Simon Pouliot prepared sample job pitches and case studies to secure offers for non-existent jobs. This document summarizes four of his pitches: 1) A pitch to FloSports for a Business Development role proposing to develop their Muay Thai/Kickboxing vertical received an offer after multiple attempts. 2) A pitch to Sonder (formerly Flatbook) as General Manager for their San Diego market received an offer but could not be accepted due to compensation structure. 3) A pitch to Symend for Chief of Staff role did not receive an offer. 4) A pitch to Naga Brands as an Investor/Associate did not receive an offer.

1. JOB PITCH PRESENTATIONS
that I used to secure offers for jobs which did not exist
+ SAMPLE INTERVIEW CASE STUDIES
By Simon Pouliot, for whomever. Please use for inspiration and do not claim credit/reproduce exactly as-is.
If you have similar resources to share please send me an email to simon.j.pouliot@gmail.com and let’s chat. Thanks!
+ more…

2. Company Role Result PDF Page
Pitch examples I used to create non-existing roles
(no proprietary data; secondary research only)
FloSports Business Dev. Received offer 4
Sonder (formerly “Flatbook”) General Manager Received offer 16
Symend Chief of Staff No offer 25
Naga Brands Investor / Associate No offer 30
Interview case study examples
(companies anonymized)
Social Media Business Dev. No offer 37
Consumer/Tech Business Dev. No offer 46
Management Consulting Sr. Associate Received offer 52
Private Equity Investor / Associate No offer 60
Impact Investing/Tech1 Summer Associate Received offer 67
Summary and content herein
1 This one was unsolicited: I took the initiative of asking for a case question, prepared this and sent it during the interview process
Note: The amount of work put into each presentation ranged from a couple of hours to 50+ hours including research. Sometimes I interviewed
several people at my target companies to have better insights, through cold reach-outs (mostly) or occasionally using my network

3. Unsolicited pitch examples

4. FloSports
CONTEXT
FloSports is a subscription-based OTT (over-the-top) live sports and original content media
company based in Austin. The company focuses on serving hardcore audiences for non-
mainstream sports (e.g. gymnastics, jiu jitsu, …). Series B startup.
OPPORTUNITY
I believed FloSports could become a leader in the kickboxing space, and I presented a
case for developing the Muay Thai (Thai kickboxing) vertical, outlining the “why” and “how”.
OUTCOME
This one took about three attempts, but I finally received an offer after presenting this
document to the SVP of Rights Acquisition & Business Development and the SVP of
Marketing.
I was previously turned away twice by two other managers whom I presented to (they were
the wrong audience for my pitch… lesson learned). I earned my meetings with Flo
executives by flying to Austin and knocking on their office door (actually, no joke).
The process took 18 months, so… don’t give up!

5. Proposed project – Summer 2017
Simon Pouliot
Strengthening the FloSports combat sports franchise

6. Case for the development of Muay Thai / Kickboxing at FloSports
Summary
Muay Thai / Kickboxing is a popular sport category that could become the next flagship sport in
FloSports’ portfolio
• High search interest and interest in video content (by some measures higher than interest in Grappling)
• Rising stars with huge fan followings
• Increasing participation, fueled by « martial arts for fitness », females and the popularity of MMA
• The current lack of leadership in media coverage that fans want represents an opportunity for a first mover
There is a gap in Muay Thai coverage, despite fans’interest (a few inches wide, a few inches deep)
• Few professional, comprehensive and consistent news sources
• Lack of original content, especially around events
• Many matches and fights of interest are unavailable for live viewing or in integrality
Several types of organizations would be interested in FloSports’ media equity model
• No real viable economic model exists for most Muay Thai / Kickboxing organizations
• Governing bodies such as IKF, WKF, and TBA could monetize their world championships
• Established organizations without international distribution agreements are a good fit for digital providers;
eg.: as at recently, Max Muay Thai – a professional league – was looking for a broadcast partner in the US
Adding Muay Thai / Kickboxing would solidify FloSports’ combat sports franchise
• Reinforce the positioning of FloSports as a premier combat sports destination
• Synergies within existing combat sports portfolio : Increase the stickiness of subscribers in other verticals
• The timing is right : Muay Thai provisionally recognized as an Olympic sports 1

7. 367K likes
361K followers
Interest in Muay Thai / Kickboxing is high…
(higher than interest in jiu jitsu)
…and athletes have large social media
fan followings
0
90
Muay Thai Brazilian Jiu Jitsu
Google Trends
Search words ’Muay Thai’, ‘Brazilian Jiu Jitsu’, three years, as at May 2017,
Worldwide
Google search
0
35
Muay Thai Brazilian Jiu JitsuYoutube search
04/2014 05/2017
04/2014 05/2017
Fan Followings
Facebook, sample of top active athletes in ’Muay Thai’, ‘Brazilian Jiu Jitsu’,
as at May 2017, Worldwide
3.8M likes
3.8M followers
Buakaw Benchamek
287K likes
289K followers
Saenchai
170K likes
172K followers
John W. Parr
49K likes
49K followers
Tiffany Van Soest
Caio Terra
296K likes
292K followers
Andre Galvao
101K likes
100K followers
Marcus Buchecha
16K likes
16K followers
Gezary Matuda
Muay Thai Brazilian Jiu Jitsu
Muay Thai / Kickboxing is a large segment with a passionate fan base
3

8. Despite strong interest in the sport, dedicated coverage is sparse and ‘shallow’ :
this is an opportunity to emerge as a leader in the Muay Thai / Kickboxing vertical
Top news websites
USA Website traffic rank, Muay Thai / Kickboxing and BJJ (comparison)
Source: Alexa.com
Dedicated news coverage of Muay Thai /
Kickboxing is not comprehensive
like it is in Jiu Jitsu
Coverage is also lacking
around events and leagues
MuayFarang.com
SiamFightNews.com
Jiujitsumag.com
jiujitsutimes.com
bjjee.com
SiamFightMag.com
MuayThaiAuthority.com
graciemag.com
MuayThaiPros.com
# 21,015
# 158,172
# 183,965
Unranked 1
Unranked
# 27,916
Unranked
# 46,808
# 121,296
Muay Thai
Brazilian
Jiu Jitsu
Notes:
1. Ranked in France (# 74,586)
CASE EXAMPLE: Video coverage around Lion Fight –
the #1 Muay Thai league in the US – remains limited
WEIGH INS
TRAINING CAMPS
FIGHT WEEK / DAY
BACKSTAGE INTERVIEWS
FIGHTS
MATERIAL
VIDEO COVERAGE
(incl. vlog)
NEWS COVERAGE ORIGINAL & LIVE CONTENT+
Note: lower number is better (higher traffic rank)
4

