April 2019

OneSmart International Education Group Limited

Investor Presentation

2

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.

Section 1

Company Overview

4

Who We Are – Leading Diversified Premium K-12 After-school

Education Service Provider in China

Notes1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan2. 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 February 28, 20194. In terms of revenue in 2017, according to Frost & Sullivan5. 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 purpose6. For the first fiscal quarter ended February 28, 20197. Fiscal year ended August 31

Well-recognized brand with 401

study centers covering 42cities in China(3)

Dominant 2017 market share of

26.3%(4) in Shanghai’s premium K-12

after-school education market

156,171 average monthly student

enrollments(5)(6)

#1 premium K-12 after-school tutoring

service provider in China(1)

#1 young children mathematics education

service provider in China(2)

6,613full-time teachers(3)

RMB2.9Bnrevenue in FY2018(7) with

36.8% 3-year CAGR

Bring out the utmost learning power in each student by cultivating his or her study

motivation, capability and perseverance, and enable our students to pursue life-long success

Our MissionBuild the most trusted

‘‘Third Classroom’’ outside of home and school

Our VisionCustomer Focus

ExecutionInnovationTeamwork

Our Values

5

OneSmart VIP

1-on-1, 1-on-3 3rd–12th Grade

Kids Math

1-on-8 1-on-10

Newly Acquired & New Program Initiatives

OneSmart Class

OneSmart International

Education

HappyMathOneSmart VIP

Notes1. In terms of revenue in 2016 and 2017, according to Frost & Sullivan2. For students from kindergarten to the third grade in Shanghai in terms of revenue in 2016 and 2017, according to Frost & Sullivan

also covers Chinese, Computer Programming and Science Education

What We Do

FasTrack English

Kids English

#1 premium K-12 after-school tutoring

service provider in China(1)

3 to 8 Years Old

#1 young children mathematics education service provider in China(2)

3 to 8 Years Old

Kids English with a focus on

STEM English

OneSmart Study Camp

Tianjin Huaying OneSmart Small Group Class

Tus-Juren

Strategic Investments in Online Education

Yimi Online Tutoring UUabc BestMath

6

Our Key Milestones

2008

2018

Launched Our UPC System(1)

Opened Our First Study

Center in Shanghai

Opened Our First Study

Center Outside Shanghai

Launched

HappyMath Program

Number of Study

Centers Surpassed 100

Launched 1-on-3 Programs

401 Study Centers in

42 Cities in China(2)

Listed on NYSE on March 28, 2018

Successfully acquired FasTrack English

Successfully acquired Tianjin Huaying

Strategically invested in Tus-Juren

2009

2012

2014

2016

U.S. Secretary of Education Dr. John B. King Jr.

visited OneSmart

Notes1. 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 network2. As of February 28, 2019

2013

7

Company Highlights

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

Significant expertise in teaching staff management and curriculum development

brings R&D economy of scale

Customized and comprehensive learning experience powered by innovation

Robust teaching and operation system supported by our standardized

technology platform

Comprehensive suite of service offerings that significantly extend life time value of

customers for margin expansion

Experienced management team with proven track records6

1

3

4

2

5

8

Our “3T Foundation” and Core Operation Strategies

Our future core operation strategies will focus

on customer satisfaction, profitable growth and

diversification of our business

• Strengthen our

technologies

and in-house

teaching

capabilities

• Expand our online education presence

• Enrich our education

program offerings

Profitable Growth

Diversification

1Customer

Satisfaction

• Continue to

penetrate premium

K-12 tutoring

market

• Enhance the development

and management of our

teacher team and

teaching materials

2

3

• Pursue selective strategic investments and

acquisitions to further build ecosystem

Teaching

Innovation

Touching

Services

Technology

Integration

3T Foundation

9

1

3

4

2

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

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

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

Continuous margin expansion opportunity through better product mix

Higher revenue contribution from 1 on 8 HappyMath and 1 on 14 FasTrack English

Roadmap to Revenue Growth and Margin Expansion

Section 2

Key Highlights for Second Fiscal

Quarter of 2019

11

Monthly Average Student Enrollments Increased by 52.2% Year-over-

Year

Net Revenues Increased by 42.1% Year-over-Year

Net Revenues from OneSmart VIP Programs increased by 30.8%

Year-over-Year

Net Revenues from HappyMath increased by 45.1% Year-over-Year

Net Revenues from FasTrack English increased by 257.5% Year-over-

Year

Key Financial Highlights for Second Fiscal Quarter of 2019

12

Three Pillars to Drive the Growth

Strategic

Investments &

Acquisitions

Online Education

Core Premium K-12

Education Business

-OneSmart VIP

-HappyMath

-FasTrack English

13

Core Premium K-12 Education Business

We launched new online broadcasting

program during weekdays to provide more

value-added services to our students;

We continued to see strong growth

momentum when we expand into existing tier

II and tier III cities. Monthly average student

enrollment increased by over 50% year-

over-year in Suzhou, Wuxi, Chengdu,

Changsha, Xi’an, Chongqing, Yancheng,

Taizhou, Wenzhou, Zhuhai, Tianjin,

Lanzhou, Ningbo and Shaoxing.

