Strictly Private & Confidential 0 May 2017 Disclaimer The - - PowerPoint PPT Presentation

SLIDE 1

Strictly Private & Confidential

May 2017

SLIDE 2

1

Disclaimer

The provision herein does not constitute legal advice or investment opinions of any kind, neither is it intended as an offer, solicitation for Carabao Group PCL. (“CBG” or “The Group”). The information presented within this material is intended to indicate the Group’s operational and financial position at a given period of time and to be used, downloaded, and distributed for analyst briefings, and general meetings with CBG, and to be used for educational material in order to understand CBG’s operation only. The Group makes no representation that all information is complete and accurate for the purpose of producing a projection of CBG’s operations, performance, or financial position and may be susceptible to uncertainty and important changes based on political, economic, strategic, and other such uncontrollable factors. Forward looking statements in this presentation are based on the management’s assumption in light

• f

information currently available and

• btainable,

as well as the aforementioned/unmentioned risks and uncertainties. CBG’s actual results may vary materially from those expressed or implied in its forward-looking statements, and no assurance is made as to whether such future events will occur. The Group accepts no liability whatsoever for any loss arising directly or indirectly from the use or endorsement of any information contained herein by any users and/or third parties. 1

SLIDE 3

2

Agenda

1Q17 Performance Updates

1)

Financials

2)

Business Updates

3)

Corporate Profile

2

SLIDE 4

3

1Q17 Performance Updates

• 1. Financials

3

SLIDE 5

4

Source: Nielsen energy drink market report, March 2017 ("Nielsen Report")

78% 84% 84% 90% 91% 91%

Selling Distribution (Coverage) Selling Distribution (Coverage)

4

Significant share of Thai energy drink market

Our volume growth kept going under its own momentum against the market headwind

95% 95% 95% 96% 96% 96%

47.7% 46.9% 46.8% 44.4% 43.6% 39.9% 2012 2013 2014 2015 2016 YTD'17

SLIDE 6

5

Thai energy drink and its geographical segmentations

We took lead in the central region and now look forward to the same in other hotspots

5

Source: Nielsen energy drink market report, March 2017 ("Nielsen Report")

Thai energy drink market by geographical segmentation 31% 32% 33% 33% 33% 33% 33% 31% 31% 30% 1Q16 2Q16 3Q16 4Q16 1Q17 Central Region 22% 21% 23% 24% 25% 62% 63% 61% 62% 59% 1Q16 2Q16 3Q16 4Q16 1Q17 Northeast Region 20% 21% 21% 22% 23% 37% 37% 36% 36% 35% 1Q16 2Q16 3Q16 4Q16 1Q17 North Region Greater BKK 12% Central 27% North 21% Northeast 31% South 9%

SLIDE 7

6 72% 71% 66% 67% 28% 29% 34% 33% FY14 FY15 FY16 1Q17 Export Domestic 2,858 2,688 2,102 4Q16 1Q17 1Q16

(Baht mil)

BREAKDOWN OF DOMESTIC AND EXPORT SALES 6 7,448 7,753 9,965 FY14 FY15 FY16

Total revenue from sales

Both domestic sales (+30% yoy) and export sales (+24% yoy) experienced solid growth

SLIDE 8

7

Key growth driver

Domestic : Stronger push through cash van route to market and pull strategies deployed to paint growth on both existing and new product groups

1,820 1,801 1,386 5,358 5,477 6,603 4Q16 1Q17 1Q16 FY14 FY15 FY16 79% 1% 1% 10% 9%

Breakdown of our domestic sales

1Q17 DOMESTIC

SALES

(Baht Mill)

7

+29.8%

DOMESTIC SALES CHANNEL 24% 24% 68% 49% 9% 26% 1Q16 1Q17

Other TT(CV) TT(Agent) MT

1,801 1,386

(Baht mil) 3 19 44 90 150 265 308 337 337

8,158

5,971

• 100

200 300 400

• 5,000

10,000 15,000 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

No.of Cash Van Branded Products 3rd party products 2 19 18 2 4 6 14 3 2

13,555 THB/Van/Day 5,971 THB/Van/Day CONTRIBUTION FROM CASH VAN STRATEGY

Total SKUs Sport Drink Drinking Water Coffee 3rd party products for distribution

SLIDE 9

8 1,038 888 716 2,094 2,276 3,362 4Q16 1Q17 1Q16 FY14 FY15 FY16

Overseas sales by key export countries

8

(Baht Mill)

