Company OverviewFULL-YEAR FINANCIALSSNAPSHOTShakey’s Pizza Asia Ventures, Inc. is the Philippines’ #1 full-service pizza chain with over60% market share in that category. It is also the single-largest brand of full-service casualdining chain restaurants in the Philippines.*Revenues (In USD Mill) A strong and well-established brand thanks to a differentiated menu, iconic and well-lovedproducts, a distinct store environment, and highly guest-centric service.89100114 Apart from the Philippines, also owns the Shakey’s trademark in perpetuity for the MiddleEast, Asia (excluding Japan and Malaysia), China, Australia, and New Zealand. It does not payany royalties and is instead able to collect from local and international franchisees.201420152016* Store Network: 200 stores across the Philippines – a mix of company-owned andfranchised. Different store formats including those located in malls and those that are freestanding. Key Management: Vicente L. Gregorio - President & CEO, Manuel T. del Barrio - VicePresident & CFO, Jorge Q. Concepcion - Shakey’s Philippines General Manager, AloisBrielbeck - In-House Commissary General Manager892014201513142016*2017*Source: Euromonitor, 2018Delivery 622018 2019F**16182018 2019F***Based on recurring figures**Consensus of active brokersOWNERSHIP STRUCTURE2018 SYSTEM-WIDE SALES & STORE NETWORK BREAKDOWNMindanaoCompany- Visayas 4%10%Owned56%2017144Net Income (In USD Mill)The Company listed on the Philippine Stock Exchange in 2016 under the trading symbolPIZZA. It currently has a market capitalization of c.USD0.4 billion. ryPacificGroup53%

The Overall ScenarioWell-positioned to take advantage of the growing foodservice industry4 F’s in the consumereconomy to benefit fromstrong economic growthFashionFunFurnishings20%of a typical middle-income householdbudget goes to food consumedoutside home. This totals more than PHP500 billionannually, showing a strong propensity to spend.FoodThe consumerfoodservice industryhas been growing inrecent 6In USD BillionsSource: NSO, Nielsen, Euromonitor, BSP3Restaurantsand hotelsare growinghouseholdconsumptionsectorsFull-service pizza chainrestaurants show faster growththan the whole full-servicerestaurant sector13% vs 6%CAGR from 2013-2018

Shakey’s has 43 years ofstrong brand legacy andcounting20031999Positioned as an Americanfast casual diningrestaurant for familiesAcquired Shakey’strademark for thePhilippines in perpetuityAcquired Shakey’s trademark forMiddle East, Asia (ex Japan, Malaysia)including China, Australia, and NewZealand in perpetuity20161987Century Pacific Group(CPGI) and Arran (GIC)acquired controlThe Prieto family becamethe master franchisor inthe Philippines20181975228 stores by end 2018First store in thePhilippines1954First Shakey’s PizzaParlor opened inSacramento,California20142019Acquired Peri-PeriCharcoal Chickenand Sauce Bar4


Investment HighlightsMarketLeadership Dominates the full-service pizza chain market with 64%* market share 22%* market share in the full-service (pizza and non-pizza) category - #1 in thatspace as wellBrand Strength& Ownership Well-loved brand with more than 40 years of history in the Philippines Iconic products served in a distinct store environment No royalty payments, plus additional revenues from franchisingsScalableBusiness Model Multiple sales channels and store formats; simple operations Low upfront cost and strong cash generation lead to shorter store-level paybackperiods compared to the cials*Source: Euromonitor, 2018 Extensive track records in food and restaurant operations Entry of Century Pacific Group as strong and committed shareholders providessynergies with other food businesses Superior profitability and margins versus peers Gearing levels improve as debt remains stable while EBITDA and equity grow Operating cash flows sufficient for CapEx and other investments6

1#1 Full-Service Restaurantin the PhilippinesThe full-service pizza chain market is dominated by Shakey’s.FULL-SERVICE CHAINFULL-SERVICE PIZZA CHAINOthersPapa John's 4.2%1.7%22.3%Others41.6%Pizza Hut29.9%Max's13.5%TGI FridaysPizza Hut2.4%Pancake House Kenny Rogers 10.4%4.1%5.7%2018 data shows that Shakey’sdominates the full-servicepizza chain market by salessince 2011 until present.Latest Euromonitor report states thatShakey’s leads the Philippine chained fullservice restaurant industry with 22.3%market share as of 2018.Source: Euromonitor764.2%

