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

FULL YEAR 2018 RESULTS PRESENTATIONAPRIL 2019

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

3

FY 2018 FINANCIAL HIGLIGHTS

Financial Results Highlights

4Q

FY

+10%

+12%

+18%

+10%

+2%

+4%

+7%

+7%

5

FY 2018 Summarized P&L

• Sustained DOUBLE-DIGIT SYSTEM-WIDE SALES GROWTH of +12% on the back of SSSG OF 4% and net new store opening of 20 DOMESTIC STORES AND 1 INTERNATIONAL STORE

• STABLE FINANCING COSTS, HIGHER OTHER INCOME, and PRUDENT TAX MANAGEMENT support net income growth of +10%

In PHP Mill FY 2017 FY 2018 Change YoYSystem-wide Sales 8,346 9,357 12%

Total Revenue 7,004 7,579 8%

Cost of Sales (4,938) (5,399) 9%

Gross Profit 2,066 2,179 5%

Operating Expenses (905) (973) 7%

EBITDA 1,407 1,500 7%

EBIT 1,161 1,206 4%

Financing Cost - Net (177) (189) 6%

Other Income 39 65 66%

Income before Tax 1,022 1,082 6%

Income Tax (260) (241) -7%

Net Income 762 841 10%

Earnings per Share 0.50 0.55 10%

MarginsGross Profit 29.5% 28.8% -0.7 pps

EBITDA 20.1% 19.8% -0.3 pps

EBIT 16.6% 15.9% -0.7 pps

Net Income 10.9% 11.1% +0.2 pps

• Higher costs, weaker currency, sales-supporting initiatives partially offset by SOFTENING CHEESE PRICES and OPERATING LEVERAGE towards year-end

6

6.4 7.3 8.3 9.4

FY15 FY16 FY17 FY18 FY19F FY20F

On Track to Doubling Business Over 5 Years

7

In PHP Bill

4% 4% 5% 4%

9% 10% 12% 11%

System-wide Sales

SYSTEM-WIDE SALES

1.6X TO 2.0X–––-––-–––––– OR –––––––––––10 TO 15% CAGR2015 TO 2020 TARGET

STORE NETWORK GROWTH*SAME-STORE SALES GROWTH

+14% +14% +12%

8-10% CAGR

3-5% CAGR

• CONSECUTIVE DOUBLE-DIGIT GROWTH in system-wide sales driven by:1. Consistent positive SSSG 2. Continued store network expansion

CURRENT PERFORMANCEVERSUS TARGET

*Average of beginning and ending full-year figures were used

Revenues

• Majority of new store openings outside Metro Manila brings sales trend in favor of FRANCHISED STORES, resulting in more modest growth in revenues

8

3 3 15 2 1 1

2 3 43

4 3 4 55 6 5

84 5 5 6

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18Company-Owned Franchised

NEW STORE OPENINGS

2.0 2.1 2.0 2.3 2.2 2.4 2.2 2.5

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18In P

HP

Bill

SYSTEM-WIDE SALES

12%YoY Growth in FY18

1.7 1.7 1.6 2.0 1.8 1.9 1.8 2.0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

In P

HP

Bill 8%

YoY Growth in FY18

REVENUES

18%

7%

Franchised Store YoY Growth in FY18*Company-Owned Store YoY Growth in FY18*

Store Expansion Strategy Skews Overall Top Line Mix

+44net new stores since

end 2016

23%NCR

77%Ex-NCR

*Average of beginning and ending full-year figures were used

12%

5%

1% 2% 2%

9%

4% 2% 4% 4%

4% 3% 5% 6%

8% 8%

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

SSSG Inflation of Food & Non-Alcoholic Beverages*

SSSG

• CONSISTENTLY MAINTAINED POSITIVE SSSG,notwithstanding external pressures

• Remained top of mind in 3Q18 with more VALUE PROMOTIONS

• Slower but still positive 4Q18 SSSG given RE-FOCUS TO PREMIUMIZING PRODUCTS

9

More Challenging 2H18; Softer SSSG in Q4 with Shift in Strategy

* Source: Philippine Statistics Authority

29.9% 30.3% 27.8%

29.9% 28.8% 28.6% 25.8%

31.4%

12% 5%

1% 2% 2% 9%

4% 2%

SSSG Gross Profit Margin

1.7 1.7 1.6 2.0 1.8 1.9 1.8 2.0

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18Revenues

Gross Profit Margins

10

-110 bpsYoY

-160 bpsYoY

-200 bpsYoY

+150 bpsYoY

• REVERSE IN GROSS MARGIN TREND IN Q4 due to:1. More judicious spend on value-for-money promotions2. Softer cheese prices3. Operating leverage due to seasonality

