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Oishi GroupAnalyst Meeting

Q3/2019

For the period of Apr - June 2019

Aug 21, 2019

Disclaimer

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• 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 Oishi Group Public Company Limited and its Subsidiaries (“OISHI”) operate and general achievement of OISHI business forecasts, which will cause the actual results, performance or achievements of OISHI to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

• 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 OISHI or any of its agents or advisors or any of their respective affiliates, advisors 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 and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part be reproduced or recirculated

with out written consent from OISHI, save in strict compliance with all applicable laws.

Agenda

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3Q19’s Financial Performances

Food Business

Strategy & Outlook

Beverage Business

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Sep 2017 • Excise Tax and Sugar Tax are imposed on Ready-to-drink Tea (RTD Tea) Category

Nov 2017 • Increase in Retailed Price of Green tea across all products as a result of Excise Tax• Fire incident at Navanakorn which impacted UHT Beverage capacity

Dec 2017 • Revisit menu offerings and price adjustments for “Oishi Grand” from THB895 net to THB995 net

Mar 2018 • Launched 350ml PET at THB15/bottle in traditional trade channel to fill in the gap of price structure

July 2018 • Completed partial bond repurchase of THB 299.3 mn due to the company’s abundant of cash liquidity

Oct 2018 • Relaunched Core Flavour, Oishi Green Tea Honey Lemon with Hyakkamitsu Honey and Launched new flavor, Honey Double Lemon with Hyakkamitsu Honey

Dec 2018 • Launched Oishi Gold, premium tea• Resumption of UHT Beverage Capacity at Navanakorn• Repayment of matured bond amounted THB700.7 mn

Feb 2019 • Launched Packaged Food’s one brand, “Oishi Eato”

Key Events in the Past

Financial Snapshots: 3Q19 and YTD19

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Bond of THB 1,000 mn as of Jun-19 , interest rate 2.20% per annum, was matured since 6 July 2019. Currently, the company has zero interest-bearing debt.

Quarter (Apr - Jun) YTD (Oct – Jun)

(THB mn) 3Q19 3Q18 % Change YTD19 YTD18 % Change

Revenue

Beverage 1,799 1,715 +4.9% 5,102 4,773 +6.9%Food 1,840 1,630 +12.9% 5,386 4,853 +11.0%Total 3,639 3,345 +8.8% 10,488 9,626 +8.9%Net Profit

Beverage 319 310 +2.9% 809 725 11.5%Food 103 -18 NA 337 107 214.5%Total 422 292 +44.5% 1,145 832 37.6%Normalized Net Profit (excluded extraordinary item)Beverage 325 310 +4.8% 814 725 12.3%Food 119 33 +260.4% 353 158 123.4%Total 444 343 +29.4% 1,167 883 32.1%

(THB mn) Jun-19 Sep-18 % Change

Balance Sheet Items

Total Asset 9,395 9,680 -2.9%

Interest-bearing debt 1,000 1,701 -41.2%

Total Liabilities 2,818 3,690 -23.6%

Total Equity 6,577 5,990 +9.8%

Financial Performances: Beverage

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7,085 7,0545,986

1,715 1,213 1,618 1,684 1,799

0

1,0 00

2,0 00

3,0 00

4,0 00

5,0 00

6,0 00

7,0 00

8,0 00

2016 2017 2018 3Q18 4Q18 1Q19 2Q19 3Q19

1,0041,233

772310

47 214 275 325*

14.2% 17.5%12.9%

18.1%

3.9%

13.2% 16.3% 18.1%

-46.0%

-36.0%

-26.0%

-16.0%

-6.0%

4.0 %

14. 0%

-400

100

600

1,1 00

1,6 00

2,1 00

2,6 00

2016 2017 2018 3Q18 4Q18 1Q19 2Q19 3Q19

Normalized Net Profit and Margin

THB mn

THB mn • Beverage revenue in 3Q19 increased by 4.9% YoY

• Revenue increased mainly due to strong growth in export sales to CLMV markets

• Also, the UHT OEM line recovered its operation since Apr-19 after the fire incident impact

• Beverage net profit in 3Q19 improved by 4.8% YoY

• Profit increase was thanks to revenue growth. While SG&A was lower, there was some initial cost of ramping up UHT OEM line in 3Q19. In comparison, 3Q18 performance was benefit from recognition of Business Interruption insurance claim in other revenue.