2Strong andWell-Established BrandShakey’s offers a differentiated menu with iconic and well-loved products.DIFFERENTIATED MENU WITH ICONIC PRODUCTS AND OFFERINGS FOR ALLPizzaWorld-famous thin crust and hand-tossedpizzas with many different choicesSoupHome-style soups loadedwith flavor and goodnessChicken and MojosSignature dish - fried chicken pairedwith Shakey’s famous mojos*SaladExtensive choice of salad forhealth-conscious customersPastaHearty pasta with a wide range of saucesand toppings paired with garlic breadDessertsWide range of after-mealdessertsStartersRanging from fries, mojos,squid rings, chips, and chickenBUNDLED OFFERINGS CATERINGTO FAMILIES AND GROUPSBRING UP AVERAGE CHECKS*Thinly-slicedpotatoes coated with Shakey’s breadingand fried to a golden brown perfection8

2Strong andWell-Established BrandShakey’s offers a beautiful and distinct store environment to every customerand has full control and ownership of its brand.Though originally from the U.S.,PIZZA has owned the Shakey’sbrand for the Philippines since 1999.BRAND OWNERSHIP No royalty payments, leading toshorter payback period and sustainablyhigher margins versus peersRevenue from licensing fees androyalties from franchiseesFreedom to execute and react faster tomarket changesOpportunity for expansion intointernational marketsWith its over 40 year history in the Philippines,Shakey’s is one of the most recognizablebrands in the local food service industry.2018 PHILIPPINE TOP 100 RESTAURANT BRANDS1923Source: Asia’s Top 1000 Brands Survey by Campaign Asia, in partnership with Nielsen

3Proven and ScalableBusiness ModelMultiple sales channels and store formats provide convenience and accessibilityto Shakey’s customers and allow for market and expansion flexibility.Dine-In Most popular sales channel due tounique family and friends experience Aim to “WOW” the guestFunctions Free-standing stores have functionrooms for events such as parties andcompany gatheringsDelivery Delivery available nationwide Single delivery hotline number(#77-777) can be usedOnline Sales Active online and mobile presencewith own website and mobile app http://www.shakeyspizza.phCarryout Convenient and fast method of salesSuperCard A very popular paid loyalty card PHP499 annual fee50%45%5%Mall Stores120 – 250 sqmFree-Standing Stores300 – 400 sqmOthers120 – 180 sqm10

3Proven and ScalableBusiness ModelShakey’s is a well-established brand, while operating on an asset-light -LightApproachShort PaybackPeriodFirmly positionedin the fast casualsegment (A, B,and upper Cmarket) thatdelivers highmargins, goodvolumes, andscaleOwn commissaryfor proprietaryraw materialsprotects keysupply chain andmaintainsconsistency andcontrol overqualityLong-term leasesfor store locationsat attractiverentalsBusiness model andstrong discipline leadsto typical paybackperiod of 3-4 yearsPresence ofstandalone stores(i.e. those outsidemalls) lead to lowrent-to-sales ratioLow upfront cost andstrong cash generationper storeBenefitting fromkey consumertrends – eatingout more andupgrading fromfast food to casualdiningEconomies ofscale andpurchasingsynergy11

