Discussion and Analysis for Year Ending December 31, 2019 To : The President The Stock Exchange of Thailand The Board of Directors meeting of Ratchaphruek Hospital Public Company Limited (the Company) No. 1

Page 1 Date 25 February 2020 Re: Management Discussion & Analysis for the Year Ended 31 December 20020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY

February 26, 2020 Subject : Management Discussion and Analysis for year and 4th quarter ended December 31, 2019 Attention : President The Stock Exchange of Thailand 1. Operating Performance 1.1

had net loss of Baht 195.83 million, improving by Baht 277.17 million. The details were as follows:- 1. Total revenue was Baht 191.18 million, an increase by Baht 360.55 million or 213% resulted from

. on shareholding proportion in an amount of Baht 30,800,000.- to Bank of Ayudhya Plc., according to transaction details as follows: (1) Transaction date : Within September, 2017 (2) Transaction parties

million Baht compared to 38.67 million Baht and 38.41 million Baht respectively in the quarter 2/2016 due to the major reasons as follows; 1. Incomes from the production and installation of the pipeline

Operation Results for the year 2016 1. Overview of operation results. For year 2016, the Company and its subsidiaries had revenue from sales and services in amount of Baht 1,074.78 million which increased

for Year 2017 Ending 31 December 2017 To : The President The Stock Exchange of Thailand The Board of Directors meeting of Ratchaphruek Hospital Public Company Limited (the Company) No. 1/2018 dated 24

obligations as an expense under the Labour Protection Act (No. 6) B.E. 2560, which requires for determination of retirement age for employees over sixty years old, effective from 1 September 2017. Please be

373.34 % increase. Significant factor is expenses of Subsidiaries Company that have increase since quarter 2 of 2018 which have no in quarter 1 of 2018 so that administrative cost increasing a lot. However