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

Strictly Private & Confidential 0 Feb, 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 4Q16 & FY16 Performance Update Financial 1) Business Update 2) Corporate Profile 3) 2 2

4Q16 & FY16 Performance Update 1. Financial 3 3

Market Share Comparison For FY2016 Selling Distribution (Coverage) Selling Distribution (Coverage) 78% 84% 84% 90% 91% 95% 95% 95% 96% 96% Carabaodang M-150 CBG ’ s contribution by region Number 1 in Central region since June ’ 16 • Central region is the largest region for energy drink consumption, representing 35.40% of the Thai traditional trade channel 33.4% 33.3% 33.1% 33.1% 33.0% 32.9% 33.0% 32.8% 32.6% 32.6% 32.5% 32.6% 31.7% 32.0% 31.8% 31.6% 31.5% 31.4% 31.4% 31.0% 31.0% 30.9% 30.7% 30.6% JAN16 FEB16 MAR16 APR16 MAY16 JUN16 JUL16 AUG16 SEP16 OCT16 NOV16 DEC16 4 4 Source: Nielsen energy drink market report, December 2016 ("Nielsen Report")

Total Sales Revenue (Baht mil) +28.5% Key growth contributors • Domestic : Push Strategy (Cash Vans) & Pull Strategy coupled with 3YR CARG +13.4% 9,965 New Products • Export: : Continuous growth in export markets mainly due to growth 7,753 7,448 6,863 from Cambodia & Afghanistan + 6.28 % +37.6% 2,858 2,858 2,689 2,316 2,076 2,102 FY13 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 BREAKDOWN BY SALE CHANNEL OF DOMESTIC SALES BREAKDOWN OF DOMESTIC AND EXPORT SALES 20.6 % 6,603 5,477 28% 29% 34% 30% 36% 2% 15% EXP TT(CV) 73% DOM 63% 72% 71% TT(Agent) 66% 70% 64% MT 24% 22% FY14 FY15 FY16 FY15 FY16 4Q15 4Q16 5 5

Sales Revenue Breakdown (Bath Mill) +20.5% Annual domestic sales growth is attributed to the following:  Carabaodang and Start Plus grew 12% and 53% yoy 2.2% respectively 6,603 2.1%  New branded product launches in 2016 i.e. Water and 5,477 5,358 Coffee collectively amounted to THB 238mn in sales FY2016 - 1.6 % 1.5% +25.2% DOMESTIC 3 rd parties 3.1% SALES 91.1% 1,820 1,850 1,820 1,546 1,453 1,387 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 + 47.7 % 3,362 FY2016 + 66.3 % + 23.86 % 3.7% 2,276 2,094 OVERSEAS 5.5% 90.7% SALES 1,038 1,038 838 769 717 624 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 6 6

Overseas Sales by Country Baht Mil FY14 FY15 FY16 %YOY 4Q15 4Q16 %YoY Cambodia 1,006 1,547 2,074 34% 461 599 30% Myanmar 243 223 279 25% 40 100 150% Vietnam 66 98 173 77% 22 68 209% Yemen 169 167 202 21% 42 70 67% Afghanistan 531 164 481 193% 44 160 264% United Kingdom 62 100% 21 100% Others 76 77 91 18% 15 20 33% Total 2,091 2,276 3,362 48% 624 1,038 66% UK 2% others 2% Yemen CLMV GROWTH YoY 5% Vietnam 5% 2,526 Myanmar 1,868 8% 1,315 Cambodia Afghanistan 62% 14% Cambodia FY14 FY15 FY16 7 7

Gross Profit Margin TOTAL 33.7% 36.9% 35.90% 36.80% 33.9% 32.40% 32.70% 33.20% 32.5% 34.70% Carabao &Start Plus : 38% 38.80% 38.60% 37.30% 34.76% 33.30% Remaining:15% FY14 FY15 FY16 4Q15 4Q16 Domestic Export 8 8

