2 Q 1 9 & 1 H 1 9S U M M A R Y

SPA

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 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.

3

Agenda1. Company Overview

2. Company Performance

3. Future Outlook

4

Executive Summary

2Q19 Revenue grows +26% Y-Y and 2Q19 Net profit falls 2% Y-Y, whereas 1H19 Reve-nue grows +24.6% Y-Y and 1H19 Net Profit grows +2.0% Q-Q.

Key Development: • 1H19, 5 new domestic branches opened• Chaba Nails & Spa recognized revenue from Jan 1, 2019• 3 new Spa Operating in Hotel Signing

Future: 4 Growth Pillars• Organic Growth • Spa Operating in Hotel• Spa Products• Spa Expansion Overseas.

Strong demand from foreign & domestic customer with average 1H19 Utilitization Rate of 81% despite some ongoing tourism news.

5

CompanyOverview

6

SWR

Other Wellness Services

Onsen

Face care Chaba

Stretch Me

(massage school)

(hotel & food)

SWE

Spa

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

SWL(spa products)

7

5-Stars SpaInnovative Wellness Spa

Avg. Spend = 2,100 THB/paxCAPEX 25 million THB/branch

3 Branches Thailand

4-Stars SpaBoutique Day Spa

Avg. Spend = 1,050 THB/paxCAPEX 15-20 million THB/branch

35 Branches Thailand

7 Branches Overseas

3-Stars SpaNeighborhood Massage & Spa

Avg. Spend = 500 THB/paxCAPEX 10million THB/branch

10 Branches Thailand

Total 60 Branches (as of 30 Jun 2019)

8

Stretching Studioby Physical Therapists

Avg. Spend = 1,200 THB/paxCAPEX 5-7 million THB/branch

4 Branches Thailand

SophisticatedFACIAL SPA

Avg. Spend = 1,200 THB/paxCAPEX 5-7 million THB/branch

1 Branch Thailand

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

ManicurePedicure & Eyelashes

Avg. Spend = 1,000 THB/paxCAPEX 5-7 million THB/branch

9 Branches Thailand*

9

SPA’s branches are located in most strategic locations

1998 2003 2004 2006 2008 2011 2013 2014 2015 2016 2017

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

1

1 22

22

3

3

24 4 4 6

810

14

4 8

19

1 2 4 5 68

1012

21

31 3

27

41

11

1Q18 2Q18 3Q18 4Q18

3

28

42

11

3

31

45

11

3

36

50

11

3

3

39

55

10

1Q19

4

3

40

57

10

2Q19

5

3

42

60

10

QINGDAO

QINGDAO 2

CompanyPerformance

11

Tourist Arrivals to Thailand

Source: Department of Tourism, Ministry of Tourism and Sports.

5

10

15

20

25

30

35

40

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Coup Airport

Closure

Tourist Arrivals in 1H19 grows 1.48% YoYChina 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%)

