Investor PresentationJanuary 2019

2

DisclaimerThis presentation has been prepared by Four Seasons Education (Cayman) Inc. (the “Company”) solely for informational purposes and has not been independently verified.No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives or the underwriters as to, andno reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. None of theCompany nor any of its affiliates, advisers, or representatives or the underwriters accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoeverarising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in thispresentation is subject to change without notice and its accuracy is not guaranteed.

Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements. These statements reflect the Company’s intent,beliefs or current expectations about the future. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,”“anticipates,” “believes,” “confident” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number ofassumptions about the Company’s operations and other factors, many of which are beyond the Company’s control, and accordingly, actual results may differ materially fromthese forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives or the underwriters have any obligation and they do not undertaketo revise forward-looking statements to reflect future events or circumstances.

This presentation does not constitute an offer to sell or issue or an invitation to purchase or subscribe for any securities of the Company for sale in the United States oranywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) oran exemption from such registration pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations thereunder. No part of thispresentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a “prospectus”within the meaning of the Securities Act. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to therisks and special considerations involved with an investment in the securities of the Company and is qualified in its entirety by reference to the detailed information in theprospectus relating to the proposed offering. The Company has filed a registration statement on Form F-1 with the SEC relating to its securities to be offered in the UnitedStates, but the registration statement has not yet become effective. Any public offering of the Company’s securities to be made in the United States will be made solely on thebasis of the information contained in the statutory prospectus included in such registration statement. The prospectus contains detailed information about the Company, itssubsidiaries, management, the consolidated financial statements and risks and uncertainties associated with its business and industry. Any decision to purchase theCompany’s securities in the proposed offering should be made solely on the basis of the information contained in the prospectus relating to the proposed offering.

In evaluating our business, we use certain non-GAAP measures as supplemental measures to review and assess our operating performance. These non-GAAP financialmeasures have limitations as analytical tools, and when assessing our operating performances, investors should not consider them in isolation, or as a substitute for netincome attributable to the Company or other consolidated statement of operations data prepared in accordance with U.S. GAAP.

Section 1

Company Overview

4

Who We Are

Students Enrollment (1)

45,8573QFY2019

Effective Education

100% IMO(2) Shanghai gold medalists in the past five years were Four Seasons students (3)

Notes1. Student enrollment is defined as the cumulative number of courses enrolled in and paid for by our students during the respective period, including multiple courses enrolled in and paid for by the same student; for example, if a student enrolls in two courses, he/she is counted as two students2. International Mathematical Olympiad3. Considering only the China team members

LearningCenters

56Nov 2018

10Feb 2015

Cities 9Nov 2018

1Feb 2015

Network

Leadingafter-school math education service

provider

5

What We Do

KindergartenLaunched in 2015

Middle SchoolLaunched in 2017

Elementary SchoolLaunched in 2010

• Offering synchronous tutoring programs and a variety of interest-oriented classes as an effective supplement to standard school study

• Nurturing a passion for math and learning at a critical stage in development

• Providing various Chinese and English tutoring programs

• Delivering courses of all middle school compulsory subjects , including math, physics, chemistry, etc.

• Addressing students’ needs for synchronous tutoring programs which help review and consolidate knowledge therefore achieve better academic performance

• Focusing on logical thinking training and picture talking

• Developing basic logic and cognitive skills

• Acquisition of a renowned early childhood education tutoring provider in Shanghai

Champion Course

Gold Medal Course

Elite Course

Excellence Course

Advancement Course

Standard Programs Ivy Programs

LargeGroup

(21-35 Students)

SmallGroup

(15-20 Students)

Rolling Basis

Small Group

Customized Pacing

Specific Topics

6

Growth Potential for K-12 After-School Education Services Market

Source: (i) a report prepared at our request by Frost & Sullivan, an independent market research firm, in June 2017; (ii) ‘A new era of education China education development report 2018’, Deloitte ReportNotes:1. Tier 1 cities refer to four most developed cities in China which features with strong economic development and high per capita disposable income, are recognized as densely populated as well as culturally and economically influential, namely Beijing, Shanghai, Guangzhou and Shenzhen, based on IPO prospectus2. Penetration rate refers to the percentage of k-12 population who enrolled in after-school education services

Household Spending on After-school Educational Services in 2016

Robust Growth Forecast from Shanghai and Non-Tier 1 Cities(1)

6.7 7.5

17.7

Non-Tier 1 Cities China Shanghai

25.2% 26.5%

65.2%

Non-Tier 1 Cities China Shanghai

RMB K

Penetration Rate of K-12 After-school Educational Services in 2016(2)

%

Competition for High Quality

Education Resources

Increasing Disposable

Income

20322281

25472845

31753541

39304331

47515184

5640

0

1000

2000

3000

4000

5000

6000

2011 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E

China's after-school tutoring revenue (RMB100 million)

