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Analyst Meeting

Q1’19 Financial PerformanceOpportunity Day Q1’ 19

28 May 2019

OSOTSPA

Disclaimer

Statements included or incorporated in these materials that use the word “believes”, “anticipate”, “estimate”, “target”, or “hope”, or that otherwise relate to the objectives, strategies, plans, intentions, beliefs orexpectations or that have been constructed as statements as to future performance or events, are “forward-looking statements” within the meaning that are not guarantees of future performance and involve risksand uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. Osotspa Public Company Limited (“OSP” or the“Company”) undertakes no obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise. OSP makes no representation and assume noliabilities against whatsoever about the opinion or statements of any analyst or other third party. OSP does not monitor or control the content to third party opinions or statements and does not endorse or acceptany responsibility for the content or the use of any such opinion or statement.

The information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or warrant that the information is complete or accurate, in particularwith respect to data provided by or regarding third parties. The information in the presentation does not purpose to be comprehensive or to contain all the information that a prospective investor may desire orrequire to decide whether or not to purchase securities of the Company. The information in the presentation might be incomplete or summarized and has not been independently verified and will not be updated.Such information may in the future be subject to audit, limited review or any other control by an auditor or independent party. Therefore, the information included in the presentation may be modified or amendedin the future. The information in this presentation, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to futureresults. The Company and each of its agents expressly disclaims any obligation or undertaking to update or release any updates or revisions to the information, including any financial date and any forward-lookingstatements, contained in this [presentation[. This presentation includes forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date ofrelease of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they aresubject to risks, uncertainties and other factors, which were unknown or not taken into account by the time this document was produced and released and which may cause such actual results, performance orachievements, to be materially different from those expressed or implied by these forward-looking statements. Moreover, these forward-looking statements are based on numerous assumptions (which are notstated in the presentation) regarding the Company’s present and future business strategies and the environment in which the Company expects to operate in the future. There are many factors, most of them outof the Company’s control, which may cause the Company’s actual operations and results to substantially differ from those forward-looking statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed may be due torounding. In additional, certain figures contained in this document, which have also not been subject to financial audit, are combined and pro forma figures. The information and opinions in this presentation arenot based upon a consideration of your particular investment objectives, financial situation or needs. You may wish to seek independent and professional advice and conduct your own independent research andanalysis of the information contained in the presentation and of the business, operations, financial condition, prospects, status and affairs of the Company. This presentation discloses neither the risks nor othermaterial issues regarding an investment in the securities of the Company. The information included in this presentation is subject to, and should be read together with, all publicly available information. Any personacquiring securities of the Company shall do so on their own risk and judgement over the merits and suitability of the securities of the Company, after having received professional advice or of any other kind thatmay be needed or appropriate but not only on the grounds of this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any otherinstrument of negotiation over the securities or financial instruments of the Company. This presentation does not constitute or form part of, and should not be construed as, any offer, inducement, invitation,solicitation or commitment to purchase, subscribe to, provide or sell any securities, services or products or to provide any recommendations for financial, securities, investment or other advice or to take anydecision.

This presentation is not and shall not constitute an offer for the sale of securities in Thailand or any jurisdictions.

By attending to or receiving this presentation you agree to be bound by the foregoing restrictions and limitations and acknowledge that you understand the legal and regulatory sanctions attached to the misuse,disclosure or improper circulation of the presentation.

