SHAKEY’S PIZZA ASIA VENTURES, INC.(PSE: PIZZA)

COMPANY PRESENTATIONAUGUST 2018

Company Overview

2

SNAPSHOT

• Shakey’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.*

• A strong and well-established brand thanks to a differentiated menu, iconic and well-lovedproducts, a distinct store environment, and highly guest-centric service

• 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.

• 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.

• 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 Gregorio - President & CEO, Manuel del Barrio – VP & CFO,Jorge Concepcion, Shakey’s Philippines GM, Alois Brielbeck, In-House Commissary GM

*Source: Euromonitor, 2017

Revenues (In USD Mill)

93 98 113 131 148

2014 2015 2016 2017 2018*

8 913 14 16

2014 2015 2016** 2017 2018*

**Based on recurring net income*Consensus of active brokers

Net Income (In USD Mill)

Century Pacific Group53%

GIC Private Equity18%

Public29%

Dine-In61%

Delivery & Others39%

Company-Owned

59%

Franchised41% Metro

Manila46%Luzon

(ex-MM)41%

Visayas9%

Mindanao4%

FULL-YEAR FINANCIALS

2017 SYSTEM-WIDE SALES & STORE NETWORK BREAKDOWN OWNERSHIP STRUCTURE

The Overall ScenarioWell-positioned to take advantage of the growing foodservice industry

3

9.03 9.52 10.05 10.77 11.52 12.1

2011 2012 2013 2014 2015 2016

4 F’s in the consumereconomy to benefit fromstrong economic growth

20% of a typical middle-income householdbudget goes to food consumed

outside home. This totals more than PHP500 billion annually, showing a strong propensity to spend.

Source: NSO, Nielsen, Euromonitor, BSP

FurnishingsFashion

FoodFun

Restaurantsand hotels

are growing household

consumption sectors

The consumer foodservice industry has been growing in recent years

In USD Billions

Full-service pizza chain restaurants show faster growth

than the whole full-service restaurant sector

16% vs 5%CAGR from 2012-2017

Shakey’s has 42 years of strongbrand legacy and counting

4

First storein the

Philippines

1987The Prieto family became the

master franchisor in the PhilippinesAcquired Shakey’s

trademarkfor the

Philippinesin perpetuity

Acquired Shakey’strademark for Middle

East, Asia (ex Japan, Malaysia) including

China, Australia, and New Zealand in perpetuity

First Shakey’s Pizza Parlor opened in Sacramento, California

1999

208 stores by end 2017

2003Positioned asan Americanfast casualdining restaurantfor families

Century Pacific Group (CPGI)

and Arran (GIC) acquired control

INVESTMENT HIGHLIGHTS

*Source: Euromonitor, 2017

Summary of Investment Highlights

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

payback periods compared to the 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

• 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 franchisings

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

Market Leadership1

2 Brand Strength& Ownership

3 Scalable Business Model

4 Experienced Management

5 Industry-Leading Financials

• Dominates the full-service pizza chain market with 65%* market share• 26%* market share in the full-service (pizza and non-pizza) category - #1 in

that space as well

6

7

#1 Full-Service Restaurant in the PhilippinesThe full-service pizza chain market is dominated by Shakey’s.

Max's16.4%

Pizza Hut11.8%

Kenny Rogers6.9%

Pancake House5.1%

TGI Friday's2.8%

Others30.7% 26.3%

Full-Service ChainLatest Euromonitor report states that Shakey’sleads the Philippine chained full-service restaurant industry with 26.3% market share as of 2017.

Pizza Hut29.0%

Papa John's2.0%

Others4.4%

64.6%

Full-Service Pizza Chain2017 data shows that Shakey’sdominates the full-service pizza chain market by sales since 2011 until present.

Source: Euromonitor

8

Strong and Well-Established BrandShakey’s offers a differentiated menu with iconic and well-loved products.

Differentiated menu with iconic products and offerings for all

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

Chicken and MojosSignature dish - fried chicken paired with Shakey’s famous mojos*

*Thinly-sliced potatoes coated with Shakey’s breading and fried to a golden brown perfection

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

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

SoupHome-style soups loaded with flavor and goodness

SaladExtensive choice of salad for health-conscious customers

DessertsWide range of after-meal desserts

Bundled offerings catering to families and groups bring up average checks

9

Strong and Well-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’s brand for the Philippines

since 1999.

