PIZZA CORPORATE PRESENTATION MAY 2020 Company Overview SNAPSHOT - - PowerPoint PPT Presentation

PIZZA CORPORATE PRESENTATION

MAY 2020

SHAKEY’S PIZZA ASIA VENTURES, INC.

2 SNAPSHOT

• Shakey’s Pizza Asia Ventures, Inc. is one of the leading operators of fast casual restaurants in

the Philippines, focused on family casual dining.

• The Shakey’s brand is the Philippines’ #1 full-service pizza chain with over 65% market share in

that category. It is also the single-largest brand of full-service casual dining chain restaurants in the Philippines.* It is a strong and well-established brand thanks to a differentiated menu, iconic and well-loved products, a distinct store environment, and highly guest-centric service.

• The Peri brand is an emerging fast casual and full-service restaurant chain in the Philippines. Its

mainstay is charcoal-grilled chicken, marinated for 24 hours, served with an assortment of unique sauces to choose from.

• Vision: To be the preferred and dominant family casual dining restaurant in the Philippines,

and successful in our chosen overseas markets, serving pizza as our core product.

• Store Network: 270+ Shakey’s and Peri stores across the Philippines – a mix of company-
• wned and franchised. Different store formats including those located in malls and those that

are free-standing.

• Key Management: Vicente L. Gregorio - President & CEO, Manuel T. del Barrio - Vice

President & CFO, Jorge Q. Concepcion - Shakey’s General Manager, Marielle C. Santos – Peri General Manager, Alois Brielbeck - In-House Commissary General Manager

*Source: Euromonitor, 2019

Revenues (In USD Mill) 120 140 152 165

176

2016* 2017 2018 2019* 2020F**

13 15 17 18

19

2016* 2017 2018 2019* 2020F** *Based on recurring figures **Consensus of active brokers

Net Income (In USD Mill)

Century Pacific Group 54% GIC Private Equity 18% Public 28% Dine-In 55% Delivery & Others 45% Metro Manila 46% Luzon (ex-MM) 40% Visayas 10% Mindanao 4%

FULL-YEAR FINANCIALS 2019 SYSTEM-WIDE SALES & STORE NETWORK BREAKDOWN OWNERSHIP STRUCTURE

Company Overview

Company- Owned 53% Franchised 47%

3

Shakey’s has 45 years of strong brand legacy and counting

1954

First Shakey’s Pizza Parlor opened in Sacramento, California

1975

First store in the Philippines

1987

The Prieto family became the master franchisor in the Philippines

1999

Acquired Shakey’s trademark for the Philippines in perpetuity

2003

Positioned as an American fast casual dining restaurant for families

2014

Acquired Shakey’s trademark for Middle East, Asia (ex Japan, Malaysia) including China, Australia, and New Zealand in perpetuity

2016

Century Pacific Group (CPGI) and Arran (GIC) acquired control and took the Company public

2019

Acquired Peri-Peri Charcoal Chicken and Sauce Bar, 276 stores by end 2019

INVESTMENT HIGLIGHTS

Industry-Leading Financials Experienced Management

Investment Highlights

• Multiple sales channels and store formats; simple operations
• Low upfront cost and strong cash generation lead to shorter store-level payback

periods compared to the industry

• Extensive track records in food and restaurant operations
• Entry of Century Pacific Group as strong and committed shareholders provides

synergies with other food businesses

• Well-loved brand with more than 40 years of history in the Philippines
• Iconic products served in a distinct store environment
• No royalty payments, plus additional revenues from franchisings
• Superior profitability and margins versus peers
• Gearing levels improve as debt remains stable while EBITDA and equity grow
• Operating cash flows sufficient for CapEx and other investments

Market Leadership Brand Strength & Ownership Scalable Business Model

• Dominates the full-service pizza chain market with 67%* market share
• 23%* market share in the full-service (pizza and non-pizza) category - #1 in that

space as well

*Source: Euromonitor, 2019

5

6

1

#1 Full-Service Restaurant in the Philippines

The full-service pizza chain market is dominated by Shakey’s. Max's 18.0% Pizza Hut 9.4% Kenny Rogers 6.1% Pancake House 4.4% Classic Savory 3.3% Others 35.4%

23.4% Latest Euromonitor report states that Shakey’s leads the Philippine chained full- service restaurant industry with 23.4% market share as of 2019.

Pizza Hut 27.1% Papa John's 1.4% Others 4.2%

67.3% 2019 data shows that Shakey’s dominates the full-service pizza chain market by sales since 2011 until present.

