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Discussion Materials

1

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2

Agendas

Company Overview

Business Highlights

Market Share Performance

Financial Performance

Appendix

3Note: (1) Revenue from sales and services, adjusted for impact of White Group (deconsolidated in 2016) and Future Group (divested in Jan 2018) as well as Unicharm termination (Osotspa terminated distribution agreement with Unicharm in

2017; Underwent SKU rationalization of personal care products from 2015 to 2017) (2) Osotspa disposed equity interest in Future Group, which operates media business, in January 2018 (3) Primarily sales to customers in Cyprus, the United

Arab Emirates, and Saudi Arabia

A Leading Consumer Products Company in Thailand With

127 Years of Legacy

Leading Thai consumer products company with

products in non-alcoholic beverages, personal care

products, healthcare products, and confectionery

127 years of legacy in Thailand with iconic brands and

leadership across categories

Strong distribution with ~470,000 points of sales

throughout Thailand

Well-established and leading regional presence with

strong positioning to capture the attractive growth in

consumer spending in CLM markets

Global presence with Osotspa’s products distributed in 25

countries in 5 continents

2017(1) : THB 24,571 mm

Revenue by Segment

Company Overview

2017: THB 21,171 mm 2017: THB 4,209 mm

Domestic beverage

71%

Domestic personal care

9%

International beverage

19%

International personal care

1%

Myanmar

64%

Cambodia

8%

Laos

9%

Indonesia

9%

Other overseas markets (3)

11%

Revenue from sales of beverage and personal

care products

Beverage

77%

Personal care

9%

Supply chain services

13%

Other

1%

Revenue from International Sales

Key Brand Families

Beverage Personal care

“Brain and Body Boost” including energy drinks, sports drinks and RTD coffee (together

called “Wake-Me-Up”) and functional drinks (“Look Good, Feel Good” drinks)

Baby and women’s

care products

M-Presso

Som In-SumChalarm

Lipovitan-D

Supply chain services Other

Producing products under OEM and JV Confectionary business

and media business (2)

Krisnaklan Yatard4Botan

4

Energy Drinks Functional Drinks Confectionary Healthcare

Other

Notable

Brands:

Brand 1H 2018 Market share Market Position Products 2017A Sales (THBmm) (1)

38.9%(2)

7.8% (2)

2.8%(2)

2.6%(2)

10,501 (1)

2,823 (1)

613 (1)

250 (1)

5.5%(3) 232 (1)

1.2%(3) 81 (1)(4)

16.9% 778 (1)

35.7%

30.1%

23.8%

27.2%

15.3%

418

N/A

500

N/A

146

43.2%

6.8%

184 (5)

N/A

Source: Nielsen and Frost & Sullivan, Market share and market position in respective markets by retail sales value as of 2017, except for RTD coffee and sports drink (Q2 2018)

(1) Domestic sales only; ; (2) Share of retail sales value in Thailand in June 2018 (3) Share of retail sales value of ready-to-drink coffee and sports drink in Thailand in H1 2018`; (4) RTD Coffee was launched in February 2018; Sales data as

of 1H 2018, and (5) 2017 Women’s beauty care Cologne sales

Beauty

products

Baby

products

Energy

drinks

A Treasure Chest of Leading Iconic Brands

Functional drinks

(Look Good, Feel Good)

Liquid soap

Detergent

Talcum

Utensil wash

Moisturizers

2

1

Cologne

Deodorants

1

1

RTD coffee

Sports drinks 2

Wa

ke

-Me

-Up

Dri

nk

s

2

Chalarm

Som In-Sum

(2017)

(2017)

(2017)

(2017)

TVC for Port Presentation/Medicine/กฤษณากลั่น.mpg

TVC for Port Presentation/Medicine/กฤษณากลั่น.mpg

5

Our Strengths and Strategies

Leveraging on solid strengths of our core

business…… To expand and enhance our position further

Broad and highly recognizable portfolio of brands

with established presence across product lines1

Well established “CLM” presence2

Highly penetrated and robust distribution network3

Strong R&D team with deep local insight4

Fully integrated, highly scaled and flexible

manufacturing allowing for cost competitiveness

and high margin

5

Experienced board of directors and management6

Strengthen domestic presence in broader non-

alcoholic beverages and expand personal care1

Leverage market-leading position in Thailand to

sustain and expand to other regional and

overseas markets

2

Focus on cost efficiency and margin enhancement

through the “net revenue management” principle3

Continuous investment in human capital and

innovation capability4

Our overall objective is to leverage our business strengths to grow faster than the market and also improve our margins

6

Agendas

Company Overview

Business Highlights



Appendix

7

Wake-Me-Up

Energy

drinks

Sports

drinksRTD coffee

Functional

drinks

How We Look at Our MarketD

om

es

tic

be

ve

rag

es

(1)

CL

MV

En

erg

y d

rin

ks

Pe

rso

na

l c

are

Market characteristics Market size & growth Our approach to the market

Relatively mature for energy

drinks

Higher growth for niche

categories

Functional drinks

Energy drinks for women

High growth markets

Significant development

potential

Stable domestic market

Myanmar offers

considerable growth

headroom

2017 market size(2)

(THBbn)

CAGR

(’13 - ’17)

CAGR

(’18E - ’22E)

Energy drinks 23.4 1.7% 2.2%

Sport drinks 9.3 6.3% 4.7%

RTD coffee 10.8 7.7% 4.1%

Functional drinks 6.7 3.2% 6.0%

2017 market size(2)

(THBbn)

CAGR

(’13 - ’17)

CAGR

(’18E - ’22E)

Cambodia 5.4 40.7%

Laos 0.9 18.9%

Myanmar 9.4 60.9%

Vietnam 14.2 13.2%

11.0%

Myanmar

only: 14.9%

2017 market size(2)

(THBmm)

CAGR

(’13 - ’17)

CAGR

(’18E - ’22E)

Thailand(3) 13,035 0.7% 1.7%

Myanmar(4) 413 2.2% 3.7%

Multi-segment approach

Target sub-segments within Brain and

Body Boost (“BBB”) category

Customize / localize products (special

formulations, can packaging etc.)

Partner with local distributors

Transition into manufacturing model

in Myanmar

Multi-products under two key brands

strategy

Source: Frost & Sullivan

Note: (1) Osotspa focuses on energy drinks, sport drinks, functional drinks and RTD coffee; (2) Retail sales value; (3) Includes Baby Talcum, Baby Liquid Soap, Baby Detergent, Baby Moisturizer, Baby Utensil Wash, Women’s

Cologne, Women’s Deodorants, Liquid Soap and Cooling Talcum; (4) Includes Baby Bath Cleanser, Baby Moisturizer, Women’s Cologne, Deodorants, Liquid Soap and Talcum Powder

Energy drinks, sports drinks, ready-to-drink coffee and functional drinks are internally referred to as “Brain and Body Boost (BBB)” drinks

Energy drinks, sports drinks, and ready-to-drink coffee are together internally referred to as “Wake-Me-Up” drinks

Functional drinks and other new categories of beverages which may be added to company’s portfolio in the future are internally referred to as “Look Good, Feel Good” drinks

Look Good, Feel Good

8

Brand Target market

38.9%(2)

7.8%(2)

2.8%(2)

2.6%(2)

0.6%(2)