Total revenue of China's after-school tutoring market

Section 2

Investment Highlights

8

Investment Highlights

Proprietary Personalized Curriculum3

Strong Faculty Supported by Stringent Recruiting and Training Programs4

Strong Brand and Market Leadership2

Standardized Operations and Highly Scalable Business Model5

Highly Effective Education1

9

Four Seasons (1) Shanghai average (3)

24% <1% 60% 6%

Highly Effective Education1

Exceptional Admission Rates Compared to Shanghai AverageIn Shanghai in 2016

Notes1. Based on Company survey conducted in 2016 of students who have taken at least one Four Seasons standard or Ivy program course2. 24% of Four Seasons’ standard and Ivy program graduates in 2016 were admitted into the top five middle schools in Shanghai3. According to Frost & Sullivan Report

Four Seasons (1)(2) Shanghai average (3)

Top 5 Middle Schools Top 30 Middle Schools

10

Our Programs are Widely Respected for Their Effectiveness

Recognized by Leading K-12 Schools

Four Seasons

Shanghai Foreign Language Primary

School Affiliated to SISU1

Shanghai Pinghe Bilingual School

Shanghai World Foreign Language

Middle School

Only after-school educational service providerteaching proprietary math courses in K-12 schools

in Shanghai

Proprietary curriculum delivered to K-12 schools

… …

1

Our Students Excel in Various Competitions

Note1. Shanghai International Studies University

Sudoku

ü 2018 Tianjin Junior Bridge Open Tournament Winners

Award-winning inü China Sudoku Conferenceü "China Science and

Technology Press Cup" 2018ü 2018 City Cup League

Bridge

11

Strong Brand and Market Leadership

Sales & marketing expenses only accounted for 9.1% of revenue (2)

2

Notes1. Ranking by gross billings and number of students in 2016 and the six months ended June 30, 2017, according to Frost & Sullivan Report2. Marketing expenses as % of revenue in 3QFY19

The go-to brand for math education

Teaching proprietary math courses in K-12 schools.

#1after-school math education

service provider for elementary school students in Shanghai (1)

12

Proprietary Personalized Curriculum

Four Seasons Curriculum

Innovative

Creative

DivergentThinking

Problem-solving

Oriented

Effective

Challenging

3

Traditional Curriculum

Memorization

Repetition

+

Teachers experienced in course design

Led by consultant team of expert educators

Headed by Mr. Peiqing Tian, Chairman and CEO

Massive Problem

SetDatabase

Experience from Math Olympiads

StudentEvaluation

System

TeacherFeedback

EducationResearch

Teaching

Tests /Assessment

Feedback /Analysis

CurriculumDevelopment

Dynamic in-house curriculum design process Personalized education empowered by strong curriculum design team

VS

13

§ Pre-class discussions

§ Sitting in on experienced teachers’ classes and substituting for absent teachers

§ Feedback from experienced teachers20%

Pre-job Training

Ongoing Training

On-the-job Satisfaction

Recruitment

§ Written exams and interviews

§ Mock lectures

§ Presentations to panels

candidates passing evaluation

4

Channels for Recruiting Teachers• Graduates from normal universities

and other renowned tertiary education institutions

• Principals and experienced teachers from public schools

Systematic recruitment and training programs facilitate scalable growth

Strong Faculty Supported by Stringent Recruiting and Training Programs

Feedback from students

Training to provide better service to both parents and students

9-tier teacher promotion system

1-2 Ongoing training sessions per week

Dedicated and capable educators

Encouraged to try innovative methods

Culture ofself-improvement

Sense of satisfaction

14

Standardized Operations and Highly Scalable Business Model5

Learning Centers

Key factors supporting rapid and efficient expansion

Experience from over 10 yearsof successful operations

Centralized training program for new teachers

Efficient process for designing and updating course programs

Centralized administrative and management system

February 2015

10

February 2016

21

February 2017

29

November 2018

56

February 2018

38

Section 3

Growth Strategies

16

Addressing Educational Needs Across Broader Age Groups

Significant synergies across offerings driving lifetime value of students

Elementary School

§ Launched in 2017§ Natural extension of business,

providing students with a seamless transition into the next stage of education

Middle SchoolKindergarten

§ Launched in 2015§ Focusing on training in basic logic,

reasoning and cognitive abilities

§ Building a solid foundation for formal math education

17

Providing Broader and More Diversified Courses

Mathas Core

Chinese

English Smart

MathSTE

M

Ø SHANE English（Foreign teachers oral English）

Ø Phonetic symbols、New Concept English（Chinese teachers）

Ø Covering elementary School Students and Middle School Students

Ø Writing, Readingand Comprehensive exercises

ü Leading position in Math education

ü Math related cartoons and puzzles for younger children

ü “One Lesson One Exercise”

Extending to strategic reasoning and logic lessons & games:ü Sudokuü Rubik's Cubeü Bridge

ü Paintingü STEMü Study tour and

Hands-on Inquiry Based Learning(HIBL)

18

Math Lab Project

Core: • Experiments • Intelligence

Goals:• To cultivate students' core mathematical literacy• To enhance teachers’ math-teaching skills and math culture connotation• To develop personalized learning through information technology

Dimensions:• Math culture introduction• Math activities experience• Math learning exploration• Math resources cloud storage

Math Lab(Jointly developed

with ECNU(1))

1

2

3

4

5

Value:• Through math experiments, students will be able to grow their learning interest, deepen their

understanding of math and strengthen the problem-solving skills in various hands-on activities.