FULL-SERVICE CHAIN FULL-SERVICE PIZZA CHAIN

Source: Euromonitor

7

DIFFERENTIATED MENU WITH ICONIC PRODUCTS AND OFFERINGS FOR ALL

Pizza World-famous thin crust and hand-tossed pizzas with many different choices Chicken and Mojos Signature dish - fried chicken paired with Shakey’s famous mojos*

*Thinly-sliced potatoes coated with Shakey’s breading

and fried to a golden brown perfection

Pasta Hearty pasta with a wide range of sauces and toppings paired with garlic bread Starters Ranging from fries, mojos, squid rings, chips, and chicken Soup Home-style soups loaded with flavor and goodness Salad Extensive choice of salad for health-conscious customers Desserts Wide range of after-meal desserts

BUNDLED OFFERINGS CATERING TO FAMILIES AND GROUPS BRING UP AVERAGE CHECKS

2

Strong and Well-Established Brand

Shakey’s offers a differentiated menu with iconic and well-loved products.

8

Though originally from the U.S., PIZZA has owned the Shakey’s brand for the Philippines since 1999.

Source: Asia’s Top 1000 Brands Survey by Campaign Asia, in partnership with Nielsen

BRAND OWNERSHIP

• No royalty payments, leading to

shorter payback period and sustainably higher margins versus peers

• Revenue from licensing fees and

royalties from franchisees

• Freedom to execute and react faster to

market changes

• Opportunity for expansion into

international markets

2018 PHILIPPINE TOP 100 RESTAURANT BRANDS

2

Strong and Well-Established Brand

Shakey’s offers a beautiful and distinct store environment to every customer and has full control and ownership of its brand.

With its over 40 year history in the Philippines, Shakey’s is one of the most recognizable brands in the local food service industry. 3 2 1

9 Dine-In

• Most popular sales channel due to

unique family and friends experience

• Aim to “WOW” the guest

Delivery

• Delivery available nationwide
• Single delivery hotline number

(#77-777) can be used Carryout

• Convenient and fast method of sales

Functions

• Free-standing stores have function

rooms for events such as parties and company gatherings Online Sales

• Active online and mobile presence

with own website and mobile app

• http://www.shakeyspizza.ph

SuperCard+

• A very popular paid loyalty card
• PHP499 annual fee

Mall Stores 120 – 250 sqm

55%

Free-Standing Stores 300 – 400 sqm

41%

Others 120 – 180 sqm

4%

3

Proven and Scalable Business Model

Multiple sales channels and store formats provide convenience and accessibility to Shakey’s customers and allow for market and expansion flexibility.

3

Asset-Light Approach

10

Firmly positioned in the fast casual segment (A, B, and upper C market) that delivers high margins, good volumes, and scale Benefitting from key consumer trends – eating

• ut more and

upgrading from fast food to casual dining Own commissary for proprietary raw materials protects key supply chain and maintains consistency and control over quality Economies of scale and purchasing synergy Long-term leases for store locations at attractive rentals Presence of standalone stores (i.e. those outside malls) lead to low rent-to-sales ratio Business model and strong discipline leads to typical payback period of 3-4 years Low upfront cost and strong cash generation per store

3

Proven and Scalable Business Model

Shakey’s is a well-established brand, while operating on an asset-light model.

1

Brand Positioning

2

Vertical Integration

4

Short Payback Period

11

4

Experienced Management Team

VISION: to be the PREFERRED and DOMINANT family casual dining restaurant

Highly experienced professionals in their respective areas of expertise; governance mantra of recruiting the best home-grown or external talent

Members Committees*

• Audit Committee
• Board Risk Oversight Committee
• Corporate Governance Committee
• Related Party Transactions Committee

DIRECTORS INDEPENDENT DIRECTORS

*All chaired by an Independent Director

BOARD COMPOSITION

9 4

• Over 30 years of successful experience in the food

business; proven management and leadership track record in foodservice retail set-up, expansion, and turnaround management

• Started career in the first ever Shakey’s branch in the

Philippines; key driver of Shakey’s brand strategy,

• rganization culture, core values, and mission since 2003

VICENTE GREGORIO

President & CEO

MANUEL DEL BARRIO

VP & CFO

• Previously Assistant Vice President for Finance of Century

Pacific Food, Inc. (CNPF) and The Pacific Meat Company, Inc.