5.5%(3) Mass market consumers

1.2%(3) Mass market consumers

16.9%

Consumers seeking daily

Vitamin C requirements in

easy and drinkable way

A Suite of Iconic Brands Enables Us to Implement the Portfolio

Strategy

1

2

Source: Nielsen and Frost & Sullivan

Note: (1) Domestic market share and market position in respective markets by retail sales value as of June 2018; (2) Share of retail sales value in Thailand in June 2018 (3) Share of retail sales value of ready-to-

drink coffee and sports drink in Thailand in H1 2018

Mass market; ~30y and

above

Sports

drinks

Energy

drinks

RTD CoffeeM-Presso

Chalarm

Som In-Sum

Brand Target market

~27 - 35y pragmatic

mothers with children

up to three years old

Active and modern

women ~18 - 25y

Liquid soap

Detergent

1

1

2

Talcum

Utensil wash

Cologne

Deodorants

Beauty

products

Baby

products

Moisturizers

Liquid soap

Cooling

talcum

35.7%

30.1%

23.8%

27.2%

15.3%

43.2%

6.8%

2.9%

12.7%

Premium market; ~40y

and above

Mass market; northern

and southern Thailand

Female consumers

Young urban consumers

H1 2018 market share(1)

Multi brands approach Multi products approach

Functional

drinks2

H1 2018 market share(1)

(2017)

(2017)

(2017)

(2017)

(2017)

9

Our Portfolio Strategy is Clearly Demonstrated by our Stabilized Share

for Energy drinks and also Growing Market share in Other SegmentsE

ne

rgy d

rin

ks

Fu

ncti

on

al d

rin

ks

Bab

y l

iqu

id s

oa

p

56.4% 55.6% 54.4% 54.3% 54.4%

21.9% 23.1% 23.2% 22.4% 22.3%

15.8% 14.9% 15.3% 15.4% 15.5%

6.0% 6.4% 7.1% 7.9% 7.3%

2015 2016 2017 Q1 2018 Q2 2018

Osotspa Carabao Group TC Pharma Others Strategies to maintain market share in

energy drinks:

Optimize brand portfolio

Enlarge target market (students, women):

Launch of new beverage products

Repositioning of Som In-Sum

A close #2 position in domestic

functional drinks1:

C-Vitt’s net sales value grew at CAGR of

29.8% from 2015 to 2017

C-Vitt’s net sales for H1 2018 alone is

44.9% higher than H1 2017

38.1% 37.2%34.2%

36.4% 35.0%

17.5%15.6% 14.6%

12.2% 13.0%

12.4% 12.7% 12.7% 11.4%13.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2015 2016 2017 1Q'18 2Q'18

% Market Share by Value of Domestic Baby Liquid Soap in Thailand

Babi mild(Osotspa)

Johnson Baby(J & J)

D-Nee (NeoCorporate)

Gaining market share since launch of

Babi Mild Sakura:

Launched Babi Mild Sakura range

(late 2017)

Increase an already significant market

share of domestic baby liquid soap

Source: Frost & Sullivan, Nielsen

pps : Percentage points

Note: Domestic market share by retail sales value(1) In 2Q’18

2017 Q2 2018

Market Share by Value of Domestic Functional Drinks in Thailand

23.8%

27.5%

Market Share by Value of Domestic Energy Drinks in Thailand, by Firm

10

Distribution Network Is One of Our Key Assets

Traditional trade Modern tradeCash van & Vending

Machines

Distributors

70 direct distributors

5,500 secondary distributors

Long-term relationship with Osotspa

Strengths

Key channel for Company’s high volume products

Widely available across the country

Low cost to serve

Key channel for selling Company’s premium and

personal care products

Accelerate distribution of newer

products

Deliver products directly to

retailers and consumers

Point of sales Over 454,000 point of sales

(1.1 point of sales for every km2 in Thailand)

Approximately 16,000 point of sales

(0.3 point of sales for every km2 in Thailand)

Products available across c.16k

vending machines

Proportion of

sales

Different product

nature requires

different distribution

mix

83.7%

Beverage

32.5%

Personal care

67.5%

Beverage Personal care

16.3%

Close to 100% distribution for flagship products

95%(1) 97%

(2)

Source: Company information


Note: (1) Numeric distribution coverage for 2017(2) Weighted distribution coverage for 2017

11

Established “CLM” Presence to Capture Attractive

Growth in the Region

Myanmar

Laos

Cambodia

Thailand

Myanmar Laos Cambodia

Year of entry 1997 More than 20 years ago Almost 20 years ago

Brands

Market share 37.5%(1) (#1 in energy drinks in

2017)

M-150 is #1 in terms of revenue in

2017

Sales

CAGR (‘15-’17) : 18.5% CAGR (‘15-’17) : 9.5% CAGR (‘15-’17) : 33.2%

1,9032,812 2,671

2015 2016 2017

306337

366

2015 2016 2017

183278

325

2015 2016 2017


Note: (1) Market share by retail sales value in Myanmar

397 617

2,1053,312 3,539

498 754

1,626

2,631 2,840

512899

1,366

2,463

3,057

2013 2014 2015 2016 2017

Osotspa TC Pharma Others

Osotspa has considerably grown its market share(1)

and retail sales value in Myanmar

Expansion of

lower price tier

product

category

Dual-fold strategy of introducing tailored products, and

partnering with a leading local distributor

Launched special formulation of Shark in 1998

for Myanmar targeting premium market

Introduced M-150 for mass consumers

1 1

Formation of JV with Loi Hein

JV with Loi Hein, one of the largest beverage

distributors with over 30,000 outlets in Myanmar

1,407

2,270

5,097

8,405

9,436

Retail sales value (THBmm)

12

Beverage Strategy: Maintain Market Share for Energy Drinks

and Gain Market Share in Other Beverage Segments

Note: Market share by retail sales value(1) Functional drinks and other new categories of beverages which we do not currently offer, but which may be added to our portfolio in the future are together internally referred to as “Look Good, Feel Good” drinks

Sports

drinks

RTD Coffee

Functional

drinks

Leverage the iconic “M” master brand

Improve product offerings through consumer insights

Leverage on iconic “M” master brand identity coupled with

promotions

Leverage existing wide distribution network

Energy

drinks

Strategic focus Medium term target

Portfolio optimization through price points, targeting customers

and occasions

Focus on functional benefits

Maintain market share in the domestic energy drinks market by

value

>54% market

share, in line with

historical

c.15% market

share, up from

current 5.7%

Launch products in the “Look Good, Feel Good”(1) category,

targeting functional needs of consumersc.10% share of

total beverages

revenue

c.10% market

share, from current

negligible share

Expand beverage product

portfolio to capture more

consumption occasions

Wa

ke

-Me

-Up

dri

nk

sL

oo

k G

oo

d,

Fe

el G

oo

d d

rin

ks

54%

5.7%

15.0%

2017 Medium term goal

approx.Domestic market share based on retail sales value

Domestic market share based on retail sales value

10%


Share based on retail sales value

10%

13

Personal Care Strategy: Continue to Grow and Gain Market

Share in All Segments

Reinforce and grow current market strength in baby care products

Target premium and health and wellness category

Focus on on-trend segments such as organic range baby care products

For example, the increase in sales of personal care products (+18.3% 1H

YoY) in Thailand was primarily due to increased sales of Babi Mild

Sakura products and a new Twelve Plus powder product in 1H 2018

Reinvigorate and reposition the Twelve Plus brand to target young women

Expanding target group

Introduce other personal care products to target a broader consumer base and

increase margin

More premium products to capture higher margin

25.1%

30.0%

2017 Medium term goal

15%Targeted contribution of new

skin care brands to total

revenue from domestic sales

of personal care products in

the medium term


Note: Medium term target are targets, not projections. Meeting these targets is subject to uncertainties and factors beyond Company’s control. Actual results may differ from the stated medium term goals(1) Hotels, Restaurants, Catering channels

approx.

