SPA 2Q19& 1H19 SUMMARY 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 share in Siam Wellness Group Public Company Limited (“SPA” and shares in SPA, “shares”) in any jurisdiction nor should it or any part of it form 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 SPA operates and general achievement of SPA business forecasts, which will cause the actual results, performance or achievements of SPA to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the SPA. 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 SPA or any of its agents or advisers, or any of their respective affiliates, advisers 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 relied upon 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.

2 Agenda 1. Company Overview 2. Company Performance 3. Future Outlook

3 Executive Summary

2Q19 Revenue grows +26% Y-Y and 2Q19 Strong demand from foreign & domestic Net profit falls 2% Y-Y, whereas 1H19 Reve- customer with average 1H19 Utilitization Rate nue grows +24.6% Y-Y and 1H19 Net Profit of 81% despite some ongoing tourism news. grows +2.0% Q-Q.

Key Development: Future: • 1H19, 5 new domestic branches opened 4 Growth Pillars • Chaba Nails & Spa recognized revenue • Organic Growth from Jan 1, 2019 • Spa Operating in Hotel • Spa Products • 3 new Spa Operating in Hotel Signing • Spa Expansion Overseas.

4 Company Overview

5 SPA is the first full-scale spa company to listed on mai with the most comprehensive services and most number of branches. Spa

SWR (hotel & food) SWL Other Wellness Services (spa products)

Onsen Stretch Me

SWE (massage school) Face care Chaba

6 Total 60 Branches (as of 30 Jun 2019)

5-Stars Spa 4-Stars Spa 3-Stars Spa Innovative Wellness Spa Boutique Day Spa Neighborhood Massage & Spa

Avg. Spend = 2,100 THB/pax Avg. Spend = 1,050 THB/pax Avg. Spend = 500 THB/pax CAPEX 25 million THB/branch CAPEX 15-20 million THB/branch CAPEX 10million THB/branch 3 Branches Thailand 35 Branches Thailand 10 Branches Thailand 7 Branches Overseas

7 Stretching Studio Sophisticated Manicure by Physical Therapists FACIAL SPA Pedicure & Eyelashes

Avg. Spend = 1,200 THB/pax Avg. Spend = 1,200 THB/pax Avg. Spend = 1,000 THB/pax CAPEX 5-7 million THB/branch CAPEX 5-7 million THB/branch CAPEX 5-7 million THB/branch 4 Branches Thailand 1 Branch Thailand 9 Branches Thailand*

*Company holds 76% shares in Chaba Elegance Co., Ltd.

8 QINGDAO QINGDAO 2 SPA’s branches are located in most strategic locations

57 60 55 3 3 50 3 5 45 4 41 42 3 3 31 3 3 3

3 21

3 36 39 40 42 31 28 27 12 19

10 2 14 8 6 2 4 5 2 10 2 1 2 1 8 11 11 11 11 10 10 10 6 8 4 4 4 4 1 2 1998 2003 2004 2006 2008 2011 2013 2014 2015 2016 2017 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

BRANDS BANGKOK UPCOUNTRY OVERSEAS RarinJinda 2 1 Let’s Relax 17 18 7 Baan Suan 7 3 Other 4 1 Total 30 23 7

9 Company Performance Tourist Arrivals to Thailand

Tourist Arrivals in 1H19 grows 1.48% YoY China 5.7 m (-5%) | Hong Kong 0.5 m (+6%) | Taiwan 0.4 m (+14%) | Korea 0.91 m (+3%) | Japan 0.86 m (+11%) | Asean 5.0 m (+5.4%)

40 38.28 35.59

35 9.79 32.6 4Q18 29.8 30 26.5 24.8 25 9.01 22.3 3Q18 19.77 20 19.1

15.9 14.5 14.6 8.85 8.97 15 13.8 14.1 2Q18 2Q18 11.6 10

10.63 10.8 5 1Q18 1Q18

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Coup Airport H1N1 Flood Political Coup Bomb King’s Sink Closure Spread Protest Death Ship Zero-Tours Attack Source: Department of Tourism, Ministry of Tourism and Sports. Crackdown Tourist

