Investor Presentation

March 2019
Vision & Milestones
“To be a trusted hospital and medical service network delivering high quality service through
the latest innovations that provides the general public an easy access to its service”

Signed JV for
Ar Yu
PPP agreement International
to provide Hospital in
PPP agreement
hospital Myanmar Grand opening
Thonburi Registered Invested in for Koh Lan of Thonburi
Hospital Invested in as a public Modular management CMU
Restructure Bamrungmuang
started Ubonrak company Invested in Software for Pattaya City
and prepare Hospital and Ar
operation Hospital limited Dental Siam Expertise Hospital
for IPO Yu Hospital
1977 1991 1994 1997 2009 2012 2016 2017 2019

1993 1996 2003 2011 2014 2015 2018

Opened Invested in Invested in PPP agreement Invested in Signed JV for Acquired
Thonburi 2 Sirivej Rajyindee to provide Thonburi Welly Hospital shares for
Hospital Hospital Hospital hospital Hospital Heart in China Thonburi
management centers and Thungsong
for Phuket Premier Home Hospital
Provincial Health Care
Hospital
Registered Capital (THB mn)

20 60 300 600 764 849

1976 1980 1991 2013 2016 2017

2
THG Businesses
Hospital Business
2018 Revenue: THB 6,579 mm (92.7%)
Domestic / International Hospital
• 7 Hospitals in Thailand
• 2 Hospitals overseas
Management Service
• 2 Hospitals and 1 Medical Center in
Thailand
• MOU for consultancy in Asia
Excellent Center Management Service
• 3 Heart Centers under management
Step-Down Care
• A rehabilitation center for patients
who do not need close watch from
doctors
• Low-tone care for OPD patients
Healthcare Solution Provider
2018 Revenue: THB 492 mm (6.9%)
Home Healthcare
• Medication services to patient’s
home ex. check up, treatment,
rehabilitation
Senior living
• Jin Wellbeing County, mixed-use
development to provide services
needed by senior
• Thonburi Health Village, to serve
various segments
Dental Supplies Retailer & Drug Stores
• 10 Drug stores
• Exclusive distributor for dental
supplies: 30 brands
Other business
2018 Revenue: THB 23 mm (0.3%)
Software Development
• Develop software to support internal
departments and connect with other
networks such as Social Security
Office, National Health Security
Office, The Comptroller’s General
Department
Project Development for Healthcare &
Medical Services
• Land Pipeline: 1,931 Rai
• Book Value: THB 1,811 mm
3
 Growth prospect

Jin Wellbeing County +

• More Jin’s unit transfer expected after starting in
Thonburi Health Village 4Q18

Hospital & • Expected growth from new opportunities

excellence center both domestically and internationally
management
Jin Wellbeing County
Thonburi • Started operation on 24 January 2019
Hospital &
• Higher margin from Bamrungmuang • Ready to support international patients
excellence center
asset-light model catching medical tourism trend
management
• Organic growth from volume, price and medical
intensity, with capacity expansion
• Strong core business • Potential growth from Thonburi Thungsong
with stable growth Hospital, expected to operate in 2H19
• Potential growth from Thonburi Burana
Domestic hospitals Domestic hospitals Hospital, low-tone care in Jin Wellbeing County
facilities

• Ramping up after grand opening

Welly Hospital • Less shared loss due to more
patients volume

Ar Yu Hospital • Soft launch in 3Q18 and grand

opening in March 19 with loss shared
to THG in first year
• Expected EBITDA breakeven in 2020
2018 2019
 Hospital Business - overall
5 Key Excellence Centers
Welly Hospital (China)

Ar Yu International
Hospital (Myanmar)
Heart Center Women’s Center

Ubonrak Thonburi
Hospital

• Thonburi Hospital
• Thonburi 2 Hospital
• Thonburi Bamrungmuang
Sirivej Hospital Chantaburi
Heart Center
• Bangplee Hospital
Orthopedic Center Neuroscience Center
• Phatra Hospital
• Thonburi 2 Hospital Pattaya City Hospital
• Phattalung Hospital

Thonburi Thungsong Hospital

Gastrointestinal and Liver Center

Rajyindee Hospital
Phuket Provincial Hospital

Hospital (Thailand) 7
Hospital (overseas) 2
Hospital Management 2
Hospital Accreditation ISO
Excellent Center Management 3
of Thailand (HA)
Network Hospital 9 5
Hospital Business – Hospitals in Thailand
• THG has a strong foothold in Bangkok with flagship brand, Thonburi Hospital, trusted by patients for 40
years.
• Upcountry hospitals are in strategic locations with high potential for patient referrals to hospitals in
Bangkok.
• This core business has provided stable growth and become a foundation to expand to related business.