9. FloSports could launch a dedicated Muay Thai / Kickboxing vertical to strengthen its
combat sports franchise, or grow the category under FloCombat
Combat sports / Martial Arts
KO Grappling Wrestling Combat
Muay Thai /
Kickboxing
Track
Launching under Combat would bolster this vertical, but it could dilute Flo’s market
positioning in the Muay Thai / Kickoxing world.
The market opportunity is most likely big enough to justify a standalone vertical; with the
right execution, Flo could become a leading brand and authority in Muay Thai / Kickboxing
(like FloGrappling did) - to be validated through analysis; a recommendation would be
issued at the end of the project
Racing
Volley-
ball
Hoops
Gymn-
astics
Swim-
ming
Live
Rodeo
Climb-
ing
Tennis Varsity
Elite
March-
ing
Hockey Rugby
Slam Voice
eSports ...
Dance ...
4

10. FloSports could partner with / acquire media rights to several established Muay Thai
and Kickboxing properties not accessible to American and/or European fans
Governing
bodies
Tournaments /
Championships
Leagues Stadiums
Owned / co-
promoted events
TBD
Key
Possible anchor shows
Sample live event calendar (Illustrative based on year 2016)
Q1 Q2 Q3 Q4
Weekly
Monthly /
quarterly /
other frequency
5
Possible example
Opportunities exist for either ‘Global Exclusive’ or ’Regional Exclusive’

11. • Fighter interviews (eg. Buakaw gym
feud, Seanchai USA tour, JWP’s league)
• Leaders of key organizations
• Ad-hoc (eg.: Muay Thai given provisional
Olympic Status : interview with IOC)
• …
• Technique library
• Favorite tricks of renowned fighters /
trainers
• Equipment maintenance and reviews, hand
assasdwrapping, nutrition, etc. etc.
• Gym profiles
• Fight week vlogs
• …
• Eg.: The current state and future of
professional kickboxing/muay thai in the US
• Eg.: The story of Glory Kickboxing (’behind
the scenes’)
• Eg.: Post-retirement lives of
professional fighters in Thailand
• …
FloSports would differentiate itself with professional original content that fans have
been waiting for
FLOSPORTS
ORIGINAL
CONTENT
DOCUMENTARIES
INTERVIEWS
TUTORIALS
MINI-SERIES
The stories are there; the FloSports platform can tell them
Few competing combat sports media companies provide the in-depth coverage that sets
FloSports apart and that can elevate Muay Thai / Kickboxing, the athletes and rights owners
6

12. Strategy, business
case and roadmap
Content blueprint
and rights acquisition
Internal and go-to-
market development
Launch and growth
Stage
Activity
• Conduct interviews
and surveys to
validate and scope the
opportunity
• Define vision, strategy
and positioning (where
to play and how to
win) for the vertical
• Create business case
• Prepare budget,pro-
forma, scenarios and
NPV / IRR
• Develop content
blueprint(nature and
frequency of content,
coverage and
publishing) and
calendar
• Identify and acquire
content rights
• Identify and assemble
editorial and content
production teams,
collaborators (eg. Rob
Cox) and resources
• Execute launch
campaign
• Test with pilot
• Collectfeedback and
data
• Iterate and develop
• Execute operating
plan (reporting,
maintenance,etc.)
• Execute growth plan
Develop and refine launch process
The development and launch of this vertical can be prepared over the summer, as a
Pre-MBA project which I would offer to complete with the FloSports team
Deliverable
example
• Develop detailed
roadmaps and schedule
for all functions
(marketing, product,
production,etc.)
• Create website, develop
content, prepare launch /
marketing campaign
• Coordinate and align
with external partners
• Establish « Run the
business » and « grow
the business » plans
PRELIMINARY – FOR DISCUSSION
• Strategic orientation
• Business case
(standalone or within
Combat)
• Budget
• Content blueprint
• Rights partners
• Team (internal +
collaborators)
• Pilot
• Live site
• Feedback & data
• Roadmaps for functions
• Detailed operating and
growth plans
• Launch campaign
7
see example in appendix

13. Purpose-driven professional looking to grow the sports and the athletes while helping
to establish FloSports as the premier destination for in-depth combat sports coverage
• My life mission : To encourage participation in martial arts and create
better career opportunities for athletes by professionalizing and growing
combat sports
• Entrepreneurial background as former operating partner at Twins
Special, a licensor of leading Muay Thai, MMA and kickboxing brands
with motto: Inspire, Impact, Protect
• Blue-chip management, strategy and financial advisory experience
• Involved in martial arts for nearly two decades (Judo, Muay Thai, Jiu
Jitsu, Kickboxing, MMA) as: competitor, instructor, and official, referee
and judge (with World Kickboxing Federation)
• 1st
and 2nd
degree connections to leaders of several leagues and
organizations (Lion Fight, WKF, TKO, …)
• Believes FloSports can establish itself as the leader in combat sports
media and elevate the sports and martial arts in society
• Will begin an MBA at the Wharton School in the fall, and would look
forward to bridging FloSports and Wharton’s resources (Wharton Sports
Business Initiative, etc.)
8

14. 9
APPENDIX
Sample project activity

15. 10
Appendix : sample activity
Creating a detailed “rights map” and analyzing / prioritizing all properties of interest
and prospective targets
Example list of Muay Thai / Kickboxing properties and rights
Preliminary and illustrative – to be completed and validated
ILLUSTRATION – FOR DISCUSSION
Current rights
holder
Americas
1. K1 League Superkombat FC 1 Europe 8 TV CBS TBC 12/2016 End of 2017 Eduard Irimia 6 fight deal with CBS for year 2017
2. Muay Thai League Lion Fight 1 USA 8 TV AXS TV Fight Globe 10/2016 Multi-year deal Scott Kent In 2014 and 2015, LF signed 1-year
3. Muay Thai Tournament King's Cup - EFN 2 Thailand 5 Streaming Eliteboxing.tv TBC TBC TBC Seth Fishman EFN organizes regional qualifiers a
4. K1 League Kunlun Fight 1 China ~20 TV Not assigned Amido TV 02/2016 TBC Jiang Hua Airs on Eurosport and Canal+ in Fr
… … … … … … … … … … … … … …
… … … … … … … … … … … … … …
100. Muay Thai League Yokkao 2 Asia - UK 5 Streaming (Facebook) Not assigned Fight Globe n/a n/a Stefania Picelli Yokkao’s Muay Thai Combat TV pr
… … … … … … … … … … … … … …
Current broadcast
type
Broker /
agent
Latest rights
deal
announced
Rights deal
expiry date Contact NotesStyle Type Organization Tier Country
Events
per year

16. Sonder (formerly Flatbook)
CONTEXT
Flatbook was an operator of sub-leased rental apartments listed primarily on Airbnb. I was
living in San Diego at the time, working on getting a different business off the ground, and
needed extra cash. I knew Flatbook was expanding in US cities so I pitched them on
becoming their Market GM for San Diego.
OPPORTUNITY
I saw San Diego as a market that perfectly fit Sonder’s then business model and prepared
a presentation highlighting why I thought San Diego was a good fit, how large the
opportunity could be, etc.
OUTCOME
I received an offer but couldn’t accept because the compensation was commission-based,
and at the time I really needed $$ immediately and couldn’t afford to build a market
franchise with compensation being deferred based on future results.
I earned an interview by flying from San Diego to Montreal (then Sonder’s HQ) and
knocking on their office door, pitch in hand.

