Tyson Foods is leveraging technology across its entire value chain from food processing to distribution to retail. The company has made major acquisitions and investments in automation, robotics, machine learning, and other technologies. Tyson's CTO has stated that the company sees itself as a technology company that happens to provide food, as it transforms from an 85-year old food company to one that operates with immense digital capabilities at the speed of business.

1. HOW ACQUIRING TECH DISRUPTORS IS THE KEY TO
SURVIVAL AND GROWTH FOR ESTABLISHED COMPANIES
WEDNESDAY 16TH DECEMBER, 18:00
FEATURING CASE STUDIES ON:
GO TECH, OR GO
EXTINCT

2. After CBS ‘90…

3. § > 50 M&A transactions worth over $25 billion in >20 countries, several capital raises and over 100 corporate finance advisory and strategic
consultancy assignments
§ 30 years’ experience in TMT - M&A, Capital Raising, Strategy, Investment
§ Entrepreneur – founded and led 4 companies, founded several other companies as lead investor
1985 1990 1995 2000 2005 2010 2015 2020
Business Since CBS 1990…

4. Aquaa Partners
Who We Are, What We Do & Why We Are Different
4Source(s): Aquaa Partners
STRICTLY PRIVATE
AND CONFIDENTIAL
Unlike other firms, we advise established “non-tech” corporates on accelerating their stakeholder value
through investing and acquiring the right technology companies for a win-win strategic combination and
exponential value creation
§ Founded in 2010 by Paul Cuatrecasas, who had previously founded Alegro Capital in 2003 and co-founded
ARC Associates in 1993
- Over 28 years’ technology M&A experience with over 50 transactions completed around the world
- Formed ARC Associates in 1993 to take advantage of the planned deregulation and privatisation in
European Telecoms in 1995 and 1998, which succeeded as a strategy
§ Independent advisory on a wide variety of strategic issues including mergers, acquisitions, divestitures, capital
raisings, restructurings and leveraged buy-outs
§ Focus on clients and industries in which our experience and insights can add real value
§ Unparalleled network in technology, based on shared experiences and reinforced over time
- Including multinationals and large corporates, family offices, private equity firms, venture capital firms and
other institutional investors
§ Global coverage, from London across the whole of Europe and into the US, as well as to the Middle
East, Africa and Asia
Specialist London-based Technology-focused Corporate Finance Advisory Firm
§ In addition to advising thousands of founders, and
entrepreneurs over the past 28 years, Aquaa Partners'
senior professionals have also advised many corporates and
PE firms, including:
Credentials That Reflect Success
Over 100 tech M&A transactions around the world worth over $50bn; over 125 corporate
finance advisory and strategic consultancy assignments

5. Some Deals
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, Capital IQ, MergerMarket
Notes(s): Some transactions were completed by Aquaa Partners’ professionals at their previous employers
5
JASIS GROUP
World’s leading risk management
solution for tennis trading
was acquired by
The shareholders of
10Star
Strategic partnership with
for the co-development and
marketing of a range of logistics
robots
Provider of robotics solutions
World leader in off-road handling Contactless payment solutions
raised $2.4m in venture growth
funding from
Private Investors
at a $10.4 million valuation
raised £5m in Series A funding from
at an undisclosed valuation
Telephony for Salesforce
Manufacturer of compound
semiconductors
€17 million
was acquired by
Leading developer and manufacturer
of advanced millimetre wave products
acquired, through its subsidiary,
MIH Allegro
Multinational consumer Internet
company
Online advertisement services provider
acquired
Multinational developer of
analytics software
Developer of business intelligence
software
Provider of security software
acquired
Provider of enterprise security and
compliance software
Strategic Investment in
Car parts manufacturer
European satellite radio company
acquired, through its subsidiary,
Kijiji International
Multinational e-commerce corporation
Online classified advertisement and
community website
acquired
Satellite telecommunications company
€1.5 billion
Affiliates of Kohlberg Kravis
Roberts invested in
€50 million
Provider of internet and related
services
Finnish telecoms provider
acquired a 63% stake in
Tilts Communications
owner of a 49% stake in
$240 million
Latvian telecoms provider
acquired
$618 million
Provider of software for wireless
phone operators
Telecoms equipment manufacturer
acquired
Communications software developer
Enterprise software developer
STNC
sold its logistics business
Software company
to
Developer of wireless LAN access
point products
was acquired by
Telecoms, IT and consumer
electronics company
$6 million $48 million
Goldvalley
sold its 30% stake in
to
Provider of telecommunication
services

