January 2019

OneSmart International Education Group Limited

Investor Presentation

2

Disclaimer

This presentation contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the

Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These

forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends,"

"plans," "believes," "estimates," "confident" and similar statements. OneSmart may also make written or oral forward-

looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report

to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or

employees to third parties. Any statements that are not historical facts, including statements about OneSmart's beliefs and

expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to

differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following:

OneSmart's goals and strategies; its future business development, financial condition and results of operations; its ability to

continue to penetrate premium K-12 after-school education services market; diversify and enrich our education offerings;

enhance the development and management of our teacher team and teaching materials; competition in our industry

in China; its ability to maintain and expand online education presence; relevant government policies and regulations relating

to the corporate structure, business and industry; and its ability to protect our students’ information and adequately address

privacy concerns. Further information regarding these and other risks, uncertainties or factors is included in the Company's

filings with the U.S. Securities and Exchange Commission. All information provided in this presentation is current as of the

date of the presentation, and OneSmart does not undertake any obligation to update such information, except as required

under applicable law.

Section 1

Company Overview

4

Who We Are – Leading Diversified Premium K-12 After-school

Education Service Provider in China

Notes1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan2. For students from kindergarten to the third grade in Shanghai in terms of revenue in 2016 and 2017, according to Frost & Sullivan 3. As of November 30, 20184. In terms of revenue in 2017, according to Frost & Sullivan5. A student enrollment is defined as a student who takes at least one class in one subject during a certain period. Under this definition, a student taking at least one class in each of two subjects during a certain period is treated as two

student enrollments for the period. The number of students enrolled in our invested K-12 schools and OneSmart Online is not included for this purpose6. For the first fiscal quarter ended November 30, 20187. Fiscal year ended August 31

Well-recognized brand with 367

study centers covering 42cities in China(3)

Dominant 2017 market share of

26.3%(4) in Shanghai’s premium K-12

after-school education market

142,387 average monthly student

enrollments(5)(6)

#1 premium K-12 after-school tutoring

service provider in China(1)

#1 young children mathematics education

service provider in China(2)

6,365full-time teachers(3)

RMB2.9Bnrevenue in FY2018(7) with

36.8% 3-year CAGR

Bring out the utmost learning power in each student by cultivating his or her study

motivation, capability and perseverance, and enable our students to pursue life-long success

Our MissionBuild the most trusted

‘‘Third Classroom’’ outside of home and school

Our VisionCustomer Focus

ExecutionInnovationTeamwork

Our Values

5

OneSmart VIP

1-on-1, 1-on-3 3rd–12th Grade

Kids Math

1-on-8 1-on-14

Newly Acquired & New Program Initiatives

OneSmart Class

OneSmart International

EducationHappyMathOneSmart VIP

Notes1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan2. For students from kindergarten to the third grade in Shanghai in terms of revenue in 2016 and 2017, according to Frost & Sullivan

also covers Chinese, Computer Programming and Science Education

What We Do

FasTrack English

Kids English

#1 premium K-12 after-school tutoring

service provider in China

3 to 8 Years Old

#1 young children mathematics education service provider in China

3 to 8 Years Old

Kids English with a focus on STEM English

OneSmart Study Camp

Tianjin Huaying OneSmart Small Group Class

Tus-Juren

Strategic Investments in Online Education

Yimi Online Tutoring UUabc BestMath

6

Our Key Milestones

2008

2018

Launched Our UPC System(1)

Opened Our First Study

Center in Shanghai

Opened Our First Study

Center Outside Shanghai

Launched

HappyMath Program

Number of Study

Centers Surpassed 100

Launched 1-on-3 Programs

367 Study Centers in

42 Cities in China(2)

Listed on NYSE on March 28, 2018

Successfully acquired FasTrack English

Successfully acquired Tianjin Huaying

Strategically invested in Tus-Juren

2009

2012

2014

2016

U.S. Secretary of Education Dr. John B. King Jr.

visited OneSmart

Notes1. Unique Personalized Coach, an operational management system that enables us to build a set of robust operational and management information solutions that integrate and unify our operations and improve the efficiency of how we

expand and operate our study center network2. As of November 30, 2018

2013

7

Company Highlights

Leader in premium K-12 after-school education services market with established brands

Significant expertise in teaching staff management and curriculum development

brings R&D economy of scale

Customized and comprehensive learning experience powered by innovation

Robust teaching and operation system supported by our standardized

technology platform

Comprehensive suite of service offerings that significantly extend life time value of

customers for margin expansion

Experienced management team with proven track records6

1

3

4

2

5

8

Core Operation Strategies

Our future core operation strategies will focus on customer satisfaction, profitable growth and

diversification of our business

• Strengthen our

technologies

and in-house

teaching

capabilities

• Expand our online education presence

• Enrich our

education

program offerings

Profitable Growth

Diversification

1 Customer Satisfaction

• Continue to

penetrate

premium K-12

tutoring market

• Enhance the

development and

management of our

teacher team and

teaching materials

2

3

• Pursue selective strategic

investments and acquisitions to

further build ecosystem

9

1

3

4

2

Expand more subjects taken by each student and maximize student life-time revenue