4Experienced Management TeamVISION: to be the PREFERRED and DOMINANTfamily casual dining restaurantVicente GregorioPresident & Chief Executive Officer Over 30 years of successful experience in the food business Started career in the first ever Shakey’s branch in the Philippines Key driver of Shakey’s brand strategy, organization culture, core values, and mission since 2003 Proven management and leadership track record in foodservice retail set-up, expansion, and turnaround managementManuel Del BarrioAlois BrielbeckVice President & Chief Finance OfficerIn-House Commissary General Manager Previously Assistant Vice President forFinance of Century Pacific Food, Inc.(CNPF) and The Pacific Meat Company, Inc. Worked in accounting positions at severalleading companies Over 30 years of experience in the foodservicebusiness Moved to Asia in 1986, taking up positions inpastry kitchens in Hong Kong and Tokyo Moved to the Philippines in 2000 as ChiefOperating Officer for Culinary SystemsSpecialists Incorporated Appointed as Commissary General Manager in2005Jorge ConcepcionJoseph RemsaShakey’s Philippines General ManagerInternational Development Consultant Over 30 years of experience in consumerrelated business Significant experience in the U.S.foodservice industry for about 10 years innumerous managerial positions12 Previously President and CEO of Shakey’s U.S.A. Leads the development and operations of theShakey’s brands in Asia, Middle East, Australia,and New Zealand Over 25 years of experience in leadingoperations and franchising in top-chainedrestaurants

Strategic PrioritiesEstablish marketleadership and strongbrand positioning in thefull-service, fast casual,family dining spaceIncrease same-store salesgrowth by developingmultiple sales channelsand continuouslyproviding innovativeproducts to enhance ouriconic base offeringGrow our store basein both existing and new markets, locally andinternationally, through an increasing companyowned network and a well-establishedfranchising modelSupport operationalimprovements acrossboth store networkand corporate supportin order to createefficiencies andenhance profitability13Continue todevelopbest-in-classorganizationalcapabilities



1H 2019 Summarized P&LIn PHP Mill1H 20181H 2019Change YoYSystem-wide Sales4,6094,9648%Total Revenue3,6903,8534%Cost of Sales(2,631)(2,743)4%Gross Profit1,0591,1105%Operating me before Tax5115395%Net Income3964185%Earnings per Share0.260.275%Gross Profit28.7%28.8% 0.1 ppsEBITDA19.6%20.1% 0.5 ppsEBIT16.0%16.2% 0.2 ppsNet Income10.7%10.8% 0.1 ppsMargins16 Increase in system-wide salesdriven by CONTINUED STORENETWORK EXPANSION SSSG remains flattish in 1Hamidst COMPETITIVEENVIRONMENT, but back topositive growth in Q2 Gross and operating marginimprovement led by LOWERINPUT COSTS ANDENHANCED OPERATINGEFFICIENCES in-store and atcorporate level

System-wide Sales Growth Improves in Q2;New Stores & Peri Consolidation Kick InSystem-wide SalesIn PHP BillSYSTEM-WIDE SALES2.42.21Q18 12% QoQ2.22Q183Q182.54Q185.010%2.62.31Q192Q191H19YoY Growthin 2Q198%YoY Growthin 1H19In PHP BillSSSG 9%4%2%1Q182Q183Q182%4Q18-1%1Q19NEW STORE ational1H19Peri17Pick up in Q2 system-wide salesdriven by:1) Continued STORENETWORK EXPANSIONdomestically2) CONSOLIDATION OF PERIstarting June 1, opening of 1international Shakey’s store3) MILD SSSG RECOVERY to 2% from -1% in Q1

SSSG Recovers in Q2; Marketing InitiativesSustained for Delivery and Dine-InDelivery InitiativesPARTNERSHIPS WITHFOOD AGGREGATORS IN-HOUSE DELIVERYINVESTMENTSIncreased online and delivery presence via TIE-UPS WITH THIRD-PARTYAGGREGATORS and other online appsIn-house delivery service to remain TOP PRIORITY AND MAIN GROWTH DRIVER fordelivery given loyal guest base and more extensive menu18

SSSG Recovers in Q2; Marketing InitiativesSustained for Delivery and Dine-InDine-In InitiativesPREMIUMIZATION AND GROUPS BUILDING OTHER DAY PARTSContinued in-store marketing for GROUP MEALS AND AFFORDABLE PREMIUMOFFERINGSAdditional efforts to attract guests during OTHER DAY PARTS BEYOND DINNER ANDWEEKENDS19

