Kirin Holdings Co. Ltd. · TSE:2503

Kirin — Merger or Acquisition (January 2011)

13 slides from Kirin's merger presentation, Jan 24, 2011

1. Slide 1: Kirin and CRE agreed to establish a Non-Alcohol Beverage Joint Venture in China

   Kirin and China Resources Enterprise, Limited agreed to establish a Non-Alcohol Beverage Joint Venture in China January 24, 2011 Kirin Holdings Company, Limited

2. Slide 2: Contents

   Contents Transaction Overview Strategic Rationale Company Overview Reference

3. Slide 3: Transaction Overview 1

   Transaction Overview 1 Kirin and CRE have entered into an agreement to form a JV in Greater China Kirin and CRE have entered into an agreement to set up a JV, which will be 40% owned by Kirin and 60% by CRE Transaction value is approximately 400 million USD. (approximately 33.2 billion JPY) Consi

4. Slide 4: Transaction Overview 2

   Transaction Overview 2  Kirin will subscribe for 40% of equity stake in the joint venture, which operates Non-Alcohol Beverage Business in China under the umbrella of CRE  Concurrently, Kirin will transfer its stakes in its four PRC beverage subsidiaries to the JV Before Transaction After Transact

5. Slide 5: Strategic Rationale: Synergy Effects

   Strategic Rationale 1 Complementary combination, matching each parties’ strategies and Sales Sales target target of of JV JV (2015)：6 (2015)：6 billion billion RMB RMB leveraging each party’s strengths (75.7 (75.7 billion billion JPY) JPY)  Plan to realize rapid market expansion and high growth thro

6. Slide 6: Strategic Rationale 2

   Strategic Rationale 2 Strengthen the infrastructure and accelerate expansion of its Non-Alcohol Beverage Business in Greater China  Product line extensions (Kirin brands, CRE brands, JV brands) which meet the local preferences by leveraging the capabilities in product developments and in manufactur

7. Slide 7: Company Overview 1

   Company Overview 1 Company Overview 華潤創業有限公司 Name China Resources Enterprise, Limited Headquarters Hong Kong Incorporation 1992 Representative Chairman：喬 世波 (Qiao Shibo) Key Financial Revenue: approximately 71.6 billion HKD (approximately 764.3 billion JPY ) Figures (Dec, 2009) Profit after tax: app

8. Slide 8: Company Overview 2

   Company Overview 2 Main Business China China （万トン） Resources Resources  Retail business has the top share in China with (Holdings) (Holdings) retail network (over 3,000 supermarkets) held by “Vanguard”, 51.46% “Suguo” and others in mainland China and Hong Kong  The JV beer business has the top sha

9. Slide 9: Company Overview 3

   Company Overview 3 Company Overview 華潤怡宝食品飲料（深圳）有限公司 Name China Resources C'estbon Food & Beverage (Shenzhen) Co., Ltd. Headquarters Shenzhen, China Incorporation 1985 Representative Managing Director: 劉 洪基（Liu Hongji） Key Financial Revenue: approximately 1,592 million HKD (approximately 16.9 billio

10. Slide 10: Company Overview 4

    Company Overview 4 17 Henan 6 1* Hebei 10 Liaoning 1 Ningxia 272 Tianjin 3 Jilin 37 Shaanxi 71 Beijing 5 Gansu 1 Qinghai Sales Salesvolume volumein inPackaged PackagedWater Water (million tons) 2.0 12 Shandong ） 2277% % 1.60 -0 99 ） 1,601 2* Jiangsu （044-0 1.5 A GGRR（0 1.37 CCA 1.08 1 1* Shanghai 1.

11. Slide 11: Reference

    Reference

12. Slide 12: Main Products in China

    Main Products in China C’estbon C’estbon Purified Water C’estbon Mineral Water C’estbon Purified Water 0 PA Jialinshan Mineral Jialinshan Mineral (Various sized bottles) (Various sized bottles) and Mineral Water Water Water and Yonglong Bottled Water purified in Line up of mineral water (Large sized

13. Slide 13: Market Overview

    Market Overview Economic Overview of China Nominal GDP per capita (USD)  GDP per capita has grown steadily  Main age group of Soft Drink Consumer covers majority of the 5% population (approximately 58% of total population is aged 12-49) 9) 16. (0 0- 0 GR CA Population approximately1.33 billion (20

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