• Worked in accounting positions at several leading

companies

JORGE CONCEPCION

GM – Shakey’s

• Over 30 years of experience in consumer-related

business

• Significant experience in the U.S. foodservice industry for

about 10 years in numerous managerial positions

ALOIS BRIELBECK

GM – In-House Commissary

• Over 30 years of experience in the foodservice business
• Moved to Asia in 1986, taking up positions in pastry

kitchens in Hong Kong and Tokyo

• Moved to the Philippines in 2000 as Chief Operating

Officer for Culinary Systems Specialists Incorporated

• Appointed as Commissary General Manager in 2005

MARIELLE SANTOS

GM - Peri

• Over 20 years of experience in the food service industry
• Previously held several leadership roles at Shakey’s with a

proven track record, handling human resources, guest engagement, and the delivery business

15.5% 13.9% 12.2% 20.7% 11.8% 9.8% 9.8% 13.3%

2016* 2017 2018 2019** PIZZA Industry Average***

8.6% 2.9% 6.4% 15.6% 5.2% 1.7% 4.2% 7.2%

2016* 2017 2018 2019** PIZZA Industry Average***

20.0% 20.8% 19.7% 18.8% 16.8% 16.8% 16.0% 14.6%

2016* 2017 2018 2019** PIZZA Industry Average***

11.1% 10.9% 11.1% 11.2% 7.1% 6.9% 6.8% 6.6%

2016* 2017 2018 2019**

Net Margin

PIZZA Industry Average***

12

5

Industry-Leading Profitability

Shakey’s generates superior margins versus peers.

MARGINS

*Based on recurring figures **Based on recurring figures and available peer information as of 14 May 2020 ***Composed of publicly listed Philippine foodservice restaurant companies

19.7% 20.1% 19.8% 20.5% 14.3% 13.3% 13.9% 15.1%

2016* 2017 2018 2019**

EBITDA Margin

PIZZA Industry Average***

RETURN ON EQUITY FREE CASH FLOW TO SALES OPERATING CASH FLOW TO SALES

LATEST RECURRING FINANCIAL PERFORMANCE & OUTLOOK

Financial Results Highlights

+12%

EBITDA GROWTH

13%

4Q FY

14

+8%

NET INCOME GROWTH

+10%

4Q FY

SAME-STORE SALES GROWTH

3% 1%

4Q FY

SYSTEM-WIDE SALES GROWTH

+17% +11%

4Q FY

TOTAL REVENUE GROWTH

+12% +9%

4Q FY

*Unless indicated, all figures presented are pre-IFRS 16.

Post-IFRS 16 Net Income 841 865 3% Earnings per Share 0.55 0.57 3%

FY 2019 Summarized P&L

15 In PHP Mill FY 2018 FY 2019 Change YoY System-wide Sales 9,361 10,384 11% Total Revenue 7,579 8,239 9% Cost of Sales (5,399) (5,843) 8% Gross Profit 2,179 2,396 10% Operating Expenses (973) (1,056) 8% EBITDA 1,497 1,690 13% EBIT 1,206 1,341 11% Income before Tax 1,082 1,191 10% Net Income 841 924 10% Earnings per Share 0.55 0.60 10% Margins Gross Profit 28.8% 29.1% +0.3 pps EBITDA 19.8% 20.5% +0.7 pps EBIT 15.9% 16.3% +0.4 pps Net Income 11.1% 11.2% +0.1 pps

• Double-digit sales growth driven

by STORE NETWORK EXPANSION AND PERI ACQUISITION

• Recurring earnings hit DOUBLE-

DIGIT GROWTH TARGET

• IMPROVEMENT IN GROSS

MARGIN due to subdued raw material prices and favorable FX

• IN-STORE AND CORPORATE

EFFICIENCY PROGRAMS continue to drive operating margins higher

*Unless indicated, all figures presented are pre-IFRS 16.

4%

1%

SSSG

228 246 2 3 30 230 279

FY18 FY19

Peri Stores Shakey's Int'l Stores Shakey's PH Stores

16

In PHP Bill

Top Line Growth Driven by Shakey’s Store Expansion and Peri Acquisition; SSSG Flattish on the Back of No Price Increase

7.6

8.2

FY18 FY19

In PHP Bill

9%

YoY Growth in FY19

SSSG & Total Store Count Revenues System-wide Sales 9.4

10.4

FY18 FY19

11%

YoY Growth in FY19

• 49 NET STORE ADDITION for the full year is primary driver of sales and revenue
• FLATTISH SSSG due to no price increase amidst favorable costs and competitive

delivery environment

*Unless indicated, all figures presented are pre-IFRS 16.