We opened 17 new OneSmart VIP learning

centers during the quarter and will continue

to further penetrate into more existing tier II

and tier III cities.

We continued to accelerate our growth in

HappyMath. Monthly average student

enrollments increased by 57.3% year-over-

year;

We continued to see strong growth

momentum in cities outside Shanghai.

Monthly average student enrollment growth

exceeded 100% year-over-year in Beijing,

Shenzhen and other core tier II and tier III

cities including Hangzhou, Chengdu and

Xiamen;

Benefiting from customers’ increasing

demand for Chinese language training and

science program, average subjects taken by

each student expanded rapidly. More than

8,600 students were enrolled for the

Chinese language training classes during the

second fiscal quarter of 2019;

We opened 10 new HappyMath learning

centers during the quarter and will continue

to further penetrate into more existing and

new tier II and tier III cities.

Monthly average student enrollments increased

by 162.2% year-over-year;

We launched the online i-Makii study master

platform to enhance intelligent and

interactive study assistance and to provide

comprehensive visualized learning

experiences to our students;

We managed to substantially raise the

average selling price of our upgraded

product and services across all centers and

accordingly, gross profit margin of FasTrack

English increased by approximately 10%during the second fiscal quarter of 2019; and

We opened 7 new FasTrack English learning

centers during the quarter and will continue

to further penetrate into more existing and

new tier II and tier III cities.

OneSmart VIP HappyMath FasTrack English

Section 3

Financial Highlights

15

81 117

151

224

FQ22018

FQ22019

H1 2018 H1 2019

572 747 935 1,233

FQ2 2018FQ2 2019 H1 2018 H1 2019

HappyMath

1,529

2,058

2,863

FY2016 FY2017 FY2018

Net Revenues(1) OneSmart VIP

RMB MM

Notes

1. Fiscal years ended August 31 and second fiscal quarters ended February 28

RMB MM

+78.6%RMB MM

+45.1%

Growth

+30.6%

CAGR

CAGR

663

943

1,105

1,589

FQ2 2018 FQ2 2019 H1 2018 H1 2019

+42.1%

Growth

113

212

359

FY2016 FY2017 FY2018

+36.8%

CAGR

+30.8%

Growth

Strong Top-line Growth Momentum in Different Business Segments

FasTrack English

1,416 1,840

2,416

FY2016 FY2017 FY2018

73

FY2016 FY2017 FY2018

RMB MM

39 11 71

FQ22018

FQ22019

H1 2018 H1 2019

11

+43.9%

Growth

+31.9%

Growth

+47.9%

Growth

+257.5%

Growth

+542.5%

Growth

16

2,843,945 3,602,652

4,797,569

6,103,863 579,666

769,846

1,084,388

1,496,293

320,678

96,588

583,096

390,929

390,929

FQ2 2018 FQ2 2019 H1 2018 H1 2019

123 157

225 201 259 27

38

6657

8824

15

40

14

FY2016 FY2017 FY2018 FQ2 2018 FQ2 2019

7,486 8,711

11,744 10,988

12,991

FY2016 FY2017 FY2018 FQ2 2018 FQ2 2019

Scaling-up in Various Metrics

48,153

63,295

85,830

7,867

13,545

18,884

7,431

FY2016 FY2017 FY2018

112,145

+41.5%

CAGR

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

Number of Classrooms(1)

+25.3%

CAGR

Number of Study Centers(1)

+44.9%

CAGR

150

195

315

+52.2%

Growth

56,019

76,841

7,618,276 9,611,332

12,383,864

935,902

1,600,858

2,680,033

433,160

FY2016 FY2017 FY2018

11,212,290

8,554,178

+44.4%

Growth15,497,057156,171

5,084,105

3,520,199

401

+46.9%

Growth

+18.2%

Growth

OneSmart VIP Happy Math FasTrack English OthersOneSmart VIP Happy Math FasTrack English Others

273

OneSmart VIP Happy Math FasTrack English Others

+54.3%

Growth

102,613

149,279

96,746 5,978,545

8,574,181

+43.4%

Growth

Notes

1. Fiscal years ended August 31 and second fiscal quarters ended February 28

79,584

97,253

72,79490,892

16,532

26,009

17,455

25,906

17,033

6,497

15,104

15,87617,377

FQ2 2018 FQ2 2019 H1 2018 H1 2019

6,497

96,588

+34.6%

CARG

17

289

375 437

570 47

67

85

124

12

2

19

2

12

15

FQ22018

FQ22019

H1 2018 H1 2019

Gross Profit and Gross Margin(1)

