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DANTALJ@EPJAN AVVAXPSNJPJCT GAX NCTPLC
Pc
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8
Ebcn`e
Vedoebc` Gaa` Jn`ustry en` Ncstlc avcrvjcw5
8 Vrapasc` terbct en` stretcbjd retjanelc $8-56hn renbc
4
0
Vrapasc` terbct en` stretcbjd retjanelc $86-06hn renbc
Eppcn`jx
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0
Avcrvjcw
Gaun`c` jn 5=72 hy Mcnrj Ncstlc Rarl`slerbcst gaa` dakpenyavcrell jn tap 56 hy keroct dep 07= gedtarjcs jn =7 dauntrjcs warl`wj`c
Karc tmen 8666 hren`s edrass bcabrepmjcs Ttranb gadus an Ncstlc Brawtm Ka`cl ag 3-7% arbenjd brawtm Darparetc Ahicdtjvc9 Rarl` lce`cr jn Nutrjtjan, Mceltm en` Rcllncss Brawtm @rjvcrs
Nutrjtjan, mceltm en` wcllncssCkcrbjnb Kerocts en` Vapulerly pasjtjanc` pra`udtsVrckjukjsetjanAut ag makc Dansukptjan
Mce`quertcrc` jn Wcvcy, Twjtzcrlen`? mes ~ 446,666 ckplayccs
Ncstl vs. Blahel Vedoebc` Gaa` Keroct Brawtm Vcrgarkendc
Ocy Hren`s
Ekcrjde00%
Curapc8:%
XAPR82%
VctD
Nutrjtja
Dangcdtjancry, 55%
76
566
506
62-8656 62-8655 62
4-Zcer Ttado Vrjdc Vcrgarkendc
GZC - 58/45 8656E 8655E
Telcs $:0,63: $=:,0:2 $:
% brawtm (58.7%) (0.:%)
CHJP@E 57,:7= 57,303 % kerbjn 5=.6% 5=.3%
CHJP 54,374 54,057
% kerbjn 50.0% 50.4%
CVT $4.30 $4.8=
% brawtm (:.8%) (2.4%)
Vuhljd keroct veluetjan
Tmerc pr jdc (es ag 62/87/54) $
Keroct depjteljzetjan $5
Gjrk veluc $8
Pre`jnb kctrjds GW/Telcs
GW/CHJ@PE
V/C
Gjnendjel Tukkery (jn $kk cxdcpt pcr
Taurdc 9 Dakpeny gjlljnbs, Dakpeny Rchsjtc, Xcscerdm Xcparts
8658E rcvcnuc ; $:=.
VEDOEBC@GAA@JN@STPXZEN@NCTPLCAWCXWJCR
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
5/153
Ebcn`e
Vedoebc` Gaa` Jn`ustry en` Ncstlc avcrvjcw5
8 Vrapasc` terbct en` stretcbjd retjanelc $8-56hn renbc
4
0
Vrapasc` terbct en` stretcbjd retjanelc $86-06hn renbc
Eppcn`jx
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
6/157
Dakpeny DauntryXcvcnucBrawtm
Vragjtehjljty Ttretcbjd Gjt Avcrell Da
Vrckjuk dmadaletc Dmadaletc keroct ta
Ttetckcnt grak NLjn`tspassjhlc edq
Tagt `rjno en` cncrdakpenyCncrby @rjno kerocHattljnb en` `jsVcpsjDa jn SO wjll h
Vra`udcs grazcn enBlahel heocry jn`u
8653
Tuppljcr ta dmadadadae pra`udjnb depNcstlc Dadae Vcljkjnetcs eny dujntcbretjan
Dakken`s 56% ag Hrceogest dcrcel garIW wjtm Bcncrel Kpra`udts jn ST
7
Vatcntjel Ttretcbjd Perbcts
Perbct Snjvcrsc$8-56hn renbc
VXAVATC@PEXBCPEN@TPXEPCBJDXEPJANELC$
8-56HNXENBC
Taurdc 9 Curakanjtar, Dakpeny wchsjtcs XAPR
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Avcrvjcw
Gaun`c` jn 5=:2, Eryzte js tmc warl`s 4r` lerbcst spcdjeljty gaa`skenugedturcr
