1Q 2Q 3Q 4Q 2012 2013

2011 2012 2013

217,246232,823

212,437218,808

206,353220,001233,385 246,372 234,988

251,356220,001 241,340

0

50,000

100,000

150,000

200,000

250,000

300,000

1Q 2Q 3Q 4Q 2012 20132011 2012 2013

Revenue per episode reflects the priceincrease for 2013 and the increase inrevenue intensity.

Revenue intensity change:

4th Quarter

• OPD revenue intensity increased 4.8%.

• IPD revenue intensity per admissionincreased 5.1%.

• IPD revenue intensity per patient dayincreased 5.8%.

YTD Dec

• OPD revenue intensity increased 4.4%.

• IPD revenue intensity per admissionslightly increased 0.9%.

• IPD revenue intensity per patient dayincreased 2.3%.

Revenue Intensity

Bt

Revenue per Visit

Bt

Revenue per Admission

11.1%

7.4%

13.4%

5.8%

14.1%

10.6%

14.3%

14.9%

9.5% 13.2%

6.6% 9.7%

PG.16

Volume Contribution by Nationality

Revenue Contribution by Nationality

International Breakdown

• Revenues by market segment also remained essentially the same in 4Q13 as in 4Q12, with international patients comprising 60.9% of the total in 4Q13 and Thai patients the remaining 39.1%.

• 2013 Top 5 revenue contribution by Non‐Thai Nationalities

UAE 8%

Myanmar 7%

Oman 5%

USA 5%

Qatar 3%

61% 63% 60% 60% 62% 61% 60% 61%

39% 37% 40% 40% 38% 39% 40% 39%

0%

20%

40%

60%

80%

100%

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13International Thai

47% 46% 45% 45% 47% 47% 46% 47%

53% 54% 55% 55% 53% 53% 54% 53%

0%

20%

40%

60%

80%

100%

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13International Thai

PG.17

Revenue Breakdown

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

Y2013

• 4Q13 Revenue growth:  

Outpatient revenue increased by 12.6% y‐o‐y

Inpatient revenue increased by 12.6% y‐o‐y 

• Self‐pay remains the primary method of payment

50% 49% 48% 48% 48% 47% 48% 48%

50% 51% 52% 52% 52% 53% 52% 52%

0%

20%

40%

60%

80%

100%

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13Inpatient Outpatient

Corporate Contracts ‐Domestic

9%

Corporate Contracts ‐

Intl7%

Self‐pay72%

Insurance12%

PG.18

Agenda

Strategy

Operational Update

Financial Performance

Associated Companies

PG.19

EBITDA and EBITDA Margin EBITDA (THB mm)

EBITDA Margin

4,016

726

3,326

1,011

0

900

1,800

2,700

3,600

4,500

4th Quarter YTD Dec

Y2012 Y2013

27.7%

25.3%

22.0%

27.4%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

4th Quarter YTD Dec

Y2012 Y2013

39.3%

20.8%

• 4Q13 : Cost of hospital operations (including Depreciation and amortization) was Baht 2,253 million for 4Q13, or 5.4% more year‐over‐year from Baht 2,138 million in 4Q12, which compared favorably to the 12.5% growth in Revenues from hospital operations. Included in the year‐over‐year change was reduced expense of Baht 51 million related to the cost of gold and restructuring associated with the Company’s long‐term service award program, and a Baht 25 million decrease in the employee annual bonus award related  to extraordinary  items occurring  in  the prior year. These expense  reductions were mostly  offset  by  additional  Depreciation  and  amortization  of  Baht  51 million associated with  the  campus  expansion and  revised  estimated useful  lives of  certain assets. Administrative expenses  (including Depreciation and amortization) were Baht 732 million  in  4Q13,  or  18.2% more  than  Baht  619 million  in  4Q12.  The  change between  periods  includes  Baht  72 million  additional Depreciation  and  amortization costs, as noted above; Baht 12 million additional marketing related expenses, due to timing  differences  of  expenditures  between  periods;  Baht  9  million  in  employee medical benefits and  inflationary  increases  in staff costs; and Baht 7 million more  in training expenses, mostly due to timing differences of expenditures between periods. EBITDA  grew  39.3%  year‐over‐year  from  Baht  726 million  in  4Q12  to  Baht  1,011 million in 4Q13, with an EBITDA margin of 27.4% in 4Q13 compared to 22.0% in 4Q12.

• Y2013  :  Cost  of  hospital  operations  (including  Depreciation  and  amortization) was Baht 8,836 million for 2013, or 7.2% more than Baht 8,242 million in 2012, which was less than the 10.8% growth in Revenues from hospital operations. The change includes approximately Baht  158 million  in merit, minimum wage, benefits,  and  inflationary increases  associated  with  employee  labor  costs;  Baht  105  million  additional Depreciation  and  amortization  costs  associated  with  the  campus  expansion  and revised estimated useful lives of certain assets; Baht 101 million in mostly inflationary increases related to  cost of medicine and medical supplies; and Baht 16 million more in electricity cost. Administrative expenses  (including Depreciation and amortization) were Baht 2,527 million  in 2013,  increasing 10.1%  from Baht 2,295 million  in 2012. This variance included Baht 68 million additional Depreciation and amortization costs, as  described  above;  Baht  46  million  in  merit,  minimum  wage,  benefits,  and inflationary increases associated with employee labor costs; Baht 39 million additional marketing expenses mostly related to doctor campaigns, medical specialty programs, and international patient referrals; and Baht 19 million more in software support and maintenance  costs.  EBITDA  grew  20.8%  year‐over‐year  from  Baht  3,326 million  in 2012  to Baht 4,016 million  in 2013, with  the EBITDA margin advancing  to 27.7%  in 2013 compared with 25.3% in 2012.

