To: Anna

From: Hephzibah

Subject: Recommending appropriate target companies for M&A for WorldWide Brewing Co.

Hello Anna,

The following information provides a basic understanding of each company our colleagues in Hong Kong
have provided us with. This is my understanding on which company I think is appropriate to recommend
or not to WorldWide Brewing Co. for their M&A.

Company Description Relevance of WorldWide Recommendation

Brewing

HappyHour Co. HappyHour Co. is the It has similar operations Recommend

largestplayer in Singapore to WorldWide Brewing
andMalaysia, in the across thesame
segments ofbeer, spirits segments and is
and non-alcoholic theleading player in
beverages. Itsoperaons Singapore andMalaysia,
includemanufacturing suggestng the potential
facilies,distribuon and for strategic benefits
direct salesand it has and synergies. It has
demonstratedstrong solid fancial results and
growth in EBITDA an ownership structure
inFY2020 which was up that isowned by 3
20%pcp and amounted families, rendering a
toUS$300mm potential acquisition
relatively simple and
feasible. HappyHourCo.
would be appropriate to
share.

Spirit Bay Spirit Bay is also one of It has similar operations Recommend
thelargest players in to WorldWide Brewing
Indonesia,Singapore, co. across the same
Malaysia andChina, in the segments and is the
segments beer,spirits and leading player in
non-alcoholicbeverages. Indonesia and al #2 in
it’s operations include Singapore and Malaysia,
manufacturing facilities, proving potential for
 distribution anddirect
sales. It hasdemonstrated
strong growthin EBITDA
in FY2020 whichwas up
40% and amounted
toUS$400mm.
Hipster’s Ale Hipster’s Ale has its
headquarters in Malaysia
and it also has locations
in Singapore, Indonesia,
Japan, Korea and
Cambodia, in the
segments beer and
spirits. It's operations
include manufacturing
facilities, distribution and
direct sales. It has
demonstrated good
growth in EBITDA in
FY2020 which was up
15% and amounted to
US$200mm.
Brew Co. Brew company is the
largest manufacturing
player in Malaysia, in the
segments beer and
spirits. It’s operations
include manufacturing
facilities only. Although it
has good fnancial results
it has a fall in EBITDA in
FY2020 which was down
by 5% and amounted to
US$800mm.
strategic benefits. It has
solid Financial results
and has an ownership
structure where
majority of the shares
are owned by Global
sponsors and have been
undergoing aggressive
cost cutting measures to
improve their earnings,
which makes potential
acquisition feasible.
Spirit Bay would be
appreciate to share.
It has similar operations Recommend
to WorldWide Brewing
co. across segments in
beer and spirits and is
operating in major asian
countries like
Singapore,Indonesia,
Japan, Korea and
Cambodia. It has good
financial results and is
owned by 30
independent breweries.
Acquisition seems
feasible. Hipster's Ale
would be appropriate to
share.
Its manufacturing Not
facilities operations are Recommended
the only one similar to
WorldWide Brewing Co.
across two segments in
beer and spirits. It is the
largest manufacturing
player in Malaysia. It has
pretty good financial
results. It's shareholders
include mostly
institutional
shareholders listed on
 the Malaysian stock
exchange. The only
drawback is that the
company doesn't have
much exposure to other
Asian countries and is
restricted to only
Malaysia. Brew Co. is
not appropriate to
share.

Bevy's direct Bevy's direct has its It has operations in Recommend

headquarters in wholesale distributions
Singapore and has across similar segments
locations in Malaysia, to WorldWide Brewing
China, Indonesia, Japan, Co. It has wide exposure
Korea, Cambodia and not only in Asia but also
even non Asian countries in Australia and New
like Australia and New Zealand. It has good
Zealand, in the segments financial results and an
beer, spirits and non- ownership structure
alcoholic beverages.It that is Owned by one
only operates in family making potential
wholesale distribution. It acquisition relatively
has a strong growth in easy and feasible. Bevy's
EBITDA in FY2020 which direct would be
was up by 25% and appropriate to share.
amounted to US$250mm.

Thanking you!

Kind regards,

Bharti Soni