Apcretjans jn Curapc, Nartm Ekcrjde, Tautm Ekcrjde, Esje, Eustrelje en`
Ncw Ycelen` Xcvcnuc - DEBX ag karc tmen 7% gar lest gjvc ycers Brawtm lc` hy nukcraus edqujsjtjans jn heocry en` spcdjelty gaa`
scbkcnt Edqujsjtjans ag Mancytap en` Olckkc helendc` jtsdmenncl kjx jn Curapc Mce`quertcrc` jn Yurjdm, Twjtzcrlen`? mes ~58706 ckplayccs
Keiar Blahel Vrcscndc
Xcdcnt Edqujsjtjans
NartmEkcrjde
0=%Curapc
00%
XAPR=%
Tw
76
556
576
62-8656 62-8655 62-865
4-Zcer Ttado Vrjdc Vcrgarkendc
Gjnendjel Tukkery (jn $kk cxdcpt pcr
STE Mewejj Rcstcrn Curapc
Iepen Hrezjl Pmejlen` Jn`ancsje Eustrelje Ncw Ycelen`
GZC - 58/45 8656E 8655E
Telcs $0,0=0 $3,406 $
% brawtm (7.8%) 5:.5%
CHJP@E 345 726 % kerbjn 55.=% 58.7%
CHJP 4:6 335
% kerbjn =.2% 58.4%
CVT $4.75 $0.82
% brawtm 0.4% 5=.4%
Vuhljd keroct veluetjan
Tmerc pr jdc (es ag 62/87/54) $
Keroct depjteljzetjan
Gjrk veluc
Pre`jnb kctrjds GW/Telcs
GW/CHJ@PE
V/C
@K
CK
@K@cvclapc` Kerocts? CKCkcrbjnb Kerocts
Taurdc 9 Dakpeny gjlljnbs, Dakpeny Rchsjtc, Xcscerdm Xcparts
8654 Ennaundc`edqujsjtjan ag Olckkc, lce`jnb Bcrken heocry 8655 Edqujrc` Mancytap, spcdjeljzc` jn Esjen hrce`s 8656 Edqujrc` Brcet Ojtdmcns, lce`cr jn grazcn pjzze & sen`wjdmcs jn
Curapc
VXAVATC@PEXBCPEN@TPXEPCBJDXEPJANELC$
8-56HNXENBC
8658E rcvcnuc ; 0.8hn
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
8/15=
Ttretcbjd Xetjanelc gar edqujrjnb Eryzte
Ttretcbjd Gjt
Eryztes brawtm (Z-A-Z Iuly 8655 ta Iuly 8658) jn ljnc wjtm Ncstlc Ka`cl 9 Xcvcnuc Brawtm 9 55.4% CHJPE Brawtm 9 57.4% Nct Vragjt Brawtm 9 54.5%
Cxpensjan ag Ncstl's Vra`udt ljnc jnta XPC scbkcnt en` Grazcn Xce`yKcels scbkcnt
Hatm dakpenjcs smerc e Dansukcr Dcntrjd Vra`udt @cvclapkcntVmjlasapmy
Uujdo TcrvjdcXcsteurent 46%
Lerbc Xctejl 83%
Atmcr Gaa`scrvjdc83%
Danvcnjcndc &Jn`cpcn`cnt Xctejl
86%
Apcns up appartunjty ta pusmVrckjuk Ncstlc Vra`udts jnta H8Hdmenncls ljoc prckjuk matcls
Kj` ta lanb smclg ljgc pra`udts daul`utjljzc Ncstl's vest `jstrjhutjannctwaro jn Curapc en` Ckcrbjnbkerocts
Ncstlc daul`utjljzc tmc UTXautlcts tasmawdesc jtsVrckjuk Vra`udtljncs en` XPCpra`udts ta bejnvjsjhjljty jn
Curapcen Keroct Bjvcs e hcttcr
jntcrgedc garNcstl'sDansukcrDcntrjd Eppraedm
Ncstl's stranbgaatmal` en`kessjvc`jstrjhutjan dmennclwjll lce` taapcretjanelsyncrbjcs gar
Eryzte
Ncw Appartunjtjcs en` Apcretjanel Tyncrbjcs
Eryzte veluetjan Gaathell gjcl`
7,666 2,666 =,666
Prensedtjankultjplcs
GW/CHJP@E '50C
GW/CHJP@E '54C
GW/Telcs '50C
GW/Telcs '54C
V/C '50C
V/C '54C
52.6x5=.6x
53.6x57.6x
5.4x5.3x
5.8x5.0x
56.3x55.3x
:.3x56.3x
58.3x54.3xLPK CHJP@E
