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

Strictly Private & Confidential 0 May 2017

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 of information currently available and obtainable, 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 1

Agenda 1Q17 Performance Updates Financials 1) Business Updates 2) Corporate Profile 3) 2 2

1Q17 Performance Updates 1. Financials 3 3

Significant share of Thai energy drink market Our volume growth kept going under its own momentum against the market headwind Selling Distribution (Coverage) 78% 84% 84% 90% 91% 91% Selling Distribution (Coverage) 95% 95% 95% 96% 96% 96 % 47.7% 46.8% 46.9% 44.4% 43.6% 39.9% 2012 2013 2014 2015 2016 YTD'17 4 4 Source: Nielsen energy drink market report, March 2017 ("Nielsen Report")

Thai energy drink and its geographical segmentations We took lead in the central region and now look forward to the same in other hotspots Thai energy drink market Central Region by geographical segmentation 33% 33% 33% 33% 33% Northeast 32% 31% 31% 31% 31% South 30% 9% North 21% Greater 1Q16 2Q16 3Q16 4Q16 1Q17 BKK Central 12% 27% North Region Northeast Region 63% 61% 62% 36% 36% 62% 37% 37% 35% 59% 23% 22% 21% 21% 20% 22% 25% 24% 23% 21% 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q16 3Q16 4Q16 1Q17 5 5 Source: Nielsen energy drink market report, March 2017 ("Nielsen Report")

Total revenue from sales Both domestic sales (+30% yoy) and export sales (+24% yoy) experienced solid growth (Baht mil) 9,965 2,858 2,688 7,753 7,448 2,102 4Q16 1Q17 1Q16 FY14 FY15 FY16 BREAKDOWN OF DOMESTIC AND EXPORT SALES 28% 29% 34% 33% Export Domestic 72% 71% 67% 66% FY14 FY15 FY16 1Q17 6 6

Breakdown of our domestic sales 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 6,603 (Baht Mill) Sport Drink 1% 5,477 5,358 Drinking Water 1% 1Q17 10% +29.8% Coffee DOMESTIC 1,820 1,801 79% 1,386 9% SALES 3 rd party products 4Q16 1Q17 1Q16 FY14 FY15 FY16 for distribution CONTRIBUTION FROM CASH VAN STRATEGY DOMESTIC SALES CHANNEL Total 2 2 2 3 4 6 14 18 19 (Baht mil) 1,801 SKUs 337 1,386 15,000 400 337 308 13,555 9% 265 300 THB/Van/Day 26% 10,000 Other 8,158 150 200 5,971 TT(CV) 5,971 68% 90 5,000 THB/Van/Day 49% 44 100 TT(Agent) 19 3 - - MT 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 24% 24% No.of Cash Van Branded Products 3rd party products 1Q16 1Q17 7 7

Overseas sales by key export countries CLMV (+21% yoy) made another bold step ahead in driving growth in export sales despite our sooner-to-be debottlenecked canning production lines (Baht Mill) 3,362 4% 2,276 2,094 1Q17 +24% 4% OVERSEAS 1,038 888 716 SALES 91% 1% others 4Q16 1Q17 1Q16 FY14 FY15 FY16 1Q17 Baht Mil 4Q16 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 8 8

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 TOTAL 33.7% 36.9% 35.9% 33.9% 37.3% 32.9% 33.80% 32.40% 33.20% 34.70% 34.76% 31.70% 38.6% 12.8% 39.10% 38.80% 37.30% 33.40% 33.30% 32.50% 13% FY14 FY15 FY16 4Q16 1Q16 1Q17 Domestic Export 9 9

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 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 1,490 8.2% 1,256 14.95% 281 221 376 * ICUK incurred operating loss of the amount equivalent to THB 201 million during1Q17 10 10 10

Statement of financial position Borrowings increased to THB 1,250mn for expanded production capacities in anticipation of growth prospect in our energy drink products STATEMENT OF FINANCIAL POSITION Unit THB million Dec-16 Mar-17 Change LIABILITIES Dec-16 Mar-17 Change ASSETS Current Assets Current Liabilities Cash, Cash Equivalents 745 639 (106) Bank overdrafts&short-term loans from financial institutions 750 1,000 250 1,509 207 Current Investments 604 506 (98) Trade and other payable 1,302 260 Trade and other receivable 562 949 387 Other Current Liabilities 272 (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 11 11 11

1Q17 Performance Updates 2. Business Updates 12 12 12

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 13 13

UK Business Update (Cont.) Timings are changing as we engage with more customers Current Customers 450 200 300 240 2,900 1,000 248 650 54 Stores Stores Stores Stores Stores Stores Stores Stores Stores 45 50 100 3,600 Stores Stores Stores Stores Potential Customers We continue to seek new areas of opportunity . 1,300 800 700 2,400 600 700 300 400 800 Stores Stores Stores Stores Stores Stores Stores Stores Stores 14 14 15

UK Business Update (Cont.) We are now live in Morrison ,Rank No.4 of total energy drink market Retailer Total Soft Drinks % Value Share vs. Total Energy Drinks Total Soft Drinks Total Energy Drinks POTENTIAL CURRENT 22.5 16.9 12.4 11.6 11.3 8.4 8.2 6.6 6.0 4.9 4.5 1.1 15 15 16 Source: Kantar WorldPanel 52 w/e 4 th December 2016

People's Republic of China ( PRC ) Business Update MT and TT account for 20% and 80% respectively of the market • Energy Drink in China Market were the world’s second largest • Consumption per capita of approx. 1-2 liters per capita • . Beijing (Developed countries with consumption per capita of approx. 20 liters. Thailand and Vietnam approx. 4-5 liters) Sichuan • . Shanghai • . • We will penetrate the market across the country • Guangzhou Guangzhou • . 16 16 17