Start offering Chinese, science, and computer programming subjects at HappyMath centers

Cross-selling among Happymath and FasTrack English students

Manage geographic expansion profitably

Further penetrate into top cities that we operate to achieve higher marketing and G&A efficiency and ensure early ramp-up of new learning centers

Selectively enter into new cities with great market potential

Enrich product and service offerings

Successfully acquired FasTrack English in Jan 2018 and Tianjin Huaying in Aug 2018

Strategically invested in Tus-Juren, Yimi Online Tutoring, UUABC and BestMath

Launched OneSmart Small Group Class and OneSmart Class programs

Continuous margin expansion opportunity through better product mix

Higher revenue contribution from 1 on 8 HappyMath and 1 on 14 FasTrack English

Roadmap to Revenue Growth and Margin Expansion

Section 2

Key Highlights for First Fiscal

Quarter of 2019

11

Monthly Average Student Enrollments Increased by 70.5% Year-over-

Year

Net Revenues Increased by 46.6% Year-over-Year

Net Revenues from OneSmart VIP Programs increased by 33.8%

Year-over-Year

Net Revenues from HappyMath increased by 51.1% Year-over-Year

New Student Enrollments of FasTrack English increased by 55.6%

Year-over-Year

Key Financial Highlights for First Fiscal Quarter of 2019

12

Three Pillars to Drive the Growth

Strategic Investments &

Acquisitions

Online Education

Core Premium K-12 Education Business

-OneSmart VIP

-HappyMath

-FasTrack English

13

Core Premium K-12 Education Business

Despite the fact that we opened 6 new

learning centers in Shanghai during the first

quarter, Non-GAAP operating margin in

Shanghai remained above 40%;

Gross profit margin for Mature Learning

Centers increased by 0.9% year-over-year;

In the meantime, we continued to see strong

momentum in monthly average student

enrollment growth by over 50% in cities

including Suzhou, Wuxi, Xi’an, Chongqing,

Yancheng, Wenzhou, Zhuhai, Tianjin,

Lanzhou, Chengdu, Shenyang and Huizhou;

We opened 17 new learning centers during

the quarter

We continued to accelerate our growth in

HappyMath. Revenues increased by 51.1%

year-over-year to RMB106.5 million

(US$15.3 million) from RMB70.4 million in

the same quarter of last fiscal year, while monthly average student enrollments

increased by 47.4% year-over-year to

25,803 from 17,500 in the same quarter of

last fiscal year

Gross profit margin for Mature Learning

Centers increased by 0.7% year-over-year;

Revenue growth exceeded 100% year-over-year in cities outside Shanghai such as

Beijing (197.7%), Shenzhen (108.6%),

Chengdu (142.3%), Xiamen (118.8%) and

Suzhou (153.3%);

Benefiting from customers’ increasing demand for Chinese language training and science program, average subjects taken by each student expanded rapidly. More than

7,900 students were enrolled for the Chinese language training classes during the first fiscal quarter of 2019.

We re-positioned FasTrack English as premium kids English training brand with a focus on STEM English and expanded the operation into new cities including

Guangzhou and Shenzhen with 6 new

learning centers opened;

New student enrollments increased by

55.6% year-over-year, compared to

approximately 30% historical growth before

acquisition;

The above demonstrated our strong acquisition and integration capabilities, which will continuously accelerate the growth of FasTrack English business nationwide

OneSmart VIP HappyMath FasTrack English

Section 3

Financial Highlights

15

70 106

FQ1 2018 FQ1 2019

363 486

FQ1 2018 FQ1 2019HappyMath

1,529

2,058

2,863

FY2016 FY2017 FY2018

Net Revenues(1) OneSmart VIP

RMB MM

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 30

RMB MM

+78.6%RMB MM

+51.1%

Growth

+30.6%

CAGR

CAGR

441

647

FQ1 2018 FQ1 2019

+46.6%

Growth

113

212

359

FY2016 FY2017 FY2018

+36.8%

CAGR

+33.8%

Growth

Strong Top-line Growth Momentum in Different Business Segments

FasTrack English

1,416 1,840

2,416

FY2016 FY2017 FY2018

73

FY2016 FY2017 FY2018

RMB MM

31

FQ1 2018 FQ1 2019

16

1,953,624 2,501,211

504,722 726,447

262,418

237,629

FQ1 2018 FQ1 2019

123 157

225 177

242 2738

66

48

7824

3314

FY2016 FY2017 FY2018 FQ1 2018 FQ1 2019

7,486 8,711

11,744

10,098

12,385

FY2016 FY2017 FY2018 FQ1 2018 FQ1 2019

Scaling-up in Various Metrics

48,153 63,295

85,830

7,867

13,545

18,884

7,431

FY2016 FY2017 FY2018

112,145

66,004

84,531

17,500

25,803

13,175

18,878

FQ1 2018 FQ1 2019

+41.5%

CAGR

Average Monthly Enrollments(1) Consumed Class Units(1)

