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Strictly Private & ConfidentialMay 2019Carabao Group

Corporate Presentation 1Q19

11

DisclaimerThe provision herein does not constitute legal advice or investment opinions of any kind, neither is it intended as anoffer, solicitation for Carabao Group PCL. (“CBG” or “The Group”). The information presented within this material isintended 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 educationalmaterial in order to understand CBG’s operation only. The Group makes no representation that all information iscomplete and accurate for the purpose of producing a projection of CBG’s operations, performance, or financial positionand may be susceptible to uncertainty and important changes based on political, economic, strategic, and other suchuncontrollable factors. Forward looking statements in this presentation are based on the management’s assumption inlight of information currently available and obtainable, as well as the aforementioned/unmentioned risks anduncertainties. CBG’s actual results may vary materially from those expressed or implied in its forward-lookingstatements, and no assurance is made as to whether such future events will occur. The Group accepts no liabilitywhatsoever for any loss arising directly or indirectly from the use or endorsement of any information contained hereinby any users and/or third parties.

TOTAL SALES

฿3,361mn 1%YoY

ENERGY DRINK SALES

57% from

OVERSEAS

CLMV SALES

฿1,444 13%YoY

ENDED 31 MARCH 2019

EBITDA

฿667mn 99%YoY

1Q19 AT A GLANCE

33

Total Sales

Sales by Quarter (THBmn) Growth Portion1Q2019

Sales YTD (THBmn)

GPM

GPM

Domestic sales

Overseas sales

Domestic sales

Overseas sales

Growth PortionFY2018

44

Sales (THBmn) & GPM (%) by BusinessOVERSEASDOMESTIC: BRANDED OWN

DOMESTIC: DISTRIBUTION for 3rd PARTYDOMESTIC: BRANDED OEM

GPM

GPM GPM

GPM

55

Domestic Sales

DOMESTIC SALES BY CHANNEL BREAKDOWN OF DOMESTIC GPM BY BUSINESS

Domestic Slow down in branded products sales due to some delay in key marketing activities to the rest of the year

YoY as a result of economies of scale and reduction of key material prices

YoY due to gradual adjustment for selling price of Coffee RTDYoY due to a product mix

66

Overseas salesOverseas strong present in CLMV markets and new markets added thanks to the fame of Carabao Cup

THB mn FY16 FY17 FY18 %YoY 2Y-CAGR 1Q18 4Q18 1Q19 %YoY %QoQCLMV 2,546 3,293 5,498 67% 47% 1,276 1,554 1,444 13% -7%Other ASIA 493 262 92 -65% -57% 2 23 86 5061% 280%CHINA 23 1,019 592 -42% 411% 209 72 52 -75% -28%UK 56 178 72 -60% 13% 41 30- 15 -64% -150%Others 255 499 242 -52% -3% 24 88 58 145% -34%Total 3,388 5,454 6,580 21% 39% 1,595 1,679 1,676 5% 0%

1,019

77

Reduced after all capacity expansion projects completed in 2018

Decomposed EBITDA & Debt Profile

Note: CBG started to consolidate ICUK in an aftermath of takeover exercise since 4Q2016

Non-ICUK (THBmn) ICUK Group (THBmn) Consolidation (THBmn)

Interest bearing debts / Total Equity Total Liabilities / Total Equity

Key indicator of consolidated debt profile

Representing global sponsorship fees incurred by Non-ICUKgroup of companies

Representing global sponsorship fees incurred by ICUK group of companies

Representing global sponsorship fees incurred by consolidation

88

STATEMENT OF FINANCIAL POSITION Unit: THB millionASSETS Dec-18 Mar-19 Change LIABILITIES Dec-18 Mar-19 ChangeCurrent Assets Current LiabilitiesCash, Cash Equivalents 138 379 241 Short-term loans 275 109 (166)Current Investments - - 0 Trade and other payable 1,810 1,538 (272)Trade and other receivable 907 806 (100) Current portion of long-term loans 401 474 73Inventories 887 968 81 Other current liabilities 278 369 91Other current assets 546 533 (13) Total Current Liabilities 2,764 2,490 (274)Total Current Assets 2,477 2,685 208 Long-term loans 1,279 1,261 (18)

Debentures 2,786 2,786 1Other non-current liabilities 126 138 12Total non-current liabilities 4,191 4,186 (5)

