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

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Strictly Private & Confidential

Feb, 2017

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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

• f

information currently available and

• btainable,

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

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Agenda

4Q16 & FY16 Performance Update

1)

Financial

2)

Business Update

3)

Corporate Profile

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4Q16 & FY16 Performance Update

• 1. Financial

3

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M-150

Market Share Comparison For FY2016

Source: Nielsen energy drink market report, December 2016 ("Nielsen Report")

78% 84% 84% 90% 91% 95% 95% 95% 96% 96%

Selling Distribution (Coverage) Selling Distribution (Coverage) Carabaodang

31.0% 31.4% 30.7% 32.0% 30.9% 32.6% 32.6% 33.1% 33.1% 32.6% 33.0%

33.4%

32.8% 32.5% 33.3% 32.9% 33.0% 31.8% 31.6% 31.4% 30.6% 31.0% 31.5%

31.7%

JAN16 FEB16 MAR16 APR16 MAY16 JUN16 JUL16 AUG16 SEP16 OCT16 NOV16 DEC16

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 CBG’s contribution by region 4

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6,863 7,448 7,753 9,965 2,076 2,858 2,102 2,316 2,689 2,858 FY13 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 (Baht mil)

Total Sales Revenue

BREAKDOWN OF DOMESTIC AND EXPORT SALES BREAKDOWN BY SALE CHANNEL OF DOMESTIC SALES

3YR CARG +13.4%

72% 71% 66% 28% 29% 34% FY14 FY15 FY16 70% 64% 30% 36% 4Q15 4Q16

EXP DOM

+37.6% +6.28% +28.5%

Key growth contributors

• Domestic : Push Strategy (Cash Vans) & Pull Strategy coupled with

New Products

• Export: : Continuous growth in export markets mainly due to growth

from Cambodia & Afghanistan

20.6% 5,477 6,603

24% 22%

73% 63%

2% 15%

FY15 FY16 TT(CV) TT(Agent) MT

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90.7% 3.7% 5.5%

91.1%

2.1% 3rd parties 3.1%

2.2%

1.5%

Sales Revenue Breakdown

FY2016 DOMESTIC

SALES

5,358 5,477 6,603 1,453 1,820 1,387 1,546 1,850 1,820 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 +25.2%

• 1.6%

+20.5% 2,094 2,276 3,362 624 1,038 717 769 838 1,038 FY14 FY15 FY16 4Q15 4Q16 1Q16 2Q16 3Q16 4Q16 +66.3% +23.86% +47.7%

(Bath Mill)

FY2016 OVERSEAS

SALES

Annual domestic sales growth is attributed to the following:

• Carabaodang and Start Plus grew 12% and 53% yoy

respectively

• New branded product launches in 2016 i.e. Water and

Coffee collectively amounted to THB 238mn in sales 6

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Overseas Sales by Country

Cambodia

CLMV GROWTH YoY

1,315 1,868 2,526 FY14 FY15 FY16 Cambodia 62% Afghanistan 14% Myanmar 8% Vietnam 5% Yemen 5% UK 2%

• thers 2%

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%

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Gross Profit Margin

33.30% 38.80% 37.30% 38.60% 34.76% 34.70% 32.40% 33.20% 32.70% 32.5% FY14 FY15 FY16 4Q15 4Q16

Domestic Export

33.7% 36.9% 35.90% 36.80% 33.9%

TOTAL

Carabao &Start Plus : 38% Remaining:15%

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Statement of Consolidated Comprehensive Income

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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%

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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%

1,256 1,490 14.95% 18.6% 288 281 10%

• 2%

Non-Controlling interest in 2016 -85 THB million ,-1% Sales for FY2016

Equity Holder of the Company

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Statement of Consolidated Financial Position

ASSETS Dec-15 Dec-16 Change LIABILITIES Dec-15 Dec-16 Change Current Assets Current Liabilities Cash, Cash Equivalents 1,377 745 (632) Bank overdrafts&short-term loans from financial institutions

• 750

750 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 Other current assets 17 110 93 Total non-current liabilities 77 354 277 Total Current Assets 2,541 2,454 (87) Total Liabilities 1,028 2,678 1650 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

STATEMENT OF FINANCIAL POSITION

Unit THB million

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Our SKUs (Energy Drink)

Products Carabao Energy Drink (Original) Carabao Energy Drink (Original Export) Carabao Carbonated Carabao Ginseng Edition Carabao Carbonated (Original) Carabao Carbonated (Sugar Free) Carabao Carbonated (Green Apple) Descriptions

