PG.1

Building for the future

Bumrungrad Hospital Public Company LimitedInvestor Presentation 

November 2013

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

Agenda

Overview

Strategy

Operational Update

Financial Performance

Associated Companies

PG.4

Fact Sheet

•Established in 1980; listed on SET in 1989Bumrungrad International Hospital

o Facilities• One of the largest and most sophisticated 

private hospitals in South‐East Asia• 580 licensed inpatient beds and 5,500 

outpatient visit capacity per day• Thailand’s leading tertiary medical center

o Accreditation• 1st hospital in Asia to receive US JCI 

Accreditation, with additional certifications in disease specific categories

• 1st private hospital in Thailand with Thai Hospital Accreditation

o Patients• Over 1.1 million patient episodes annually• Over 520,000 international patient episodes  

annually from over 200 countrieso Services

• 55 Sub‐Specialties

BHPCL, an early mover in medical tourism, is an international leader in combining clinical quality with customer service oriented patient care

As of 28 June, 2013

Shareholding Structure

PG.5

Value & Profitability Comparison

BGH

BH

BCH

IHHH

KPJH

RAFG

APLH

FOHEM‐CHAI

SKR

CMR

NTV

RAM

VIBHA

TNH

0

20

40

60

80

100

120

140

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38

EV/bed (MB/bed) as of 30 Oct 13

FY13 EBITDA Margin (%)

Source: Bloomberg

PG.6

ROE & P/B Comparison

BGH

BH

BCH

IHHH

KPJH

RAFGAPLH

FOHE

M‐CHAI

SKR

CMR

NTV

RAM

VIBHA

TNH

‐5

0

5

10

15

20

25

30

35

0 1 2 3 4 5 6 7 8

Y13 ROE

Price to BookSource: Bloomberg

PG.7

Top Travel Destinations for Medical Tourism

 ‐

 200,000

 400,000

 600,000

 800,000

 1,000,000

 1,200,000

Thailand Mexico UnitedStates

Singapore India Brazil Turkey Taiwan

1,200,000 

1,000,000 

800,000 

610,000 

400,000 

180,000 

110,000  90,000 

Medical Tourists Source:  www.bloomberg.comBy Jordan Robertson ‐ Jun 25, 2013

PG.8

Bumrungrad’s International Volumes 1998 to 2012

 ‐

 100,000

 200,000

 300,000

 400,000

 500,000

 600,000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

112,609 143,294 

167,488 

225,206 

273,651 303,876 

365,386 391,559 

431,954 426,398 415,810 406,543 423,793 

466,225 

522,423 

Patie

nt Volum

es, V

isits

 + Adm

ission

s

PG.9

Effect of External Factors

Correlation of 0.88 of actual volumes

27.2%

16.9%

34.5%

21.5%

11.0%

20.2%

7.2%

10.3%

‐1.3%‐2.5% ‐2.2%

4.2%

10.0%12.1%

10.3% 10.5%

6.3% 6.9%

‐7.4%

16.5%

‐1.2%

20.0%

4.7%

0.8%

‐3.0%

12.6%

20.7%

16.0%

‐10.0%

‐5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Year on Year Growth

International Patients Tourists

PG.10

Why Bumrungrad?

Located in Thailand

Invested the Time

Invested into the Brand

Invested into Training

Invested into Technology 

Invested into Facilities

Invested into Processes

PG.11

Thailand’s unique advantages

Good doctors

Lower cost labor

Service culture

Image as value destination with good tourism infrastructure

Consumer‐driven healthcare

Self pay, walk in environment

PG.12

Doctors & Nurses

• 55 Sub‐Specialties• Over 2,000+ nurses and 1,200+ doctors• International experience staff and 

overseas board certification (over 320 are US, UK or Australian Board certified)

PG.13

The 10,000 Hour Rule

Right Moment in Time

"accumulative advantage"

Invested the Time

PG.14

International reputation

International Herald Tribune

“It’s better than anything I’ve seen; it’s a five star hospital.”

Reader’s Digest

“This hospital is really a five star medical hotel. I was gobsmacked by the treatment I received there.”

CBS 60 Minutes

“It’s the number one international hospital in the world.”

The Financial Times 

“They (Bumrungrad) said, ‘you can have (surgery) done tomorrow if you want.’ Tomorrow! I have never heard that word in England in all my life.”

Newsweek

“Bumrungrad International Hospital in Bangkok is a magnet for medical tourists.”