17. Private and confidential
Flatbook opportunity in SAN DIEGO
Overview
February 2015

18. Private and confidential 2
San Diego is a high-potential hub for Flatbook
High tourist
volume and
strong fit
with Flatbook
target
segment
Important
supply of
student
apartments
Flatbook
services
respond to
an existing
need in San
Diego
• San Diego is the 10th most visited city in the United States
• 83% of overnight tourists visit for leisure and stay an average 4.1 nights
• Traveler profiles match Flatbook target segments: families looking to
save on multiple hotel rooms
• Growing hotel ADR, occupancy and room demand will benefit Flatbook
• San Diego has 174,000+ college students, ranking 4th in Flatbook’s target
cities
• As many as 82% of students come from outside San Diego in some of
the largest universities
• Student and housing associations indicate many students travel outside
the city in the summer
• Subletting apartments is a pain point according to some student and
housing associations
• No organized service exists to assist subletting apartments and student
and housing associations indicate this service would be welcome

19. Private and confidential
San Diego is one of America’s most visited and popular cities
due to a large number of attractions and an appealing lifestyle
29,600,000
Miami
47,000,000
Anaheim/
Orange County
Chicago
48,000,000
31,060,000
38,100,000
Orlando
Philadelphia 30,320,000
35,400,000
Houston
NYC
42,700,000
36,351,469
Atlanta
45,580,000
Las Vegas
San Diego
San Diego is among America’s top 10
most visited cities, ahead of the likes
of Boston and Los Angeles…
Forbes’ 10 most visited cities in the United States
(Nbr. foreign travelers, published in 2010 only)
…Thanks to a number of diversified
and high-traffic attractions catering to
a variety of tourist demographics
Gaslamp District
San Diego Zoo
Coronado Island
13
Old Town 13
SeaWorld 14
Beaches 26
13
11Balboa Park
12Harbor/Waterfront
Seaport Village
La Jolla Cove/Village
10
10
12
Top 10 attractions visited on a trip to San Diego
(% of respondents, overnight visitors)
Source: Forbes, 2010; San Diego Tourism Authority, 2013 3

20. Private and confidential 4
San Diego traveler demographics appear a strong fit for the
Flatbook model
Most overnight
tourists (83%) are
leisure travelers…
Pleasure/
vacation
Business
Other
San Diego
Overnight
Visitors
(millions, %)
13.46M
(82%)
2.79M
(17%)
0.16M
(1%)
16.42M 4.1
Nights
Avg. stay of San
Diego’s overnight
leisure travelers
Source: San Diego Tourism Authority, 2013
…who stay on
average more than
4 nights…
…and over half of
whom are repeat
visitors
41%
5+ visits in 2 yrs
45%
14%
2-4 visits in 2 yrs
First visit in 2 yrs
2.6
Avg. group size,
overnight
leisure travelers
The average group size
of overnight leisure
visitors is 2.6…
…and a third travel
with children
34%
Overnight leisure
travelers traveling
with children (%)

21. Private and confidential
The projected growth in ADR, room demand and occupancy rate
in San Diego’s hotel sector can benefit Flatbook the next 5 years
Growth in demand for
hotel rooms will outpace
growth in supply
1.51.4
1.9
3.2
2.3
1.1
0.9
1.31.31.1
2015 20192016 20182017
Demand and supply for hotel rooms in
San Diego
(Year-on-year growth %)
Demand growth %
Supply growth %
Occupancy rates –
already among the
highest in California –
will keep increasing
78.277.276.876.776.3
2015 2016 2017 2018 2019
Hotel sector occupancy (%)
Occupancy %
Average daily room
rates will increase 21%
over the next five years
Average daily hotel room rates ($)
182174167160150
20182017 20192015 2016
+21%
ADR ($)
Source: Tourism Economics for San Diego Tourism Authority, 2014 5

22. Private and confidential
San Diego has a university population of 174,000, ranking 4th in
number of students among cities targeted by Flatbook
213,150
32,940
San Diego
Berlin
Prague
Chicago
251,580
231,370
174,348
93,150
92,000
76,320
72,480
52,140
37,502
34,506
Paris
London
Melbourne
Philadelphia
Amsterdam
Tel Aviv
Edinburgh
Brussels
27,195
San Diego Mesa College
San Diego City College
San Diego Miramar College
California State University San Marcos
35,467
30,310
26,972
15,919
12,805
11,300
5,741
5,159
3,480
San Diego State University
University of California San Diego
National University Enrollment
University of San Diego
University of Phoenix-San Diego Campus
Point Loma Nazarene University
San Diego’s student population ranks
ahead that of Prague, Berlin and
Philadelphia notably
The city has at least 10 notable universities and colleges,
four of which make up 69% of the student population
Top 4:
69%
31%
Source: QS best student cities rankings 2015; University websites 6

23. Private and confidential
Student and college housing associations indicate a service to
organize subletting is needed and would be welcome
Subletting is common and is a
pain point for students
“Subletting during the summer is a very
common issue and it requires a lot of
effort on [the students’] part“
-Office of housing, University of California San Diego
There is currently no organized
services to assist students in
subletting
“We only have a billboard for postings…
no organized service“
-Student affairs, San Diego State University
Students associations would
welcome a service to organize
subletting on behalf of students
“It would be great to have a service
dedicated to assisting students pay their
rent while they are away…“
-Student affairs, San Diego State University
7

24. Private and confidential 8
Potential supply of apartments for Flatbook in San Diego is high
In some of the largest universities, as many as 82% of students are from outside San Diego
Back-of-envelope assumptions (to be validated through additional research)
indicate between 40 and 4,039 flats could supply Flatbook
QUALIFIEDUNITS(%)
BACK-OF-
ENVELOPE
ASSUMPTIONS:
174,000 college
students
9% living in off-
campus
apartments
4 occupants per
flat
Est. gross
potential supply
of 4,039 flats
x
÷
=
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
0% -­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
-­‐
10% -­‐
40
81
121
162
202
242
283
323
363
404
20% -­‐
81
162
242
323
404
485
565
646
727
808
30% -­‐
121
242
363
485
606
727
848
969
1,090
1,212
40% -­‐
162
323
485
646
808
969
1,131
1,292
1,454
1,615
50% -­‐
202
404
606
808
1,010
1,212
1,414
1,615
1,817
2,019
60% -­‐
242
485
727
969
1,212
1,454
1,696
1,939
2,181
2,423
70% -­‐
283
565
848
1,131
1,414
1,696
1,979
2,262
2,544
2,827
80% -­‐
323
646
969
1,292
1,615
1,939
2,262
2,585
2,908
3,231
90% -­‐
363
727
1,090
1,454
1,817
2,181
2,544
2,908
3,271
3,635
100% -­‐
404
808
1,212
1,615
2,019
2,423
2,827
3,231
3,635
4,039
QUALIFIED VACANCY (%)
Unit matches Flatbook’s criteria:
location, price, monthly rent, etc.
Vacancy permits lease take-over:
tenant vacates for summer, enrolls
into Flatbook program, etc.
Source: University websites

25. Symend
CONTEXT
Symend is a B2B2C fintech company whose business model and mission highly appealed
to me. They didn’t have a job posting matching my skill set, so I sent them a resume (after
networking on LinkedIn) and got obtained interview with a senior HR leader. After listening
to their needs, it became apparent that the Founders could use a Chief of Staff.
OPPORTUNITY
Symend is fast-growing after a Series B round and their leadership is stretched thin. The
company has reached the stage and scale where hiring a Chief of Staff would give the
founders and executive team tremendous leverage to focus on high value-add activities.
OUTCOME
After my conversation with the senior HR leader, I sent this unsolicited document. I haven’t
heard back as yet and plan to follow-up.