Research & Development

Quicken development time, reducing overall

time to market

R&D budget of c.1-2% of revenue from

sales

Distribution

Strengthen asset light distribution capabilities

(eg. distributor owned and operated cash

vans)

Develop emerging channels such as vending

machines, E-commerce, HoReCa(1)

Healthcare and Confectionary

Leverage healthcare and pharmaceutical

heritage to launch / re-launch products in the

health and wellness categories

Re-design and re-package brands such as

Ole

Strategic focus Medium term target

Baby Care

Women’s

Beauty Care

Launch up to

three new

product

ranges in the

medium term

Overall, plan to launch three to four new skin care

brands in the medium term

14

International Strategy: Focusing in Myanmar And Growing in

New Markets

Country Channel

Leverage strong brand identity and portfolio,

coupled with geographic+ cultural proximity

to grow in CLMI(1) markets

Ensure deep market penetration by

working closely with leading local

distributors / partners

Myanmar

Laos

Cambodia

Indonesia

Vietnam

China

Note: (1) CLMI stands for Cambodia, Laos, Myanmar, Indonesia; (2) Medium term target are targets, not projections. Meeting these targets is subject to uncertainties and factors beyond company’s control

Overseas revenue contribution

from beverages

15%

20%

2017

Medium term(2)

Others

Bolster market position by establishing local manufacturing facility through JV with Loi

Hein and backward integration into manufacturing

Higher gross profit margin

Increased distribution and marketing presence

Considerably lower time to market

Setup new distribution routes to cover untapped regions

Continue strengthening local market position through strategic partnerships with local

partners and increasing market penetration

Grow in the baby care category

Customize products + packaging, expand distribution, targeted marketing strategies

Achieve a top 3 market position in energy drinks by 2020

Grow in the baby care category

For Indonesia, reposition products according to consumer preference (eg. use of

energy drinks for various drink occasions)

Explore opportunities of partnering in Vietnam, expected to launch personal care

products in 2019

Evaluate market entry into China and Vietnam; evaluating with prospective distributors

for market entry

Increase brand presence in the Middle East, and Europe through partnerships and E-

commerce

Strong presence in Thailand continue to remain the centerpiece of international expansion strategy

Category

Launch tailored energy and functional

drinks, aiming to become a regional leader

in these categories

Grow in Personal Care products by

leveraging brand strength and launching

new product ranges

Osotspa / Loi Hein hold 85%/15%

in JV

Planned CapEx for this project

amount to THB771.0mm for 2018

and THB1,653.0mm for 2019

15

Key

examples

Margin Strategy: Our Margin Improvement Programs

Continuous Efforts to Enhance Return on Assets and overall Profitability

Note: (1) An approach focusing on optimizing pricing and promotions, monitoring and optimizing costs, and coordinating delivery of net revenue and gross profit targets across brands and customers.

Phase I

(started

2017)

Phase II

(starting

2018)

Identify savings on cost of raw

materials and packaging materials

Savings on price / unit or volume of

raw materials

New formulations

New packaging designs

1

2

3

4

Identify savings from our logistics

network

Optimization initiatives (such as

transport optimization)

Vendor management

Reduce administrative expenses

Reviewing each expense item and

identify opportunities for savings

Planning to expand the scope of the

program to cover manufacturing

operations

Improve cost

efficiency

Objectives

New formulation of M150 that optimizes costs as well as

appeal to consumers’ preferences

New glass furnace in Ayutthaya which will be functional

in second half of 2018 would add to the operational and

cost efficiency

Implementation Use of proceeds

Enhance margin

Reinvest in the

business

Returns to

shareholders

Key

examples

Sourcing strategy for glass cullet that minimizes the

impact of the increasing trend of glass cullet price

Implementation of Net Revenue Management(1) for

achieving sustainable and profitable growth

16

Agendas

Company Overview

Business Highlights



Appendix

17

Market Share of Domestic Energy Drinks by Key Brands (by Value)

Market Share Update for Energy Drinks in Thailand

56.4% 55.6% 54.4% 54.6% 54.7% 53.8% 54.6% 54.3% 54.4%

21.9% 23.1% 23.2% 23.7% 23.1% 23.2% 22.7% 22.4% 22.3%

15.8% 14.9% 15.3% 15.2% 15.2% 15.4% 15.3% 15.4% 15.4%

6.0% 6.4% 7.1% 6.5% 7.0% 7.6% 7.5% 7.9% 7.9%

2015 2016 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Osotspa Carabao Group TC Pharma Others

Market Share of Domestic Energy Drinks by Company (by Value)

39.0% 38.3% 38.6% 37.8% 37.8%

9.4% 9.5% 9.2% 9.2% 9.2%

23.0% 23.1% 22.5% 22.3% 22.1%

12.4% 12.6% 12.0% 11.9% 12.0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Remained #1 in the Thai energy drinks

market:

Maintain >54% market share in line with

medium term target

Our market share for energy drinks have

stabilized since Q1 2017.

Portfolio strategy in action:


Note: Domestic market share by retail sales value

1. The quarterly figures are estimated using a simple average of the monthly figures provided.

M-150, -120 bps

Carabao Dang, -90 bps

Krating Daeng, -40 bps

Lipovitan-D, -20 bpsChalarm, -20 bpsSom-in-Sum, +170 bps

Portfolio strategy enable us to target

different segment of customers and

implement different pricing strategy for our

products which help maintain / increase our

overall market share

Market share of Som-in-Sum (targeting

women) has increased by 170 bps from

1.0% in July 2017 to 2.7% in June 2018.

Market Share Change from

2017 to Q2 2018 (in bps)

3.0%

(1)

1.2%3.2%1.3%

3.1%2.0%

2.9%2.5%

2.8%2.9%

18

5.9% 5.6%

13.9% 16.7%

4.0% 4.6%

2017 H1 2018

Market Share by Value of Domestic Functional Drinks

Peptein C-vitt Calpis

Market Share Update for Functional Drinks in Thailand

25.4% 25.3% 25.5% 24.7% 24.0% 27.7% 25.4% 28.1% 28.4%

32.9% 32.8% 31.3% 32.9% 28.9%29.6% 33.9% 31.7% 29.2%

9.6% 12.6% 13.7% 13.9% 15.2%

14.5% 11.4% 12.0% 14.7% 8.5% 7.8% 9.8% 8.7% 12.7% 10.2% 7.6% 8.3% 9.4%

23.6% 21.4% 19.7% 19.8% 19.2% 17.9% 21.7% 19.9% 18.3%

2015 2016 2017 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18

Osotspa Cerebos TC Pharma Sappe Others


Note: Domestic market share by retail sales value(1) Market share of C-Vitt, Calpis, Peptein

Market Share of Domestic Functional Drinks by Company (by Value)

Market Share of Domestic Functional Drinks by Key Brands (by Value)

Success in gaining position in

domestic functional drinks(1):

Market share continued to grew from 24.0%

in Q2 2017 to 28.4% in Q2 2018

Market share gap with the #1 player has

narrowed down from 8.2% in Q1 2017 to

0.8% in Q2 2018

Both C-Vitt and Calpis have been

growing market share

Particularly, C-Vitt’s net sales value

grew at CAGR of 29.8% from 2015 to

2017 and 44.9% from H1 2017 to

H1 2018.