PG.15

Invested in Training to Serve International Patients

Cultural Training

English Classes

PG.16

Invested in Languages

186 interpreters covering 14 languages spoken by our patients

Arabic

Mandarin

Burmese

Japanese

PG.17

Invested in Technology ‐ Integrated Services

Registration, Lab Collection, Cashier and Pharmacy on each clinic floor

Each clinic floor is connected to the Automated Lab and the OPD Pharmacy

Integrated into the EMR and billing system

PG.18

Invested in Technology ‐Website

Visual experience on web: pick your doctor or your room

Information about medical procedures or specialty centers

Cost estimates

PG.19

Premium Inpatient Facilities

Customer‐oriented patient service culture supported by hotel‐like ambience in a warm and restful environment

PG.20

Expansive Outpatient Facilities 

Ground Floor Lobby

Sky Lobby

Large scale outpatient facilities allow extensive variety of services with privacy, comfort and efficiency

Welcome CenterNew Clinics

PG.21

Processes ‐ International Medical Coordination Office

International Medical Coordination Physicians

12 Doctors & 37 Nurses dedicated to international patient care coordination

Middle East Team

Medical Report Team

PG.22

Processes ‐ International Representative Offices

Australia 

Bahrain

Bangladesh

Cambodia (3) 

UAE (Dubai)

Ethiopia

Hong Kong

Lao PDR

Indonesia (2)

Mongolia

Myanmar 

Nepal

Oman

Russia (2)

Vietnam (2)

20 offices in 15 countries outside Thailand that arrange appointments and travel for BI patients

PG.23

Processes ‐ Health Screening Center

Managed using Constraint Theory

Entry portal for medical travelers

One‐stop floor for a complete check‐up

Average 200 per day, 7 days a week

50% walk–in 

Only screening services – No acute services

No variation in screening services, based on medical evidence

PG.24

Overview

Strategy

Operational Update

Financial Performance

Associated Companies

Agenda

PG.25

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.26

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.27

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

• Acquired Boss Tower for employee houses and office space

Acquire Additional Capacity

Est. Capital Investment(Million THB)

Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Total

643 1,873 2,109 1,177 1,609 3,055 1,975 1,393 13,834

PG.28

Campus Expansion – BI Clinic Building

• Levels 17 – 21 completed, opened on 23rd May 2013• L21 :  Conference Center• L20 :  Spine Institute, Pain Clinic, Orthopaedic Center, Rehabilitation, Joint Replacement • L19 :  Endocrinology, Diabetes & Clinical Nutrition, Nephrology, Neurology, Neurosurgery• L18 :  Eye Center• L17 :  Children Center, Pediatric Ophthalmology, Early Intervention, Pediatric Endocrinology

PG.29

Campus Expansion – BI Hospital Building

• L12 : IPD Phase 1 (25 Rooms) in use• The rest of IPD (33 Rooms) will be opened in November 2013

• An additional 18 ICU beds will be added in March 2014

PG.30

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.31

Current Status – Soi 1 Project

• Demolition already completed.• Land banked Soi 1 property, will be a parking lot until it is needed.

PG.32

Newly‐Acquired Building

• Boss 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

• Total Acquisition Price of 837.5 MB

PG.33

Overview

Strategy

Operational Update

Financial Performance

Associated Companies

Agenda

PG.34

2,877 3,0302,460

3,007 3,085 3,0042,971

3,007 3,0853,0693,022

3,038

0

500

1,000

1,500

2,000

2,500

3,000

3,500

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

Overall Volume Trend

Outpatient  and  Inpatient  volumes  decreased  in 3Q13  compared  with  3Q12  in  both  Thai  and international markets.Visits

Average Visits per Day22.1%4.5% 1.8% 3.3%

Admissions

Average Admissions per Day

0.3% 1.6% 20.4%

8088

7080

89 84 8780

8986

80

89

0

20

40

60

80

100

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

1.4%ADC

Average Daily Census

6.7% 3.2% 15.0%

349

377

329

372

389378 376

372

389381

356

374

280

300

320

340

360

380

400

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

1.4%

0.5%

0.6% 4.3%

1.5%

1.0% 3.9%

PG.35

5,993 6,012 5,9836,534 6,550 6,691

6,4716,534 6,5507,192

7,411 7,459

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2Q 3Q 4Q 1Q 2Q 3Q

2011 2012 2013

205,814204,098

217,925

232,823

212,437218,808

217,246232,823

212,437

233,385246,372

234,988

0

50,000

100,000

150,000

200,000

250,000

300,000

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

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

Revenue intensity:

• OPD revenue intensity improved 3.9%.

