To: Anna

From: Swetha Govindasamy

Subject: Strategic M&A targets Expansion Oppurtunity in Asia

Dear Anna,
I hope this email finds you well. My name is Swetha Govindasamy, representing JPMorgan Chase, and I
hope to discuss some exciting strategic opportunities with you.
It has come to my attention that you share a professional relationship with Carlos Johnson, the CEO of
Worldwide Brewing Co. Given my current focus on expanding merger and acquisition targets, I believe that
leveraging this connection could provide valuable insights and potentially lead to mutually beneficial
opportunities.
Furthermore, I understand you recently had a conversation with the Hong Kong Managing Director at
JPMorgan Chase, during which you obtained information about a promising companies, Happy Hour Co., Spirit
Bay, Hipsters’ Ale,Brew Co.,Bevy’s Direct. After a thorough analysis, i found below would be a strong
recommendation:

Company Description Relevance to WorldWide Recommendation

Brewing

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

Co. player in Singapore and
Malaysia, in the segments of
beer, spirits and non-
alcoholic beverages. Its
operations include
manufacturing facilities,
distribution and direct sales
and it has demonstrated
strong growth in EBITDA in
FY2020 which was up 20%
pcp and amounted to
US$300mm.
Spirit Bay Spirit Bay is an Indonesian
Company,operating in beers,
spirits and nonalcoholic
beverages in Singapore,
Malaysia and China. They are
the #1 player in Indonesia,
and #2 in Singapore and
Malaysia. Its operations
include manufacturing
facilities (indonesia),
distribution and direct sales
and it has exhibited strong
growth in EBITDA in FY2020
which was up 40% pcp and
amounted to US$400mm.
Hipsters’
Ale
WorldWide Brewing across the
same segments and is the
leading player in Singapore and
Malaysia, suggesting the
potential for strategic benefits
and synergies. It has solid
financial results and an
ownership structure that is
owned by 3 families, rendering a
potential acquisition relatively
simple and feasible. HappyHour
Co. would be appropriate to
share.
Spirit Bay operates in the same Recommend
segments as Worldwide Brewing
and holds a strong market
position, especially being the #1
player in Indonesia,aligning with
our expansion goals. With
manufacturing facilities in
Indonesia and a significant
employee ownership stake,
Spirit Bay presents a compelling
acquisition opportunity with
promising financial
performance.Although they
haven't expanded into new
markets recently, their
substantial growth and
ownership structure make them
a strategic candidate. Spirit Bay
would be appropriate to share.
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