Shakey’sPizzaAsiaVentures,Inc.(PSE:PIZZA)

COMPANYPRESENTATION:August2017

The Prieto family

became the master franchisor

in the Philippines

Acquired Shakey’strademark

for the Philippines

in perpetuity

Established commissary

Acquired Shakey’strademark for Middle East, Asia (ex Japan, Malaysia) including China ,

Australia and New

Zealand in perpetuity

1975 2016 20172006

System-wide

stores reached

100

184 system-wide stores (end-2016)

Estimated at least 204 stores by end-2017

1987

First store in the

Philippines

1999 2009 2014

Century Pacific Group

(CPGI) and Arran (GIC)

acquired control

2

Shakey’s has 40 and counting years of brand legacy

Summary of Investment Highlights

Market Leadership*

Scalable Business Model

Experienced Management

• Dominates the full service pizza chain market with 58%* market share• 28%* market share in the full service (pizza and non-pizza) category -

#1 in that space as well

• Multiple sales channels and store formats; Simple operations• Low upfront cost and strong cash generation lead to shorter store-

level payback periods compared to industry

• Extensive track records in food and restaurant operations• Entry of Century Pacific Group as strong and committed shareholders;

Provides synergies with other food businesses

Brand 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 franchising

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Industry Leading Financials

• Superior profitability and margins versus peers• Gearing levels improved post prepayment of debt c/o IPO proceeds• Cash generative with a negative cash conversion cycle

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*Source:EuromonitorReportasof2016 4

Pizza Hut, 13.2%

Max's, 12.7%

Pancake House, 6.8%

Gerry's Grill, 5.5%

Kenny Rogers,

4.8%

Others, 28.8%

Pizza Hut, 34.6%

California Pizza

Kitchen, 2.7%

Papa John's, 2.4%

Others, 2.6%

#1 Pizza Chain and #1 Full Service Restaurant in the PH

2015 data shows that Shakey’s dominates the full service pizza chain market by value since

2011 until present.

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Full Service Pizza Chain

Latest Euromonitor report states that Shakey’s leads the Philippine chained full service restaurant industry with 28.2% market share.

Chained Full Service Restaurant

The full service pizza chain market is dominated by Shakey’s.

Pizza Chain

Greenwich, 22.4%

Pizza Hut, 16.6%

Yellow Cab, 8.6%

Lots' a Pizza, 3.9%

Sbarro, 3.5%

Others, 18.0%

Domino's Pizza, 1.3%

25.7%

As of 2016, Shakey’s is the industry leading pizza chain in the Philippines by value with 25.7% market

share.

28.2%

57.7%

5

Source: Euromonitor Report

PizzaWorld famous thin crust and hand tossed pizzas with many different choices

Wholesome combosCombination of different signature products offered by Shakey’s

Chicken and MojosSignature dish - fried chicken paired with Shakey’s famous mojos(a)

Family mealsValue for money combination of pizza, chicken, mojos and beverage

PastaHearty pasta with a wide range of sauces and toppings paired with garlic bread

DessertsWide range of after-meal desserts

StartersRanging from fries, mojos, squid rings, chips and chicken

Soup and SaladExtensive choice of soup and salad for health-conscious customers

Bundled offerings catering to families and groups

Differentiated menu with iconic products

Strong and well established brand2

Shakey’s offers a differentiated menu with iconic and well-loved products.

(a) thinly-sliced potatoes coated with Shakey’s breading and fried to a golden brown perfection 6

• No royalty payments, leading to shorter payback period and sustainably higher margins vs peers

• Revenue from licensing fees and royalties from franchisees

• Freedom to execute and react faster to market changes

• Opportunity for expansion into international markets

Strong and well established brand2Beautiful and distinct store environment is Shakey’s offering to every customer;Shakey’s has full control and ownership of its brand.

Brand ownership means: 2016 Philippine Top 100 Brands:

Source: Asia’s Top 1000 Brands Survey by Campaign Asia, in partnership with Nielsen Company as of March 2017

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2

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Others, 15%

Dine-in,62%

Delivery, 23%Dine-in

• Most popular sales channel due to unique family and friends experience

• Aim to “WOW the guest”

Delivery

• Delivery available nationwide• Single delivery hotline number (77-777) for Metro

Manila and adjacent areas; can be used nationwide by 2H 2017

Carryout• Convenient and fast method of sales

Functions

• Legacy and free standing stores have function rooms for events such as parties and companygatherings

Online sales

• Active online and mobile presence with own website and mobile app

• http://www.shakeyspizza.ph

Supercards

• A very popular paid loyalty card• PHP 499 – annual fee

(a) Includes carryout, catering and functions

Supercards benefits include:• A birthday pizza treat

• Buy 1 Take 1 pizza promotion for delivery

• 10% off on dine-in or carryout purchases

• SuperPoints (1 point for every Php100 spent) for dine-in or carryout purchases

Systemwide sales split by channel (1H 2017)

(a)

Proven and scalable business model Strong and well established brand3

Multiple sales channels provide convenience and accessibility to Shakey’s customers.