H1N1Spread

Flood PoliticalProtest

SinkShip

AttackTourist

Coup Bomb King’sDeath

Zero-ToursCrackdown

11.613.8

14.5 14.614.1

15.9

19.1

22.3

26.524.8

29.832.6

38.28

19.77

35.59

10.631Q18

8.852Q18

9.013Q18

9.794Q18

10.81Q18

8.972Q18

12

New Domestic Branches

Nikko Hotel ibis Styles Bangkok Ratchada Nikko Hotel

13

Chaba

Siam Square soi 2 Siam Square One Central Westgate

Central East Ville Central Plaza Pinklao Gaysorn Village

Iconsiam Sukhumvit 39 Nikko Hotel Thonglor

14

Spa & Wellness

91%

Spa’s Strong Operational Performance

SPA Revenueby Business

Hotel&Food

3%

Products5%

Other2%

SPA Revenueby Brand

BaanSuan5%

Chaba

Let’s Relax83%

RarinJinda

SPA Customerby Nationality 1H19 2Q19 2Q19

SPA CustomerSource

source: Company’s Estimate

China | HK | Taiwan

55%

Thai | Ex-pat25%

Korean | Jap

Western

10%

5%

Asian3%

M.East2%

Walk-in andPhone Booking

Agent

60%

Online Booking30%

10%

Other2%1H19

Assumption: Staff works 8 hours a day / 6 days a week

90%

70%

30%

10%

12M2013 12M2014 12M2015

Average 2Q19 Staff Utilization Rate is 81%

SPA Staff Utilization Rate

1Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019

50%

81%

5%

5%

15

2Q19 GROWS 26.4% YOY AND 1H19 grows 24.6% YoY

Solid Total Revenue Growth

0

25

50

75

100

125

150

175

200

225

250

275

300

350

Q1’16

176.02

Q2’16

174.33

Q3’16 Q4’16 Q1’17 Q2’17

195.24

227.37

Q2’17

229.22

Q3’17Q3’17

246.74

Q4’17 Q1’18 Q2’18Q4’17

259.06

Q1’18

280.84

Q2’18

271.24

193.53195.24195.24195.24 193.53193.53

739.12MB

259.06

280.84280.84280.84280.84962.39MB

Q3’18Q3’18 Q4’18Q4’18

291.04309.37

Q1’19 Q2’19Q1’19

345.10

Q2’19

342.74309.37309.37

345.10345.10345.10345.10

1,152.49MB.

687.82MB.

(TH

B m

illion

s)

16

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

Good Gross Profit Growth

50

100

150

200

250

(TH

B m

illion

s)

61.8154.39 56.75

83.55

67.56

Q1’16 Q2’16 Q3’16 Q4’16Q1’16 Q2’16 Q3’16 Q4’16 Q1’17Q1’17

75.87

Q2’17Q2’17

82.70 85.97

Q3’17Q3’17 Q4’17

85.97

Q4’17

104.71

Q1’18Q1’18

89.00

Q2’18Q2’18

36.1%

31.8%

35.1% 37.0%

29.8%

34.0% 34.0%

240.5185.9785.97

328.09

97.07 93.34

110.04

Q3’18Q3’18 Q4’18 Q1’19 Q2’19Q4’18 Q1’19

97.76

Q2’19

93.34

110.04384.12

97.76

207.80

33.6% 37.5%33.6% 33.7%

30.8%32.3%

29.0%

17

2Q19 Falls -2.2% YoY AND 1H19 Grows +2.0% YoY

Good Net Profit Growth

2020

20.6%17.9%

21.0%18.2%

20.0%

18.1% 18.1% 17.9% 20.1% 18.3% 18.1%16.2% 17.4%

14.0%

35.2430.66

40.3934.67

Q1’16 Q2’16 Q3’16 Q4’16

40

60

80

100

120

140.97 MB45.15

Q1’17

40.33

Q2’17

44.09

Q3’17

175.17 MB

45.6056.15

48.38 49.11

59.20

Q4’17

47.35

Q1’18 Q2’18

49.11

205.60 MB

47.35

106.60 MB

51.96

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).

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Key: BKK - Bangkok Branches | UPC - Upcountry Branches

TSS - SSG/Expansion, Brand, Location Classification

SPA(+22.5%)

SSG Expansion

SSG(+6.5%)

Expansion(+16%)

New Project (+1.7%)

RarinJinda (-%)

Let’s Relax (+22%)

Baan Suan (-%)

New Project (+1.7%)

BKK (+15%)

UPC (+8.7%)

Franchise (-1.7%)

Brand

Chaba(+5.5%)

Other(-1%)

Location

Franchise

SWR(-1%)

TSSYoY+26%(3mths)

19

Key: BKK - Bangkok Branches | UPC - Upcountry Branches

TSS - SSG/Expansion, Brand, Location Classification

TSSQoQ-0.7%

(3mths)

SSG Expansion

SSG(+0.3%)

Expansion(+1.0%)

RarinJinda (-1%)

Let’s Relax (+0.8%)

Baan Suan (+0.5%)

New Project (+0.4%)

BKK (+5.0%)

UPC (-4.3%)

Brand

SPA(+1.3%)

SWR(-2%)

Chaba(-%)

Other(-%)

