Strictly Private & Confidential 0 Nov 2018 Disclaimer The - PowerPoint PPT Presentation

Strictly Private & Confidential 0 Nov 2018

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

Financial Summary 2

YTD D ENDI DING 30 SEPTE PTEMBER MBER 2018 18 NET SALES ฿ 10,615 mn 52% of  9%YoY ENERGY CLMV DRINK SALES SALES from OVERSEAS ฿ 3,944 mn  68%YoY TOTAL DOMESTIC SALES ฿ 5,802 mn  1%YoY SALES Via CASH VAN ~ ฿ 26,000 /van/ day  20%YoY 9M 9M18 AT A GLA LANCE NCE

Financial Highlights Total Revenue from Sales Total Sales from Energy Drink Total Gross Profit Total Gross Profit Margin 4

Domestic sales Domestic recovering GPM drove domestic business in 3Q18 DOMESTIC SALES BY CHANNEL BREAKDOWN OF DOMESTIC GPM BY BUSINESS QoQ as a combined result of improved efficiency and reduction of key material prices QoQ due to price hike made to Coffee RTD QoQ due to change in product mix 5

Significant share of Thai energy drink market Energy drink market remained in stable shape in 3Q18 and thus posted -1% during 9M18 versus -2%yoy during first half of the year Selling Distribution (Coverage) 78% 84% 84% 90% 91% 91% 90% Selling Distribution (Coverage) 95% 95% 95% 96% 96% 95% 95 % Source: Nielsen report as of Sep ’ 18 6 Note: A number of niche positioned brands expanded their consumer groups and thus gained increasing shares in the market, altogether commanding higher market shares, up to 10% 9M18 from 8% in 2017

Overseas sales Overseas Cambodia delivered impressive pace of growth THB mn FY15 FY16 FY17 2Y-CAGR 3Q17 2Q18 3Q18 %YoY %QoQ 9M18 %YoY Cambodia 1,547 2,074 2,489 27% 605 963 1,177 94% 22% 3,171 81% Myanmar 223 279 422 38% 69 179 132 92% -27% 473 60% Vietnam 98 173 356 91% 142 163 40 -72% -76% 276 -2% Yemen 167 202 225 16% 70 38 31 -55% -18% 70 -38% Afghanistan 164 481 257 25% 62 30 26 -57% -11% 56 -78% China - - 1,019 n/a 407 195 116 -71% -41% 520 -49% Others 77 132 53 -17% 21 47 30 42% -37% 98 134% Overseas sales from CBD 2,276 3,340 4,821 46% 1,374 1,615 1,551 13% -4% 4,664 24% Overseas sales from ICUK - 16 202 n/a 97 23 45 -53% 97% 112 -34% Total 2,276 3,356 5,024 49% 1,471 1,638 1,597 9% -3% 4,776 22% 7

Financial Highlight: Non-ICUK vs ICUK EBITDA EBITDA Non-ICUK (THBmn) ICUK (THBmn) Consolidation (THBmn) Representing global Representing global Representing global sponsorship fees sponsorship fees sponsorship fees incurred by Non-ICUK incurred by ICUK incurred by group of companies group of companies consolidation Key indicator of consolidated debt profile Interest bearing debts / Total Equity Total Liabilities / Total Equity Strong rise on the funding side to support our expansion projects; but still well below our group policy i.e. 2.0x 8 Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016

Statement of financial position STATEMENT OF FINANCIAL POSITION Unit: THB million Dec-17 Sep-18 Change LIABILITIES Dec-17 Sep-18 Change ASSETS Current Assets Current Liabilities Cash, Cash Equivalents 147 292 145 Bank overdrafts&short-term loans from financial institutions 845 871 26 2,208 Current Investments 7 - (7) Trade and other payable 1,897 311 Trade and other receivable 960 1,160 200 Current portion of long-term loans from financial institution 300 299 (2) Inventories 656 788 131 Other current liabilities 164 143 (21) Other current assets 389 577 188 Total Current Liabilities 3,207 3,521 314 1,264 Total Current Assets 2,159 2,817 658 Long-term loan from financial institutions 2,190 (926) 2,785 Debentures - 2,785 Other non-current liabilities 118 133 16 Total non-current liabilities 2,308 4,183 1,875 Non-Current Assets Total Liabilities 5,515 7,704 2,189 Long-term Investment - - 0 SHAREHOLDERS' EQUITY Investment Properties 103 101 (2) Issued and fully paid up share capital 1,000 1,000 0 Property, plant & equipment 9,609 11,039 1,430 Premium on shares 3,963 3,963 0 Intangible Assets 67 72 5 Retained earnings 1,775 1,720 (54) Deferred Tax Assets 31 44 13 Other components of shareholders' equity 376 - 21 1 Other non-current assets 15 12 (2) Equity attributable to owners of the Company 7,114 6,662 (451) Goodwill 535 516 (19) Non-controlling interests of the subsidiary - 108 235 344 Total Non-Current Assets 10,361 11,785 1,424 Total shareholders' equity 7,005 6,898 (107) Total Assets 12,520 14,602 2,082 Total liabilities and Equity 12,520 14,602 2,082 9