91% 4% 4% 1%

1Q17 OVERSEAS

SALES

• thers

+24% Baht Mil 4Q16 1Q17 1Q17 %sales 1Q16 FY16 FY15 Cambodia 599 589 66% 498 2,074 1,547 Myanmar 100 105 12% 59 279 223 Vietnam 68 5 1% 20 173 98 Yemen 70 34 4% 22 202 167 Afghanistan 160 66 7% 94 481 164 China

• 44

5%

• Others

20 16 2% 23 153 77 Sales from Thailand 1,017 859 97% 716 3,362 2,276 Sales from ICUK 21 29 3%

• Total

1,038 888 100% 716 3,362 2,276

CLMV (+21% yoy) made another bold step ahead in driving growth in export sales despite our sooner-to-be debottlenecked canning production lines

SLIDE 10

9 33.30% 38.80% 37.30% 32.50% 39.10% 33.40% 34.70% 32.40% 33.20% 34.76% 33.80% 31.70% FY14 FY15 FY16 4Q16 1Q16 1Q17 Domestic Export

Gross profits margin overview

GPM decreased from the angles of our dynamic change in product mix as well as increase in certain production costs i.e. sugar, energy and related packaging materials

9

38.6% 12.8% 13%

33.7% 36.9% 35.9% 33.9% 37.3% 32.9% TOTAL

SLIDE 11

10 10 10 Unit: THB million 2015 2016 FY2016 4Q16 1Q17 1Q17 1Q16 %sales %sales Revenue from sales 7,753 9,965 100.0% 2,859 2,688 100.0% 2,102 Costs of goods sold 4,893 6,388 64.1% 1,889 1,805 67.2% 1,318 Gross profits 2,860 3,577 35.9% 969 883 32.8% 784 Selling expenses 1,120 1,484 14.9% 521 568 21.1% 262 G&A expenses 395 552 5.1% 212 170 6.3% 111 Operating profits 1,380 1,583 15.9% 278 145 5.4% 411 Other incomes 121 147 1.5% 27 36 1.3% 34 EBIT 1,466 1,686 16.9% 261 181 6.7% 445 EBITDA 1,702 1,912 19.2% 316 237 8.8% 503 Interest expenses 2 4 0.0% 2 5 0.2% 1 EBT 1,465 1,638 16.4% 215 176 6.5% 444 Income tax expenses 209 278 2.8% 63 53 2.0% 68 Net profits for the period 1,256 1,404 14.1% 196 123 4.6% 376 Equity Holder of the Company 1,256 1,490 14.95% 281 221 8.2% 376

* ICUK incurred operating loss of the amount equivalent to THB 201 million during1Q17

Statement of comprehensive income

We have invested for a shareholding of 51% in Intercarabao Limited (ICUK), triggering consolidation of its financial performance and position from 4Q16 onwards

SLIDE 12

11 11 11

ASSETS Dec-16 Mar-17 Change LIABILITIES Dec-16 Mar-17 Change Current Assets Current Liabilities Cash, Cash Equivalents 745 639 (106) Bank overdrafts&short-term loans from financial institutions 750 1,000 250 Current Investments 604 506 (98) Trade and other payable 1,302 1,509 207 Trade and other receivable 562 949 387 Other Current Liabilities 272 260 (12) Inventories 433 536 103 Total Current Liabilities 2,324 2,769 445 Other current assets 110 155 45 Total non-current liabilities 355 357 2 Total Current Assets 2,454 2,785 331 Total Liabilities 2,679 3,126 447 Non-Current Assets SHAREHOLDERS' EQUITY Long-term Investment