Production capacity of C-Vitt recently

increased from 90 to 184 mm bottles in

July 2018

+160 bps

+280 bps

-30 bps

26.9%23.8%

19

Market Share Update for Personal Care Product in Thailand

Gained the most share among key

players since the launch of Babi Mild

Sakura

Launched Babi Mild Sakura range

(late 2017)

Increased an already significant market

share of domestic baby liquid soap

Remained #2 in Baby Talcum product

Market share has stabilized since 2017.

Babi Mild Talcum’s net sales for 1H18

alone is 41.6% higher than 1H17



Note: Domestic market share by retail sales value

1. The half year figures are estimated from the 2 quarterly figures provided In the industry report using a simple average.

Market Share of Domestic Baby Liquid Soap by Company (by Value)

Market Share of Domestic Baby Talcum by Company (by Value)

38.1 37.2 34.2 35.7

17.5 15.614.6 12.6

12.412.7

12.7 12.5

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

2015 2016 2017 H1 2018

Babi Mild (Osotspa) Johnson Baby (J & J) D-Nee (Neo Corporate Co., Ltd)

29.6 27.8 23.6 23.8

23.4 2223.2 23.2

33.4 35.9 37.7 37.8

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2015 2016 2017 H1 2018

Babi Mild (Osotspa) Johnson Baby (J & J) CARE (Colgate-Palmolive)

+150 bps


2017 to H1 2018 (in bps)

-20 bps

-200 bps

+20 bps


2017 to H1 2018 (in bps)

+0 bps

+10 bps

(1)

(1)

20

Agendas

Company Overview

Business Highlights



Appendix

21

Q2 2018 Key Developments

New Product Launch

Chalarm Black Galingale launch in August 2018 with men’s health benefit

New formulation of M-150 for domestic market with the same taste profile, same consumer preference, and same

efficacy, but lower cost already hit the shelves in April 2018

C-Vitt Production Line Completion

The new C-Vitt production line has increased our manufacturing capacity for C-Vitt by up to 94 million bottles per year

(to 184 million bottles) of C-Vitt products as our previous C-Vitt production line was operating at close to maximum

capacity since 2017

1

2

Completion of Glass Furnace Maintenance (Cold Tank Repair)

Cessation was from December 2017 to April 2018 for maintenance of the glass furnace in our Ayutthaya factory which

resulted in (a) reduction in OEM bottle sales and (b) lower gross margin given lower revenue, but similar fixed cost3

Allow recovery of OEM bottle sales, and the use of a lighter weight bottle, that has high flexibility in cullet ratios

Has a lower fixed cost per unit of beverage (will positively contribute to the beverage business’ margin)4

22

Q2 2018 Key Developments

Evaluating Market Entry

Expect to launch personal care products in Vietnam in late 2018 or early 2019

Currently evaluate using a controlled and measured approach with prospective partners/distributors for beverage market

entries into China and Vietnam

Aim to establish strong positions in market segments such that we can establish sustainable positions at affordable cost,

with the right partners

Progress in Myanmar Market

Received in June 2018 an investment license from the Thilawa Special Economic Zone Management Committee

together with a 5-year corporate tax exemption starting from the start date of commercial operations and a 50%

corporate tax exemption for the following 5 years

Entered into a long-term land lease for the land for the manufacturing facility in July 2018, expect the factory to be

operational in Q4 2019

Intend to set up new distribution routes to cover areas where there may not previously have been significant distribution

coverage

5

6

Depreciation of Myanmar Kyat

The Myanmar Kyat depreciated, against the Thai Baht, c.7.2% between H1 2017 and H1 2018

Reduction in Glass Cullet Price

The price of glass cullets, in Thai Baht per kilogram, decreased 13.8% between Q1 2018 to Q2 2018, from THB 3.6 to

THB 3.1

7

8

23

Key Financials Overview

Note: (1) Revenue from sales and services(2) Adjusted financials are based on adjustments to normalize financials by taking out non-recurring items and impacts from recent developments such as termination of Unicharm distribution agreement, deconsolidation of White Group,

and disposal of Future Group(3) Adjusted EBT is calculated as adjusted EBITDA minus depreciation and amortization, and interest expense

THBmm 2015 2016 2017‘15-'17

CAGRH1 2017 H1 2018

H1’ 18

Growth

Cons. Sales 31,739 32,267 25,878 -9.7% 12,912 12,214 -5.4%

Cons. Gross Profit 9,402 9,687 8,447 -5.2% 4,197 3,879 -7.6%

Margin (%) 29.6% 30.0% 32.6% 32.5% 31.8%

Cons. EBITDA 4,161 4,853 4,834 7.8% 2,736 2,340 -14.5%

Margin (%) 13.1% 15.0% 18.7% 21.2% 19.2%

Cons. EBT 2,961 3,656 3,660 11.2% 2,155 1,764 -18.1%

Margin (%) 9.3% 11.3% 14.1% 16.7% 14.4%

THBmm 2015 2016 2017‘15-'17

CAGRH1 2017 H1 2018

H1’ 18

Growth

Adj. Sales(1) (2) 24,990 25,900 24,571 -0.8% 11,988 12,144 1.3%

Adj. Gross Profit(2) 8,391 8,818 8,256 -0.8% 4,074 3,856 -5.4%

Margin (%) 33.6% 34.0% 33.6% 34.0% 31.7%

Adj. EBITDA(2) 4,232 4,897 5,033 9.1% 2,580 2,127 -17.6%

Margin (%) 16.9% 18.9% 20.5% 21.5% 17.5%

Adj. EBT(2) (3) 3,032 3,700 3,858 14.7% 1,999 1,550 -22.5%

Margin (%) 12.1% 14.3% 15.7% 16.7% 12.8%

Key Reported Financials

Adjusted Financials

Termination of

Unicharm

Distribution

Agreement

Rationale: Exit non-core lower margin operation

Terminated in Dec 2016 with effectiveness in Mar

2017

Deconsolidation of

White Group

Rationale: Change in de facto control in a non-

core business

Accounted for under equity method from Jul 2016, no

impact to H1 2017 or H1 2018

Disposal of equity

stake in Future

Group

Rationale: Exit non-core lower margin operation

Completed in Jan-2018, resulting in a one-time gain

from sale in H1 2017

H1 2018 EBITDA

Cost management and rationalization initiatives have

significantly contributed to improve our Adjusted

EBITDA margin and EBITDA margin from 2015 to

2017

In H1 2018 EBITDA declined from H1 2017 due to:

Increase of expense relating to launch of new

products, repositioning of existing products and

marketing activities to build brand awareness

Increased market price of glass cullet,

The temporary cessation of operations at our

Ayutthaya glass factory, while fixed costs were

still incurred in H1 2018,

Despite exiting a low-margin business, we still face

headwinds in raw materials for the Beverages

business

Ad

jus

tmen

t It

em

sE

BIT

DA

Ex

pla

na

tio

n

24

(THBmm)

Domestic Beverage Products

Note: (1)

Quarterly Sales Performance

(1)

(THBmm)

Domestic Personal Care Products

(THBmm)

International Sales

(THBmm)

Supply Chain Services(1)(2)