• 150ml

amber glass bottle

• Flat taste
• Caffeinate

d + B12

• 250ml

aluminum can

• Flat taste
• Caffeinated +

B12

• 325ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• 325 ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Ginseng

Extract

• 325ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Less sugar

(1:4)

• 325 ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Sugar Free
• 325 ml

aluminum can

• Carbonated
• Caffeinated +

Multivitamins

• Green Apple

Flavour Markets Domestic (mainly) Export Only Export in Asia First market: Afghanistan First market: UK First market: UK First market: UK Launch Date October 2001 2004 May 2015 February 2016 April 2016 August 2016 October 2016 Retail Selling Price 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

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Our SKUs (non-Energy Drink)

Products Start Plus Carabao Drinking Water Carabao 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

• Outsource

production

• Distribution

through Cash Vans Cannel and Tesco

• 30 small sticks in

1 pack

• Outsource

production

• Distribution

through Cash Vans Cannel and Tesco

• 180ml can
• Outsource

production

• Distribution

through Cash Vans Channel, BigC and 7- Eleven

• 180ml can
• Outsource

production

• 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

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Products Seaweed Dish Washing Liquid Peanuts Fish Snacks Toothbrush Razor Juice Retail Selling Price (THB) 5 10 5 5 10 10 10 Launch Date November 2015 April 2016 June 2016 July 2016 Products Fabric Softener Squid Snacks Cigarettes (10Skus)1 Toilet Cleaner Tissue Detergent Retail Selling Price (THB) 10 5 40 - 86 25 5 10 Launch Date August 2016 September 2016 October 2016 December 2016

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RD Party Products in Cash Vans

1

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4Q16 & FY16 Performance Update

• 2. Business Update

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• 1. Cash Vans & DCs Plan Completed

12 7 DCs 8 DCs 3 DCs

W

4 DCs 2 DCs 6 DCs

Target reached since October 2016: 30 DCs with 337 Vans, covering approx. 320,000 retailers nationwide % contribution of Branded products

• Began in Feb’15 and thus far accomplished 30 DCs located throughout the country
• Average sale amounted to THB 17,800 per van per day with 70% of which contributed

by our branded products

70% 19% 7% 4% Total Carabao Coffee Drinking Water StartPlus 70% 30% Total Branded Product 3rd Paties

% contribution of total CV sales

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• 2. UK Business Update

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• 2. UK Business Update (Cont’d)

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• 2. UK Business Update (Cont’d)

MT and TT account for 60% and 40% respectively of the market

• Modern Trade (MT) 35%
• Traditional Trade (Cash & Carry) 50%
• Others

60,000

UK’s shop nation wide Our target For 2017

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• 3. New bottling lines at the Bangpakong site

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Construct a brand new factory to boost capacities in anticipation of increasing demands for energy drinks in bottle format

Items Descriptions Project

• Bangpakong Bottle Filing Project

Size of investment

• Approx THB 1,750mn

Description

• Build a brand new and modernized 2-storey factory

covering approx 15 rais of land plot to accommodate up to 10 bottle filling machines

• Move away from fuel oil to natural gas base for heating
• perations
• Initially involve an installation of 2 new high-speed lines,

with each being capable of 1,000 bottles per minute or 24 million bottles per month, with option to relocate 5 existing lines from the Bang-bor site

• Total capacities of the Bang-bor and Bangpakong sites to

reach 1,535 million bottles per year Source of fund

• A combination of internal cash flows and loans of approx

<THB 1,500mn from commercial bank(s) Indicative timetable

• 1Q/2017: Construction and planning started
• 4Q/2017: Test run and production commencement
• 4Q/2017: Relocation of the existing bottling lines

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• 4. The Greater China JV arrangements

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Extended reach to the Greater China region through a JV arrangement with a group

• f Chinese investors and management

Items Descriptions Project

• Greater China Investment Project

Size of investment

• Equivalent to USD 40.0mn whereby CBG through the subsidiaries USD 17.7mn

Description

• Establish JV companies in partnership with Chinese investors and management
• Conduct marketing, sales and distributions of energy drinks and other drinks under

Carabao trademark and/or other trademarks to be developed or acquired by the JV companies

• Kick off with the PRC market and potentially further to other markets i.e. Hong Kong,

Macau and Taiwan Source of fund

• A combination of internal cash flows and loans from commercial bank(s)

