OPPORTUNITY DAY Q2/2021 - set.or.th

TRANSITIONING TO A LOW CARBON WORLD 1

OPPORTUNITY DAY

Q2/2021

August 17th 2021

2

Disclaimers

The information contained herein is intended to represent the Company’s operating and financial

position at a given point in time and may also contain forward looking information which only

reflects expectations based on the prevailing geo-political, economic and non-controllable factors.

Such information has been obtained from sources believed to be most reliable and the means in

analyzing and preparation of such information for disclosure are based on approve practices and

principles in the investment industry. The views are based on assumption subject to various risks

and uncertainties and no assurance is made as to whether such future events will occur. No

assurance is made as to the accuracy or completeness of information presented in this document.

3

AGENDA

Industry Review

Business Overview

Key Updates

Q2/2021 Review

Outlook and Investment Plan

4

Industry Update

Validates Our Strategy

“Climate change is already affecting every

inhabited region across the globe

with human influence contributing to many

observed changes in weather

and climate extremes”

IPCC AR6 WGI

5

Change is coming

Many companies grapple

with climate change math

IPCC report is ‘code

red for humanity’

Beijing’s response to IPCC:

Climate ‘blue paper’ and ‘Coal

price rises’

News Headlines Regarding IPCC and Climate Change Across the World:

Source: CNN, Bloomberg, CarbonBrief

Lawmakers, Biden administration warn

over UN climate and need for

urgent action

The concern from scientists: Earth is

warming faster than previously thought

6

•Quicker legislation

•Wide sweeping changes

•Punishing policies

•Carbon adjustment tax

•Carbon quotas

•Carbon trading

•FDI flows will flow to green economies

•Thailand falling behind with inadequate net

zero commitments (Target 2065)

•Politics will prevent national competitiveness

•Supermarket requirements

•MNC requirements

•Consumer requirements

Impact of IPCC

Regulation

Carbon tax

Thailand implications

Business policy

IMPACT of IPCC: Thailand will not be competitive by 2025

7

Competition will be dominated by next generation plant-based meat products – what ‘Next’ means will change frequently

Total U.S. Plant-based sales by Category in 2019

1,858.0

1,234.0

801.0

387.0

118.0 70.0 6.0

Milk Other Dairy Meat Meal Tofu &

temph

Condiments eggs

Unit: Million USD

Asia will follow US plant-based adoption roadmap, but not fully

• Plant based has reached 12% US household penetration

• Plant based meats has taken a 3% market share from meat

Market is still wide open for market share and sales growth

• Beyond Meat only has 18% market share TTM despite having spent and invested the

most capital showing the struggles to maintain market share – clearly not the future

of protein

• Plant based meat still has room to grow for Multinational brands, supermarket brands

– its not just about Start ups. OEM Opportunity is still very much an exciting space

• Category is not just about next generation; shelf stable meat is still growing (NRF

products)

• Growth on shelf is slightly deceleration as volume shifts to food service due to re-

opening up of the U.S. retail

129.0

264.0

140.0 141.0

2019 2020 1H/2020 1H/2021

+0.7% YoYBeyond Meat

Growth

Supermarket

Growth

Plant-based Meat Market

Unit: Million USD

Beyond Meat Revenue from U.S. Retail

$1.4 trillion

Size of the Global

Meat Category

Size of the U.S

Meat Category

$270 billion

The world is going to transition to carbon negative foods sooner,

NRF will lead in key markets where we have regulatory, carbon or scale

advantage due to our business model

9

AGENDA

Industry Review

Business Overview

Key Updates

Q2/2021 Review


10

Company Highlights

“We aim to be a global leader in foods that will lead to decarbonization of the world and

to generate exponential returns to shareholders by working on solving the problems of

humanity arising from the food system”

Our key verticals from plant

based to ecommerce will

generate QoQ growth

Entered SET 100 &

ESG 100 within 9

months

Recognized sustainability leader

in Thailand and by many

multilateral organizations

Solving the 2050 food crisis

represents the largest

opportunity of our lifetime

Climate change is the

challenge of our

lifetime

We aim to be the world’s recognized

leader in co-manufacturers of

sustainably produced foods

Our business model is globally

unique and solves pain points

within the food industry

11

NRF operates an integrated low carbon food platformProviding an end-to-end solution in the production of sustainably produced food

Specialty ingredients that

advance product

characteristics or

reduce carbon

01Global manufacturing

platform sets us apart from

competition with innovation

centers.

02Brand portfolio that allows us

to innovate and quickly roll

out products into the market

03eCommerce, Retail

& Community

Plants

FunctionalNovel

Specialized facilities

Smart production

Blockchain

Global platform, regional

production, localization,

teams

Plant based

Ethnic Foods

Functional foods

04

12

Focused on scaling to

be the first in the

world to deliver a

consistently produced

and priced product

across regions

Our goal of having a

carbon negative

footprint will set us

apart from our

competitors as the

only true choice for

millennials

Our product mission

and our corporate

mission both are

aligned to

decarbonization and

not harming animals.

Custom proteins will

enable us to offer

products that in

certain regions will

enable us to compete

without peers and

make us the preferred

global partner of

brands

eCommerce and

innovative retail

marketing will allow us

to grow our total

addressable market by

upselling to existing

customers and

creating new ways for

people to experience

plant based

Corporate

mission to

product

purpose

alignment

Global Platform

Regional

Production

Carbon

Footprint and

Farmer Welfare

Vertical

Integration with

a focus on

Technological

Innovation &

Specialty

Ingredients

Focus on

Community,

Omni Channel

Distribution and

Marketing

Building competitive advantage in Plant based

AGENDA

Industry Review

Business Overview

Key Updates

Q2/2021 Review


13

Strategic Pillars of Growth

14

Stakeholder Guided Operations Driven by SOLID Culture

Win with Data

Win Online

Win with a Global

Plant-based Platform

Leading Specialty

Food Manufacturer

Win Clients with

Sustainability

People

Our vision is people will consume an alternative proteins-based meal once a day

Our purpose is to transform our food system for a more inclusive and sustainable world

Our goal is to be the world’s leading co-manufacturer of alternative proteins & low carbon foods

Str

ate

gic

Pri

ori

ty

1 2 3 4

OP Margin Expansion Grow Sales & Market Share Triple Bottom Line Growth


Strategy 1: Win with Data, Win Online

15

2023 Goal Revenue 4-5,000,000,000

Brand Portfolio

New product

launch under the

Primelabs brand

Q3 2021

Q4 2022 Preparing for

offline launch of

prime into health

retail

Q3 2021

Q4 2022

Q3 2021

Q1 2021

Product produced

by NRF V Shape

under Prime Labs

brand launch

FDA approval and

expected sale of

Prime labs products

in Thailand

NRF is setting up a

eCommerce

platform to sell own

branded products in

Thailand and ASEAN

Setting up payment

gateway

Partner with

existing companies

to channel volume

Target complete 6

acquisitions in 2021

SPA for leading gummy

supplement

Revenue $4-5m

EBITDA $600k

Under LOI negotiations

with 2 companies

NRF Value-Add E-commerce New Deals

1

16


2023 Goal Revenue 4-5,000,000,000

Ecosystem update Innovation

✓ Unovis Completes fund raise

✓ Launching Cohort number 4

✓ Potentially seeing second exit

✓ Nove team currently working with 10

start ups across the eco-system.