• IPD revenue intensity per admissionslightly increased 0.5%.

• IPD revenue intensity per patient dayincreased 3.4%.

Revenue Intensity

Bt

Revenue per Visit

9.0% 8.9%

Bt

Revenue per Admission

13.1% 4.1%

11.8%

0.4%

11.1%

7.4%

13.4%

5.8%

14.1%

10.6%

PG.36

Volume Contribution by Nationality

Revenue Contribution by Nationality

International Breakdown

• For 3Q13, Thai revenue was up 12.6%, while International revenue was up 11.2% from 3Q12.

• 9M13 Top 5 revenue contribution by Non‐Thai Nationalities

UAE 8%

Myanmar 7%

Oman 5%

USA 5%

Qatar 3%

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

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

0%

20%

40%

60%

80%

100%

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

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

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

0%

20%

40%

60%

80%

100%

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

PG.37

Revenue Breakdown

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

YTD Sep13

• 3Q13 Revenue growth:  

Outpatient revenue increased by 12.1% y‐o‐y

Inpatient revenue increased by 9.5% y‐o‐y 

• Self‐pay remains the primary method of payment

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

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

0%

20%

40%

60%

80%

100%

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

Corporate Contracts ‐Domestic

9%

Corporate Contracts ‐

Intl7%

Self‐pay72%

Insurance12%

PG.38

Agenda

Overview

Strategy

Operational Update

Financial Performance

Associated Companies

PG.39

Operating Performance 2008‐2012Total Revenues

Profit

EBITDA

2,155 2,2592,450

2,819

3,513

0

1,000

2,000

3,000

4,000

2008 2009 2010 2011 2012

EBIT

DA

(TH

B m

m)

13% CAGR

13,25211,30610,0569,3388,882

790

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2008 2009 2010 2011 2012*

Tota

l Rev

enue

s (T

HB

mm

)

11% CAGR

6333

1,2461,191

1,258

1,555

2,015

652

0

500

1,000

1,500

2,000

2,500

3,000

2008 2009 2010* 2011** 2012***

Prof

it (T

HB

mm

)

14% CAGRDILUTED EPS 

1.371.44

1.451.79

2.32

0.070.04

0.75

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2008 2009 2010 2011 2012

Dilu

ted

EPS

(TH

B)

14% CAGR

* One-time loss of THB 63 million in 2010 was loss on the translation adjustment from the sale of Asia Renal Care (ARC) Group** One-time profit of THB 33 million in 2011 was tax loss on sale of BMC THB 106 million offset with loss on sale of AHI THB 24 million and loss on share repurchase THB 50 million*** One-time profit of THB 652 million in 2012 was gain on sale of investment (KH), net of tax THB 586 million, tax saving on loss from sale of BMC THB 85 million offset with capital gain tax and tax advisory services on AHI sale THB 14 million and certain wind down and operation costs of BIL THB 5 million.

1,321

3.07

1.83

1,588

2,667

1.52

Remark: The calculation of CAGR is excluding the extraordinary items.Remark: The calculation of CAGR is excluding the extraordinary items.

Remark: The calculation of CAGR is excluding the extraordinary items.

14,042

* One-time revenue of THB 790 million in 2012 was gain on sale of investment in subsidiary.