Indicative timetable

• Mar 2017: Enter into the joint venture agreements; and
• Apr 2017: JV companies established

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Structure of the transaction

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USD 17.7mn by capital increase Operating company Operating company 21

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Energy drinks in the PRC market

4

22

Billion USD

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Our marketing plans in the PRC market

4

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Our marketing plans in the PRC market (Cont’d)

4

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• 5. Brazil Market Opportunity
• Football is the most popular sport ,which often refer to the

country as "o País do Futebol " ("the country of football")

• Flamengo FC is the most popular team with over 39.1 supporters
• One of Brazil’s richest football clubs and the second most valuable

club in South America

Carabao Brand successful launched partnership with Flamengo F.C. in January 2017 Local distributor is responsible for the sponsorship with the Flamengo football club.

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The Brazilian Market Of Energy Drink

Red bull 43% Ambev 10% Globalbev 5% Monster 4% Coca-Cola 10% Pretropolis 8% Others 20%

500 1,000 1,500 2,000 2,500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Consumption (Million Litre )

Brazil Consumption of Energy Drinks

*Source: Euromonitor Oct 2016

Market Share% (2015)

• Brazil is the fifth largest Energy Drink in the World in 2016
• Brazil’s energy drink market reached $1.9bn in 2015
• Growth is forecast to double by 2020 to $4.3bn

210m

Population

130m

Litres

1.6bn

Euro

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• 6. New Factories Progress

Increasing production capacity for amber glass bottle in

• rder to support ongoing growth of Carabaodang bottles

Production Capacity : 650 mn bottles/annum Production starts : 4Q2017

APG FURNACE 2 –30 % PROGRESS CAN FILLING FACTORY – Test run in February 2017

Increase can filling production capacity (beginning with 2 new lines) to support volume growth of overseas business Production Capacity : 240 mn cans/annum (2 line) Production starts : 1Q2017 27

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Appendix 3.Corporate Profile

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Shareholding & Company Structure

Major Shareholders 75% Free Float 25%

34%

• Mr. Sathien Setthasit’s Group

27%

• Ms. Nutchamai Thanombooncharoen’s Group

14%

• Mr. Yuenyong Opakul’s Group
• 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 manufacture the Group’s product

• CBHHK ,Newly incorporated in 2016 to operate as an overseas holding company
• CBVLUX, Newly incorporated in 2016 to operate as an overseas holding company
• ICUK, Distribute and sell energy drink under Carabao trademark in the UK as a result of the Distribution Agreement granted by CBD.

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• Mr. Sathien Setthasit

Chief Executive Officer Co-Founder of the Group in 2001

• Ms. Nutchamai Thanombooncharoen

Managing 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

Thanombooncharoen Senior Deputy Managing Director Been with the Group since 2008

• Mr. Kamoldist

Smuthkochorn Deputy Managing Director – Marketing Been with the Group since 2002

• Mr. Pongsarn

Khlongwathanakith Chief Financial Officer Joined in 2015, from CIMB Investment Bank

• Mr. Paiboon

Kujareevanich Deputy Managing Director – Operation Been with the Group since 2013

• Mr. Kartchai

Jamkajornkeiat Assistant Managing Director – Production/ Int’l Business Been with the Group since 2012

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Management Team

INSTRUMENTAL TO BUILDING COMPANY’S SUCCESS

1. The company seeks to create customer satisfaction through proactive marketing innovations 2. The company is determined to expand its global footprint via strategic partnerships and integration

• pportunities

3. The company is dedicated to maintain a quality management system, using know how to drive its business as well as being responsible towards its community and society MISSION

• Mr. Romtham

Setthasit Assistant Managing Director Been with the Group since 2015

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Milestones and Developments

• NO. 1

Challenger

2004 Began exporting to 15 countries Oct 2002 Carabao Dang was 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 Nov 2014 Carabao Group began trading in Stock Exchange of Thailand 2015 Start establishing

• wn distribution centers

with a national coverage

• f 300,000 outlets

Jul 2016 Carabao 3in1 Coffee was launched Oct 2016 Carabao RTD Coffee was launched 2016 Carabao Drinking Water was launched 31

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Milestones and Developments (Cont’d)

2001

• 3 co-founders

jointly invested in CBD

• Registered

capital 1 mil. Bt.

• First bottling

line installed at the factory

• Registered capital

increased to 130 mil. Bt.

• First commercial
• peration commenced

(Oct.) first energy drink launched

• Bottling lines

increased to 3 (max.