Note: * Normalized net profit with extraordinary item adjustment

Sales and Services Revenue

Financial Performances: Food

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• Food revenue increased by 12.9% YoY in 3Q19

• Increased in revenue YoY are as a result of new outlets opening and strong Same-Store-Sales at +5.0% growth in the quarter

Sales and Services Revenue

6,552 6,497 6,610

1,630 1,757 1,748 1,798 1,840

0

1,0 00

2,0 00

3,0 00

4,0 00

5,0 00

6,0 00

7,0 00

2016 2017 2018 3Q18 4Q18 1Q19 2Q19 3Q19

119210 287*

33*129 112 122 119*

1.8%3.2% 4.3%

2.0%

7.4% 6.4% 6.8% 6.5%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10. 0%

0

100

200

300

400

500

600

700

800

900

1,0 00

2016 2017 2018 3Q18 4Q18 1Q19 2Q19 3Q19

Normalized Net Profit and Margin

THB mn

THB mn • Normalized net profit of food business increased significantly at 260.4% YoY in 3Q19

• Profit increase significantly YoY thanks to an increase in revenue, lower cost of key raw materials, ability to control waste, and improvement in efficiency management at both Restaurant and Packaged Food segments

Note: * Normalized net profit with extraordinary item adjustment

Better Profitability Ratios

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Gross Margin (%)

35.9% 37.0%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q18 3Q19

ROA* (%)

EBITDA Margin (%)

ROE* (%)

12.0%

18.0%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

3Q18 3Q19

20.0%

25.7%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

3Q18 3Q19

Note: *Annualized Ratio based on reported Net profit

8.7%11.6%

10.3% 12.2%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q18 3Q19

Reported NM Normalized NM

17.0% 18.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q18 3Q19

Net Margin (%)

Strong Financial Status

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Current Ratio (x)

1.3

1.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jun-18 Jun-19

D/E and Net D/E Ratios (x)

0.3

0.2 0.1

(0.0)(0.2)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jun-18 Jun-19

D/E Net D/E

A+ Rating Affirmed Reflects Strong Financials

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TRIS Rating affirms the company rating of Oishi Group PLC (OISHI) at “A+” with “Stable” Outlook

October 12, 2018

Key Highlights

Strong Positions➢ The rating reflects OISHI’s well-known brand, leading market position in ready-to-drink (RTD)

tea segment in Thailand and status as a strategically important subsidiary of Thai Beverage PLC

➢ Despite the recent drop in sales in the RTD tea segment, OISHI has remained the market leader with strong brand and an extensive distribution network which yields high market penetration

Low leverage and abundant cash flow protection➢ OISHI’s balance sheet as well as debt serviceability will remain strong

Source: TRIS

Corporate Governance and AGM Scores

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Oishi Group Listed co Avg 20182014 2015 2016 2017 2018

Rights of Shareholders 89 94 95 95 95 94Equitable Treatment of Shareholders 96 98 99 99 99 90Role of Stakeholders 76 80 79 91 92 80Disclosure and Transparency 84 87 89 93 96 85Board Responsibilities 70 76 81 81 85 72Total score 78 84 86 88 91 81

2014 2015 2016 2017 2018 2019 Listed co Avg 2019

Oishi Group 97 100 99.25 100 99 100 93.95

Good Corporate Governance Scores

AGM Quality Score

Source : Thai Institute of Directors (สมาคมส่งเสริมสถาบนักรรมการบริษัทไทย)

Source : Thai Investors Association (สมาคมส่งเสริมผู้ลงทนุไทย)

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Beverage Business

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Thailand – % Market share of RTD Tea by Value

Source : Nielsen Retail Index Jun-19

Value % YoY

MAT-Jun19

RTD Tea -2.6%

Oishi Corp. -4.9%

Second Player +0.5%

Moving Average 12 months (MAT) Jun-19’s Value = THB 12,285 mn

45.6% 44.5% 44.1% 44.0% 44.4% 45.0% 45.6%43.6% 44.3% 45.7% 44.2%

46.2%43.8% 43.8% 43.5%

30.2% 31.2% 31.2% 30.5% 29.2% 28.7% 30.0%31.9% 31.6% 30.2% 30.0% 30.2%

33.4% 33.2% 33.7%

7.0% 7.7% 7.0% 7.3% 8.1% 7.7% 6.8% 7.6% 7.8% 7.6% 8.7% 8.1% 8.0% 7.3% 7.7%

Oishi Corporate Second Player Third Player

Beverage: Oishi Sustains Leadership Position

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Beverage: No.1 Brand on Twitter (Jan – Apr 19)Capture Teen’s hearts

Source : https://positioningmag.com/1231841

# 1

Beverage: Resumption of Capacity since Dec-18

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• The UHT production lines have been resumed since December 12, 2018. The UHT operation started with UHT Green Tea immediately and then UHT Dairy (OEM products) in Apr-19.

• Excess Capacity of Drinking water was sold in Apr-19

• Average utilization of 3Q19 was around 60%-70%, improved from 3Q18

Capacity Snapshot

(mn unit/ month) Jun’18 Jun’19

CAF (1-4) 60.0 60.0

Drinking water 24.0 18.0

Others (UHT Green Tea, UHT Dairy, Hot-fill) 12.5 45.5

Total 96.5 129.5

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Summer Campaign: First Cooperation Among Business UnitsCampaign Period: 20 Feb – 31 May

1st time synergy : Leveraging the power of Drink and Food in 2019 summer promotion

✓ Increase in number of participants by 25%

✓ More efficient A&P spending

✓ 100% Online code submission – resulted in transactional cost saving

▪ Beverage Products

▪ Packaged Food

▪ Restaurant

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Beverage: Action Plan for Sugar Reduction

