Mar 9th, 2020

Oishi GroupAnalyst Meeting

Q1/2020

For the period of Oct - Dec 2019

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

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1Q20’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

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

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

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

July 2019 • Paid back all matured bond of THB 1,000 mn

Oct 2019 • Launched Oishi Gold Sencha Matcha and Oishi Green Tea Apple Honey

Nov 2019 • Launched new ice-cream dessert brand, “Oyoki by Oishi”

4

Key Events in the Past

Financial Snapshots: 1Q20

5

The company’s capital structure is considered very strong with zero interest-bearing debt. Normal Operational funding in the near future is expected to be funded by internal cashflow.

(THBmn, unless stated otherwise) Quarter (Oct - Dec)

1Q20 1Q19 % Change (YoY)Amount % to Net Sales Amount % to Net Sales

P&L Items

Sales and Services Revenue 3,361 100% 3,366 100% -0.1%

Cost of Sales and Services 2,170 64.5% 2,166 64.4% +0.1%

Gross Profit 1,192 35.5% 1,200 35.6% -0.7%

Selling Expense 336 10.0% 401 11.9% -16.2%

Admin Expense 501 14.9% 493 14.7% +1.6%

EBITDA 587 17.5% 565 16.8% +3.9%

Net Profit 356 10.6% 326 9.7% +9.3%

(THB mn) Dec -19 Sep-19 % Change

Balance Sheet Items

Total Asset 8,817 8,407 +4.9%

Interest-bearing debt 0 0 NA

Total Liabilities 1,822 1,768 +3.1%

Total Equity 6,996 6,640 +5.4%

Despite sales and services revenue maintained, Net profit in 1Q20 increased by 9.3% YoY with improvement in Net Profit Margin to 10.6%, mainly driven by the efficient cost management of marketing spending.

Financial Performances: Beverage

6

7,0545,986 6,501

1,618 1,684 1,799 1,400 1,571

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 1Q19 2Q19 3Q19 4Q19 1Q20

1,233772 875

214 275 325*61 271

17.5%12.9% 13.5% 13.2% 16.3% 18.1%

4.3%

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 1Q19 2Q19 3Q19 4Q19 1Q20

Normalized Net Profit and Margin

THB mn

THB mn • 1Q20’s beverage revenue decreased slightly by 2.9% YoY.

• Domestics beverage sales declined due to lower volume sales. However, Oishi Gold which was launched at 7-11 since Aug-19 was gaining more market share due to its well acceptance by consumer as a premium green tea product.

• Beverage net profit in 1Q20 improved by 26.6% YoY

• Profit improvement was mainly supported by spending control and more efficient marketing campaigns during the quarter

Note: * Normalized net profit with extraordinary item adjustment

Sales and Services Revenue

Financial Performances: Food

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• Food revenue increased by 2.4% YoY in 1Q20

• Revenue growth was due mainly to new restaurant outlet opening. However, Same-Store-Sales was slow down by -6.6% due mainly to slower consumer spending this quarter

Sales and Services Revenue

6,497 6,610 7,130

1,748 1,798 1,840 1,744 1,790

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 1Q19 2Q19 3Q19 4Q19 1Q20

210 287376

112 122 119*23 85

3.2% 4.3% 5.3% 6.4% 6.8% 6.5%

1.3%

4.7%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

0

100

200

300

400

500

600

700

800

900

1,0 00

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

Normalized Net Profit and Margin

THB mn

THB mn• Net profit of food business

reduced by 24.1% YoY in 1Q20

• Negative Same-Store-Sales growth and sales discount promotion put pressure on gross margin in 1Q20. Moreover, outlet expansion made SG&A higher YoY

Note: * Normalized net profit with extraordinary item adjustment

Profitability Ratios

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Gross Margin (%)

35.6% 35.5% 35.6% 35.3%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

1Q19 1Q20 FY18 FY19

ROA* (%)

EBITDA Margin (%)

ROE* (%)