Location

20

Key Financial Ratio

1.00

2.00

3.00

4.00

0.23 0.19 0.34

0.35 0.39 0.420.60 0.56 0.590.180.190.25 0.16

1.221.44

0.98 0.730.62

1.01.23

0.93 0.97 0.86

3.07

3.37

2.44

1.51

3M20

15

6M20

15

9M20

15

12M

2015

3M20

16

6M20

16

9M20

16

12M

2016

3M20

17

6M20

17

9M20

17

12M

2017

3M20

18

6M20

18

9M20

18

12M

2018

3M20

19

6M20

19

D/E Ratio Remains Strong

D/E RatioLiquidity Ratio

0.47

0.75 0.78 0.620.81

0.43 0.41 0.49 0.59

Remark : Adjusted after Dividend and Chaba Pending Payment

21

10%

20%

30%

14.8%

21.6%

25.7%

20.52%22.6%

23.9% 23.6%

24.8%

24.9%

25%

25.1% 26.1%

25.6%

25.5%

23.8%

24.4%

23.0%

14.8%

22%

10.7%

15.1%18.1% 17% 18.1%

19% 19% 18.8%

19%

16.9% 16.2% 15%

17.2%17.4%

17.7%

17%

3M20

15

6M20

15

9M20

15

12M

2015

3M20

16

6M20

16

9M20

16

12M

2016

3M20

17

6M20

17

9M20

17

12M

2017

3M20

18

6M20

18

9M20

18

12M

2018

3M20

19

6M20

19

Key Financial Ratio

ROERoA

18.55%

22

Dividend History

FinancialYear

2014Annual

2015Interim

2015Annual

2015Total

2016interim

2016Annual

2016Total

2017Interim

2017Annual

2017Total

2018Annual

30/04/15

25/12/15

24/04/16

20/10/16

28/04/17

08/09/17

25/04/18

26/04/19

0.025

0.05

0.05

0.1

0.05

0.05

0.1

0.05

0.07

0.12

0.15

14.25M

28.50M

28.50M

57M

28.50M

28.50M

57M

28.50 M

39.9 M

68.4 M

85.5 M

0.08

0.19

0.25

0.31

0.36

31%

53%

40%

39%

42%

50%

63%

47.6%

43%

42%

0.05

0.16

0.21

0.28

0.36

PaymentDate

Dividend(Thb/Share)

TotalPayout

Eps per ShareConsolid/Separate

Dividend PayoutRatio

Consolid/Separate

OUTLOOK

Growth pillars of Spa

OrganicGrowth

BranchExpansion

Spa OperatingFor Hotels &

Resorts

Spa Products(Retail & Hotels)

OverseasBranch

Expansion

24

25

Spa Branch Domestic Expansion Plan

1998

10

20

30

40

50

60

70

2003 2004 2007 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

UPC

1 23 4 4

5 5

67

8

10

18

24

49

40

30

21

13118865421

2 3 3 5 6 13 20 22 25

2860

32

33

70

3711

BKK

Total No. of Branches

Remark: SPA’s Branch Expansion Plan does not include Overseas Expansion

Spa Operating for Hotels

Target 4&5 Stars Hotel With Existing Spa Facilities.

Benefits:• Low capex (Few million thb/branch)• Quicker turnaround time (1-2 months corporate identity charge)• Traffic of Hotel Guests and outside Guests (attract by our brands)

26

Past Projects• The Berkeley Hotel Bangkok (2016)• The Sis Resort Phuket (2017)• Millennium Resort Phuket (2017)• Arnoma Hotel Bangkok (2018)• Ace of Hua Hin (2018)

• Ibis Styles Huaykwang (2019)• Rua Rasada Trang (2019)• Srilanta Resort (2019)• Carton Hotel Bangkok (2019)

27

Spa Products Under Rebranding Process

Retail Hand Cream

RarinJinda Signatura

Thai Coconut roll

Let’s Relax

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

SPA Vision 2020

28

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

Q&A

SPA IR ContactMs. Yonlawan EiamalongkornTel. 02 641-6619-20E-mail: yonlawan@siamwellnessgroup.com

Company informationwww.siamwellnessgroup.com/investor_relationswww.facebook.com/siamwellnessgroup

29

Company informationwww.siamwellnessgroup.com/investor_relationswww.facebook.com/siamwellnessgroup

Appendix

31

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.

RarinJinda Wellness Spa

CHIANG MAI(1) RarinJinda Wellness Spa Chiang Mai

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

32

33

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.

34

Let’s Relax

Chiang Mai(1) Let’s Relax Chiang Mai Pavillion(2) Let’s Relax Chiang Mai Thapae(3) Let’s Relax Chiang Mai One Nimman

Bangkok(1) Let’s Relax Phromphong(2) Let’s Relax Terminal 21(3) Let’s Relax Mandarin Hotel Samyan(4) Let’s Relax Siam Square One(5) Let’s Relax Ekkamai(6) Let’s Relax Suanplu(7) Let’s Relax The Street Ratchada(8) Let’s Relax MBK(9) Let’s Relax Berkeley Hotel Pratunam(10) Let’s Relax Phayathai (11) Let’s Relax Thong Lo(12) Let’s Relax Sukhumvit 31(13) Let’s Relax Arnoma Grand Hotel(14) Let’s Relax The Allez Sukhumvit 13(15) Let’s Relax The Market Bangkok(16) Let’s Relax Ginza Thonglor(17) Let’s Relax Ibis Styles Ratchada(18) Let’s Relax Central Embassy

