Aug 20th, 2020

Oishi GroupAnalyst Meeting

Q3/2020

For the period of Apr - Jun 2020

Disclaimer

2

• 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

3

3Q20’s Financial Performances

Food Business

Strategy & Outlook

Beverage Business

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 2018 • Launched Oishi Gold, premium tea• Resumption of UHT Beverage Capacity at Navanakorn

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

Feb 2020 • The new par value of THB 1.0/ share became effective, resulted in total share of 375 million

Mar-May 2020 • Majority of the company’s restaurants were temporarily closed for dine-in started Mar, 22nd – May, 16th

4

Key Events in the Past

Financial Snapshots: 3Q20 and YTD20

5

The company has strong balance sheet with zero interest-bearing debt as of Jun-20.

(THBmn, unless stated otherwise)

Quarter (Apr – Jun) YTD (Oct – Jun)

3Q20 3Q19 % Change YTD20 YTD19 % Change

Sales and Services Revenue 2,154 3,639 -40.8% 8,423 10,488 -19.7%

Cost of Sales and Services 1,545 2,292 -32.6% 5,658 6,688 -15.4%

Gross Profit 609 1,347 -54.8% 2,764 3,800 -27.3%

Selling Expense 209 383 -45.5% 872 1,115 -21.8%

Admin Expense 345 519 -33.5% 1,346 1,520 -11.4%

EBITDA 267 666 -59.9% 1,512 1,877 -19.4%

Net Profit 137 422 -67.6% 864 1,145 -24.6%

Normalized Net Profit 137 444 -69.1% 571 1,167 -51.0%

(THB mn) Jun -20 Sep-19 % Change

Balance Sheet Items

Total Asset 8,426 8,407 0.22%

Interest-bearing debt 0 0 NATotal Liabilities 1,658 1,768 -6.23%Total Equity 6,768 6,640 1.94%

Non-recurring Item:

• 3Q19 and YTD19: Provision for retirement benefit amounted Baht 22 million from changes in Labor Protection Act• YTD20: Difference in replacement value of claim on property damaged over book value of asset loss from the fire amounted THB 293 million

Financial Performances: Beverage

6

7,0545,986 6,501

1,799 1,400 1,571 1,562 1,524

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

2017 2018 2019 3Q19 4Q19 1Q20 2Q20 3Q20

1,233772 875

325*61

271 160* 264

17.5%12.9% 13.5%

18.1%

4.3%

17.3%10.3%

17.3%

-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

2017 2018 2019 3Q19 4Q19 1Q20 2Q20 3Q20

Normalized Net Profit and Margin

THB mn

THB mn • 3Q20’s beverage revenue decreased by 15.3% YoY.

• Beverage revenue declined due to the COVID-19 pandemic that impacted both domestics and international markets. The outbreak put pressure on the market value of RTD Tea in Thailand. Export revenue was lower due to order postponement in our key countries as a result of lockdown.

• Beverage’s reported net profit in 3Q20 was THB264 mn, decreased by 18.8% YoY.

• Reduction in net profit was mainly due to lower sales while SG&A expenses were controlled as we focused more on Brand investment and Online channel activities that reached consumers directly during the outbreak.

Note: * Normalized net profit with extraordinary item adjustment

Sales and Services Revenue

Financial Performances: Food

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• Food revenue decreased by 65.8% YoY in 3Q20 (SSSG -70%)

• Our restaurants had temporarily closed for dine-in during April-May 16th and takeaway and home delivery partly helped minimize the impact of a sale shortfall.

• After relaxation of lockdown, there was a sign of sales recovery observed although it was not fully normal.

Sales and Services Revenue

6,497 6,610 7,130

1,840 1,744 1,790 1,345 630

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

2017 2018 2019 3Q19 4Q19 1Q20 2Q20 3Q20

210 287 376

119* 23 85

-82 -127

3.2% 4.3% 5.3% 6.5%1.3%

4.7%

-6.1%

-20.2%

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0 %

5.0 %

10. 0%

-200

0

200

400

600

800

1,0 00

2017 2018 2019 3Q19 4Q19 1Q20 2Q20 3Q20

Normalized Net Profit and Margin

THB mn

THB mn • Food business reported loss this quarter

• With a significant reduction in sales, some expenses were not able to lower immediately although we have implemented expense control, operational efficiency program, and getting rental saving from negotiation with landlords.

Note: * Normalized net profit with extraordinary item adjustment

Profitability Ratios

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Gross Margin (%)

37.0%

28.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q19 3Q20

ROA* (%)

EBITDA Margin (%)

ROE* (%)

16.3%12.9%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

9M19 9M20

23.2%

17.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

9M19 9M20

Note: Margin is profit divided by Sales and Services Revenue*Annualized Ratio based on reported Net profit for the quarter

11.6%6.3%

12.2%6.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q19 3Q20

Reported NM Normalized NM

18.3%12.4%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

3Q19 3Q20

Net Margin (%)

Strong Financial Status amid Challenging Situation

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Current Ratio (x)

1.4

1.8

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Sep-19 Jun-20

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

0.0 0.0

(0.1) (0.1)(0.2)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Sep-19 Jun-20

D/E Net D/E

A+ Rating and Stable Outlook Affirmed

10

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

October, 2019

Key Highlights:

Strong Positions with support from ThaiBev Group

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

segment in Thailand, its strong balance sheet and status as a strategically important subsidiary of Thai Beverage PLC.

