A sample pitchbook of in Food Sector structured as: - Advisor Overview - Situation Overview –Asia-Pacific Food & Beverage Industry - Potential Targets –Short Profiles

1. Discussions Material – ABC & Co.
MONTH DD, 20XX

2. Potential
Targets in
Food Sector
• Aranca – Overview
• Situation Overview – Asia-Pacific Food &
Beverage Industry
• Potential Targets – Short Profiles
Key Discussion Points
ABC & CO. 2

3. Aranca
OVERVIEW
ABC & CO. 3

4. Aranca – Company Overview
ABC & CO. 4
Company Overview Key Management
• Founded in UK in 2003, Aranca is a provider of customized
investment research, business research, valuation services
and intellectual property research services
• The company research solutions includes:
• Investment Research: Provides customized, equity
research outsourcing, financial research outsourcing,
economic research outsourcing and analytical
support
• Business Research: Provides customized research
solutions on markets, competition, customers,
supply chain, innovation and technology trends
• Valuation and Advisory Services: Provides defensible
valuations and fairness opinions for tax compliance
and financial reporting (US GAAP/IFRS)
• Intellectual Property Research: Provides intellectual
property research, analytics, valuation and out-
licensing support services
• Company’s clientele includes Fortune 500 corporations,
large financial institutions like investment banks, hedge
funds, PE/VC firms, brokers, and startup firms
• The company has global presence including in the US,
Europe and Middle East, and a state-of-the-art delivery
center in Mumbai, India
Hemendra Aran
Founder & CEO
• Served at Infosys where he worked with global
corporations such as Goldman Sachs, Reebok
and Thomson Electronics
• Alumnus of London Business School (MBA), Haas
School of Business, University of California,
Berkeley and Indian Institute of Technology
(Madras)
Madhusudan Rajagopalan
Director, India Operations
• Served as a management consultant with
Accenture where he handled strategy and
business performance improvement
assignments
• Alumnus of the Indian Institute of Management,
Bangalore and IIT Madras (B.Tech)
Neeraj Bhardwaj
Director, Business Development
• Over 10 years of experience in financial services,
outsourcing and consulting
• Founded a business process outsourcing
company after serving as Bank Analyst at with
the Bank of England
• Holds a Bachelors in Finance from the London
School of Economics and an MBA from London
Business School
Source: Company Website

5. Aranca – Experience & Coverage
ABC & CO. 5
Sector Experience Across Regions Coverage
Source: Company Website
Sector / Industry
North
America
Latin
America
Western
Europe
Eastern &
Central
Europe
Middle
East &
Africa
Asia
Pacific
Aerospace & Defense • • • •
Automobiles & Components • • • •
Banking • • • • • •
Capital Goods • • • • •
Chemicals • • • •
Construction & Engineering • • • •
Diversified Financials • • • • • •
Energy Equipment & Services • • • • •
Food Beverage & Tobacco • • • •
Health Care Equipment & Services • • • •
Hotels Restaurants & Leisure • • • • • •
Household & Personal Products • • • •
Household Durables • • • •
Insurance • • • • •
IT Software & Services • • • •
Media • • •
Metals & Mining • • • • • •
Oil & Gas • • • • • •
Paper & Forest Products • • • •
Pharmaceuticals • • • • •
Real Estate • • • • • •
Retailing • • • • • •
Semiconductors & Equipment • • •
Telecommunication Services • • • • • •
Textiles, Apparel & Luxury Goods • • • •
Transportation & Logistics • • • • • •
North America
34%
Asia Pacific
16%
Middle East &
Africa
18%
Europe
18%
Latin America
14%
Coverage by Geography
Large Cap
32%
Mid Cap
46%
Small Cap
22%
Coverage by Market Cap

6. Aranca – Assignments Handled
ABC & CO. 6
Selected Assignments Handled
Source: Company Website Case Studies
Private Equity / Venture
Capital Firms
Identification and profiling
of companies in target
sectors with specific
technology capabilities
PE – VC Research
Identifying investment
opportunities in the global
Toll Road theme
Investment Banking
Analytics
Identifying potential
acquisition targets in the
bakery segment in Europe
Enterprises
Profiling and short-listing
suitable acquisition
candidates in the chemicals
sector
PE – VC Research
Dedicated analyst support
– preparation of sector and
thematic report, PPM
documents and monthly
newsletters
Equity Research
Investment screening of
stocks based on
fundamental parameters –
quantitative & qualitative