6. “Go Tech, or Go Extinct”
- Klaus Schwab, Founder and Executive Chairman, World
Economic Forum, The Fourth Industrial Revolution
A must read for senior executives looking for
new ideas and fresh insights on innovation
A fresh thinking, fact- and experience-based book, on how
digital transformation can contribute to exponential growth and
how technology can create value also to non-technology
companies
- Alain Brouhard, Group Chief Information Officer and Executive
Committee Member, Coca-Cola HBC

7. Value Investing (As We Know It) Is Dead
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners;
7
Aquaa Partners chief executive Paul Cuatrecasas said of the findings: “The
fundamental risk-reward relationship in finance is now consistently being
broken: Tech now offers higher reward and lower levels of risk relative to
traditional stocks.”
Investors seeking long-term growth
should load up on tech as the sector
is set to keep up exponential growth
for decades to come, a new report
suggests.
Tech-heavy indexes are set to
outgrow other sectors by as much as
10 times over the next 20 years,
according to a report from strategic
advisory Aquaa Partners seen by
Barron’s.
The London-based firm tracked the historic performance of tech-heavy
indexes and found that since 1990, total shareholder returns from the tech-
heavy Nasdaq-100 was almost 13 times higher than that of the non-tech
FTSE 100.
AUGUST 21st, 2020

8. PANDEMIC =
LOSSES?

9. NASDAQ Up 40% In A Pandemic - Just Another Bubble?
40%
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
NASDAQ Composite Euro STOXX 50 Index
39%
-7.5%
NASDAQ
Composite
Euro Stoxx
STRICTLY PRIVATE
AND CONFIDENTIAL 9
Source(s): Aquaa Partners, Capital IQ
Note(s): (1) Capital IQ as of 1 December 2020, base 100 as of 1 January 2020
Prices stretched for perfection. But ultra-low interest rates going negative = FCFs of
hyper-growth tech companies are worth a lot more today on a present value basis.
However, another factor is driving these valuations…

10. Start With Mindset
STRICTLY PRIVATE
AND CONFIDENTIAL
Source: “The Fourth Industrial Revolution”, by Klaus Schwab; World Economic Forum
10
…My concern is that decision makers
are too often caught in traditional, linear
(and non-disruptive) thinking or too
absorbed by immediate concerns to
think strategically about the forces of
disruption and innovation shaping our
future…
- Klaus Schwab, Founder and
Executive Chairman, World Economic
Forum, The Fourth Industrial Revolution

11. 11
Most Horse And Buggy Companies Were Not Focused On The Automobile
Spot the automobile! Spot the horse!
1900: 5th Ave, New York City 1913: 5th Ave, New York City

12. -
100%
200%
300%
400%
500%
600%
700%
800%
900%
Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20
S&P 500 Retailing
Sears Holdings
Not Just Horse & Buggy But Big Retailers…
STRICTLY PRIVATE
AND CONFIDENTIAL 12
Source(s): Aquaa Partners, Capital IQ
Note(s): (1) Capital IQ as of 1 December 2020, base 100 as of 1 January 2004
…succumbed to linear, non-disruptive thinking and “immediate concerns”…
….not the forces of disruption and innovation
+849%
-99%
Sears’ Share Price vs. S&P 500 Retailing(1) S&P 500
Retailing
Sears, an early disruptor and the USA’s largest retailer…rocketed 700% from 2004 to 2008…but then….

13. …And Big Travel Companies…
STRICTLY PRIVATE
AND CONFIDENTIAL 13
Source(s): Aquaa Partners, Thomas Cook
Thomas Cook was asleep, just like Kodak was. It was not prepared for the disruption and didn’t adapt.
0
20
40
60
80
100
120
140
2014 2015 2016 2017 2018 2019
Thomas Cook Group Euro STOXX 50 Index
+16%
-98%
Compared to what
we ought to be, we
are half awake
- William James
178 year-old Thomas Cook, 21,000 employees, 19 million customers and $13 billion of revenue - bankrupt in September 2019.
Thomas Cook was not living in the 21st century: Today
everyone has one-click access at their fingertips to all the
airlines, hotels, rental cars in the world. They can book it all
themselves, quite easily, like ordering an Uber.