Location: Bangkok Registered beds: 435 Location: Bangkok Registered beds: 95

Location: Songkla Location: Chantaburi Location: Ubonratchathani

Registered beds: 196 Registered beds: 90 Registered beds: 100 6
 Hospital Business – Positioning benchmark
Prestigious public
medical schools
High end,
international focused
Super tertiary

High end
Medical sophistication

Thonburi Hospital

High end,
Tertiary

international focused
Thonburi 2 Hospital
Mid to high end hospitals

High end,
Secondary

Mid to lower end hospitals international focused

Lower end, SSO

Price per disease

THG has capability and capacity for sophisticated medical services but at more affordable price.
7
 Hospital Business – Thonburi and Thonburi 2 Hospital
Thonburi Expansion Plan
Strategy

• OPD
- Increase and develop excellence centers
to meet demand of target group
- Thonburi 2 aims to increase capability to
provide tertiary care services.
- Space management for patients’ Area Completion Total
Details Capacity
convenience and satisfaction (sq.m.) Year Investment
- Expand customer base with continuous 10 fl car park
8,820 150 cars 2020 120MB
marketing activities with insurance, building
corporate and foreign customers. 8 fl OPD building 14,900 50 OPD Rooms 2020 740MB

Thonburi 2 Expansion Plan

• IPD
- OPD building expansion can draw more
patients and potentially turn to IPD
admission.
- Step-down care can help free up beds to
support more complexed cases.

• With our direction to provide more value Details

Area
Capacity
Completion Total
(sq.m.) Year Investment
at affordable price, potential revenue
increase should be mainly from more 3 fl IPD & OPD 15 OPD Rooms/
12,000 2020 435MB
sophisticated treatments. building 52 Beds

8
Hospital Business - Thonburi Bamrungmuang Hospital

Tier 1 hospital serving

medical tourism
Orthopedic
Thonburi Hospital Affordability Luxury
Heart
Neuro
ICU
Operation Room
Location: West of BKK Location: CBD

Orthopedic - Endoscopic
surgery
Gastrointestinal - checkup
IVF
Reasonable Wellness
price IPD Premium Checkup
Plastic surgery
Expertise in Dental (by Medical tourism
Dental Siam) Location: Easy-to-access

Step-down care Rehab

Supporting patients
Synergy with Thonburi from Thonburi Competitiveness when
Hospital and Bamrung Muang Geriatrics compared to existing
players

Today’s healthcare
• Proactive • Personalized
• Preventive • Predictive 9
Thonburi Bamrungmuang Hospital
• Grand opening in January 2019.
• Operating dental, premium checkup and Holistic Diabetes centers with IVF in a pipeline

10
Thonburi Bamrungmuang Hospital

Checkup Ward

11
Thonburi Thungsong Hospital Project
As of 7 November 2018, THG holds 51.12% directly and 5.31% indirectly via Rajyindee Hospital. Total shares held are
56.43% of THB600mn registered capital of Thanarad Thungsong. Total investment is THB307mn.

Details

Location Tungson-Wiangsa Highway, Nakorn Sri Tammarat

Positioning Secondary care

Target Elderly, middle class, insurance client, ER patients

Registered beds 200 beds

Progress > 50%

Expected operations In 2019

12
 Hospital Business – International hospitals
Strategy for investment in international market
• Selective increase in market with promising growth potential
• Leverage on strong partners
• Start from initial partnership, small investment or management contract until proven success

Asia Continent
Ar Yu International Hospital
Location: Yangon, Myanmar Welly hospital
Location: Wei Hai, Shandong region
Project: 200-bed private hospital which
Project: 130-available-bed private hospital
is the first with international standard
in an area mostly populated by state
Partners: GMP 50%, THG to be 40%,
hospital
AMS 10%
Grand opening in 4Q17
- Ga Mone Pwint: Leader in brand
Partner: THG 58%, WEGO 42%
developer, property & real estate, hotel,
Leading manufacturer of medical devices in
retail, and trading business in Myanmar
China
- Aryu Ananta Medical Services: A group
of leading local doctors
13
Welly Hospital
• The hospital is ramping up patient volume and revenue, aiming for EBITDA break even in 2019.
• OPD patients are approx. 200/day and IPD are approx. 70/day.
• Welly Hospital continues to develop service standard with expertise, knowledge sharing and service
training from THG.

