OneSmart International Education Group Limited Investor Presentation November 2018 Disclaimer

This presentation contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. OneSmart may also make written or oral forward- looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about OneSmart's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: OneSmart's goals and strategies; its future business development, financial condition and results of operations; its ability to continue to penetrate premium K-12 after-school education services market; diversify and enrich our education offerings; enhance the development and management of our teacher team and teaching materials; competition in our industry in China; its ability to maintain and expand online education presence; relevant government policies and regulations relating to the corporate structure, business and industry; and its ability to protect our students’ information and adequately address privacy concerns . Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this presentation is current as of the date of the presentation, and OneSmart does not undertake any obligation to update such information, except as required under applicable law.

2 Section 1 Company Overview Who We Are – Mission, Vision and Values

• Bring out the utmost learning power in each Our student by cultivating his or her study Mission motivation, capability and perseverance, and enable our students to pursue life-long success

Our Mission Our Vision Our Values Bring out the utmost learning power in each Build the most trusted Customer Focus studentOur by cultivating his or her• studyBuild the most‘‘Third trusted Classroom’’ ‘‘Third outside Classroom of home ’’ Execution motivation,Vision capability and perseverance,outside and of home andand school school Innovation enable our students to pursue life-long success Teamwork

• CEIT: Our •Customer Focus •Execution Values •Innovation •Teamwork

4 Who We Are - Largest Premium K-12 Education Service Provider in China

#1 premium K-12 after-school tutoring Well-recognized brand with 315 Dominant 2017 market share of service provider in China(1) study centers covering 42 26.3%(4) in Shanghai’s premium K-12 (3) #1 young children mathematics education cities in China after-school education market service provider in Shanghai(2)

RMB2.9Bn 122,498 average monthly student 6,057 revenue in FY2018(7) with enrollments(5)(6) full-time teachers(3) 36.8% 3-year CAGR

Notes 1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan 2. For students from kindergarten to the third grade in Shanghai in terms of revenue in 2016 and 2017, according to Frost & Sullivan 3. As of August 31, 2018 4. In terms of revenue in 2017, according to Frost & Sullivan 5. A student enrollment is defined as a student who takes at least one class in one subject during a certain period. Under this definition, a student taking at least one class in each of two subjects during a certain period is treated as two student enrollments for the period. The number of students enrolled in our invested K-12 schools and OneSmart Online is not included for this purpose 6. For the fiscal quarter ended August 31, 2018 7. Fiscal year ended August 31

5 What We Do

OneSmart VIP Kids Math Kids English

OneSmart OneSmart VIP OneSmart International Study Camp HappyMath Education also covers Chinese, Computer FasTrack English Programming and Science Education #1 premium K-12 after-school tutoring #1 young children mathematics Kids English with a focus on service provider in China education service provider in Shanghai STEM English

1-on-1, 1-on-3 3rd–12th Grade 1-on-8 3 to 8 Years Old 1-on-14 3 to 8 Years Old

Newly Acquired & New Program Initiatives Strategic Investments in Online Education

BestMath Tianjin Huaying Tus-Juren OneSmart Class OneSmart Small Yimi Online Tutoring UUabc Group Class

Notes 1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan 2. For students from kindergarten to the third grade in Shanghai in terms of revenue in 2016 and 2017, according to Frost & Sullivan 6 Our Key Milestones

U.S. Secretary of Education Dr. John B. King Jr. visited OneSmart Launched HappyMath Program 2016

2013 2018

2014

Opened Our First Study 2012 Center in Shanghai Launched 1-on-3 315 Study Centers in 2009 Programs Number of Study 42 Cities in China(2) 2008 Centers Surpassed 100 Listed on NYSE on March 28, 2018

Launched Our (1) UPC System Opened Our First Study Center Outside Shanghai

Notes 1. Unique Personalized Coach, an operational management system that enables us to build a set of robust operational and management information solutions that integrate and unify our operations and improve the efficiency of how we expand and operate our study center network 2. As of August 31, 2018 7 Company Highlights

1 Leader in premium K-12 after-school education services market with established brands

2 Customized and comprehensive learning experience powered by innovation

Significant expertise in teaching staff management and curriculum development 3 brings R&D economy of scale

Robust teaching and operation system supported by our standardized 4 technology platform

Comprehensive suite of service offerings that significantly extend life time value of 5 customers for margin expansion

6 Experienced management team with proven track records

8 Core Operation Strategies

Our future core operation strategies will focus on customer satisfaction, profitable growth and diversification of our business

1 Customer 2 Profitable Growth Satisfaction • Enhance the • Enrich our development and education management of our program offerings teacher team and teaching materials • Strengthen our • Continue to technologies penetrate and in-house premium K-12 teaching tutoring market capabilities