Agenda

Company Overview

2019 Outlook

Core Strategies Updates

Financial Performance and Activities Updates

OSOTSPA’s 128 Years of History

4

Expanded to Women’s Beauty Care under brand “Twelve Plus”

Launched our Flagship M150

1st introduction of ED in Thailand, with Lipovitan-D from Japan

Expanded to Baby Care under Brand “Babi Mild”

Launched Vitamin C Drink under Brand C-Vitt from Japan

Launched RTD Coffee under Brand M-Presso

Listed in Stock Exchange of Thailand

18911965

1985

19891992

2016

2018

2012

…A move toward International Standards

Established pharmaceutical company in Bangkok, known as “Teck Heng Yoo”

Business Restructuring and Transformation Strengthened the Company with a professional

team of BOD and executives with extensive experiences from various multinational companies

>20 Years(as of December 2018)

Management Experience in the Industries

(2434)(2508)

(2528)

(2532)(2535)

(2555)

(2559)

(2561)

Product Portfolio

5

Beverage Personal Care

Healthcare and Confectionary OEM

6

Our Strengths and Strategies

Leveraging on solid strengths of our core

businesses…… To expand and enhance our position further

Broad and highly recognizable portfolio of brands

with established presence across product lines1

Well established “CLM” presence2

Highly penetrated and robust distribution network3

Strong R&D team with deep local insight4

Fully integrated, highly scaled and flexible

manufacturing allowing for cost competitiveness

and high margin

5

Experienced board of directors and management6

Strengthen domestic presence in broader non-

alcoholic beverages and expand personal care1

Leverage market-leading position in Thailand to

sustain and expand to other regional and

overseas markets

2

Focus on cost efficiency and margin enhancement

through the “net revenue management” principle3

Continuous investment in human capital and

innovation capability4

Our overall objective is to leverage our business strengths to grow faster than the market and also improve our margins

Experienced board of directors

Our board(1) comprises of…

Former/current Presidents/CEOs, Senior

level former public servants

Surin OsathanugrahChairman of the Board Joined Osotspa: 1974 Experience: Former Director of Nai Lert Park Hotel Company Limited;

Vice Chairman of Safety Insurance Public Company Limited

Somprasong BoonyachaiVice Chairman of the Board / Independent Director Joined Osotspa: 2016 Experience: Director of BEC World Public Company Limited, Vice

Chairman of Advanced Info Service Public Company Limited, Director of Intouch Holdings Public Company Limited

Kannikar ChalitapornVice Chairman of the Board Joined Osotspa: 2016 Experience: Chairwoman of Index Living Mall, Director of Siam

Commercial Bank

Krik VanikkulIndependent Director Joined Osotspa: 2016 Experience: Former Deputy Governor (Financial Institution Stability)

at the Bank of Thailand

(1) Board of directors is composed of 15 members in total

From Families7From External

Directors7 OSP President1

Penchun JarikasemIndependent Director and Chairman of the Audit Committee Joined Osotspa: 2016 Experience: Director and member of Risk Management Committee at PTTEP,

Former CFO of PTTEP

Sinee ThienprasiddhiIndependent Director Joined Osotspa: 2016 Experience: Director and member of the Executive Committee at

Dusit Thani PCL

Sethaput Suthiwartnarueput, Ph.D

Director Joined Osotspa: 2016 Experience: Director and member of the Financial Policy Committee

at the Bank of Thailand

Salin PinkayanIndependent Director Joined Osotspa: 2008 Experience: Managing Director of Southeast Asia Technology Co.,

Ltd, Managing Director of Thai Developer Co., Ltd.

Founding family

members

>32 Years of experience in the industry

7

Experienced Management

Our select management has …

23

Years of experience in the industry

On average

Global MNC experiences

Petch OsathanugrahChairman of Executive Committee & CEO Joined Osotspa: 1983 / Years in the industry: 35 Experience: Chairman of the Executive Committee and council

member of Bangkok University, Director of Shiseido (Thailand) Co., Ltd.

Wannipa BhakdibutrPresident Joined Osotspa: 2016 / Years in the industry: 32 Experience: Vice Chairman of the Executive Committee (Food and

Personal Care Products Marketing) at Unilever Thai Trading Co., Ltd.

Porntida BoonsaChief Financial Officer Joined Osotspa: 2017 / Years in the industry: 7 Experience: Vice President (Finance) at Unilever Thai Trading Co.,

Ltd. Held senior positions in different functions across geographies

with MNCs

Rob RijndersChief International Business Officer Joined Osotspa: 2017 / Years in the industry: 25 Experience: Vice President (Customer Development) at Unilever

Thai Holdings Co., Ltd.