Revenue

FY17 FY18

OPD Revenue IPD Revenue

OPD sequences IPD bed days

FY17 FY18 FY17 FY18 14

Ar Yu International Hospital
• Ar Yu started the soft launch in early September, serving OPD full service.

• Started IPD service (initially 23 beds) on 7 February 19

• The grand opening is on 17 March 2019.

• Key success factors:

- Modern facilities and equipment
- well-known Myanmar medical staff
- Thai hospitality service standard
- patient safety focused and gear for JCI

OR

Lift lobby

15
Ar Yu International Hospital

16
Hospital Business – Hospital Management
Domestic

• THG diversifies into consulting & management services by establishing management team and providing efficient
medical services for public hospitals.
• THG is the first private hospital to enter into Public – Private Co-operation agreement with Ministry of Interior and
Ministry of Public Health, aiming to bridge the gap between public and private hospitals’ healthcare standards.

Revenue from hospital management (MB)

Locations
• Pattaya City Hospital
• Central Medical Unit (CMU) (Kohlan)
• Phuket Provincial Hospital 598
503 494
440
378
‘Asset-light model’
• No CAPEX – High ROE/ROA
• Stable revenue stream
• THG responsible for cost management 2014 2015 2016 2017 2018
• Current net profit margin >10% Overseas contracts generated growth in 2017
and they expired causing decrease in 2018.

International
Strategy
• Strategic Increase – Using asset-light model that enhance ROE and ROA
• Focus on Asian region – markets in CLMV
• Tap into markets where level of medical sophistication offered by local hospitals are insufficient for local demand
• Cater services to suit requirements: e.g. consultancy, staff training, comprehensive study, feasibility study
17
Hospital Business – Excellence Center Mgt
Heart Center

THG serves both private and public hospitals by providing highly skilled cardiologists, medical staffs and
advanced machines which will allow heart patients to get access to high quality care at lower price.

Bangplee Hospital* Phatra Hospital Thonburi 2 Patalung Hospital

Type of Hospital • Public Hospital • Private Hospital • Private Hospital • Public Hospital

Medical Equipment
• THG’s Investment • Co Investment • THG’s Investment • THG’s Investment
Investment

Revenue from heart center (MB)

276

216

130

0.4 58

2014 2015 2016 2017 2018

2018 growth was mainly from new sites.

* Contract at Bangplee expired at the end of 2018
18
Healthcare Solutions Provider Business
Home healthcare
• Basic treatment: medication dispensing and delivery, health evaluation, vaccination,
counseling
• Skilled nurse service: wound care, post-surgery care, pain management, fall prevention
• Physical therapy service: for orthopedic patients, for neurological disorders, cardio-
pulmonary rehab
• Service for new mom: ultrasound for blocked milk ducts
• Standard hospital-accredited housekeeping (Premiere Healthy Clean): allergy and dust
mites specialists

Senior care and senior living

Healthcare mixed use development comprises of

• Active Living, with medical staff, 24-hour emergency aid and Centralized
Health Monitor System
• Thonburi Burana Hospital low-tone care for elderly who need special care
• Wellness Center for physical rehabilitation and health activities

Dental supplies & drug stores

• Dental Siam: one-stop service dental supplies shop
• Apex: drug stores with 10 branches in shopping malls

19
Jin Wellbeing County
• Key differentiation is comprehensive medical service with expertise from Thonburi Hospital.
• With growing senior population in Thailand, the project can become a big community with potential of
recurring income from residents.
• Comprising active living, rehab hospital and wellness center

• Best Senior Living Development

• Highly Commended for Best
Universal Design Development
from Property Guru Thailand
Property Award 2018
20
Jin Wellbeing County – Active living