• Issued and fully paid up share capital

1,000 1,000

• Investment Properties

104 103 (1) Premium on shares 3,963 3,963

• Property, plant & equipment

6,626 6,944 318 Retained earnings 1,478 1,699 221 Intangible Assets 15 15

• Other components of shareholders' equity

432 410

• Deferred Tax Assets

34 21 (13) Equity attributable to owners of the Company 6,873 7,072 199 Other non-current assets 8 8

• Non-controlling interests of the subsidiary

226 200 (26) Goodwill 536 523 (13) Total Non-Current Assets 7,323 7,613 290 Total shareholders' equity 7,099 7,272 173 Total Assets 9,778 10,398 620 Total liabilities and Equity 9,778 10,398 620

STATEMENT OF FINANCIAL POSITION

Unit THB million

Statement of financial position

Borrowings increased to THB 1,250mn for expanded production capacities in anticipation of growth prospect in our energy drink products

SLIDE 13

12 12

1Q17 Performance Updates

• 2. Business Updates

12

SLIDE 14

13 13

UK Business Update

• Be the title sponsor of the EFL Cup for 3 years which is worth GBP 18 million and runs from July 2017-2020
• EFL Cup will become the “Carabao Cup”

13

SLIDE 15

14 14

Timings are changing as we engage with more customers

UK Business Update (Cont.)

Potential Customers

We continue to seek new areas of opportunity.

450 Stores 200 Stores 300 Stores 240 Stores 2,900 Stores 1,000 Stores 248 Stores 650 Stores 54 Stores

Current Customers

1,300 Stores 800 Stores 700 Stores 2,400 Stores 600 Stores 700 Stores 300 Stores 400 Stores 800 Stores 45 Stores 50 Stores 100 Stores 3,600 Stores

15

SLIDE 16

15 15

UK Business Update (Cont.)

We are now live in Morrison ,Rank No.4 of total energy drink market

22.5 12.4 11.6 4.9 8.2 4.5 16.9 11.3 8.4 6.0 6.6 1.1

Retailer Total Soft Drinks % Value Share vs. Total Energy Drinks

Total Soft Drinks Total Energy Drinks

Source: Kantar WorldPanel 52 w/e 4th December 2016

16 POTENTIAL CURRENT

SLIDE 17

16 16

People's Republic of China (PRC) Business Update

MT and TT account for 20% and 80% respectively of the market

Guangzhou

• Guangzhou
• .

Shanghai• . Beijing

• .

Sichuan• .

• Energy Drink in China Market were the world’s second largest
• Consumption per capita of approx. 1-2 liters per capita

(Developed countries with consumption per capita of approx. 20

• liters. Thailand and Vietnam approx. 4-5 liters)
• We will penetrate the market across the country

17

SLIDE 18

17 17

People's Republic of China (PRC) Business Update

CBG stands to reap the harvest in an aftermath of our decision to withdraw from the Greater China Investment Project  Have no exposure to potential loss arising from equity investments during the start-up years;  Enjoy upside from (1) manufacturing and exporting our canned energy drinks to the JV Group in China; and  Reserve the right to consider investing in the JV Group at the right time

18

SLIDE 19

18 18

Marketing plans in the PRC market (Cont.)

20

The marketing plans in the PRC market including advertising media and promotional activities in both above the line and below the line

SLIDE 20

19 19

Marketing plans in the PRC market (Cont.)

21

SLIDE 21

20 20

Marketing plans in the PRC market (Cont.)

22

SLIDE 22

21 21

23

TV ads. in the PRC Market (Cont.)

SLIDE 23

22 22

New Factories Progress

Increasing production capacity for amber glass bottle in

• rder to support ongoing growth of Carabaodang bottles

Production Capacity : 650 mn bottles/annum Production starts : 4Q2017

APG FURNACE 2 –59.38 % PROGRESS CAN FILLING FACTORY – Commercial operation in May 2017

Increase can filling production capacity (beginning with 2 new lines) to support volume growth of overseas business Production Capacity : 240 mn cans/annum (2 line) 24