Suthipa PanyamahasupChief Marketing Officer

Joined Osotspa: 2016 / Years in the industry: 20

Experience: Vice President (Homecare and Ice-Cream) at Unilever Thai Trading Co., Ltd.

Sarayut JitcharoongphornChief Customer Management Officer Joined Osotspa: 2016 / Years in the industry: 22 Experience: Former Senior Vice President at CPF Trading Co., Ltd.,

Head of General Trade Customer Development at Osotspa

Nukit ChonlacoopChief Manufacturing Officer Joined Osotspa: 2018 / Years in the industry: - Experience: Security, Safety, Health and Environment Manager,

Global Project Advisor and the Manager of Block 3/4 Operation at Esso (Thailand) PCL

Viwat Krisdhasima, Ph.DChief Supply Chain Officer Joined Osotspa: 2018 / Years in theindustry: > 20 years Experience: Vice President-Supply Chain at Unilever Thai Services,

Independent Director at Zarina Group PCL and Shera PCL,

3 from Founding Families Members

Vilairat Charoenwongse-PhelanChief Research and Development Officer

Joined Osotspa: 2018 / Years in the industry: 22 Experience: Vice President, R&D – Innovation at Ferrara Candy

Company USA, R&D Director at Pinnacle Food, USA, Senior R&D Program Manager at PepsiCo North America

8

A Suite of Iconic Brands Enables us to Implement the Portfolio Strategy

9

12 Baht

Energy Drink

Electrolyte Drink

RTD Coffee

Functional Drinks

Baht/Bottle

(Mass Market) (Premium Market)10 Baht 15 Baht

*Target Female Consumers

1

Health benefits from the lactobacillus contained

*Target young consumer,

Age 18-35 years

Vitamin CBenefits from Soy Peptide for cognitive and health benefits

* Target young consumer, Age 18-35 years

2

Launch in Feb 2018

* Launch in Aug 2018, Adding Herbal Benefits

#1 Energy Drink Brand in Thailand

*Target Adult age more than 40 years

Source : Report form Nielsen

Remark : 2018 Market share ranking

25+ Baht

Brain

and

Body

Boo

stW

ake-

Me-U

p Dr

inks

Look

-Goo

d-Fe

el-Go

od

(38 Baht) (15 Baht) (10-20 Baht)

*Regional Brand, strong in North and South

1

Launch in Feb 2019

Product Portfolio – Personal Care

10

Twelve Plus Fragrance Products

Twelve Plus Talcum

Twelve Plus Skin Cleansing

Twelve Plus Specialty Products

Babi Mild Lotion and Moisturizer Babi Mild Baby Home Care and Fabric Care

Babi Mild Baby Bath Babi Mild Baby Bar Soap Babi Mild Baby Talcum

1 21

2

BABY CARE

1

WOMEN’S BEAUTY

CARE

2

Distribution Network is One of Our Key Assets

11

Traditional trade Modern tradeCash van & Vending

Machines

Distributors

70 direct distributors

5,500 secondary distributors

Long-term relationship with Osotspa

Strengths

Key channel for Company’s high volume products

Widely available across the country

Low cost to serve

Key channel for selling Company’s premium and

personal care products

Accelerate distribution of newer

products

Deliver products directly to

retailers and consumers

Point of sales Over 470,000 point of sales

(1.1 point of sales for every km2 in Thailand)

Approximately 16,000 point of sales

(0.3 point of sales for every km2 in Thailand)

Products available across c.16k

vending machines

Proportion of

sales

Different product

nature requires

different distribution

mix78%

Beverage

38%

Personal care

62%

Beverage Personal care

22%

Close to 100% distribution for flagship products

95%(1)

95%(2)

Source: Company information

Note: (1) Numeric distribution coverage for 2018(2) Weighted distribution coverage for 2018