• 494 freehold units in 5 low-rise

buildings for first two clusters
• One-bedroom and two-bedroom
layouts at 85,000–120,000 baht/m2
• 43 and 63 Sq.M. at THB4-6mn
• Tracking system , 24/7 emergency
service and safety facilities

21
Jin Wellbeing County – Thonburi Burana Hospital

Reception area Patient room

Cafe
Thonburi Burana Hospital
• Rehab hospital for elderly who need special care, such as
chronic patients, Alzheimer etc.
• 54 beds to operate in 1st phase
• IPD rooms, OPD clinics, medical staff, services from
physical therapist, dieticians and psychologists
• Expect operation in February 2019

22
 Jin Wellbeing County – Jin Wellness Institute
Spa Activity room

Restaurant
Cooking studio

Jin Wellness Institute

Two 5-story buildings: 5,685 Sq.M. and 8,058 Sq.M. comprising
1. Integrative Wellness Clinic and Medical Spa – for customized health plan
2. Jin MediFit – Gym with professional instruction 4. Learning activities – Art & music therapy, cooking etc.
3. Life Enrichment – activities for mind and emotional balance 5. Nutrition and meal plan – customized healthy meals
23
 Jin Wellbeing County - progress
Cluster 1

Cluster 2

Thonburi Burana Hospital

Building Structure Architecture Engineering Exterior

Jin Wellness Institute
Cluster 1 98% 65% 65% 60%

Cluster 2 100% 95% 95% 95%

Jin Wellness 90% 45% 40% 40%

Thonburi Burana 90% 35% 35% 30%

 Jin Wellbeing County – Sales and marketing
2019 target

200 unit transfer

155 units sold

39 units transferred since 4Q18

Sales promotion
- Gift voucher for furniture
- Fees waive
- Discount
- Free insurance

25
Thonburi Senior Home – Comparison

Thonburi Senior Home Jin Wellbeing County Thonburi Health Village

Medical services Advanced Standard

Service technology Advanced Standard

Target group Medium - high Medium

Design for elderly/patients Well supported Well supported

Location North of Bangkok West of Bangkok

Price per square meter 85,000 -120,000 baht 60,000 baht

Approx. 4-6 mn baht 1.9 mn baht

Price per unit
(43 and 63 Sq.M.) (32 Sq.M.)

26
 Thonburi Health Village – Pracha Uthit

Investment value THB700mn

Land area 8 rai (4 rai for 1st phase)

Swimming pool & Wellness

Number of units Center 412

GFA 26,000 Sq.M

SFA 13,824 Sq.M.

Ready to transfer 2019

27
Thonburi Health Village – Pracha Uthit
Room design - 32 Sq.M. unit

Universal design for all

wide corridor for wheelchair

28
Thonburi Health Village – Pracha Uthit
Wellness Center
• Medical spa
• Salt chlorinator pool
• Gym and personal trainer

• Activity area
• Healthy cuisine restaurant
• Physiotherapy clinic

29
Other supporting business

Software Development
Modular Software Expertise Co., Ltd. (MSE), one of Thailand's leading Hospital Information System (HIS) provider with
experienced IT team and healthcare management professionals
Customer Group
• Hospital Information Management System (HIMS)

• Goods Management and Distribution System (GMDS) within THG

Group
• Retail Store Information Management System (RIMS)
Outside THG
• Car Park Management System (CPMS)

Project development for healthcare/ medical service

Thonburi Realty Development Company Ltd. and Rajthanee Realty Company Ltd. develop projects related to medication for
future project under group, for example senior living home and step-down care

Company Location Area Book value

Thonburi Realty Development Co., Ltd. Ratchaburi 1,550 rai THB 344.4 mn
Rajthanee Realty Co., Ltd. Surat-thani (Koh Samui) 381 rai THB 1,467.3 mn

30
 Project timeline expectation
1Q19 2Q19 3Q19 4Q19 2020

Construction Capacity increase

Hospital expansion

Ramp up EBITDA breakeven

Welly Hospital
EBITDA breakeven
Ar Yu
International Grand Opening EBITDA breakeven
Hospital

