375 Park Associates LLC - Your Growth Partner

C O N F I D E N T I A L | www.375parkllc.com
YOUR GROWTH PARTNER©

© 375 Park Associates | www.375parkllc.com
This information is confidential and was prepared by 375 Park Associates solely for the use of our client; it is not to be relied on by any 3rd party without the prior consent of 375 Park Associates.
Agenda
 Who We Are
 International Connections
 What We Do
 Value3 ©
 Growth Opportunity Index ™ by Sector
 Selected Mandates
 Considerations & Deal Busters
 Selected Success Stories
 APAC Market Overview
 Transaction Overview

Who We Are

Who We Are
375 Park Associates specializes in providing growth
and financial advisory solutions to small- to mid-sized
middle market companies. Our partners and associates
have closed transactions in the U.S. and abroad ranging
from USD 10 million to USD 150 million in value.
We are united by a strong set of ethical values, which we
use to deliver results for our stakeholders. Our team
includes former associates, vice-presidents, and
managing directors from top-tier investment banks and
Global 100 companies.
375 Park Associates is headquartered in New York and
has offices in Hong Kong as well as affiliates in Asia,
Canada, Europe, and the U.S.

What We Believe
We are united by a strong set of ethical values, which
guide our unwavering moral responsibility to ALWAYS
DO RIGHT BY OUR CLIENTS, OUR TEAM, and OUR
COMMUNITIES.
This commitment defines who we are:
 PASSIONATE
 CANDID
 INTERNATIONAL
 RESONSIBLE
 STRONG MORAL COMPASS

Our Senior Team
Alberto Pagliarini
Advisor
 MD Gemini Capital
 ex-Daiwa Capital Markets, Hong
Kong; Barclays, London; Morgan
Stanley, New York & Hong Kong;
Bain; McKinsey & Co
 MsC Mechanical Engineering -
Politecnico di Milano
 MBA Finance & Accounting – NYU
Stern
Roberto Salis
Regional Director
 ex-Buderus (Robert Bosch
Termotechnik Division), SpA,
Bticino, Italy, Schlumberger
Industries SpA, Italy and UK
 MsC Mechanical Engineering –
Politecnico di Milano
 BsC Agriculture, Viticulture, and
Enology - Università degli Studi di
Milano
Eric A.M. Dennis
Managing Director
 Managing Director – AB Phoenix LLC
 ex-Jefferson Funding, State Street
Bank N.A., Manufacturers
Hannover, New York; Bank of New
England, Boston
 School of Engineering – Boston
University
 Aeronautical Engineering– Embry
Riddle University
Gregory M. Thomas
Director of Operations
 Council Member – Gerson Lehrman
Group
 ex-IMC, Hong Kong; Foundation
Consulting, Hong Kong; Nextel,
White Plains; McDonald’s, Boston;
IKON
 MBA - Edinburgh Business School at
Heriot Watt University
 BsC Communications – Almeda
University
Reuben L. Sushman
Managing Director
 President – Macduff Advisors LLC
 ex-Empire Futures, Citigroup,
Morgan Stanley, Pinnacle Asset
Management, New York; Adjunct
professor of finance - Frank G. Zarb
School of Business, Hofstra University
 MBA Finance – NYU Stern
 BA Business Administration - Rutgers
University

International Connections

International Connections
Our international connections can help you
reach new customers or access lower cost of
capital. Connections include:
 Private Banks
 Advisors & Family Offices
 Regional Investment Banks
 Commercial Banks
 Private Equity & Hedge Funds
 Industry Players

Selected International Connections
for indicative purposes only
Private Banks Advisors & Family Offices Regional Investment Banks
Commercial Banks Private Equity & Hedge Funds Industry Players
DNY TRUST

