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Bangkok Dusit Medical Services (BGH)

Analyst Presentation

1Q10 Results

June 24, 2010

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Important Notice

� 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 share in Bangkok Dusit Medical Services PublicCompany Limited (“BGH” and shares in BGH, ”shares”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any connection with, any contract or commitment whatsoever.

� This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which BGH operates and general achievement of BGH business forecasts, which will cause the actual results, performance or achievements of BGH to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

� This presentation has been prepared by the BGH. 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 BGH or any of its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

� This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be reliedupon directly 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 in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws.

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Contents

� Overview

� Financial Highlights

� Operational Statistics

� BDMS - Corporate Marketing

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Overview

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1Q10 Highlights

Operation Summary� Core revenues grew by 13% yoy to THB 5,997 mm due m ainly to

� Strong growth in both Thai (+7% yoy) and Inter pati ents (20% yoy)

� OPD revenues grew 10% yoy while IPD revenues grew 1 5% yoy

Financial Highlights

� Net profit increased by 66% yoy to THB 754 mm from patient revenues

growth together with the continued cost containment measures

Development

� TRIS Rating affirms the company rating at “A” and is sue rating for THB 8,000 million senior debentures at “A” with stable o utlook

� Invested in Krungdhon Hospital Public Company Limite d (“KDH”) : 20.2%

� Project in Pipeline

� 60 beds hospital in Hua Hin to be completed in 2H11

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Operational StatisticsOperational Statistics

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5,591

5,997

5,633

5,061

5,3125,3025,373

5,114

5,399

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10

Patient Revenue

Patient Revenue (THB mm) Revenue Contribution by Nationality

Commentary

35%

58%67% 65% 67% 63%

42%33% 37%33%

1Q09 2Q09 3Q09 4Q09 1Q10Thai International

� Highest patient revenue in 1Q10(+13% yoy) due mainl y to growth in Thai patients (+7% yoy) and international patients (+20% yoy)

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5%

13%

5%

-2%

-1%

1%

7%

14%

20%

2%0%

7%

1%

-6%-3%

1Q09 2Q09 3Q09 4Q09 1Q10

Total Thai International

% of Patient Revenue Growth ( YOY)

Commentary

� In 1Q10, international patient revenues grew signif icantly at 20% yoy

� Top 5 international patient revenues are from Japan , UK, UAE, Germany and USA which contribute 3.9%, 3.7%, 3.4%, 3.3% and 2.8% of total patient revenues respectively

� International patient revenues also grew significa ntly for Qatar(+238%), Australia (+60%) and Myanmar (+57%)

� During April & May 2010, patient revenues continue to grow ~3% yoy

Improving International Patient Revenue Trend

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Patient Revenue Breakdown By Patient Types

Patient Revenue By Patient Types (THB mm) Revenue Breakdown by Patient Types

Patient Revenue by Type of Payment – 1Q10Commentary

� IPD patient revenues grew significantly from

intensity and case mix

� Self-Pay continue to be the primary method of

payment

Selfpay 77%

Contract 8%

Others 2%

Insurance

14%

2,914 2,6953,104 3,005

3,360

2,504

2,2332,278 2,4462,389

1Q09 2Q09 3Q09 4Q09 1Q10

IPD OPD Others

5,633 5,5915,061

5,3125,997

+10% yoy

+15% yoy

56%54%55%53%55%

42%44%43% 44% 42%

1Q09 2Q09 3Q09 4Q09 1Q10

IPD OPD Others

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5,735

7,6428,887

9,650 9,950 9,787 10,103

2,2972,1381,9871,930989 1,516 1,714

2005 2006 2007 2008 2009 1Q09 1Q10

Overall International

Continued Focus on Volume GrowthNumber of OPD Visits per Day

+3% YoY

CAGR 15%

ADC (Average Daily Census)

797

1,0961,197

1,367 1,396 1,4761,351

415385144 261 306 352 343

2005 2006 2007 2008 2009 1Q09 1Q10

Overall International

+8% YoY

+9% YoY

CAGR 15%

+7% YoY

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Utilization of BedsAverage Length of Stay