Thonburi
Operation EBITDA breakeven
Bamrungmuang
Hospital

Jin Wellbeing Unit transfer and revenue recognition

County

Construction Unit transfer and revenue recognition

Thonburi Health Village
Investment highlights

32
Investment highlights
Strong positioning in Bangkok with
diversification to strategic locations upcountry
- Well trusted due to its 40-year-old brand and
track record of quality medical services
- Best value in providing sophisticated medical
services at affordable price

- TH1 proximity to top medical school provides

benefit to retain specialized doctors and nurses
Extensive Medical Resources and Network
- 17 Network hospitals allow THG to capture benefits
from cost control and client referral

- Hospital business maintains a strong core, plus

future revenue from new businesses and from
Diversify revenue mix overseas.
- Expand into full-coverage medical businesses
with innovative healthcare services

- Early mover towards integrated healthcare

Strong growth potential provider, including wellness and aged care
- Jin Wellbeing County and Thonburi Bumrung
Muang projects as brown field for growth drivers
33
Financial information

34
4Q18 Financial Performance
Total revenue (mn THB)

+8.3% YoY +7.3% YoY

7,094
1,883 6,612
1,738 1,854
1,683 1,675
Medical Medical
service service
1,665 +2.0% YoY 6,172
6,579 +6.6% YoY
1,632 1,749
1,594 1,572

87 83 101 97 211
19 6 2 8 7 414 26 492 23
4Q17 1Q18 2Q18 3Q18 4Q18
2017 2018
Others Healthcare solution provider Medical service

• Revenue growth in 4Q18 continued, mainly from Thonburi 1 Hospital that saw increase in patient
volume due to new excellence centers.
• However, slower growth was because of revenue decrease in overseas advisory business.
• Proportion of revenue from healthcare solution provider grew more than double in 4Q18 due to Jin
Wellbeing sales.

35
4Q18 Financial Performance
Gross profit (mn THB) -4.5% YoY +4.3% YoY
29.3% 28.4% 27.9% 27.7% 26.9%
25.7% 25.8%

508 517 485 1,830 1,909

478 430

4Q17 1Q18 2Q18 3Q18 4Q18 2017 2018

Gross Profit GP Margin
Gross Profit GP Margin

EBITDA (mn THB) -37.1% YoY -4.8% YoY

18.1% 20.7% 16.2%
14.9% 10.5% 17.3% 15.4%

313 348 300 1,147 1,094

249 197

4Q17 1Q18 2Q18 3Q18 4Q18 2017 2018

EBITDA EBITDA Margin EBITDA EBITDA Margin

Net profit-parent (mn THB) -86.1% YoY -37.2% YoY

9.1% 9.4% 5.2% 8.4% 4.9%
4.3% 1.2%

158 158 554

72 96 22 348

4Q17 1Q18 2Q18 3Q18 4Q18 2017 2018

Net Profit -Parent NP Margin Net Profit -Parent NP Margin 36

4Q18 Operational statistics – TH1, TH2, RYD
Revenue mix – OPD vs IPD Revenue breakdown by payors - FY18
0%

8%

55% 54% 54% 55% 56%

21%

45% 46% 46% 45% 44% 71%

4Q17 1Q18 2Q18 3Q18 4Q18

% OPD Revenue % IPD Revenue

Self pay Insurance Corporate Others

OPD utilization IPD utilization

72%
68% 68%
64%
61% 61% 65%
60%
58% 61%

4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18
37
4Q18 Operational statistics – TH1, TH2, RYD
OPD sequence (‘000 sequences) IPD occupancy (‘000 bed days)
-1.3% YoY +8.4% YoY
278 257
260 260 258 43 41
38 39
35

4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18

TH1 TH2 RYD TH1 TH2 RYD

Pay per sequence (baht) Pay per bed day (baht)

+1.0% YoY
+4.5% YoY
21,259
19,737 19,609 20,241 19,925

2,414 2,459 2,452 2,501 2,523

4Q17 1Q18 2Q18 3Q18 4Q18 4Q17 1Q18 2Q18 3Q18 4Q18

Approx. THB3,000 for TH1 and THB1,800-1,900 for RYD and TH2 Approx. THB20,000 – 24,000 for TH2 and TH1,
and THB12,000 for RYD 38
FY18 Capital management
Capital structure (mn Baht) Dividend