With its over 40 year history in the Philippines, Shakey’s is one of the most recognizable brands in the local food service industry.

Source: Asia’s Top 1000 Brands Survey by Campaign Asia, in partnership with Nielsen

Brand ownership means:

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

• Revenue from licensing fees and royalties from franchisees

• Freedom to execute and react faster to market changes• Opportunity for expansion into international markets

2018 PhilippineTop 100 Restaurant Brands:

1 2 3

10

Proven and Scalable Business ModelMultiple sales channels and store formats provide convenience and accessibility toShakey’s customers and allow for market and expansion flexibility.

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) can be used

Carryout• Convenient and fast method of sales

Functions• Free standing stores have function

rooms for events such as parties and company gatherings

Online Sales• Active online and mobile presence

with own website and mobile app• http://www.shakeyspizza.ph

SuperCard• A very popular paid loyalty card• PHP499 annual fee

Mall Stores120 – 250 sqm

52%

Free Standing Stores300 – 400 sqm

43%

Others120 – 180 sqm

5%

11

Proven and Scalable Business ModelShakey’s is a well-established brand, while operating on an asset-light model.

Brand Positioning

Short Payback Period

Asset-Light Approach

Vertical Integration

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

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

• Own commissary for proprietary raw materials protects key supply chain and maintains

consistency and control over quality

• Economies of scale and purchasing synergy

• 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

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

• Low upfront cost and strong cash generation per store

12

Experienced Management TeamVISION: to be the PREFERRED and DOMINANT full-service pizza chain restaurant

Vicente 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 management

Manuel Del BarrioVice President & Chief Financial Officer • Previously Assistant Vice President for

Finance of Century Pacific Food, Inc. (CNPF) and The Pacific Meat Company, Inc.

• Worked in accounting positions at several leading companies

Jorge ConcepcionShakey’s Philippines General Manager• Over 30 years of experience in consumer-

related business• Significant experience in the U.S.

foodservice industry for about 10 years in numerous managerial positions

Alois BrielbeckIn-House Commissary General Manager• 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 Commissary General Manager in 2005

Joseph RemsaInternational Development Consultant• Previously President and CEO of Shakey’s U.S.A.• Leads the development and operations of the

Shakey’s brands in Asia, Middle East, Australia, and New Zealand

• Over 25 years of experience in leading operations and franchising in top-chained restaurants

1H 2018 FINANCIAL HIGLIGHTS

Financial Results Highlights

2Q

1H

+16%

+13%

+7%

+7%

+9%

+5%

-50bps

-30bps

14

1H 2018 Summarized P&L

• System-wide sales growth improves to 16% as SSSG RECOVERS TO +9% in 2Q18

• New store opening targets WELL ON TRACK with 9 new stores in 1H18

• EFFICIENCY IMPROVEMENTS and PRUDENT TAX MANAGEMENT cushion drop in net margins

In PHP Mill 1H 2017 1H 2018 Change YoYSystem-wide Sales 4,062 4,597 13%

Total Revenue 3,377 3,690 9%

Cost of Sales (2,362) (2,631) 11%

Gross Profit 1,016 1,059 4%

Operating Expenses (421) (470) 12%

EBITDA 676 725 7%

EBIT 587 602 3%

Income before Tax 502 511 2%

Net Income 371 396 7%

Earnings per Share 0.24 0.26 7%

MarginsGross Profit 30.1% 28.7% -1.4 pps

EBITDA 20.0% 19.6% -0.4 pps

EBIT 17.4% 16.3% -1.1 pps

Net Income 11.0% 10.7% -0.3 pps

• PERSISTENT COST PRESSURE in 2Q18, but margins still above industry average

• Inflationary pressures and peso depreciation PARTIALLY OFFSET BY PRICE ADJUSTMENTS

15

4% 5% 2%

9%

FY16 FY17 1Q18 2Q18

Same-Store Sales Recovers in 2Q18SSSG

• RECOVERY driven by brand initiatives to increase traffic:1. Product innovations2. Marketing and promotions