Non-Current Assets Total Liabilities 6,955 6,676 (279)Long-term Investment - - 0 SHAREHOLDERS' EQUITYInvestment Properties 100 106 6 Issued and fully paid up share capital 1,000 1,000 0Property, plant & equipment 11,090 11,018 (72) Premium on shares 3,963 3,963 0Intangible Assets 77 78 1 Retained earnings 2,240 2,659 419Deferred Tax Assets 63 56 (7) Other components of shareholders' equity 26- 6- 1Other non-current assets 12 12 0 Equity attributable to owners of the Company 7,177 7,616 440Goodwill 500 507 7 Non-controlling interests of the subsidiary 188 170 (18)Total Non-Current Assets 11,843 11,777 (66) Total shareholders' equity 7,365 7,786 421Total Assets 14,320 14,463 143 Total liabilities and Equity 14,320 14,463 143

Statement of financial position

99

Unit: THB million 2017 2018 Change 2018 1Q2018 1Q2019 Change 1Q2018 1Q2019(Adj.) YoY %sales (Adj.) YoY %sales %sales

Revenue from sales 12,904 14,422 11.8% 100.0% 3,341 3,361 0.6% 100.0% 100.0%Costs of goods sold 8,840 9,813 11.0% 68.0% 2,347 2,171 -7.5% 70.2% 64.6%Gross profits 4,065 4,609 13.4% 32.0% 994 1,189 19.6% 29.8% 35.4%Selling expenses 2,379 2,520 5.9% 17.5% 618 480 -22.3% 18.5% 14.3%G&A expenses 741 788 6.4% 5.5% 195 195 0.0% 5.8% 5.8%Operating profits 945 1,301 37.6% 9.0% 181 514 183.9% 5.4% 15.3%Other incomes 164 135 -17.5% 0.9% 53 30 -43.8% 1.6% 0.9%Other expenses - - - - 9 - - 0.3%EBIT 1,109 1,435 29.4% 10.0% 234 535 128.4% 7.0% 15.9%EBITDA 1,372 1,899 38.4% 13.2% 337 667 97.8% 10.1% 19.9%Interest expenses 48 107 124.0% 0.7% 25 35 41.4% 0.7% 1.0%EBT 1,061 1,329 25.2% 9.2% 210 500 138.6% 6.3% 14.9%Income tax expenses 261 368 41.3% 2.6% 79 101 27.8% 2.4% 3.0%Net profits for the period 801 960 19.9% 6.7% 130 399 205.9% 3.9% 11.9%

1,246 1,159 -7.0% 8.0% 181 419 132.4% 5.4% 12.5%Equity Holder of the Company

Statement of comprehensive income

Remark: *CBG increased shareholdings in ICUK, a subsidiary operating marketing and distribution of Carabao products in the UK and other countries outside Asia,from 51% to 84% since 1Q18 onwards.

*

1010

Mass, World-Class Marketing Tool

CARABAO CUP GLOBAL MEDIA PLATFORM

30Broadcasters

175Territories covered

762mPotential household reach

Renew contract for 2 years ended in 2021/2022 season(same price)

44%Increase in

brand positivity

106%Increase in association with the EFL

36%Increase in

brand awareness

Present in over 30countries

Over

50%energy drink sales from overseas

2018/19 season

1111

GREEN APPLE 180ml.

330 ml.

Available only in 7-Eleven

Retail price THB 25 (incl. VAT)

Launched in Jun’ 18 Launched in Mar’ 19

180 ml.

Made available in all channels (MT, TT, Cash vans)

Retail price THB 15 (incl. VAT)

VOL SHARE, can energy drink

market, in Apr’19

20-34Target age range of consumer

1313

Appendix:Corporate Profile

World Class Product, World Class Brand

1414

Categories Product Portfolio

Energy drink

Coffee

Others

Company overview Carabao is the 2nd largest energy drink company in Thailand with strong distribution channel and a successful overseas business, which represents c.51% of the total revenue Business overview Product overview

Carabao Sportelectrolyte drink Drinking water

3-in-1 instant coffee RTD coffee drink

Source: 1. Nielsen energy drink market report, as of March 2019 ("Nielsen Report")

Carabao's market share evolution1

% of Thailand energy drink market share

• Founded in 2001 as a partnership between 3 founders one of which is the leading singer of Carabao (Thai legendary folk band), the Carabao Group is now the 2nd largest energy drink company in Thailand with 22.8% market share1

• Its main product, Carabao Energy Drink, is packaged into amber glass bottles or aluminum cans. Other branded products include bottled water, coffee, Carabao Sport electrolyte drink and other 3rd party products

• Vertically integrated business model - CBG manufactures and distributes its own products, while excess distribution is maximize by distributing 3rd party products

• Carabao has strong in-house production capabilities of glass bottle, and aluminum can (production commenced in late Q4 2018)

• Strong distribution channel with presence in both traditional and modern channels

o Over 50 first tier agents

o 31 distribution centers across Thailand

o 326 cash vans, covering c.180,000 retailers

• Successfully tapped into global markets

o Strong presence in international markets including Cambodia,

Myanmar, Vietnam, Laos and other countries

o Penetrating into new key strategic countries i.e. China

o Opportunities in new export markets thanks to the fame of

Carabao Cup

1515

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

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 11% in FY18 from 8% in 2017