Capture Attractive Growth in International Landscape

12

Country Channel

Leverage strong brand identity and portfolio,

coupled with geographic+ cultural proximity

to grow in CLMV markets

Ensure deep market penetration by

working closely with leading local

distributors / partners

Category

Launch tailored energy and functional

drinks, aiming to become a regional leader

in these categories

Grow in Personal Care products by

leveraging brand strength and launching

new product ranges

Triple “Win” Strategy

Overseas revenue contribution

from International Markets

Domestic beverage &

personal care83%

International beverage

16%

International personal care

1%

Establishing local manufacturing facility through JV with Loi Hein

and backward integration into manufacturing and set up distribution

routes to cover untapped regions

2

1

1

Flexible manufacturing platform, with fully integrated beverage value chain, allowing for cost competitiveness and high margin

13

3 Glass Plants

Beverage Mixing and Filling Plants3

1 Cullet Plant

1 Labelling Plant

2 Personal Care Plant

Fully integrated value chain with

capacity headroom…

Fully integrated, with one of the

largest glass bottle manufacturing

capabilities in Thailand, with

practical capacity of 471,000 tons /

year

Capacity headroom, that can drive

future growth with limited capex

Margin Strategy: Our Margin Improvement Programs

14

Key e&ples

Continuous Efforts to Enhance Return on Assets and overall Profitability

Note: (1) An approach focusing on optimizing pricing and promotions, monitoring and optimizing costs, and coordinating delivery of net revenue and gross profit targets across brands and customers.

Identify savings on cost of raw materials and

packaging materials

Savings on price / unit or volume of raw materials

New formulations

New packaging designs

1

2

3

4

Identify savings from our logistics network

Optimization initiatives (such as transport

optimization)

Vendor management

Reduce administrative expenses

Reviewing each expense item and identify

opportunities for savings

Planning to expand the scope of the program to

cover manufacturing operations

Improve cost

efficiency

Objectives

New formulation of M150 that optimizes costs as well as

appeal to consumers’ preferences

New glass furnace in Ayutthaya which will be functional

in second half of 2018 would add to the operational and

cost efficiency

Implementation Use of proceeds

Enhance margin

Reinvest in the

business

Returns to

shareholders

Key examples

Sourcing strategy for glass cullet that minimizes the

impact of the increasing trend of glass cullet price

Implementation of Net Revenue Management(1) for

achieving sustainable and profitable growth

Agenda

Company Overview

2019 Outlook



Production Efficiency – New facilities

• New glass factory (SGA2)

• New factory in Myanmar

• New cullet treatment lines

• Total Productive Maintenance (Increase capacity without major investment in new production line)


Strengthen domestic presence in broader non-alc. beverages and expand PC

Leverage market-leading position in Thailand to sustain and expand to overseas markets

Focus on cost-efficiency and margin enhancement through NRM principle

Maintain Energy Drink Market Share (Value) : Q1’19

53.7%

Grow Functional Drink Market Share Q1’18 Q1’19

28.3%35.6%

Personal care sales growth in Q1’19 :

+6.4%Total CLMV sales growth for Q1’19 (at constant FX):

+11.8%

International PC sales growth For Q1’19:

+31.6%OEM Bottle sales – Improve margin overall beverage by sharing fixed costs

Q1'18 Q2'18 Q3'18 Q4'18 Q1'19

Fit Fast Firm

Q1’19 GM

= 34.8%+270bps YoY

+44.5%YoY

Continued impact in Q1’19:

Bev CLM sales growth for Q1’19 (at constant FX):

+10.7%

2019 “Fit Fast Firm” Project►Reap benefits from projects implemented in 2018► Increase efficiency through new cullet treatment lines ►New lighter weight bottles ►Warehouse and distribution optimization►OEM-PC initiatives16