13.6%16.5%

10.4%13.6%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

1Q19 1Q20 FY18 FY19

21.2% 20.9%17.4%

19.5%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

1Q19 1Q20 FY18 FY19

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

9.7% 10.6% 8.0% 9.0%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

1Q19 1Q20 FY18 FY19

16.8% 17.5% 16.2% 16.1%

0.0 %

5.0 %

10. 0%

15. 0%

20. 0%

25. 0%

30. 0%

35. 0%

40. 0%

1Q19 1Q20 FY18 FY19

Net Margin (%)

Strong Financial Status

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Current Ratio (x)

1.4

1.6

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Sep-19 Dec-19

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

0.0 0.0

(0.1) (0.1)(0.4)

(0.2)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Sep-19 Dec-19

D/E Net D/E

Oishi is now trading at par value of THB 1.0/ share after the stock split plan became effective on February, 6th

Stock Split Plan

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Before Stock Split After Stock Split

Par (THB/share) 2 1

Total Number of Share (mnshares)

187.5 375

Stock Split will have no effect on our registered and paid-up capital.

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, 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 92Role 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 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 (สมาคมสงเสรมสถาบนกรรมการบรษทไทย)

Source : Thai Investors Association (สมาคมสงเสรมผลงทนไทย)

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Beverage Business

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Thailand – % Market share of RTD Tea by Value

Source : Nielsen Retail Index Dec-19

Value % YoY

MAT-Dec19

RTD Tea +3.1%

Oishi Corp. +3.5%

Second Player +8.4%

Moving Average 12 months (MAT) Dec-19’s Value = THB 12,339 mn

Beverage: Oishi Sustains Leadership Position

44.9% 45.1% 45.7% 44.2%46.2%

43.8% 43.8% 43.5% 44.8% 45.3% 44.7% 46.1% 47.1% 47.1%

29.8% 31.4% 30.2% 30.0% 30.2%33.4% 33.2% 33.7% 32.3%

30.4% 30.4% 30.9% 30.0% 30.2%

7.5% 7.9% 7.6% 8.7% 8.1% 8.0% 7.3% 7.7% 8.2% 8.0% 8.0% 7.2% 8.0% 7.6%

Oishi Corporate Second Player Third Player

Beverage: Improvement in utilization

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

• Average utilization of 1Q20 was around 50-60% which is in the same range comparing to 1Q19

Capacity Snapshot

(mn unit/ month) Sep’19 Dec’19

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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Oishi x ROV campaignThe campaign successfully recruited brand drinkers and appealed to mass

Mechanic : 2 Oishi’s Codes = 1 Random box from ROV

Period : 21 Oct 2019 – 31 Jan 2020

Regain Teen

Gain New Users

Mass Appeal

Source : Kantar P12W

Oishi Penetration% (15 – 19 yrs)

• 99.25% of users that submitted to Oishi

x ROV Campaign are New Users

(different users from Summer Promo)

40.5%45.4%

Dec-17 Dec-19

350ML 380ML

• Campaign participations from across Thailand

• Campaign effective in both MT & TT channels

y

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Beverage: Oishi Gold’s New Flavor: Gyokuro

จากยอดออนของ ชาตนฤด สรสสมผสและคณคาทแตกตาง คดสรรเฉพาะ ยอดออนใบชาจากตนฤดเกบเกยวแรกของป

หลงจากคลมตนชาดวยตาขายด านานกวา 3 สปดาหกอนน ามานวดและมวนดวยมอ อยางพถพถน

เพอมอบรสสมผสท ละมน นมลก เปนเอกลกษณ

พรอมคณคาทหาไมไดจากชาใด

Channel: only at 7-11Launch Period: Jan-20RSP: THB30 / bottle

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Beverage: “Oishi Club” Loyalty Program

จะลน หรอจะรบ เลอกไดดงใจ!

