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Thai Beverage Public Company LimitedThai Beverage Public Company Limited

CONFIDENTIAL – NOT FOR DISTRIBUTION OR DISCUSSION (IN WHOLE OR IN PART OR IN SUMMARY), INCLUDING DISTRIBUTION TO OR DISCUSSION WITH ANY PROSPECTIVE INVESTOR, THE MEDIA, PRESS OR WIRE SERVICES

May 2006May 2006

Initial Public OfferingInitial Public Offering

CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES

This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to

purchase or subscribe for, any shares in Thai Beverage Public Company Limited, nor shall it or any part of it nor the fact of its

presentation form the basis of, or be relied on in connection with, any contract or investment decision. ANY SUCH PURCHASE

SHOULD BE MADE SOLELY ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS.

3CONFIDENTIAL NOT FOR DISTRIBUTION – NOT AN OFFER OF SECURITIES

Transaction SummaryTransaction Summary

Offering Structure

Offering size = 20% of enlarged share capital (95% Institutional, 5% Singapore public; 4,888,900,000 shares)Over-allotment option = 15% of the offering size (733,335,000 shares)Global Institutional Offering (Rule 144A/Reg S)Primary shares = 50% of the Offering; Secondary shares = 50% of the OfferingLock-up = 180 days for Sirivadhanabhakdi family and affiliates

Indicative Price Range S$0.26 – S$0.36

Use of ProceedsRepayment of debtGeneral corporate purposes

Key DatesPricing: May 24, 2006Trading: May 30, 2006

Listing Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST)

Joint Global Co-ordinators and Joint Bookrunners


PresentersPresenters

Investment HighlightsMr. Ueychai Tantha-ObhasSenior Vice President and DirectorMarketing

Business OperationsDr. Pisanu VichiensanthSenior Vice President and DirectorProduction

Financial HighlightsMr. Sithichai ChaikriangkraiSenior Vice President and DirectorAccounting and Finance


1. Investment Highlights


Thailand’s Leading Beer and Spirits CompanyThailand’s Leading Beer and Spirits Company

Market leader in Thai alcoholic beverage market Approximately 60% market share in beer and 74% market share in spirits(1)

Sales of Bt92.1 bn (US$2,242 mm)(3) in FY200550.1% from spirits(2)

42.4% from beer and water(2)

7.5% from industrial alcohol / others(2)

Net Profit of Bt10.5 bn (US$256 mm)(3) in FY200516 distilleries and 3 state-of-the-art breweries~20,000 employeesA far reaching distribution and selling platform

400,000 points of saleExtensive direct coverage of retail outlets

(1) Market shares are for 2004 and are based on Canadean(2) % calculated based on revenue before elimination of inter-segment revenues(3) Exchange rate used is Bt41.07 = US$1.00, as of December 31, 2005


Investment HighlightsInvestment Highlights

Market leading position in both Thai beer and spirits markets

Strong portfolio of brands with complementary product mix

State of the art breweries and well-established distilleries

Extensive distribution network with superior reach

Strong financial position with new growth opportunities


Thailand is a Large and Growing MarketThailand is a Large and Growing Market

10.1%

1.3% 1.2%2.5%

5.3% 5.3%

Thailand AsiaPacific

SoutheastAsia

World Europe Americas

(mm HL)

Largest Beer Market in SE Asia One of the Fastest Growing Beer Markets Globally

Largest Spirits Market in SE Asia One of the Fastest Growing Spirits Markets Globally

Beer Sales Volume CAGR 1999-2004

3.2%

(1.2%)(0.4%)

0.7%

2.8%

(0.4%)

Thailand SoutheastAsia

Americas World AsiaPacific

Europe

16.2

1.5

0.9

8.8

12.7

1.7

Thailand

Philippines

Vietnam

Indonesia

Malaysia

Singapore

(mm Cases)

CAGR 1999-2004

10.1%

0.7%

5.0%

10.4%

1.7%

2.2%

72.1

0.4

0.2

3.6

52.6

1.1

Thailand

Philippines

Indonesia

Vietnam

Malaysia

Singapore

CAGR 1999-2004

3.2%

1.9%

5.9%

9.3%

5.4%

(0.3%)