7. Situation Overview
ASIA-PACIFIC FOOD & BEVERAGE INDUSTRY
ABC & CO. 7

8. $174.0
$1.4
$112.2
$15.0
$21.8
$52.0
$44.7
$12.7
$11.5
$141.8
$24.6
$19.1
$47.5
$18.1
Alcoholic Drinks
Baby Food
Beer
Bottled Water
Confectionery
Dairy Products
Frozen Food
Functional Drinks
Juices
Meat, Fish & Poultry
Milk
Savory Snacks
Spirits
Wine
2009 Market Size
F&B – Industry Overview
ABC & CO. 8
Industry Overview Asia-Pacific F&B Market
• The global food and beverage (F&B) industry was valued at
$5.7 trillion in 2008 and is expected to increase to more
than $7 trillion by 2014, at a CAGR of 3.5%
• The global food products industry, which consists of
agricultural products and packaged foods, generated
revenues of $3.2 trillion in 2008 and is expected to
increase at a CAGR of 4.6% to $4 trillion by 2013
• The global beverage industry, which consists of soft
drinks, beers, ciders, spirits and wines, was valued at
$1.4 trillion in 2008 and is expected to rise at a CAGR
of 2.6% to $1.6 trillion by 2013
• The share of Asia Pacific region in the global F&B industry's
value is projected to increase from 31.5% in 2011 to 34.2%
by 2015
• The developing countries in Asia Pacific region
including India, China and Indonesia are likely to
drive the sales of processed food in Asia
• India’s F&B market was valued at $182 billion in
2007-08 while the food processing sector alone was
worth $72 billion in 2008
• China’s food processing sector is valued at $50 billion
in 2008
($ in billions)
Source: IMAP, ASSOCHAM-TechSci study, and Datamonitor

9. Industry Value Chain
• This industry is involved in the production
and collection of raw agricultural
commodities such as rice, wheat and corn
• Food processing is an integral part of the
value chain and involves the processing of
raw food commodities into forms that can
be easily distributed and sold to consumers.
This division is further divided into the
following:
• Food, Major Diversified
• Beverages, Alcoholic & Non-
Alcoholic
• Confectioners
• This is the final stage of the F&B value chain
and entails the distribution of finished or
near-finished food products to consumers.
This industry includes:
• Grocers/Supermarkets
• Restaurants
• Casual & Upscale Restaurants
Farming
Processing
Distribution
F&B – Industry Trends
ABC & CO. 9
Source: IMAP
Key Trends
• Asia-Pacific is emerging as a major contributor of raw
materials to the F&B industry
• Food purchases are shifting from staple foods rich in
carbohydrates to more expensive foods such as meat and
dairy products
• China, Russia and India have increased their production
capacities
• China increased its wheat production capacity by
26% in 2003-07
• Russia raised its capacity by 45%
• At present, approximately 58% of produced food is
consumed by developing countries
• This is expected to climb to 72% by 2050 supported
by the fact that 37% of the world’s population
currently lives in China and India
• Demand for cereals is expected to rise from the current 2.1
billion tonnes to more than 3 billion tonnes by 2050
• Demand for meat production is likely to grow by 200 million
tonnes to 470 million tonnes over the same period

10. $697.4
$353.2 $324.7
$178.4
$84.5
$26.2
$1,032.8
$452.7
$386.7
$212.8
$101.9
$30.5
China India Russia Indonesia South Korea Malaysia China India Russia Indonesia South Korea Malaysia
2012 2017
Food Beverage
F&B – Geographic Overview
ABC & CO. 10
Asia-Pacific – Opportunities & Risk Factors
Source: Linklaters
Asia-Pacific – Major Countries F&B Market
($ in billions)
Countries China India Russia Indonesia South Korea Malaysia
Market Size
Market Growth in Real Terms
Market Growth in % Terms
Production Base Potential
Highest Opportunity Lowest Opportunity
Growth Forecast Risk
Sovereign Risk
Corruption Risk
F&B Investment Restrictiveness
Quality of Investor Protection
Highest Risk Lowest Risk
RiskFactors
Opportunity
Factors