3 Diversification • Expand our online education presence • Pursue selective strategic investments and acquisitions to further build ecosystem

9 Roadmap to Revenue Growth and Margin Expansion

1

Expand more subjects taken by each student and maximize student life-time revenue  Start offering Chinese, science, and computer programming subjects at HappyMath centers  Cross-selling among Happymath and FasTrack English students

2 Manage geographic expansion profitably  Further penetrate into top cities that we operate to achieve higher marketing and G&A efficiency and ensure early ramp-up of new learning centers  Selectively enter into new cities with great market potential

3 Enrich product and service offerings  Successfully acquired FasTrack English in Jan 2018 and Tianjin Huaying in Aug 2018  Strategically invested in Tus-Juren, Yimi Online Tutoring, UUABC and BestMath  Launched OneSmart Small Group Class and OneSmart Class programs

4 Continuous margin expansion opportunity through better product mix  Higher revenue contribution from 1 on 8 HappyMath and 1 on 14 FasTrack English

10 Section 2 Key Highlights for Fourth Fiscal Quarter of 2018 Key Financial Highlights for Fourth Fiscal Quarter of 2018

Monthly Average Student Enrollments Increased by 49.9% Year-over- Year

Net Revenues Increased by 46.6% Year-over-Year

Net Revenues from OneSmart VIP Programs increased by 37.1% Year-over-Year

Net Revenues from HappyMath increased by 63.9% Year-over-Year

New Student Enrollments of newly acquired FasTrack English increased by 75.8% Year-over-Year

Non-GAAP Net Income Attributable to OneSmart’s Shareholders increased by 10.5% Year-over-Year

12 Key Business Highlights for Fourth Fiscal Quarter of 2018

OneSmart VIP HappyMath

 Despite the opening of 18 new OneSmart VIP learning centers  We continued to accelerate our growth in HappyMath. in Shanghai over the past 12 months, OneSmart VIP business Revenues increased by 63.9% year-over-year to RMB117.2 in Shanghai continued to achieve a healthy EBIT margin of million (US$17.2 million) from RMB71.5 million in the same above 40% during the quarter; quarter of last year, with monthly average student enrollments increased by 67.2% year-over-year to 23,201 from 13,874 in the same quarter of last year；  In the meantime, we experienced extremely strong growth in markets outside Shanghai. Monthly average student enrollments  Revenue in mature market continued to achieve strong growth increased by over 50% in the following 12 cities, most of which momentum – Revenue in Shanghai increased by 49.7% year- we entered during the past two years: Chengdu, Kunming, over-year. Xi’an, Zhengzhou, Chongqing, Hefei, Shenyang, Shijiazhuang, Yancheng, Zhuhai, Dongguan, and Taizhou;  We see strong revenue and student enrollment growth momentum in almost every city that HappyMath has entered into. Revenues in Chengdu, Xiamen, Suzhou, Shenzhen and  We opened 5 new OneSmart VIP learning centers during the Changsha all achieved more than 100% growth year-over- fourth fiscal quarter of 2018； year; while revenues in Beijing increased by 214.5% year- over-year.  To provide one-stop shopping opportunities for premium families and further accelerate the growth, we newly launched OneSmart  The three newly launched subjects, Chinese, science, and International Education (premium overseas study preparation, computer programing, continued to experience rapid growth of language training and consultation services), and OneSmart student enrollments due to the strong market demand. More Study Camp programs. than 5,600 students were enrolled for the Chinese language classes during the fourth fiscal quarter of 2018.

13 Key Business Highlights for Fourth Fiscal Quarter of 2018 (Cont’d)

Successful Acquisition & Integration of New program Initiatives & FasTrack English Strategic Investments

 Leveraging our “Standard Operation Perfection System”  We continued to benefit from the consumption upgrade in Tier 1 (“SOPS”) for integration management of acquired business, and Tier 2 cities, where we are incubating and investing heavily we successfully accelerated growth of FasTrack English. We in new online and offline product offerings, in order to deliver re-positioned it as premium kids English training brand with a rapid top-line growth over the next five years – focus on STEM English and expanded the operation into Shenzhen;  For example, Yimi Online Tutoring, a leading premium online K-  After the acquisition, we opened 9 new FasTrack English 12 tutoring company, which we incubated and took a significant learning centers; strategic stake, achieved accelerated growth since its inception. For the first nine months ended September 30, 2018, its gross  New student enrollments increased by 75.8% year-over- year, compared to approximately 30.0% historical growth billings and revenues increased by 336.1% and 341.6% before acquisition; year-over-year, respectively.  The above demonstrated our strong acquisition and integration capabilities, which will continuously accelerate the  We also strategically invested in UUABC (online kids English growth of FasTrack English business nationwide.” training services) and BestMath (online kids mathematics training services), which will further expand our footprints in the online education market and form an integral part of our ecosystem.