PG.40

Margins & Trend

Margins have been strong and relatively stable over time

Net Profit Margin Trend

13.7% 15.1%13.1%13.3%13.3%

0%

10%

20%

30%

2008 2009 2010* 2011* 2012*

EBITDA Margin Trend

25.3%25.0%24.4%24.3% 24.2%

0%

10%

20%

30%

2008 2009 2010 2011 2012*Excluding  extraordinary items

PG.41

2,155 

1,894 20.0%

17.3%

0%

5%

10%

15%

20%

25%

30%

1,400

1,600

1,800

2,000

2,200

2,400

9M12 9M13

Net Profit Net Profit Margin

9M13 Update

2,600 

3,005 

26.4% 27.8%

0%

10%

20%

30%

40%

2,3002,4002,5002,6002,7002,8002,9003,0003,100

9M12 9M13

EBITDA EBITDA Margin

Total Revenues EBITDA

Net Profit

THB millionTHB million 15.6%

THB million‐12.1%

• The  Company  reported  Cost  of  hospital  operations  (including  Depreciation  and amortization)  of  Baht  6,583 million  for  9M13,  or  7.8% more  year‐over‐year  from Baht 6,104 million in 9M12, which was less than the 10.3% growth in Revenues from hospital operations. The  increase  includes approximately Baht 131 million  in merit, minimum wage, benefits, and inflationary increases associated with employee labor costs; Baht 54 million additional Depreciation and amortization costs; and Baht 14 million in additional electricity cost. Administrative expenses (including Depreciation and  amortization)  were  Baht  1,796 million  in  9M13,  increasing  7.1%  from  Baht 1,676 million  in 9M12. This  change  included Baht 27 million additional marketing related expenses due to timing differences of expenditures between periods; Baht 25 million in merit, minimum wage, benefits, and inflationary increases associated with employee  labor  costs;  and  Baht  18  million  additional  software  support  and maintenance  costs. EBITDA grew 15.6%  year‐over‐year  from Baht 2,600 million  in 9M12 to Baht 3,005 million in 9M13, with the EBITDA margin advancing to 27.8% in 9M13 compared with 26.4% in 9M12. 

• The Company’s Net profit for 3Q12 and 9M12  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.

9,907  10,697  10,915

0

3,000

6,000

9,000

12,000

YTD Sep

10.2% 2.0%

9M12 9M139M12Adjusted

1,607

17.9%

16.2%

9M12Adjusted

PG.42

Leverage

x Interest Coveragex

Net Debt to EBITDAx

Net Debt to Equityx

*

* 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

18.8 

24.8 

35.9 

14.9  13.8 16.5 

0

10

20

30

40

2008 2009 2010 2011 2012 YTD Sep13

0.7 0.6 

0.4 

1.3 

(0.3) (0.3)

(0.50)

0.00

0.50

1.00

1.50

2008 2009 2010 2011

2012 YTDSep13

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

YTDSep13

• As  a  result  of  the  increase  in  Cash  and  cash  equivalents  related  to strong operating results,  increased collections, and net cash proceeds from the sale of investments, the total debt as at 30 September 2013 was  lower  than  the Cash and cash equivalents balance,  leading  to a net cash balance after considering outstanding debt.

• Interest coverage ratio  improved to 16.5x  in YTD Sep13, compared to 14.4x  in YTD Sep12, due to higher EBITDA  in YTD Sep13 compared to YTD Sep12.

PG.43

Dividend Payment

0.40 0.40 0.40 0.45 0.60

0.40 0.45 0.50 0.65

1.20

0.000.200.400.600.801.001.201.401.601.80

2008 2009 2010 2011 2012

Final

Interim

Bt per share

49.8%49.0%52.0% 50.6% 49.3%

0%

20%

40%

60%

80%

2008 2009 2010 2011 2012

Margin have been strong and relatively stable,  with  recent  improvement  in EBITDA margin

0.80

0.900.85

1.10

Dividend Payment

Payout Ratio

1.80

On 6 Aug 2013, the Board of Directors Meeting approved an interim dividend payment for the Company's operations from  1  Jan  2013  to  30  Jun  2013  of Baht 0.70 per share.

PG.44

Agenda

Overview

Strategy

Operational Update

Financial Performance

Associated Companies

PG.45

• 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 YTD Sep13, as a result of the sale of all shares in early July 2012

• The Share of profit from KH recognized by BH in YTD Sep12, following the investment in March 2011,  is set out in the table below:

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

(Unit: Thousand Baht) YTD Sep13 YTD Sep12

Share of profit from KH ‐ 111,286

Depreciation for fixed assets revaluation ‐ (4,227)

Share of profit from KH ‐net ‐ 107,059

Interest income* 80,676 ‐

Interest expense (123,949) (124,403)

Amortization of bond issuance cost (2,986) (2,973)

Decrease in corporate income tax  9,252 30,269

Net profit (loss) from KH transactions (37,007) 9,952

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

PG.46

1. On  25  October  2013,  the  Company  set  up  and  registered  a  new  subsidiary,  Life  and Longevity Limited, in the Hong Kong Special Administrative Region of the People’s Republic of China with a registered capital of USD 100,000, comprising of 100,000 common shares with par value of USD 1 each. 

The  investment was made  in accordance with a  resolution of  the  Investment Committee Meeting held on 20 September 2013, which approved the Company’s established of a new subsidiary for the benefit of overseas investments of the Company.

2. On 30 October 2013, the Company acquired land and building from a third party at a price of Baht 837.5 million, for use in its operations, as approved on 6 August 2013 by a meeting of the Company’s Board of Directors. This purchase price was less then the value appraised by an independent valuer.

Significant Events