11. Potential Targets
SHORT PROFILES
ABC & CO. 11

12. Potential Targets
ABC & CO. 12
Company Business Overview
Engages in the manufacture and sale of snack confectionary, bakery
food and cereal food. Operates in two business segments
• Food Manufacture and Sale segment manufactures and sells potato
series snacks, bakery foods and prepared food bread, among
others
• Others segment is engaged in the operation of logistics, planning,
production and dispatching of sales promotion tools
Source: Company Website, Reuters, Bloomberg, and Google Finance
Financial InfoMarket Info
Calbee, Inc.
Founded: 1949
HQ: Tokyo, Japan
CEO: Akira Matsumoto
(JPY in millions)
Stock Price (11/1/13) ¥2,502.00
Market Cap ¥330,073
LTM P/E 31.6x
LTM P/Sales 1.8x
• A meat products provider offering high-temperature meat
products, low-temperature meat products, fresh meat and frozen
meat
• Also offers technical consulting services, logistics services and
chemical products
• Mainly operates its businesses within domestic markets
Henan Shuanghui Invt &
Dev. Co Ltd
Founded: 1988
HQ: Henan, China
Chairman: Wan Long
Engages in production and distribution of dairy products and mixed
feedstuffs
• Major products include liquid milk products, including milk, dairy
drinks, milk and dairy drinks for children; milk powder and milk
products, including milk powder for infants, milk powder for adults,
soybean powder and dairy snacks, as well as cold drink products
and mixed feedstuffs, among others
Inner Mongolia Yili
Founded: 1993
HQ: Mongolia, China
Chairman: Pan Gang
A rice miller and Basmati Rice exporter. Operates in two segments:
• Agri segment engages in agri commodities, such as rice, cotton,
seed, bran and bran oil
• Energy segment is engaged in power generation from wind turbine
and husk based power plant
Offers number of brands to its customers, such as India Gate, Doon,
Nur Jahan, Indian Farm, Bemisal, Aarati, Unity, Lotus, Taj Mahal Tilla,
Shubh Mangal, Necklace and Lion
KRBL Ltd.
Founded: 1988
HQ: Delhi, India
MD: Anil Kumar Mittal
(JPY in millions)
Revenue ¥183,666
Gross Margin % 43.9%
EBITDA % 12.8%
LTM EPS ¥87.43
(CNY in millions)
Stock Price (11/4/13) ¥45.28
Market Cap ¥101,205
LTM P/E 29.5x
LTM P/Sales 2.4x
(CNY in millions)
Revenue ¥43,148
Gross Margin % 19.1%
EBITDA % 10.7%
LTM EPS ¥2.13
(CNY in millions)
Stock Price (11/4/13) ¥39.56
Market Cap ¥80,695
LTM P/E 27.1x
LTM P/Sales 1.8x
(CNY in millions)
Revenue ¥44,831
Gross Margin % 30.0%
EBITDA % 5.9%
LTM EPS ¥1.51
(INR in millions)
Stock Price (11/3/13) ₹ 29.65
Market Cap ₹ 6,993
LTM P/E 4.9x
LTM P/Sales 0.3x
(INR in millions)
Revenue ₹ 22,628
Operating Margin % 37.0%
Net Margin % 0.5%
LTM EPS ₹ 5.37
(Public)