4%

• 1%

2%

• 1%

3% 7%

SSSG

17

9.4 2.3 2.6 2.5

3.0

FY18 1Q19 2Q19 3Q19 4Q19 Jan-Feb 2020

System-wide Sales

SSSG

SSSG Recovers in Q4; Further Accelerates in January-February 2020

System-wide Sales by Channel Delivery & Carry-Out 37% Dine-In 61% Others 2%

*Unless indicated, all figures presented are pre-IFRS 16.

• PICK-UP IN SALES BEGINNING Q4 driven by improved consumer sentiment, success
• f value-for-money initiatives, and an enhanced delivery presence

In PHP Bill

18

Total PH Store Network

As of end 2019

Domestic Store Network Breakdown by Region

46%

Metro Manila (MM)

40%

Luzon Ex-MM

10%

Visayas

4%

Mindanao

*Map colors show % population of the country by region. The darker the color, the higher the % population. Source: Philippine Statistics Authority 2015

Store Network Expansion Strategy as Key Driver of Sustained Double- Digit Sales Growth

• Pursuing UNDERPENETRATED SECOND-

TIER CITIES via Shakey’s franchisee-led expansion

• Accelerated Peri store expansion beginning

with UNSERVED METRO MANILA DEMAND

228

246

As of Dec 2018 As of Dec 2019

+18

23

30

As of Jun 2019 As of Dec 2019

+7

+1 MM, +17 Ex-MM

2.5%

2.5%

Interest Expense as % of Sales

12.8%

12.8%

OpEx as % of Sales

19

FY19 Net Income Margin Bridge

Higher Margins Driven by Subdued Input Costs and Efficiency Programs

FY 2018 Net Margin Gross Margin Growth Tax Growth FY 2019 Revenues

FY 2018 Net Income Margin Gross Margin FY 2019 Net Income Margin 11.1% 11.2% Interest, Taxes & Others

+0.1 pps

0.3pps 0.2pps

973

1,056

FY18 FY19 +8%

*Unless indicated, all figures presented are pre-IFRS 16.

189

209

FY18 FY19

Operating Expense Interest Expense In PHP Mill In PHP Mill

+11%

• SUBDUED INPUT COSTS AND “FIT-FOR-GROWTH” EFFICIENCY INITIATIVES drive
• perating margins higher
• Upside PARTIALLY OFFSET BY HIGHER INTEREST COST to finance Peri acquisition

20

28.8%

29.1%

FY18 FY19

EBITDA Margin Net Margin Gross Margin

+30 bps

19.8%

20.5%

FY18 FY19

+70 bps

11.1%

11.2%

FY18 FY19

+10 bps

Operating Margin 15.9%

16.3%

FY18 FY19

+40 bps

Industry-Leading Profitability an Advantage in Current Environment

*Unless indicated, all figures presented are pre-IFRS 16.

• EFFICIENCY-DRIVEN IMPROVEMENT IN OPERATING MARGINS alongside

subdued costs

• HIGHER INTEREST EXPENSE on the back of Peri acquisition keep net margins stable

21

Robust Sales and High Margins Led to Healthy Cash Flow Generation

Free Cash Flow Bridge Interest-Bearing Debt In PHP Mill 1,108 1,704

1,287

554 417 23 19

500 1,000 1,500 2,000

Profit before Tax Depreciation & Amortization Working Capital Income Tax & Others Operating Cash Flow CapEx Free Cash Flow

In PHP Mill 3,885

4,387

FY18 FY19

13%

YoY Growth in FY19

*Unless indicated, all figures presented are pre-IFRS 16.

• Operating cash flows MORE THAN ENOUGH TO COVER CAPITAL EXPENDITURES,

DIVIDENDS, AND INTEREST

• Incremental borrowing used to partially fund PERI ACQUISITION

No maturities in 2020

22

Impact of PFRS 16

In PHP Mill FY 2018 Pre-PFRS 16 FY 2019 Pre-PFRS 16 Total Revenue 7,579 8,239 Cost of Sales (5,399) (5,843) Gross Profit 2,179 2,396 Operating Expenses (973) (1,056) EBITDA 1,497 1,690 EBIT 1,206 1,341 Finance Cost (189) (209) Income before Tax 1,082 1,191 Net Income 841 924 Margins EBITDA 19.8% 20.5% Net Income 11.1% 11.2% FY 2019 Post-PFRS 16 Variance vs. FY 2019 Pre-PFRS 16 Growth vs. FY 2018 Pre-PFRS 16 8,239 0% 9% (5,827) 0% 8% 2,412 1% 11% (1,052) 0% 8% 1,971 17% 31% 1,360 1% 13% (311) 49% 65% 1,108

• 7%

2% 865

• 6%

3% 23.9% +3.4 pps +4.1 pps 10.5%

• 0.7 pps
• 0.6 pps
• Audited full-year results impacted by PFRS 16, ACCOUNTING STANDARD FOR

LEASES; Negative PHP59 million impact for FY19

*Unless indicated, all figures presented are pre-IFRS 16.