Statement of comprehensive income Unit: THB million 2015 2016 2017 2017 3Q2017 3Q2018 Change 3Q2017 3Q2018 9M2017 9M2018 Change %sales YoY %sales %sales YoY Revenue from sales 7,753 9,943 12,904 100.0% 3,523 3,638 3.3% 100.0% 100.0% 9,707 10,615 9.4% Costs of goods sold 4,893 6,388 8,840 68.5% 2,373 2,430 2.4% 67.4% 66.8% 6,554 7,248 10.6% Gross profits 2,860 3,555 4,065 31.5% 1,150 1,208 5.1% 32.6% 33.2% 3,153 3,367 6.8% Selling expenses 1,120 1,462 2,379 18.4% 659 703 6.7% 18.7% 19.3% 1,791 2,045 14.2% G&A expenses 395 553 741 5.7% 186 210 13.2% 5.3% 5.8% 523 597 14.1% Operating profits 1,380 1,540 945 7.3% 305 295 -3.4% 8.7% 8.1% 839 725 -13.6% Other incomes 121 147 164 1.3% 45 19 -57.4% 1.3% 0.5% 130 90 -30.8% EBIT 1,466 1,687 1,109 8.6% 351 314 -10.4% 10.0% 8.6% 969 815 -15.9% EBITDA 1,702 1,914 1,372 10.6% 422 433 2.6% 12.0% 11.9% 1,153 1,149 -0.4% Interest expenses 2 4 48 0.4% 19 25 34.3% 0.5% 0.7% 29 76 164.0% EBT 1,465 1,683 1,061 8.2% 332 289 -12.9% 9.4% 8.0% 940 739 -21.4% Income tax expenses 209 278 261 2.0% 60 84 39.4% 1.7% 2.3% 218 245 12.3% Net profits for the period 1,256 1,405 801 6.2% 272 205 -24.5% 7.7% 5.6% 722 493 -31.6% Equity Holder of the Company 1,256 1,490 1,246 9.7% 389 255 -34.4% 11.0% 7.0% 1,037 646 -37.7% 10 10

Appendix: Decomposition of Non-ICUK vs ICUK 11 11

Decomposition of Non-ICUK vs ICUK (1/4) Sales and Gross Profit Domestic sales Overseas sales   Branded OWN picked up QoQ from both sales and gross profit Export sales by CBD served and has strong tendency to serve margin perspectives as a powerhouse of future growth to the top line  ICUK continued to marched progress of product visibility Sales (THBmn) through major grocery accounts amidst stiff competitions Gross Profits (THBmn) Gross profits margin 12 12 Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016

Decomposition of Non-ICUK vs ICUK (2/4) Advertising & Promotions (Ex-Global Sponsorship) Non-ICUK vs ICUK Non-ICUK (THBmn) ICUK (THBmn) Of which, included THB 24mn  Non-ICUK ’ s Nationwide PULL marketing activations sponsorship for 2018 World Cup Breakdown of A&P of Non- i.e. consumer marketing and TV ad to ICUK selling expenses as Broadcast in domestic market gain brand awareness acceleration shown in the page does not include expenses related to exports from CBD which were insignificant representing less than 1% of Exports Sales from CBD Non-ICUK as a % of total branded sales ICUK’s cans sold - in UK Total A&P per can sold both in the UK and outside UK markets (THB/can) 13 13 Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016

Decomposition of Non-ICUK vs ICUK (3/4) Selling Expenses Non-ICUK vs ICUK Non-ICUK (THBmn) ICUK (THBmn)  Non- ICUK’s fixed costs is relatively stable at 3% of Non-ICUK sales Non-ICUK as a % of total Non-ICUK sales ICUK ’ s cans sold in UK and Outside UK Total Logistics expenses per can sold in both UK and outside UK markets (THB/can) 14 14 Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016