Commentary

4.3 4.4 4.3 4.34.0

3.3 3.1 3.1 3.0 2.9

2006 2007 2008 2009 1Q10

International Overall

Utilization Based on Available Beds

2,300 2,300

61% 64%

0

500

1000

1500

2000

2009 1Q10

0%

50%

Available Beds Utilization

� Utilization rate during 1Q10 improved to 64% as a r esult of an increase in inpatient days

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Financial Financial HighlightsHighlights

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Revenue and EBITDA ContributionRevenue Breakdown in 1Q10

Commentary

EBITDA** Contribution in 1Q10

� During 1Q10, top 5 hospitals contributed 82% of tot al revenue and 84% of total EBITDA� Strong revenue growth in BPK(+32%), BTH(+21%), SNH( +20%), BKH(+20%), BPH(+15%) and BSH

(+15%)

* SVH included Samitivej Sukhumvit,Srinakarin and Sriracha** EBITDA is calculated from revenue from hospital operations + revenue from F&B + other income – cost from hospital operations – SG&A expenses

BNH6%

BKH3%

BCH2%

BPK9%

BPH12%

BMC31%

SVH *24%

BRH5%

BHH3%

BMC 31%

SVH * 21%BPH 15%

BPK 12%

BNH 5%

BRH 4%

BSH 3%

BHH 3%BCH 2%

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1,249 1,121 1,396 1,248 1,649

23.2%21.8%

27.0%

21.9%24.4%

0

200

400

600

800

1,000

1,200

1,400

1Q09 2Q09 3Q09 4Q09 1Q1010%11%12%13%14%15%16%17%18%19%20%21%22%23%24%25%26%27%28%29%30%

Quarterly Profitability Trend

Net Profit & Net Profit Margin (THB mm)

EBIT & EBIT Margin (TH B mm)EBITDA & EBITDA Margin (THB mm)

454 292 569 410 754

8.4%7.1%

9.8%

5.6%

12.2%

0

100

200

300

400

500

600

700

800

1Q09 2Q09 3Q09 4Q09 1Q10

-1%

1%

3%

5%

7%

9%

11%

13%

15%

723 585 894 770 1,194

13.4%13.3%15.4%

11.3%

19.3%

0

200

400

600

800

1000

1200

1Q09 2Q09 3Q09 4Q09 1Q10

5%

7%

9%

11%

13%

15%

17%

19%

21%

+66% yoy

+32% yoy

+65% yoy

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Capital Management Capital Structure as of Mar 10

� Leverage ratios (net debt/EBITDA and net debt/equity) are well within covenants

� Adopt a conservative approach to management of interest rate exposure

Commentary

Net Debt / EBITDA & Net Debt to Equity Interest Coverage

0.81.1

0.7

1.6

0.70.80.9

2.1

3.1 3.0

2.42.0

2005 2006 2007 2008 2009 1Q10

Net Debt/ Equity

Net Debt/EBITDA10.7

8.1 7.87.7

6.46.7

2005 2006 2007 2008 2009 1Q10

EBITDA/ Interest Expenses

Equity55%

Debentures

28%

LT loan12%

Convertible Bonds

4%

Others1%

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BDMS BDMS -- Corporate MarketingCorporate Marketing

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BDMS - Corporate Marketing

� Corporate Marketing• Investing in People

� Corporate Business Units• Centralized client relationship management • Leverage relationships

� Enhance our STRENGTH as a GROUP• 18 hospitals - 2 countries - 4 brands

A Strong Start to 2010 . . . . . .A Strong Start to 2010 . . . . . .

Technological DevelopmentsTechnological Developments

→ NEW - BDMS corporate web site• Reach our global audience• Image & perception

→ NEW - CRM system• Data ‘pooling’, profiling & segmentation• Powerful mass media ability

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→ Promote partnerships / strategic alliances→ Leading medical tourism provider

Develop & maintain visibility in the global communi ty…..

Our International MarketingOur International Marketing

Our Domestic MarketingOur Domestic Marketing

� “Chivawattana”• Our valued customer / loyalty program• Reviewing & enhancing

� Develop our local market share• Domestic promotions• Focus on our GROUP, QUALITY & PRICE• “Happy Health, Happy Life” Health check-up (THB 1,80 0)

BDMS - Corporate Marketing

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For more information & updates :- www.bangkokhospita l.com