What We Do

What We Do
 Energy
 Healthcare
 Luxury & Lifestyle
 Water & Waste
 Due Diligence
 International Expansion
 Joint Ventures
 Leveraged Buyouts
 Licensing
 M&A & Liquidity Events
 Strategy &
Implementation
Services for securities transactions are provided independently through FINRA/SIPC registered broker dealers.
 Asset & Liability Solutions
 Direct Investments
 Distressed & Illiquid
Credit
 Financial Engineering
 PIPE Financing
 Receivables Finance
 Securitization
 Structured Finance
Advisory
 Operating Business
 REV US $ 20 M ~ $ 200 M
 EBITDA ~ 5%
 Potential for
EXPONENTIAL Growth
 Mandate US $ 10 M ~
$ 150 M
We assist growth
companies to
transform large, old-
school industries by
improving their
access to customers
and capital.
Access to
CUSTOMERS in Asia-
Pacific
Access to CAPITAL
from Asia-Pacific

Competitive Advantage
Quality
•Endeavor to provide WORLD CLASS advice & support.
•unwavering moral responsibility to ALWAYS DO RIGHT BY OUR CLIENTS, OUR
TEAM, and OUR COMMUNITIES.
Innovation
•Offer our clients the insights they need to realize EXPONENTIAL growth.
•Develop & implement NEW PRODUCTS & PROCESSES.
Efficiency
•Focus on AGILITY and SOLUTIONS.
•Deliver VALUE at every step.
Responsiveness
•Small number of clientele allows for MORE FOCUSES CUSTOMER SERVICE.
•Every engagement is led by an EXPERIENCED PARTNER.

Value3 ©

VALUE3 ©
Preliminary
Due Diligence1
Market Survey
2
Expression of
Interest3
 WE KNOW THE MARKETS WE SERVE –
specifically cross-border M&A in APAC;
 WE KNOW WHAT BUYERS ARE LOOKING
FOR;
 We believe creating a market for your
company is the BEST WAY TO INCREASE
ITS VALUE;
 Every engagement is LED BY AN
EXPERIENCED PARTNER.
Give us 3 MONTHS and we will introduce you to
INTERESTED PARTY(S).

Growth Opportunity Index™

Energy

4.0
3.3
3.5
4.0
3.2
3.8
3.2
3.2
3.8
3.6
4.0
4.3
4.1
3.8
Batteries
Analytics
IT Security
SAPS
Transmission/Transportation
Efficiency/IoT
Location Aware Technology
Sensor Technology
In Memory Computing
Advanced Metering
Water Evaportation & Humidity
Power
Energy Recycling
Photovoltaic-Piezoelectric Fibers
Asset Performance Management
$14.57
$1.26
$13.30
$8.60
$0
$40
$80
$120
$160
2011 2012 2013 2014
Billions
Total
Mid Market
Growth Opportunity Index ™ 1
: APAC
Market
M&A Activity 2011 ~ 2014 3
Energy
1: Growth Opportunity Index : Proprietary measurement of mid-market growth potential based on
market, technology, and other factors.
2: Sources: Accenture and IEA
3: Sources: Dealogic and William Blair
Common Cross Border Motivations
Volume
Extension
Regional
Extension
Product
Extension
Capability
Extension
Forward
Extension
Backward
Extension
Business
Extension
Deal Activity Deal Value

Healthcare

3.5
3.7
3.9
4.3
3.9
4.1
3.8
3.6
3.7
4.0
3.6
3.8
3.5
3.8
3.7
Personalized Healthcare
Analytics
Connected Health
Diagnostics
Specialized Devices
Specialized Pharma
Generics
BiosimilarsMedical Records Management
Manufacturing Equipment
Inventory Management
Robotics
DNA Storage
Nutrition
Traceability & Safety
$38.09
$3.36
$30.71
$28.41
$0
$50
$100
$150
$200
$250
2011 2012 2013 2014
Billions
Total
Mid Market
: APAC
Market
M&A Activity 2011 ~ 2014 3
Healthcare
2: Sources: AT Kearny, Deloitte, McKinsey, National University of Singapore, and World Health
Organization
3: Sources: Dealogic and William Blair
Volume
Extension
Regional
Extension
Product
Extension
Capability
Extension
Forward
Extension
Backward
Extension
Business
Extension