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9

Legacy stores Free standing stores

Strip mall stores Mall stores Others

Typical storefootprint

(sqm)400 300 - 350 200 - 250 120 - 250 120 - 180

# of system-wide stores as of

1H 20179 75 27 73 11

% to total system-wide

stores5% 38% 14% 37% 6%

Proven and scalable business model3

Shakey’s multiple store formats allows for market and expansion flexibility.

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Proven and scalable business model3

• Firmly positioned in the fast casual segment (A, B and upper C market) that delivers high margins, good volumes, and scale

• Benefitting from key consumer trends – eating out more and upgrading from fast food to casual dining

Brand positioning

• Own commissary for proprietary raw materials protects key supply chain and maintains consistency and control over quality

• Economies of scale and purchasing synergyVertical integration

• Long-term leases for store locations at attractive rentals

• Presence of standalone stores (i.e. those outside malls) lead to low rent-to-sales ratio

Asset light approach

• Business model and strong discipline leads to typical payback period of 3-4 years

• Low upfront cost and strong cash generation per storeShort payback period

Proven and scalable business model3

Shakey’s is a well-established brand, while operating on an asset light model.

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Vicente L. Gregorio, President & Chief Executive Officer (Age: 51)• 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, organisation culture, core values and mission since 2003• Proven management and leadership track record in foodservice retail set-up, expansion and turnaround management

Manuel Del Barrio, Vice-President & Chief Financial Officer (Age: 53)• Previously the Assistant Vice-President for Finance of Century Pacific Food Inc. (CNPF) and Pacific Meat, Inc.• Worked in accounting positions at several leading companies

Jorge Ma. Q. Concepcion, General Manager (Shakey’s Philippines) (Age: 61)• Over 30 years of experience in consumer related business• Significant experience in the US foodservice industry for about 10 years in numerous managerial positions

Alois Brielbeck, General Manager (Commissary) (Age: 56)• Over 30 years of experience in the foodservice business• Moved to Asia in 1986, taking up positions in pastry kitchens in Hong Kong and Tokyo• Moved to the Philippines in 2000 as Chief Operating Officer for Culinary Systems Specialists Incorporated• Appointed as Bakemasters General Manager in 2005

Joseph A. Remsa, Consultant – International Development• Previously the President & CEO of Shakey’s USA• Leading the development and operations of the Shakey’s brands in Asia, Middle East, Australia and New Zealand• Over 25 years of experience leading operations and franchising in top chained restaurants

3 Experienced Management Team4

VISION: to be the LEADING and PREFERRED full service pizza chain restaurant

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13

8%Same Store

Sales Growth

18%Systemwide Sales

Growth

120bpsExpansion in

Gross Profit Margin

14%EBITDA Growth

10%Net Income After

Tax Growth

For 1H 2017

*basedonrecurringfinancials

20%RevenueGrowth

In Php Mill

Pro Forma Conso

1H 2016

1H 2017Conso YoY

Total Revenue 2,804 3,377 20.4%

Cost of Sales (1,995) (2,362) 18.4%

Gross Profit 809 1,016 25.5%

Operating expenses (366) (422) 15.4%

Operating Income 444 594 33.9%

Other Income – Net 314 (7) -102.2%

EBITDA 863 676 -21.6%

Interest expense (7) (85) 1174.5%

Net Income 603 371 -38.4%

1H 2017 Summarized P&L

Driven by same store sales growth of 8% and increased

contribution of new stores

Includes build-up of organizational capabilities to

support business expansion

Includes (1) non-recurring items arising from corporate

restructuring & IPO and (2) change in accounting treatment

for service income

Impact of acquisition leveragedrawn on mid 2016

Synergies and price increase in anticipation of higher input costs

Recurring Numbers: Adjusted for one-offs (in Other Income-Net) arising from restructuring & IPO

EBITDA 610 697 14.4%

Net Income 350 386 10.3%*pro-formaassumesacquisitionofsubsidiariesonJan12016

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29% 30%

0% 10% 20% 30% 40% 50% 60% 70%

- 200400600800

1,0001,2001,4001,600

1H 2016 1H 2017

16% 18%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

- 200

400

600

800

1,000

1,200

1,400

1,600

1H 2016 1H 2017

12% 11%0%

10%

20%

30%

40%

50%

- 200400600800

1,0001,2001,4001,600

1H 2016 1H 2017

+120 bps

+180 bps

-100 bps

Better operating margins offset by interest

+210 bps QoQ

Gross Margins Operating Margins Net Margins

10%

14%

10%13%

Q1 Q2

12%

19%17%

18%

Q1 Q2

• YoY comparison of quarterly margins impacted by change of depreciation policy in Q2 2016. First half figures better representative of YoY changes