14 Section 3 Financial Highlights Strong Top-line Growth Momentum in Different Business Segments

Net Revenues(1) OneSmart VIP

RMB MM RMB MM +30.6% +37.1% CAGR Growth 2,416 1,840 +36.8% 1,416 2,863 567 777 CAGR

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 HappyMath

RMB MM 2,058 +78.6% +63.9% CAGR 359 Growth

212 113 117 1,529 +46.6% 72 Growth FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 934 FasTrack English 637

73

36

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 FQ4 FQ4 FY2017 FY2018 Notes 16 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 2017 2018 Scaling-up in Various Metrics

Average Monthly Enrollments(1) Consumed Class Units(1)

+41.5% +49.9% +34.6% 15,497,057 +52.1% 122,498 CAGR Grow th CAGR Grow th 112,145 9,827 433,160 7,431 2,680,033 23,201 11,212,290 76,841 18,884 81,720 8,554,178 1,600,858 13,874 56,019 13,545 935,902 5,312,023 7,867 12,383,864 89,470 207,258 85,830 3,493,269 9,611,332 988,627 63,295 7,618,276 549,524 48,153 67,846 4,116,138

2,943,745

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

OneSmart VIP Happy Math FasTrack English OneSmart VIP Happy Math FasTrack English Number of Study Centers(1) Number of Classrooms(1)

+44.9% +25.3%

CAGR 315 CAGR 11,744 24

66 8,711 195 7,486 150 38 27 225 157 123

FY2016 FY2017 FY2018 FY2016 FY2017 FY2018 OneSmart VIP Happymath FasTrack Notes 17 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 High Gross Margin

Gross Profit and Gross Margin(1)

RMB MM

52.2% 51.3% 50.6% 50.8% 50.6%

26 Gross Margin 203 FY FY FY FQ4 FQ4 2016 2017 2018 2017 2018

Premium 126 51.9% 50.8% 50.6% 50.7% 50.3% Tutoring

63 Happy Math 56.3% 59.6% 56.5% 62.4% 57.4%

FasTrack 1224 NA NA 35.5% NA 38.0% English 935 14 Overall 735 67 Gross 52.2% 51.3% 50.6% 50.8% 50.6% 45 Margin 391 287

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

OneSmart VIP Happy Math

FasTrackEnglish

Notes 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 18 Clear Cost Structure

47.8% 48.7% 49.4% 49.2% 49.4%

4.8% 6.3% 6.0% 6.9% 5.9% 2.3% 2.9% 2.6% 3.0% 2.9% 9.2% 8.4% 9.0% 9.9% 8.5%

31.7% 30.8% 30.5% 30.9% 32.0%

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

Staff costs Rental costs Depreciation and amortization Other costs

Notes 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 19 Efficient Management Leads to Lower and Stabilizing Expenses

Non-GAAP Selling & Marketing Expenses as % of Non-GAAP General & Administrative Expenses as Revenues(1)(2) % of Revenues(1)(2) RMB MM RMB MM

17.0% 17.9% 20.6% 16.4% 20.7% 16.1% 17.4% 16.9% 16.8% 15.1%

588

485

368 357

261 247 193 141 107 104

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

Notes 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 2. Excluding share based compensati on expenses 20 Robust Income and Healthy Margin

Operating Income and Operating Margin (1) Non-GAAP operating Income and Operating Margin (1) RMB MM RMB MM 15.3% 14.8% 8.0% 17.1% 11.9% 19.1% 16.0% 13.1% 17.6% 14.8% 305 330 376 234 229 291

109 111 112 138

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

Net Income and Net Income Margin (1) (2) Non-GAAP Net Income and Net Income Margin (1) (2)

RMB MM RMB MM

12.4% 12.6% 8.6% 15.0% 8.8% 16.1% 13.8% 13.7% 15.5% 11.7% 259 246 392 189 284 247 96 83 99 109

FY2016 FY2017 FY2017 FQ4 2017 FQ4 2018 FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

Notes 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 2. Net income attributable to OneSmart 21 Robust Cash Flows and Healthy Balance Sheet with Low Capex Requirements

Operating Cash Flows(1) Capex and Capex as a % of net revenues(1)

RMB MM RMB MM 8.9% 6.0% 8.3% 945 5.5% 8.4% 255 773 614 173 286 289 84 77 38

FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018 FY2016 FY2017 FY2018 FQ4 2017 FQ4 2018

Cash and Cash Equivalents and Short-term Prepayments from Customers(1) Investments(1)

RMB MM RMB MM 2,296 1,992

1,531 1,396 1,053 1,010

FY2016 FY2017 FY2018 FY2016 FY2017 FY2018

Notes 1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31 22 Thank You