Statement of Consolidated Comprehensive Income Unit: THB million 2015 2016 FY2016 FY2016 4Q15 4Q16 4Q16 4Q16 %sales YoY %sales YoY Revenue from sales 7,753 9,965 100.0% 28.5% 2,076 2,859 100.0% 37.7% Costs of goods sold 4,893 6,388 64.1% 30.6% 1,312 1,889 66.1% 44.0% Gross profits 2,860 3,577 35.9% 25.1% 764 969 33.9% 26.8% Selling expenses 1,120 1,484 14.9% 32.5% 359 521 18.2% 45.1% G&A expenses 360 510 5.1% 41.7% 104 170 5.9% 63.5% Operating profits 1,380 1,583 15.9% 14.7% 301 278 9.7% -7.6% Other incomes 121 147 1.5% 21.5% 30 27 0.9% -10.0% Other expenses 35 42 0.4% 20.0% - 42 1.5% 42.0% EBIT 1,466 1,686 16.9% 15.0% 331 261 9.1% -21.1% EBITDA 1,702 1,912 19.2% 12.3% 391 316 11.1% -19.2% Interest expenses 2 4 0.0% 80.0% 1 2 0.1% 60.0% EBT 1,465 1,638 16.4% 11.8% 330 215 7.5% -34.8% Income tax expenses 209 278 2.8% 33.0% 42 63 2.2% 50.0% Net profits for the period 1,256 1,404 14.1% 11.8% 288 196 6.9% -31.9% Equity Holder of the Company 10% -2% 1,256 1,490 14.95% 18.6% 288 281 Non-Controlling interest in 2016 -85 THB million ,-1% Sales for FY2016 9 9

Statement of Consolidated Financial Position STATEMENT OF FINANCIAL POSITION Unit THB million Dec-15 Dec-16 Change LIABILITIES Dec-15 Dec-16 Change ASSETS Current Assets Current Liabilities Bank overdrafts&short-term loans from financial institutions 750 750 Cash, Cash Equivalents 1,377 745 (632) - Current Investments 473 604 131 Trade and other payable 802 1,302 500 Trade and other receivable 425 562 137 Other Current Liabilities 150 272 122 Inventories 249 433 184 Total Current Liabilities 951 2,324 1373 354 277 Other current assets 17 110 93 Total non-current liabilities 77 1650 Total Current Assets 2,541 2,454 (87) Total Liabilities 1,028 2,678 Non-Current Assets SHAREHOLDERS' EQUITY Long-term Investment - - Issued and fully paid up share capital 1,000 1,000 - Investment Properties 108 104 (4) Premium on shares 3,963 3,963 - Property, plant & equipment 4,667 6,626 1,959 Retained earnings 938 1,477 539 Intangible Assets 16 15 (1) Other components of shareholders' equity 432 432 - Deferred Tax Assets 25 34 9 Equity attributable to owners of the Company 6,333 6,873 540 Other non-current assets 4 8 4 Non-controlling interests of the subsidiary - 226 226 Goodwill - 536 536 Total Non-Current Assets 4,820 7,323 2,503 Total shareholders' equity 6,333 7,099 766 Total Assets 7,361 9,778 2,417 Total liabilities and Equity 7,361 9,778 2,417 10 10 10

Our SKUs (Energy Drink) Carabao Carabao Energy Carabao Carabao Carabao Carabao Ginseng Carabao Carbonated Products Energy Drink Drink (Original Carbonated Carbonated Carbonated Edition (Green Apple) (Original) Export) (Original) (Sugar Free) Descriptions • 150ml • 250ml • 325ml • 325 ml • 325ml • 325 ml • 325 ml amber aluminum can aluminum can aluminum aluminum aluminum aluminum can glass can can can • Flat taste • Carbonated • Carbonated bottle Carbonated Carbonated Carbonated • • • Caffeinated + Caffeinated + Caffeinated + • • • • Flat taste B12 Multivitamins • Caffeinated + • Caffeinated + • Caffeinated + Multivitamins • Caffeinate Multivitamins Multivitamins Multivitamins • Green Apple d + B12 • Ginseng • Less sugar • Sugar Free Flavour Extract (1:4) Markets Domestic Export Only Export in Asia First market: First market: UK First market: UK First market: UK (mainly) Afghanistan Launch Date October 2001 2004 May 2015 February 2016 April 2016 August 2016 October 2016 Retail Selling 10 THB Differ in various 2,000 Riel Differ in various 1.19 GBP 1.19 GBP 1.19 GBP Price (domestic) countries (17 Baht) countries 11 11 11

Our SKUs (non-Energy Drink) Start Plus Carabao Carabao Coffee Carabao Coffee Carabao Coffee Carabao Coffee Products Drinking Water (Rich Aroma) (Espresso) (Robusta) (Espresso) Descriptions • 250ml • 2 size = • 30 small sticks in • 30 small sticks in • 180ml can • 180ml can glass 600ml & 1 pack 1 pack Outsource • Outsource • bottle 1200ml production • Outsource • Outsource production • Flat taste • Outsource production production • Distribution • Distribution production through Cash • Electrolyte • Distribution • Distribution through Cash Vans Channel, & vitamins • Distribution through Cash through Cash Vans Channel, BigC and 7-Eleven through Cash Vans Cannel and Vans Cannel and BigC and 7- (No • Vans Channel Tesco Tesco Eleven caffeine) Domestic Market Launch Date May 2014 February 2016 July 2016 November 2016 Retail Selling 10 THB 7 & 12 THB 85 THB 10 THB Price 12 12 12