(in-store and delivery)3. Balanced and reasonable

price adjustments• PRICE INCREASE in latter part

of 1Q18

8% 5% 3 - 5%

1H17 1H18 FY18 Target

16

+4 +5 +11

Target for Balance of

Year

Store Network Expansion Remains On Track

4,062 4,597

2,054 2,388

1H17 1H18 2Q17 2Q18

In PHP Mill

Historical Store Network Count in the Philippines System-wide Sales

• Store network expansion aligned with strategy to BRING THE SHAKEY'S EXPERIENCE BEYOND TYPICAL LOCATIONS

• Successful store opening and accelerated SSSG brings 1H18 SYSTEM-WIDE SALES GROWTH TO +13%

+9+20

+13%

+16%184 208 212 217 228

As of Dec 2016

As of Dec 2017

As of Mar 2018

As of Jun 2018

As of Dec 2018F

17

BY GEOGRAPHIC DISTRIBUTION

46%NCR

41%Luzon ex-NCR

9%Visayas

4%Mindanao

*Map colors show % population of the country by region. The darker the color, the higher the % population. Source: Philippine Statistics Authority 2015

BY OWNERSHIP

42%Franchised

58%Company-Owned

• Strong brand equity and scalability provide HIGH GROWTH OPPORTUNITIES outside NCR where there is underpenetration and environment is less competitive

• PARTNERING WITH STRONG LOCALS to run far-flung provincial operations – a proven effective strategy based on historical experience

217Stores as of

End June 2018

Breakdown of Total Store Network as of End 1H18

18

Expanding Nationwide Store Network

18

• International franchisee Aljeel Capital committed to open NINE MORE STORES IN THE UAE in the next five years

• Leveraging on the SIZABLE POPULATION of Filipinos in the Middle East and their familiarity with the Shakey's brand

19

Second International Store Located in the Middle East

Shakey’s Opens First Store inDubai, UAE

19

30.3% 28.6%

2Q17 2Q18

30.1% 28.7%

1H17 1H18

-160 bps

-140 bps

Margin Softening Due to Continued Cost Pressures

• SLIGHT DECLINE IN GROSS MARGIN due to:1. Continued rise in input costs –

particularly CHEESE - since 2H last year

2. Peso depreciation3. Inflationary headwinds on

other costs including packaging, transportation, and store overhead

• Gross margin TRENDING FLAT SEQUENTIALLY, supported by price increase

• Profitability level still within comfort range and ABOVE PEER AVERAGE

29.5% 28.8% 28.6%

FY17 1Q18 2Q18

Gross Profit Margin

-70 bps -20 bps

20

Maintained Net Margins Despite Inflationary Headwinds

EBITDA Net Income

20.1%

19.5% 19.8%

FY17 1Q18 2Q18

-60 bps +30 bps

-40 bps

10.9% 10.4% 11.1%

FY17 1Q18 2Q18

-50 bps +70 bps

-30 bps

• Total OpEx growth driven by CRITICAL CAPABILITY-BUILDING INITIATIVES:1. Depreciation

from stores2. New HQ and

commissary expenses

3. IT systems and infrastructure

• Nonetheless, RECENT COST SAVINGS in A&P and overhead

20.0% 19.6%

1H17 1H18

20.4% 19.8%

2Q17 2Q18

-60 bps

11.0% 10.7%

1H17 1H18

11.6% 11.1%

2Q17 2Q18

-50 bps

21

Balance SheetIn PHP Mill 2017 1H 2018

Cash 245 239

Receivables 586 565

Other Current Assets 424 594

Total Current Assets 1,255 1,398

Property, Plant, and Equipment 1,538 1,631

Goodwill and Trademarks 6,066 6,066

Other Non-Current Assets 250 248

Total Non-Current Assets 7,854 7,945

TOTAL ASSETS 9,109 9,343

In PHP Mill 2017 1H 2018

Trade Payable and Others 1,065 925

Short-Term Debt 48 48

Total Current Liabilities 1,113 973

Long-Term Debt 3,885 3,860

Other Non-Current Liabilities 137 138

Total Non-Current Liabilities 4,022 3,999

TOTAL LIABILITIES 5,135 4,972

TOTAL EQUITY 3,974 4,370

TOTAL LIABILITIES AND EQUITY 9,109 9,343

• Increase in working capital mainly due to HIGHER INVENTORY to lock in cheese requirements at favorable prices