827

644 547

654 746 779

384

336 361

579.2 269 347

1,210

980 908

1,112 1,014

1,126

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Myanmar Others

2017 Ave Quarterly Sales: 1,052

553 505

578 651

392 416

157 180

234 208

201

287

710 685

812 859

593

703

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

Others C-Vitt

266 259 343 384 342 313

146 161

185 139 175

165 29 27

29 29 28 28 441 448

556 551 545 506

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018Babi Mild 12 Plus Others

3,956

3,393

3,839 3,778

3,906

3,569

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

2017 Ave Quarterly Sales: 3,7422017 Avg Quarterly Sales: 499

2017 Ave Quarterly Sales: 758

Note: (1) Adjusted for Unicharm termination(2) Includes revenue from OEM agreements with customers for glass bottles and personal care products we manufacture

Implementation

of SAP/HANA

system

-16.2%%YoY

Q1 ‘18 Q2 ‘18

%YoY

%YoY



2018 Ave Quarterly Sales: 648

+14.9% -16.5%

Q1 ‘18 Q2 ‘18

+2.6%

+23.6%

Q1 ‘18 Q2 ‘18

+13.1%-1.3%%YoY

Q1 ‘18 Q2 ‘18

+5.2%

2018 Avg Quarterly Sales: 526

25

6,889 6,991 6,652 3,070 3,234 1,569 1,653

4,058 4,158 3,948

2,064 2,039

3,885 3,954 3,755

1,754 1,605

2,349 2,277 1,888

982 1,364

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Packaging Raw Materials Excise Tax Other

Financial Overview (Consolidated)2Q Performance Update

Cost of Goods Sold (THBmm)

The cost of goods sold as a percent of

adjusted sales increased from 65.6% in H1

2017 to 67.9% in H1 2018, primarily due to:

An increase in the Other Cost of Goods

Sold, attributable to manufacturing

expenses for the filling plants and the

personal care plants.

Note: (1) This cost of goods sold figure is adjusted to exclude Unicharm,

Selling, General and Administrative Expenses (THBmm)

1,956 1,463 1,242

590 760 369 340

2,615 2,684

2,139

1,070 1,007

507 506

2,281 2,758

1,942

712 716

324 354

6,853 6,905

5,322

2,373 2,482

1,199 1,200

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Advertising and promotion expenses Distribution and Other selling and marketing expenses Administrative expenses Total

Advertising and promotion expenses increased

from H1 2017 to H1 2018, due to:

Continued advertising, post-product launch

(Twelve Plus perfume fresh talcum and

Babi Mild White Sakura)

Building brand awareness in connection with

new brands (M-Presso) and existing brands

(re-launching Som-In-Sum).

In H1 2018, administrative expenses increased

due to higher depreciation from new office

buildings and personnel costs. However, this

increase will be limited due to the sale of our

equity stake in Future Group in Jan 2018,

resulting in lower administrative expenses.

849866

975773

68.8%

% of Adjusted Sales

67.1% 66.1% 65.6% 67.9% 52.9% 54.2%

27.4%

% of Adjusted Sales

26.7% 21.7% 19.8% 20.4% 21.5% 20.0%

(1)

(1)

(1)

394 691

17,181 17,380 16,243

7,870 8,242

3,678 4,092

26

896 595 911 475

2,664 2,730

172 332

234

102

1,068 927

1,145

576

2015 2016 2017 H1 2018 H2 2018E 2019E

Assets under construction/installation Property, Plant and Equipmnent Total

Capital Expenditure, Dividend Policy and Capital Structure Policy

Capital Expenditures (“Capex”)

Note: (1) Planned capital expenditures in relation to the projects which have been approved by the Company(2) Net profit in the consolidated financial statements of the Company after deduction of all types of reserves as prescribed by the law and the Company's Articles of Association

3.4% 2.9% 4.4% 4.7%

(THBmm)

% Sales

Planned Capex (1)

Planned Capex for 3 main strategic projects:

New beverage production facility in Myanmar: Expected capex for first phase of THB2,424mm (with THB771mm in 2018 and THB1,653mm in 2019) with operations

starting in Q4 2019

New furnace at the glass factory at Rojana Industrial Park: Expected capex of THB1,800mm (with THB873mm in 2018 and THB927mm in 2019)

New talcum factory at Latkrabang industrial estate: Expected capex of THB167mm (with THB17mm in 2018 and THB151mm in 2019)

Planned capex in 2018 also includes maintenance of machinery and equipment (THB295mm), for more efficiently using cullet in glass manufacturing processes (THB85mm),

for building and land improvement (THB339mm) and other capex (THB284mm)

Strategic projects completed in H1 2018:

Replacement of a furnace at one glass factory: capex of THB939mm (with THB152mm in 2017 and THB787mm in 2018). The replacement has allowed the company

to produce lighter glass bottles production in an effort to optimize raw material and production costs

New C-Vitt production line: capex of THB80mm in 2018. Increase manufacturing capacity for C-Vitt by 94.0mm bottles per year

Company will pay dividends to shareholders of not less

than 60% of net profit(2)

Dividend consideration subject to cash flow availability,

company’s performance, financial status, contracted

obligation, cash reserves and relevant factors

Will consider to pay more if excess cash available

Dividend Policy

5,721

29

106

5,750

106

-

≤1 year Between 1 and 5 years ≥ 5 years

T

Financial Lease

Loans from FinancialInstitutions

H1 2018 Debt Maturity (THB mm)

Company intends repay through IPO proceeds

Capital Structure

27

Agendas

Company Overview

Business Highlights



Appendix

28

Mid-term Business Plan

Key Segment Items Osotspa Metrics Medium Term Plan(1)

Domestic Beverage Products

Domestic Energy Drink

Market Share 17A: 54.5%(2)

Maintain historical level of market share

Plan to launch 6 – 9 new beverage products in the medium-term to capture newer

consumer trends

>50% launches focused on Look Good, Feel Good drinks category

Sales Growth(6) ’15 – 17A CAGR: (1.1%) ’18 – ’20E CAGR for Thai Energy Drinks market by sales value is 2.0%(2)

Domestic Sports Drinks

Market Share ’17A: 5.7%(3) Market share of 15% in the medium term

Sales Growth(6) ’15 – 17A CAGR: (14.0%) (4) ’18 – ’20E CAGR for Thai Sports Drinks market by sales value is 4.4%(2)

RTD Coffee

Market Share N/A Reach market share of 10% on the medium term

Sales Growth(6) N/A ’18 – ’20E CAGR for Thai RTD Coffee market by sales value at 3.3% (2)

Domestic Functional Drinks Share of Revenue(6) ’17A: 1.3%(5) To increase sales to 10% of total revenues from sales of beverage products

C-VittProduction

Capacity ’17A: 90mm bottles

Production capacity increase from 90 to 184 mm bottles in July 2018

Currently operates at maximum capacity

Domestic Personal Care Products

Domestic Baby

Care Products

Market Share ‘17A: 25.1% (2) Reach 30% market share in the medium term from 25.1% today

Sales Growth(6) ’15 – 17A CAGR: (22.1%) ’18 – ’20E CAGR for Thai Personal Care Product Industry at 1.3% (2)

Women Beauty

Care ProductsSales Growth(6)

’16 – 17A Growth: (35.4%) ’18 – ’20E CAGR for Thai Personal Care Product Industry at 1.3% (2)

New Women Beauty

Care ProductsShare of Revenue(7)

