November 2018

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 repor t

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 – Mission, Vision and Values

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 Mission

Build the most trusted ‘‘Third Classroom’’ outside of home

and school

Our Vision

Customer FocusExecution

InnovationTeamwork

Our Values

• 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 Mission

• Build the most trusted ‘‘Third Classroom’’ outside of home and school

Our Vision

• CEIT:

•Customer Focus

•Execution

•Innovation

•Teamwork

Our Values

5

Who We Are - Largest Premium K-12 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 August 31, 20184. 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 fiscal quarter ended August 31, 20187. Fiscal year ended August 31

Well-recognized brand with 315

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

122,498 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 Shanghai(2)

6,057full-time teachers(3)

RMB2.9Bnrevenue in FY2018(7) with

36.8% 3-year CAGR

6

OneSmart VIP

1-on-1, 1-on-3 3rd–12th Grade

Kids Math

1-on-8 1-on-14

Newly Acquired & New Program Initiatives

OneSmart Class

OneSmart International

EducationHappyMathOneSmart 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

3 to 8 Years Old

#1 young children mathematics education service provider in Shanghai

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

7

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

315 Study Centers in

42 Cities in China(2)

Listed on NYSE on March 28, 2018

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 August 31, 2018

2013

8

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

9

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

1 Customer 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

10

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 Fourth Fiscal

Quarter of 2018

12

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

Key Financial Highlights for Fourth Fiscal Quarter of 2018

13

Key Business Highlights for Fourth Fiscal Quarter of 2018

OneSmart VIP

Despite the opening of 18 new OneSmart VIP learning centers in Shanghai over the past 12 months, OneSmart VIP business in Shanghai continued to achieve a healthy EBIT margin of

above 40% during the quarter;

In the meantime, we experienced extremely strong growth in markets outside Shanghai. Monthly average student enrollments

increased by over 50% in the following 12 cities, most of which we entered during the past two years: Chengdu, Kunming, Xi’an, Zhengzhou, Chongqing, Hefei, Shenyang, Shijiazhuang, Yancheng, Zhuhai, Dongguan, and Taizhou;

We opened 5 new OneSmart VIP learning centers during the fourth fiscal quarter of 2018；

To provide one-stop shopping opportunities for premium families and further accelerate the growth, we newly launched OneSmart International Education (premium overseas study preparation, language training and consultation services), and OneSmart Study Camp programs.

HappyMath

We continued to accelerate our growth in HappyMath.

Revenues increased by 63.9% year-over-year to RMB117.2

million (US$17.2 million) from RMB71.5 million in the same

quarter of last year, with monthly average student enrollments

increased by 67.2% year-over-year to 23,201 from 13,874in the same quarter of last year；

Revenue in mature market continued to achieve strong growth

momentum – Revenue in Shanghai increased by 49.7% year-over-year.

We see strong revenue and student enrollment growthmomentum in almost every city that HappyMath has enteredinto. Revenues in Chengdu, Xiamen, Suzhou, Shenzhen and

Changsha all achieved more than 100% growth year-over-

year; while revenues in Beijing increased by 214.5% year-over-year.

The three newly launched subjects, Chinese, science, and computer programing, continued to experience rapid growth of student enrollments due to the strong market demand. More

than 5,600 students were enrolled for the Chinese language classes during the fourth fiscal quarter of 2018.

14

Successful Acquisition & Integration of

FasTrack English

Leveraging our “Standard Operation Perfection System” (“SOPS”) for integration management of acquired business, we successfully accelerated growth of FasTrack English. We re-positioned it as premium kids English training brand with a focus on STEM English and expanded the operation into Shenzhen;

After the acquisition, we opened 9 new FasTrack Englishlearning centers;

New student enrollments increased by 75.8% year-over-

year, compared to approximately 30.0% historical growthbefore acquisition;

The above demonstrated our strong acquisition andintegration capabilities, which will continuously accelerate thegrowth of FasTrack English business nationwide.”

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

New program Initiatives &

Strategic Investments

We continued to benefit from the consumption upgrade in Tier 1and Tier 2 cities, where we are incubating and investing heavilyin new online and offline product offerings, in order to deliverrapid top-line growth over the next five years –

For example, Yimi Online Tutoring, a leading premium online K-12 tutoring company, which we incubated and took a significantstrategic stake, achieved accelerated growth since its inception.For the first nine months ended September 30, 2018, its gross

billings and revenues increased by 336.1% and 341.6%year-over-year, respectively.