Selling Distribution (Coverage)

Significant share of Thai energy drink marketEnergy drink market grew by 5.3%YoY in 1Q19, accelerated from a pick-up of 0.2% growth in FY18

Source: Nielsen report as of Mar’19

1717

Domestic and international business overview

Sales breakdown

Increasing presence in the international market to drive growth

Domestic revenue by products

FY2018 domestic revenue:

THB 7,928m (+1% YoY)

International revenue by products

FY2018 international revenue:

THB 6,476m (+29% YoY)

International revenue by country

FY2018 international revenue:

THB 6,476m (+29% YoY)

Established overseas

business diversifies

dependence on Thailand

1818

FOUNDERS

Founded TawandangGerman Brewery in 1999Founded CarabaoTawandang in 2002

Mr. Sathien Setthasit CEO

Miss Nutchamai Thanombooncharoen Managing Director

Mr. Yuenyong Opakul (Add Carabao)Senior Deputy Managing Director

Managed business with Mr. Sathien since 1999Managing Director of Carabao since inception

Formed the origin of Carabao - the Carabao band - in1977Gathered millions of fans for the brand since

1919

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]

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 speakto the Thai people in a manner that can easily be related totheir own life experience and provide the hope and strengthto keep fighting.

The result is a truly passionate fan base that are overlappingwith energy drink target groups across the country that livesand breathes the Carabao “Fighting Spirit”.

2020

Shareholding structure

Mr. Sathien Setthasit’sGroup

Ms. NutchamaiThanombooncharoen’s

Group

Mr. Yuenyong Opakul’sGroup

Free Float

34% 23% 14% 26%

Note: (1) CBG’s shareholding in CVHLUX increased from 51.0% to 84.3% effectively on 8 January 2018 due to exercising the right offerings of CVHLUX and converting

shareholders’ loans to equity, in accordance with the Change of Overseas Subsidiaries’ Capital Structure transaction

(2) The remaining portion of 26% is held by SHOWA DENKO Group, a Japanese business partner

Others

3%

Remark: Shareholding portion as of December 28, 2018

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 manufacturethe Group’s product

CBD DCM APG ACM CHHK

CVHLUX

ICUK

CTHK

Manufactures and supplies aluminumcans used as packaging materials for the Group’s Product

Operating Subsidiaries

Holding Subsidiaries

CARABAO GROUP

100% 100% 100% 100% 100%

100%

74% (2)

84% (1)

THAILAND OUTSIDE THAILAND

Registered and Fully Paid-up Capital THB 1,000 Million

Distribution, selling and marketing in the UK and outside-Asia

International trading arm

2121

Management TeamINSTRUMENTAL TO BUILDING COMPANY’S SUCCESS

1. People: Develop our people with good attitude, willingness to learn, innovation, accountability

2. Work System: Execute with concise and international standard work system

3. Organization & Management: Operate with clear objective and understandable responsibility, proper organization structure, and project-based approach

4. Technology: Embed technology and innovation in our processes through production, management, sustainability development

5. Product: Produce quality and well-known world class product

6. Brand: Be wealthy and modern world class brand

7. Corporate Image: Be known as world class organization with good governance and social responsibility

MISSION

VISION

World Class Product, World Class BrandMr. Sathien SetthasitChief Executive Officer

Co-Founder of the Group in 2001

Ms. Nutchamai ThanombooncharoenManaging 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 of

Carabao energy drink

Mrs. Wongdao ThanombooncharoenSenior Deputy Managing Director

Been with the Group since 2008

Mr. Kamoldist SmuthkochornDeputy Managing Director – Marketing


Mr. Pongsarn KhlongwathanakithChief Financial Officer

Joined in 2015, from CIMB Investment Bank

Mr. Kartchai Jamkajornkeiat Assistant Managing Director –Production/ Int’l BusinessBeen with the Group

since 2012

Mr. Romtham SetthasitDeputy Managing Director – Int’l Business


2222

Key Milestones and Developments

NO. 1 Challenger

2004 Began

exporting to 15 countries

Oct 2002 Carabao Dangwas 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; renamed to Carabao Sport in 2018

Nov 2014 Carabao Group began

trading in Stock Exchange of Thailand

2015 Start establishing own distribution centers

with a national coverage of 300,000 outlets

Jul 2016 Carabao 3in1 Coffee

was launched

Oct 2016 Carabao RTD Coffee

was launched

2016 Carabao Drinking Water was

launched

2015Sponsorship of

Chelsea F.C.

Jun 2017 Sponsorship of the

EFL Cup; The Carabao Cup.