COVID-19 UPDATE

24

Dramatically Reduced Operations During Government-Imposed Quarantine

COVID-19 Update

Majority of our stores remain closed, following the government’s enhanced community quarantine.

Main challenge is staffing stores and maintaining a minimum level of guest experience Gradually opening stores for delivery and carry-out using volunteer staff Health and safety of personnel remain paramount

Strict safety protocols in open stores have been implemented.

Protective gear and sanitizing equipment for staff Temperature checks before entering the store Shortened hours to provide additional time for daily cleaning Social distancing measures

25

Opened Stores’ ADS at Pre-COVID-19 Levels Following Heightened Demand for Delivery & Carry-Out

COVID-19 Update

26

Multiple Sales Channel Approach, Including a Tried-And-Tested Delivery Platform, Bode Well During This Period

COVID-19 Update MOST RECENT ADDITION: CURB-SIDE PICK-UP DELIVERY HOTLINE ONLINE ORDERING MOBILE APPLICATION IN-HOUSE RIDERS PARTNERSHIPS WITH FOOD AGGREGATORS #77777 TOLL-FREE FOR GLOBE AND TM SUBSCRIBERS

27

Priority is to Maintain a Strong Cash and Liquidity Position, as well as Reduce Costs

COVID-19 Update

Cut capex in half and pushed back 2020 new store openings from c.40 pre-COVID- 19 to c.20 today Suspending all national advertising and promotions; Focusing instead on store openings and delivery availability Negotiated rent waivers and extended payment terms from suppliers Cuts in non-essential corporate expenses, establishment of freeze hire, and acceleration

• f efficiency and automation programs

Cash & Liquidity

Buffers from strong end-2019 and early 2020 performance c.PHP1 billion in cash and c.PHP4.5 billion in unused credit lines No upcoming loan maturities in the next 12 months Flexible debt covenants

• n existing loans

Costs, Capital Spend & Working Capital

28

Too Early to Give Guidance, But Already Preparing for a “Post-COVID-19 World”

What could a post-COVID-19 world look like?

Brands with a strong delivery and carry-out business will outperform. PIZZA delivery and carry-out sales as of end 2019 at 37% Currently channeling resources to delivery and accelerating delivery-related initiatives Tempered competition after years of numerous new entrants. Post-COVID-19, a reversal in the trend of heightened competition Shakey’s remains one of the most recognized and loved brands in the food service industry Long-term structural growth story of Philippine dining out remains intact. Value-for-money offerings that WOW guests will resonate Our business model of high margins, low breakeven, fast payback, and quick cash conversion provide sufficient financial flexibilities

OTHER FINANCIALS

30 In PHP Mill 2018 2019 Cash 434 508 Inventory 597 477 Other Current Assets 579 956 Total Current Assets 1,610 1,941 Property, Plant, and Equipment 1,712 1,808 Goodwill and Trademarks 6,066 6,977 Other Non-Current Assets 245 327 Total Non-Current Assets 8,023 9,112 TOTAL ASSETS 9,633 11,053 In PHP Mill 2018 2019 Trade Payable and Others 920 1,075 Short-Term Debt 48 598 Total Current Liabilities 968 1,673 Long-Term Debt 3,837 3,789 Other Non-Current Liabilities 259 317 Total Non-Current Liabilities 4,096 4,107 TOTAL LIABILITIES 5,063 5,779 TOTAL EQUITY 4,570 5,274 TOTAL LIABILITIES AND EQUITY 9,633 11,053

Balance Sheet

*Unless indicated, all figures presented are pre-IFRS 16.