PG.20

Net Profit (THB mm)

Diluted EPS (THB)

Net Profit Margin

Net Profit, Net Profit Margin and Diluted EPS

2,010 

403 

2,558 

626

2,521

0

500

1,000

1,500

2,000

2,500

3,000

4th Quarter YTD Dec

Y2012 Adjusted Y2012 Y201325.4% ‐1.4%

55.3%

2.32

0.46

2.95

0.72

2.91

0.000.501.001.502.002.503.003.50

4th Quarter YTD Dec

Y2012 Adjusted Y2012 Y2013 ‐1.4%25.4%

55.3%

• 4Q13  : Net profit  for 4Q13 grew 55.3%  to Baht 626 million  from Baht 403 million in 4Q12. Diluted EPS increased at the same rate to Baht 0.72 from Baht 0.46 in 4Q12.

• Y2013  :  The  Company’s  results  for  2012  included  extraordinary items related to the sale of investments in Bangkok Chain Hospital PCL (doing business as “Kasemrad Hospital Group”), and the Share of  loss  from Bumrungrad  International  Limited mostly associated with  the sale of  the  investment  in Asian Hospital  Inc. and certain wind‐down  costs.  Excluding  these  extraordinary  items,  Adjusted Net  profit  in  2012 was  Baht  2,010 million  compared with  Baht 2,521 million  in  2013,  producing  an  adjusted  increase  of  25.4%. Adjusted Diluted EPS grew at the same rate from Baht 2.32 in 2012 to Baht 2.91 in 2013.

15.1%12.1%

18.1%16.8% 17.2%

0%

5%

10%

15%

20%

25%

30%

4th Quarter YTD Dec

Y2012 Adjusted Y2012 Y2013

PG.21

One‐time Events

(Unit: Thousand Baht) 4Q13 4Q12 %Variance Y2013 Y2012 %Variance

Net Profit 626,424        403,240        55.3% 2,520,782    2,558,512    ‐1.5%

Adjustments:

Gain on sale of investment (KH) ‐                 ‐                 ‐                 789,826       

Share gain from KH ‐                 ‐                 ‐                 107,059       

Accelerated depreciation (101,000)      ‐                 (101,000)      ‐                

Capitalized interest expenses 96,763          ‐                 96,763          ‐                

Long‐Yr service award adjustment 50,549          (22,396)        50,549          (22,396)       

Total adjustments 46,312          (22,396)        46,312          874,489       

Income tax related to adjustments (9,262)           5,151            (9,262)           (217,607)     

Total adjustments ‐net of tax 37,050          (17,245)        37,050          656,882       

Income tax decreased due to 3% income tax rate reduction 23,572          ‐                 94,209          ‐                

Net Profit excluding adjusments 565,802        420,484        34.6% 2,389,523    1,901,630    25.7%

PG.22

Leverage

xInterest Coveragex

Net Debt to EBITDAx

Net Debt to Equityx

*0.7 

0.6 0.4 

1.3 

(0.3) (0.2)

(0.50)

0.00

0.50

1.00

1.50

2008 2009 2010 2011

2012 2013

0.3 0.2 

0.2 

0.6 

(0.1) (0.1)

(0.25)

0.00

0.25

0.50

0.75

2008 2009 2010 20112012 2013

18.8 

24.8 

35.9 

14.9  13.8 16.4 

0

10

20

30

40

2008 2009 2010 2011 2012 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

• Although Cash and cash equivalents decreased, the total debt as at 31 December 2013 remained significantly  lower  than the Cash and cash equivalents balance,  leading  to a net  cash balance after  considering outstanding debt.

• After adding back the 2013 capitalized interest expense related to the campus  expansion  of  Baht  97  million,  the  Company’s  Interest coverage ratio  improved to 16.4x  in 2013 from 13.8x  in 2012, due to higher EBITDA in 2013 compared to 2012.

PG.23

Agenda

Strategy

Operational Update

Financial Performance

Associated Companies

PG.24

• KH Acquisition Date: 18 March 2011

• BH Investment % : 24.99%

• KH Divestment Date: 10 July 2012

• The Company did not recognize any Share of profit from KH in 2013, as a result of the sale of all shares in early July 2012

• The Share of profit from KH recognized by BH in 2012, following the investment in March 2011,  is set out in the table below:

Kasemrad Hospital Group (“KH”) – Share of Profit

(Unit: Thousand Baht) 2013 2012

Share of profit from KH ‐ 111,286

Depreciation for fixed assets revaluation ‐ (4,227)

Share of profit from KH ‐net ‐ 107,059

Interest income* 121,014 ‐

Interest expense (165,719) (165,719)

Amortization of bond issuance cost (4,015) (3,956)

Decrease in corporate income tax  9,744 39,025

Net profit (loss) from KH transactions (38,976) (23,591)

* Represents interest income on net cash proceeds of 4,482MB from the sale of investment in KH.

PG.25

Q & A