• Improvements in operational profitability both YoY and QoQ due to synergies, inventory strategies, and price increases

• Interest expense started mid 2016, causing temporary YoY declines in net margin

+40 bps QoQ

+70 bps QoQ

*basedonrecurringfinancials

25%

33%30%

30%

Q1 Q2

20162017

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YE 2016 1H 2017

Trade payable and others 929 845

Short-term debt 1,048 49

Total current liabilities 1,977 894

Long-term debt 3,933 3,908

Other noncurrent liabilities 115 118

Total noncurrent liabs 4,048 4,026

TOTAL LIABILITIES 6,025 4,920

TOTAL EQUITY 3,359 3,577

TOTAL LIABS & EQUITY 9,384 8,498

In PHP Mill YE 2016 1H 2017

Cash 329 146

AFS Investments 1,125 26

Other current assets 690 731

Total current assets 2,144 903

Property, plant and equipment 999 1,323

Goodwill & Trademarks 6,066 6,066

Other noncurrent assets 176 206

Total noncurrent assets 7,240 7,595

TOTAL ASSETS 9,384 8,498

Balance Sheet Highlights

• Reduced cash balance as of end-June 2017 due to cash dividend declaration

• AFS Investments of P1.0 billion were redeemed last January 2017 and used as payment for current portion of loan payable

• Reduction in trade payables as part of streamlining of payment processes

• Acquisition leverage post a P1.0 billion loan payment in January 2017

• P3.9 billion remaining loan balance, and an interest coverage ratio of 7.0x.

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• Maintained above industry ROE despite increase in equity base due to corporate restructuring and initial public offering

• Company’s only interest bearing debt is the acquisition leverage used in the change of majority shareholders last year

• Decrease in Current Liabilities due to prepayment of ₱ 1.0 billion of the acquisition loan

• Comfortable debt and gearing ratios post partial prepayment

Key Balance Sheet Metrics

*uses the trailing 12-month earnings to compute for 1H 2017 ROE**Net debt to equity ratio = (total liabilities – cash) / total equity***Net gearing ratio = (interest-bearing liabilities – cash) / total equity

Return on Equity*

Current Ratio (x)

Net Debt to Equity (x)**

Net Gearing (x)***

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Capital expenditures for construction of new

stores, a new corporate office and

an expandedcommissary

Cash Flow Highlights

Higher depreciation from store network

expansion, new commissary and HQ

IPO proceeds temporarily invested in money market funds used to prepay loan

In PHP Mill 1H 2016 1H 2017Income before income tax 505 502

Depreciation and amortization 58 89

Interest expense 6 85

Changes in working capital (24) (111)Others (102) (147)Net operating cash flow 444 419CAPEX (183) (413)Redemption of AFS investments 658 1,099 Restructuring Outflow (5,000) 0 Others 12 (15)Net investing cash flow (4,513) 671 Proceeds from / (payment of) loan 4,975 (1,025)Payment of interest 0 (94)Payment of dividends (*2016: pre-acquisition) (987) (153)Net financing cash flow 3,988 (1,272)Beginning Cash 389 329 Change in Cash (81) (182)Ending Cash 308 146 Free Cash Flow 261 5

Interest from P3.9 billion acquisition loan

balance

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Working Capital

Payables*Inventory*Accounts Receivables*

Cash conversion cycle for 1H 2017 was negative 17 days; maintained negative working capital

Lower payable and receivable days due to streamlining of payment

and collection processes

*average figures were used to compute for the working capital components

365 396

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Stock Price Performance

Stock Price Performance (Bloomberg Ticker: PIZZA PM)

Source: BPI Securities2017 Estimates

PIZZAPhil.