Q4 Gross Margin Improves Sequentially and Year-on-Year

15.4%

12.3% 12.6%

Cash OpEx as % of Sales

16.4%

12.9% 12.8%

OpEx as % of Sales

985 905 973

FY16 FY17 FY18

925 862 956

FY16 FY17 FY18

OpEx

11

In PHP Mill

-8% +7%

OpEx Growth Year-on-YearIn Line with Increase in Revenues

Cash OpEx

-7% +11%

In PHP Mill

• HIGHER CASH OPEX GROWTH driven by:1. Marketing and other sales-sustaining initiatives2. Continued investments in IT and other back-office systems3. Overall impact of inflationary pressures

20.1% 19.8%

FY17 FY18

10.9% 11.1%

FY17 FY18

Maintained Net Margins Despite 2018 Headwinds

EBITDA Net Income

19.5% 19.8% 15.5%

23.7%

1Q18 2Q18 3Q18 4Q18

-30bps

10.4% 11.1% 7.7% 14.6%

1Q18 2Q18 3Q18 4Q18

+20 bps

• GROSS MARGIN COMPRESSION YEAR-ON-YEAR resulting from overall inflationary environment, higher cheese prices, weakened peso, and sales-generating promotional activities

• NET INCOME MARGIN RELATIVELY UNCHANGED

12

29.5% 28.8%

FY17 FY18

-70bps

28.8% 28.6% 25.8% 31.4%

1Q18 2Q18 3Q18 4Q18

Gross Profit

+560 bps

+690 bps+820 bps

13

Challenging Yet Achievable Targets for FY 2019

• Low double-digit growth• Superior execution in dine-in

and delivery segments• Increasing presence beyond

typical urban areas• 20 net new stores locally• 3-5% SSSG

• Low double-digit growth• Subdued outlook on inflation• Stable cheese prices• Steady peso relative to dollar• Continued initiatives on

efficiency and cost control

“Peri-Peri” came from the African Bird’s Eye Chili “Piri Piri” that was discovered by the Portuguese who sailed in search of the famed spice route. It releases a fiery spice, igniting a wealth of flavors on every taste bud.

“Peri-Peri”

15

Food & Sauces

“Peri-Peri

Peri-Peri Chicken

Sauces

Pasta

Pizza Platters

“Charcoal Chicken

16

Chicken (Main Plates)

44%

Group Meals14%

Others 42%

“Charcoal Chicken

Sales Mix

17

“Peri-Peri

• Main Plates make up close to half of sales

“Charcoal Chicken

Menu of Key Items

18

• Average spend per head ranges from PHP250 to PHP350, comparable to that of Shakey’s

“Peri-Peri

Market

“Peri-Peri“Charcoal Chicken

Philippines’SE Classes

% Shareof Families

% Shareof Income

Annual Incomein PHP

AB 1 9 1,857,000

C 9 26 603,000

D 60 56 191,000

E 30 9 62,000

Total 100 100 206,000

Source: BPI Securities, Social Weather System Survey 2016

Similar to Shakey’s, the expected market is A, B, and upper C (C1) – the growing middle class.

19

Ambiance

“Charcoal Chicken

20

“Peri-Peri

• Also provides an aspirational full-service dining experience at an affordable price

• Established following and strong brand recall from different types of visitors

“Peri-Peri“Charcoal Chicken

1

2

“There’s a special taste exuded because of the process;

the chicken taste is unique.” - Regular User of Peri-Peri

3

“Lots of options - choose sides;

there’s tortilla, there’s

hummus, salsa. You feel like

you can personalize your meal

without going out of your

budget.”- Non-Regular User of Peri-Peri

“It’s like you’re in the Pirates of the Caribbean. I like how the

bottles have lots of different colors - something different,

colorful, vibrant/good vibes and fun, fresh.”