N/A Reach 15% of overall domestic Personal Care sales in the medium term

Plan to launch 3 – 4 new skin care brands targeting growing market segments

Note: (1) Refers to goals for existing business operation within three to five years, not accounted for entrance into new markets, segments, or geographies(2) As disclosed in the Independent Market Research on the Energy Drinks and Personal Care Product Industries in Thailand, and the CLMV Region by Frost & Sullivan(3) Nielson Data(4) For M-Sport (rebranded as M-Electrolyte)(5) For combined sales of Peptein and Hang as disclosed in the Offering Circular(6) Based on sales value(7) Revenue from sales and services

29

Mid-term Business Plan (Cont’d)

Key Segment Items Osotspa Metrics Medium Term Plan(1)

International Business

International Sales Share of Revenue ‘17A: 15.3% (2)

Reach 20% of overall revenue in the medium term

To setup new manufacturing plant in Myanmar, in the process of reserving an area in the

Thilawa Special Economic Zone (Yangon) and, plan to enter into a long-term lease in 3rd

quarter of 2018. Expected to be operational in the fourth quarter of 2019

Set up new distribution routes to cover areas where there may not previously have been

significant distribution coverage

Margins

Gross & EBITDA MarginImprovement

Factors ‘17A Gross Margin: 32.6%

‘17A EBITDA Margin: 18.4%

Our ‘lean principle’ and Fitness First Programme:

Pursue margin accretive initiatives, with exception of longer term initiatives with

considerable strategic importance

Increase production efficiency & flexibility

Inventory management

Packaging & distribution efficiency

Supply chain efficiency

Net revenue management

Cost efficiency and Waste management

Evaluation philosophy for new investments

Other

Net Working Capital Policy N/A

Continue to improve our inventory management and seek to reduce our working capital

requirements by improving our sales forecast and better anticipating demand levels for

our products

Dividend Policy Policy N/A Dividend payout of no less than 60% of net income

Capital Expenditure Key Areas N/A

Improving our production and distribution capabilities

To keep capitalizing on growth opportunities in Myanmar, Laos, Cambodia and Indonesia

(Refer International Sales)

Note: (1) Refers to goals for existing business operation within three to five years, not accounted for entrance into new markets, segments, or geographies(2) Includes only beverage products

30

Financial Overview by SegmentSegmental Performance

Beverage Products (THBmm)

Personal Care Products (THBmm)

1

2

Beverage sales in 2Q ‘18 of 6.7%.

Started to market and sell M-Presso

and launched additional Shark Cool

Bite flavors in Thailand in Feb 2018

and 2017, respectively.

The drop in gross profit is primarily due

to a shift to modern distribution

channels that are more costly, as well

as the set up of the factory in

Myanmar, which has yet to begin

production activities.

SKU rationalization from 1,292 in 2015

to 239 in 2018 was the primary reason

for revenue decrease, until 2017

Streamlined business have resulted in

better profitability and higher margins

H1’18 revenue growth due to launch of

Babi Mild Sakura products in late 2017

6,531 6,983 6,558

3,336 3,110

1,544 1,512

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

34.7% 35.6% 34.6%

’15 – ’17 CAGR: +0.2%

Adjusted Gross Profit

18,797 19,630 18,975

9,471 9,487

4,341 4,631

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Adjusted Sales

+0.2%’15 – ’17 CAGR: +0.5%

Margin

35.2% 32.8% 35.6% 32.7%

1,444 1,365

1,075

431 546

218 278

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

43.6% 44.4% 49.0%


3,315 3,072

2,195

957 1,180

480 571

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Adjusted Sales

Margin

45.0% 46.3% 45.3% 48.6%

31

482

366 335

166 182

76 97

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Others and Service Revenue (THBmm) (2)4

Supply Chain Services (THBmm) (1)3

Financial Overview by SegmentSegmental Performance (Cont’d)

Note: (1) Refers to OEM and JV business. Adjusted for Unicharm termination(2) Refers to confectionary and media business. Adjusted for impact of White Group and Future Group

A temporary maintenance pause on

the glass furnace resulted in sales and

profit decline in H1 2018. This project

was completed in April 2018.

Supply Chain Services have been

performing well

Increased sales volume for C-Vitt

and Calpis branded beverage

products from stronger distribution

Increased in revenue from OEM

services from our OEM personal

care product customers.

Other businesses are mainly

Osotspa’s confectionary business

under the brands Ole and Botan which

has been with Thailand for

generations

Working on new designs and

packaging for certain brands such as

Ole in order to re-position and make it

more appealing to end-consumers

Revenue from Botan and Ole products

decreased due to the discontinuing of

certain Ole variants and capacity

constraints on some flavors.

303 319

482

249 190

136 99

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

12.6% 11.2% 15.7%


2,397

2,832 3,066

1,394 1,296

684 703

2015 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

Adjusted Sales

Margin

17.9% 14.7% 19.9% 14.1%

114

151 141

58

9

2015

2015

23.6% 41.3% 42.2%

Adjusted Gross ProfitAdjusted Sales

Margin

34.8% 5.0% -20.8% -9.2%

(16) (9)

2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

32

Glass Cullet Price

Q1 2017 – Q2 2018

2.7

3.23.3

3.7 3.6

3.1

Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18

Decrease in glass cullet price,

between Q1 2018 and Q2 2018,

potential for OSP to have a

temporarily lower Cost of Goods

Sold, as glass is one of the major

costs of the beverage segment.

Glass Cullet Price Q1 2017 – Q2 2018THB per Kilogram

In the first half of 2018, glass cullet price is coming down for the first time after constant increase since 2017

33

Strengthen domestic presence in broader non-alcoholic

beverages and expand personal care

Key growth drivers for the domestic beverages business

Building from Solid

Core of Strong

Portfolio of Brands

Product launches Vitalize existing products Premiumization Healthier choices Data analytics

Domestic beverage

market strength

Launch 6-9 new products over the medium term

>50% launches focused on Look Good, Feel Good drinks category

New packaging

New flavors

Enhanced formulations

Launching premium products targeting urban consumers

Launch zero-sugar variants for existing products

Natural ingredients for new products

Note: Market share by retail sales value

Multi-brand / multi-product strategy enables diversification of revenue and effective targeting of different customer segments

34

Well established R&D team armed with deep local consumer

insight for product innovation and speedy response to changes

in consumer trends

Insights for brand transformation / repositioning

Innovation of new variants or products

Shark transformation Som In-Sum repositioning

Babi Mild White Sakura M-Presso RTD Coffee

New flavors for younger

and urban consumers

Reposition for female

consumers

Japanese-inspired personal

care products with innovative

ingredients and fragrances

Cater to increase in demand

for convenient coffee

Source: Company information, Nielsen

pps : Percentage points(1) Market share by retail sales value

Plan to invest at least 1 – 2% of revenue into R&D, under the guidance of F&B R&D veteran with 22 years of experience

with global blue-chip FMCG companies

Speedy product development

(Time from conceptualization to launch)

