A P P - T O - D O O R D I N I N G F O R T H E O N - D E M A N D G E N E R AT I O N

CORPORATE PRESENTATION – JANUARY 2021

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 DISCLAIMER, CONFIDENTIALITY AND FORWARD-LOOKING STATEMENTS

The Presentation contained in this document has been prepared by Just Kitchen Holdings Inc. using its best efforts to realistically and factually present the
information contained. However, subjective opinion, dependence upon factors outside Just Kitchen Holdings Inc’s control and outside information sources
unavoidably dictate that Just Kitchen Holdings Inc. cannot warrant the information contained to be exhaustive, complete or sufficient. In addition, many factors can
affect the Presentation which could significantly alter the results intended by Just Kitchen Holdings Inc., rendering the Presentation unattainable or substantially
altered. Therefore, interested users should conduct their own assessment and consult with their own professional advisors prior to making any investment
decisions.

This Presentation does not constitute a prospectus or public offering for financing, and no guarantees are made or implied with regard to Just Kitchen Holdings Inc.
proposed ventures.

Confidentiality: The Presentation is being disclosed to the user for the user’s discussion, review, and/or evaluation only. The user agrees to hold the
Presentation, and all related information and discussions, in strict confidence, except that user may disclose the Presentation to a limited number of advisors and
employees of the user to the extent necessary for user to adequately evaluate the Presentation. User warrants that any such persons shall be advised of the
confidential nature of the Presentation before gaining access to the same and that no such advisor or employee shall use or disclose the Presentation except as
permitted by this Agreement.

Projections: The presentation’s financial and other projections have been prepared using assumptions and hypotheses created by Just Kitchen Holdings Inc.
management based on information provided to them and through due diligence. The assumptions used in the preparation of the projection reflect management’s
intended course of action for the projection period based upon management’s judgement as to the most probable setoff economic conditions if the assumptions
they consider most likely are realized. The assumptions may not necessarily be the most probable and are based upon information existing as at the date of this
presentation.

The assumptions are those that management believes are significant to the projection. Some assumptions may not materialize, and unanticipated events and
circumstances may occur subsequent to the date of this projection; therefore, the actual results achieved during the projection period may vary materially from the
projections.

This projection is based on our assumptions and there is a major risk that actual results will vary, perhaps materially, from the results projected.

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 What is JustKitchen?

§ Network of “ghost kitchens” or “dark

kitchens” that achieve lower
overhead and operating costs.

§ Hub-and-Spoke operating model

uniquely enables maximization of
efficiencies and margins.

§ Offers delivery-only meals under its

own proprietary menus and
established restaurant brands.

§ Franchising of virtual kitchens.

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 Market Overview
Consumer preferences are shifting –
diners want their favorite foods on-demand, and delivered quickly

ONLINE VS. OFFLINE SHARE OF GLOBAL ONLINE FOOD 2019 ONLINE FOOD DELIVERY
MAJOR FOOD DELIVERY MARKETS (%)1 DELIVERY MARKET (2020 – INDUSTRY IN ASIA3
2023)2

42
USD
47
73
64 58 53
$154 USD
92 92 89 83 BILLION $53 BILLION
= nearly 50%
USD of global
58
36 42 47 53
$111 demand.
27
11 17 BILLION
8 8
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 2023
Offline (call-in delivery, walk-in orders) 11.5% CAGR
Online (via web or app)
1. McKinsey & Company, The changing market for food delivery 2. Research and Markets, 2019 3. Hong Kong Business, Delivering the Virtual Restaurant of Tomorrow, Oct 2019

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 The Problem
Underserved
Bricks-and-mortar restaurants are costly to open and Market
operate:

§ 3-5% profit margins on average 1, with a failure rate of OUT OF

ANGE.
70% within 3-5 years of opening2 OUT OF
Underserved
LUCK
Market TYPICAL

Solutions Are Emerging

CLOUD
KITCHEN

Co-sharing “virtual” kitchens offer some advantages:

TAIPEI
§ Reduce operating and overhead expenses by eliminating
CITY
the high cost of restaurant seating OUT OF
RANGE.
OUT OF