➢ The domestic RTD tea market recovered in the first half of 2019. Going forward, TRIS Rating expects RTD tea

producers to be able to adapt to the gradual increases in the sugar tax rate during 2019-2023.

➢ TRIS Rating believes that OISHI can maintain its decent position as a restaurant operator in the fragmented

and highly competitive restaurant industry, backed by its brand equity and a track record of consistent

operating performance.

Minimal financial leverage

➢ TRIS Rating expects OISHI will have little need to borrow and become largely debt-free by 2022.

Source: TRIS

Corporate Governance and AGM Scores

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Oishi Group Listed co Avg 20192014 2015 2016 2017 2018 2019

Rights of Shareholders 89 94 95 95 95 95 94Equitable Treatment of Shareholders

96 98 99 99 99 99 92

Role of Stakeholders 76 80 79 91 92 93 81Disclosure and Transparency 84 87 89 93 96 96 86Board Responsibilities 70 76 81 81 85 84 75Total score 78 84 86 88 91 91 82

2014 2015 2016 2017 2018 2019 2020 Listed co Avg 2019

Oishi Group 97 100 99.25 100 99 100 98.5 93.95

Good Corporate Governance Scores

AGM Quality Score

Source : Thai Institute of Directors (สมาคมสงเสรมสถาบนกรรมการบรษทไทย)

Source : Thai Investors Association (สมาคมสงเสรมผลงทนไทย)Note: Average Listed company score for 2020 hasn’t been released

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Beverage Business

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Thailand – % Market share of RTD Tea by Value

Source : Nielsen Retail Index Jun-20

Value % YoY

MAT- Jun20

RTD Tea -6.2%

Oishi Corp. -1.5%

Second Player -7.9%

Moving Average 12 months (MAT) Jun-20’s Value = THB 11,518 mn

Beverage: Oishi Sustains Leadership Position

44.5%46.7% 44.8% 45.3% 44.7% 46.1% 47.1% 47.1% 47.6% 47.2% 47.3%

51.1%45.9%

49.7%

31.2% 30.6% 32.3% 30.4% 30.4% 30.9% 30.0% 30.2% 29.6% 27.8% 29.8%32.1%

28.9%31.2%

7.7% 7.7% 8.2% 8.0% 8.0% 7.2% 8.0% 7.6% 7.7% 8.6% 8.1% 7.2% 7.4% 7.1%

Oishi Corporate Second Player Third Player

Beverage: Capacity and Utilization

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• Beverage production capacity at the end of Jun’20 remained unchanged from at the end of the last fiscal year (Sep-19)

• Average utilization of 3Q20 was around 60%, no significant change from 3Q19

Capacity Snapshot

(mn unit/ month) Sep’19 Jun’20

CAF (1-4) 60.0 60.0

Drinking water 18.0 18.0

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

Total 123.5 123.5

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Beverage: Summer Campaign Activities

Oishi Club successfully gained more participants than last year, triggered by the interest of E-Sport

64%

Summer 2019(Feb-May)

Summer 2020(Feb-May)

Oishi club data as of 31 May 20

Campaign Participants

Oishi x ROV campaign helped recruit new users especially male & teens into our portfolio

by Age range

Male Female

By Gender

>30

26-30

23-25

18-22

15-17

12-14

<12

68%

Oishi x ROV(Apr – Jun)

Campaign Participants

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Beverage: Introduce New Channels during COVID-19

MT Shopping Online

Big C shopping online

• Promotion: Buy 229 Baht get Free Delivery

• Period: 20 Apr – 13 May 2020

Tesco shop online

• Promotion: Buy 199 Baht get Free Delivery

• Period: 26 Mar – 15 Apr 2020

Oishi Delivery

• Promotion: Buy 200 Baht get Free Delivery

• Period: Apr 2020

• Mechanic: Buy 2 Free 1 / 300 Baht purchase

• Period: 1 May – 30 Jun 2020

Beverage: Continued to Strengthen Our Brand Positions in Export

Markets Despite Impact from COVID-19 Pandemic

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YTD19 YTD20

% Export to Bev revenue 23% 20%

Net Export Revenue declined as a result of Order Postponement from the Outbreak

Cambodia and Laos:

• Oishi started to re-activate roadshow activity in Cambodia in Jun-20 and Laos in 4Q20

Myanmar:

• Oishi continued to drive online sales with attractive promotion and online activity support

• “Oishi Cares for Your Health” gained positive social feedback during COVID-19 in Myanmar

Overall CLM countries getting slightly better, but still not back to normal. As a result, we continued to strengthen our brand positions, drive on the ground activities and promote sales

