General Announcement::2021 Virtual Annual Information Meeting Documents

Responses to Substantial and Relevant Questions from Shareholders for the 2021 Virtual Annual Information Meeting of Thai Beverage Public Company Limited ("THBEV" or the "Company") that was held on 21 June 2021

1. Is the management still planning to launch the BeerCo IPO/spin-off listing when the market situation improves? What is the timeline now to reconsider BeerCo IPO/spin-off listing? What are the conditions that need to be present for ThaiBev to reconsider the IPO for the beer business?
   Company's response:
2. • As stated in ThaiBev's announcement dated 16 April 2021, ThaiBev has decided to defer the Proposed Spin-off Listing for the time being. This is in view of uncertain market conditions and volatile outlook, aggravated by the pandemic, which continues to severely impact many countries, including Thailand. ThaiBev continues to believe that BeerCo's position as one of the leading beer players in Southeast Asia and its growth potential offer a distinct and compelling growth story.
     ThaiBev will closely monitor the market conditions, evaluate and explore opportunities to maximize shareholders' value. The Proposed Spin-off Listing will be reviewed at the appropriate time by ThaiBev with its advisors.
   • ThaiBev will make further announcements as appropriate should there be any updates in relation to the Proposed Spin-off Listing.
3. How will the BeerCo IPO be favorable for ThaiBev, and what is the strategy behind? How do you intend to use the money raised from the listing of new beer company?
   Company's response:
4. • Shareholders may refer to ThaiBev's announcement dated 4 February 2021 which sets out in detail ThaiBev's rationale for and the anticipated benefits of the Proposed Spin-off Listing. ThaiBev continues to maintain the view that the Proposed Spin-off Listing, at the appropriate time and under the right circumstances, would be in the interests of Shareholders.
   • As referred to in ThaiBev's announcement dated 4 February 2021, the ThaiBev Group may use part of the proceeds generated to inter alia repay interest-bearing debt, which will then help to reduce the ThaiBev's Group's interest-bearing debt to equity ratio and its overall debt level.The detailed use of proceeds that may be raised in connection with the Proposed Spin-off Listing, if and when that should happen, will only be determined later at the appropriate time. Such use of proceeds may differ from the announcement dated 4 February 2021 to best suit ThaiBev's circumstances at that time.

THBEV - Responses to Substantial and Relevant Questions

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from Shareholders for the 2021 Virtual AIM 21 June 2021

1. What is the estimated price of the BeerCo IPO?
   Company's response:
2. • Pricing of the BeerCo Limited shares to be sold in the IPO, if and when that should happen, will be determined at the time and be announced later at the appropriate time.
3. Will ThaiBev shareholders be given a chance to participate in the BeerCo IPO directly or indirectly?
   Company's response:
4. • This will be reviewed at the time of the Proposed Spin-Off Listing, if and when that should happen.
5. With COVID-19 wave on the rise in Thailand and ASEAN countries, how is the situation affecting ThaiBev business? What is business outlook for this year and the growth plan post COVID-19?
   Company's response:
6. • In order to curb the spread of the second and third wave of COVID-19 in Thailand, the Thai government introduced less stringent measures as compared to the first wave in order to balance public health and economic interests.
   • For alcobev sales, on-trade consumption restrictions and closure of pubs and bars were enforced, but there was no ban on off-trade sales during the second and third wave of the pandemic. Since last year, the government has implemented various stimulus packages to mitigate the risk of economic slowdowns.
   • Despite the challenges we are facing in light of the COVID-19 situation, the performance of our business remains strong. Our portfolio is sufficiently resilient as it caters more to off-trade rather than on-trade consumption.
   • In order to mitigate the pandemic's adverse impact on our business, we are continuing to enhance cost management efficiencies by reducing expenses across all our businesses and cancelling or postponing marketing activities. Notwithstanding such measures, we have still maintained brand communication initiatives, with a focus on online channels, to keep our core brands at the top of consumers' minds as they adapt to the 'new normal'.
   • For Vietnam, while there has recently been a resurgence of the COVID-19 outbreak, the country's government has generally managed the situation well. Lockdowns have only been imposed in specific areas where COVID-19 cases have been found, and not across entire provinces or the country. Hence, it is a more focused approach of lockdown and it is anticipated that the impact will not be as great as the first wave last year.

THBEV - Responses to Substantial and Relevant Questions

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from Shareholders for the 2021 Virtual AIM 21 June 2021

• The pandemic has triggered fundamental changes in consumer behavior in Vietnam, as evident from the growth of off-trade and modern trade sales channels. SABECO has adjusted its strategies to continue the focus on traditional trade and increase the focus on modern trade channels, and stepped up its sales and marketing efforts on online platforms. It has also implemented cost-control measures, cutting utilities expenses, renegotiating rents, and postponing non-critical activities and investments.

6. What are the company's strategies during this pandemic period? What is the company's strategic plan in 2021?

Company's response:

Spirits

• During the pandemic, our spirits business continues to be solidly supported by strong brand portfolio and route-to-market strength. During the six months ended 31 March 2021 ("1H21"), our spirits business performance continued to see good growth in profitability with EBITDA increasing 5.1% YoY as a result of prudent cost control. Once the COVID situation improves, we plan to grow the spirits business by strengthening route-to-market with distribution drives and the launch of selected new products to address the opportunities in the spirits portfolio.

