[PPT] - Discussion Materials Disclaimer Statements included or incorporated PowerPoint Presentation

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Discussion Materials

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Disclaimer

Statements included or incorporated in these materials that use the word “believes”, “anticipate”, “estimate”, “target”, or “hope”, or that otherwise relate to the objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are “forward-looking statements” within the meaning that are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Osotspa Public Company Limited (“OSP” or the “Company”) undertakes no obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise. OSP makes no representation and assume no liabilities against whatsoever about the opinion or statements of any analyst or other third party. OSP does not monitor or control the content to third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. The information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or warrant that the information is complete or accurate, in particular with respect to data provided by or regarding third parties. The information in the presentation does not purpose to be comprehensive or to contain all the information that a prospective investor may desire or require to decide whether or not to purchase securities of the Company. The information in the presentation might be incomplete or summarized and has not been independently verified and will not be updated. Such information may in the future be subject to audit, limited review or any other control by an auditor or independent party. Therefore, the information included in the presentation may be modified or amended in the future. The information in this presentation, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. The Company and each of its agents expressly disclaims any obligation or undertaking to update or release any updates or revisions to the information, including any financial date and any forward-looking statements, contained in this [presentation[. This presentation includes forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date of release of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they are subject to risks, uncertainties and other factors, which were unknown or not taken into account by the time this document was produced and released and which may cause such actual results, performance or achievements, to be materially different from those expressed or implied by these forward-looking statements. Moreover, these forward-looking statements are based on numerous assumptions (which are not stated in the presentation) regarding the Company’s present and future business strategies and the environment in which the Company expects to operate in the future. There are many factors, most of them out of the Company’s control, which may cause the Company’s actual operations and results to substantially differ from those forward-looking statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed may be due to rounding. In additional, certain figures contained in this document, which have also not been subject to financial audit, are combined and pro forma

figures. The information and opinions in this presentation are not based upon a consideration of your particular investment objectives, financial situation or needs. You may wish to

seek independent and professional advice and conduct your own independent research and analysis of the information contained in the presentation and of the business, operations, financial condition, prospects, status and affairs of the Company. This presentation discloses neither the risks nor other material issues regarding an investment in the securities of the Company. The information included in this presentation is subject to, and should be read together with, all publicly available information. Any person acquiring securities of the Company shall do so on their own risk and judgement over the merits and suitability of the securities of the Company, after having received professional advice or of any other kind that may be needed or appropriate but not only on the grounds of this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any other instrument of negotiation over the securities or financial instruments of the Company. This presentation does not constitute or form part of, and should not be construed as, any offer, inducement, invitation, solicitation or commitment to purchase, subscribe to, provide or sell any securities, services or products or to provide any recommendations for financial, securities, investment or other advice or to take any decision. This presentation is not and shall not constitute an offer for the sale of securities in Thailand or any jurisdictions. By attending to or receiving this presentation you agree to be bound by the foregoing restrictions and limitations and acknowledge that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation.

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Agendas

Company Overview Business Highlights Market Share Performance Financial Performance Appendix

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Note: (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-Sum Chalarm Lipovitan-D

Supply chain services Other

Producing products under OEM and JV Confectionary business and media business (2)

Krisnaklan Yatard4 Botan

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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

f 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

Wake-Me-Up Drinks

2

Chalarm Som In-Sum (2017) (2017) (2017) (2017)

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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 lines

1

Well established “CLM” presence

2

Highly penetrated and robust distribution network

3

Strong R&D team with deep local insight

4

Fully integrated, highly scaled and flexible manufacturing allowing for cost competitiveness and high margin

5

Experienced board of directors and management

6

Strengthen domestic presence in broader non- alcoholic beverages and expand personal care

1

Leverage market-leading position in Thailand to sustain and expand to other regional and

verseas markets

2

Focus on cost efficiency and margin enhancement through the “net revenue management” principle

3

Continuous investment in human capital and innovation capability

4

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

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Agendas

Company Overview Business Highlights Market Share Performance Financial Performance Appendix

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7 Wake-Me-Up

Energy drinks Sports drinks RTD coffee Functional drinks

How We Look at Our Market

Domestic beverages(1) CLMV Energy drinks Personal care Market characteristics Market size & growth Our approach to the market

 Relatively mature for energy

drinks

 Higher growth for niche

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 Coffee

M-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 drinks

2 H1 2018 market share(1)

(2017) (2017) (2017) (2017) (2017)

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Our Portfolio Strategy is Clearly Demonstrated by our Stabilized Share for Energy drinks and also Growing Market share in Other Segments

Energy drinks Functional drinks Baby liquid soap

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 (Neo Corporate)

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

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Distribution Network Is One of Our Key Assets

Traditional trade Modern trade Cash 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 pps : Percentage points Note: (1) Numeric distribution coverage for 2017

(2) Weighted distribution coverage for 2017

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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%

1,903 2,812 2,671 2015 2016 2017 306 337 366 2015 2016 2017 183 278 325 2015 2016 2017

Source: Frost & Sullivan Note: (1) Market share by retail sales value in Myanmar 397

617 2,105 3,312 3,539

498

754 1,626 2,631 2,840

512

899 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)

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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 consumers

c.10% share of

total beverages revenue

c.10% market

share, from current negligible share Expand beverage product portfolio to capture more consumption occasions

Wake-Me-Up drinks Look Good, Feel Good drinks

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% Domestic market share based on retail sales value Share based on retail sales value 10%

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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

f personal care products in

the medium term Domestic market share based on retail sales value

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

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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



