68.6% Gross Profit 813 396 417 105.3% Gross Profit Margin (%) 11.1% 9.3% 1.8% SG&A Expenses 456 310 146 46.9% EBIT before share of profit (loss) from Investment in Associates and Joint Venture 608 275

1,831 (26) (1.4) Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 1Q18, the Company has earnings before interest payable, tax, and depreciation (EBITDA) pursuant to the Financial

% Allowance (reversal of allowance) for impairment of assets 5.6 0.8% -3.6 0.0% -9.2 -163.6%   JAS Asset’s Management Discussion and Analysis for FS2018 Page2/5 2017 2018 Change MB % MB % MB % Profit before

from social security 156.05 173.29 -10% 729.57 676.28 8% Revenue from Hospital Operations 441.68 393.99 12% 1,770.84 1,587.43 12% Cost of hospital operations before adj. 310.74 276.11 13% 1,205.30

% 112.68 99.26 14% Earnings before interest tax and deprecation 114.01 80.11 42% 270.02 218.00 24% % Earnings before interest tax and deprecation 29% 25% 4% 26% 24% 2% Other income /(expenses) 5.00 2.84 76

% 986.58 876.62 13% Gross margin 108.76 79.99 36% 417.39 332.84 25% % Gross margin 30% 25% 4% 30% 28% 2% Administrative expenses 40.51 38.10 6% 153.19 137.37 12% Earnings before interest, taxes and

) subordinated liabilities which is unsecured and is not under the condition permitting the creditor to call for prepayment before the maturity date, only in the portion of liabilities not exceeding the

) subordinated liabilities which is unsecured and is not under the condition permitting the creditor to call for prepayment before the maturity date, only in the portion of liabilities not exceeding the

) subordinated liabilities which is unsecured and is not under the condition permitting the creditor to call for prepayment before the maturity date, only in the portion of liabilities not exceeding the

basis; (e) having a clear exit strategy in case of leaving the regulatory sandbox upon or before expiration. (3) specifying a specific scope of services to alleviate material impacts or damage on