CONFIDENTIAL

HappyHour Co. Company Profile

Leading producer and marketer of beer and spirits in Singapore and Malaysia with growing operations in the region

Overview Key financials

 Asia based producer and marketer of beer, spirits and non-alcoholic beverages in Overview of revenue, EBITDA and NPAT
Singapore, Malaysia and China US$mm FY18A FY19A FY20E
 Founded in 1975, headquartered in Singapore Revenue 900 961 1071
 #1 player in beer and spirits in Singapore and Malaysia EBITA 225 250 300
 Recently expanded operations in China
NPAT 135 153 193
 Owned and operated manufacturing facilities in Singapore and China

 Malaysian manufacturing outsourced to Brew Co. EBITDA breakdown by segment

Us$Mm FY!8A FY19A FY20E
 New facilities planned for Cambodia

 Majority owner and co-founder Ms. Happy rumored to be looking to exit as she Beer 100 110 135
wants to retire in a few years and has no close family to inherit the Business.
Spirits 75 85 105
Shareholders
Non-Alcoholic Beverage 50 55 60
 Founding history: founded in 1975 by majority owner and co-
founder Ms. Happy Indicative valuation

Ownership Structure  High end product offerings in the spirits segment (premium
valuation)
, 20%  1 player in beer and spirits in Singapore & Malaysia
 1 player in non-alcoholic beverages in Malaysia
 Creating new bottling facilities in Cambodia and has a strong
supply chain as well as good relationships with distributors
 EV/EBITDA range of 10.0x – 11.5x
, 20% , 60%  Beer market in Asia is expected to continue growing at a CAGR
of 10%
Source:

1
 CONFIDENTIAL

Overview of auction process and key workstreams

Date Event Key workstreams

Mar 19, 2020 Access to Indicative Bid Documents Valuation
 Initial Valuation Analysis based on Indicative Bid Documents

Structure and financing

Round 1: 9am on Apr 9, 2020 and no Indicative Bid Q&A Submission Due.
 Begin Financing Decisions
Indicative Bid later than Apr 13, 2020 at
Phase 5pm(HKT)
Approvals
 Collect and Confirm Required Approvals
5 pm May 13, 2020 (HKT)

Late May 2020 Site visit and Management Presentation.

 Organize site visit and presentation

Due Diligence
 Conduct Due Diligence based on new information collected
 Organize Q&A Submissions
Valuation
Late July 2020  Finalize Valuation based on Financial Forecast
Round 2: Final
Bid Phase
Financing
 Confirm sources of financing

Approvals
 Commence preparing application for internal regulatory approvals