Focus of collaboration is on Cell

based protein and co-manufacturing

Unovis NCAP Fund II

Invest in plant-based and

alternative protein startups, from

production to distribution processes

Strategy 2: Win with a Global Plant-based Platform

Project: Small innovation center

& co-manufacturing center

partnership with a leading start

up and industry veterans

Purpose: Produce next

generation plant-based foods

Goal: Scale and replicate into

other regions

Expected investment: $500,000.

Due to the sheer demand its

expected to be fully booked out

and break even in Phase 1

Location: Silicon Valley

Project 1: Establish partnership with Khon Kaen University to set up

a Future food center

Project 2: Collaborate on Thailand’s first plant-based Masters

Degree

Location: Thailand

1 2

17

Growing Proteins

Growing Production

Brand & Product Sales

• Company formation Mid August

• Factory and retail store site selection

in progress

• Organization recruitment of key

members in process

• BRC Audit delayed for a second time due

to COVID new schedule is September

delaying full ramp up of production

• Agreement drafting between NRPT and

PBB for the Thailand Facility

• Planning stage with China facility

• LOI to acquire textured protein company

together with Nove foods

• Preparing to launch PBB branded sausage

in the UK

• Launch in 2,500 stores Sprouts and Kroger

• Working on NPD produced by Nove

Set up co-manufacturing factory for export

of plant-based foods and frozen meals /

build or buy talks

• >40 SKU and in talks with Distributors

in Thailand, the UK, US and Singpore

• Preparing to launch Nove Eats QSR

• Converting Sukumvit Lab into plant-

based ghost kitchen to support Nove

products and partners

• Acquired production plant in Vancouver.

• Will begin testing production in Q4/2021

in Thailand with Nove

50% 50%

Strategy 2: Win with a Global Plant-based Platform


2023 Goal Revenue 4-5,000,000,000

1 2

“Upstream” “Midstream” “Downstream”


Strategy 3: Leading Specialty Food Manufacturer

18

2023 Goal Revenue 4-5,000,000,000

Thailand Sales New Production Transforming Ratchaburi plant

Launched Por Kwan Brand

in Thailand of 8 SKU with

SINO Pacific with good

feedback

SABZU local launch is gaining

traction

Currently exploring setting up

co-manufacturing lines in

Europe and the United states

on certain volume products

Moving Soy milk line to NRF

Facility closer to the city

To better maximize production efficiency and due to a large

contractual order we are changing the factory from Soy milk to

Specialty pet food

Plant based pet food

3 yrs

Specialty Pet Food

Soy Milk

The factory will be injected into an existing pet

food company with order book of 300,000,000

for a stake of 65%

1 2 3

19


2023 Goal Revenue 4-5,000,000,000

Signed agreement to grow and extract Hemp CBD

and Hemp Oil with Khon Kaen university

Planted first plot expect to receive shipment in 60

days of Hemp Oil and CBD for NPD

Expanding plots of 40 rai with first grow in November

expected sales price per kilo of CBD is 35,000 with the

goal to be the most competitive scaled cbd producer.

We expect to generate 15-20m in net profit per 40 rai

plot

Strategy 3: Leading Specialty Food Manufacturer

Progress with supply chain for Hemp fiber,

protein, oil and CBD

1 2 3

AGENDA

Industry Review

Business Overview

Key Updates

Q2/2021 Review


20

COVID-19 Impact and Updates

Global Logistics Issues Plant And Bean Ltd. Facility

NRF continues to maintain proactive measures to prioritize safety and business continuity

Employees

• Offer free vaccination for all our

employees and their relatives

• Screening point for temperature check

• Work from home policy

Operation & Factory

• Disinfection measures

• Social distancing policies

Customers & Society

• Several donations to high-risk

community and medical teams

Due to COVID-19 situation in Europe, BRC approval was

postponed again to September 2021. However, with UK

Opening Up Policy, we expect to see no further delays.

Production will start ramping up immediately afterwards

Currently, the PBB team has been working with

customers to onboard them and process NPD as

quickly as possible

It is expected to see improved performance in Q4/2021

Key Industry-wide challenges:

• Container shortages

• Shipment delays

• Significant increase in freight prices

Approximate Baht 100M worth of shipment was

impacted and rescheduled to July 2021, shifting this

revenue to be recognized in Q3/2021

We are well-aware and closely monitor and support

our clients, helping them to find cargo ships/containers

as much as possible to mitigate risks

21

22

Global Container Shortage Shift Q2 Performance

100 million worth of containers (manufactured & loaded into containers) and delivered to the port were

unexpectedly delayed in the last week of June due to rescheduled container ships, moving revenue to July 2021

Q2/2021 Operating Revenue Impact:

Q3/2021

100

Impact of container

shortage and

shipping delays

Rescheduled to July 2021, shifting revenue to Q3

Unit: million THB

✓ Orders Produced

✓ Orders shipped to Port

30.5%

30.9%

38.2%

Q2/19

Q2/20

Q2/21

Strategy and business model is being validated with IPCC

Well-positioned to take advantage of the coming global change

• Carbon negative business will translate into business opportunities

• All underlying trends are accelerating to an inflection point

• Focused on execution against strategies

• COVID and container crisis a temporary issue as we build regionalised production

• Business model execution

Container mitigation in Q3

23

Exceptional Quarter 2 results but hampered by container issues

Gross Margin

Operating Revenue

EBITDA

Normalized Net Profit

91%

82%

82%

9%

7%

3%

5%

15%

287

327

448

Q2/19

Q2/20

Q2/21

55

71

91

Q2/19

Q2/20

Q2/21

2020-21

+37.0%

2019-20

+13.9%

2020-21

+7.3%

2019-20

+0.4%

2020-21

+28.2%

2019-20

+29.1%

2020-21

-38.3%

2019-20

-4.1%16

21

13

33

26

16

49

47

29

Q2/19

Q2/20

Q2/21

Net profit Normalization Adjustments*

Ethnic Plant-based Functional E-com

%YoY

%YoY

%YoY

%YoY

Unit: million THB

Overall Operating Revenue Breakdown by Business Line

Million Baht, %

24

YoY: Q2/2021 vs Q2/2020:

In Q2/2021, the Company reported consolidated operating revenue of Baht

448 million, increased by Baht 121 million or 37.0% mainly due to:

• Ethnic Food Revenue: increase from existing customers in North Americaand Europe regions, mainly from Recipe Mix and Ready-to-Eat

• Plant-based Food Revenue: decrease from lower orders from majorcustomers as a result of cargo shortages from global logistics issues

• Functional Product: no sales of V-shapes alcohol gels and no sales of V-shape machine occurred in this quarter

• E-commerce: increase in consolidated revenue from BOOSTED NRF Corp.,

37.0%

Ethnic Food

Plant-Based

Food

Functional

Product

88%

82% 82%

89%

82%

7%

7%

3%

7%

5%

5%

4%

4%

2%

7%

15%

11%

327

472448

592

920

Q2/20 Q1/21 Q2/21 1H/20 1H/21

E-commerce

-5.1% QoQ

+37.0% YoY

+55.4% YoY

QoQ: Q2/2021 vs Q1/2021:

In Q2/2021, the Company reported consolidated operating revenue of Baht

448 million, slightly decreased by Baht 24 million or 5.1% mainly due to:

• Ethnic Food Revenue: decrease from Own Brand products, especially Recipe Mix products to North America region due to cargo shortages and shipment delays from global logistics issues (valuing 100MB). If NRF was able to fulfill all shipments, revenue performance would be as planned

• Plant-based Food Revenue: decrease from lower orders of Ready-to-Eat Konjac Products from major existing customers as a result of cargo shortages and concerns on increasing freight costs

• Functional Product: no sales of V-shape machine in this quarter • E-commerce: increase in revenue from Prime Labs and SOL Trading

5.1%

YoY: 1H/2021 vs 1H/2020:

In 1H/2021, the Company reported consolidated operating revenue of Baht

920 million, increased by Baht 328 million or 55.4% mainly due to:

• Ethnic Food Revenue: increase in own-branded products in all categories and higher orders from major OEM customers in North America and Europe regions, and higher revenue from City Food consolidation

• Plant-based Food Revenue: increase konjac products from major customers during Q1/2021

• Functional Product: no sales of V-shapes alcohol gels in 2021• E-commerce: increase in revenue consolidated from BOOSTED NRF Corp.,

55.4%

YoY

QoQ

YoY

OPERATING REVENUE

25

Gross Profit and Gross Profit Margin GROSS PROFIT AND GROSS PROFIT MARGIN

Million Baht, %

101

154171

184

325

Q2/20 Q1/21 Q2/21 1H/20 1H/21

30.9% 32.6% 38.2%31.1% 35.3% Gross

Profit

Margin

Gross

Profit

+69.3% YoY

+11.0% QoQ

+76.6% YoY

YoY: Q2/2021 vs Q2/2020:

Gross Profit was Baht 171 million, increased by Baht 70 million or 69.3%

mainly from higher consolidated revenues from Prime Labs and SOL

Trading under E-commerce business

Gross Profit Margin also improved to 38.2% mainly as a result of synergy

received from BOOSTED NRF Corp. as E-commerce Business generated

higher gross profit margin

69.3%

QoQ: Q2/2021 vs Q1/2021:

Gross Profit was Baht 171 million, increased by Baht 17 million or 11.0%,

mainly due to higher operating revenue from Prime Labs and SOL Trading

under E-commerce business and Thai Baht depreciation

Gross Profit Margin also improved to 38.2% mainly due to higher margin

from E-commerce business and the absence of sales of V-shape machine

which contributed to lower margin

11.0%

YoY: 1H/2021 vs 1H/2020:

Gross Profit was Baht 325 million, increased by Baht 141 million or 76.6%,

mainly due to increase in consolidated revenues from E-commerce

business

Gross Profit Margin also improved to 35.3% mainly due to higher margin

from E-commerce business

76.6%

YoY

QoQ

YoY

77%

73% 64% 75%

68%

23%

27%36%

25%

32%

53

114126

106

240

Q2/20 Q1/21 Q2/21 1H/20 1H/21 26

SG&A AND SG&A TO REVENUE

SG&A and SG&A to Total Revenue

Million Baht, %

15.7%23.4% 27.1%

17.5%25.2%

SG&A to

Total Revenue

Selling

Expense

Admin

Expense

+137.7% YoY

+10.5% QoQ

+126.4% YoY

YoY: Q2/2021 vs Q2/2020:

SG&A was Baht 126 million, increased by Baht 73 million or 137.7% mainly

from the:

• Increase in expenses consolidated from BOOSTED NRF Corp. and City Food

• Increase in employee salary expenses from team expansion to support

Company growth

SG&A to Total Revenue was 27.1%, increased from 15.7% mainly due to:

• Increase in expenses consolidated from BOOSTED NRF Corp. and City Food

• Impact from the container shortages, shifting Baht 100 million worth of

revenue to Q3/2021 while SG&A costs for those shipments were already

recognized in this quarter

11.4%

QoQ: Q2/2021 vs Q1/2021:

SG&A Baht 126 million, increased by Baht 12 million or 10.5% mainly from

the:

• Increase in expenses consolidated from BOOSTED NRF Corp.

SG&A to Total Revenue was 27.1%, increased from 23.4% mainly due to:• Increase in expenses from BOOSTED NRF Corp.

• impact from the container shortages, shifting Baht 100 million worth of



3.7%

YoY: 1H/2021 vs 1H/2020:

SG&A was Baht 240 million, increased by Baht 134 million or 126.4% which

was in-line with the increase in revenues and mainly from the:

• Increase in expenses from City Food and BOOSTED NRF Corp.,

• Increase in salary expenses from team expansion

• Investment-related expenses such as professional and legal fees in Q1/2021

SG&A to Total Revenue was 25.2%, increased from 17.5% mainly due to:

• Increase in expenses from City Food and BOOSTED NRF Corp.,

• Salary expenses to support business expansion and investment-related

expenses

• impact from the container shortages, shifting Baht 100 million worth of



7.7%

YoY

QoQ

YoY

27

NORMALIZED EBITDA AND EBITDA MARGIN

Normalized EBITDA and Normalized EBITDA Margin

Million Baht, %

EBITDA

Normalized

EBITDA

Margin

YoY: Q2/2021 vs Q2/2020:

Normalized EBITDA was Baht 93 million increased by Baht 20 million or

27.4%, which included EBITDA of Baht 91 Million and normalization

adjustment items of Baht 2 million, which are investment-related fees. The

increase was primarily driven by the increase in operating revenue and

higher gross profit margin from BOOSTED NRF Corp. under E-commerce

business.