26. Email sent to Symend HR manager with document

27. Creating a Chief of Staff role to support
Symend leadership beyond Series B
Simon Pouliot

28. Chief of Staff (CoS) role enables founders to become “superheroes”
The CoS allows founders to scale and
gives them back their most valuable
resource—time—by amplifying their work
Founder’s duties
Chief of staff
• Help define priorities and run projects
across various disciplines and teams
(finance, analytics, etc.)
• Tackle and fix problems that keep the
Founders up at night
• Ensure business unit alignment with
CSO & CEO vision and operating plan
• Prepare board and management
meetings, and follow-ups
• Act as « gatekeeper » with various
stakeholders (summerizing and prioritizing
information for Founders)
What are some signs that a Founder
needs a corporate Chief of Staff?
Leading technology companies often
hire a CoS around the B stage of
funding to support scale-up growth
• Your team is getting bigger and harder
to manage
• You’re scaling after raising a series B
• You wish you could multiply yourself
and be at many places at once
• You want to focus on higher value-
added areas
Source: First Round Capital

29. Chief of Staff is a service role that requires a unique skillset
Chief of Staff for ex-
Calvin Klein
President
MBA in Business
Analytics from
Wharton
10 years experience
at startups and large
companies
A Chief of Staff must truly understand the business, navigate ambiguity, master
executive communication with senior leaders and flow seamlessly between
strategic and operational responsibilities
• Served as right-hand to the President
• Interfaced with external and internal stakeholders as point person
• Led high-priority projects for the organization: finance, growth, people
• Degrees in finance, economics and business analytics
• Current on behavioral science research and its application to
business, particularly in predictive analytics and statistical models
• Led technical teams of machine learning scientists in financial sector
• Very familiar with startup dynamics (experience at Seed, Series A
and Series B companies, reporting to founders or C-suite)
• Four years of management consulting with top tier clients in the
financial services space

30. Naga Brands
CONTEXT
Naga is an investor-operator private equity firm that takes majority stakes in retail
businesses that have reached an inflexion point wherein the business is outgrowing its
founder(s). I met the Naga Brands CEO during a lecture at INSEAD business school.
OPPORTUNITY
I thought of a retail company I admired (Nudi Jeans) that fit the Naga Brands model very
well. I prepared an unsolicited overview of that target company to demonstrate my
enthusiasm for Naga Brands, my understanding of their business model and my ability to
identify/assess deals.
OUTCOME
At the time I just wanted to plant a seed, as I wasn’t ready to join a firm (I was focusing on
my own projects). After sharing the pitch, I was told that this specific investment was
outside their core scope—which I learned was accessories such as jewelry—and was
invited to be stay in touch with them.

31. Email sent to Naga Brands CEO and his COO

32. Potential pipeline opportunity
for Naga Brands
Simon Pouliot, June 2019
Nudie Jeans is a Swedish eco-
luxury denim and clothing label,
rooted in a philosophy of
sustainability and craftsmanship
*
*

33. Nudie Jeans : the “Patagonia of denim”
Realizing full global potential in partnership with Naga
Company overview
• Founded in 2001, ~€50M revenue, 210
employees, 1M pairs of jeans sold annually
• Distributed in 50 countries through 1,500
multi-brand retailers, 30 monobrand stores;
15% revenue from online channel
• Three founders control operations, capital
• Publishes high quality sustainability report
Opportunity Highlights
• Underpenetrated in USA (2 stores) vs. Europe (13 stores) and APAC (13 stores)
• Undermarketed, with strong upside on brand awareness front: founder claims brand
remains “world’s best keep secret, […] a lot to learn to help spread the Nudie Jeans word”
• Naga ops. platform can create value in logistics (incl. up-cycling), distribution, marketing
• Nudie can be pipeline feeder; founders invested in other emerging sustainable brands
• Naga investment would provide liquidity opportunity for founders
Nudie Jeans is a grassroots, founder-owned and -operated, premium denim
brand promising “free repairs for life” and ready to scale
Investment Considerations
• Founders have rejected investor interest in
the past; they value freedom and ownership
• Growth ambitions and profitability may come
secondary to sustainability mission
• Naga would have to demonstrate record of
commitment, alignment with eco movement
• Operating in segment sensitive to economy

34. A vehicle for Naga Brands to capture value
Nudie provides exposure to powerful consumer trends
Capturing the increasingly large segment of consumers moving away from
mainstream brands, with a focus on the $90bn, 6% CAGR denim market
Circular Fashion Insurgent brands Millennial spend
Sources: Financial Times, PSM Research, Statista, CB Insights, Financial Times (2), Nudie Jeans, Bain & Company
• 2nd-hand economy growing
21x faster vs traditional retail
• Nudie Jeans repaired 55k
pairs of jeans in 2018, and
recycled 10k pairs for re-sell
• Investor interest: ThredUp,
Rent the Runway...
• From 2011-2016, large
brands in US lost 3% market
share to smaller companies,
a first in 50 years
• Authenticity-driven insurgent
brands can sustain premium
price points
• Millennials and post-millennials
now account for >65% of
population
• Millennial spending power set to
overtake Gen X’s in 2020
• 11% more female millennials
shop for clothing 2x per week

36. Interview case studies

37. Social Media Co. Case Study
Proposing growth options

38. X – GROWTH STRATEGY
Prepared by Simon Pouliot for X
May 9th, 2018
Draft for discussion
Social Network X
Logo

39. Social Network
X Logo 2
Table of contents
• Growth options
• Initiative #1 overview
• Fact base
• Supporting analysis
• Digital video ad sequencing recommendation

40. Social Network
X Logo 3
Growth options to meet objective
Proposed growth initiative is one of several possible under
Territory x Channel subscriber acquisition matrix
Territory ChannelA B
Existing
territories
New
territories
Maintain successful large-tier
cities
Drive high growth medium-tier
cities
Fix or abandon lagging large-tier
cities (e.g. Mumbai)
Launch in global large-tier cities
Launch in medium-tier cities with
high-growth potential
Existing
channels
New
channels
Paid social media
Paid search ads
Own social media channels
Strategic partnerships
Digital video ads
Proposed initiative chosen for case
purposes

41. Social Network
X Logo 4
Sample initiative
Initiative #1: grow subscriber base in existing large-tier cities using
new digital media acquisition
Cities where X has its largest subscriber base continue to drive
subscriptions
• X’s five largest markets accounted for 36% of new subscribers in the last three months
But growth in these cities with large subscriber bases is slowing
• On average, monthly subscriber growth in the largest markets is 3.7% compared to 8.6% in
other high-growth medium-tier markets
X could potentially add 7,000+ more monthly subscribers in large markets by
pairing experimentation with video ad sequencing
• Launch sequenced video ad campaign on new digital video platforms
• Efficacy of this tactic proven to have 30% ROI than still ads