11 New Domestic Branches

Nikko Hotel ibis Styles Bangkok Ratchada Nikko Hotel

12 Chaba

Siam Square soi 2 Siam Square One Central Westgate

Central East Ville Central Plaza Pinklao Gaysorn Village

Iconsiam Sukhumvit 39 Nikko Hotel Thonglor

13 Spa’s Strong Operational Performance

SPA Customer 1H19 SPA Revenue SPA Revenue by Nationality by Business 2Q19 by Brand 2Q19 % 2% 2% Asian3 M.East Other 5% Western 5% Products

10% 83% Korean | Jap 3% Hotel& Let’s Relax % Food 55China | HK | Taiwan 91% % Spa & 5% 25Thai | Ex-pat RarinJinda Wellness 5% 5% BaanSuan Chaba SPA Customer 2% Source 1H19 Other

SPA Staff Utilization Rate % 90% 10Agent 81%

% 70% Online30 Booking Average 2Q19 Staff Utilization Rate is 81% 50%

30% % Assumption: Walk-in60 and Staff works 8 hours a day / Phone Booking 6 days a week 10%

12M2013 12M2014 12M2015 1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019

source: Company’s Estimate

14 Solid Total Revenue Growth 2Q19 GROWS 26.4% YOY AND 1H19 grows 24.6% YoY 687.82 MB. 1,152.49 MB. 350 345.10 342.74 309.37 291.04 300 280.84 962.39 MB

(THB millions) 271.24 275 259.06 250 246.74 227.37 229.22 225 739.12 MB

200 195.24 193.53

176.02 174.33 175

150

125

100

75

50

25

0 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19Q2’19

15 Good Gross Profit Growth

2q19 Gross Profit Margin Is 29.0%, Slighty Drop Due to Provision for Long-term Employment Benefit and add-on bonus paid.

250

37.0% 37.5% 34.0% 34.0% 33.7% 36.1% 35.1% 33.6% 33.6% 32.3% 200 30.8% 29.0% (THB millions) 31.8% 29.8%

150

207.80 328.09 384.12 110.04 104.71 97.07 97.76 83.55 89.00 93.34 100 75.87 82.70 85.97 240.51 67.56 61.81 54.39 56.75 50

Q1’16Q2’16 Q3’16Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18Q1’19 Q2’19

16 Good Net Profit Growth 2Q19 Falls -2.2% YoY AND 1H19 Grows +2.0% YoY

21.0% 120 18.1% 18.2% 18.1% 17.9% 20.1% 18.3% 18.1% 16.2% 17.4% 20.6% 20.0% 14.0% 100 17.9%

80

205.60 MB 59.20 60 175.17 MB 106.60 MB 140.97 MB 56.15 45.15 51.96 40.33 44.09 45.60 48.38 49.11 47.35 40.39 40 35.24 34.67 30.66

20

Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19

*Q2’19 has employment benefit cost approx 2 million THB, Franchise Recognition system has changed, add-on Bonus (one-time expense) and temporary closure of Let’s Relax Pattaya North for renovation (1month).

17 TSS - SSG/Expansion, Brand, Location Classification

SSG(+6.5%) SSG Expansion Expansion(+16%) SPA New Project (+1.7%) (+22.5%) Let’s Relax (+22%) TSS SWR Brand RarinJinda (-%) YoY+26% (-1%) (3mths) Baan Suan (-%)

Chaba New Project (+1.7%) (+5.5%) Location BKK (+15%) Other (-1%) UPC (+8.7%)

Franchise Franchise (-1.7%)

Key: BKK - Bangkok Branches | UPC - Upcountry Branches

18 TSS - SSG/Expansion, Brand, Location Classification

SSG(+0.3%) SSG SPA Expansion Expansion(+1.0%) (+1.3%) Let’s Relax (+0.8%) Brand SWR RarinJinda (-1%) TSS (-2%) QoQ-0.7% Baan Suan (+0.5%) (3mths) New Project (+0.4%) Chaba (-%) Location BKK (+5.0%)

UPC (-4.3%) Other (-%)