Normalized EBITDA Margin was 20.0%, dropped from 21.7%. mainly due to

increase in total revenue in a higher proportion than the increase in EBITDA

27.4%

QoQ: Q2/2021 vs Q1/2021:

Normalized EBITDA was Baht 93 million decreased by Baht 16 million or


adjustment items of Baht 2 million. The decrease was due to the lower

amount of normalization item from lower investment-related fees. EBITDA,

however, increased by 8 million or 9.6% to Baht 91 million, mainly from the

enhanced gross profit margin from E-commerce business

Normalized EBITDA Margin was 20.0%, dropped from 22.4% mainly due to

the lower normalized EBITDA from lower amount of normalization item.

However, EBITDA Margin improved from 17.0% in Q1/2021 to 19.6% in

Q2/2021 as a result of high margin from E-commerce business

YoY: 1H/2021 vs 1H/2020:

Normalized EBITDA was Baht 202 million increased by Baht 68 million or


adjustment items of Baht 28 million, which consisted of investment-related

fees. The increase was mainly from the significant increase in operating

revenue and as well as synergy received from BOOSTED NRF Corp., resulting

in higher gross profit

Normalized EBITDA Margin was 21.2%, decreased from 22.2% mainly due

to increase in total revenue in a higher proportion than the increase in

EBITDA

50.7%

YoY

YoY7183 91

131

174

2

26 2

3

28

73

109

93

134

202

Q2/20 Q1/21 Q2/21 1H/20 1H/21

+27.4% YoY

21.7% 22.4%20.0%

22.2% 21.2%

+50.7% YoY

-14.7% QoQNormalization

Adjustments*QoQ

14.7%

21 2113

4134

26

48

16

52 64

47

69

29

9398

Q2/20 Q1/21 Q2/21 1H/20 1H/21

28

-38.3% YoY

13.9% 14.2%

6.2%

15.4%10.3%

Net

Profit

Normalization

Adjustments*

*Note: Normalization adjustment items are expenses that are not related to normal or core business operation which include IPO-related expenses, IPO special bonus, professional and legal

fees for investment-related activities, and business acquisition loan interests and front-end fees, amortization of customer relationships acquired from business acquisitions, service fees for

investments (Cold Chain Project), and City Food acquisition-related fees

NORMALIZED NET PROFIT AND NET PROFIT MARGIN

Normalized Net Profit and Net Profit Margin

Million Baht, %

Normalized

Net Profit

Margin

+5.4% YoY

YoY: Q2/2021 vs Q2/2020:

Normalized Net Profit Baht 29 million decreased by Baht 18 million or

38.3%, which includes the normalization adjustment items of Baht 16 million.

The decrease was mainly from lower adjustment items from lower interests

from long-term loan prior to IPO as well as lower Net Profit from higher loss-

sharing from Plant And Bean Ltd. as BRC approval was postponed to

September 2021. As production will then start ramping up, it is expected to

see further improvement in Q4/2021

QoQ: Q2/2021 vs Q1/2020

Normalized Net Profit Baht 29 million decreased by Baht 40 million or

58.0%, which included Net Profit of Baht 13 Million and normalization

adjustment items of Baht 16 million. Normalized Net Profit Margin also

dropped from 14.2% in Q1/2021 to 6.2% Q2/2021.

The decrease was mainly from lower amount of adjustment items from lower

investment-related fees and lower Net Profit as a result of the impact of

container issue as SG&A expenses for the delayed shipments were already

recognized in this quarter while the revenue has been shifted to Q3/2021

and the increase in loss-sharing from Plant And Bean Ltd. from the BRC

approval and higher expenses from BOOSTED NRF Corp.

YoY: 1H/2021 vs 1H/2020:

Normalized Net Profit Baht 98 million increased by Baht 5 million or 5.4%,

which included Net Profit of Baht 34 Million and normalization adjustment

items of Baht 64 million. Major portion of the normalization items consisted

of investment-related fees of Baht 28 million, which directly affected the Net

Profit.

Normalized Net Profit Margin dropped from 15.4% in 1H/2020 to 10.3% in

1H/2021. Other factor included higher expenses from BOOSTED NRF Corp.

and City Food and the increase in loss-sharing from Plant And Bean Ltd. from

the postponed BRC approval which is expected to receive in September 2021

and will start ramping up production afterwards

YoY

QoQ

YoY

-58.0% QoQ

38.3%

58.0%

5.4%

29

Statement of Financial Position

STATEMENT OF FINANCIAL POSITION

Million Baht, %

ASSETS LIABILITIES AND EQUITY

2,574 2,638

311 306

202 315143

524

1

143

65

104

63

25

3,358

4,055

31-Dec-20 30-Jun-21

77% Shareholders’ Equity

Current potion of Long-term Loan

Deferred Tax

Liabilities

Long-term Loan

Trade & Other Payables

1,675

2,093

626

613284

285188

207

224

251

-

204

187

167

104

190

70

45

3,358

4,055

31-Dec-20 30-Jun-21

52%

15%

6%

7%

5%

4%5%

Short-term loans to Associate

Short-term Loan from Banks

1%

Intangible Assets

and Goodwill

PP&E

Trade & Other receivables

Investments in Associate

InventoriesCash & Cash Equivalents

Non-Current Financial AssetOthers

Others

5%

50%

19%

8%

6%

7%

6%3%1%

9%

6%4%2%2%

13%3%3%1%

8%

7%

65%

Total Asset: As of 30 June 2021, the total assets of the Company were Baht 4,055

million, increased by Baht 697 million or 20.8% from 31 December 2020 mainly

due to:

✓ Short-term Loans to Associate Company: increased by Baht 204 million

mainly due to loans given to Plant And Bean Ltd. for facility expansion and

working capital

✓ Non-current Financial Assets: increased by Baht 86 million from increase inplant-based investments in Wicked Foods Inc. and Konscious Foods Inc.

✓ Intangible Assets and Goodwill: increased by Baht 418 million mainly due to

the increase in trademarks acquired from Prime Labs and SOL trading deals

under E-commerce business

Total liabilities: As of 30 June 2021, the total liabilities of the Company were Baht

1,417 million, increased by Baht 633 million or 80.7% from 31 December 2020

mainly due to:

✓ Short-term Loan from Banks: increased by Baht 381 million mainly from loans

for further investments and for City Food debt repayment

✓ Long-term Loan: increased by Baht 143 million mainly from loans for further

investments

✓ Trades and Other Payables: increased by Baht 113 million mainly from the

increase in current portion of seller notes from BOOSTED NRF Corp.