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

perations

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

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Agendas

Company Overview Business Highlights Market Share Performance Financial Performance Appendix

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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:

Source: Frost & Sullivan, Nielsen 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 bps Chalarm, -20 bps Som-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

verall 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%

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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

Source: Frost & Sullivan, Nielsen 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%

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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

Source: Frost & Sullivan, Nielsen pps : Percentage points 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 15.6 14.6 12.6 12.4 12.7 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 22 23.2 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

Market Share Change from 2017 to H1 2018 (in bps)

20 bps
200 bps

+20 bps

Market Share Change from 2017 to H1 2018 (in bps)

+0 bps +10 bps (1) (1)

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Agendas

Company Overview Business Highlights Market Share Performance Financial Performance Appendix

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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 cost

3

 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

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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

perational 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

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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 CAGR H1 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 CAGR H1 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

Adjustment Items EBITDA Explanation

SLIDE 25

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 2018 Babi 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: 3,742 2017 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

f SAP/HANA

system

16.2%

%YoY Q1 ‘18 Q2 ‘18 %YoY %YoY 2018 Ave Quarterly Sales: 3,738 2018 Ave Quarterly Sales: 1,070 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

SLIDE 26

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.

849 866 975 773

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

SLIDE 27

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

bligation, 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 Financial Institutions

H1 2018 Debt Maturity (THB mm) Company intends repay through IPO proceeds

Capital Structure

SLIDE 28

27

Agendas

Company Overview Business Highlights Market Share Performance Financial Performance Appendix

SLIDE 29

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-Vitt Production 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 Products Sales Growth(6)

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

New Women Beauty Care Products Share 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

SLIDE 30

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 Margin Improvement 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

ur 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

SLIDE 31

30

Financial Overview by Segment

Segmental 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%

Adjusted Gross Profit

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%

SLIDE 32

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 Segment

Segmental 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%

Adjusted Gross Profit

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 Profit Adjusted Sales

Margin

34.8% 5.0%

20.8%
9.2%

(16) (9) 2016 2017 H1 2017 H1 2018 Q2 2017 Q2 2018

SLIDE 33

32

Glass Cullet Price Q1 2017 – Q2 2018

2.7 3.2 3.3 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 2018 THB per Kilogram

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

SLIDE 34

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

f revenue and

effective targeting of different customer segments

SLIDE 35

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)

f 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

SLIDE 36

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

 Osotspa

filling 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

Glass bottles Beverage filling Raw materials Manufacturing Packing & distribution Customers



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%

Osotspa 15 Osotspa 17 Ichitan Indofoods CBP Universal Robina Vitasoy Delfi Carabao Group

Median: 16.8%

2015 2017

4.4% 3.1% 4.1% 5.1% 6.3% 6.5% 23.5%

Osotspa Delfi Vitasoy Indofoods CBP Ichitan Universal Robina Carabao Group

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

SLIDE 37

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

 Joined Osotspa: 2016  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

 Joined Osotspa: 2016  Experience: Chairwoman of Index Living Mall, Director of Siam

Commercial Bank Krik Vanikkul Independent Director

 Joined Osotspa: 2016  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

 Joined Osotspa: 2016 / Years in the

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

 Joined Osotspa: 2017 / Years in the

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

 Joined Osotspa: 2017 / Years in the

industry: 25

 Experience: Vice President (Customer

Development) at Unilever Thai Holdings Co., Ltd. Suthipa Panyamahasup Chief Marketing Officer

 Joined Osotspa: 2016 / Years in the

industry: 20

 Experience: Vice President (Homecare and

Ice-Cream) at Unilever Thai Trading Co., Ltd. Sarayut Jitcharoongphorn Chief Customer Management Officer

 Joined Osotspa: 2016 / Years in the

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

 Joined Osotspa: 2018 / Years in the

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

 Joined Osotspa: 2018 / Years in the

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

 Joined Osotspa: 2018 / Years in the

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

SLIDE 38

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

SLIDE 39

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

Source: Frost & Sullivan 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%

SLIDE 40

39

Adjustments to Normalize Financials

Adjustments 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

SLIDE 41

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

Non-recurring Items

19.2% 17.5%

EBITDA and Adjustments

For Non-Recurring Income

Margin Margin

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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 Parent 2,092 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

f Unicharm Distribution

Agreement, deconsolidation

f White Group and disposal
f 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

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Transaction Overview

Pre-IPO Shareholding Post-IPO Shareholding

Osathanugrah family Y Investment Limited1 Chaiprasit family

Mr. Nopananta

Pradistuwana 84.20% 10.00% 4.05% 1.75% Osathanugrah family Y Investment Limited1 Chaiprasit family

Mr. Nopananta

Pradistuwana 63.25% 7.32% 3.36% 1.45% Public Investors Related persons 24.50% 0.12%

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

Existing Shareholders: 75.38%

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Financial Overview by Segment

Contribution 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% Supply chain services 13% Other 1%

FY 2017A Adjusted Sales Contribution(1)

THB24.6bn

FY 2017A Adjusted Gross Profit Contribution(1)

Beverage products 80% Personal care products 13% Supply chain services 6% Other 1% THB8.2bn(2) Beverage products 78% Personal care products 10% Supply chain services 11% Other 1% Beverage products 80% Personal care products 14% Supply chain services 5% Other 1%

H1 2018A Adjusted Sales Contribution(1)

THB12.1bn

H1 2018A Adjusted Gross Profit Contribution(1)

THB3.9bn(2)