Luxury & Lifestyle

4.2
4.3
3.7
2.9
3.9
4.0
4.5
3.53.3
4.1
3.2
4.0
4.3
3.0
3.6
Food & Beverage
Yachting
Cycling
Aviation
Beauty & Fragrance
Travel
Footwear
FashionToys & Electronics
Leather Goods & Accessories
Home & Furniture
Baby
Watches & Jewelry
Superbikes
Sports & Leisure
: APAC
Market
M&A Activity 2011 ~ 2014 3
Luxury & Lifestyle
2: Sources: Accenture, Boston Consulting Group, ECR, Gereje, and Horwath HTL
3: Sources: Dealogic and William Blair’s Mergers and Acquisitions market analysis
Volume
Extension
Regional
Extension
Product
Extension
Capability
Extension
Forward
Extension
Backward
Extension
Business
Extension
$16
$2
$21
$15
$0
$40
$80
$120
2011 2012 2013 2014
Billions
Total
Mid Market

Waste & Water

4.1
3.2
4.3
3.9
4.4
4.5
3.6
4.4
4.2
3.6
4.2
4.0
4.3
4.3
4.0
Reuse Technologies
Brine Treatment Technologies
Storm Water Management
Nutrient Recovery & Removal
Analytics
Energy Recovery
Sensors & Containment
Physical Treatment TechnologiesBiotics
Location Specific Filtration
Bio Waste Conversion
Asset Management
Sludge Treatment
E-Seperation
High Recovery Processing
: APAC
Market
M&A Activity 2011 ~ 2014 3
Water & Waste
2: Sources: Asian Development Bank, BlueTech Research, WEPA
3: Sources: Dealogic and William Blair’s Mergers and Acquisitions market analysis
Volume
Extension
Regional
Extension
Product
Extension
Capability
Extension
Forward
Extension
Backward
Extension
Business
Extension
$16
$2
$21
$15
$0
$40
$80
$120
2011 2012 2013 2014
Billions
Total
Mid Market

Selected Mandates

162-Slate (Sell Side Opportunity)
Summary Financial Information
For Fiscal Year Ending 30 September (in USD Million)
Historical Estimated Projected
2011 2012 2013 2014 2015 2016 2017 2018 2019
Net Operating Revenues 80.1 91.7 92.8 92.5 96.1 105.5 119.4 126.1 131.3
Total Operating Expense 83.3 88.9 87.5 87.3 87.0 92.2 99.9 103.9 107.0
Expense Cuts - Feb 2015 0.0 0.0 0.0 0.0 4.4 4.4 4.4 4.4 4.4
(3.2) 2.8 5.3 5.2 13.5 17.7 23.9 26.6 28.7
Total Operating Revenue Growth 14.5% 1.2% -0.3% 3.9% 9.8% 13.2% 5.6% 4.1%
Adjusted EBITDA Margin -4.0% 3.1% 5.7% 5.6% 14.0% 16.8% 20.0% 21.1% 21.9%
Adjusted EBITDA
OPPORTUNITY
 Privately held, U.S.-based group, headquartered in Kansas City, Mo., available for BUYOUT.
 Operating 11 CAHs in 5 states (Kansas, Missouri, North Carolina, Oklahoma, and Tennessee)
 Certified to receive cost-based reimbursements from U.S Government through MEDICARE
and other programs - ROUGHLY 78% OF ALL PATIENTS.
 Operations Management Team has > 140 YEARS EXPERIENCE in the healthcare industry,
including OPERATING CAHs & HOSPITAL EXPANSION.
OPERATIONS MANAGEMENT
Specializes in the operation and new service development for inpatient and outpatient CAH
and small rural PPS hospitals. The team has provided consulting, development, and
management services to more than 800 hospitals throughout the United States including 150
CAHs.
Chairman
Attorney and CPA with over 35 years in the health care industry; he also has an MBA
degree from the University of Michigan.
 President
Over 40 years of health care experience in a wide range of capacities and has a Master’s
Degree in Hospital and Health Care Administration from Virginia Commonwealth
University/Medical College of Virginia and a Bachelor's Degree from the University of
Maryland.
• Chief Executive Officer
Over 30-years of hospital experience and specializes in starting new services to offset
falling revenues experienced from declines in utilization. During his career, Mr. Arthur has
helped to raise nearly $1 billion in rural, non-profit hospital financings.
FOOTPRINT CAHs EXPLAINED
 Eligible for COST-BASED REIMBURSEMENT from the
U.S. Government through Medicare. This is calculated as
costs plus 1%.
 Importantly CAPITAL IMPROVEMENT EXPENSES are
included in allowable expenses for determining Medicare
reimbursement.
 CAHs also have access to additional FEDERAL AND
STATE GRANT MONEY.
 TO QUALIFY AS A CAH, the hospital must:
 Be currently participating in Medicare as a rural
public hospital (non-profit or for-profit)
 Be licensed by the state as a CAH
 Maintain no more than 25 inpatient beds
 Provide 24-hour emergency care services seven
days a week.