14. 14
Many Now Extinct Companies Thought They Were Too Big To Fail

15. GO TECH…
…OR
GO DOWN

16. STRICTLY PRIVATE
AND CONFIDENTIAL 16
Sources: Aquaa Partners, Kraft Hein, GlobeNewswire, Business Wire, Food Navigator, Fortune, Ledger Insights, IBM, Grocery Dive
Notes: (1) InfotechLead 25 Mar 2019; Capital IQ as of 1 December 2020, base 100 as of 1 Aug 2015; (2) Market capitalisation as of 26 April 2017
Kraft Heinz: Lack of Vision & Execution, Failing…
After the merger, Kraft Heinz has suffered from a lack of investment in innovation and marketing,
destroying value for stakeholders and causing the company to lag behind its competitors.
“We are spending more to support a larger innovation pipeline and accelerate channel development, particularly in eCommerce. ” – David Knopf, CFO of Kraft Heinz(1)
-
20
40
60
80
100
120
140
160
180
Aug-15 Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20 Aug-20
COST CUTTING CAMPAIGN
+72%
Launches $100m VC Fund
(Oct 18)
Investments in
Merger of Kraft
Foods and Heinz
(Jul 15)
Advertisement
cut
R&D
cut
5,000 employees
laid off
Lack of long-term strategy & investments in innovation and marketing
No strategy on plant-based protein despite the falling market share of the veggie BOCA Burger
Acquisition of Wellio
(Nov 18)
Market Cap:
$112.6bn(2)
Market Cap:
$40.5bn
-58%
Dow Jones

17. STRICTLY PRIVATE
AND CONFIDENTIAL 17
Source(s): Aquaa Partners, Henkel, WebWire, Sifted, TechWire Asia, Information-Age, Capital IQ as of 1 December 2020 base 100 as of 1 Jan 2017
Note(s): (1) Roland Berger 13 Apr 2018
Henkel: “Optimising” But Not “Transforming”
€20 billion Henkel has talked about digital / innovation but only a few non-transformative moves since Jan 17.
Are the acquisitions of Molecule in June 19 and skin tech co, SkinInVitro, in Nov 20 signs of a Henkel 2.0?
“Accelerating digitalisation helps us to successfully grow our business, strengthen the relationships with our customers and consumers, optimise our processes and
transform the entire company” – Henkel press release, 17 November 2016(1)
50
70
90
110
130
150
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20
Dow Jones Industrial Henkel AG & Co.
-21%
+50%
New priorities: Driving Growth,
Accelerating Digitalisation,
Increasing Agility, Funding Growth
Nov 17
Blockchain
Dec 18
AI upgrade
for Henkel X
Nov 18
Innovation
platform
Feb 18
3D-printing
Acquisition, Jun 19
n.a.
Market Cap:
$44bn
Market Cap:
$55bn
Acquisitions, 2017
€1bn
n.a.
€119m
SkinInVitro
skin model technology
Acquisition, Nov 20
n.a.
$150m CVC fund
Mar 17

18. 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020
STRICTLY PRIVATE
AND CONFIDENTIAL 18
Source(s): Pitchbook as of 1 December 2020, GE Annual Reports, Company information
Note(s): (1) Pitchbook as of 1 December 2020, Base 100 as of 4 Jan 1981
GE – Should Have Been The First Trillion Dollar Company(1)…
1981: Jack Welch assumes
CEO position at GE,
starting a headlong
expansion into finance
2000: In Welch’s final year as
CEO, GE Capital posted a 23%
ROE and contributed to 41% of
all profits
Sep 2001: Jack Welch
leaves General Electric
2007: GE Capital
profits comprise 55%
of company total
2008: GE Capital assets surpass
$650bn at the onset of the financial
crisis, leading to a $139bn
government bailout, which had grown
too quickly with little oversight
2015: CEO Jeff Immelt
announces plan to sell
off the majority of GE
Capital assets
+4,622%
(1981 to 2001)
-74.5%
(2002 to 2020)
A key innovator…
§ Founded in 1889; first toaster, fridge, microwave, jet engine, x-ray machine
§ Peaked at $500b market cap in August 2000, which is $750 billion in today’s
currency.
§ Didn’t address the forces of disruption
§ Didn’t shape its innovation to tech
§ Mkt cap now only ca $90 billion
§ Removed from Dow Jones Index
…however, GE got complacent…
GE, valued at $500 billion in 2000, should have ruled “Industry 4.0” and been the world’s first
$1 trillion company. Instead, it fell victim to hubris.