Source: Canadean, “The Beer Service, Annual Report – 2005 Cycle, Thailand” and “The Wine and Spirits Service, Spirits Annual Report – 2005 Cycle, Thailand”


Dominant Market PositionDominant Market Position

Others26%

74%

Boon Rawd33%

Thai Asia Pacific

Brewery6%

Others1%

60%

Spirits50.1%

Industrial Alcohol / Others7.5%

Beer, Soda & Water42.4%

(1) Revenue segmentation does not take into account elimination of inter-segment revenues

2005 Sales Revenue(1)

Total: Bt 92.1 bnTotal Sales Volume: 72.1 mm 9-liter cases

Total Sales Volume: 16.2 mm HL

Spirits – 2004 Market Share Beer – 2004 Market Share

Boon Rawd33%

Thai Asia Pacific

Brewery6%

Others1%

60%


Thailand’s Best-Selling Alcoholic Beverage BrandsThailand’s Best-Selling Alcoholic Beverage Brands

(1) By sales volume in 2004 (Source: Canadean)

Chang#1 Beer(1)

Sangsom#1 Rum(1)

Mekhong#2 Rum(1)

Ruang Khao#1 White Spirit(1)

Mungkorn Thong Leading Rum

Pai-Thong#2 White Spirit(1)

Blue Newly LaunchedAdmix Whisky

Chang DraughtPure Malt Beer

Crown 99Relaunched Admix

Whisky

Chang LightNewly Launched

Lower Alcohol Content Beer

NiyomthaiNewly Launched

White Spirit

Hong ThongRelaunched Rum

Beer White Spirits Brown Spirits


Our StrategyOur Strategy

Maintain market leadership

Expand into new profitable segments

Continue brand investment

Leverage infrastructure and distribution network

Establish platform for international expansion


Premiumization Through Chang Light / Chang DraughtPremiumization Through Chang Light / Chang Draught

Chang Chang Light Chang Draught Archa

Alcohol Content 6.4% 4.2% 5.0% 5.4%

Positioning Economy(Mass Market)

Standard(Urban)

Lower Alcohol Economy(Urban)

Lower Alcohol Economy(Urban)

Price / Bottle Bt 33-35 / 640ml Bt 40 / 640ml Bt 35-38 / 640ml Bt 35-37 / 640ml

Key Competitors Singha / Singha Light/ Heineken

Leo / Singha Leo Leo


Ongoing Premiumization of Brown SpiritsOngoing Premiumization of Brown Spirits

New choice to admix to tap low end scotch segment

Bt 260/700ml

Blue

Sangsom to be introduced in gift boxes

Bt 190/700ml

Sangsom

Admix whisky made from quality imported malt from Scotland

Bt 200/700ml

Crown 99Hong Thong

Repackaged, revamped and relaunched Hong Thong

Bt 150/700ml


Branding of White SpiritsBranding of White Spirits

Existing White Spirit Portfolio Launching Niyomthai to Establish a Nationwide brand of White Spirits

Regional based

Limited brand recognition

Nationwide Brand

Pai-ThongRuang Khao Chiang-Chun Sua Dum

Niyomthai

30° 35° 40°

Many white spirit products with no established branding


New Agent Strategy for New/Growth BrandsNew Agent Strategy for New/Growth Brands

Modern Trade/

Hospitality Channels

Sole-Agents(470)

Direct Sales (>900)

Agents (>2600)

Non-exclusive Agents

400,000 Points of Sale


2. Business Operations


World-Class BreweriesWorld-Class Breweries

5.3

1.2

4.4

4.6

Bang Ban Kamphaengphet Wang Noi

Beer Production Capacity(1)

(mm HL p.a.)