Consumer Average

PER (x) 25.4 24.2

EV/EBITDA (x) 13.8 13.5

ROE (%) 20.8 16.9

MARKET CAPITALIZATION

$0.3BnDecember 2016

$0.4BnAugust 29, 2017

PERFORMANCE SINCE IPO

₱11.26IPO Price

+13%Return since IPO

as of August 29, 2017

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Stock Price Performance

As of 08/29/2017

Current Price PHP 12.70

Initial Listing Price PHP 11.26

Range since listing date (12/15/16 – 08/29/17) PHP 10.90 – 14.80

No. of outstanding shares 1,531,321,053

Shareholding structure

CPGI: 52.0%Arran (GIC): 18.5%Prieto Family: 3.3%(under lock-up)

Free Float (%) 26.2%

3-month Average Turnover PHP 18.2 MillionUSD 0.4 Million

Market Capitalization PHP 19.4 BillionUSD 0.4 Billion

Sell-side Coverage:

As of 08/29/2017

Performance since listing date(12/15/16 – 08/29/17)

+13%

Relative to Index (01/04/17 – 08/29/17) -3%

Relative to Sector(01/04/17 – 08/29/17)Source: BPI Securities 2017 Estimates

+2%

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SPAVI and Subsidiaries Financial Statements

Consolidated Unaudited Statements of Comprehensive Income

in PHP Mill 1H 2016 Pro Forma Conso

1H 2017Conso

Net sales 2,710 3,246 Royalty and franchise fees 94 132 Total revenues 2,804 3,377 Cost of sales (1,995) (2,362) Gross profit 809 1,016 Operating expenses (366) (422) Operating income 444 594 EBITDA 863 676 Interest expense (7) (85) Other income (expense) - net 314 (7) Net income before tax 751 502 Provision for income tax (148) (131) Net income after tax 603 371

EBITDA 610 697Net Income 350 386

Recurring Numbers: Adjusted for one-offs (in Other Income-Net) arising from restructuring & IPO

27*pro-forma assumes acquisition of subsidiaries on Jan 1 2016

SPAVI and Subsidiaries Financial Statements

Consolidated Unaudited Statements of Financial Position

in PHP Mill YE 2016 1H 2017

Cash and cash equivalents 329 146 AFS investments 1,125 26 Trade and other receivables 421 396 Inventories 256 291 Prepaid expenses and other current assets 13 45 Total current assets 2,144 903

Property and equipment 999 1,323 Goodwill 1,079 1,079 Trademarks 4,987 4,987 Rental and other deposits 105 126 Deferred input value-added tax 40 52Deferred tax assets - net 30 28Total non-current assets 7,240 7,595

TOTAL ASSETS 9,384 8,498

in PHP Mill YE 2016 1H 2017

Accounts payable and other current liabilities 864 796 Loan payable - current portion 1,048 49 Income tax payable 64 49 Total current liabilities 1,977 894

Loans payable (net of current) 3,933 3,908 Accrued pension costs 34 33 Accrued rent 64 65 Dealers' deposits and other noncurrent liabilities 17 20 Total non-current liabilities 4,048 4,026

TOTAL LIABILITIES 6,025 4,920

Capital stock 1,531 1,531 Additional paid in capital 1,354 1,354 Other components of equity (12) (12) Retained earnings 487 705 Total equity 3,359 3,577

TOTAL LIABILITIES and EQUITY 9,384 8,498

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SPAVI and Subsidiaries Financial StatementsConsolidated Unaudited Statements of Cash Flows

29

SirMannySPAVIMancom#s

In PHP Mill 1H 2016 1H 2017 Income before income tax 505 502 Adjustments for: Depreciation and amortization 58 89 Interest expense 6 85 Others 4 (2) Working capital changes (24) (111) Income taxes paid (109) (144) Interest received 3 0 CASH FLOWS FROM OPERATING ACTIVITIES 444 419 Advances to related party (5,000) - Redemption of AFS investments 658 1,099 Acquisition of property and equipment (183) (413) Decrease (increase) in rental and other deposits (5) (19) Increase in dealer's deposits and other noncurrent liabilities - 4 Proceeds from disposals of PPE 5 0 Sale of financial assets at FVPL 36 - Collection of intercompany loans 20 - Others (44) CASH FLOWS FROM INVESTING ACTIVITIES (4,513) 671

Payment of: Loan 4,975 (1,025) Interest - (94) Dividend (987) (153) CASH FLOWS FROM FINANCING ACTIVITIES 3,988 (1,272)

NET INCREASE (DECREASE) IN CASH (81) (182)

Cash and cash equivalents, BEGINNING 389 329

Cash and cash equivalents, ENDING 308 146

This document is highly confidential and being given solely for your information and for your use and may not be, 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 Company expressly disclaims any obligation orundertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditionsor circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respectiveadvisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additionalinformation or to correct any inaccuracies in any such information which may become apparent.

This presentation contains statements, including forward-looking statements, based on the currently held beliefs and assumptions of the management ofthe Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements in particular involve known and unknownrisks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industryresults, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements.Given these risks, uncertainties and other factors, recipients of this document 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 PIZZA ASIA VENTURES INC.

investorrelations@shakeys.biz

www.shakeyspizza.ph

http://edge.pse.com.ph/companyInformation/form.do?cmpy_id=664

+632-839-0156

Taguig City, Philippines

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