174-Blackbird (JV Opportunity)
BUSINESS OPPORTUNITY
 More than 15 MILLION Laparoscopic Surgeries performed
Globally
 Over 9 MILLION of these use VERESS NEEDLES
 10% year-on-year growth
 Distributor friendly single use device.
PARTNER CRITERIA
 ESTABLISHED surgical device distributor or manufacturer
with distribution capabilities
 Recognized LEADER in the segments/geographies
 EXISTING Laparoscopic surgical device division
 AGGRESSIVE Go-to-Market Plan
3
8
13
18
23
2014 2015 2016 2017 2018 2019 2020
Millions
Procedures using Veress Needles will
Grow to > 15 Million by 2020
Open Technique
Closed Technique
CLINICAL PROBLEM
 Initial Access using a Veress needle has not changed in 30 years
 Complications rates are frequent and very expensive
 Time to insufflation!
SOLUTION
 New & significant competitive advantage.
 Designed to address shortcomings in Laparoscopic surgery
access.
 Single Surgical Operator use
 Improved insufflation rates
 Minimizes need for trocar incisions
 Reduces risk of injury to vital organs
 SHORTER RECOVERY TIME. LOWER COMPLICATION
RATES. IMPROVED PATIENT SAFETY.
 REDUCED operating theater budgets
INITIAL DEVICE CLIENT BACKGROUND
 Develop, patent, and manufacture PROPRIETARY medical
devices.
 Patents approved or pending in Australia, Europe, Japan,
South Korea, United Kingdom, and United States.
 3 INITIAL PLATFORMS, each leveraging the core
technology.
 Class 1 - LARGET MARKET segment – HIGH VOLUME
procedures.
 Leadership includes ex-Medtronic GLOBAL SENIOR
MANAGER, seasoned international team, and top
clinicians and researchers.
 Advisors include Grant Thornton and KPMG among others.
PLATFORMS

Considerations & Deal Busters

Key Considerations
Business Rationale
•Compelling Strategic Rationale
•Create or Consolidate Market Leadership Positions
•Essential New Technologies, Markets, or Products
Financial Considerations
•Transaction Multiples Compared to Listed Companies and Precedent Transactions
•Effect on Margins
•Revenue and Cost Synergies
•EPS Creation/Dilution
Market Reaction
•Market Perception of Target Company, JV Partner, or Transaction in General
•Consistent, Simple to Understand Story
•Financial Parameter Clarity
•Price Paid / Consideration Mix
Execution Risk
•Time to Close
•Anti-Trust / Regulatory Issues
•Tight Contract Terms
•Integration Strategy

Failure to identify and perform due diligence early in the process, especially to ensure compliance to
governmental and quasi-governmental bodies, anti-trust authorities, and sector specific regulations. Proper
due diligence should also identify potential regulatory changes that could effect the post-transaction
environment.
BEWARE: Deal Busters
Due Diligence
Stakeholder
Engagement
Deal
Structure
Contractual
Provisions
Failure to engage stakeholders at all levels including key government agencies, anti-trust and regulatory
authorities, value chain counterparties, media, and employee groups. A plan for engagement should be
implemented early to ensure a broad base of support.
Any final deal should factor in the costs associated to addressing risks or underperformance. Common
approaches are ‘fix it first’, ‘take or pay’, and ‘reverse auctions’ to ensure buyer and seller agree on the post-
transaction landscape. Depending on the specifics, alternative structure be employed to allow a route to
market.
Ensure buyers and sellers are fully incentivized to complete the transaction while allowing for unintended
outcomes such as anti-trust or regulatory risk. Material break fees should be within relevant legal restrictions.