SLIDE 24

23 23

Appendix 3.Corporate Profile

SLIDE 25

Carabao : More than just an energy drink

SLIDE 26

25 25

FOUNDERS

Founded Tawandang German Brewery in 1999 Founded Carabao Tawandang in 2002

• Mr. Sathien Setthasit

CEO Miss Nutchamai Thanombooncharoen Managing Director

• Mr. Yuenyong Opakul

(Aed Carabao) Senior Deputy Managing Director

Managed business with Mr. Sathien since 1999 Managing Director of Carabao since inception Formed the origin of Carabao - the Carabao band

• in1977

Gathered millions of fans for the brand since

27

SLIDE 27

26 26

Carabao is Thailand’s legendary music-for-life & one of the most respected band in Thailand

Carabao & Santana in Bangkok 29th Feb. 2016 [Est. 1981]

28

Strong brand recognition associated with Carabao band

Songs for life music are reflections of aspects of Thai society For over 30 years, Carabao songs have been known to speak to the Thai people in a manner that can easily be related to their own life experience and provide the hope and strength to keep fighting. The result is a truly passionate fan base that are overlapping with energy drink target groups across the country that lives and breathes the Carabao “Fighting Spirit”.

SLIDE 28

27 27 29

From Band to Brand

“Carabao” is an energy drink inspired by the resilient, positive spirit of the Thai people. It is more than an energy drink, it is a Positive Energy Enabler.

“The Fighting Spirit”

The Bird

Freedom, Unity, Creativity, Self Expression

The Buffalo

Strength, Power, Perseverance, Respect

A Brand with a Heart and Soul

SLIDE 29

28 28 30

Shareholding & Company Structure

Major Shareholders 75% Free Float 25%

34%

• Mr. Sathien Setthasit’s Group

27%

• Ms. Nutchamai Thanombooncharoen’s Group

14%

• Mr. Yuenyong Opakul’s Group
• Manufactures,

markets and sells the Group’s products

• Manages the

domestic distribution of the Group’s product

• Manufactures and

supplies glass bottles required for the manufacture the Group’s product

CBD DCM APG APC CBHHK CBVLUX ICUK CBTHK

Thailand Outside Thailand

• Manufactures and

supplies aluminum cans used as packaging materials for the Group’s Product

Operating Subsidiaries Holding Subsidiaries

CARABAO GROUP

100% 100% 100% 74% 100% 100% 100% 51%

(1) (2)

Note: (1) The remaining portion of 49% is held by a Singaporean business partner, which is not related to CBG and Subsidiaries.

• CBHHK and CBLUX ,Newly incorporated in 2016 to operate as an overseas holding company
• ICUK, Distribute and sell energy drink under Carabao trademark in the UK as a result of the Distribution Agreement granted by CBD.

(2) The remaining portion of 26% is held by Showa Denko Group, a Japanese business partner. In process of incorporation in 2Q17

SLIDE 30

29 29

• Mr. Sathien Setthasit

Chief Executive Officer Co-Founder of the Group in 2001

• Ms. Nutchamai

Thanombooncharoen Managing Director Co-Founder of the Group in 2001

• Mr. Yuenyong

Opakul (Add) Senior Deputy Managing Director

• Co-Founder of the

Group in 2001

• Lead singer of

Carabao

• Brand Ambassador
• f Carabao energy

drink

• Mrs. Wongdao

Thanombooncharoen Senior Deputy Managing Director Been with the Group since 2008

• Mr. Kamoldist

Smuthkochorn Deputy Managing Director – Marketing Been with the Group since 2002

• Mr. Pongsarn

Khlongwathanakith Chief Financial Officer Joined in 2015, from CIMB Investment Bank

• Mr. Paiboon

Kujareevanich Deputy Managing Director – Operation Been with the Group since 2013

• Mr. Kartchai

Jamkajornkeiat Assistant Managing Director – Production/ Int’l Business Been with the Group since 2012

31

Management Team

INSTRUMENTAL TO BUILDING COMPANY’S SUCCESS

1. The company seeks to create customer satisfaction through proactive marketing innovations 2. The company is determined to expand its global footprint via strategic partnerships and integration opportunities 3. The company is dedicated to maintain a quality management system, using know how to drive its business as well as being responsible towards its community and society MISSION