Key: BKK - Bangkok Branches | UPC - Upcountry Branches

19 Key Financial Ratio D/E Ratio Remains Strong

4.00

3.37 D/E Ratio Liquidity Ratio 3.00 3.07 2.44

2.00 1.51 1.44 1.22 1.23 1.0 0.98 0.97 0.73 0.93 0.86 0.75 0.78 0.81 1.00 0.62 0.62 0.34 0.25 0.23 0.19 0.19 0.16 0.18 0.60 0.56 0.59 0.59 0.35 0.39 0.42 0.47 0.43 0.41 0.49 3M2017 6M2017 9M2017 3M2018 6M2018 9M2018 3M2019 6M2019 9M2016 3M2015 6M2015 9M2015 3M2016 6M2016 12M2016 12M2017 12M2018 12M2015

Remark : Adjusted after Dividend and Chaba Pending Payment

20 Key Financial Ratio

ROE RoA

30% 25.7% 24.9% 25.1% 26.1% 25.5% 23.9% 23.6% 24.4% 22.6% 21.6% 20.52% 24.8% 25% 25.6% 23.0% 23.8% 18.55% 19% 22% 17.4% 20% 17.2% 17% 19% 14.8% 18.1% 19% 18.8% 17% 18.1% 17.7% 14.8% 15.1% 16.9% 16.2% 15% 10% 10.7% 3M2015 6M2015 9M2015 3M2016 6M2016 9M2016 3M2017 6M2017 9M2017 3M2018 6M2018 9M2018 3M2019 6M2019 12M2015 12M2016 12M2017 12M2018

21 Dividend History

Financial Payment Dividend Total Eps per Share Dividend Payout Year Date (Thb/Share) Payout Consolid/Separate Ratio Consolid/Separate

2014 30/04/15 0.025 14.25M 0.08 0.05 31% 50% Annual

2015 25/12/15 0.05 28.50M Interim

2015 24/04/16 0.05 28.50M Annual

2015 0.1 57M 0.19 0.16 53% 63% Total

2016 20/10/16 0.05 28.50M interim

2016 28/04/17 0.05 28.50M Annual

2016 0.1 57M 0.25 0.21 40% 47.6% Total

2017 08/09/17 0.05 28.50 M Interim

2017 25/04/18 0.07 39.9 M Annual

2017 0.12 68.4 M 0.31 0.28 39% 43% Total

2018 26/04/19 0.15 85.5 M 0.36 0.36 42% 42% Annual

22 OUTLOOK Growth pillars of Spa

Organic Growth Spa Operating Spa Products Overseas Branch For Hotels & (Retail & Branch Expansion Resorts Hotels) Expansion

24 Total No. of Branches Spa Branch Domestic Expansion Plan BKK UPC

70 70 33

60 60 28

49 50 24

40 40 18

30 30 10

21 20 8 13 11 7 10 8 8 6 6 5 5 5 4 4 4 1 2 3 1 2 11 2 3 3 5 6 13 20 22 25 32 37 1998 2003 2004 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Remark: SPA’s Branch Expansion Plan does not include Overseas Expansion

25 Spa Operating for Hotels

Target 4&5 Stars Hotel With Existing Spa Facilities.

Benefits: Past Projects • The Berkeley Hotel Bangkok (2016) • Ibis Styles Huaykwang (2019) • Low capex (Few million thb/branch) • The Sis Resort Phuket (2017) • Rua Rasada Trang (2019) • Quicker turnaround time • Millennium Resort Phuket (2017) • Srilanta Resort (2019) (1-2 months corporate identity charge) • Arnoma Hotel Bangkok (2018) • Carton Hotel Bangkok (2019) • Traffic of Hotel Guests and outside Guests (attract by our brands) • Ace of Hua Hin (2018)

26 Spa Products Under Rebranding Process

Let’s Relax

Retail Hand Cream Thai Coconut roll

RarinJinda Signatura

27 SPA Vision 2020

To become the Asia’s Regional Spa Brand(s) with branches expanded throughout Asia.