- Regular User of Peri-PeriFGD Feedback

22Source: Kantar Millward Brown, February 2019

“Store Network

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

Company-Owned35%

Franchised65%

Store Breakdown by Ownership

87%

NCR

4%

Luzon Ex-NCR

9%

Visayas

20 stores

1 store

2 stores

22

• Opportunity to scale in NCR first, then outside where there is severe underpenetration

Why Peri-Peri

Charcoal Chicken?

24

“Why Peri-Peri“Charcoal Chicken?

As an emerging fast-casual and full-service restaurant brand in the Philippines, it is a good addition to PIZZA’s business portfolio given the aim to diversify through a handful of industry-leading full-service restaurant chains that appeal to the Filipinos’ growing need for premium yet affordable dine-out options.

1

2

3

It has demonstrated consistent profitability, consequently increasing the amount of interest for new stores from potential lessors and franchisees.

A Vision of WOW BRANDS

Established Brand Strength

It has a strong following and has recently gained more traction as it appeals to Filipinos’ love for both poultry and a strong distinctive taste.

Potential to Grow

25

• Pursuing long-term sustainable growth via diversification of brands and institutionalization of non-financial metrics via enterprise-wide sustainability project – Project InSpire

ANNEX

Balance SheetIn PHP Mill 2017 2018

Cash 245 434

Receivables 586 508

Other Current Assets 424 668

Total Current Assets 1,255 1,610

Property, Plant, and Equipment 1,538 1,712

Goodwill and Trademarks 6,066 6,066

Other Non-Current Assets 250 245

Total Non-Current Assets 7,854 8,023

TOTAL ASSETS 9,109 9,633

In PHP Mill 2017 2018

Trade Payable and Others 1,065 920

Short-Term Debt 48 48

Total Current Liabilities 1,113 968

Long-Term Debt 3,885 3,837

Other Non-Current Liabilities 137 259

Total Non-Current Liabilities 4,022 4,096

TOTAL LIABILITIES 5,135 5,063

TOTAL EQUITY 3,974 4,570

TOTAL LIABILITIES AND EQUITY 9,109 9,633

• 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

• Decreased trade payables versus end 2017 due to PROCESS STREAMLINING

• Long-term loan of PHP3.8 billion all PESO-DENOMINATED WITH FIXED INTEREST RATES

27

Ratios

Net Debt-to-Equity (x)

Net Gearing (x)

Interest-BearingDebt-to-EBITDA (x)

Return on Equity

1.23 1.01

2017 2018

0.93 0.76

2017 2018

2.80 2.59

2017 2018

21% 20%

2017 2018

28

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 Conversion Cycle

362

597

27

40

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 FY18 days₱

Mns

1,065

920 79

62

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 FY18 days₱

Mns

586 508

31 24

-

10

20

30

40

50

60

70

80

90

-

200

400

600

800

1,000

1,200

FY17 FY18 days₱

Mns(117)

185

(21) 2

(120)

(60)

-

60

120

180

240

300

360

(120)

(60)

-

60

120

180

240

300

360

FY17 FY18

days₱

Mns

Working Capital Receivables Inventory Payables

29

• 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 end 2017 due to PROCESS STREAMLINING

2017 Glossy Annual Report

PIZZA’s 2017 Glossy Annual Report can be found on the Company’scorporate website

www.shakeyspizza.ph :

30

Investors > Investor Presentations

https://spavi-noo-prod.s3.ap-southeast-1.amazonaws.com/s3fs-public/documents/investor_presentations/FINAL_ONLINE_PIZZA_2017_Glossy_Annual_Report.pdf

2019 Calendar of IR Activities

Investor Conferences Earnings Release

dbAccessPhilippines Corporate Day (London)

2

AUG MacquarieASEAN Conference (Singapore)

26

SEP

*Schedule updated as of 15 April 2019

1Q19Earnings Release

14MAY

Annual Stockholders’ Meeting

20JUN

2Q19Earnings Release

7AUG

3Q19Earnings Release

12NOV

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

+632 742 5397

investorrelations@shakeys.biz

www.shakeyspizza.ph

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