• Mr. Romtham

Setthasit Assistant Managing Director Been with the Group since 2015

SLIDE 31

30 30

Key Milestones and Developments

• NO. 1

Challenger

2004 Began exporting to 15 countries Oct 2002 Carabao Dang was launched 2012 DCM established as a distributor for Carabao products 2013 APG manufactured glass bottles for Carabao products 2004 In 18 months of the launch, Carabao overtook Krating Daeng position to become the No. 1 challenger in the market 2014 Start Plus Zinc an electrolyte beverage was launched Nov 2014 Carabao Group began trading in Stock Exchange of Thailand 2015 Start establishing

• wn distribution centers

with a national coverage

• f 300,000 outlets

Jul 2016 Carabao 3in1 Coffee was launched Oct 2016 Carabao RTD Coffee was launched 2016 Carabao Drinking Water was launched 32 2015 Sponsorship of Chelsea F.C. June 2017 Sponsorship of the EFL Cup; The Carabao Cup.

SLIDE 32

31 31

Milestones and Developments

2001

• 3 co-founders

jointly invested in CBD

• Registered

capital 1 mil. Bt.

• First bottling

line installed at the factory

• Registered capital

increased to 130 mil. Bt.

• First commercial
• peration commenced

(Oct.) first energy drink launched

• Bottling lines

increased to 3 (max.

• cap. 275 mil. bottles

p.a.)

• Exclusive distributor

appointed in Thailand

2002

• Registered capital

increased to 200 mil. Bt.

• 3 additional bottling lines

Installed (increases total

• max. cap. to 548 mil.

bottles p.a.)

• Won “popular vote” from

Marketing Association of Thailand for the TV ad

2003

• Canning line

installed (max. cap. 117 mil. cans p.a.)

• Production and

export of can product started

2004

• 1 additional

canning line installed (increases total max. cap. to 205 mil. cans p.a.)

2010 2011

• 2 additional

bottling lines installed (increases total

• max. cap. to

700 mil. bottles p.a.)

• DCM first

registered capital 1 mil. Bt., and increased to 100

• mil. Bt.
• Third party

replaced by DCM to fully distribute CBD’s products

2012 2013

• 2 additional bottling lines

installed(increases total

• max. cap. to 850 mil.

bottles p.a.)

• 1 additional canning line

installed (increases total

• max. cap. to 350 mil.

cans p.a.)

• Registered capital

increased to 300 mil. Bt.

• Registered capital

increased 620 mil. Bt.

2014

• Paid up capital of APG increased

in full to 450 mil. Bt.

• Paid up capital of CBG increased

to 1,000 mil Bt.

• Krones bottling line installed

(increases total max. cap. to 1,080 mil. bottles p.a.)

• 2 of CBD’s bottling line reduced

for manufacturing Start + (max.

• cap. 120 million bottles p.a.)
• Start+ launched in May
• First

commercial

• peration

commenced by APG in Aug. (max. cap. 650 million bottles p.a.)

• Carbonated CBD

launched (in Cambodia)

• Started cash vans and

distribution centers. (9 DCs in 2015)

• Sponsorship of Chelsea

FC

2015

33

2016

• New Carabao products

(Water & 3in1 & RTD Coffee)

• Announcement to hold 51%
• f shares in ICUK

(Distributor in the UK)

• Sponsorship of EFL (Carabao

Cup)

• Expansion of APG 2. (max.
• cap. 1300 million bottles

p.a.)

2017

• Expansion of Bottling Filing

( increases total max.cap.to 1,535 mil.bottles p.a.)

• 2 additional canning line

installed by CBD (increases total max. cap. to 800 mil. cans p.a.)