High Gross Margin

RMB MM

52.2% 51.3%

735

935

1,224

63

126

203

26

FY2016 FY2017 FY2018

50.1% 45.7%

FY

2016

FY

2017

FY

2018

FQ2

2018

FQ2

2019

H1

2018

H1

2019

OneSmart

VIP51.9% 50.8% 50.6% 50.5% 50.2% 46.7% 46.2%

HappyMath 56.3% 59.6% 56.5% 57.9% 57.4% 56.2% 55.2%

FasTrack

EnglishNA NA 35.5% 20.3% 30.2% 20.3% 26.7%

Others NA (101.3%) (20.9%) NA 32.0% -40.7% 23.5%

Overall

Gross

Margin

52.2% 51.3% 50.6% 50.1% 49.5% 47.2% 45.7%

Gross Margin

50.6%

OneSmart VIP Happy Math FasTrack English Others

49.5% 47.2%

Notes

1. Fiscal years ended August 31 and second fiscal quarters ended February 28

18

29.8% 28.6%31.1% 30.5%

10.4% 11.7%11.2% 13.0%

3.3% 3.9%3.5%

4.3%6.4% 6.3%

7.0%6.5%

FQ2 2018 FQ2 2019 H1 2018 H1 2019

31.7% 30.8% 30.5%

8.4% 9.0% 9.9%

2.9% 2.6% 3.0%

4.8% 6.3% 6.0%

FY2016 FY2017 FY2018

Clear Cost Structure

47.8% 48.7% 49.4% 49.9%

Staff costs Rental costs

Depreciation and amortization Other costs

52.8%

Notes

1. Fiscal years ended August 31 and second fiscal quarters ended February 28

50.5% 54.3%

19

Non-GAAP Selling & Marketing Expenses as % of

Revenues(1)(2)

Non-GAAP General & Administrative Expenses as

% of Revenues(1)(2)

Efficient Management Leads to Lower and Stabilizing Expenses

16.1% 17.4% 16.9%17.0% 17.9% 20.6% 18.2%

RMB MM RMB MM

261

368

588

FY2016 FY2017 FY2018

129

191

236

357

FQ22018

FQ22019

H1 2018H1 2019

247

357

485

FY2016 FY2017 FY2018

121

173

214

310

FQ22018

FQ22019

H1 2018 H1 2019

19.5% 20.3% 18.3%

Notes1.Fiscal years ended August 31 and second fiscal quarters ended February 282.Excluding share based compensation expenses

21.3% 22.5% 19.4% 19.5%

20

82 102 71 59

FQ22018

FQ22019

H1 2018 H1 2019

291 330

376

FY2016 FY2017 FY2018

234

305

229

FY2016 FY2017 FY2018

78 90

62 29

FQ22018

FQ22019

H1 2018 H1 2019

Robust Income and Healthy Margin

Operating Income and Operating Margin (1) Non-GAAP operating Income and Operating Margin (1)

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

RMB MM RMB MM

RMB MM RMB MM

Notes1. Second fiscal quarters ended February 282. Net income attributable to OneSmart

19.1% 16.0% 13.1%15.3%

189

259 246

FY2016 FY2017 FY2017

14.8% 8.0%

12.4% 12.6% 8.6% 11.7%

247 284

392

FY2016 FY2017 FY2018

16.1% 13.8% 13.7% 12.3% 5.0%

77 65

105

49

FQ22018

FQ22019

H1 2018 H1 2019

81 77

115 79

FQ22018

FQ22019

H1 2018 H1 2019

6.9% 9.5% 3.1% 8.2% 10.4%

11.8% 9.6% 5.6% 1.8% 12.4% 3.7%6.5%10.9%

21

84

173

255

FY2016 FY2017 FY2018

Robust Cash Flows and Healthy Balance Sheet with Low

Capex Requirements

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

Prepayments from Customers(1)

Cash and Cash Equivalents and Short-term

Investments(1)

RMB MM RMB MM

RMB MM RMB MM

5.5% 8.4% 8.9% 13.2%

614

773

945

FY2016 FY2017 FY2018

51 (140)

336

(263)

FQ2 2018FQ2 2019 H1 2018 H1 2019

88 91 114

171

FQ22018

FQ22019

H1 2018 H1 2019

1,053

1,531

1,992 1,970

FY2016 FY2017 FY2018 FQ2 2019

1,010

1,396

2,227

1,065

FY2016 FY2017 FY2018 FQ2 2019

10.4%

Notes1. Second fiscal quarters ended February 28

9.6% 10.8%

Thank You