Agenda

Company Overview

2019 Outlook



2019 Core Outlook

18

Company Target and Strategy

2019 Net sales growth: mid-single digit growth

Profitability Improvement

Consistent with mid-term business plan

Domestic Beverage:• Continue to focus on

herbal benefit and NPDs for functional drinks

• Further strengthen Som In-Sum, Chalarm Black Galingale, and C-Vitt

• Expect to add 2-4 NPDs

Domestic PC:• Strengthening key brands

and launching new PC pillars (facial/skin care)

International:• Continue to expand in CLMMyanmar highlights: • Implement route-to-market

model / Strengthen Shark MM / Further build M-150

• Manufacturing Facility to be completed by end-2019

Supply Chain Services:• Expect recovery in OEM

Beverage sales throughout 2019

Fit Fast Firm: • Embarked on various cost-saving

programs

Improved Bev GM: • Cost efficiency improvement after

commission SGA2 (expect to complete in Q3’19)

Improved PC GM:• Improvement driven by product

mix transition

Other Growth Initiatives

19

China: Vietnam:

Fantastic growth in recent years with more potential to come

Population: 90mn (1/3 is Urban)

Vienam PC:Contract signed, products are on main shelf

Vietnam Beverages:In progress of doing detailed market study with potential partner to ensure the best possible entry strategy for our beverages products.

Vending Machine (in Thailand):

992

3,095

2009

2010

2011

2012

2013

2014

2015

2016

2017

Energy Drink Market Size(mn Liters)

24.8

13.8 11.2 9.5 7.1 6.92.2

US

Japan

UK

Thaila

nd

Vie

tnam

Germ

any

Chin

a

Energy Drink Consumption (litre/person/year)

8,571

21,110

2014

2015

2016

2017

As

of

Nov'1

8

Thai Vending Machine Market (# machines)

33,000

450,000

Y0

Y5

Y8

Y10

Future Growth for China(# machines)

>13X growth

CAGR = 25%

CAGR =8 %

Agenda

Company Overview



2019 Outlook

Net profit* +6% vs. 2017Net profit margin** at 12.0% vs. 11.2% in 2017

FY2018 Financial Highlights – by Segment12M18 Normalized sales -0.7% YoY, dragged by OEM sales

21

Myanmar +11.1% (at constant FX). With FX impact, sales flat at +1.4%

•PC Int’l sales grew +42.8% YoY in FY2018

2018 sales dropped from lower OEM and absence of Unicharmsales2H18 OEM bottle sales increase by 29% from 1H18 (after completion of cold tank repair)

Babi Mild +10%Twelve Plus +7%Increased from various NPDs along the period and promotional activities

Som In-Sum +109%C-Vitt +75% M-Presso launched in Feb 2018Launch of ChalarmBlack Galingale turnaround Chalarmfrom -15% Pre-launch to +18% Post Launch

+6% vs. 2017

12.0%Net Profit Margin**

Remark : * Net Profit attributable to owners of the parent ** Net Profit margin to Total Revenue

*

Dividend Payment and Policy

Dividend Paid (after IPO)

• Interim Dividend 0.30 Baht paid on 28 Feb 2019

• Final Dividend 0.39 Baht paid on 23 May 2019

Dividend policy

• At least 60% of consolidated net profit after deducting the legal reserve specified by law or Articles of Association of the CompanyNonetheless, the consideration of a dividend payout shall depend on the Company’s performance, financial position, cash flow, contractual obligations (i.e. loan payments), working capital, investment plans, general economic situation, and related factors as deemed appropriate by the Board of Directors and when in compliance with the laws & regulations.

22

Q1’ 19 Financial Highlights – by Segment

Net profit* +13.4% YoY

Net profit margin** at 14.0% vs. 12.8% in Q1’18

Favorable GM at 34.8%improved by 270 bps YoYfrom “Fitness First” project driving overall costs down

CLMV +11.8% at constant FX, reported Net sales +0.8%

PC Int’l sales +31.6% mainly from Babi Mild launch in Vietnam

OEM +13.8% driven by OEM-Bottle sales (+44.5% YoY & 4% QoQ) after completion of cold tank repair in Q2’18, however partly offset with OEM-PC

Healthcare 19.5% driven by Banner and Tard 4

Twelve Plus +22.2% driven by momentum of Cool Powder and Perfume Mist launched last year.