• JV with Showa Denko

Group to produce Aluminum cans

• Start selling into the PRC

in mass market

SLIDE 33

32 32 9 production lines Now: Prod. Cap. of 1,080 million bottles p.a. 1Q2018 Expansion: Prod. Cap. of 1,535 million bottles p.a. Certification s: Energy drink PRODUCTION FACILITY 3 production lines Now: Prod. Cap. of 350 million cans p.a. 2Q2017 Expansion: Prod. Cap. of 800 million cans p.a. 4Q2017 Expansion: Prod. Cap. of 1,040 million cans p.a. Plant location: 50 KM from central Bangkok Bottles filling Cans filling

The Manufacturing Facilities

34

SLIDE 34

33 33

Certifications:

APG glass bottle manufacturing facility

• Prod. Cap. of 650 million bottles p.a.
• To expand to 1,300 million bottles p.a. by early 2018
• Maximum molten glass production of 310X2 tons per day
• State-of-the-art technology using glass cullet as raw

materials Aluminum Can Manufacturing Facility JV with Showa Denko Aluminum Can

• Prod. Cap. of 1,000 million cans p.a.
• To be completed by 3Q2018
• Knowhow provided by Showa Denko Group, One of the

leading Companies in aluminum from Japan

The Manufacturing Facilities

Asia Pacific Can

35

SLIDE 35

34 34 36

Marketing Channels

Dedicated in-house marketing team has established strong relationships with multiple media channels, enabling us to react to market trends and minimize lead time and costs Flexible uses of multimedia channels to reach target consumers: media advertising, on-the-ground marketing team, brand ambassador and event sponsorships Below the Line On-ground marketing More than 148 BaoDang Girl Teams, consisting of

• ver 893 members

promote social activities Brand Ambassador and events sponsorships Celebrity spokesperson promoting our brand, as well as enhancing corporate image Contributes significantly in establishing our brand Regularly sponsor events which appeal to target consumers

Above the Line TV commercials for wider reach Print ads in magazines, newspapers and posters

SLIDE 36

35 35 End Consumers Carabao Group

• 1. Traditional Trade – 75%1
• 2. Modern Trade – 24%1
• 3. Importers, Distributors, International

Dealers Domestic Market – c.67%1 International Market – c. 33%1 End Consumers

… … …

Tier 1 Tier 2 Tier 2 Tier 3 Tier 3 Tier 3

Retailers

Convenience stores, Supermarkets, Hypermarkets Traditional retail shops > 50 agents > 1,200 sub- agents

Note: (1) Sales Figure, 1Q2017 (2) Launched in Q2/15 . Reach 30 distribution center in 2016

• B. Cash Vans – 26%2
• A. 3-tiered agent distribution network – 49%

37

Comprehensive Distribution Network

SLIDE 37

36 36

7 DCs 9 DCs 3 DCs

W

10 – 15 Vans / DC 40 retails / Van / Day 10,000 retails / DC 320,000 retail network

Target reached since October 2016: 30 DCs with 337 Vans, covering approx. 320,000 retailers nationwide

4 DCs

Cash Vans & DCs nationwide

38

2 DCs 6 DCs

Note : Base on Information at March 2017

SLIDE 38

37 37

Our SKUs (Energy Drink)

Carabao Energy Drink (Original) Carabao Energy Drink (Original Export) Carabao Carbonated Carabao Ginseng Edition Carabao Carbonated (Original) Carabao Carbonated (Sugar Free) Carabao Carbonated (Green Apple) Carabao Energy Drink (The PRC Market)

• 150ml amber

glass bottle

• Flat taste
• Caffeinated +

B12

• 250ml

aluminum can

• Flat taste
• Caffeinated +

B12

• 325ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• 325 ml aluminum

can

• Carbonated
• Caffeinated +

Multivitamins

• Ginseng Extract
• 325ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Less sugar (1:4)
• 325 ml aluminum

can

• Carbonated
• Caffeinated +

Multivitamins

• Sugar Free
• 325 ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Green Apple

Flavour

• 250ml

aluminum can

• Non-

Carbonated Domestic (mainly) Export Only Export in Asia First market: Afghanistan First market: UK First market: UK First market: UK The PRC Market October 2001 2004 May 2015 February 2016 April 2016 August 2016 October 2016 March 2017 10 THB (domestic) Differ in various countries 2,000 Riel (17 Baht) Differ in various countries 1.19 GBP 1.19 GBP 1.19 GBP 6 CNY

39

SLIDE 39

38 38

Our SKUs (non-Energy Drink)

Products Start Plus Carabao Drinking Water Carabao Coffee (Rich Aroma) Carabao Coffee (Espresso) Carabao Coffee (Robusta) Carabao Coffee (Espresso) Descriptions