Total Equity: As of 30 June 2021, the total shareholders’ equity of the company

was Baht 2,638 million, which increased by Baht 64 million or 2.5% from 31

December 2020, mainly due to the increased retained earnings and the sales of

BOOSTED shares which resulted in 5x return

Industry Review

30

Business Overview

Key Updates

Q2/2021 Review


AGENDA

Project Progress and Outlook

31

NRF Consumer Ltd Superplants Ltd

1

2

3

1

2

3

2021

Corporate

progress

2021

Corporate

progress

Deploy additional 500m in equity and debt to acquire 4-6 companies

Take the best products and sell into Asia through NRFC Omni channel platform

Launch products made by NRF into Boosted NRF platform

Build 2 rai control farm and phase 1 40 rai hemp fiber, protein and CBD grow farm

Develop company owned SKU

Plans to launch Cookies and Hemp house (GTH)

1

6

1

2

2

Q1/21 Q2/21 Q3E/21 Q4E/21 Total

Pipeline: Numbers of Companies Acquired

Unit: No. of Companies

Pipeline: GTH Grow Area

Unit: Rais

42

2

40

Q1/21 Q2/21 Q3E/21 Q4E/21 Total

336.5

1,075.0

1,000.0

413.1

224.8

19-20 2021 22-23

32

NRF Investment Plan Summary

3,049.4

480.0

1) INVESTMENT PLAN

2019-2020 Total2022-2023

2) NRF CAPACITY EXPANSION PLAN

Total

Konjac Machine

Dedicated Plant-Based Facility

Million Baht

Million BahtEthnic Food Capacity Expansion

2021

2019-2020 2022-20232021

215.0

150.0

115.0

2019-2020 2021 2022-2023

IPO proceeds Warrant, Loans, Working Capital

Total 551MB 1,638MB 3,529MB1,340MB

New Protein Fund I LP

Unovis NCAP Fund II”

GTH – Investment in Hemp

Mad Meat

Retail Store

Source of fund:

33FOOD FOR FUTURE GENERATION

Thank You

Please scan to give us your feedback

Contact

Investor Relations

Tel: 065-508-9666

Email: [email protected]

mailto:[email protected]

Appendix 1

Group Structure and

Investment Plan

34

Specialty FoodseCommerce Plant basedFunctional nutrition

NRF

Updated Group Structure

35

Nove foodsNRF Consumer Super plantsCity foods

100%

Boosted eCommerce

Boosted NRF

3.1%

55%

45%

Prime Labs

SOL Trading

Well Path SPA

Nakorn Pratom

Factory

Rajburi

Factory

100% 100% 100%

GTH50% 50%

Updated as of 17 August 2021

Man

ufa

ctu

rin

gB

ran

dEco

syst

em

Alternative diary

Ie. Soy Milk

New Facility

Specialty Pet

Food

NRPT

Plant and Bean

Konscious

Wicked Kitchen

Big Idea Ventures

Unovis AM

Nove Eats

Root the Future

Corporate

investments

Phuture

Meatless Farm

Fluid energy

V Shape Partnership

Miracle noodle

Konjac Partnership

Dedicated production lines

36

NRF Investment Plans (1/3)

NameType of

Investment

Investment Amount (Million Baht)

Total Investment

2019-2020 2021 2022-2023

New Protein Fund I LP

Equity

1.1%

Equity

10.0%

Equity

25.0%

Equity

80.0%

Unovis NCAP Fund II

Equity

3.33%**

Equity

8%

Mad MeatEquity

51%

Equity

1.8%

Invest in New Protein Fund under BIV

Invest in BIV

15.2

15.4

25% in PBB (GBP 5m)

198

363.6

165.6

Additional Investment

6.1*

3.3*

Pla

nt-

Base

d

9.3

1) INVESTMENT PLAN

(GBP 4m)

Invest in Ocean Hugger (USD 0.1m)

3.1 3.1

118

Invest in plant-based startups (EUR 5m)

190

Note: *Numbers may be changed as a result of the change in proportion to balance investment share**In the process of fundraising, equity amount may change

Additional Investment

1.4 10.5

32.1

5.1

32.1

5.1

47.9

47.9

72

37


NameType of

Investment


Total Investment

2019-2020 2021 2022-2023

Asset

GTHEquity

49%

Equity

3.7%

Equity

55%

Total Investment 336.5 MB 1,488.1 MB 1,224.8 MB 3,049.4 MB

3590

144

Purchased 2 V-shape Machines Purchased >5 V-shape Machines

91

Fu

ncti

on

al

E-c

om

merc

e

1) INVESTMENT PLAN

91

3.7% in BOOSTED USA (USD 3m)

55% in BOOSTED NRF Corporation (USD 10m)

19

Purchased 1 V-shape Machines

BOOSTED NRF

Corporation

2,075

358

717

1,000

67*

67*

Investment in Hemp

Note: *Value can increase up to 77.8MB depending on Fair Value

38


NameType of

Investment


Total Investment and Equity

2019-2020 2021 2022-2023

Konjac Machine

Plant

Expansion

Plant-Based

Facility with

PBB

Plant

Expansion

Retail Store

with PTTRetail Shop

Ethnic Food

Capacity

Expansion

Plant

Expansion

Total Capacity Expansion 215.0 MB 150.0 MB 115.0 MB 480.0 MB

Total Investment 551.5 MB 1,638.1 MB 1,339.8 MB 3,529.4 MB

Pla

nt-

Base

dEth

nic

Purchase 2nd Konjac Machines

30

Purchase 1st Konjac Machines

150

150

Acquire 100% of City Food

(45% Capacity Expansion)

300

100

200

2) NRF CAPACITY EXPANSION PLAN

1515

Additional Capacity Expansion

D/E < 1.0 Debt/EBITDA <3.0Target

Appendix 2

Financial Performance

Support

39

Revenue mix – Q2/2021

40

Q2/2021

Revenue

448Million Baht

3%

Functional Products1%

Plant-based Food

Jackfruit meat,

Konjac Noodles,

Soymilk

V-shapes equipment

81%Seasoning, Recipe Mix,

Ready to Eat, and

Beverages

Ethnic Food

15%Revenues from

BOOSTED NRF Corp.

Carbon Neutral business Carbon Negative Business The 3 P’s

PEOPLE

PLANET

PERFORMANCE

Total Followers across all our

impact Social media = 41,894

Total Impressions for our

social impact content =1.3 Million

Carbon Reduced

Energy Saving - LED

CO2 Emission reduction

= 527,665.34 kg CO2e/year

Carbon Offset

= 4,878 ton CO2 eq/year

Operating Revenue +37.0% YoY

EBITDA +28.2% YoY

Normalized Net Profit -38.3% YoY

E-commerce Business

OEM

99%

Brand

1%

Plant-based Breakdown

✓ Proportion of Brand will grow fast in the near future

Overall Operating Revenue Breakdown by Region

89% Revenue from Foreign Countries 11% Revenue from Thailand

America

Europe

Asia

Q2/20 Q1/21 Q2/21

Revenue from America

Revenue from Asia

11%

6%

OPERATING REVENUE

Million Baht, %

103 113 124

Q2/20 Q1/21 Q2/21

Revenue from Europe

54 32 28

Q2/20 Q1/21 Q2/21

50 61 48

Q2/20 Q1/21 Q2/21

Revenue from Thailand49%

28%

18 24 29

Q2/20 Q1/21 Q2/21

6%

Oceania& Africa

Revenue fromOceania& Africa

-15% QoQ

-48% YoY

-21% QoQ

-4% YoY

+21% QoQ

+61% YoY

41

• America, Europe and Oceania & Africa have shown significant growth when compared to Q2/2020

• Due to the cargo shortages and increasing freight as a result of global logistics issue, some regions experienced a drop in revenues, especially in Asia.