Pre`jnbkultjplcs
Gjrk veluc (jn $kk)9 =,666
Tubbcstc` prjdc pcr smerc renbc9 $20
VXAVATC@PEXBCPEN@TPXEPCBJDXEPJANELC$
8-5
6HNXENBC
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
9/15
:
Ebcn`e
Vedoebc` Gaa` Jn`ustry en` Ncstlc avcrvjcw5
8 Vrapasc` terbct en` stretcbjd retjanelc $8-56hn renbc
4
0
Vrapasc` terbct en` stretcbjd retjanelc $86-06hn renbc
Eppcn`jx
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
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5656
Vatcntjel Ttretcbjd Perbcts
Perbct Snjvcrsc$86-06hn renbc
VXAVATC@PEXBCPEN@TPXEPCBJDXEPJANELC$
86-
06HNXENBC
Taurdc 9 Curakanjtar, Dakpeny wchsjtcs
Dakpeny DauntryXcvcnucBrawtm
Vragjtehjljty Ttretcbjd Gjt Avcrell Da
Rarl`wj`c lce`cr enST dcrcel keroctDcrcel Vertncrs Ra
pramjhjts Ncstlc ta Bcncrel Kjlls jn dcrc
Karc tmen 06% smeDmadaletc keroct taRaul` keoc Ncstlc Ncstlc en` McrsmcyNutrjtjan en` Rcllncs
Keroct lce`cr jn STHrceogest dcrcel garTlaw brawtm acs
Dakpeny apcretcs rctejl, bradcry, jnbrc`Karc tmen 86% rcvscbkcnt wmjdm acs
Tcdan` lerbcst grazckeroct smercNcstlc elrce`y cniay57% keroct smerc? klewsNcstlc laaojnb ta c
partgalja jn-mausc hAmja X&@ gedjljty
Autsj`cXc
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
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55
Avcrvjcw
Gaun`c` jn 5=:0 hy Kjltan Mcrsmcy Kjssjan 9 Nutrjtjan & Rcll-Hcjnb Karc tmen 06% keroct smerc jn dmadaletc keroct jn STE
Apcretcs jn :6 dauntrjcs warl`wj`c Vra`udt renbc davcrs karc tmen =6 hren`s wjtm keny prckjuk pra`udts Xcdcnt edqujsjtjan ag Hraaosj`c Gaa`s lt` Mce`quertcrc` et Mcrsmcy, VE? mes ~50,666 ckplayccs
Keiar Blahel Vrcscndc
Hren`s
76
566
506
5=6
886
62-8656 62-8655 62-
GZC - 58/45 8656E 8655E
Telcs $3,725 $7,6=5 $
% brawtm 2.6% 2.8%
CHJP@E 5,5=7 5,826 % kerbjn 86.:% 86.:%
CHJP :=: 5,630
% kerbjn 52.0% 5=.7%
CVT $8.35 $8.=5
% brawtm 86.=% 55.2%
Vuhljd keroct veluetjan
Tmerc pr jdc (es ag 62/87/54) $
Keroct depjteljzetjan $
Gjrk veluc $
Pre`jnb kctrjds GW/Telcs
GW/CHJ@PE
V/C
Gjnendjel Tukkery (jn $kk cxdcpt pcr
4-Zcer Ttado Vrjdc Vcrgarkendc
STE =0%
STE 57%
Jntcrnetjanel XctejlTtarcs prcscnt jn9
Dene`eHrezjl
Kcxjda
DmjneOarce
IepenJn`je
Mcrsmcys Hren`serc evejlehlc jn :6dauntrjcs warl`wj`c
Taurdc 9 Dakpeny gjlljnbs, Dakpeny Rchsjtc, Xcscerdm Xcparts
Nan-dma82%
Xc
VXAVATC@PEXBCPEN@T
PXEPCBJDXEPJANELC$
86-06HNXENBC
8658E rcvcnuc ; $7.7
Tt t j X tj l g j j M m
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
12/15
58
Ttretcbjd Xetjanelc gar edqujrjnb Mcrsmcy
Taurdc 9 Jntcrnetjanel Dadae Arbenjzetjan, 8654? Jn`ustry Xcparts?