13. Potential Targets
ABC & CO. 13
Company Business Overview
Engages in the food manufacturing business
• Products portfolio consists of pies under the brand names of Choco
Pie, Fresh Pie and Haute; snacks under the brand names of
POCHACHIP, Cornchip HOT, Oh! Gamja, SWINGCHIP, Toonies and
others; biscuits under the brand names of Gosomi, Choco Chip
Cookie, Digesta, Bebe, O'Tato and others, and chocolates under the
brand names of Mini Pole, Eggmon, Choco Boy, To You, Hotbreak
Chocobar and others, as well as candies and gums
Source: Company Website, Reuters, Bloomberg, and Google Finance
Financial InfoMarket Info
Orion Corp
Founded: 1956
HQ: Seoul, South Korea
CEO: Sang Woo Kim
Engages in the manufacturing and marketing of cocoa ingredients and
consumer chocolate confectionery products and investment holding.
Operating segments include:
• Branded Consumer Division engages in the manufacture and
marketing of chocolate confectionery products
• Cocoa Ingredients Division, engages in the manufacture and
marketing of a range of speciality cocoa butter, liquor and powder
Petra Foods Ltd.
Founded: 1984
HQ: Singapore
CEO: Chuang Tiong
Choon "John"
• An integrated oilseed solvent extraction and edible oil refining
company
• Engages in processing of oil-seeds and refining of crude oil for
edible use
• Produces oil meal, food products from soya and value added
products from downstream and upstream processing
• Manufactures edible oils, vanaspati, bakery fats and soya foods
Ruchi Soya Industries
Founded: 1986
HQ: Mumbai, India
MD: Dinesh Shahra
Specializes in the production and distribution of instant noodles,
beverages and baked goods. Operates in following segments:
• Instant noodles segment provides bowl noodles, packet noodles
and fried crispy noodles with pickled series, and Lu Xiang series
• Beverages segment provides diluted juices, carbonated drinks,
ready-to-drink tea, bottled water, fruit juice drinks, and milk tea
• Instant food segment provides sandwich crackers, muffins, egg rolls
and leisure puffed food made of potatoes
Tingyi Cayman Islands
Holding Corp
Founded: 1991
HQ: Tianjin, China
CEO: Wei Ing-Chou
(SGD in millions)
Stock Price (11/5/13) $3.48
Market Cap $2,151
LTM P/E 32.1x
LTM P/Sales 2.4x
(SGD in millions)
Revenue $733
Gross Margin % 24.2%
EBITDA % 13.2%
LTM EPS $0.02
(INR in millions)
Stock Price (11/5/13) ₹ 34.15
Market Cap ₹ 11,875
LTM P/E 4.2x
EV/EBITDA 1.1x
(INR in millions)
Revenue ₹ 298,710
EBITDA % 3.5%
Net Margin % 0.9%
LTM EPS ₹ 8.19
(HKD in millions)
Stock Price (11/4/13) $22.20
Market Cap $126,461
LTM P/E 44.5x
LTM P/Sales 1.6x
(HKD in millions)
Revenue $78,062
Gross Margin % 29.9%
EBITDA % 10.8%
LTM EPS $0.51
(KRW in millions)
Stock Price (11/5/13) ₩1,009,000
Market Cap ₩6,154,792
LTM P/E 38.9x
LTM P/Sales 2.5x
(KRW in millions)
Revenue ₩1,844,649
Gross Margin % 41.9%
EBITDA % 14.4%
LTM EPS ₩26,479
(Public)