• Elevated PPE to support ORGANIZATIONAL GROWTH andOPERATIONAL CAPABILITIES

• Decline in trade payables versus end 2017 due to SEASONALITY and PROCESS STREAMLINING

• Long-term loan of PHP3.9 billion all PESO-DENOMINATED WITH FIXED INTEREST RATES

22

Ratios

Net Debt-to-Equity (x)

Net Gearing (x)

Net Debt-to-EBITDA (x)

Return on Equity

1.23 1.08

2017 1H 2018

0.93 0.84

2017 1H 2018

3.48 3.25

2017 1H 2018

21% 20%

2017 1H 2018

23

Uses trailing 12-month EBITDA

(Interest-Bearing Liabilities - Cash) / Total Equity

Uses trailing 12-month earnings and average equity

(Total Liabilities - Cash) / Total Equity

• COMFORTABLE GEARING RATIOS despite elevated debt

• Company’s only interest-bearing debt is the PESO-DENOMINATED ACQUISITION LOAN USED IN THE CHANGE OF MAJORITY SHAREHOLDERS in 2016

• MAINTAINED ABOVE-INDUSTRY ROE at 20%

Cash FlowIn PHP Mill 1H 2017 1H 2018

Income before Income Tax 502 511

Depreciation and Amortization 89 123

Interest Expense 85 91

Changes in Working Capital (111) (272)

Others (147) (109)

Net Operating Cash Flow 419 344

Capital Expenditures (413) (216)

Redemption of AFS Investments and Others 1,084 (16)

Net Investing Cash Flow 671 (232)

Proceeds from (Payment of) Loan (1,025) (25)

Others (247) (95)

Net Financing Cash Flow (1,272) (120)

Effect of Exchange Rate Changes 0 2

Beginning Cash 329 245

Change in Cash (182) (6)

Ending Cash 146 239

Free Cash Flow 5 128

24

• Higher depreciation due to STORE NETWORK and HEAD OFFICE AND COMMISSARY EXPANSION

• Increase in working capital driven by HIGHER RAW MATERIAL INVENTORY and STREAMLINING OF TRADE PAYABLES

• CapEx primarily for NEW STORE OPENINGS and IT INVESTMENTS

• MAINTAINED POSITIVE FREE CASH FLOW supports payment of interest and dividends

Cash Conversion Cycle

362 501

27 35

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 1H18 days₱

Mns

1,005

867 74

61

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 1Q18 days₱

Mns

586 565

31 28

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 1H18 days₱

Mns(57)

199

(16) 2

(60)(40)(20)-20 40 60 80 100 120 140 160 180 200

(60)(40)(20)

-20 40 60 80

100 120 140 160 180 200

FY17 1H18

days₱

Mns

Working Capital Receivables Inventory Payables

25

• Increase in cash conversion cycle relative to end 2017 to +2 DAYS

• Elevated inventory level following the ADVANCED PURCHASE OF CHEESE

• Shortened payable days versus year end due to SEASONALITY IN PAYMENTS, year-on-year payable days were FLAT

26

Challenging Yet Achievable Targets for FY 2018

• Low double-digit growth• Positive sales momentum

coming from 2Q18• Boost expected from holidays• Cautious about seasonal

slowdown and bad weather in 3Q18

• Low double-digit growth• Margin enhancement

initiatives• Persistent cost and

inflationary pressures remain

STOCK & INVESTOR RELATIONS HIGHLIGHTS

Stock Highlights

28

MARKET CAPITALIZATION

$0.3BDecember 2016

$0.4BnAugust 10, 2018

PERFORMANCE SINCE IPO

₱11.26IPO Price

+17%Return since IPO

as of August 10, 2018

PIZZAPhilippine Consumer Average

PER (x) 24.0 25.0

EV / EBITDA (x) 11.4 11.9

ROE (%) 19.6 15.5

Operating Margin (%)* 16.5 9.5

Net Income Margin (%)* 10.8 7.2

Source: BPI Securities 2018 Estimates as of 8/10/2018; *Bloomberg, trailing 12 months