Number of Classrooms(1)

+25.3%

CAGR

Number of Study Centers(1)

+44.9%

CAGR

150

195

315

+70.5%

Grow th

56,019

76,841

7,618,276

9,611,332

12,383,864

935,902

1,600,858

2,680,033

433,160

FY2016 FY2017 FY2018

11,212,290

8,554,178

+34.6%

CAGR

+51.6%

Grow th

15,497,057

83,504

142,387

3,727,705

2,458,346

367

+63.1%

Grow th

+22.6%

Grow th

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 30

OneSmart VIP Happy Math FasTrack English OthersOneSmart VIP Happy Math FasTrack English Others

OneSmart VIP Happy Math FasTrack English Others

225

17

Gross Profit and Gross Margin(1)

High Gross Margin

RMB MM

52.2% 51.3%

735

935

1224

63

126

203

26

FY2016 FY2017 FY2018

42.7% 40.2%

FY2016

FY2017

FY2018

FQ12018

FQ12019

OneSmart VIP 51.9% 50.8% 50.6% 40.8% 40.1%

HappyMath 56.3% 59.6% 56.5% 54.2% 52.9%

FasTrackEnglish

NA NA 35.5% NA 22.3%

Others NA (101.3%) (20.9%) 28.6% 9.7%

Overall Gross Margin

52.2% 51.3% 50.6% 42.7% 40.2%

Gross Margin

148 195

38 56 7

2

2

FQ1 2018 FQ1 2019

50.6%

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 30

OneSmart VIP Happy Math FasTrack English Others

18

33.1% 33.2%

12.5% 14.8%

3.8%4.9%

7.9%6.9%

FQ1 2018 FQ1 2019

31.7% 30.8% 30.5%

8.4% 9.0% 9.9%

2.9% 2.6% 3.0%

4.8% 6.3% 6.0%

FY2016 FY2017 FY2018

Clear Cost Structure

47.8% 48.7% 49.4% 57.3%

Staff costs Rental costs

Depreciation and amortization Other costs

59.8%

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 30

19

Non-GAAP Selling & Marketing Expenses as % of

Revenues(1)(2)

Non-GAAP General & Administrative Expenses as

% of Revenues(1)(2)

Efficient Management Leads to Lower and Stabilizing Expenses

16.1% 17.4% 16.9%17.0% 17.9% 20.6% 21.1%

RMB MM RMB MM

261

368

588

FY2016 FY2017 FY2018

106

166

FQ1 2018 FQ1 2019

247

357

485

FY2016 FY2017 FY2018

93

137

FQ1 2018 FQ1 2019

24.1% 25.7% 21.2%

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 302. Excluding share based compensati on expenses

20

(11) (43)

FQ1 2018 FQ1 2019

291 330 376

FY2016 FY2017 FY2018

234

305

229

FY2016 FY2017 FY2018

(16) (61)

FQ1 2018 FQ1 2019

Robust Income and Healthy Margin

Operating Income (loss) and Operating Margin (1) Non-GAAP operating Income (loss) and Operating Margin (1)

Net Income and Net Income Margin (1) (2) Non-GAAP Net Income and Net Income Margin (1) (2)

RMB MM RMB MM

RMB MM RMB MM

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 302. Net income attributable to OneSmart

19.1% 16.0% 13.1% (2.4%) (6.6%)15.3%

189

259 246

FY2016 FY2017 FY2017

14.8% 8.0% (3.7%) (9.4%)

12.4% 12.6% 8.6% 6.3% (2.5%)

247 284

392

FY2016 FY2017 FY2018

16.1% 13.8% 13.7% 7.5% 0.3%

28 (16)

FQ1 2018 FQ1 2019

33 2

FQ1 2018 FQ1 2019

21

84

173

255

FY2016 FY2017 FY2018

Robust Cash Flows and Healthy Balance Sheet with Low

Capex Requirements

Operating Cash Flows(1) Capex and Capex as a % of net revenues(1)

Prepayments from Customers(1)

Cash and Cash Equivalents and Short-term

Investments(1)

RMB MM RMB MM

RMB MM RMB MM

5.5% 8.4%

8.9%6.0%

614 773

945

FY2016 FY2017 FY2018

285

(102)FQ1 2018 FQ1 2019

27

80

FQ1 2018 FQ1 2019

1,053

1,531

1,992 2,219

FY2016 FY2017 FY2018 FQ1 2019

1,010

1,396

2,227

1,524

FY2016 FY2017 FY2018 FQ1 2019

12.4%

Notes

1. Fiscal years ended August 31 and first fiscal quarters ended November 30

Thank You