Mar 2017 established as a JV with

SHOWA DENKO Group to produce aluminum cans

Jun 2018 Carabao Green

Apple was launched in Thailand

2323

Vertically integrated manufacturing facilities

Energy drink production facilities

• 11 production lines

• Prod. Cap. of 1,800 million bottles p.a.

• 7 production lines

• Now: Prod. Cap. of 1,600 million cans p.a.

Bottles filling

Cans filling

• Prod. Cap. of 1,300 million bottles p.a.

• Maximum molten glass production of 310X2 tons per day

APG glass bottle manufacturing facility

ACM Aluminum can manufacturing facility

• Prod. Cap. of 1,000 million cans p.a.

• Started to commercialize in 4Q2018

• Technology knowhow supported by SHOWA DENKO Group, a leading aluminum company from Japan

(JV with Showa Denko Aluminum Can)

Certifications:

Certifications:

State-of-the-art manufacturing facilities to ensure safe and efficient production

Plant location: 50 KM from central Bangkok

2424

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

Global marketing platform via international football sponsorships to widen windows of opportunity in global stage

Below the Line

On-ground marketing

More than 80 BaoDangGirl Teams, consisting of c.600 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

Marketing Channels

2525

End Consumers

Domestic Marketc. 51%1

1. Traditional Trade – 80%1

2. Modern Trade – 20%1

3. Importers, Distributors, International Dealers

End Consumers…

… …

Tier 1

Tier 2Tier 2

Tier 3Tier 3 Tier 3

Retailers

Convenience stores, Supermarkets, Hypermarkets

Traditional retail shops

~ 50 agents

~ 500-1,000 sub- agents

Note: (1) Sales Figure, 3M2019

(2) Launched in Q2/15 . Reached 31 distribution centers in March 2017

B. Cash Vans – 33%2

A. 3-tiered agent distribution network – 47%

• 31 DCs • 326 Vans• 180,000 retailers

Strong local distribution network covering both modern and traditional channels with unique cash van strategy

Comprehensive Distribution Network

International Marketc. 49%1

2626

7 DCs

9 DCs

3 DCs

W

31 DCs with 326 Vans, covering approx. 180,000 registered retailers nationwide

4 DCs

2 DCs

6 DCs

Note : Base on Information at December 2018

Cash Van & Distribution Center (DC) nationwide

2727

Carabao Energy Drink

(Original)


(Original Export)

CarabaoCarbonated

Carabao Ginseng Edition

Carabao Carbonated (Original)

Carabao Carbonated

(Sugar Free)

CarabaoCarbonated

(Green Apple)


(The PRC Market)

CarabaoCarbonated (Mandarin Orange)

CarabaoCarbonated

(Green Apple)

• 150ml amber glass bottle

• Flat taste

• Caffeinated + B12

• 250ml aluminum can

• Flat taste

• Caffeinated + B12


• Carbonated

• Caffeinated + Multivitamins

• 330 ml aluminum can

• Carbonated


• Ginseng Extract


• Carbonated


• Less sugar (1:4)


• Carbonated


• Sugar Free


• Carbonated


• Green Apple Flavour


• Non-Carbonated


• Carbonated


• Orange Flavour


• Carbonated


• Green Apple Flavour

Domestic (mainly)

Export Only Export in Asia First market: Afghanistan

First market: UK

First market: UK

First market: UK

The PRC Market

First market: UK

First market: Thailand

October 2001 2004 May 2015 February 2016 April 2016 August 2016 October 2016 March 2017 April 2018 Mar 2019

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 1.19 GBP 15 THB

Our Product Portfolio (Energy Drink SKUs)

2828

Products Carabao SportCarabao

Drinking WaterCarabao 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


• Distribution through Cash Vans Cannel and Tesco

• 30 small sticks in 1 pack


• Distribution through Cash Vans Cannel and Tesco

• 180ml can


• Distribution through Cash Vans Channel, BigC and 7-Eleven

• 180ml can


• 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

Our Product Portfolio (Non-Energy Drink SKUs)

2929

Products Seaweed Dish Washing Liquid

Peanuts Toothbrush Razor Juice Fabric Softener

Squid Snacks

Retail Selling Price (THB)

5 10 5 10 10 10 10 5

Launch Date

November 2015 April 2016 June 2016 July 2016 August 2016 September 2016

Products Toilet Cleaner Tissue Detergent Canned fish Coconut Nectar

Retail Selling Price (THB)

25 5 10

Launch Date

October 2016 December 2016 December 2016

October 2017

January 2018

Note: As of December 2016

3rd Party Products for distribution

3030

Carabao Group Public Co., Ltd.

Tel: +66 2636 6111 Ext.882

Email : [email protected]

www.carabaogroup.com/en

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