Babi Mild White

Sakura Bath

≤ 6 months

Twelve Plus

perfume

fresh powder

≤ 6 months

M-Storm can

≤ 6 months

M-Presso

≤ 12 months

Experienced R&D head

Vilairat Charoenwongse

Past experience in R&D and innovation

across some of the most reputable FMCG

companies in the West

0.7%1.2%

2.5%

2016 2017 1Q'18

Market Share by Value

+2.2 pps increase in market share(1)

of Baby Liquid Soap in 1Q’18

Gained market share(1) of 1.1%

since launch in February 2018

+Multiple fruit flavors and sugar

free version

35

Flexible manufacturing platform, with fully integrated beverage

value chain, allowing for cost competitiveness and high margin

Fully integrated value chain with capacity headroom…

Wrapped in plastic sheets

Osotspafilling plant

OEM customers

Glass melting

Molten glass reconditioning

Glass bottle forming

Bottle annealing

Bottle coating

Cullet

Sand

Limestone

Soda ash

Feldspar

Other small ingredients

Bottling/ canning

Capping/ sealing

Labeling

Film wrapping

Carton & pallet packing

Modern trade

Traditional trade

Overseas agents

Overseas customers

Mixing & boiling

Pasteurizing

Flavor Sugar Caffeine Taurine Other

ingredients

Gla

ss b

ott

les

Bev

era

ge f

illin

g

Raw

materialsManufacturing

Packing &

distributionCustomers

Fully integrated, with one of the largest glass bottle manufacturing

capabilities in Thailand, with practical capacity of 471,000 tons / year

Capacity headroom, that can drive future growth with limited capex

…drives leading profitability profile…

…and prudent capex outlay vs. peers

Leading EBITDA(1)…..

Capex (% of sales)

16.9%

20.5%

17.4% 17.0% 16.8% 16.7%

11.9% 10.6%

Osotspa15

Osotspa17

Ichitan Indofoods CBP

Universal Robina

Vitasoy Delfi CarabaoGroup

Median: 16.8%

2015 2017

4.4%

3.1%

4.1% 5.1%6.3% 6.5%

23.5%

Osotspa Delfi Vitasoy IndofoodsCBP

Ichitan UniversalRobina

CarabaoGroup

Median: 5.7%

Source: Latest available annual filings of Ichitan Group Public Company Limited, PT Indofood Sukses Makmur Tbk, Universal Robina Corp., Vitasoy International Holdings Ltd., Delfi Ltd. and Carabao Group Public Co. Ltd.

Note: All numbers for year ending 31st December, 2017; except for Vitasoy, for which numbers are twelve months ending 30th September 2017

Note: (1) Adjusted EBITDA is a non-GAAP measure and as such Adjusted EBITDA may not be compatible to similar measures presented by other companies

36

Experienced board of directors and management

Our board(1) comprises of… Our select management has …

Former/current

Presidents/CEOs

Founding family

members

Senior level former

public servants

23

Years of experience

in the industry

On average

Global MNC experiences

Surin Osathanugrah

Chairman of the Board

Joined Osotspa: 1974

Experience: Former Director of Nai Lert Park Hotel Company

Limited; Vice Chairman of Safety Insurance Public Company

Limited

Somprasong Boonyachai

Vice Chairman of the Board / Independent Director


Experience: Director of BEC World Public Company Limited, Vice

Chairman of Advanced Info Service Public Company Limited,

Director of Intouch Holdings Public Company Limited

Kannikar Chalitaporn

Vice Chairman of the Board


Experience: Chairwoman of Index Living Mall, Director of Siam

Commercial Bank

Krik Vanikkul

Independent Director


Experience: Former Deputy Governor (Financial Institution Stability)

at the Bank of Thailand

Petch Osathanugrah

Chairman of Executive Committee & CEO

Joined Osotspa: 1983 / Years in the

industry: 35

Experience: Chairman of the Executive

Committee and council member of Bangkok

University, Director of Shiseido (Thailand)

Co., Ltd.

Wannipa Bhakdibutr

President


industry: 32

Experience: Vice Chairman of the

Executive Committee (Food and Personal

Care Products Marketing) at Unilever Thai

Trading Co., Ltd.

Porntida Boonsa

Chief Financial Officer & Acting Chief Supply

Chain Officer


industry: 7

Experience: Vice President (Finance) at

Unilever Thai Trading Co., Ltd.

Held senior positions in different functions

across geographies with MNCs

Rob Rijnders

Chief International Business Officer


industry: 25

Experience: Vice President (Customer

Development) at Unilever Thai Holdings

Co., Ltd.

Suthipa Panyamahasup

Chief Marketing Officer


industry: 20

Experience: Vice President (Homecare and

Ice-Cream) at Unilever Thai Trading Co.,

Ltd.

Sarayut Jitcharoongphorn

Chief Customer Management Officer


industry: 22

Experience: Former Senior Vice President

at CPF Trading Co., Ltd., Head of General

Trade Customer Development at Osotspa

Note: Board of directors and management as of 1 July 2018(1) Board of directors is composed of 15 members in total

James Bruce

Chief Strategy and Business

Transformation Officer


industry: More than 18

Experience: Executive Vice President

(Global Business Services) and Vice

President (Finance – South East Asia &

Australia) at Unilever PLC.

Nukit Chonlacoop

Chief Manufacturing Officer


industry: More than 20 years

Experience: Security, Safety, Health and

Environment Manager, Global Project

Advisor and the Manager of Block 3/4

Operation at Esso (Thailand) PCL

Viwat Krisdhasima, Ph.D

Chief Supply Chain Officer


industry: More than 20 years

Experience: Vice President-Supply Chain at Unilever Thai

Services, Independent Director at Zarina Group PCL and

Shera PCL, and Director at Bell Pepper Co., Ltd.

23 23 23

37

Continuous investment in human capital and innovation capability

Skill based training

Leadership programs

Customer care trainings

Data analytics and new technologies training

>300 senior employees visited customers, consumers,

and innovative and new technology oriented

companies in 2017 for learning and ideas

Focused talent recruitment

Trade Promotion Management (assessing impact of promotions through analytics)

Microsoft Power Business Intelligence

Training and development

Other initiatives

6 new board members joining since 2016

5 management joining in 2016 and 2017

4 new management that recently joined in 2018

New management and board of directors

Nukit Chonlacoop

Chief Manufacturing

Officer

Vilairat

Charoenwongse

Head of R&D

James Bruce

Chief Strategy and

Business Transformation

Officer

Viwat Krisdhasima

Chief Supply Chain

Officer

38

Revenue from International Sales

Strong regional presence, particularly in Cambodia, Laos and

Myanmar (“CLM”)

Presence through direct distributors in 25 countries globally through distributors…with strong and growing presence in CLM countries


Note: (1) Market share by retail sales value in Myanmar; (2) Primarily sales to customers in Cyprus, the United Arab Emirates, and Saudi Arabia

#1 in Myanmar energy drinks based on domestic retail sales value

#1 in Laos energy drinks in terms of revenue

Growing presence in Cambodia energy drinks

Laos

Myanmar

Cambodia

37.5%(1) (#1 in energy

drinks in 2017)

2017 Sales: THB

2,671mm

M-150 is #1 in terms of

revenue in 2017

2017 Sales: THB

366mm

2017 Sales: THB 325mm

Myanmar

63.5%

Cambodia

7.7%

Laos

8.7%

Indonesia

9.0%

Other overseas markets (2)

11.1%

39

Adjustments to Normalize FinancialsAdjustments to Take Away the Impact from Recent Key Developments

Note: (1) Gross profit is defined as the difference between (i) revenues from sales and services and (ii) cost of sales of goods and cost of rendering services(2) Net profit includes add-back of one-time adjustments for termination (after tax)(3) Net profit includes less one-time adjustments for status changing and add-back of impairment losses on investment in associate(4) Recognized deferred tax expenses in the amount of THB132.0mm as at December 31, 2017 relating to the divestment of the Future Group, which is not reflected in the net profit for 2017 attributable to Osotspa