• Revenues from Thailand has fallen, as a result of lower orders from Re-exporting customers, who has also impacted from the global cargo shortage issues.

-10% QoQ

+115% YoY

+10% QoQ

+20% YoY

Functional ProductsEthnic Food

1H/2021 Business Overview by Business Lines

42

99% 1%

Sales of V-shape Machine and

equipment To Fluid Energy

of 1H/2021

Operating Revenues

70% 30%

OEM Own Brand

2,000 SKUs and 200 Brands

for OEM production

with 7 own brands

Partners/Customers:

Own Brands:

OEM Brands:

OEM

Over 30 SKUs

for OEM Production

Distributors:

82%

48% Recipe Mix

26% Ready-to-Eat

21% Basic Seasoning

5% Others

1 Plant-based

of 1H/2021

Operating Revenues5%2

of 1H/2021


Current Products Example

Future Products Example

• Plant-based Meal Kits

• Konjac Noodles Ready-to-Eat Meals

• Dry and flavored Jackfruit meat

• Eggplant for Sushi

• Plant-based Sauces

• Plant-based Fresh Meat

• Soy Milk

E-commerce

of 1H/2021


Building E-commerce platform,

acquiring category leading food and

consumer products , upselling NRF

products on online channels

NRF Corp.

E-CommerceConsumer

Own Brand

70%

70% 77%

71%

74%

30%

30% 23%

29%

26%

287

384365

528

748

Q2/20 Q1/21 Q2/21 1H/20 1H/21

Million Baht, %

43

OPERATING REVENUE - ETHNIC FOOD

Ethnic Food Revenue Breakdown by Business Model

OEM

Own Brand

+41.7% YoY

+27.2% YoY

-4.9% QoQ

1H: 1H/2021 vs 1H/2020:

In 1H/2021, Revenues from ethnic food was Baht 748 million, increased by

Baht 220 million or 41.7% mainly due to:

✓ OEM Business: increase in revenue from higher order volumes, from both

NRF and City Food major customers in North America and Europe

regions

✓ Own Brand: increase in revenue from higher order volumes of all

product categories to America and Europe regions

27.2%YoY: Q2/2021 vs Q2/2020:

In Q2/2021, Revenues from ethnic food was Baht 365 million, increased by


✓ OEM Business: increase in revenue from existing customers of both

NRF and City Food in North America and European regions, mainly

from Recipe Mix and Ready-to-Eat products

✓ Own Brand: slight decrease in revenue mainly from lower orders of

Recipe Mix products such as shrimp and crab pastes from existing

customers in the United States

QoQ: Q2/2021 vs Q1/2021:

In Q2/2021, Revenues from ethnic food was Baht 365 million, decreased by


✓ Own Brand: decrease in revenue of Recipe Mix products from existing

customers in North America as a result of cargo shortages and

shipment delays from global logistics issues (valuing 100MB). If NRF

was able to fulfill all shipments, revenue performance would be as

planned

✓ OEM Business: increase in revenue from all product categories

41.7%

YoY

QoQ

YoY

4.9%

Q2/2021 Normalized Net Profit Breakdown

Normalization Items

Amortization of

Customer Relationship

44

Q2/2021 Normalization Item Breakdown

Investment-

related Fees

Interest and Front-end

Fees of Business

Acquisition Loans

Unit: Million THB

16

13

Key Financial Ratios

FINANCIAL RATIOS

45

Current Ratio Quick Ratio Inventory Turnover

ROA ROE

Inventory Holding Period Payment Period Collection Period

Current Ratio

ROA ROE D/E Ratio ROA ROE

1.1 1.21.1

Q2/20 Q1/21 Q2/21

Times

6.0%6.6%

6.1%

Q2/20 Q1/21 Q2/21

3.1%

4.9% 4.6%

Q2/20 Q1/21 Q2/21

ROE ROA

5450 51

Q2/20 Q1/21 Q2/21

Days

1.3

0.5 0.5

Q2/20 Q1/21 Q2/21

4348

38

Q2/20 Q1/21 Q2/21

64

5245

Q2/20 Q1/21 Q2/21

Days Days

0.8

0.1 0.2

Q2/20 Q1/21 Q2/21

3.6

1.0 1.2

Q2/20 Q1/21 Q2/21

Net Debt/EBITDAD/E Ratio Net Debt/Equity

Times Times Times

Appendix 3

Industry research

Plant-Based

46

Earth is warming faster than previously thought

IPCC Human Contributed to Hotter Weather Confidence Level

Source: CNN

• IPCC assessed confidence level of human contribution to hotter weather since

1950 by regions

• Asia, Europe and North America has high confidence level for contributed to

higher global temperature by human activities

• With the higher weather, there are 3 key effects to global climate including the

increase of drought, more frequent flooding and worsening hurricanes

Confidence Level

Low Medium High

Effects to Global Climate

More frequent flooding

Increasing of drought and fire danger

Worsening hurricanes

• More than 95% of the Western United

State is facing drought on summer 2021

• Hydroelectric power plant was shut down

due to low level of water in reservoir

• Wildfire seasons are longer and more

destructive than usual due to climate

change

• With the increase of 1 Celsius degree, The

rain can hold more than 7% of water vapor

• The rainfall rates as well as the amount of

precipitation also increase in line with

higher temperature

• More intense of hurricanes, typhoons and

cyclones

• Increasing maximum wind speed

• Extensive coastal flooding

+7%

+maximum

wind speed

48

What is the Definition of Plant-Based?

What is Plant Based?

Plant-based products are defined as direct replacements for animal-based products.