However... LUCK

DELIVERY ZONE
Underserved
Co-sharing cloud kitchens still: Market

§ Lack support, such as supply chain, kitchen equipment

and other operating systems
§ Lack geographical reach – constrained by 4-5 km
delivery radius
5 1. Toast Lab, 2019. 2. Hong Kong Business, Delivering the Virtual Restaurant of Tomorrow, October 2019.
 JustKitchen’s Unique Operating Model
Spoke
Hub and Spoke “Virtual” Kitchens
§ Hub (full-scale commercial kitchen) provides
semi-prepared food items to Spokes
§ Spokes complete meals for delivery Spoke

Hub
ADVANTAGES:
§ Extends geographic reach
§ Tailored supply to local demand
§ Increases rate of food output
§ Lowers average delivery time
Spoke
§ Results in hotter, faster and fresher food
Spoke

Spoke
Spokes serve valuable urban areas
with smaller, cheaper footprints.

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 Food & Beverage Landscape – JustKitchen Expertise

Delivery Infrastructure Restaurants/ Content Licensers/

Customers Marketplaces Software Provider Product Makers Franchises

B2C Data Kitchen

B2B Virtual
Integrator Infrastructure Kitchens

Software:
POS

Software: Third-Party
Online Ordering Logistics

3rd Party Logistics

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 Tailoring for Markets $$$

§ Price points
§ Cuisine types
§ Brands
§ Day-Parts
§ Evolving pipeline of food items

Asian Cuisine Western Cuisine

Western
Cuisine

Legend: $
JustKitchen’s In-House Brands
Third-Party Partners

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 Tech Stack – Leveraging Data to Create Value

§ Customer data informs menu creation and improves supply chain management
§ Data determines menu, time of day, type of food to proactively predict demand

Create Hub Spokes Delivery Delight

Delight

Create Hub Spokes Delivery Delight

Create meals, Meals are Local kitchen Select partners Customers
menus and food semi-prepared complete meals quickly transport enjoy fresher
brands then sent to in 5 minutes food items to end & faster meals
Spokes customers

25% customer feedback & data to create menus & project demand

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 Virtual Kitchen Franchise Model
Data
Integrator
Software
JustKitchen software integration into all delivery / marketplace platforms

Kitchen
Infrastructure
Infrastructure
Equipment & design know-how and expertise

Virtual
Kitchens
Restaurants/Product Makers
Operator / Franchisee operates virtual kitchen

Proprietary
Brands
Content Licensers/Franchises
Licenses rights

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 Taiwan: Gateway to the World JUSTKITCHEN EXPANSION ROADMAP

LOW OVERHEAD & HIGH MARKET

OPERATING COSTS EXPOSURE

§ Minimal cost to start a business § USD $16 Billion

dining market, growing
§ Mature market to test and scale 17 years consecutively
up globally

§ Established food & beverage § High Density

industry (24 million people on a
36,193 km2 island)

JustKitchen is currently planning to expand to:

60% of Americans order

food 2 times per week 1, Hong Kong Thailand
which accounts for:

20.7 Billion Singapore United States

Meals / yr. Indonesia Philippines

1, Upserve, 2020

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 Leadership Team
EXECUTIVE OFFICERS INDEPENDENT DIRECTORS

Jason Chen, CEO, President, and Director: 25 years in
top-level management and capital markets in North America
and Asia
Kent Wu, COO & Director: 20 years of e-commerce and
logistics experience; three successful exits, most recently to
GrubHub
Darryl Cardey: Chartered Professional Accountant
previously with KPMG; director and financial advisor to
public and private companies in the resource and
technology sectors
Darren Devine: Co-Principal of CDM Capital Partners;
advisor to numerous multinational M&A transactions

Adam Kniec, CFO: Former CFO of 10+ companies across
industries including software development, casinos and
online gaming
Mark Lin, CTO: 10+ years in business development and
operations management for information technology and
payment processing companies in North America and APAC
Kai Huang: Creator of Guitar Hero while Co-Founder
& CEO of RedOctane; Co-Founder & CEO of Blue
Goji; Co-Founder & CEO of Adux Software
Freddie Liu: Partner at Purestone Capital Group;
CSO of TPK Holdings – currently one of the world’s
largest makers of touch screens for mobile phones and
tablets; former head of Real Estate unit at Citibank

Yang Liu, CSO: 15+ years in corporate development and

business development for publicly-traded companies in the
Food & Beverage Industry