Termination of Unicharm Distribution Agreement

Terminated in December 2016 with effectiveness from March

2017

Net profit includes one-time adjustments related to

provisions booked in 2016 and partial reversal of such

provisions in 2017 in connection with the costs associated

with the termination

Deconsolidation of White Group

Consolidated in our consolidated financial statements until

June 30, 2016 and deconsolidated afterwards

Has been accounted for under equity method from July 1,

2016

Net profit includes one-time adjustments related to the

change of status of the White Group from fully consolidated

subsidiary to affiliated company

Disposal of Future Group

Disposal of equity stake in the Future Group was completed

in January 2018

1

2

3

Historical Contribution of Unicharm Distribution Agreement

THBmm 2015 2016 2017 H1 2017 H1 2018

Revenue 4,896 5,065 579 579 -

Gross Profit(1) 516 547 57 57 -

Net Profit (2) 179 180 32 32 -

Historical Contribution of White Group

THBmm 2015 2016 2017 H1 2017 H1 2018

Revenue 1,057 539 - - -

Gross Profit(1) 282 142 - - -

Net Profit(3) 41 42 32 23 15

Historical Contribution of Future Group

THBmm 2015 2016 2017 H1 2017 H1 2018

Revenue 796 763 727 345 70

Gross Profit(1) 213 181 134 66 23

Net Profit 121 86 46(4) 38 4

40

Year Ended

December 31,

Six Months Ended

June 30,

(THBmm) 2015 2016 2017 2017 2018

Net profit for the period 2,336 2,981 2,939 1,795 1,472

Finance cost 54 77 98 48 50

Corporate income tax 625 676 720 359 292

Net earnings before interest and

taxes (EBIT) 3,015 3,733 3,757 2,202 1,814

Depreciation and amortization 1,146 1,120 1,077 534 526

EBITDA 4,161 4,853 4,834 2,736 2,340

Loss (gain) on disposal of investment 3 (5) (20) (18) (3)

Loss on disposal of subsidiaries 6 - --

(62)

Impairment of assets 58 18 37 12 (30)

Loss/(gain) on disposal of written-off

fixed assets and intangible assets (50) (226) (23) (57) (115)

Expenses from employees

termination 97 330 212 9 22

(Gain) on change in status from

subsidiary to associated company - (228) - - -

Expenses from business termination

and restructuring 329 361 30 (33) 3

Provision for taxes, penalty and

litigation case - 102 34 - (20)

Normalised profit from Unicharm

distribution business (before tax) (224) (225) (40) (40) -

Normalised profit from Future Group

(before tax) (149) (84) (30) (29) (9)

Adjusted EBITDA 4,232 4,897 5,033 2,580 2,127

4,232

4,897 5,033

2,580 2,127

2015 2016 2017 H1 2017 H1 2018

4,161

4,853 4,834

2,736 2,340

2015 2016 2017 H1 2017 H1 2018

EBITDA (THBmm)

Adjusted EBITDA (THBmm)

16.9% 18.9% 20.5% 21.5%

13.1% 15.0% 18.7% 21.2%

Adjusted EBITDA to EBITDA Reconciliation

No

n-r

ecu

rrin

g Ite

ms

19.2%

17.5%

EBITDA and Adjustments For Non-Recurring Income

Margin

Margin

41

Consolidated Profit and Loss Statement

Note: (1) The nomenclature used for the following three line-items changed in our 2017 consolidated financial statements, without these changes impacting the substance or scope of these line-items, or the comparability of the

disclosed financial data over the disclosed period: “revenue from sales” (appears as “revenue from sales of goods” in our 2016 consolidated financial statements), “revenue from services” (appears as “revenue from rendering of

services” in our 2016 consolidated financial statements), and “selling and distribution expenses” (appears as “selling expenses” in our 2016 consolidated financial statements)(2) EBITDA for any year is defined as net profit for the year plus finance cost, corporate income tax and depreciation and amortization

Year Ended December 31, Six Months Ended June 30,

(THBmm) 2015 2016 2017 2017 2018

Revenue 31,739 32,267 25,878 12,912 12,214

Direct costs 22,337 22,579 17,431 8,715 8,335

Gross margin 9,402 9,687 8,447 4,197 3,879

% Margin 29.6% 30.0% 32.6% 32.5% 31.8%

Selling and distribution expenses(1) (4,572) (4,148) (3,381) (1,660) (1,767)

Administrative expenses (2,281) (2,758) (1,942) (712) (716)

Investment income 60 32 17 9 7

Gain on change in status from

subsidiary to associated company - 228 - - -

Other income 245 477 316 213 322

Share of profit (loss) from investments

in associates and joint ventures 160 214 299 156 88

Operating Profit 3,015 3,733 3,757 2,202 1,814

Finance costs (54) (77) (98) (48) (50)

Profit before income tax expense 2,961 3,656 3,660 2,154 1,764

Income tax expenses (625) (676) (720) (359) (292)

Profit for the period 2,336 2,981 2,939 1,795 1,472

% Net margin 7.4% 9.2% 11.4% 14.4% 12.2%

Profit Attributable to Owners of

Parent2,092 2,812 2,834 1,734 1,444

EBITDA (2) 4,161 4,853 4,834 2,736 2,340

% Margin 13..1% 15.0% 18.7% 21.2% 19.2%

Revenue includes revenue

from sales(1) and revenue

from services(1)

Direct costs include cost of

sales of goods and cost of

rendering of services

Revenue declined from

THB31.7bn to 25.9bn

between 2015 and 2017,

primarily due to termination

of Unicharm Distribution

Agreement, deconsolidation

of White Group and disposal

of Future Group

Gross margin increased from

29.6% to 32.6% from 2015 –

2017

EBITDA margin improved

from 13.1% in 2015 to 18.7%

in 2017

Net profit increased from

THB2,336mm in 2015 to

THB2,939mm in 2017

42

Transaction Overview

Pre-IPO Shareholding

Post-IPO Shareholding

Osathanugrah family Y Investment Limited1 Chaiprasit familyMr. Nopananta

Pradistuwana

84.20% 10.00% 4.05% 1.75%

Osathanugrah family Y Investment Limited1 Chaiprasit familyMr. Nopananta

Pradistuwana

63.25% 7.32% 3.36% 1.45%

Public Investors Related persons24.50% 0.12%

Note: Y Investment includes Y Investment Limited, PJ Spring Investment Limited and CLMV Thailand Investment Limited

Existing Shareholders: 75.38%

43

Financial Overview by SegmentContribution By Each Segment

Note: (1) Adjusted for impact of White Group and Future Group in Others segment (confectionary and media business), and Unicharm termination in Supply Chain Services segment (OEM and JV business)(2) Before intersegment elimination

Beverage products

77%

Personal care products

9%


13%Other

1%

FY 2017A Adjusted Sales Contribution(1)

THB24.6bn

FY 2017A Adjusted Gross Profit Contribution(1)

Beverage products

80%Personal care

products13%


6%Other1%

THB8.2bn(2)

Beverage products

78%Personal care

products10%


11%Other1%

Beverage products

80%Personal care

products14%


5%Other1%

H1 2018A Adjusted Sales Contribution(1)

THB12.1bn

H1 2018A Adjusted Gross Profit Contribution(1)

THB3.9bn(2)

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