STOCK PRICE PERFORMANCE (BLOOMBERG TICKER: PIZZA PM)

10.00

12.00

14.00

16.00

18.00

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

PHP/SHARE PHP13.20 as of August 10, 2018

Investor Relations Highlights

29

DIVIDEND HISTORY

*Listing Date: December 15, 2016**As of 8/10/2018

Current Price PHP13.20

Initial Listing Price PHP11.26

Range since Listing Date* PHP10.90 - 17.48

No. of Outstanding Shares 1,531,321,053

Shareholding Structure CPGI: 52.9%Arran (GIC): 18.5%

Free Float 28.6% (includes Prieto family’s 5.9%)

3-Month Average Turnover PHP6.1 MillionUSD0.1 Million

Market Capitalization PHP20.2 BillionUSD0.4 Billion

Performance since Listing Date* +17%

YTD Relative to Index +7%

*Of previous year’s recurring net income

0.10 0.10

23% 20%

0%

15%

30%

0.00

0.15

0.30

2017 2018

Regular Cash

Payout Ratio*

Declaration Date

RecordDate

Payment Date

2017 May 8 June 6 June 30

2018 August 16 September 14 October 10

Philippines’ Best Small Cap Company

Finance Asia 2018

SHAREHOLDERS Source: Bloomberg August 2018

Foreign Ownership Limit: 100%Free Float Level: 29%

GIC Private Equity18%

Prieto Family6%

Norges Bank2%

Matthews International Capital 1%

Others20% Century Pacific Group

Inc (CPGI) 53%• wholly owned by

the Philippines’ Po family

• majority shareholder of CNPF PM and ALCO PM

Investor Relations Highlights

30

SELL-SIDE COVERAGE

Institution Analyst Latest Call

BDO Nomura Angelo Torres NEUTRAL

BPI Jefferies Javier Consunji BUY

CLSA Joyce Ramos BUY

COL Financial Andy Dela Cruz HOLD

Deutsche Bank Carissa Mangubat BUY

Macquarie Karisa Magpayo OUTPERFORM

AB Capital Sec Edgar Lay HOLD

Regina Capital Patricia Pascual BUY

Unicapital Sec Jonathan Latuja BUY

2017 Glossy Annual Report

PIZZA’s 2017 Glossy Annual Report can be found on the Company’s corporatewebsite (www.shakeyspizza.ph):

31

Investors > Investor Presentations

2018 Calendar of Activities

Investor Conferences Earnings Release

AUG NomuraPhilippine Corporate Day(Hong Kong)

24

dbAccessPhilippines Corporate Day (London)

3SEP

MacquarieASEAN Conference (Singapore)

29

OCT

*Schedule updated as of 10 August 2018

dbAccessPhilippines Conference (Manila)

3

3Q18Earnings Release

12NOV

Annual Stockholders’ Meeting

16AUG

32

SHAKEY’S PIZZA ASIA VENTURES, INC.

This document is highly confidential and being given solely for your information and for your use and may not be, or anyportion 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 expresslydisclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statementscontained herein to reflect any change in events, conditions or circumstances on which any such statements are based. Bypreparing this presentation, none of the Company, its management, and their respective advisers undertakes anyobligation to provide the recipient with access to any additional information or to update this presentation or to correctany inaccuracies in any such information which may become apparent.

This presentation contains statements, including forward-looking statements, based on the currently held beliefs andassumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable.Forward-looking statements in particular involve known and unknown risks, uncertainties and other factors, which maycause the actual results, financial condition, performance, or achievements of the Company or industry results, to differmaterially from the results, financial condition, performance or achievements expressed or implied by such forward-lookingstatements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to placeundue reliance on these forward-looking statements.

Any reference herein to "the Company" shall mean, collectively, Shakey’s Pizza Asia Ventures, Inc. and its subsidiaries.

Paranaque City, Philippines

+632 839 0156

investorrelations@shakeys.biz

www.shakeyspizza.ph

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