Success Stories

US $78 Mn Structured Finance Solution for
Importer/Distributor
Challenge
BevCo is a federally licensed and bonded importer and distributor of spirits
in the United States. The company was running short of cash due to
working capital pressures including the high cost of licensing and inventory.
We were asked to assist BevCo in restructuring their finances, which
included securing access to short-term financing, a line of credit and
purchase order financing.
Approach
Following exhaustive due diligence and restructuring, we brokered financing
based on BevCo’s short-term receivables at a competitive cost.
Deal Sourcing Closing
Deal Packaging
Credit
Enhancement
Financial
Controls
Deal
Strategy
Internal
Audit
.
Due Diligence
Results
We closed US $78Mn in short-term, purchase order finance. The
financing not only improved the BevCo’s cash position but allowed them
to grow in a ultra-competitive market.
Following the initial financing, Mr. Sushman stayed on in a contract CFO
position, closing an additional capital raise through private investors.
US $78 Mn
Additional Capital Raise
Through Private Investors
Reuben L. Sushman
Managing Director

Restructuring for Hyper-Growth
Challenge
A leader in the design and manufacture of the highest-quality ‘Technical
Jewelry’; SilverCo was going through a period of rapid growth in which
revenues had increased by more than 1,300% in just over three years.
Despite the company’s success, a convoluted shareholding structure was
syphoning profits and the management team was struggling to lead the fast-
growing organization. As such, ownership engaged us to transform
shareholding structure whilst providing management the tools needed to
lead the company forward.
Approach
The change program included a new shareholding structure as well as a new
management system.
Results
Operational efficiency improved allowing the client to implement several
new initiatives in quick succession. All of which allowed output to soar
almost fourteen-fold while maintaining the same headcount.
Furthermore, rebalancing the shareholding structure allowed the client to
increase EBITDA by almost 50% in the first year alone.
Gregory M. Thomas
Operations Director
1
3
9
13
Pre-Project Project Period Year 1 Year 2
Output per Month (Indexed)
Headcount
Output per
month
1
1.49
1.54
1.69
Year 1 Year 2 Year 3 Year 4
Revenue and EBITDA (Indexed)
EBITDA
Sales

Accelerated Acquisition Achieves $ 10 Million in
Synergies
Challenge
Headquartered in the United States, ChemicalCo is a privately-held
distribution and manufacturing company.
We were brought on to lead the Southeast-Asian integration of ChemicalCo’s
first major global acquisition which would include re-engineering sales,
marketing, purchasing, supply chain, R&D, finance, and HR to achieve
promised synergies on time and under budget.
This would include preparing the management of ChemcialCo for the merger
and overseeing pre- and post-integration processes.
Approach
With the support ChemicalCo’s regional and global management, we
implemented solutions to ensure SUCCESS.
Results
ChemicalCo achieved multiple benefits from the acquisition including
improved EBITDA from synergies realized through the merger, improved
EBITDA independent of the merger, and a one-time improvement in
WORKING CAPITAL requirements.
Gregory M. Thomas
Operations Director