Ttretcbjd Gjt
Keocs Ncstlc tmc Blahel lce`cr jn dmadaletc jn`ustry Mcrsmcys prckjuk dmadaletc pra`udts erc blahel jdans tmet cnmendcs
Ncstl's pasjtjan jn prckjuk dmadaletc detcbary Keroctjnb stretcby hesc` an Ttranb hren` cqujty, pra`udt jnnavetjan en`
supcrjar queljty pra`udts Mcrsmcy mes e stranb gadus an cnmendjnb kerbjns hy jkpravjnb cggjdjcndy
en` rc`udjnb dasts Ncstl's stranb `jstrjhutjan edrass supcrkerocts blahelly den sjbnjgjdently
jndrcesc Mcrsmcysvjsjhjljty (gjb 5)
Tupcrkeroctsen` `jsdaunt
starcs03%
Tkell BradcryTtarcs82%
TpcdjeljtyTtarcs56%
Nan-starc8%
Atmcrs57%
5. Blahel Dmadaletc Tmappjnb Hcmevjar
58,=6=
57,=6653,0=6
50,6:358,08=
7,076
-
3,666
56,666
53,666
86,666
83,666
BlahelTelcsjn$kk
5:,87=
Blahel Dmadaletc Keroct Tmerc Vra-garke (Pap 3 Vleycrs)
Vraicdt Ncxt Dcntury
Leundmc` Vraicdt Ncxt Dcntury jn8656 ta drcetc en e`ventebc` supplydmejn en` dakpctjtjvc dast strudturc
Pmjs Vrabrek js cxpcdtc` ta pravj`cennuel dast sevjnbs ag $73-=6kktmraubm apcretjanel cggjdjcndjcs
Pmcsc cggarts erc jn ljnc wjtm Ncstl'sDantjnuaus Cxdcllcndc Vrabrek.
50,666 57,666 5=,666
Prensedtjankultjplcs
CW/CHJP@E '50
CW/CHJP@E '54
CW/Telcs '50
CW/Telcs '54
V/C '50
V/C '54
5=.6x5:.6x
52.6x5=.6x
8.6x8.3x
8.6x8.3x
55.3x58.3x
55.6x55.3x
55.6x55.3xLPK CHJP@E
Pre`jnbkultjplcs
Mcrsmcy veluetjan Gaathell gjcl`
Gjrk veluc (jn $kk)9 5=,666
Tubbcstc` prjdc pcr smerc renbc9 $23
VXAVATC@PEXBCPEN@T
PXEPCBJDXEPJANELC$
86-06HNXENBC
E `
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
13/15
54
Ebcn`e
Vedoebc` Gaa` Jn`ustry en` Ncstlc avcrvjcw5
8 Vrapasc` terbct en` stretcbjd retjanelc $8-56hn renbc
4
0
Vrapasc` terbct en` stretcbjd retjanelc $86-06hn renbc
Eppcn`jx
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
14/15
5050
Eppcn`jxPre`jnb en` trensedtjan dakperehlcs gar Eryzte edqujsjtjan
Eppcn`jx
Taurdc 9 Dakpeny gjljnbs, Pmc cel GQH rcpartNatc9 Tmerc prjdc danvcrtc` ta ST@, gjnendjels delcn`erjzc` ta @cdckhcr cn`
Gjrk Weluc/
Tmerc prjdc % ag Cqujty Gjrk 8654C 8650C 8654C 8650C
Dakpeny 2/87/8654 38-wcco mjbm veluc veluc Telcs Telcs CHJP@E CHJP@E
Ncstlc $77.4: ==.7% $5:=,836 $842,8== 8.83x 8.54x 55.:5x 55.58x
Hrjtvjd $=.88 ::.7% $5,453 $8,:58 5.03x 5.4:x 56.34x :.37x
Essadjetc` Hrjtjsm Gaa`s $8:.88 :4.0% $84,632 $83,564 5.84x 5.53x 56.6=x :.0=
Snjlcvcr $06.8: :5.3% $55:,=:6 $544,632 5.:8x 5.=4x 55.70x 56.:5x
Herry Dellcheut $:33.35 :0.5% $0,:64 $7,46= 5.56x 6.:3x 58.5=x 56.34x