• cap. 275 mil. bottles

p.a.)

• Exclusive distributor

appointed in Thailand

2002

• Registered capital

increased to 200 mil. Bt.

• 3 additional bottling lines

Installed (increases total

• max. cap. to 548 mil.

bottles p.a.)

• Won “popular vote” from

Marketing Association of Thailand for the TV ad

2003

• Canning line

installed (max. cap. 117 mil. cans p.a.)

• Production and

export of can product started

2004

• 1 additional

canning line installed (increases total max. cap. to 205 mil. cans p.a.)

2010 2011

• 2 additional

bottling lines installed (increases total

• max. cap. to

700 mil. bottles p.a.)

• DCM first

registered capital 1 mil. Bt., and increased to 100

• mil. Bt.
• Third party

replaced by DCM to fully distribute CBD’s products

2012 2013

• 2 additional bottling lines

installed(increases total

• max. cap. to 850 mil.

bottles p.a.)

• 1 additional canning line

installed (increases total

• max. cap. to 350 mil.

cans p.a.)

• Registered capital

increased to 300 mil. Bt.

• Registered capital

increased 620 mil. Bt.

2014

• Paid up capital of APG increased

in full to 450 mil. Bt.

• Paid up capital of CBG increased

to 1,000 mil Bt.

• Krones bottling line installed

(increases total max. cap. to 1,080 mil. bottles p.a.)

• 2 of CBD’s bottling line reduced

for manufacturing Start + (max.

• cap. 120 million bottles p.a.)
• Start+ launched in May
• First

commercial

• peration

commenced by APG in Aug. (max. cap. 650 million bottles p.a.)

• Carbonated CBD

launched (in Cambodia)

• Started cash vans and

distribution centers. (9 DCs in 2015)

• Sponsorship of Chelsea

FC

2015

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2016

• New Carabao products

(Water & 3in1 & RTD Coffee)

• Announcement to hold 51%
• f shares in ICUK via
• ffshore holding companies
• Sponsorship of EFL (Carabao

Cup)

• Expansion of APG 2. (max.
• cap. 1300 million bottles

p.a.)

2017

• Announcement to hold 46%
• f shares in DVHBVI and

HVPRC via offshore holding companies in The Greater China

• Expansion of Bottling Filing

( increases total max.cap.to 1,535 mil.bottles p.a.)

• 2 additional canning line

installed by CBD (increases total max. cap. to 800 mil. cans p.a.)

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Synchronization & Efficiency

Research & Development Raw Materials & Sourcing Manufacturing Distribution Marketing

Limit risk exposure to price volatility and reduce third party dependency  Maximized quality control  ISO 22000  Strong relationship with agents  Countrywide distribution network New products consistently improved and developed Largest in-house sales & marketing team for energy drinks in Thailand Direct consumer engagement nation wide (Mixing + bottling + capping)

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Vertical Integration Business Model

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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]

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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 speak to the Thai people in a manner that can easily be related to their own life experience and provide the hope and strength to keep fighting. The result is a truly passionate fan base that are overlapping with energy drink target groups across the country that lives and breathes the Carabao “Fighting Spirit”.

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The Carabao Legacy (Cont’d)

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From Band to Brand

“Carabao” is an energy drink inspired by the resilient, positive spirit of the Thai people. It is more than an energy drink, it is a Positive Energy Enabler.

“The Fighting Spirit”

The Bird

Freedom, Unity, Creativity, Self Expression

The Buffalo

Strength, Power, Perseverance, Respect

A Brand with a Heart and Soul

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47.70% 46.90% 46.80% 44.40% 43.60% 17.50% 21.10% 21.50% 21.70% 23.90% 11.80% 11.20% 11.80% 12.60% 11.80% 8.30% 7.90% 7.90% 8.20% 7.60% 2012 2013 2014 2015 2016

Market Share of Top 4 Energy Drinks in Thailand

M150 CBD KTD Lipo

Thai energy drink market brand equity index1

BEI = Brand Awareness 25% + Brand Perception 25% + Brand Loyalty 50% Note: (1) “Brand Equity Index (BEI)”, The Searcher Brand Study, March 2016 (2) “Estimated market share of Thai energy drink market”, Nielsen Energy Drink Market Report, December 2016

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• We became 3rd in the market share within 3 months of our

launched back in 2002 (overtooking Wranger).

• We start to exceed Kratindaeng (150 ml) since

September/October 2005, and began to be a real threat to Kratindaeng.