14. Potential Targets
ABC & CO. 14
Company Business Overview
A food manufacturing company. Operates in following major divisions:
• Seafood division is engages in the purchase, processing and sale of
seafoods in domestic and overseas markets
• Instant Noodles division provides cup and bag noodles
• Low Temperature Food division manufactures/sells steamed &
roasted buckwheat noodles and commercial cocking products
• Prepared Food division manufactures/sells of sterile packaged rice
Source: Company Website, Reuters, Bloomberg, and Google Finance
Financial InfoMarket Info
Toyo Suisan Kaisha Ltd
Founded: 1953
HQ: Tokyo, Japan
Chairman: Tadasu
Tsutsumi
A food product company involved in a range of food-related
businesses, including the manufacture and distribution of branded
consumer foods. Operates in following major divisions:
• Branded consumer foods segment manufactures and distributes
salty snacks, chocolates, candies, biscuits, and bakery products
• Agro-industrial products segment engages in hog & poultry
farming, producing animal feeds and animal health products
Commodity food segment engages in sugar milling &refining
Universal Robina Corp
Founded: 1954
HQ: Manila, Philippines
President: Lance Y
Gokongwei
Engages in manufacturing, distribution and sale of rice crackers, dairy
products and beverages, snack foods and other products. Segments:
• Manufacturing & sale of Rice crackers, including sugar coated
crackers
• Dairy products and beverages, including flavored milk, yogurt
drinks
• Snack foods, including candies, popsicles and jellies, and ball cakes
Want China Holdings
Ltd
Founded: 2007
HQ: Shanghai, China
CEO: Tsai Eng-Meng
Operates in following major segments:
• Palm and laurics: Merchandising & processing of palm oil & laurics
• Oilseeds and grains: Merchandising and processing of edible oils,
oilseeds and grains
• Consumer products: Packaging & sales of consumer pack edible
oils, rice, flour and grains
• Plantation and palm oil mills: Oil palm cultivation and milling
• Milling: Milling of sugarcane to produce raw sugar and by-products
Wilmar International
Founded: 1991
HQ: Singapore
CEO: Kuok Khoon Hong
(JPY in millions)
Stock Price (11/5/13) ¥2,958.00
Market Cap ¥336,524
LTM P/E 14.3x
LTM P/Sales 0.9x
(JPY in millions)
Revenue ¥362,546
Gross Margin % 37.8%
EBITDA % 10.6%
LTM EPS ¥212.13
(PHP in millions)
Stock Price (11/5/13) 126.10
Market Cap 277,487
LTM P/E 26.5x
LTM P/Sales 3.5x
(PHP in millions)
Revenue 78,486
Gross Margin % 28.2%
EBITDA % 15.6%
LTM EPS 4.81
(HKD in millions)
Stock Price (11/4/13) $11.96
Market Cap $158,685
LTM P/E 32.5x
LTM P/Sales 5.7x
(HKD in millions)
Revenue $27,791
Gross Margin % 41.4%
EBITDA % 25.1%
LTM EPS $0.37
(SGD in millions)
Stock Price (11/4/13) $3.41
Market Cap $22,093
LTM P/E 12.6x
LTM P/Sales 1.8x
(SGD in millions)
Revenue $12,274
Gross Margin % 8.5%
EBITDA % 5.1%
LTM EPS $0.22
(Public)

15. Potential Targets
ABC & CO. 15
Company Business Overview
Manufactures & supplies food & beverage products
• Product lines include dairy drinks, bottled water, carbonated drinks,
bottled tea, juices, canned food, medicine and health care products,
infant food, and snacks
• Designs, manufactures, and sells fashionable kids wear for newborns
and children up to fourteen years of age
• Also owns and operates a boutique shopping mall
Source: Company Website and Bloomberg Businessweek
Key Products/Brands
Hangzhou Wahaha
Group
Founded: 1987
HQ: Zhejiang, China
Founder: Qinghou Zong
Operates as a wholesaler in the food industry
• Merchandizing portfolio includes dried foods; chilled foods, such as
dairy products, yogurt, and desserts; and a line of frozen food products
for professional and consumer markets
• Offers retail support services, which include provision of an
informational common tool for sales promotion, a trading area analysis
tool, and a sales promotion magazine
Nippon Access, Inc.
Founded: 1952
HQ: Tokyo, Japan
CEO: Shigeharu Tanaka
Manufactures, markets, and sells biscuits and confectioneries
• Offers glucose, milk, sweet and salted cream, wafer crème, cumin
seed, and cheese biscuits; toffees and hard-boiled candies in
chocolate, mint, cola, and tropical fruit flavors; and snacks, including
chips and wafers
Parle Products Ltd.
Founded: 1929
HQ: Mumbai, India
Owners: Chauhan family
Engages in the manufacture and sale of beverage and food products. The
company three main areas of operation:
• Producing alcoholic beverages (including MIDORI melon-flavored
liqueur)
• Producing health food and supplement and non-alcoholic beverages
• Running restaurant, fitness, and floral operations
Suntory Holdings Ltd.
Founded: 1899
HQ: Osaka, Japan
Chairman: Nobutada Saji
(Private)