สะสมรหสเพอลน-รบรางวลไดทงป

1 code = 1 point

(Oishi Gold get 2 points)

Lucky draw

Redemption

Exclusive Artist Items

Japanese Innovative gadgetLifestyle Reward

Launch Period: Mar-20

Beverage: Strong Position 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)

1Q19 1Q20

-4% YoY

% Export to Bev revenue

24% 24%

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

Net Export Revenue

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Beverage: Brand Strengthening and Deeper Penetration in Myanmar

Video Presentation

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Food Business

Food: Continued Outlet Expansion

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Brand TypeBalance as

of30 Sep 19

Opened Closed Balance as

of31 Dec 19

Buffet (THB 995 net)

1 1

Buffet(THB 659+)

9 9

Buffet(THB 569+)

10 10

Buffet(THB 399 net)

151(1) +10 -1 160(1)

A-la-carte 54 54

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

15 15

A-la-carte 25 +2 -1 26

Others A-la-carte 1 +1 2

Total 266 +13 -2 277

Note: 1) include Shabushi outlet in Myanmar

Remarks: Price might be vary in some outlets

Food: Marketing Activities in 1Q20

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At Restaurant

Delivery

Food: Shabushi Delivery

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First Phase (wt. Food Panda + Grab)for 22 outlets = Mar-20

Second Phase (wt. Food Panda + Grab + Lineman) for 61 outlets = Apr-20

Food: Multiple Concepts

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Location: 1st Fl., The Street RatchadaConcept: • Quick Service Restaurant: Noodle Bar +

Rice Bowl• 24 hrs. service• For both dine-in and delivery customers

via food aggregators

• Two new Oishi Eato Sandwich launched in Q1 2020

• Capture healthier choice trend while offering delicate tastes

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Food: Packaged Foods’ New Products

โออช อทโตะ อกไกสลดแตงกวา อรอยหอมสดชน และ โออช อทโตะ ทนาโบนโตะสลดไข อรอยสไตลญปนเขมขนรสชาตโบนโตะ(ปลาโออบแหง)แทๆ

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Strategy and Outlook

• Brand Building and Communicationo Build “Oishi Eato” as a

leading Japanese RTE brand

o Cooperation with Beverage and Restaurant businesses

• Innovationo New category and New

innovative products• Channel and Market Expansion

o Continue to grow in existing channels – CVS and MT

o Expand to new channels and leverage Group Synergy

o Grow Export

• Growth Engineo Drive SSS through New

Product and Marketing Campaign

o Delivery Channels - Own Platform and Food Aggregators

o Net Store Expansion - to open 14 outlets in 2020

• Re-engineering Brand’s Business Modelo New Brands to penetrate

premium segmento Healthy food choiceo New Innovative Menu

• Enhance Customer Experience by using Digital Technologyo BevFood Applicationo Data Analytic for CRMo Develop IT system to

improve restaurant operational efficiency

• 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

2020 Strategic Priorities

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Restaurant Packaged FoodBeverage Group

Food Group

2020E CAPEX Plan

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500

400 1,300

-

200

400

600

800

1,000

1,200

1,400

2019 2020E

UHT Others

THB mn

61%

33%

6%

Beverage Food Center

Total Capex 2020E Capex Breakdown

UHT investments covered by insurance

claims

900

1,300

2020E

Our Awards and Recognitions in 2019

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Thailand’s Most Social Powerful

Brand 2019

for RTD Tea and Japanese Restaurant

from BrandAge

Thailand’s Most Admired Brand 2019

from BrandAge for 8th

consecutive years

อย.ควอลต อวอรด 2019

Oishi Sustainability

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ECONOMIC

ENVIRONMENT SOCIAL

Healthier Choice

Nutrition Fact

CSR

Food Waste

Recycle / Reduce / Reuse

Give Back to the Community with CSR

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The Giving Project• Scholarships for children of staff

• English book donation

• Giving quality of life

• Giving Victims of Natural disaster

“Im-jung” Project • The foundation for slum child care

• Thai red cross children home

Clean drinking water project • Clean drinking water for a school in Pathum Thani province

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THANK

YOU