Our Projects • Kunming, China • Qingdao, China ( 2 branches ) • Tianjin, China • Phnom Penh, Cambodia ( 3 branches ) • Yangon, Myanmar

28 Q&A

SPA IR Contact Ms. Yonlawan Eiamalongkorn Tel. 02 641-6619-20 E-mail: [email protected]

Company information www.siamwellnessgroup.com/investor_relations www.facebook.com/siamwellnessgroup

29 Appendix RarinJinda Wellness Spa

World-Class Wellness Spa that harmonize all of life’s senses to deliver the ultimate Wellness Experience

RarinJinda Wellness Spa, a premium and innovative spa that harmonized all life senses. It is dedicated to be the most innovative and admirable Thai Wellness Spa by combining advanced and harmonious healing practices from around the world with world-class service and facilities, offering clients wellness, good health and luxurious pampering in a spa sanctuary.

31 RarinJinda Wellness Spa

CHIANG MAI (1) RarinJinda Wellness Spa Chiang Mai

BANGKOK (1) RarinJinda Wellness Spa Ratchadamri (2) RarinJinda Wellness Spa Ploenchit

32 Let’s Relax

Thailand’s Boutique Day Spa that offers refined spa indulgence for a New Lease of Life.

Let’s Relax Spa stands for warm hospitality and sensory revitalization, with convenient and accessible branches across the nation. The serene atmosphere with contemporary decoration induces a relaxed and peaceful state of mind. Backed by a wide range of spa services delivered through professional therapists and techniques, our treatments are designed to provide consumers from every walk of life, the gift of relaxation and the perfect balance of body and soul.

Let’s Relax is conveniently located across the country for everyday revitalization.

33 Let’s Relax

Thailand Pattaya Cambodia Chiang Mai (1) Let’s Relax Pattaya Dolphin Circle Phnom Penh (1) Let’s Relax Chiang Mai Pavillion (2) Let’s Relax Pattaya Beachfront (1) Let’s Relax Mao Tse Toung Blvd. (2) Let’s Relax Chiang Mai Thapae (3) Let’s Relax Pattaya Terminal 21 (2) Let’s Relax Preah Norodom Blvd. (3) Let’s Relax Chiang Mai One Nimman (3) Let’s Relax Tonle Bassac. Phuket Bangkok (1) Let’s Relax Patong 2nd Street (1) Let’s Relax Phromphong (2) Let’s Relax Patong 3rd Street China (2) Let’s Relax Terminal 21 (3) Let’s Relax Phuket Karon Kunming (3) Let’s Relax Mandarin Hotel Samyan (4) Let’s Relax Phuket The Sis Kata (1) Let’s Relax Kunming (4) Let’s Relax Siam Square One (5) Let’s Relax Phuket Boat Lagoon Tianjin (5) Let’s Relax Ekkamai (6) Let’s Relax Phuket Millennium Resort Patong (1) Let’s Relax Tianjin (6) Let’s Relax Suanplu (7) Let’s Relax Phuket Beyond Patong (7) Let’s Relax The Street Ratchada Qingdao Koh Samui (8) Let’s Relax MBK (1) Let’s Relax Qingdao Baili Plaza (9) Let’s Relax Berkeley Hotel Pratunam (1) Let’s Relax Koh Samui Bophut (2) Let’s Relax Qingdao Imexpark Mall (10) Let’s Relax Phayathai Hua Hin (11) Let’s Relax Thong Lo Myanmar (1) Let’s Relax Hua Hin Market Village (12) Let’s Relax Sukhumvit 31 Yangon (2) Let’s Relax Hua Hin 100 (13) Let’s Relax Arnoma Grand Hotel (3) Let’s Relax Cha Am Ace of Hua Hin (1) Let’s Relax Yangon KER Rendezvous (14) Let’s Relax The Allez Sukhumvit 13 (15) Let’s Relax The Market Bangkok Krabi (16) Let’s Relax Ginza Thonglor (1) Let’s Relax Krabi Wake Up (17) Let’s Relax Ibis Styles Ratchada (18) Let’s Relax Central Embassy

34 Baan Suan Massage

Cozy and Warm Neighbourhood massage, center with the touch of Thainess for your comfort

Baan Suan Massage, a neighborhood massage center that you will feel like home, It is a stand-alone massage shop- house comprises of a house, which is converted into thai, foot and aroma massage rooms, a lush garden, to create an ambience with parking space.