42. Social Network
X Logo
0
20000
40000
60000
80000
100000
120000
140000
160000
0
200000
400000
600000
800000
1000000
1200000
1400000
7/1/2014
10/1/2014
1/1/2015
4/1/2015
7/1/2015
10/1/2015
1/1/2016
4/1/2016
7/1/2016
10/1/2016
1/1/2017
4/1/2017
7/1/2017
10/1/2017
1/1/2018
4/1/2018
Monthlysubscrubers
Cumulativesubscribers
Month
Subscriber base (monthly)
Monthly Cumulative
5
Fact Base (1/2)
Proposed growth initiative is informed by four main insights
obtained from sample data set
1
Growth objective represents ~135k monthly
signups, which is 3x larger than last six
months average monthly signups
Implications: growth strategy requires new
initiatives allowing step-wise increase,
combined with scaling existing measures (e.g.
new city launches + increased spend on
existing acquisition channels + new channels)
2
Subscriptions appear correlated with
marketing spend
Implications: indication that spend could be
driving subscriptions; granular performance of
spend and acquisition is necessary to draw
better conclusions
Caveat: insufficient data; no causality can be
established
3-month monthly target
is 3x current average
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
Monthlysubscriptions
Monthlyspend
Subscriptionscorrelatedwith marketing expenditures
Month

43. Social Network
X Logo 6
Fact Base (2/2)
Proposed growth initiative is informed by four main insights
obtained from sample data set
3
Growth in large-tier cities is about half that in
middle-tier cities1. Avg. monthly growth in last
three months in Top 5 cities was 3.7% vs 8.6% in
Top 5 medium-sized growth cities, but…
Top 5 cities accounted for 36% of last three
months new subscriptions
Implications: growth strategy requires new
measures allowing step-wise increase, or scaling
existing measures
4
Gaps exist in current marketing strategies.
Not present on video channels, no mention of
strategic partnerships, no digital advertising in
key locations (bar restrooms)
Implications: new acquisition channels and
strategies could drive further penetration in
large territories with slowing growth
1 Large tier cities >= 40,000 subscribers; mid-tier cities 40,000 > subscribers > 2,500
0
1
2
3
4
5
6
7
8
9
10
0 40,00010,000 20,000 30,000 190,000
Subscriber
Base
Avg. monthly growth
(last three months)
Size: days since launch
Status Type Channel
Currently Operating Paid - Digital Facebook / Instagram
Currently Operating Paid - Digital Google Ad Words
Currently Operating Paid - Digital Apple Search Ads
Currently Operating Paid - Digital Outbrain
Currently Operating Owned League Website & Blog
Currently Operating Owned Facebook
Currently Operating Owned Instagram
Currently Operating Owned Twitter
Not utilized Paid - Digital YouTube, others
Not utilized OOH Digital ad boards
Not utilized Other Partnerships to share subscribers or data

44. Social Network
X Logo 7
Proposed initiative
Accelerating penetration in large-tier cities could add >7,000
monthly users
0
1
2
3
4
5
6
7
8
9
10
0 20 40 60 80 100 180
Avg. monthly growth
(%, last three months) Size: total number of
subscribers
Growth, size and daily subscriber acquisitions per city
(from launch to March 2018)
• Large-tier cities lead to 3x more
daily acquired users than smaller-
tier cities
• Large-tier cities have ~0.5x
growth rate compared to smaller-
tier cities (3.7% vs. 8.6%)
• If top 5 large-tier cities had
growth rates similar to smaller
ones, this would result in
>7,000 new monthly users
Observations
Proposed initiative
• Launch new acquisition
channel: online video strategy
Avg. daily subscribers acquired

45. Social Network
X Logo 8
Proposed initiative: digital video acquisition strategy
Pair experimentation with ad sequencing to drive top-performing
mobile video acquisition in large-tier cities
Source: 1) Think with Google, YouTube Brand Lift Campaign for 20th Century Fox, Megan Haller, March 2018;
2) Marketing Land, How video ad quality affects campaign performance on Facebook, Eden Andrus, July 2017
Anchor Ad 1
Engagement
(length viewed,
skipped or not)
Run three skippable video ads, sequence
based on engagement and conversion1
Low High Low
Follow-up Ad
Follow up type #1
(for non-engaged)
Follow up type #2
(for engaged)
AcquisitionResult
Sequenced digital video ads are highly
effective
• Video ads have 30% greater ROI
than still ads2
• Tactic delivers 5x awareness and
consideration uplifts vs. single
anchor ad1
• Data-driven approach
• Could accelerate penetration in
large markets whose growth has
slowed

46. Consumer Tech Co. Case Study
Performance analysis and recommendations

47. CASE STUDY INTERVIEW
SIMON POULIOT
July 2019
CONSUMER
TECH
COMPANY X

48. Note: Proceeded to data cleaning and transformation; see last slide for overview of approach
Distribution performance analysis
Explosive growth in 2017 driven by existing distributors in
Midwest states; Northeast and South showing most promise
• Present in 21 states as at Q1 2017
• Penetrated 12 new states in FY 2016 and 0 new states in YTD (Q1) 2017
• Strongest penetration in Northeast (5 of 9 states) and weakest in West (2 of 13 states) divisions
• Notable absence from California, Texas, leaving out 20% of the US market
• Absent from 5 of 10 states with highest smoker rates (GU, LA, AR, MS, AK)
• Explosive unit sales growth in 2017
• 14,525 units sold in Q1 2017 vs 2,713 in Q1 2016
• 437% q-o-q growth between Q1 2016 and Q1 2017
• 384% same-distributor growth; existing distributors accounted for 65% of growth
• Performance concentrated in Midwest and South, but Northeast is fastest growing
• Michigan, Illinois, Ohio account for >50% of all units sold (Q1 2017) and 60% of sales growth
• South region accounts for >27% of sales and added more distribution accounts than other regions
combined in Q1’16 - Q1’17 (contributed 59% of 428 new accounts)
• Northeast sales grew the fastest at 1,961% but remain low (only account for 11.3% of sales)
• Low distributor concentration, and potential inactive distributor problem
• Top 10 distributors account for 10.1% of devices sold; no distributor controls more than 2% sales
• Nonetheless a long tail: last three quartiles account for only 32% of units sold
• 31% of distributors who ordered in 2015 did not reorder in 2016; sales lost represent 31% of 2015
Performance assessment
2