Babi Mild -7.8% driven high last year stock build-up to prepare for company name change

C-Vitt +148.9%maintained no. 1 position in functional drinks for 3 consecutive quarters since Q3’18

Chalarm +25.7% continued strong growth momentum of ChalarmBlack Galingale

Som In-Sum +21.6% Peptein Launched Peptein

Plus (NPD) in Feb’19

Thailand Beverages

Net Sales: THB 4,388M

4.0%

Thailand Personal Care

Net Sales: THB 564M

3.4%

Others (OEM/ Health care/ Confectionary)

Net Sales: THB 397M

19.2%

International

Net Sales: THB 1,018M

0.3%At constant FX: 8.6 %

Net Profit*

THB 888M

14.0%

Net Profit Margin**

Remark : * Net Profit attributable to owners of the parent ** Net Profit attributable to owners of the parent to Total Revenue from Sales

Total Revenue from Sale 6,366M (+4.2%YoY) driven by Energy Drinks-Herbal Variants, C-Vitt and OEM-Bottle sales

23

(15.1%) (13.9%)

(5.6%) (6.9%)

Q1'18 Q1'19

32.1%

34.5% 34.8%

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

Q1'18 Q4'18 Q1'19

783888

12.8%

14.0%

7.5%

8.5%

9.5%

10.5%

11.5%

12.5%

13.5%

14.5%

0100200300400500600700800900

1,000

Q1'18 Q1'19

To the owner of the parents

24

Total Revenue Growth 2.7% Revenues Gross Margin

SG&A Net Profit

Q1’19 Financial Highlights

Admin Exp

Selling Exp

Net Profit Margin

6,340 6,512

Q1'18 Q1'19

+2.7%

+0.3%

(1,262) (1,322)

Other Income

(20.7%) (20.8%)

Net Sales Analysis: Thai Beverages

+21.6%SALES GROWTH YOY

Chalarm Black Galingale Turnaround Chalarm brandContinued Success of Campaign

“Aroi Jing Mai Manoh” through Activation promotion nationwide

Continued reinforcing brand awareness and ensure adequate supply

+148.9%SALES GROWTH YOY +25.7%

SALES GROWTH YOY

Focus on below-the-line activities

25

Net Sales Analysis: Thai Beverages

37.2%MARKET SHARE

Sponsorship in both music (Bodyslamconcert) and sports (World Super Flyweight Boxing Championship)Communication campaign “Poo

Klar LIPO” with local activations (emphasize of Japan heritage)

8.6%MARKET SHARE

Focus more on online channels and below-the-line activities

Launch new formula Peptein Plus in Mar’19 with Impressive performance in 7-11

4.2%MARKET SHARE

26


Net Sales Analysis: Thai Personal Care

Babi Mild White Sakura Massive Trial Campaign in Feb’19

Twelve Plus x BNK48 Cosmetic RangeLaunched in Feb’19

Summer CampaignLaunched in Feb’19

-7.8%SALES GROWTH YOY

The Launch of EXIT x BNK48 Special Collaboration in Jan’19


EXIT x BNK48 Collectable Premium in Feb’19

27

Beverage

• M-Family: LINE Official Account for M-Point Collection Campaign

• C-Vitt: New Packaging to expand target customers and occasions

Personal Care

• Babi Mild: New Product Range and Organic Range Launched

Confectionary

• Ole: New Flavors and New Packaging

28

Q2’19 Activities Update

New Facilities Update

29

Brick Laying Ceremony for New Glass Plant (SGA2)

Myanmar Update

JAN’19 FEB’19 Mar’19

Construction Thilawa progress is on track

30

Thilawa Site

31

Thank you

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