• Decrease in working capital mainly

due to NORMALIZING INVENTORY

• Elevated PPE due to PERI

ACQUISITION AND CAPEX FOR ORGANIZATIONAL GROWTH

• Increased short-term debt due to the

PERI ACQUISITION LOAN

• Long-term loan of PHP3.8 billion all

PESO-DENOMINATED WITH FIXED INTEREST RATES

31

Ratios

Notes: Net Debt-to-Equity = (Total Liabilities – Cash) / Total Equity Net Gearing = (Interest-Bearing Liabilities – Cash) / Total Equity Interest-Bearing Debt-to-EBITDA uses trailing 12-month EBITDA Return on Equity uses trailing 12-month earnings and average equity

• COMFORTABLE

GEARING RATIOS despite higher interest- bearing debt due to Peri acquisition loan

• MAINTAINED

ABOVE- INDUSTRY ROE at 19%

Net Debt-to-Equity (x) Net Gearing (x) Interest-Bearing Debt-to-EBITDA (x) Return on Equity 1.01

1.00

1.33

2018 2019 Pre- IFRS 16 2019 Post- IFRS 16

0.76

0.74

0.77

2018 2019 Pre- IFRS 16 2019 Post- IFRS 16

2.59

2.60

2.23

2018 2019 Pre- IFRS 16 2019 Post- IFRS 16

20%

19%

18%

2018 2019 Pre- IFRS 16 2019 Post- IFRS 16

*Unless indicated, all figures presented are pre-IFRS 16.

32

• OPERATING CASH FLOWS

MORE THAN SUFFICIENT for regular capital expenditure

• Capital expenditure

primarily for ACQUISITION OF PERI STORES, IT INVESTMENTS, AND NEW SHAKEY’S OUTLETS

• Proceeds from loan used to

finance PERI ACQUISITION

• Increase in trademark

reflects PERI ACQUISITION

In PHP Mill FY 2018 FY 2019 Income before Income Tax 1,082 1,108 Depreciation and Amortization 231 554 Interest Expense 189 311 Changes in Working Capital (378) 23 Others (203) (292) Net Operating Cash Flow 921 1,704 Capital Expenditures (434) (417) Acquisition of Trademark (775) Others 85 (307) Net Investing Cash Flow (349) (1,499) Proceeds from (Payment of) Loan (50) (300) Payment of Interest (182) (200) Net Financing Cash Flow (385) (133) Effect of Exchange Rate Changes 1 2 Beginning Cash 245 434 Change in Cash 189 74 Ending Cash 434 508 Free Cash Flow 487 1,287

Cash Flow

*Unless indicated, all figures presented are pre-IFRS 16.

33

• Higher receivables driven by FRANCHISEE-LED STORE

NETWORK EXPANSION

• Normalizing inventory with DEPLETION OF ADVANCED

PURCHASE OF CHEESE from end-2018

• Decrease in cash

conversion cycle relative to end 2018 to -6 DAYS

597

477

40

30

• 10

20 30 40 50 60 70 80 90

• 200

400 600 800 1,000 1,200

FY18 FY19 Days ₱ Mns

920

1,075

62

67

• 10

20 30 40 50 60 70 80 90

• 200

400 600 800 1,000 1,200

FY18 FY19 Days ₱ Mns

508

709

24

31

• 10

20 30 40 50 60 70 80 90

• 200

400 600 800 1,000 1,200

FY18 FY19 Days ₱ Mns

185

111

2

(6)

(10)

• 10

20 30 40 50 60 70 80 90 (200)

• 200

400 600 800 1,000 1,200

FY18 FY19 Days ₱ Mns

Working Capital Receivables Inventory Payables

Cash Conversion Cycle

*Unless indicated, all figures presented are pre-IFRS 16.

34

FY 2019 Summarized P&L: Audited vs. Unaudited

In PHP Mill FY 2019 Pre-PFRS 16 Unaudited FY 2019 Pre-PFRS 16 Audited Variance in PHPm Total Revenue 8,237 8,239 2 Cost of Sales (5,841) (5,843)

• 2

Gross Profit 2,396 2,396 Operating Expenses (1,033) (1,056)

• 23

EBITDA 1,694 1,690

• 4

EBIT 1,362 1,341

• 21

Finance Cost (206) (209)

• 3

Income before Tax 1,202 1,191

• 11

Net Income 923 924 1 Margins Gross Profit 29.1% 29.1% 0.0 pps EBITDA 20.6% 20.5%

• 0.1 pps

EBIT 16.5% 16.3%

• 0.2 pps

Net Income 11.2% 11.2% 0.0 pps FY 2019 Post-PFRS 16 Unaudited FY 2019 Post-PFRS 16 Audited Variance in PHPm 8,237 8,239 2 (5,857) (5,827) 30 2,379 2,412 33 (1,026) (1,052)

• 26

2,021 1,971

• 50

1,353 1,360 7 (283) (311)

• 28

1,116 1,108

• 8

862 865 3 28.9% 29.3% 0.4 pps 24.5% 23.9%

• 0.6 pps

16.4% 16.5% 0.1 pps 10.5% 10.5% 0.0 pps

*Unless indicated, all figures presented are pre-IFRS 16.