For example: plant-based meat, seafood, eggs and dairy

Includes

Biomimicked meat, eggs, and

dairy (e.g. Beyond Meat)

Functional meat replacement

made from plants (e.g. tofu,

tempeh, jackfruit, seitan)

Meals with animal ingredients

replacement (e.g. Amy’s frozen

meals)

Fungi-and-algae-based

products (e.g. Quorn)

Does Not

Include

Inherently plant-based food

(e.g. Kale, Chickpeas)

B2B ingredient companies

(e.g. Trophic, Duckweed)

Tofu & Tempeh Plant-based

Meat

Plant-based

Milk

Egg Substitute Meals Other Dairy

Alternatives

• Cheese

• Yoghurt

• Ice cream and frozen novelty & desserts

• Butter

• Plant-based dairy spreads, dips, sour cream &

sauces

• Ready-to-drink beverages

• Creamers

• Plant-based condiments, dressing & mayo

Source: The Good Food Institute

Plant-based burger with

cultivated fat

Synthetic gelatin

Hybrid

Products

Fully

Cultivated

Tofu

Fully plant-

based

49

Plant based 2.0 will reframe the category by 2023 disrupting meat and plant-based brands

Meat Products Dairy Products

Animal-based Meat Plant-based Meat

✓ Beef

✓ Chicken

✓ Pork

✓ Bacon

✓ Salami

✓ Sausages

✓ Peperoni

✓ Plant-based Ground

✓ Biomimicked meat

✓ Plant-based sausage

✓ Pea Protein

Animal-based Dairy Plant-based Dairy

✓ Milk Cheese

✓ Yoghurt

✓ Butter

✓ Dairy spreads

✓ Creamers

✓ Plant-based Cheese

✓ Plant-based Yoghurt

✓ Ice cream and frozen

novelty & desserts

✓ Plant-based Butter

✓ Plant-based dairy spreads,

dips, sour cream & sauces

✓ Plant-based Creamers

WHAT’S NEW IN 2021 FOR PLANT-BASED?

New Waves of

Seafood Substitutes

Some brands start to drop plant-

based tuna and use mushroom

for scallops and use plant-based

ingredients to mimic the real-

texture of seafood

Sustainable Packaging

Plant-Based Options

for Kids

Plant-Based Companies start

to provide plant-based snacks

for kids such as yogurts tube,

nuggets and ice pops

Beyond Veggie Burgers

Upgrade of Cheese

Alternatives

Plant-Based cheese makers are

successfully found ways to make

dairy cheese more authentic in

textures and flavors

50

Plant-Based Companies take

packaging innovation seriously

by using packaging that make

from composable, recycled or

biodegradable materials

Many companies introduce

new tasty plant-based

alternatives beside burgers

including hotdogs, Italian-style

sausages and jackfruit BBQ

Not only that Plant-based Food

benefit your health, research has

shown that it can also benefit the

environment and highly sustainable

when compared to normal meat

production

PLANT-BASED

KEY FACTS :

Source: BofA, KKP Research, Business Wire

87% LESSWATER

96% LESSLAND

89% LESSEMISSION

92% LESSAQUATIC

POLLUTANTS

85

100

370

UBS

J.P.Morgan

A.T.

Kearney

51

Plant based is mainstream and this is an imperative

Plant-based to Become Key in Cargill Portfolio

“Our analysis [suggests] that in 3-4 years

plant-based will be perhaps 10% of the

market.”

• David MacLennan, the CEO of Cargill, US-

based major global agricultural company,

announced that plant-based will become key

sector in its portfolio

Global Plant-based Meat Market Projections

Projected Market SizeShare of

Meat Market

23%

7%

6%

(2030)

(2035)

(2035)

Unit: USD Billion

63% 63% 63% 63% 63% 63%

12%12%

13%13%

14%14%

24%24%

24%23%

23%23%

21.2 23.1

35.639.3

43.447.9

52.958.4

2018 2019 2020 2021F 2022F 2023F 2024F 2025F

Global plant-based foods market will see a strong and steady growth with Asia Pacific projected to be the rising star

Global Plant Based Market by Type

52

• Global Plant Based Market is forecasted to grow by 10.4% CAGR between 2020-2025F

and reach 58.4 billion USD in 2025F

• Dairy Products has the largest proportion while Meat has the highest growth of 14.0% CAGR

APAC Q2 Updates

Unit: Billion USD

Dairy

+10.3%

2020-2026FCAGR

Meat

+14.0%

Other

+8.7%

Key Drivers

Increasing Vegan Population

More development of innovative products

Higher Investment in Plant-Based Food

Increasing intolerance of animal proteins

Source: Statista, Meticulous Research, Markets and Markets, imarc, Foodabletv, EY, Euromonitor, Poultry World, BCG

14.1%

North America

Europe

11.6%

Asia Pacific

15.9%

APAC market size reached 163 million USD (2020)

Increasing large number of key players

• First Pride

nugget

launched in

Malaysia in the

coming months

Collaboration of international and

domestic food companies

Growing adoption of emerging

technologies for product innovation

• Chulalongkorn’s

Immune Boosting

plant based meat

won ProVeg Asia’s

2021 award

• Indonesian Green Butcher’s beefless steak

partnered with Japanese Pepper Lunch in Indonesia

• Singaporean

government

invested 72 billion

USD in climate

and food security

plan

Increasing government investment in

R&DPlant Based Food Regional Growth

• Hybrid chicken

nugget infused

with plant

protein eyeing

for China and

Singapore

• Avant (CN) invested

new R&D plant for

cell based meat

with SG Econmic

Development

Board

• Raised Series B

funding (45 million

EUR) to expand into

Asia and Europe

APAC has the highest growth

Singapore as

the most

robust

China as the

biggest market

+

Plant-Based Food Consumers by GenerationThree Interacting Paths to Plant-Based

53

Consumers mostly change their orientation to animal products by taking interacting paths as follows:

01

02

03

Trading up within Animal Products

• Switching red meat for white meat or

fish

• Buying only higher-quality products

e.g. grass-fed, organic, pasture-raised

Reduction of Animal Products

• Reducing frequency of consumption

• Reducing portion size

Trading in Plants

• Increasing Vegetable portion size on

plate

• Replacing some meat and dairy with

plant-based

• Incorporating more vegetarian-

focused cuisines

Source: Hartman Group

54%of all consumers would like

to eat more Plant-Based

food and beverages

52%Of Millennials and

Gen X Consumers

58%of Baby Boomers

Consumers

Ma

jor

Co

nce

rn

Animal Welfare

Environmental Impact

Health Concern

24-55 years old 56-74 years old

Ag

e

Interacting Paths are followed by consumers who want to eat more Plant-Based Food which is approximately 54% according to Hortman Group

35.47 40.2245.6

50.9857

63.7271.24

79.65

2018 2019 2020 2021F 2022F 2023F 2024F 2025F

54

Global Ethnic Foods Market by Type

Unit: Billion USD

• Ethnic Foods Market is forecasted to grow by 11.8% CAGR between 2020-2024F

and expected to reach 79.56 billion USD in 2025F

Direct to consumer shift from online derlivery

Normalization through social media breaks adoption barrier

Expansion of cultural awareness through soft power

Demographic shift from growing millenials to global skill

workforce migration

Key Drivers

Key COVID structural shifts

Key behaviors to continue in post COVID era

Cook at Home Shop OnlineBuy Fresh Food Work from Home

Deloitte’s global consumers’ survey (40K participants from 18 countries)