• Oishi has gradually adjusted recipes for majority of the portfolios with Brix level 10-14 grams to be in Brix level 8-10 grams which will be finalized before Oct-19 when the new rate of sugar tax become effective

• This plan will eventually save sugar tax cost from 0.5 to 0.3 grams/ Lt. with target of no additional cost in production’s raw materials

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Beverage: Oishi Gold to Launch at 7-11 in Aug-19

Oishi Gold is Now Available in Leading MT, CVS and Oishi Restaurants

Exclusive Trip in Wakayama with 7-11

Beverage: Continue to grow in CLMV markets

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Thailand• No.1 RTD Tea

Cambodia*No. 1 RTD Tea

Singapore

• Proven products in a quality-concern market

• Cooperation with F&N

Laos*No. 1 RTD Tea

Malaysia• No.1 RTD Green tea• Cooperation with F&N

Remarks : * Market share information is based on internal market survey from local distributors (unofficial data)

3Q18 3Q19

Export Revenue

+40% YoY

% Export to Bev revenue

16% 21%

1100Company’s Subsidiary Company’s Beverage Factory Partner’s Beverage Factory

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Food Business

Food: Continued Outlet Expansion

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Brand TypeBalance as

of30 Sep 18

Opened Closed Balance as

of30 Jun 19

Buffet (THB 995 net)

1 - - 1

Buffet(THB 659+)

7 + 1 - 8

Buffet(THB 569+)

11 - - 1 10

Buffet(THB 399 net)

138 (1) + 14 - 5 147 (1)

A-la-carte 54 + 2 - 2 54

A-la-carte and Buffet (THB399++ and 539++)

17 - - 2 15

A-la-carte 22 + 3 - 1 24

Others A-la-carte 2 - - 1 1

Total 252 + 20 - 12 260

Note: 1) include 2 outlets of Shabushi in Myanmar

Remarks: Price might be vary in some outlets

Food: Marketing Activities and New Menu

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Food: Cooperation with Grab Food

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Kakashi + Grab

Start: June 2019

Promotion: Discount 50% for new Grab Food user

Oishi Ramen + Grab

Start: Mid-July 2019

Promotion: Discount 50% for new Grab Food user

Launch in 4Q19

Food: New Online Service’s Click & Collect

$Customer simply add menus

to the shopping cartAt checkout, select Click &

Collect to find a participating Oishi restaurant near you

Payment can be made either through online payment

gateway or pay at selected restaurant when pick up

Pick up the food at the selected Oishi restaurant

Channel: Modern Trade (Supermarket, Hypermarket, and Convenient Store)

Period: Jun-19

Channel: Oishi Restaurants (58 outlets) and Oishi delivery

Period: Jul-19

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Food: Packaged Foods Continued to Develop New Products

Gyoza Mala

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Food: Packaged Food’s Communication Campaign

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Strategy and Outlook

• Store Expansiono To open 19 outlets in

2019 and 20 outlets in 2020

o Deeper penetration in second-tier provinces

• Brand Building & Customer Retentiono Brand Premiumizationo Improve Customer

Experience using services and technology

• Product Developmento New Innovationo Menu Rationalization

• Platform Expansiono Online ordering &

delivery platform• Operational Excellence• Sustainable Quality

• Dominance Leadership in Thailando Grow portfolio share

through innovation and new product development

o Premiumizationo Healthier Products for the

future

• Larger Export Footprinto Grow in CLMV

• Driving Synergyo Synergy with stakeholders

2019-2020 Strategic Priorities

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Restaurant Packaged FoodBeverage Group

Food Group

• Brand Buildingo Oishi “One” Brando Japanese brand for RTEo Build Brand connection

and Engagement• New Product

o New category and New innovation

• Distributiono Expand to new channels

and leverage Group Synergy

o Continue to grow in existing channels – CVS and MT

o Grow Export• Efficiency and Productivity

o Utilize technologyo Improve process to

reduce waste

Our Awards and Recognitions

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2018

Superbrands Thailand 2017Awards from Superbrands for 3rd consecutive years

Thailand’s Most Social Powerful Brand 2018 for RTD Tea from BrandAge

Thailand Top Company Awards 2018 from ARIP and UTCC

Food Safety Award 2018from Ministry of Public Health

Certificate from Green House Gas Management Organization (องค์การบริหารจดัการก๊าซเรือนกระจก)

2019

Thailand’s Most Admired Brand 2019 from BrandAge for 8th

consecutive years

The Most Powerful Brand2018 from ChulalongkornBusiness School

Thailand’s Most Social Powerful Brand 2019 for RTD Tea and Restaurant from BrandAge

Give Back to the Community with CSR

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The Giving Project

• Renovation of Thai temple in Japan

• Clean drinking project

• The Co-operative Education Project

• The residence project

• Scholarships for children of staff

“Im-jung” Project

• Special meal for less fortunate children

• for schools in nearby area of manufacturing plants

• Songkran events for disabled one and elderlies in less developed areas

Support and extend help to society in a number of ways – promotion for quality of life, economic and social aspects through activities as follows:

Donate our products for youth and those less fortunate in our community alongside with recreational activities that promotes good morality.

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THANK

YOU