Specialized capacity to produce customized / batch products / exports

(Beer Thip) (Beer Thai) (Cosmos)

(Beer expansion to be fully

completed in 1Q2007)

High historical average capacity utilization of over 80%

(1) Soda & Water capacity (mm HL p.a.): Bang Ban: 3.0; Kamphaengphet: 3.0; Wang Noi: 1.0


Extensive Network of DistilleriesExtensive Network of Distilleries

16 Distilleries Throughout Thailand

SuratThaniSuratThani

Chiangmai

Khonkaen

Nakornsawan

Suratthani

Samutsakorn

Prachinburi

Ratchaburi

Nakornpathom (2)

PathumthaniBurirum

NongkaiUttaradit

UbonratchathaniKanchanaburi (2)

THAILAND

8,694

4,936

4,245

3,910

3,854

3,705

3,431

3,200

2,677

2,597

2,435

2,055

1,956

1,334

848

Nakornpathom

Prachinburi

Khonkaen

Burirum

Samutsakorn

Ubonratchathani

Nongkai

Suratthani

Nakornpathom

Pathumthani

Nakornsawan

Kanchanaburi

Ratchaburi

Chiangmai

Uttaradit

Kanchanaburi

(1) Produces semi-finished goods

2005 Production Volume (‘000 Cases)

(1)


3. Financial Highlights


Financial SummaryFinancial Summary

Revenue from Sales EBITDA Net Profit(1)

91.6 90.1 92.1

2003 2004 2005

18.819.9

20.820.5%22.1% 22.6%

2003 2004 2005

(Bt bn) (Bt bn) (Bt bn)

9.09.5

10.59.8%

10.6%11.4%

2003 2004 2005

CAGR (03-05)

= 5.3% CAGR (03-05)

= 8.0%

(Margin)(2) (Margin)(2)

(1) Including net profit (loss) not attributable to the Company(2) As % of sales revenues


Segment Revenue Performance 2003-2005Segment Revenue Performance 2003-2005

(1) Figures do not take into account related businesses or elimination of inter-segment revenues

52.1 47.7 42.3

42.238.7

49.9

0.90.70.691.4 90.6 93.0

0

10

20

30

40

50

60

70

80

90

100

2003 2004 2005

(Bt bn)

Segment Revenue Growth(1)

Beer & Water Spirits Industrial Alcohol


Gross Margin Increases Due to Improved Operational Efficiencies and Higher ASPs Gross Margin Increases Due to Improved Operational Efficiencies and Higher ASPs

48.3 45.7 45.4

8.2 7.2 7.2

4.64.3 4.0

5.76.4 6.6

66.8 63.6 63.1

27.1%29.4%

31.4%

2003 2004 2005

(Bt bn)

[To Come] General and Administrative ExpensesCost of Sales

Excise Taxes Packaging MaterialsRaw Materials Others

4.8 4.2 4.7

2.3 2.52.8

0.7 1.22.2

3.3 3.2

2.911.2 11.1

12.6

13.7%12.4%12.2%

2003 2004 2005

(Bt bn)

Marketing and Advertising EmployeeIdle Others

Gross Profit Margin (%)

% of Sales Revenue


1Q Financial Summary1Q Financial Summary

Revenue from Sales EBITDA Net Profit

22.9 22.7

1Q2005 1Q2006

5.6

5.124.5%

22.6%

1Q2005 1Q2006

(Bt bn) (Bt bn) (Bt bn)(Margin)(1) (Margin)(1)

2.9

2.510.9%

12.8%

1Q2005 1Q2006

(1) As % of sales revenue


Strong Operating Cash Flow with Limited Required Capital Expenditure after 2006Strong Operating Cash Flow with Limited Required Capital Expenditure after 2006

Capex and Cash Flow Profile

661 1553

6389

1841593

1,987 1,0192,582

1,176

413 499

432

523

150

3,061 3,071

4,946

1,918

400

7,220

20,576 21,10919,052

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2003 2004 2005 2006 20070

5,000

10,000

15,000

20,000

25,000

30,000

Capital Expenditure(Bt mm)

Operating Cash Flow(1)

(Bt mm)

Beer & Water Spirits Industrial Alcohol / Related Businesses

(1) Before changes in operating assets and liabilities


Thank YouThank You

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