• We became second and overtook TC Pharmaceutical in 2011

47.57 41.51 27.77 21.20 M150 CBD Red Bull Lipo

Strong brand recognition associated with Carabao musical group

2

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APG Glass Bottle Manufacturing Facility Commenced production in Aug, 2014

Maximum molten glass production of 310 tonnes per day Capable of producing approximately 650 million bottles p.a. State-of-the-art technology using glass cullet as raw materials BOI privilege for 6 years since commencement New Facility of 650 million bottles p.a. will be added and to start production by end of 2017 (Combined capacity=1,300 million bottles p.a.)

CBD Production Facility

Bottle CBD - 9 production lines –max. prod. cap. of 1,080 million bottles p.a.

• 2 new lines and new facility with additional 500 mil.

bottles p.a. by end of 2017 (Combined capacity = 1,500 mil.) bottles) Can CBD – 3 production lines –max. prod. cap. of 350 million cans p.a.

• 1 switchable production line for carbonated energy drink max. cap. 72

million cans p.a.

• 2 New canning line (To be installed by 2017) –max prod. cap. of 480

million cans p.a. Total can production capacity increases to around 800 million cans p.a. Start+ –2 production lines -max. prod. cap. of 120 million bottles p.a.

Certifications

Own manufacturing facility –Maximized quality control

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Marketing Channels

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 Below the Line On-ground marketing More than 148 BaoDang Girl Teams, consisting of

• ver 893 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

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3.00 3.50 4.00 4.50 5.00

Is a popular brand Frequently seen advertisement Highly accessible Get rid of sleepiness Refreshing Alert and energetic Long acting Contain brain- nourishing substances Good taste Extremely good taste Carabao Dang M150 Redbull Lipo

[ N= 1,000 each]

Brand performances based on selected criteria

Source: The Searcher Brand Study, May 2015

CBG as an innovator advertising B12 in energy drinks 40

Innovative Marketing: Advertising of Vitamin B12

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41 41 End Consumers Carabao Group

• 1. Traditional Trade – 78%1
• 2. Modern Trade – 22%1
• 3. Importers, Distributors, International

Dealers Domestic Market – c.66%1 International Market – c. 34%1 End Consumers

… … …

Tier 1 Tier 2 Tier 2 Tier 3 Tier 3 Tier 3

Retailers

Convenience stores, Supermarkets, Hypermarkets Traditional retail shops > 50 agents > 1,200 sub- agents

Note: (1) Sales Figure, 2016 (2) Launched in Q2/15 . Reach 30 distribution center in 2016

• B. Cash Vans – 15%2
• A. 3-tiered agent distribution network – 63%

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Comprehensive Distribution Network

> 320,000 retailers

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The Global Market

North America $24.3bn Australia $2.7bn Europe $11.5bn Latin America $4.7bn Africa $2.1bn UAE $2.7bn Asia Pacific $14.85bn

The opportunity is to capture 10% of the Global Market by 2019

The growth in the Energy Drink market is predicted to continue with sales reaching $62bn by 2019

$6.2bn by 2019

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Global market strategy

Football Fan Culture Brand Exposure

THE WORLD’S NO.1 SPORT 3.5 BILLION FANS WORLDWIDE

Global Football Platform

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THE WORLD CLASS COMBINATION

Strategic Partnership

Principal partner sponsorship value = £30* mil./3 seasons (start 2016-2019) Principal partner sponsorship value = £18* mil./3 seasons (start 2017-2020)

The EFL Cup will be renamed the “Carabao Cup”

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Strategic Partnership(Cont’d)

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Statistic Information

Note Based on an assumption of THB 35 = 1 USD

Carabao Group PLC. As of 16 March 2017 Closing Price: THB 56.25 Ticker SET: CBG Reuter: CBG.BK Bloomberg: CBG:TB Google Finance: BKK:CBG Listing date 21 November, 2014 Listing Venue SET F&B, SET50 Par Value 1 Baht Shares outstanding (mil.) 1,000 Market Cap. THB 59,500mn / USD 1.7bn 52 weeks High/Low THB 80.75 / THB 36.25 Free Float 24.7% Foreign Limit 49.0% Dividend policy at least 40% of consolidated net profit EPS (TTM) THB 1.49 P/E (TTM) 37.76x P/BV 8.16x Dividend Yield 1.78% Auditor: EY Board of Directors 9 members (4 independent)

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