35

FY 2019 Summarized Cash Flow: Audited vs. Unaudited

In PHP Mill FY 2019 Unaudited FY 2019 Audited Variance in PHPm Income before Income Tax 1,202 1,108

• 94

Depreciation and Amortization 286 554 268 Interest Expense 206 311 105 Changes in Working Capital (119) 23 142 Net Operating Cash Flow 1,303 1,704 401 Capital Expenditures (564) (417) 147 Acquisition of Trademark (730) (775)

• 45

Net Investing Cash Flow (1,311) (1,499)

• 188

Proceeds from (Payment of) Loan 500 (300)

• 800

Payment of Interest (203) (200) 3 Net Financing Cash Flow 144 (133)

• 277

Effect of Exchange Rate Changes 2 2 Beginning Cash 434 434 Change in Cash 135 74

• 61

Ending Cash 569 508

• 61

Free Cash Flow 739 1,287 548

*Unless indicated, all figures presented are pre-IFRS 16.

36

FY 2019 Summarized Balance Sheet: Audited vs. Unaudited

In PHP Mill FY 2019 Pre-PFRS 16 Unaudited FY 2019 Pre-PFRS 16 Audited Variance in PHPm Cash 569 508

• 61

Inventory 491 477

• 14

Total Current Assets 1,823 1,941 118 Property, Plant, and Equipment 1,989 1,808

• 181

Goodwill and Trademarks 6,796 6,977 181 Total Non-Current Assets 9,074 9,112 38 TOTAL ASSETS 10,897 11,053 156 Trade Payable and Others 888 1,075 187 Short-Term Debt 698 598

• 100

Total Current Liabilities 1,586 1,673 87 Long-Term Debt 3,686 3,789 103 Total Non-Current Liabilities 3,964 4,107 143 TOTAL LIABILITIES 5,550 5,779 229 TOTAL EQUITY 5,348 5,274

• 74

TOTAL LIABILITIES AND EQUITY 10,897 11,053 156 FY 2019 Post-PFRS 16 Unaudited FY 2019 Post-PFRS 16 Audited Variance in PHPm 569 508

• 61

491 477

• 14

1,823 1,938 115 1,744 1,615

• 129

6,796 6,977 181 10,438 10,394

• 44

12,261 12,333 72 888 1,288 400 698 598

• 100

1,586 1,886 300 3,686 3,789 103 5,675 5,378

• 297

7,261 7,264 3 5,000 5,069 69 12,261 12,333 72

*Unless indicated, all figures presented are pre-IFRS 16.

STOCK & INVESTOR RELATIONS HIGHLIGHTS

38

MARKET CAPITALIZATION

$0.3B

December 2016

$0.2B

May 2020

PERFORMANCE SINCE IPO

₱11.26

IPO Price

• 43%

8 May 2020

PIZZA

Philippine Consumer Average PER

9.5x

18.4x EV / EBITDA

2.7x

7.4x ROE

18.1%

13.6% Operating Margin*

15.9%

10.4% Net Income Margin*

11.1%

6.8%

Source: BPI Securities 2020 Estimates as of 8 May 2020 *Bloomberg, trailing 12 months

STOCK PRICE PERFORMANCE

(BLOOMBERG TICKER: PIZZA PM)

4.00 8.00 12.00 16.00 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 PHP/SHARE

PHP6.47

as of 7 May 2020

Stock Highlights

SHAREHOLDERS

Source: Bloomberg, May 2020

Foreign Ownership Limit: 100% Free Float Level: 28%

GIC Private Equity 18% Prieto Family 4% Norges Bank 3% Matthews International Capital Management 1% Others 20% Century Pacific Group,

• Inc. (CPGI) 54%
• wholly owned by

the Philippines’ Po family

• majority

shareholder of CNPF PM and ALCO PM

39

Stock Highlights

*Of previous year’s recurring net income

0.10 0.10

0.10

23% 20%

18%

0% 10% 20% 30% 0.00 0.10 0.20 0.30 2017 2018 2019 Regular Cash Payout Ratio*

Declaration Date Record Date Payment Date

2017 May 8 June 6 June 30 2018 August 16 September 14 October 10 2019 June 20 July 19 August 14

Philippines’ Best Small Cap Company Finance Asia 2018

DIVIDEND HISTORY

500 High-Growth Companies Asia Pacific Financial Times 2020

40

*Listing Date: 15 December 2016 **As of 8 May 2020 ***At least one research report published in the past 12 months as