John Yu, CMO: 15+ years in retail and operations

management in Asia; founder of multiple consumer brands
across numerous industries
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 Sample: Full-Year Economics per Mature Spoke:
Country Taiwan US
Capital cost per Spoke* (all dollars in USD) $191,667 $255,667

Average daily orders per Spoke 350 450

Average dollar amount per order $12.00 $15.00

Annual gross revenue (365 days) $1,533,000 $2,463,750
Operating profit per Spoke $321,930 $517,388
Operating profit margin 21% 21%
One-Year ROIC 68% 102%
Payback Period (in years) 0.60 0.49

Spokes are designed to meaningfully contribute to Hub

capital costs, operating expenses and corporate-level
SG&A expenses.
*Total estimated capital cost per Spoke in Taiwan and the US includes direct
Spoke-related costs and an allocation of $95,667 for indirect Hub-related costs
($1,148,000 per Hub, allocated equally over twelve Spokes).

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 Competitive Landscape
Total Funding Pre-Money Restaurants/ Content/
Company Name Country Software Infrastructure
to Date* Valuation* Products Franchises

REEF Technology $1.2 B $900 mm USA

Cloud Kitchens $550 mm $4.6 B USA

Ordermark $150.6 mm Unknown USA

Chowbus $67.2 mm Unknown USA

Chownow $62 mm $135 mm USA

Kitchen United $50 mm $100 mm USA

Rebel Foods $342 mm $400 mm India

Karma Kitchen $318 mm Unknown UK

Hungry Panda $90 mm Unknown UK

Sweetheart Kitchen $48 mm Unknown UAE

Keatz $23 mm $25 mm Germany

Yummy Corporation $19.8 mm Unknown Indonesia

FanTuan $17 mm Unknown Canada

JustKitchen $9.6 mm $14 mm Taiwan

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14 *All dollars in USD
 Timeline of Target Milestones
YTD
2020
Obtain seed capital,
þ þ
incl. from Sparklabs
þ Complete initial Board
appointments
þ Operate with one Hub
and four Spokes
þ Secure key employees
and strategic advisors
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By Dec
2021
31, 2020
Launch grocery delivery Continue core data Grow to two Hubs – currently in
discussion with one of the largest
as a new business line technology build-out
food factories in Taiwan
þ Grow to 11 in-house Launch customer
food brands/menus loyalty/rewards program 35 Spokes in Taiwan
þ Partner with new third- Explore development of Expand to Hong Kong
parties/restaurants own delivery fleet Begin international expansion
þ Grow to 8 Spokes Grow to 10 Spokes beyond Taiwan and Hong Kong
Grow to 12 in-house
food brands/menus
 Thank you

INVESTOR RELATIONS SEE OUR KITCHENS JASON CHEN

ir@justkitchen.com Watch Video: President & CEO
investors.justkitchen.com jason@justkitchen.com

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 Appendix

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 The Virtual Kitchen Industry - Making Global Headlines
“Operating a virtual kitchen has a lot of
advantages over operating a traditional
restaurant: lower operational cost, lower risks,
more efficiency and more flexibility..”
– Forbes, September 29, 2020
“…opening a bricks-and-mortar restaurant is
high-risk and expensive, whereas ghost kitchens
are lower-risk, offering a more affordable way
for entrepreneurs to enter the business.”
– The New Yorker, June 28, 2020
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“Kroger is the latest big name
to underwrite ghost kitchens…
Chick-fil-A and Wendy’s are
among the others getting in
on the trend.”
– Fast Company, October 8, 2020
“Nathan’s Famous announced its partnership with
REEF Kitchens…a national network of 70+
neighborhood kitchens across 18 cities that allows
food entrepreneurs, local restaurants, and (US)
restaurant brands to open
and quickly expand their delivery businesses.”
– QSR Magazine, July 28, 2020
“A pandemic surge in food delivery
has made ghost kitchens and virtual eateries
one of the only growth areas in
the restaurant industry”
– The Washington Post, September 17, 2020
“Dark kitchens (or cloud kitchens) on
track for a bright future in a post-
coronavirus world .”
– ABC News, September 11, 2020
 JustKitchen in the News

https://www.restaurantindia.in/article/how-this-taiwan-based-cloud-kitchen-has-achieved-
75-customer-loyalty-during-the-pandemic.13787 https://www.digitimes.com/news/a20201202PD217.html?mod=0

https://taipeitimes.com/News/biz/archives/2020/09/19/2003743674

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 JustKitchen: Media Exposure in Asia