Eryzte $75.5= 27.4% $3,4=7 $7,7=3 5.6:x 5.60x =.76x 2.=8
Kc`jen (cx Eryzte) :4.00% 5.40x 5.82x 55.6=x 56.63x
Kcen (cx Eryzte) :4.0=% 5.35x 5.08x 56.=8x :.:6x
Ennaundckcnt`etc Perbct Edqujrcr GW/CHJP@E Perbct husjncss csdrjptjan
Iul-58 Vcct's daggcc Vercntcs Mal`jnbs 88.0x Aggcrs daggccs en` tces hy saurdjnb tmc daggcc hcens en` tce lcevcs
Iun-6: Elpra-Taye @cen Gaa`s 54.:x Kerocts arbenjd, nan-arbenjd saye hesc` gaa` en` rjno pra`udts
Iul-6= Enmcuscr-Husdm Jnhcv 58.3x En Ekcrjden hrcwjnb dakpeny
Iul-56 Gjn`us Jtely Hjr`s Cyc Jbla :.8x Grazcn gaa` hren` wmjdm jndlu`cs rce`y kcels, pendeocs ctd
Key-55 Verkelet Ledteljs :.4x Vra`udcs ejry pra`udts, grujt iujdc en` tce
Kc`jen 58.3x
Kcen 54.3x
Pre`jnb dakperehlcs
Prensedtjan dakperehlcs
E `j P `j ` t tj hl g M m j jtj
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7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013
15/15
5353
Pre`jnb dakperehlcs
Prensedtjan dakperehlcs
Eppcn`jxPre`jnb en` trensedtjan dakperehlcs gar Mcrsmcy edqujsjtjan
Eppcn`jx
Taurdc 9 Dakpeny gjljnbs, Pmc cel GQH rcpart
Gjrk Weluc/
Tmerc prjdc % ag Cqujty Gjrk 8654C 8650C 8654C 8650
Dakpeny 2/87/8654 38-wcco mjbm veluc veluc Telcs Telcs CHJP@E CHJP@
Kan`clcz Jntcrnetjanel $45.3= 20.8% $37,434 $28,:2= 8.64x 5.:3x 58.67x 55.45
Danebre Gaa`s $47.20 :=.:% $53,050 $83,482 5.0=x 5.4:x 55.00x :.:0
Bcncrel Kjlls $35.35 ::.0% $44,66= $08,5:6 8.44x 8.83x 55.=6x 55.50
Ocllabb $77.:= :=.3% $80,740 $48,000 8.53x 8 .55x 58.6=x 55.32
Kce` Iamnsan Nutrjtjan $24.7= =0.=% $50,:58 $53,352 4.2=x 4.36x 53.80x 50.6:
Dekphcll Taup Dakpeny $02.62 :7.0% $50,206 $5=,:6: 8.85x 8.54x 55.26x 55.68
Mcrsmcy $:0.07 ::.:% $85,540 $88,:75 4.84x 4.64x 50.=4x 54.02
Kc`jen (cx Mcrsmcy) :2.07% 8.5=x 8.58x 55.:4x 55.84
Kcen (cx Mcrsmcy) :8.63% 8.44x 8.88x 58.4:x 55.35
Ennaundckcnt
`etc Perbct Edqujrcr GW/CHJP@E Perbct husjncss csdrjptjan
Nav-58 Xeldarp Mal jnbs Danebre 58.3x Kenugedturcr ag gaa pra udts sudm es dcrcels, daaojcs, dmadaletcs e
Epr-58 Vgjzcr Jngent nutrjtjan Ncstlc 5:.=x @cvclaps en` pra`udcs kc`jdjncs en` veddjncs gar e wj`c renbc ag `
Gch-58 Vrjnblcs Ocllab 55.5x Keocs pateta en` wmcet hesc` stedoehlc snedo drjsps.
Gch-56 De`hury Oregt 54.6x Pmc dakpeny js hcst onawn gar j ts dmadaletc eng dandgcdtjanery pra`
Epr-6= Rrjblcy Kers 5:.7x Rrjblcy's kejn husjncss mavcrs eraun` dmcwjnb buk pra udts.
Kc`jen 54.6x
Kcen 53.8x