19. TYSON FOODS -
A “TECH
COMPANY”
…OR NOT...?

20. 20
Tyson Foods: Leveraging Technology Along Its Entire Value Chain
FOOD PROCESSING DISTRIBUTION RETAIL CONSUMERS
Steam oven
Investment
TRADITIONAL MEAT PRODUCTION
MEAT ALTERNATIVES PRODUCTION
$8.6bn
Jul 14
$2.2bn
Nov 18
$4.2bn
Aug 19
40% stake
Jul 14
Main acquisitions
Exited
Investments through
‪Robotics, automation, machine vision
Virtual Reality training facility
New facility powered by “advanced
automation, robotics and machine
learning”(1)
Digital meal planning
Partnership with Coca-
Cola & Coppola
‪‪+$215m invested in automation and
robotics since 2014
Apps for employees
and suppliers
Surveillance
drones
BlockchainFood software solutions
Investment
Genomics testing
Investment
Machine
learning
Other technologies used that impact the value chain
STRICTLY PRIVATE
AND CONFIDENTIAL 20
Source(s): Aquaa Partners, Tyson Foods, Seeking Alpha, PRNewswire, FoodBev.com
Note(s): (1) Noel White, President and CEO, Tyson Foods

21. 21
Tyson Foods: Leveraging Technology Along Its Entire Value Chain
Tyson is in the food business, but in some ways, we’re a
technology company. When I first came to Tyson, I would
say that our vision is to become a technology company that
happens to provide the world with good food. We’re well on
our way to transforming Tyson Foods from an “85-year-old
food company” to a company that operates at the speed
of business with immense digital capabilities […]
- Scott Spradley, Executive Vice President & Chief Technology Officer, Tyson Foods, 7 Nov 2018

22. -
100
200
300
400
500
600
700
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tyson Foods Dow Jones Industrial Average
Tyson Foods – Vision, Combined With Building, Buying and
Partnering
Investments in
technology include
+337%
+129%
+$215m invested in
automation and robotics
since 2014
Jul 14
2018
2019
Apps Surveillance
drones
Blockchain Machine
learning
Virtual
Reality
5% stake (Apr 16)
Market Cap:
$23.7 bn
To stay ahead of the competition, Tyson Foods has been investing in several areas of its value chain from traditional
production and plant-based meat to consumer apps and machines – but is it enough?
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, Tyson Foods, Seeking Alpha, PRNewswire, TechWire, Capital IQ as of 1 December 2020 with base 100 as of 1 Jan 2008
22
Market Cap:
$3.3bn
2020
Divesture (Apr 19)

23. 40
60
80
100
120
140
160
180
200
Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20
S&P 500 Tyson Foods, Inc.
Tyson Foods and Beyond Meat – A Critical Misstep?
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, Tyson Foods, Seeking Alpha, PRNewswire, TechWire
Note(s): FactSet as of 1 December 2020, base 100 as of 1 January 2016; (1) As of 1 January 2016; (2) Pitchbook;
(3) https://www.fooddive.com/news/why-did-tyson-divest-its-652-share-in-beyond-meat/553395/ (4) As of 1 December 2020 23
+26%
Mkt. Cap:
$23.7bn(4)
Mkt. Cap:
$8.7bn(4)
5% stake (Oct. 16)
Pre-Money Valuation: $250m(2)
Mkt. Cap:
$18.9bn(1)
Undisclosed stake (Nov. 17)
Pre-Money Valuation: $495m(2)
Divesture of 6.25% stake (Apr. 19)(3)
Tyson Foods divests its stake in Beyond Meat for an undisclosed amount to
undisclosed investors, amid reports of tension between the two companies
and plans from Tyson to launch their own alternative protein products
IPO (May 19)
Beyond Meat goes public
in an IPO that values the
company at $1.5bn(2)
Beyond Meat’s valuation as % of Tyson’s market value
37%
1% 2%
6%
In April 2019, Tyson Foods divested its 6.25% stake in Beyond Meat just before the company went public.
Today, that stake would be worth ca $550m.
+82%

24. IBM -
THE ULTIMATE
TECH SURVIVOR…
OR NOT…?

25. STRICTLY PRIVATE
AND CONFIDENTIAL 25
Source(s): Aquaa Partners, MergerMarket, Capital IQ (as of 1 December 2020, Base 100 as of 1 Jan 1994), IBM, Companies
Note(s): (1) IBM; (2) Investopedia; (3) TechCrunch; (4) InformationWeek; (5) Howstuffworks; (6) CBROnline
“Remaining Relevant”: IBM - From H/W to Services to S/W to Cloud
IBM, founded in 1911 as a “Computing-Tabulating-Recording Company,” executed over 200 acquisitions to
transform itself from H/W to Services to S/W & Solutions to Cloud…but now has only a $110 bn market cap…
-
200
400
600
800
1000
1200
1400
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Dow Jones Industrial International Business Machines Corporation
Since 2002 – Software & Services
Since 2007 – Cloud Computing
Strategy Focus
+755%
1981-2001
Computer Hardware
$4.9bn (2007)(2)
Apr 1993: Louis
Vincent Gerstner Jr
became CEO
4 3
7 8 7
18 19 19
14
16
11
17
8
14 14 14
18 18
6 61
0
50
100
150
200
250
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
IBM
4 1 3
7 8 7
18 19 19
14
16
11
17
8
14 14 14
18 18
6 6
2
Number of Acquisitions
+694%
IBM launched
“eBusiness,” turning
the Internet into a
tool for business
and ushering in the
future of electronic
commerce. (1997)(1)
?
$3.5bn (2002)(1)
Consulting
Division $34bn (2018)(3)
Sale of its PC business to
Lenovo to further focus on
software and services
$1.25bn (2005)(4)
6
2