Covering all Major Economies in a Dynamic Region
Challenge
SafeCo is a global engineering-design and manufacturing company that
markets material handling equipment for industrial applications through its
sales offices and distributors in Asia-Pacific, Europe, and the US. However,
after 4 years of operation in the Asia-Pacific region, sales performance
trailed other regions.
We were asked to help define the sales process (both direct sales and
through agents), identify and perform due diligence on prospective agents,
develop the resources required to support the process, and assist in building
the sales network.
Approach
After analyzing the SafeCo’s product, VALUE PROPOSITION, and market
opportunity, a GO-to-MARKET strategy was designed and implemented
across Asia-Pacific.
Results
After six months, SafeCo’s sales network includes all major economies in
the Asia-Pacific Region and is poised for broader growth as agents build
awareness. During the project period monthly sales records were broken
twice in six months.
Gregory M. Thomas
Operations Director
M1 M2 M3 M4 M5 M6
APAC Sales vs. Previous Average
(indexed)
Sales
Previous Average

APAC Market Overview

3 Billion Middle Class Consumers by
2030
North America, 7%
Europe, 14%
Central and South
America, 6%
Asia Pacific, 66%
Sub-Saharan Africa, 2%
Middle East and North
Africa, 5%

Your Customers
AbilitytoBuy
Affordability&Availability
Source: McKinsey Insight Expressed Needs
Home Remedies
Ethnic Snacks
Baby Care Products
Low Cost Autos
Appliances
Beer
Motorcycles
Personal Banking
Mobile Internet
High-end Consumer
Electronics
Premium Autos
Premium Cosmetics
Local Global
LowHigh
Designer
Fashion
Luxury Autos
Housing
Higher Education
Fast Fashion

Real GDP Growth GDP Growth Forecast
Engine for Growth

North Asia
 Inbound: Chinese investors lead the charge into Europe with investors from Australia,
Japan, Hong Kong, India, Singapore, and Malaysia showing interested as well
 Outbound: European companies continue to escape low growth in their home
markets, with Asia-Pacific & North American being the most popular destinations.
Global Cross Border Activity
Europe
Inbound +69%
Outbound +190%
 Inbound: U.S. remains extremely popular with international investors. Private equity
MBOs in 2014 reached its highest level since 2007.
 Outbound: Inversion transactions were particularly popular in 2014, especially in
HEALTHCARE.
North America
Inbound +192%
Outbound +55%
 Inbound: Asia-Pacific continues to be in focus as currency devaluation, lower
commodity prices, and ASEAN integration rationalize valuations.
 Outbound: Outbound activity continues to rise with North America and Europe with
more Chinese firms seeking to establish joint ventures with established players.
Asia-Pacific
Inbound +18%
Outbound +14%
Source: Clifford Chance

Strong Demand for N.A. in APAC
North Asia
2014 - $ 24.3 B
2014 - $ 79.1 B
Source: Dealogic & William Blair – 2014 Cross Border M&A Flows
799
1,023
1,049
853
656 646
2009 2010 2011 2012 2013 2014
Outbound Deals
527
599
631
553
444 446
2009 2010 2011 2012 2013 2014
Inbound Deals
Top APAC Targets
2013 2014
Australia 8.8% 9.3%
India 7.5% 6.7%
China 5.8% 3.3%
Top APAC Acquirers
2013 2014
China 7.7% 12.1%
Japan 12.6% 11.7%
Australia 9.7% 9.2%
South Korea 5.0% 4.7%
Hong Kong 4.3% 3.6%

Strong Demand for Europe in APAC
North Asia
2014 - $ 39.8B
2014 - $ 43.3
Source: Dealogic & William Blair – 2014 Cross Border M&A Flows
613
689
725
607
494
501
2009 2010 2011 2012 2013 2014
Outbound Deals
512
610
636
591
542
520
2009 2010 2011 2012 2013 2014
Inbound Deals
Top APAC Acquirers
2013 2014
China 8.5% 8.7%
Australia 5.4% 6.3%
Japan 8.9% 6.0%
Hong Kong 3.5% 3.3%
India 2.0% 2.5%
Singapore 4.1% 2.5%
Malaysia 1.1% 2.3%
Top APAC Targets
2013 2014
Australia 8.5% 7.2%
India 8.9% 7.0%
South Korea 1.4% 3.0%
Singapore 2.4% 3.0%