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 JustKitchen: Media Exposure in Asia

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 JustKitchen: Media Exposure in Asia

影片報導
壹電視新聞台 【新聞深呼吸】疫軍突起新經濟 - 全台瘋外送 無店面虛擬廚房單月狂賣3萬個便當！
https://www.youtube.com/watch?v=yQ-4gT-pkp0&feature=youtu.be

年代新聞台【年代關鍵字】雲端廚房正夯！一次開5家餐廳
https://youtu.be/p29ZDvYhZEo

年代新聞台【台灣向錢衝】外送商機逾兩百億 幽靈廚房拚升級
https://youtu.be/FG1WC1jX-Cg?t=279

文字報導
商業周刊 - 影子廚房當紅 兩個「水管系統財」爆發中
https://www.businessweekly.com.tw/Archive/Article?StrId=7001330

今周刊 - 隱藏版科技廚房現身，Just Kitchen不只賣快，也賣美味

https://www.businesstoday.com.tw/article/category/183015/post/202008250044/%E9%9A%B1%E8%97%8F%E7%89%88%E7%A7%91%E6%8A%80%E5
%BB%9A%E6%88%BF%E7%8F%BE%E8%BA%AB%EF%BC%8CJust%20Kitchen%E4%B8%8D%E5%8F%AA%E8%B3%A3%E5%BF%AB%EF%BC%8C%E4%B9%9F%E
8%B3%A3%E7%BE%8E%E5%91%B3

天下雜誌 - 3分鐘就可出餐、外送範圍更廣。「幽靈廚房2.0」怎麼做到？
https://www.cw.com.tw/article/5100449?template=transformers

遠見雜誌 - 幽靈廚房、科技茶園擁抱智慧「神助手」
https://www.gvm.com.tw/article/72966

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 JustKitchen: Media Exposure in Asia

部落客
愛吃鬼芸芸
米其林一星大三元酒樓，也有UBER EATS外送餐盒啦
https://aniseblog.tw/223576

美食家 Facebook 貼文
徐天麟
https://www.facebook.com/1283552023/posts/10223732328797899/?extid=zhuu4wCXRvJ2GCdW&d=n

Peray
https://www.facebook.com/534386606/posts/10157181781036607/?extid=MMn3ZsDDI3d3967D&d=n

愛吃鬼芸芸
https://www.facebook.com/382641298513460/posts/3122173711226858/?extid=3MyAQ6WfziEfGLtk&d=n

Claire食旅記事
https://www.facebook.com/1755448491/posts/10207788304942996/?extid=dQgrreTjxFnR4hka&d=n

Daily Focus
https://www.facebook.com/142716382509372/posts/3291018304345815/?extid=8aYkiPRTuHFQzo3r&d=n

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 Restaurant Industry 2030 – by The National Restaurant Association, Nov 2019
Summary – 10 Sure Things in 2030 (Page 3 https://restaurant.org/downloads/pdfs/research/restaurant2030.pdf)

1. The definition of “restaurant” will change. – “The delivery-only restaurant is on the rise through virtual restaurants
and “ghost kitchens.”
2. Off-premises opportunities will drive industry growth. – “Delivery orders are booming, and business models are
shifting fast to find ways to serve that customer base.”
3. Margin pressures will continue. – “Labor costs, real-estate costs, and increasing investments in delivery and
technology will continue to put pressure on the (traditional) restaurant P&L.”
4. Data is king. – “Restaurants will see new opportunities to apply data analytics to predict and capitalize on consumer
demand and optimize supply economics.”
5. Restaurants will serve - and employ - a different demographic. – “Restaurant operators will need to accommodate
both the dining preferences and work styles of an increasingly diverse American public.”
6. Recruitment, retention and training will remain top priorities. – “Restaurants will compete with other industries for
tech talent.”
7. Technology will drive tremendous advances in food safety, food sourcing, and sustainability. – “As the supply
chain grows increasingly complex, operators will leverage blockchain and other new traceability technologies…to
become more efficient, transparent organizations.”
8. Government will be a greater factor in everything operators do. – “Governments may continue to add to the
legislation, taxation and regulation affecting restaurant operators.”
9. Sustainability isn’t just a buzzword. – “It’s an important way to drive costs down as well as showcase the industry’s
efforts to attract and serve the growing number of guests who are interested in everything about sustainability... “
10. Restaurants will continue to bring people together. – “That strong commitment to guests and consumers of every
type will be core to the industry’s identity in 2030 as operators innovate and thrive in an age of increasing technology.”