• f 8 May 2020

Investor Relations Highlights

Current Price PHP6.47 Range since Listing Date* PHP4.54 - 17.48

• No. of Outstanding Shares

1,531,321,053 Shareholding Structure CPGI: 53.8% Arran (GIC): 18.5% Free Float 27.7% (includes Prieto family’s 3.8%) 3-Month Average Turnover PHP11.2 million USD0.2 million Market Capitalization PHP9.9 billion USD0.2 billion YTD Absolute Performance

• 34.6%

YTD Relative to Index

• 7.0%

YTD Relative to Sector

• 20.5%

3-Month Absolute Performance

• 31.5%

3-Month Relative to Index

• 6.8%

3-Month Relative to Sector

• 17.1%

SELL-SIDE ACTIVE COVERAGE***

Institution Analyst Latest Call BDO Nomura Diane Go BUY BPI Jefferies Javier Consunji BUY CLSA Joyce Ramos BUY COL Financial John Luciano BUY Credit Suisse Hazel Tanedo OUTPERFORM Daiwa Renzo Candano BUY Macquarie Karisa Magpayo OUTPERFORM PNB Alvin Arogo NEUTRAL Regis Carissa Mangubat BUY Unicapital Wendy Estacio HOLD

41

PIZZA’s 2018 Glossy Annual Report can be found on the Company’s corporate website. Investors > Investor Presentations

https://tinyurl.com/PIZZA-Annual-Report-2018

MESSAGE FROM THE PRESIDENT

• 2018. What everyone thought would be

a relatively easy, smooth-sailing year turned out to be a very challenging one for the food service industry as well as for our company. I am proud to tell you that our company was still able to finish 2018 on a positive note and continued to deliver industry- leading growth that was the envy of

• thers. The year proved that when the

going gets tough, the tough (Team Shakey’s) get going!

Investor Relations Highlights

42

Investor Conferences Earnings Release

Nomura Investment Forum Asia June 2 (Virtual)

*Schedule updated as of 14 May 2020

Citi Pan Asia Regional Conference May 20 (Virtual) 1Q20 Earnings Release June 1 Annual Stockholders Meeting July 15 (Virtual) 2Q20 Earnings Release August 12 3Q20 Earnings Release November 11

Investor Relations Highlights

SUSTAINABILITY HIGLIGHTS

44

First GRI-Compliant Sustainability Report

Sustainability Framework

PLANET

• Talent acquisition

& management

• Workplace culture

& environment

• External guest

engagement

• Impact to

communities

• Natural resource

efficiency

• Packaging & waste
• Food safety &

quality

• Responsible

sourcing

• Long-term financial goals now coupled with

ENTERPRISE-WIDE INITIATIVE TO MONITOR AND MEASURE ENVIRONMENTAL, SOCIAL, AND GOVERNANCE METRICS Available for download here:

https://tinyurl.com/PIZZA-Annual-Report-2018

PEOPLE PIZZA

45

First GRI-Compliant Sustainability Report

2018 Sustainability Highlights

PEOPLE PLANET PIZZA

9,149

jobs supported

43.6

average training hours per employee

1:1

ratio between male and female employees

8.3/10

satisfaction

• f store

employees

4%

reduction in electricity intensity

1%

reduction in water intensity

74%

• f total spending is
• n local suppliers

100%

RSPO-certified palm oil Supplier accreditation process in place

SHAKEY’S PIZZA ASIA VENTURES, INC.

This document is highly confidential and being given solely for your information and for your use and may not be, or any portion thereof, shared, copied, reproduced or redistributed to any other person in any manner. The statements contained in this document speak only as of the date which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances

• n which any such statements are based. By preparing this presentation, none of the Company, its

management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies in any such information which may become apparent. This presentation contains statements, including forward-looking statements, based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements in particular involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking

• statements. Given these risks, uncertainties and other factors, recipients of this

document are cautioned not to place undue reliance on these forward-looking statements. Any reference herein to "the Company" shall mean, collectively, Shakey’s Pizza Asia Ventures, Inc. and its subsidiaries. Paranaque City, Philippines investorrelations@shakeys.biz +632 8742 5397 www.shakeyspizza.ph http://edge.pse.com.ph