 WATER & WASTE technologies will continue to be in high
demand.
 Private equity will remain key partner.
 Dip in commodity export volumes could push the economy
into recession.
 Mid-market firms will increase efforts to expand into Asia.
 Australia & New Zealand could seek to mediate maritime
issues.
Australasia
Australia, New Zealand, and Pacific Islands
Source: MergermarketSource: Mergermarket
Outlook
 Sound fiscal environment
continues to support M&A
activity.
 Solid demand in WATER &
WASTE.
 Private equity continues to an
active player.
Highlights
Water & Waste
Healthcare
Energy
Luxury & Lifestyle
Australasia Heat Map by
Sector
5 4 4 6 7 6 4 3
3
1
5
5 3
9
8
3
4
7
7
9
8
10
13
10
10
7
13
12
9
14
9
6
Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14
Mid-Market Deal Volumes by Sector
Energy Healthcare Luxury & Lifestyle Water & Waste

 Strong investor confidence in Europe and North America.
demand.
 Plenty of growth opportunity for ENERGY, LUXURY &
LIFESTYLE, and HEALTHCARE over the next 12 months.
 Capital market restructuring could impact some deals.
 Continued preference for joint venture & technology licensing
over buyout.
Greater China
China, Hong Kong SAR, Macau SAR, Taiwan
Outlook
 > 1bn total consumers.
 >17% of all deals globally were in
Greater China in ’14.
 OUTBOUND investment continues to
grow.
 Deals > USD 117.9bn in ‘14, 
59% over ‘13.
 Demographics & urbanization drive
deals in all sectors
Highlights
Water & Waste
Energy
Luxury & Lifestyle
Healthcare
Greater China Heat Map by
Sector
7 14 14 22 20 22 26 2518
24 21
22 23
29 27
43
3
10 8
16 11
21 13
12
40
62
60
74
60
64
86
87
Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

 Japanese firms continue to be STRATEGIC BUYERS as
outbound investment grows.
 Mid-market firms to continue their push into Southeast Asia,
via joint ventures and distribution agreements.
 Cautious optimism that ‘Abenomics’ will restore growth
domestically.
 Aging population creates challenges and opportunities.
Japan
Outlook
 Trade sales present biggest
opportunity.
 OUTBOUND investment continues to
grows as mid-market firms seek to
expand with Southeast Asia being the
most popular destination.
 Aging population will increase
demand for healthcare solutions.
Highlights
Water & Waste
Healthcare
Luxury & Lifestyle
Energy
Japan Heat Map by Sector
7
4
2 2
4 5
3 3
3
3
4 3
5 3 7
5
4
8
3
8
2 3
7
4
18
19
9
13
9
13
6
8
Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

 Increased buy-side interest will push deal values higher.
demand.
 LUXURY & LIFESTYLE deals could increase over the next 12
months.
 Pace of regulatory reform could delay some deals.
 Compulsory licensing continues to impact HEALTHCARE
sector.
South Asia
Bangladesh, India & Sri Lanka
 > 1bn total consumers.
 Average deal value  > 58% in
2014.
 Falling prices a big positive for
import-driven ENERGY sector.
 Regulatory reform could OPEN UP
the market.
 Strong demand in WASTE & WATER
sector.
Highlights
Outlook
Water & Waste
Healthcare
Energy
Luxury & Lifestyle
South Asia Heat Map by Sector
3 2 3 3
1 2 2 1
7
6
6
12
4
4
6
3
2
5
3
2
16 21
12
6
10
15
14
16
Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

 Indonesia, the Philippines, and Vietnam will become the engine
of growth in the region.
 Uncertainty will effect confidence in Thailand, but Thai
companies are quickly expanding outside their home market.
 Myanmar will come into focus is there is a smooth transition of
power after elections in late-2015.
 WATER & WASTE and ENERGY technologies will continue to
be in high demand.
Southeast Asia
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand
Outlook
 > 600mn total consumers.
 WATER & WASTE and ENERGY
remain most active sectors.
 >80% of deals are with industry
players.
 Singapore remains home to most
joint ventures.
 Growth opportunity in Indonesia, the
Philippines, Thailand & Vietnam
Highlights
Water & Waste
Energy
Healthcare
Luxury & Lifestyle
Southeast Asia Heat Map by
Sector
10 9 9
7
12 13 12 11
1 2
4
4
1
2
2
2
4
8
1
2
8 4 7 8
11
18
15
14
8 11
16
12
Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14