• 250ml

glass bottle

• Flat taste
• Electrolyte

& vitamins

• (No

caffeine)

• 2 size = 600ml

& 1200ml

• Outsource

production

• Distribution

through Cash Vans Channel

• 30 small sticks in

1 pack

• Outsource

production

• Distribution

through Cash Vans Cannel and Tesco

• 30 small sticks in 1

pack

• Outsource

production

• Distribution

through Cash Vans Cannel and Tesco

• 180ml can
• Outsource

production

• Distribution

through Cash Vans Channel, BigC and 7- Eleven

• 180ml can
• Outsource

production

• Distribution through

Cash Vans Channel, BigC and 7-Eleven

Domestic Market Launch Date May 2014 February 2016 July 2016 November 2016 Retail Selling Price 10 THB 7 & 12 THB 85 THB 10 THB

40

SLIDE 40

39 39

Products Seaweed Dish Washing Liquid Peanuts Fish Snacks Toothbrush Razor Juice Retail Selling Price (THB) 5 10 5 5 10 10 10 Launch Date November 2015 April 2016 June 2016 July 2016 Products Fabric Softener Squid Snacks Cigarettes (10Skus)1 Toilet Cleaner Tissue Detergent Retail Selling Price (THB) 10 5 40 - 86 25 5 10 Launch Date August 2016 September 2016 October 2016 December 2016

3

RD Party Products in Cash Vans

1

41

Note: As of December 2016

SLIDE 41

40 40

The Global Market

North America $24.3bn Australia $2.7bn Europe $11.5bn Latin America $4.7bn Africa $2.1bn UAE $2.7bn Asia Pacific $14.85bn

The opportunity is to capture 10% of the Global Market by 2019

The growth in the Energy Drink market is predicted to continue with sales reaching $62bn by 2019

$6.2bn by 2019

42

SLIDE 42

41 41

4

2016 COUNTRY RANK FOR TOTAL ENERGY DRINKS MARKET SIZE

65.1

POPULATION (M)

8.22

LITRES PER CAPITA

1,642

CAN EQUIVALENT (M)

$2,348

2016 VALUE OF SALES USD (M)

UNITED KINGDOM

Source: Euromonitor

SLIDE 43

42 42

THE WORLD CLASS COMBINATION

Strategic Partnership

Principal partner sponsorship value = £30* mil./3 seasons (start 2016-2019) Principal partner sponsorship value = £18* mil./3 seasons (start 2017-2020)

The EFL Cup will be renamed the “Carabao Cup”

44

SLIDE 44

43 43

Strong push to the shelves by our UK Cash vans

45

SLIDE 45

44 44

2

2016 COUNTRY RANK FOR TOTAL ENERGY DRINKS MARKET SIZE

1,382.3

POPULATION (M)

0.93

LITRES PER CAPITA

3,932

CAN EQUIVALENT (M)

$6,626

2016 VALUE OF SALES USD (M)

China

Source: Euromonitor

SLIDE 46

45 45

Marketing plans in the PRC market (Cont.)

The marketing plans in the PRC market including advertising media and promotional activities in both above the line and below the line 47

SLIDE 47

46 46

Marketing plans in the PRC market (Cont.)

48

SLIDE 48

47 47 49

Statistic Information

Note Based on an assumption of THB 35 = 1 USD

Carabao Group PLC. As of 17 May 2017 Closing Price: THB 63.25 Ticker SET: CBG Reuter: CBG.BK Bloomberg: CBG:TB Google Finance: BKK:CBG Listing date 21 November, 2014 Listing Venue SET F&B, SET50 Par Value 1 Baht Shares outstanding (mil.) 1,000 Market Cap. THB 63,250mn/USD1.8 mn 52 weeks High/Low THB 80.75 / THB 40.50 Free Float 25.69% Foreign Limit 49.0% Dividend policy at least 40% of consolidated net profit EPS (TTM) THB 1.33 P/E (TTM) 47.55x P/BV 8.94x Dividend Yield 1.58% Auditor: EY Board of Directors 9 members (4 independent)

SLIDE 49

48 48 50