We also strategically invested in UUABC (online kids Englishtraining services) and BestMath (online kids mathematicstraining services), which will further expand our footprints in theonline education market and form an integral part of ourecosystem.

Section 3

Financial Highlights

16

72 117

FQ4 2017 FQ4 2018

567 777

FQ4 2017 FQ4 2018HappyMath

1,529

2,058

2,863

FY2016 FY2017 FY2018

Net Revenues(1) OneSmart VIP

RMB MM

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31

RMB MM

+78.6%RMB MM

+63.9%

Growth

+30.6%

CAGR

CAGR

637

934

FQ4 2017 FQ4 2018

+46.6%

Growth

113

212

359

FY2016 FY2017 FY2018

+36.8%

CAGR

+37.1%

Growth

Strong Top-line Growth Momentum in Different Business Segments

36

73

FQ42017

FQ42018

FY2017 FY2018

FasTrack English

1,416 1,840

2,416

FY2016 FY2017 FY2018

17

2,943,745

4,116,138

549,524

988,627

207,258

FQ4 2017 FQ4 2018

123 157

225 27

38

66

24

FY2016 FY2017 FY2018OneSmart VIP Happymath FasTrack

7,486

8,711

11,744

FY2016 FY2017 FY2018

Scaling-up in Various Metrics

48,153 63,295

85,830

7,867

13,545

18,884

7,431

FY2016 FY2017 FY2018

112,145

67,846

89,470

13,874

23,201

9,827

FQ4 2017 FQ4 2018

+41.5%

CAGR

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

Number of Classrooms(1)

+25.3%

CAGR

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31

Number of Study Centers(1)

+44.9%

CAGR

150

195

315

+49.9%

Grow th

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

+34.6%

CAGR

OneSmart VIP Happy Math FasTrack English OneSmart VIP Happy Math FasTrack English

+52.1%

Grow th

15,497,057

81,720

122,498

5,312,023

3,493,269

18

Gross Profit and Gross Margin(1)

High Gross Margin

RMB MM

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31

52.2% 51.3%

735

935

1224

63

126

203

26

FY2016 FY2017 FY2018

50.8% 50.6%

FY2016

FY2017

FY2018

FQ42017

FQ42018

Premium Tutoring

51.9% 50.8% 50.6% 50.7% 50.3%

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

FasTrackEnglish

NA NA 35.5% NA 38.0%

Overall Gross

Margin

52.2% 51.3% 50.6% 50.8% 50.6%

Gross Margin

OneSmart VIP

FasTrackEnglish

287 391

45 67 14

FQ4 2017 FQ4 2018

50.6%

Happy Math

19

30.9% 32.0%

8.5%9.2%

2.9%2.3%

6.9% 5.9%

FQ4 2017 FQ4 2018

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

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31

47.8% 48.7% 49.4% 49.2%

Staff costs Rental costs

Depreciation and amortization Other costs

49.4%

20

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

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 312. Excluding share based compensati on expenses

16.1% 17.4% 16.9%17.0% 17.9% 20.6% 16.8%

RMB MM RMB MM

261

368

588

FY2016 FY2017 FY2018

104

193

FQ4 2017 FQ4 2018

247

357

485

FY2016 FY2017 FY2018

107

141

FQ4 2017 FQ4 2018

16.4% 20.7% 15.1%

21

112 138

FQ4 2017 FQ4 2018

291 330 376

FY2016 FY2017 FY2018

234

305

229

FY2016 FY2017 FY2018

109 111

FQ4 2017 FQ4 2018

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

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 312. Net income attributable to OneSmart

19.1% 16.0% 13.1% 17.6% 14.8%15.3%

189

259 246

FY2016 FY2017 FY2017

14.8% 8.0% 17.1% 11.9%

12.4% 12.6% 8.6% 15.0% 8.8%

247 284

392

FY2016 FY2017 FY2018

16.1% 13.8% 13.7% 15.5% 11.7%

96 83

FQ4 2017 FQ4 2018

99 109

FQ4 2017 FQ4 2018

22

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

Notes

1. Fiscal years ended August 31 and fiscal fourth quarters ended August 31

5.5% 8.4%

8.9%6.0%

614 773

945

FY2016 FY2017 FY2018

289 286

FQ4 2017 FQ4 2018

38 77

FQ4 2017 FQ4 2018

1,053

1,531

1,992

FY2016 FY2017 FY2018

1,010

1,396

2,296

FY2016 FY2017 FY2018

8.3%

Thank You