Revenue Mix Skewed by ExpansionStrategy in Favor of Franchised StoresRevenuesIn PHP BillREVENUES1.83.91.9 1.8 5%2.1 1.8 2.01Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1H19YoY Growthin 2Q194%YoY Growthin 1H19DOMESTIC STORE NETWORK BREAKDOWN**By Regionas of 2Q19By Ownership40%Luzon ex-NCR46%46%NCR as of 2Q19Franchised 10%Visayas54%4%Company-OwnedMindanao*Map colors show % population of the country by region.The darker the color, the higher the % population.Source: Philippine Statistics Authority 201520Store networkexpansion strategyremains MAJORITYPROVINCIALLOCATIONS AND INFAVOR OFFRANCHISED STORES,with local operatorsproviding better on-theground executionOwnership mix furtherskewed towardsfranchised as MOSTPERI STORES ARERUN BY FRANCHISEESCONTINUED SHIFT INOWNERSHIPBREAKDOWN lead tomore moderateincrease in revenuesversus system-widesales**This includes both Shakey’s and Peri store networks.

Higher Gross Margin Driven by SubduedInput Costs and In-Store EfficienciesGross Profit 1.83Q18Revenues 2%4Q18SSSG 120 bpsYoY27.8%29.8%-1%2%1.82.01Q192Q19Gross Profit MarginGROSS MARGIN IMPROVEMENT YEAR-ON-YEAR AND SEQUENTIALLY due to:1. Favorable input cost (e.g. cheese) and FX trends2. Labor productivity enhancements3. Store operating efficiency gains21

Cost-Saving Programs Lead toMuted Increase in OpExOpExQuarterly OpEx as a % of SalesIn PHP Mill12.7%12.6%12.5%13.0% 12.5%484470 3%14.1%11.9%12.8% 12.3%2482401H18-20 bps YoY12.3% 3%1H192Q181Q182Q192Q183Q184Q181Q192Q19OpEx as % of Sales MUTED INCREASE IN OPEX YEAR-ON-YEAR driven by tighter control of corporatelevel operating costsUpside from operational cost-saving initiatives PARTIALLY OFFSET BY INVESTMENTSIN SALES-SUPPORTING PROGRAMS22

Industry-Leading Margins Further Improveas Efficiency Measures Bear FruitGross Profit28.7%28.8% 1.0%11.4% 40 bps 110 bps2Q192Q1810.8% 10 bps 50 bps 120 bps 20.1%19.6% 10 bps2Q18Net IncomeEBITDA2Q192Q182Q19Improvement in margins across gross, EBITDA, and net level driven by LOWER INPUTCOSTS AND ENHANCED OPERATING EFFICIENCIES in-store and corporateMARGINS REMAIN INDUSTRY-LEADING despite competitive pressures23

Balance SheetIn PHP Mill20181H 2019Cash434509Receivables508Other Current Assets20181H 2019Trade Payable and Others920933564Short-Term Debt48848668680Total Current Liabilities9681,781Total Current Assets1,6101,753Long-Term Debt3,8373,812Property, Plant, and Equipment1,7122,054Other Non-Current Liabilities259278Goodwill and Trademarks6,0666,628Total Non-Current Liabilities4,0964,090Other Non-Current Assets245270TOTAL LIABILITIES5,0635,871Total Non-Current Assets8,0238,952TOTAL EQUITY4,5704,834TOTAL ASSETS9,63310,705TOTAL LIABILITIES AND EQUITY9,63310,705 Increase in working capital mainly due toHIGHER FRANCHISEE-RELATEDRECEIVABLES Elevated PPE due to PERI ACQUISITIONAND CAPEX FOR ORGANIZATIONALGROWTHIn PHP Mill24 Increased short-term debt due to thePERI BRIDGE LOAN Long-term loan of PHP3.8 billion allPESO-DENOMINATED WITH FIXEDINTEREST RATES

Ratios1.011.1120181H 20190.760.8620181H 20192.593.02Net Debt-to-Equity (x) COMFORTABLEGEARING RATIOSdespite the rise ininterest-bearing debtdue to the bridge loanfor the Peri acquisition MAINTAINEDABOVE-INDUSTRYROE at 19%Net Gearing (x)Interest-BearingDebt-to-EBITDA (x)20181H 201920%19%20181H 2019Return on EquityNotes: Net Debt-to-Equity (Total Liabilities – Cash) / Total EquityNet Gearing (Interest-Bearing Liabilities – Cash) / Total Equity 25Interest-Bearing Debt-to-EBITDA uses trailing 12-month EBITDAReturn on Equity uses trailing 12-month earnings and average equity