Courses• Math culture courses• Math thinking courses• Math activities courses• Logic-based games• comprehensive math coursesNote

1. East China Normal University

19

Our Activities and Class Experience

Rubik's cube Sudoku NewdokuPuzzles Tangram Linked rings

22

20

Expansion of Our Learning Center Network

Increasing Presence outside of ShanghaiØ Focusing on Yangtze River DeltaØ Key cities: Shenzhen and ChongqingØ Tier 2 and tier 3 cities: Curriculum export

Notes:1. As of November 30, 2018

Number of learning centers (1)

(1)

Jiangxi: 1 Learning Center

Anhui: 1 Learning Center

Jiangsu: 4 Learning Centers

Shanghai: 46 Learning Centers

Our network of learning centers

Fuzhou: 1 Learning Center

Shenzhen: 1 Learning Center

Zhejiang: 1 Learning Center

Chongqing: 1 Learning Center

Section 4

Financial Highlights

22

Quarterly Financials OverviewRevenue and profitability are typically higher in FQ1 – FQ3 as fewer classes are offered in FQ4 because of Chinese New Year.

Quarterly RevenueRMB MM

69 7787

6786 93 91

FQ1'18 FQ2'18 FQ3'18 FQ4'18 FQ1'19 FQ2'19 FQ3'19

Quarterly Gross Margin%

68% 64% 65% 56% 56% 52% 53%

FQ1'18 FQ2'18 FQ3'18 FQ4'18 FQ1'19 FQ2'19 FQ3'19

Quarterly Adjusted Operating Margin(1)

%

35% 33% 32% 12% 25% 18% 18%

FQ1'18 FQ2'18 FQ3'18 FQ4'18 FQ1'19 FQ2'19 FQ3'19

Notes1. Adjusted operating income is defined as operating income excluding share-based compensation expenses. Adjusted operating margin is defined as adjusted operating income divided by revenue.

Appendix

24

Consolidated Income Statement

Condensed Income Statement (1)

RMB '000s

FY2016 FY2017 FY2018 FQ3’18 FQ3’19Revenue:Total revenue 93,801 203,188 300,533 87,240 91,167

Total cost of revenue` (54,986) (85,349) (109,444) (30,156) (43,064)Gross Profit 38,815 117,839 191,089 57,084 48,103

% Gross margin 41.4% 58.0% 63.6% 65.4% 52.8%

General and administrative expenses (27,725) (42,071) (92,932) (25,631) (32,083)Sales and marketing expenses (4,827) (12,563) (36,565) (9,840) (8,336)

Operating income 6,263 63,205 61,592 21,613 7,684% Operating margin 6.7% 31.1% 20.5% 24.8% 8.4%

Net income (31,088) 17,339 41,844 10,659 2,686% Net margin (33.1)% 8.5% 13.9% 12.2% 2.9%

Adjusted net income (2) 1,620 49,175 65,314 16,970 13,661% Adjusted net margin 1.7% 24.2% 21.7% 19.5% 15.0%

Notes1. Fiscal year ended February 282. Excluding share-based compensation expenses and fair value change of investments measured at fair value.

25

Consolidated Balance Sheet and Cash Flow Statement

Condensed Balance Sheet (1)

RMB '000sFY2016 FY2017 FY2018 FQ3’18 FQ3’19

Cash and cash equivalents 42,328 230,968 583,324 925,425 496,965

Property and equipment, net 2,348 7,395 23,920 21,046 30,983

Total assets 90,952 296,126 792,282 974,964 964,129

Deferred revenue 38,101 84,843 90,101 132,478 79,947

Total liabilities 91,899 124,683 134,334 200,153 179,495

Total mezzanine equity 22,174 163,807 - - -

Total equity (23,121) 7,636 657,948 774,811 784,634

Total liabilities mezzanine equity and equity 90,952 296,126 792,282 974,964 964,129

Condensed Cash Flow Statement (1)

RMB '000sFY2016 FY2017 FY2018

Net cash from operating activities 1,009 119,479 97,533

Net cash from / (used in) financing activities 600 74,903 461,221

Net cash from / (used in) investing activities (6,915) (10,176) (171,647)

Including: capex (1,630) (6,661) (23,113)

Net change in cash and cash equivalents (3,360) 188,640 352,356

Cash and cash equivalents at end of the period 42,328 230,968 583,324

Note1. Fiscal year ended February 28