49. 0 5 10 15 20 25 30
0
500
1,000
1,500
2,000
8,000
% of all
units sold
’16-’17 growth (%)
MI
OH
FL
IL
NJ
NY
MA
State size
Performance visualization: illustrative samples
High potential:
Northeast division
Top performers
Distributors active in Q1 2017
Effort or
deprioritize
Top 10:
10%
Top 50:
25%
Last 1000:
21%
Performance of states – unit sales volume and growth Distributor concentration
Pct.OfunitssoldGrowth drivers – sales from new vs existing distributors Distributor dropouts (didn’t place order following year)
6,704
3,247
772530
2,475
1,116
42
Midwest South Northeast West
-1
Existing
New
New accounts
Q1’16-Q1’17
80 252 88 8
387
314
’15 to
‘16
’16 to
Q1 ’17*
Not renewed
% of units sold
last year prior
to dropping
% of
distributors
that year
21.4%31.1%
5.6%17.6%
* Note: only 1 quarter of data available for 2017;distributors Might purchase later in year
3

50. Drivers and recommendations for activities
4
Drivers of sales performance Potential activities
Midwest region remains the core of
the business, driving majority of growth
Launch in large states and states with
high smoker rates (CA, TX, MO, LA)
Northeast region is fastest growing,
and South is creating the most new
distributor accounts
Secure distributors with more scale as
opposed to a long tail of little distributors
X already covers 8 of 10 states with
the largest smoker populations (5 of
10 states with highest smoking rates)
Identify drivers of churn and
institutionalize better distributor retention
programs
Current distributors still drive most
of the growth
Analyze best performing distributors to
roll out initiatives across the portfolio
Key states not currently served,
potentially due to regulations, logistic,
more substitute or fewer complimentary
goods, consumer preferences
Some distributor churn causing a
drag on performance
1
2
3
4
5
6
1
2
3
4

51. Overview of approach
• Did quick scan of the data
• Understand what information I am working with, and what data I do not have, so that I do not
draw conclusions from something the data does not explicitly tell me
• Realize the only basis for 2016-2017 performance comparison at unit level is Q1 of each year
• Did a quick transformation and cleaning of the data:
• Added “state”, “state population”, “state smoker population”, “state % smokers” variables
• Clustered states into new “region” and “division” variables
• Created “new distributor 2017” and “new distributor 2016” variables
• Cleaned1 the data by removing aggregate rows and 855 blank rows, recognizing that such
information might be useful in certain analyses, but created noise for this assignment
• Hypothesized which conclusions I might be able to answer with the data, such as:
• Some of the best performing stores might have similar characteristics
Limitations of analysis and thoughts for further exploration
• Impossible to pin-point factors causing performance
• Would regress store performance against macro and micro indicators such as demographics,
smoker population, laws and regulation, etc.
• Would conduct store visits and interviews with regional sales teams and distributors to
refine research hypotheses and discuss findings
1 Zip code format not consistent throughout raw dataset
5

52. Management Consulting Co. Case
Study
Market research and analysis

53. Enterprise
Rent-A-Car
Business Case Study
Prepared for
X Consulting Firm

54. ▪ Primary research (10+ interviews) conducted with managers of Enterprise locations
and regional corporate offices, plus a manager of CarShare Member Services
▪ Attempts were made to contact current and former Enterprise executives via
Corporate Relations and LinkedIn; interview requests with industry associations
weren’t returned
▪ Secondary research on markets, trends, competitors, etc.
Executive Summary (case answers)
Q1. What is the most popular car model rented out by Enterprise in each region [on
the West Coast]?
► Preferences are heterogeneous due to the highly “local” market of Enterprise
– Toyota Corolla, Nissan Altima and Ford Fusion are recurring favorites
Q2. How many cars are rented out annually at Enterprise locations?
► Findings indicate 20M rentals annually (est.) out of a fleet of >1,000,000 cars
Q3. What does Enterprise believe is the upside of their CarShare concept?
► Enterprise can leverage existing assets to capture an est. $1.3Bn opportunity
in a new and growing promising segment: hourly or intra-day rentals
Q4. What does Enterprise believe gives the company a competitive advantage?
► Customer service, fleet management, proprietary IT, strength in neighbor-
hood and insurance markets, decentralized structure, private ownership
Q5. What is the company’s strategy for growth?
► Global expansion (through franchising), sustainability verticals
Findings
Methodology
2

55. Source: Interviews with branch and regional (“area”) managers
Q1. What is the most popular car model rented out by Enterprise in each region?
Customers’ model preferences are heterogeneous
across West Coast states
Rent-A-Car managers reveal the company operates a highly
regionalized business model with diverse local preferences
Most popular car models per region
As measured by customer requests, based on branch and regional manager survey, September 2014
Washington
Oregon
California
Spokane
Seattle
Tacoma
Portland
Salem
Eugene
San Francisco
San Jose
Fresno
Los Angeles
San Diego
Ford Fusion
Nissan Altima
Nissan Altima
Toyota Corolla
Hyundai Sonata
Ford Fusion
Toyota Corolla
Ford Fusion
Nissan Altima
Dodge Charger
Toyota Corolla
State Region Most Popular Model size
Full size
Full size
Full size
Intermediate
Full size
Full size
Intermediate
Full size
Full size
Full size
Intermediate
1

56. Q2. How many cars are rented out annually at Enterprise locations?
Enterprise rents out ~20 million vehicles per year
Enterprise Rent-A-Car has the industry’s largest vehicle fleet
(>1,000,000) and leases each vehicle 10 to 40 times per year
“Many customers rent cars for
over one month as a
replacement during repairs…
each car is rented 10 to 20 times
each year ”
- Manager at a neighborhood location
“Based on my experience I
would say about 30 to 40
different people will get into a
single car in a given year…”
- Manager at an airport location
Primary
research
(verified with
public data)
Primary
research
Preliminary
hypothesis
Enterprise Rent-A-Car fleet: >1,000,000
Airport locations in North America: 230
Total locations: >6,000
Vehicles are rented between 10 and
40 times per year depending on the
area, with a national average likely
around 20 times
X
=
Yearly rentals est.: 20 million (within a
possible range of 10-40 million)
Source: Interviews with branch managers 4

57. Source: Interview with a supervisor of CarShare Member Services, secondary research
(IBISWorld, Frost & Sullivan)
Q3. What does Enterprise believe is the upside of their CarShare concept?
CarShare allows capturing new and growing segment
with potential $1.3 Bn revenue for Enterprise
Enterprise has assets that naturally position the company to claim
leadership in the growing “hourly user” segment
Enterprise could aim for a 39.4% share of
the $3.3 Bn car share market, representing
a $1.3 Bn opportunity
Enterprise
share of U.S.
car rental
market (2013)
39.4%
2010 2016
(est.)
$0.4 Bn
$3.3 Bn
U.S. car share
market size
CAGR
2010-2016:
42%
Enterprise
est. car share
revenue
potential
X =
$1.3 Bn
Enterprise leverages existing assets…
▪ Brand recognition, market share leadership
▪ Scale: >1,000,000 vehicles, nationwide presence
▪ Fleet intelligence, maintenance capabilities
▪ Technology infrastructure and capabilities
▪ Access to parking spaces
▪ Enterprise Rent-A-Car’s “neighborhood” positioning
a great fit with car share concept
… to penetrate a promising segment
▪ Hourly users not captured by existing rental business
▪ 4M Americans to car-share by 2020 vs. <1M today
▪ Conducive technology with smartphones’ locating
and positioning features
▪ Sharing economy a growing phenomenon
▪ Americans today drive less miles per year, are more
eco-conscious
5