Cash FlowIn PHP Mill1H 20181H 2019Income before Income Tax511539Depreciation and Amortization123140Interest Expense9195Changes in Working Capital(272)(284)Others(109)(88)Net Operating Cash Flow344402Capital eds from (Payment of) Loan(25)775Payment of Interest(95)(62)(120)71321Beginning Cash245434Change in Cash(6)75Ending Cash239509Free Cash Flow128(84)Acquisition of TrademarkOthersNet Investing Cash FlowNet Financing Cash FlowEffect of Exchange Rate Changes26 Incorporates alreadyACQUISITION OF PERIwhich closed on June 1,2019 (acquisition oftrademark) Increase in working capitaldriven by HIGHERRECEIVABLES CapEx primarily forACQUISITION OF PERISTORES, ITINVESTMENTS, AND NEWSHAKEY’S OUTLETS OPERATING CASH FLOWSSUFFICIENT for regularCapEx

Cash Conversion CycleWorking Capital1,20090801,00070800605060040400200 Mns Receivables30185221442010-FY181H19 DaysIncrease in cashconversion cyclerelative to end2018 to 4 DAYS1,20090801,00070800600508 Mns esInventory1H19 Days7080060040060597405040393020200 Mns58310-FY181H19 1H19 DaysHigher receivables driven by FRANCHISEE-LED STORENETWORK EXPANSIONNormalizing inventory with DEPLETION OF ADVANCEDPURCHASE OF CHEESE from end-2018277040400 Mns80

FY SSSG Likely to Miss 3-5% Target, ButDouble-Digit Earnings Growth Still Achievable2019 Guidance and Outlook Sales recovery via superiorexecution across all segmentsIncreasing presence beyondtypical urban areasTotal 20 net new Shakey’sstores locallyInclusion of Peri salesSSSG likely to fall beloworiginal 3-5% target 28Low double-digit growthSubdued inflationary trendto be felt in succeedingquartersStable cheese pricesSteady peso relative to dollarContinued initiatives onefficiency and cost control


Stock .5xEV / EBITDA10.6x12.1xROE18.4%13.3%Operating Margin*15.9%10.2%Net Income Margin*11.1%7.1%MARKET CAPITALIZATION 0.3BDecember 2016 0.4BAugust 2019PERFORMANCE SINCE IPO 11.26 19%IPO Price13 August 2019Source: BPI Securities 2019 Estimates as of 1 August 2019*Bloomberg, trailing 12 monthsSTOCK PRICE PERFORMANCE(BLOOMBERG TICKER: PIZZA PM)PHP13.38PHP/SHARE18.00as of 9 August r-1830Jun-18Sep-18Dec-18Mar-19Jun-19

Investor Relations HighlightsDIVIDEND HISTORYCurrent PricePHP13.38Range since Listing Date*PHP9.80 - 17.48No. of Outstanding Shares1,531,321,053Shareholding StructureCPGI: 52.9%Arran (GIC): 18.5%Free Float28.6% (includesPrieto family’s 3.8%)3-Month Average TurnoverPHP11.0 millionUSD0.2 millionMarket CapitalizationPHP20.5 billionUSD0.4 billionYTD Absolute Performance 17.5%YTD Relative to Index 9.0%YTD Relative to Sector 8.4%3-Month Absolute Performance 7.5%3-Month Relative to Index 5.7%3-Month Relative to Sector 7.7%*Listing Date: 15 December 2016**As of 1 August 20190.3023%0.150.0020% 18%0.100.10 0.1020172018201930%15%0%Regular CashPayout Ratio*DeclarationDateRecordDatePaymentDate2017May 8June 6June 302018August 16September 14October 102019June 20July 19August 14*Of previous year’s recurring net incomePhilippines’ Best SmallCap CompanyFinance Asia201831