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 JustKitchen’s Unique Technology Ecosystem

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 JustKitchen: Neihu Hub Facility

RECIPE CREATION EQUIPMENT STORAGE

JustKitchen – Standardized Spoke Kitchen Layout

EXTERIOR ORDER PROCESSING REFRIGERATION

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 JustKitchen: Neihu Hub Facility

Taipei Neihu Taipei Bade Taipei Xinyi Taipei Gongguan

Taichung Wenxin New Taipei City Banqiao New Taipei City Zhonghe New Taipei City Shihlin

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 JustMarket - Business Vertical

JustMarket is leveraging brand recognition, existing

SKUs and real estate into grocery deliveries:

§ Global online grocery estimated at US$198.5B in

2020 and projected to reach US$550.7B by 2027.
§ Platform sell grocery items base on real-time data
analytics.
§ 20 targeted locations in Taiwan.
§ Special and artisanal products to feature both in-
house and third-party brands, for example:
q “Body Fit” Series
q "Nutritionist Guided" Series
q “Smith & Wollensky” Steak House Series
q Michelin Chef Series

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 JustKitchen: ESG Focus
ENVIRONMENTAL
§ Hub-and-spoke model reduces
delivery distances and lowers
JustKitchen’s carbon footprint
§ Lack of dine-in infrastructure
reduces consumption of utilities
§ Efficient operations and modern
technologies lower food spoilage
and waste
§ Food packaging is minimized while
keeping meals warm
§ Virtual board meetings and
materials to minimize emissions
and paper waste
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SOCIAL
§ Menus and brands attuned to health
consciousness
§ Business model designed to
encourage/reward feedback from
customers
§ Low capital requirements enables
flexibility to respond to changing
trends
§ Percentage of profits to be donated
to charities focused on alleviating
hunger
§ Mission of working with aspiring
local chefs and entrepreneurs to
incubate culinary businesses
GOVERNANCE
§ Cybersecurity and customer data
privacy is highly respected
§ Independent chairperson of the
board with four independent
directors and one member of
company management
§ Audit, compensation and
nomination committees all have
independent chairpersons
§ Balance of domestic and
international membership
§ Areas of expertise reflect
JustKitchen’s core capabilities
 Founder’s Story

Jason Chen – President & CEO of JustKitchen

A legacy of building successful restaurant brands and franchises in Taiwan

2013 2017 2020

Bayshore Pacific 2015: BPH BPH acquires the Dan 2018: BPH launches BPH has a combined
Hospitality Ltd (“BPH”) launches the Texas Ryan’s Chicago Grill Smith & Wollensky revenue of over US $100
is established. Roadhouse franchise. franchise (upscale million, with 28
franchise in Taiwan. American steakhouse) in restaurants and 1,300
BPH completes BPH acquires Taiwan. employees.
successful turnaround Amaroni’s franchise.
of TGI Fridays franchise 2019: JustKitchen JustKitchen is currently
in Taiwan. established in Taipei, growing across Taiwan
Taiwan. with plans to expand in
Asia and globally.

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 In-House
Food Brands / Menus

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 Food Brands: BIT Beef Noodle Menu

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 Food Brands: Body Fit Menu

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 Food Brands: Hot Ones Menu

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 Food Brands: Blue Avocado by Michael Wendel Menu

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 Food Brands: K.Bao Menu

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 Food Brands: Just Chicken Menu

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 Food Brands: LuWei Lab Menu

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 Food Brands: Thai High Healthy Bento Menu

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 Food Brands: Go Lean Nutritionist Designed Menu

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 Food Brands: Japanese Unadon Eel Rice & Curry Rice

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 Partner Brands: Michelin 1 Star, 3 Coins Menu

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 Partner Brands: The Plate Michelin, Orchid by Peng Menu

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 Partner Brands: T.G.I. Fridays

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 Sample Just Market
Branded Grocery Items

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 Just Market: - Body Fit Proteins

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 Just Market: - Michael Wendel's Bread Collection

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 Just Market: - Smith & Wollensky Steak

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