Home Cooking is likely to continue in post COVID future due to

Structure

Economics

Preferences

▪ Work from home would likely to be

continued as well as infrastructure for online

grocery is proven to operate efficiently

▪ Pandemic has left at least some level of

financial difficulty, and that home

cooking is proven to save more money

▪ Consumers now have more options to

buy healthier ingredients, try new recipe

and reduce waste from take away

Cook at

Home

Restaurant Social Media breaks

adoption barrier

Travel Abroad Local Grocer

+

COVID reconfigures why and how we consume ethnic foods

Cultural curiosity among gen Y and Z:

learning through flavours

Brands came to rescue customers from their longing of living the experience

Emerging softpower of social media• Virtual traveling and cooking class in

Youtube providing both context for cooking

as well as content for international audiences

Before: Ethnic foods are discovered from Now: Consumers recreate experience at home

Source: Deloitte, BOLD Business, Mordor Intelligence, Specialty Foods Association, Mintel, Euromonitor, The Guardian

From feeding people to teaching them how to feed themselves

Online Delivery• Grocery

• Restaurant

+

COVID-19 reshapes our homecooking culture to be more diversified and convenient resulting in normalization of ethnic foods consumption

55

6.79.1

12.416.9

22.9

31.2

2020 2021F 2022F 2023F 2024F 2025F

Unit: Billion USD

Categories▪ Soy-bean (Beef & Pork)

▪ Mung Bean (Chicken)

▪ Jackfruit (Pulled Pork &

Seafood)

▪ Etc. (More to come)

Cross combination with biotech (Cell based fat)

Global Plant Based Ingredient Market by Type Market Maturity Ranked by Ready to Eat

Key Drivers

Decreasing cost overtime for production

technology

Growing advancement in biotech

Beyond’s Pork tissue Pork tissue

Microscopic View

Plant based meat are becoming more identical

High Consumer Responsiveness (Flexitarian)

High Vendor Robustness

While most countries have raw cooking products

available, Ready to Eat products are what distinguish

level of market maturity apart

Tier 1: Red Ocean

Up to Date Regulation

Tier 2: Moderate Blue Ocean

Moderate Consumer Responsiveness (Flexitarian)

Moderate Vendor Robustness

Not up to Date Regulation

High Consumer Responsiveness (Flexitarian)

Moderate Vendor Robustness

Not up to Date Regulation

Tier 4: Blue Ocean

• Global Plant Based Ingredient Market is forecasted to grow by 36% CAGR

between 2020-2025F and reach 31.2 billion USD in 2025F

Markets with no existing ready to eat brand

Markets with local many brands specialized in ready to eat brands

Markets with a few brands specialized in ready to eat brands

Sources: Packaged Facts, Pique News Magazine, Sustainalytics, Green Queen, Food Frontiers, Local Custom Websites, Marketing Oops. , Ipsos, Insider South Africa, Vegconomist, Green Queen, Nutraingredients Asia

Global plant based ingredient market is the rising underdog due to its unfold potential while ready to eat products are key criterions in assessing market maturity

292.97 348.63 495.53

626.56 754.70

958.52 1,217.39

1,546.18

2018 2019 2020 2021F 2022F 2023F 2024F 2025F

68%

8%

7%

5%

12%

Market Share Worldwide (2020)

56

2.98 3.35 4.213

4.92 5.55

6.17 6.77 7.39

2018 2019 2020 2021F 2022F 2023F 2024F 2025F

Global Ecommerce Market Overview

Unit: Trillion USD

• Global ecommerce market is expected to grow at 14% CAGR to reach 7.39 trillion USD by the

year 2025F

• Market Share: 1st China (52.1%) followed by US (19.8%) & Market Growth: 1st India (27%)

Key Drivers

Amazon Performance

Q2 Result: Amazon net sales has increased by 27% YtY and

reached record of 113.1 billion USD

By 2021

• Half of US

ecommerce

By 2022

• The largest US

retailers

Unit: Billion USD

Key Drivers

Amazon Retail Ecommerce Sales Overview

Rise of internet penetration accelerated by COVID

Permanent shift to online shopping likely to continue

Advancement of innovation in operation efficiency

Integration of digital platform to become lifestyle (I.e, Prime Service)

Extreme proficiency in supply chain management (I.e, buying new 737 cargo)

Utilization of technology innovation in value chain (I.e, automation and drone)

Amazon infrastructure payoffs as COVID ravages

Source: Business Insider, Statista, Forbes, Barron’s, Digital Commerce 360, Amazon

Online Stores +16% 3rd Party Seller +38%

Subscription +32%

• Almost 1/5 (18%) of categories sold are healthcare products

Q2 Growth Drivers and What to Anticipate

New CEO (Andy Jassy) will hold office in upcoming Q3

US economy regains momentum due to vaccination

and stimulus package

RoW

Key Milestones

Expansion of infrastructure to support behavioral shift

• Expansion of Prime services over 22 countries

• Introducing Amazon Pharmacy and other specialized

subscription service

• Further integration of cloud business, entertainment

and retails into lifestyle

AWS +37% Retail Store +11%

Amazon will be the goliath in global ecommerce landscape and a main vessel for US Market penetration

Appendix 2

Industry research

E-commerce

57

58

Business Insider’s Forecast in ecommerce and Amazon

Source: Business Insider

Retail Ecommerce Sales Worldwide

3,351

4,213

4,921

5,545

6,169

6,773

7,385

2019 2020 2021 2022 2023 2024 2025

20.5%

25.7%

16.8%

12.7%11.2%

9.8% 9.0%

13.8%

17.8%19.6%

21.0%22.4% 23.4%

24.5%

Retail

ecommerce

sales

% of total

retail sales

% Change

Unit: Trillions USD, %

Amazon Retail Ecommerce Sales

292.97

348.63

495.33

626.56

754.70

2018 2019 2020 2021 2022

19.0%19.0%

42.1%

26.4%

20.5%

Amazon

Retail

ecommerce

sales

% Change

Unit: Billion USD, %

59

Source: Statista

Contribution of third party seller in Amazon: Estimated 60% of net sales in 2021

26%

40%42%

43%44%

45%46%

47%48%

49%50%

49%50%

51%50%

51%52%

53% 53%52%

53%54%

53% 53%52%

53%54%

55% 55%56%

Share of paid units sold by third-party sellers on Amazon

Unit: Share of Paid Units

OPPORTUNITY DAY Q2/2021 - set.or.th

Documents