After Lockdown

Beverage: Oishi Cares for Cambodia and Laos

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Oishi donated alcohol 3,600 litres and Oishi Green Tea product 300 cartons to hospitals through ministry of health in Cambodia to fight with COVID-19 pandemic

Oishi donated alcohol 2,100 litres to hospitals through ministry of public health in Laos to fight with COVID-19 pandemic

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Food Business

Food: Postpone Outlet Expansion Plan during Outbreak

20

Brand TypeBalance as

of30 Sep 19

Opened Closed Balance as

of30 Jun 20

Buffet (THB 995 net)

1 1

Buffet(THB 659+)

9 9

Buffet(THB 569+)

10 10

Buffet(THB 399 net)

151(1) +11 -3 159(1)

A-la-carte 54 +3 -4 53

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

15 -3 12

A-la-carte 25 +2 -5 22

Others A-la-carte 1 +2 3

Total 266 +18 -15 269

Note: 1) include Shabushi outlet in Myanmar

Remarks: Price might be vary in some outlets

Food: Our Actions to Minimize the Impact were Continued in 3Q20

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Sales Initiatives

Cost Reduction Initiatives

• Find additional channels to boost sales and expand outlets that served delivery and food aggregators

• Add new menus and promotions for take-home and delivery• Ensure food safety communications with consumers• Regain consumers back to dine-in at the restaurant after re-opening

Take-home

AggregatorOwned delivery

platform

Rent• Negotiate with all landlords for higher discount on rental expenseLabour• Manage work shifts and OT• Adjust and lower part-time workers• Apply for social security system support for workersSuppliers• Negotiate for better deal and discountsOthers• Revisit new outlet opening plan• Minimize repair and maintenance costs • Reduce traveling expense by utilizing online meeting application

Food: Comprehensive Marketing Activities in 3Q20

22

Co

ntin

ue

to p

rom

ote

Oish

i De

live

ry

Food Aggregators

Regain Customers for Dine-in

23

Food: Ensure Food Safety and Hygiene Standard

Oishi Delivery Safety Communication At Restaurant

Food: Thematic Online Ads to Regain Customer

24

https://youtu.be/iabeIUhUvFw

Food: Testing New Expansion Platform

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Concept: The combined place with menu from varieties of restaurant brands under Oishi Group delivered to customers via Food Aggregators• 🍚 เมนขาวหนาลน Signature Dish จาก KAKASHI• 🍜 อรอยเสน อรอยซป เมนยอดฮตจาก Oishi Ramen• 🍣 อาหารญป นหลากหลายเมน จาก Oishi Buffet• 🥗 เมนสด Exclusive “Healthy Meal” เมนรกสขภาพ

Launch Date: 1 Aug 2020 (4Q20)

𝙊𝙄𝙎𝙃𝙄 𝙆𝙄𝙏𝘾𝙃𝙀𝙉 @ Big C Rama 4

Food: To Kick-off New Premium Brand Concept

26

Concept: Premium Sukiyaki and Shabu Set in A-La-Carte Format

Launch Date: 28 Aug 2020 (4Q20)

Increase New Product Category

27

Food: Packaged Foods’ Developments

Expand New Distribution Channel

Food Services

Price: THB 39/ packLaunch Period: Jun-20

Price: THB 39/ packLaunch Period: Jun-20

Restaurant

Become a supplier of bulk order of Tomato and Chili Sauces for KFC Thailand

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Strategy and Outlook

2021

• Dominant leadership in Thailando Grow portfolio share through innovation and new

product developmento Healthier Products for the futureo Premiumization

• Larger export footprinto Grow in CLMV

• Driving synergyo Synergy with stakeholders

2021 Strategic Priorities

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• Store Expansion with right Format & Concepto Smaller Formats e.g. Smart Box,

Grab & Goo Cloud Kitcheno 2 in 1 (Oishi Ramen x Kakashi)o Mobile Shop

• Drive Digital & Ordering Platformo Social Commerceo Personalizationo Mobile order & pay/ cashless/

contactless

• Strengthen Fundamentalso Cost and Expense Reductiono Supply Chain Managemento SKU Rationalizationo Waste Control

• Build Oishi EATO Brand as a leading Japanese RTE brando Drive brand awareness and trialo Leverage synergy with Oishi

Beverage and Restaurant

• Innovationo New Innovative Products for relevant line extensiono New category to drive incremental

• Channel and Market Expansion o Continue to grow in existing channels – CVS and MTo Expand to new channels, Food services and E-Commerce

Restaurant

Food Services

Beverage

• Drive Penetration & Recruit New Customers to Existing Storeso Innovationo Premiumizationo Healthier Menu

CAPEX Plan

30

400

600

0

100

200

300

400

500

600

700

2020E 2021E

THB mn

32%

57%

11%

Beverage Food Center

Total Capex 2021E Capex Breakdown

2021E

Our Awards and Recognitions in 2020

31

Thailand’s Most Admired Brand 2020

(RTD Tea)

from BrandAge for 9th

consecutive years

Thailand’s Zocial Award 2020Best Brand performance in

Social media (Non-alcohol beverage)

from Wisesight, a reputable Digital Company

32

THANK

YOU