58. Q4. What does Enterprise believe gives the company a competitive advantage?
Rent-A-Car managers emphasize customer service,
convenience and neighborhood presence
1) Customer service and focus on employee development
▪ “Enterprise offers the best customer satisfaction according to J.D. Power [and Associates North American
Rental Car Satisfaction Study] and offers pick-up service” – Branch manager
▪ Management Trainee program (career opportunities: almost all promotions from within)
2) Scale and fleet management capabilities
▪ Largest fleet (>1,000,000 vehicles) and number of locations (>6,000)
▪ Higher share of “risk” cars and longer holding periods: “Knowing when to buy, sell, and rotate our fleet has
proved to be a tremendous source of economic strength” –Andy Taylor, former CEO
3) Strength in the neighborhood segment
▪ Less subject to air travel cyclicality, less competitive than airport locations, first-mover advantage
4) Technology-enabled niche positioning with insurers and body shops
▪ Rent-A-Car specializes in providing service cars during repairs, following accidents
▪ The company owns an estimated 90% of the insurance market which accounts for almost half its revenues
▪ Enterprise has “locked-in” insurance and repair shop partners with its ARMS IT system
5) Decentralized management model
▪ Decentralized management providing decision autonomy to managers based on local needs
6) Private ownership
Source: Interviews with branch and regional managers, secondary research (company
information, Kazanjian’s “Exceeding customer expectations”, Kellogg School of Management)
6

59. Q5. What is the company’s strategy for growth?
Two priorities will drive company’s growth
1) International expansion (global franchising)
▪ Company’s stated goal is “offering the Enterprise brand to all car hire customers regardless of where they
are travelling in the world”
▪ CEO wishes to grow presence from 40 countries to 90 by 2016 to 2018
▪ Recent global franchising appointments include Belgium, Switzerland, Luxembourg; Peter A. Smith, VP of
global franchising for Enterprise, notes “We plan to continue this same [franchising] growth strategy
throughout Europe, the Middle East, Africa and Asia.”
▪ Enterprise has acquired and rebranded car rental businesses in countries such as Spain and France
2) “Sustainability” verticals
▪ Enterprise is expanding its car sharing business, CarShare, through acquisitions (users of car sharing will
quadruple in the U.S. by 2020)
▪ Enterprise is expanding electric vehicles within its fleet (the plug-in EV market in the U.S. is expected to
grow at 40% CAGR by 2020 according to Pike Research, vs. 2% for non-electric cars)
Source: Secondary research (Skift, Pike Research, Enterprise) 7

60. Private Equity Co. Case Study
Investment analysis and recommendation

61. 1
COFFEE CO. INVESTMENT OPPORTUNITY
Investment Proposal
Simon Pouliot
April 2nd, 2018
Private Equity
Firm X Logo

62. Executive Summary & Investment Recommendation:
Proposal to go forward with a $15M investment in Coffee Co.
Attractive asset with strong growth and financial profiles
• Track record of growth: +110% CAGR over 2013-2017
• Best-in-class EBITDA margins allowing to better withstand industry shake-out and compete against
mainstream coffee houses
Established position in fastest growing segment in the coffee shop market, supported by
well-documented trends
• Market size over $25 billion in the US, and ~$240-$950 million in target metropolitan areas
• Specialty coffee shops segment is expected to grow 7.14% CAGR until 2021 in the US
• Coffee consumption is on the rise1
Favorable valuation not accounting for additional upside
• Deal is a discount to publicly traded non-franchise fast casual restaurant chains and to recent
transactions
• Additional upside could be realized through initiatives such as branded Ready-to-Drink (“RTD”)
beverages and exploring an asset-light franchising model
Portfolio synergies with other X investments and related entities
• X can leverage its stadium and real estate assets to grant Coffee Co. premium retail space in high
traffic areas, and this limit competition for the chain in designated places
Sources: 1) National Coffee Association USA's National Coffee Drinking Trends report, 2017; 2) As measured by TEV / NTM EBITDA 2Private Equity
Firm X Logo

63. Specialty coffee shops is a large market set to grow at 7.14% CAGR
until 2021, driven by increased coffee consumption and new openings
25.13 26.53 28.22 30.24 32.64 35.48
2018e20172016 2020e2019e 2021e
+7.14%
Specialty Coffee Shops1
US Market Size In $ billions, 2016-2021e
Sources: 1) Global Specialty Coffee Shops Market, Technavio, July 2017; 2) Bureau of Economic Analysis; 3) US Coffee and Tea on Premise Report, Mintel,
August 2017
Regional Market Size, Specialty Coffee Shops12
In $ millions, 2017, estimate as a function of metropolitan GDP
Metropolitan area
Pct. Of
US GDP
Specialty Coffee
Shops Size (Est. $M)
New York 3.6% $ 947.9
San Francisco 1.1% $ 286.9
DC 0.9% $ 238.8
USA 100.0% $26,530.0
Specialty coffee shops are a growing segment
within the foodservice market • Increase in coffee consumption, particularly
among millennials
• Growing consumer appetite for premium
coffee
• Rising urbanization
• New store openings
Coffee Co. current regional markets are large,
ranging ~$240-$950 million in size
Growth drivers
• Read-to-drink coffee is fastest growing
segment in retail coffee market ($2.5bn sales)3
• …but single-cup coffee market (Keurig)
reaching saturation
• Rising interest in cold brew coffee (est. +460%
growth 2015-2017 to $38 million)3
• Focus on the experience rather than product
• Growth in allergen-free healthy food products
• Social awareness about fair trade coffee
Market trends
3
Private Equity
Firm X Logo

64. PremiumLowCost
Fast food Healthy
TARGET SEGMENT
Competitive Landscape
Ability to win in target segment
Threat from other segments
• Over 31,500 specialty coffee shops in the US2
• Broader coffee shop market dominated by Starbucks and
Dunkin Donuts (43.3%, 22.1% market share respectively)3
• Specialty market is fragmented: Independents make up 55%
of shops
• Highly saturated market with low barriers to entry
• Growing ubiquity of established coffee houses
• Strong brand differentiation
• Product exclusivity
• Owned roasting operation (vertical integration)
• Creating customer experience with third-place environment
• Repeat purchases from loyal and regular customers
• Securing high volume locations
• Develop strongest cost position to withstand shakeout
• Limited threat from fast-food chains given differentiated
positioning (threat higher in economic downturns)
• Threat of mainstream coffee houses reinforcing their
specialty offerings (Starbucks Reserve Brand, acquisition of
Intelligentsia by Peet’s)
• Large players have more power to compete for leases
• Threat of saturation and hyper-local competition
Sources: 1) “Starbucks' biggest competition isn't Dunkin' Donuts — it's your neighborhood hipster coffee shop”, Business Insider, Kate Taylor, 2) Specialty Coffee
Shops in the US, Statista, 2015; 3) Coffee and Snacks Shops in the US, IBIS World, October 2017; Global Specialty Coffee Shops Market, Technavio, July 2017
A niche opportunity exists in the third-place segment for a chain
providing an up-leveled experience1
Coffee
Co.
Illustrative Competitive positioning
Independents
4
* Other competitors include: Barista Coffee, Caffè Nero, Caribou Coffee, Coffee
Beanery, Coffee Day Enterprises, Doutor Coffee, Dutch Bros. Coffee, Ediya Coffee
Company, Gloria Jean's Coffees International, International Coffee & Tea, KKD
Corporation (Krispy Kreme Doughnuts), Global Baristas US
Private Equity
Firm X Logo

