CONFIDENTIAL

HappyHour Co. Company Profile

Leading producer of beer, spirits and non-alcoholic beverages in Singapore & Malaysia growing current operations

Overview Key financials

 Asian based producer of beer, spirits, and non-alcoholic beverages.
US$mm   FY18A FY19A FY20E
 Operations including manufacturing, distribution, and direct sales in Singapore Revenue 900 961 1,071
(HQ), Malaysia(manufacturing in Malaysia is outsourced to Brew Co.), and Growth (%) 7% 11%
China.
 Recently expanded operations to China and has expansion plans for Beer 100 110 135
Cambodia.
Spirits 75 85 105
 Majority Owner and co-founder Ms. Happy looking to exist with no close family Non-alcoholic beverages 50 55 60
to inherit the business. EBITDA   225 250 300
 Key Strengths: Margine (%) 25% 26% 28%
 Largest Beer and Spirits company in Singapore & Malaysia.
NPAT   135 153 193
 Developed a strong supply chain with strong relationship with distributors
Margine (%) 15% 16% 18%
Shareholders

Co Family
20% Indicative valuation

Happy Fam- US$mm

ily
Hour Family 60% 2020E EBITDA 300
20% Growth (%) 20%

EV/EBITAD Multiple 10.0x-11.5x

Valuation Range     3000 - 3500

Source: Notes on HappyHour Co v3

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 CONFIDENTIAL

Overview of auction process and key workstreams

Date Event Key workstreams

Round 1:
Indicative Bid
Phase

Round 2: Final
Bid Phase