Transaction Overview

Typical Timing of an M&A Transaction
for indicative purposes only, actual timing may vary
Negotiations and
Closing
Negotiate and sign definitive agreement
Closing
Preliminary Due
Diligence
Market Survey &
Expression(s) of
Interest
Preparation of Management Presentation
Initiate Contact with Buyers
Activity
Due Diligence Meetings
Information Memorandum
Finalize buyer list
Deliver Information Memorandum
Finalize Management Presentation and Data Room
Buyer due diligence
Receipt and review of final proposals
Organizational meetings
Action
Weeks
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Non-Binding Letter of Interest

Detailed Process Map
1. Scoping
Establish Client’s
Investment Criteria
Establish Deal
Parameters
Preliminary Due
Diligence
2. Create Acquisition
Model
Valuation Modeling
Transaction Structure
Teaser
Information
Memorandum
3. Search
Market Survey
Long List
Management
Presentation
4. Initial Research
Attorney & IB
Network
Media & Reputational
Search
5. Solicitation
Initial Contact
Follow Up
Revised Long List
6. Information
Submission
Set up Data Room
Due Diligence
Requirements
7. Due Diligence
Financial Due
Diligence
Investigative Due
Diligence
Operational Due
Diligence
8. Candidate Review
& Grading
Review Results
Grade Candidates
9. Desirability &
Valuation
Confirm Against
Agreed Criteria
Confirm Valuation
10.. Review
Prepare Analytical
Summaries
Agree on Short List
11. Offer
Prepare & Present
Offers
12. Simultaneous
Negotiation
Negotiations with
Multiple Candidates
13. Evaluate Acquisition
Terms
Review Term Sheets &
Pick Best Offer
14. Recommendation to
Client
Best Offer(s) & Reasons
Why
15. Final Negotiations
Finalize Purchase and
Sale Contract
16. Final Due Diligence
Final DD of Remaining
Candidates(s)
Confirm Results of
Previous Due Diligence
Could Impact Closing
17. Close Transaction

THANK YOU
C O N F I D E N T I A L | www.375parkllc.com

DISCLAIMER
This presentation has been prepared by 375 Park Associates (“375 Park”) for the exclusive use of recipient (together with its
subsidiaries and affiliates, the “company”) using information provided by the company and other publicly available information.
375 Park has not independently verified the information contained herein, nor does 375 Park make any representation or
warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this
presentation. Any estimates or projections as to events that may occur in the future (including projections of revenue, expense,
net income and stock performance) are based upon the best judgment of 375 Park from the information provided by the
company and other publicly available information as of the date of this presentation. There is no guarantee that any of these
estimates or projections will be achieved. Actual results will vary from the projections and such variations may be material.
Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. 375 Park expressly
disclaims any and all liability relating or resulting from the use of this presentation.
This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to
buy or sell any securities or related financial instruments. The company should not construe the contents of this presentation
as legal, tax, accounting or investment advice or a recommendation. The company should consult its own counsel, tax and
financial advisors as to legal and related matters concerning any transaction described herein. This presentation does not
purport to be all-inclusive or to contain all of the information which the company may require. No investment, divestment or
other financial decisions or actions should be based solely on the information in this presentation.
This presentation has been prepared on a confidential basis solely for the use and benefit of the company; provided that the
company and any of its employees, representatives, or other agents may disclose to any and all persons, without limitation of
any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to the company relating to such tax treatment and tax structure. Distribution of this presentation
to any person other than the company and those persons retained to advise the company is unauthorized. This material must
not be copied, reproduced, distributed or passed to others at any time without the prior written consent of 375 Park.

375 Park Associates LLC - Your Growth Partner

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