65. Sources: Capital IQ, Case Facts
Coffee Co. Illustrative P&L
Case data and comparables performance metrics Company Financial Data Operating performance
TEV
(mln)
Revenue
(mln)
CAGR
('13-'17)
Gross
Margin
EBITDA
Margin
EBIT
Margin
NI
Margin
Starbucks 82,525 22,728 10.8% 30.3% 21.9% 17.2% 19.29%
Chipotle 8,516 4,476 8.7% 31.5% 10.0% 6.3% 3.94%
BJ's 1,060 1,032 4.7% 16.7% 10.9% 4.3% 4.34%
Cheesecake
Factory
2,244 2,261 7.4% 42.6% 11.3% 7.2% 6.96%
Mean - - 7.9% 30.3% 13.5% 8.8% 8.6%
Median - - 8.0% 30.9% 11.1% 6.8% 5.7%
High - - 10.8% 42.6% 21.9% 17.2% 19.3%
Low - - 4.7% 16.7% 10.0% 4.3% 3.9%
Coffee Co. 90.0 23.0 110% 30.3% 13.5% 8.8% 8.6%
Company Valuation ratios
Acquirer Date
TEV /
Revenue
LTM
TEV /
EBITDA
LTM
TEV /
Revenue
NTM
TEV /
EBITDA
NTM
Trading comparables
Starbucks - - 3.6x 15.3x 3.24x 13.98x
Chipotle - - 1.9x 19.0x 1.75x 16.72x
BJ's - - 1.0x 9.4x 0.98x 8.96x
Cheesecake
Factory - -
1.0x 8.8x 0.95x 9.13x
Precedent transactions
Panera Bread Co Rye Parent 4/5/2018 2.7x 17.9x - -
Krispy Kreme Cotton Parent 5/9/2016 2.5x 18.1x - -
Mean - - 1.9x 13.1x 1.7x 12.2x
Median - - 1.5x 12.4x 1.4x 11.6x
High - - 3.6x 19.0x 3.2x 16.7x
Low - - 1.0x 8.8x 1.0x 9.0x
Coffee Co. - - 3.9x 17.9x 2.3x 10.3x
Trading Comparables, Recent Transactions Analysis
Publicly traded comparables are non-franchise to reflect
significant difference in cost and revenue structures
Valuation is favorable vs. non-franchise peers’ EV / NTM EBITDA
trading multiples and transactions, especially given growth profile
5
COFFEE CO. 2014 2015 2016 2017 2018e
Illustrative P&L ($ '000)
Revenue 2,500 5,500 11,500 23,000 40,000
Operating expenses (implied) 1,578 3,471 7,257 14,513 25,240
Gross profit 923 2,030 4,244 8,487 14,760
G&A
1
375 825 1,725 3,450 6,000
EBITDA2
548 1,205 2,519 5,037 8,760
Depreciation & Amort. (implied) 118 259 541 1,081 1,880
EBIT3
430 946 1,978 3,956 6,880
Taxes
4
219 482 1,007 2,015 3,504
Net income 329 723 1,511 3,022 5,256
2014 2015 2016 2017 2018e
Assumptions
Nb properties
Model 1 - 70% of units 1.00 4.00 7.00 14.00 25.00
Model 2 - 30% of units 1.00 1.00 3.00 6.00 10.00
Total 2 5 10 20 35
Revenue per store ($ '000)
Model 1 1000 1000 1000 1000 1000
Model 2 1500 1500 1500 1500 1500
Building cost ($ '000)
Model 1 400 400 400 400 400
Model 2 600 600 600 600 600
Breakeven time (years)
Model 1 1.00 1.00 1.00 1.00 1.00
Model 2 1.50 1.50 1.50 1.50 1.50
Build expense
Total yearly 1,000 1,200 2,400 4,600 6,800
Notes:
1) G&A given as 15% of sales
2) EBITDA Margin 21.9% per best-in-class comparable (Starbucks)
3) EBIT Margin 17.2% per best-in-class comparable (Starbucks); D&A implied
4) Assumes 40% tax rate, no debt
Private Equity
Firm X Logo

66. Realizing upside and managing certain risks can further lift return on
the investment
Sources: 1) Global Specialty Coffee Shops Market, Technavio, July 2017
Sources of
potential upside
Risks
Other
considerations
• Volatility of coffee bean (commodity) prices can significantly impact margins
(coffee makes up a large concentration of product sold – 55% – in specialty
coffee shops)1
• Small market share and little negotiating power for quality real estate locations
• Consumers turning to low cost alternatives during economic downtowns
• Franchising model as an option to increase return on capital
• Possibility of distributing branded ready-to-drink coffee in retail outlets
• Portfolio synergies with real estate assets for access to premium retail space
• Strong M&A activity (eg. acquisition of Peet’s Coffee in 2012 for $977M), and
more recently in the specialty market (Nestle $425M majority investment in Blue
Bottle Coffee)
• Potential step-wise increase in overhead upon expanding from 20 stores to 35
(eg. regional managers must be hired, etc.)
• Current assessment ignores important factors: amount and nature of debt, same
store sales vs. new openings, cash flow and cash balance, and more.
6Private Equity
Firm X Logo

67. Impact Investing Co. Case Study
Investment analysis and recommendation

68. DMAC Wharton Interactive 1
Case study prompt (impact investing firm)

69. DMAC Wharton Interactive 2
Response to case study prompt (impact investing firm)

70. Buy investment recommendation: LYME FOREST FUND V
Aligning superior timberland returns and nature conservation
Investment Firm X Case Study
3
• Highly credible management team with expertise in finance, conservation and forestry operations
• Proven track-record of benchmark-beating performance in last three funds Lyme II, III, IV
• Unique strategy, business model and competitive advantages (e.g. partnerships) built over time
• Tangible and measurable social impact
• Focus on cash yield and returning capital early in the investment lifecycle
Investment highlights
Management High Strategy High
Track record High Execution High
Financial perf. (IRR) High Competition Low-Medium
Pipeline Medium-High Competitive advantage High
Commitment period Medium Capital discipline High
Social impact Medium-High Fees High
Performance on investment criteria1
1“High” rating indicates strong performance; for example a “High” mark on fees is a positive attribute that indicates competitive fees, and a “Low” mark on competition indicates strong competition
Lyme Timber Company is a timberland investment manager that generates returns through
sales of working forest conservation easements and traditional integrated forestry operations
Potential risks
• Returns correlated with commodity cycles
• Strategy highly dependent on the sale of
conservation easements and thus on Federal
Government funding programs
• Finite supply of quality assets to acquire and
operate
• Current returns partially depend on access to
inexpensive debt