On 21 Feb 19, BoD approved

ST Loan dividend payment for 2018 performance at
Equity
3,144 LT loan
21%
232 2%
THB 0.35/share
28%
= 85.5% payout ratio
3,452 3,052
59%
70% 20%
Subject to AGM approval
144
161 Dividend policy:
4Q17
2017 IBD
4Q17 Interest 2018 IBD
4Q18 Interest 4Q18 not less than 40% of net profit
Non-current Current

Gearing ratio Interest coverage ratio (x)

IBD / EBITDA Covenant: <6x 5.7 5.3
5.0
4.4
5.7
IBD/EBITDA (x)

2015 2016 2017 2018

3.6
3.2
2.9 DSCR ratio (x)
4.4
2.6
2.4 2.0
D/E (x) 1.6
1.0 1.1
0.6 DSCR Covenant: >1.2x
2015 2016 2017 2018 2015 2016 2017 2018
39
Appendix

40
 Group structure
Company Structure Shareholding structure

Vanasin Family Other shareholders Pre IPO

28.3% 71.7%

Thonburi Healthcare Group PLC

Vanasin
Registered capital THB 849 mn family
Other
Paid-up capital THB 764 mn
shareholders 31.5%
Hospital Business 56.6%
Unnanuntana
55.9% 56.4% 34.0% 99.9% Family 7.7%
31.9%
Thanarad Sirivej Thonburi Hospital Meksawan
Rajyindee Hospital Ubonrak Hospital
Thungsong Co. Ltd. Hospital PLC Heart Centers Co. Ltd. family 4.3%
PLC Co. Ltd.

99.9% 99.9% 40.0% 58.0%

Thonburi Weihai Thonburi
Uttaradit Thonburi Aryu International Post IPO
Bamrungmuang Healthcare
Hospital Co. Ltd. Health Care Co. Ltd.*
Hospital Co. Ltd. Investment Co. Ltd.
IPO portion
10.0%
Other related Business
Vanasin
99.4% 70.0% 100.0% 99.8% family
28.3%
Modular Software Rajthanee Realty Thonburi Realty
Dental Siam Co. Ltd. Development Co. Ltd. Other
Expertise Co. Ltd. Co. Ltd.
shareholders Unnanuntana
50.9% Family 6.9%

99.9% Meksawan
family 3.9%
Premiere Home Health
Other investments
Care Co.,Ltd.

Remark: Uttaradit Thonburi Hospital Co., Ltd. is a dormant subsidiary of THG.

41
 THG’s hospitals

Bangkok Area Upcountry Area International

Thonburi 2
Thonburi (TH1) Rajyindee Ubonrak Sirivej Welly Ar Yu
(TH2)

Year Operated 1977 1993 1995 1991 1992 2016 2018

Bangkok Bangkok Songkla Ubon Chantaburi Shandong Yangon

Location

Registered bed 435 95 196 100 90 150 200

Available bed 486 339 130 150

Doctors 534 203 140 92 88 72 20

Medical Staff 527 169 230 190 157 108 150

Certification HA HA / ISO HA HA - - N/A

As of 31 July 2018 42
 “Lifetime health guardian for all”

For more information, please contact IR department.

Email: ariya.si@thg.co.th

Tel: +6695-3705728

Thonburi Healthcare Group Public Company Limited (“THG”), and affiliates, are pleased to provide this presentation which is intended for discussion purposes only. Although
the information provided herein is believed to be reliable, THG makes no representation as to the accuracy or completeness of such information or otherwise provided by THG.
Prior to acting on any information contained herein, the receiver should determine the risks and merits, including legal, tax, and accounting characterizations and
consequences, without reliance on THG. This presentation and the contents of any document relating thereto are proprietary to THG and may not be reproduced or otherwise
disseminated in whole or in part without THG’s prior written consent.

This presentation is not intended to provide the basis for any investment decision, nor to substitute your own analysis and investigation, and should not be considered as a
recommendation to any recipient of this presentation. Some statements made in this presentation are forward-looking statements, which are subject to various risks and
uncertainties. These include statements with respect to THG’s corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be
identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “intend” , “estimate”, “continue” “plan” or other similar words. The
statements are based on the assumptions and beliefs of THG’s management in light of the information currently available to THG. These assumptions involve risks and
uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Nothing in this presentation is, or should be relied on as promise or representation of THG as to the future.