Beer Thailand

• We have been facing challenging market conditions through the first 6 months of the fiscal year. However, regardless of market conditions, we continue to drive towards our ambition to be the number one beer company in Thailand. We remain focused on gaining market share over our competitors; and especially focused on improving profitability for our shareholders
• With three key objectives, Area Management, Engagement with Consumers, and Margin Improvement, our business has continued to strengthen despite the challenging market conditions. Our volumes and revenues dipped as the market contracted during the COVID-19 pandemic. However, we gained market share over the competition thus growing our share of the market. We will continue to focus on our three key objectives moving forward.

SABECO

• 2020 was an unprecedented year due to the COVID-19 pandemic. The Vietnamese government has generally managed the situation well, and contained the spread of the virus. Vaccination has begun in Vietnam and SABECO is working closely with the authorities to procure vaccines for its employees.

THBEV - Responses to Substantial and Relevant Questions

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from Shareholders for the 2021 Virtual AIM 21 June 2021

• In 2021, we will continue to boost sales and gain market share. We want to grow our share in the Mass Premium segment, in particular through the addition of Bia Saigon Chill which was introduced in October 2020. Bia Saigon Chill's taste and packaging have been well received by consumers. We strongly believe that Bia Saigon Chill has great growth potential.
• SABECO will continue to focus on SABECO 4.0 implementation, which we believe will bring about medium-term and long-term benefits to SABECO.
• SABECO will continue to pursue brand innovations to meet or create consumer demand.
• We recognise the importance of SABECO building a culture and environment where employees will feel engaged. By upskilling engaged employees, we will have a powerful workforce that will bring SABECO to greater heights.
• SABECO will continue to focus on operational excellence through relentless pursuit of reduction of energy consumption, raw material and packaging usage, transportation costs, and centralized and joint procurement. This will help us improve margins and profitability.
• SABECO is a Vietnamese company with a long and proud heritage. Bia Saigon was born in Vietnam, and we want to fly the Vietnamese flag high by making Bia Saigon an internationally recognized and respected brand, as the Pride of Vietnam.

Non-Alcoholic Beverages (NAB)

• We continue to build on our strategic foundation of "Profitable Volumes for Sustainable Growth", and to embed our strategic imperatives across all aspects of our operations - from our management team to our frontline staff.
• Our key theme for the NAB business this year is "Growing Sustainably, Rising
  Towards a Digital Future". The three key pillars of this theme are Sustainability, Production & Supply Chain Excellence, and Brand & Reach. To accomplish our objectives, we have adopted digital technology in the operations and management of our business, and have upgraded our work processes to enhance efficiency.
• "Sustainability" - one of the top priorities for our entire supply chain from material procurement to the reuse of packaging. Environmental conservation is at the heart of our practices, and we aim to continue improving our sustainability efforts each year. We have been inculcating a corporate culture that values sustainability from a grassroots level by developing an employee mindset that is dedicated to achieving the full potential of ThaiBev's sustainable practices.
• "Production & Supply Chain Excellence" - We aim to enhance the connection of our world-class production facilities with ThaiBev's extensive logistics network. We have incorporated artificial intelligence technology that helps with analyzing and developing production and distribution processes to support a circular economy, which is in line with our sustainability goals. Our efforts have not only yielded high-quality products, but have also been recognized by environmental awards throughout 2020.

THBEV - Responses to Substantial and Relevant Questions

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from Shareholders for the 2021 Virtual AIM 21 June 2021

• "Brand and Reach" - We aim to develop products that cater to the needs of different consumer groups. We are also building efficient sales and distribution channels that enable the prompt and extensive distribution of products to consumers. We have established a significant presence in key beverage segments, with our brands leading in their respective categories. In addition, as we move towards a digital future, we have developed various digital platforms to connect and engage with our customers and consumers.

Food

• Food retail business was directly impacted by COVID-19. Our sales have dropped sharply since mid March 2020. Since then, it has gradually picked up even though business has not recovered to pre-COVID-19 levels. However, it is still the case that whenever there are new surges in COVID-19 cases, our sales are impacted immediately and this was the case when the 2nd wave of COVID-19 occurred in Thailand in December 2020 - January 2021. The pandemic impacted our business directly during peak season for the first half of 2021.
• Three strategic imperatives we have implemented to secure our current situation and for the future are:
• "Maximize profit from our current assets" - We have worked to transform our kitchens from dine in to be able to support take away and home delivery service. We continue offering aggressive promotions to attract new users and value seekers, and strive to grow off-premise operations as our key strategy going forward.
  We also continue our efforts to have better cost management e.g., price optimization, menu rationalization, waste management, logistics management, labor productivity improvement, and to reduce other expenses.
  In addition, we have implemented back to basics actions to reinforce and ensure that our systems & safety standards e.g., food safety or hygiene standards, are in place.
• "Continue to expand brand presence that is relevant to the new normal" - We continue to expand brand presence by opening new stores to drive deeper penetration, with different models / formats to address the changes in consumer behaviour e.g., light investment and compact model, opening of new outlets outside shopping malls. These outlets must support take away and home delivery opportunities. In addition, we are working on other new initiatives with better & smarter outlets built e.g., food truck, cloud kitchen, compact drive thru stores, and smart box.
  We also launched new product categories to capture current trends e.g., sauces (for home cooking), and healthier product options which consumers nowadays look for.

THBEV - Responses to Substantial and Relevant Questions

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from Shareholders for the 2021 Virtual AIM 21 June 2021