Branches are located in the Bangkok suburban areas, servicing locals who live or work around the area.

35 Baan Suan Massage

BANGKOK KORAT (1) Baan Suan Nonthaburi (1) Baan Suan Terminal 21 Korat (2) Baan Suan Charoennakorn 55 UDON THANI (3) Baan Suan Ramkamhaeng (1) Baan Suan Udon Thani (4) Baan Suan Prachanukul NONG KHAI (5) Baan Suan Charoennakorn 68 (1) Baan Suan Nong Khai (6) Baan Suan Baromrajchonnanee (7) Baan Suan Petkasem

36 Special Project

Stretch me by Let’s Relax Face Care by Let’s Relax (1) Stretch me Central World (1) Face Care Terminal 21 Pattaya (2) Stretch me Iconsiam (3) Stretch me 101 The Third Place (4) Stretch me Ginza Thonglor

37 RarinJinda Wellness Spa Resort

RARINJINDA WELLNESS SPA RESORT is a wellness boutique spa resort with 35 rooms, decorated in thai contemporary style. CHIANG MAI The resort is equipped with full facilities such as full service Spa, (1) RarinJinda Wellness Spa Resort Swimming Pool, Fitness Center, Yoga Studio, Meeting & Conference Chiang Mai Room and Riverside restaurant. The resort is built around the 150-years old Teakwood home which is the highlight of the property.

38 Deck1

“Deck1” The Exotic Scene & Cuisine, a fine-dining Riverside CHIANG MAI Restaurant, offers delectable Asian, Thai and Western cuisines with (1) Deck1 Restaurant Chiang Mai Full Wine Cellar with outdoor and indoor seating.

39 Blooming spa products

“Blooming, Siamese Wellness Secrets” combines the knowledge of the pharmacists and the expertise of the spa therapist to create a natural spa product collection that offers optimal benefits.

Products have 4 categories · Skin Care · Spa Care · Health Care · Home Care

40 Siam Wellness Academy

Siam Wellness Academy offers theoretical and practical training to spa therapists. The instructors are well qualified with certificates from the United States and Thailand (Wat Pho). The school is certified by the Ministry of Education.

41 Multi-Award Winning Spa Group

• Excellence & Outstanding Destination Spa • Best Luxury Destination Spa Thailand Tourism Awards World Luxury Spa Awards 2012 2008, 2015, 2017 • Best Luxury Boutique Hotel • Outstanding Day Spa World Luxury Hotel Awards 2012 Thailand Tourism Awards 2010, 2017

• Best Spa - Let’s Relax • 1 of 8 Best Luxury Spas in the World People’s Choice Awards voted by Chinese Tourists 2015-2017 by Agoda • 1st Runner Up - RarinJinda People’s Choice Awards voted by Chinese Tourists 2015-2017

• Amazing Wellness Spa / Day Spa / Destination Spa / Hotel Spa / New Spa / Value for Money Spa / Traditional Thai Experience / • Asia’s Top Hotel & Resort Spa Marketing Campaign • Asia’s Top Wellness Spas Thailand Spa & Well-being Awards Now Travel Asia Awards 2017 2012-2017

42 • Best Spa Resort Destination, Thailand • Best Investor Relations Awards Asian Lifestyle Tourism Awards 2017 for Listed Company in MAI SET Awards 2018

• Asia’s Top 50 Brands CMO Asia Awards 2017

• Outstanding Brands 2018 Asia CEO Summit & Influential Brands Award Ceremony

• Forbes Best Under a Billion

43 Shareholding Structure

10% 4% Domestic Fund Foreign Funds

Top 5. 1. Mr. Wiboon Utsahajit 11.08% % 2. Mr. Prasert Jiravanstit 11.08% 21Retail Investors 3. Mrs. Thanit Amorntirasan 9.45% 4. Mrs. Pranee Suphawatanakiat 9.42% 65% Executive 5. Mr. Narun Wiwattanakrai 3.55% +Family

As of 19/10/18 xd Total number of shares : 570,000,000 Par Value: 0.25/ share

44

Siam Wellness Group Public Company Limited [SPA] www.siamwellnessgroup.com