Investor Relations HighlightsSELL-SIDE COVERAGEInstitutionAnalystLatest CallAB Capital SecEdgar LayHOLDBDO NomuraAngelo TorresBUYBPI JefferiesJavier ConsunjiBUYCLSAJoyce RamosBUYCOL FinancialAndy Dela CruzHOLDCredit SuisseHazel TanedoOUTPERFORMMacquarieKarisa MagpayoSHAREHOLDERSOthers20%Matthews InternationalOUTPERFORM Capital Management 1%Regina CapitalPaola LopezBUYRegisCarissa MangubatBUYUnicapital SecWendy EstacioHOLDNorges Bank 3%Prieto Family 4%GIC Private Equity18%32Century Pacific Group,Inc. (CPGI) 53% wholly owned bythe Philippines’ Pofamily majorityshareholder ofCNPF PM andALCO PMForeign Ownership Limit: 100%Free Float Level: 29%Source: Bloomberg, August 2019

Investor Relations HighlightsPIZZA’s 2018 Glossy Annual Report can befound on the Company’s corporate website.Investors Investor rt-2018MESSAGE FROMTHE PRESIDENT2018. What everyone thought would bea relatively easy, smooth-sailing yearturned out to be a very challenging onefor the food service industry as well asfor our company.I am proud to tell you that our companywas still able to finish 2018 on a positivenote and continued to deliver industryleading growth that was the envy ofothers. The year proved that when thegoing gets tough, the tough (TeamShakey’s) get going!33

Investor Relations HighlightsInvestor ConferencesEarnings ReleaseMacquarie ASEAN Conference3Q19 Earnings ReleaseAugust 27, SingaporeNovember 12*Schedule updated as of 17 August 201934


First GRI-CompliantSustainability ReportSustainability FrameworkAvailable for download LANETPEOPLE Talent acquisition& management Workplace culture& environment External guestengagement Impact tocommunities Natural resourceefficiency Packaging & waste PIZZA Food safety &quality ResponsiblesourcingLong-term financial goals now coupled withENTERPRISE-WIDE INITIATIVE TO MONITORAND MEASURE ENVIRONMENTAL, SOCIAL, ANDGOVERNANCE METRICS36

First GRI-CompliantSustainability Report2018 Sustainability HighlightsPEOPLE43.6averagetraininghours peremployee8.3/10satisfactionof e andfemaleemployeesPLANET4%reduction inelectricity intensity1%reduction inwater intensity37PIZZA74%Of total spending ison local suppliers100%RSPO-certifiedpalm oilSupplier accreditationprocess in place

This document is highly confidential and being given solely for your information and for your use and may notbe, or any portion thereof, shared, copied, reproduced or redistributed to any other person in any manner.The statements contained in this document speak only as of the date which they are made, and the Companyexpressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates orrevisions to any statements contained herein to reflect any change in events, conditions or circumstanceson which any such statements are based. By preparing this presentation, none of the Company, itsmanagement, and their respective advisers undertakes any obligation to provide the recipient withaccess to any additional information or to update this presentation or to correct any inaccuraciesin any such information which may become apparent.This presentation contains statements, including forward-looking statements, based on thecurrently held beliefs and assumptions of the management of the Company, which areexpressed in good faith and, in their opinion, reasonable. Forward-looking statementsin particular involve known and unknown risks, uncertainties and other factors, whichmay cause the actual results, financial condition, performance, or achievements of theCompany or industry results, to differ materially from the results, financial condition,performance or achievements expressed or implied by such forward-lookingstatements. Given these risks, uncertainties and other factors, recipients of thisdocument are cautioned not to place undue reliance on these forward-lookingstatements.Any reference herein to "the Company" shall mean, collectively,Shakey’s Pizza Asia Ventures, Inc. and its subsidiaries.SHAKEY’S PIZZAASIA VENTURES, INC.Paranaque City, [email protected] 632 742 5397www.shakeyspizza.ph

market share as of 2018. Pizza Hut 29.9% Papa John's 1.7% Others 4.2% 64.2% 2018 data shows that Shakey’s dominates the full-service pizza chain market by sales since 2011 until present. FULL-S