Pattaya(1) Let’s Relax Pattaya Dolphin Circle

(2) Let’s Relax Pattaya Beachfront

(3) Let’s Relax Pattaya Terminal 21

Phuket (1) Let’s Relax Patong 2nd Street(2) Let’s Relax Patong 3rd Street(3) Let’s Relax Phuket Karon(4) Let’s Relax Phuket The Sis Kata(5) Let’s Relax Phuket Boat Lagoon(6) Let’s Relax Phuket Millennium Resort Patong(7) Let’s Relax Phuket Beyond Patong

Koh Samui

(1) Let’s Relax Koh Samui Bophut

Hua Hin

(1) Let’s Relax Hua Hin Market Village(2) Let’s Relax Hua Hin 100(3) Let’s Relax Cha Am Ace of Hua Hin

Krabi(1) Let’s Relax Krabi Wake Up

Phnom Penh(1) Let’s Relax Mao Tse Toung Blvd.

(2) Let’s Relax Preah Norodom Blvd.

(3) Let’s Relax Tonle Bassac.

Kunming(1) Let’s Relax Kunming

Tianjin(1) Let’s Relax Tianjin

Qingdao(1) Let’s Relax Qingdao Baili Plaza(2) Let’s Relax Qingdao Imexpark Mall

Yangon(1) Let’s Relax Yangon KER Rendezvous

Thailand Cambodia

China

Myanmar

35

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.

36

Baan Suan Massage

BANGKOK(1) Baan Suan Nonthaburi(2) Baan Suan Charoennakorn 55(3) Baan Suan Ramkamhaeng(4) Baan Suan Prachanukul(5) Baan Suan Charoennakorn 68(6) Baan Suan Baromrajchonnanee(7) Baan Suan Petkasem

KORAT(1) Baan Suan Terminal 21 KoratUDON THANI(1) Baan Suan Udon ThaniNONG KHAI(1) Baan Suan Nong Khai

37

Special Project

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

Face Care by Let’s Relax(1) Face Care Terminal 21 Pattaya

38

RARINJINDA WELLNESS SPA RESORT is a wellness boutique spa resort with 35 rooms, decorated in thai contemporary style.

The resort is equipped with full facilities such as full service Spa, Swimming Pool, Fitness Center, Yoga Studio, Meeting & Conference Room and Riverside restaurant. The resort is built around the 150-years old Teakwood home which is the highlight of the property.

CHIANG MAI(1) RarinJinda Wellness Spa ResortChiang Mai

RarinJinda Wellness Spa Resort

39

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

CHIANG MAI(1) Deck1 Restaurant Chiang Mai

Deck1

40

“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

Blooming spa products

41

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.

Siam Wellness Academy

42

Multi-Award Winning Spa Group

• Amazing Wellness Spa / Day Spa / Destination Spa / Hotel Spa / New Spa / Value for Money Spa / Traditional Thai Experience / Marketing Campaign

Thailand Spa & Well-being Awards 2012-2017

• Best Luxury Destination SpaWorld Luxury Spa Awards 2012

• Best Luxury Boutique HotelWorld Luxury Hotel Awards 2012

• 1 of 8 Best Luxury Spas in the World by Agoda

• Asia’s Top Hotel & Resort Spa

• Asia’s Top Wellness Spas Now Travel Asia Awards 2017

• Excellence & Outstanding Destination Spa

Thailand Tourism Awards 2008, 2015, 2017

• Outstanding Day Spa Thailand Tourism Awards 2010, 2017

• Best Spa - Let’s RelaxPeople’s Choice Awards voted by Chinese Tourists 2015-2017

• 1st Runner Up - RarinJinda People’s Choice Awards voted by Chinese Tourists 2015-2017

43

• Best Spa Resort Destination, Thailand Asian Lifestyle Tourism Awards 2017

• Asia’s Top 50 BrandsCMO Asia Awards 2017

• Forbes Best Under a Billion

• Best Investor Relations Awards for Listed Company in MAI SET Awards 2018

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

44

Shareholding Structure

Top 5.1. Mr. Wiboon Utsahajit 11.08%

2. Mr. Prasert Jiravanstit 11.08%

3. Mrs. Thanit Amorntirasan 9.45%

4. Mrs. Pranee Suphawatanakiat 9.42%

5. Mr. Narun Wiwattanakrai 3.55%

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

65%

21%

4%10%

Executive+Family

RetailInvestors

Foreign FundsDomestic Fund

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