26. BLUE CHIPS ARE
STRUGGLING…
…WHAT’S REALLY
GOING ON?

27. $1,761
$1,915
$1,387
$505
$1,611
$8,599
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Nov-10 Nov-15 Nov-20
World’s Top Ten Largest Companies By Market Capitalisation(1)
, 2010 to 2020
We’ve Entered “Business As Exponential”
STRICTLY PRIVATE
AND CONFIDENTIAL 27
Source(s): Aquaa Partners, PitchBook as at 27 Nov 2020
Note(s): (1) Excluding Saudi Aramco
Seven of the top ten companies by market cap are now tech companies. In the last ten years, among the top ten,
tech has grown by 1,600% while non-tech has declined by 21%.
($bn) 1,603%
(21%)
…If I take 30 steps linearly, I get to 30.
If I take 30 steps exponentially, I get to
a billion…
- Ray Kurzweil, Founder, Chairman and CEO, Kurzweil
Technologies

28. 10 Year US Treasury Rate – 1962 To Dec 2020
STRICTLY PRIVATE
AND CONFIDENTIAL 28
Sources: Macrotrends
Note(s): Data as of 11 December 2020
-
2%
4%
6%
8%
10%
12%
14%
16%
1962 1966 1970 1974 1978 1982 1985 1989 1993 1997 2001 2005 2008 2012 2016 2020
0.90%
+1,195bps
-1,494bps
307%
increase
94%
decline
Ultra-low interest rates could go negative given the deflationary effect of exponential tech, just when
governments need inflation. So the future FCF of hyper-growth tech companies are worth more today on a
PV basis. But also all industries are “tech” now, which is advancing at an exponential pace…

29. It’s Not A Bubble – 34x vs 3x
STRICTLY PRIVATE
AND CONFIDENTIAL 29
Sources: Aquaa Partners, Yahoo Finance as of 12 August 2020
Note(s): (1) Price index only, excluding the effects of currency, tax and dividends; (2) Tech considers the maximum loss for the Nasdaq-100 Index and Non-Tech considers the average
maximum loss of the FTSE 100, DAX and CAC 40 indices for each period
Over the past 30 years, Nasdaq has delivered 34x. FTSE 100 has delivered 3x.

30. -
2,000%
4,000%
6,000%
8,000%
10,000%
12,000%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Compounded TSR - Non-Tech vs Tech Companies – 1999 to 2020(1),(2)
Compounded TSR By Index For Non-Tech vs Tech Companies – 1999 to 2020(1),(2)
NASDAQ-100
Tech
FTSE 100
Tech
NASDAQ-100
Non-Tech
DAX 30
Non-TechCAC 40
Non-Tech
FTSE 100
Non-Tech
CAC 40
Tech
DAX 30
Tech
Top Performers – 1999 to 2008
Nasdaq-100 Tech: 416%
Nasdaq-100 Non-Tech: 273%
Laggards – 1999 to 2008
DAX Tech: 52%
CAC 40 Tech: -53%
Top Performers – 2009 to 2020
Nasdaq-100 Tech: 2,174%
FTSE 100 Tech: 1,594%
Laggards – 2009 to 2020
FTSE 100 Non-Tech: 307%
DAX Non-Tech: 306%
TSR
(‘99-’20)
+4,160%
+1,341%
+767%
+838%
+303%
+681%
+4,534%
+11,630%
Difference:
7,096%
STRICTLY PRIVATE
AND CONFIDENTIAL 30
Source(s): Aquaa Partners, Refinitiv
Note(s): Base 100 as of January 1999. Yearly performance as of 31 December for each year from 1999-2019, and as of 31 July for 2020; (1) “TSR” is Total Shareholder Return (including
capital growth, dividends and stock splits); (2) Tech and non-tech components for the indices are defined by Refinitiv according to each constituent’s GICS classification

31. For The First Time, Tech Is Providing Both A Safe Haven As Well As
Superior Returns
STRICTLY PRIVATE
AND CONFIDENTIAL 31
Source(s): Novel Investors
Tech has been widely considered a volatile sector but in 2019, tech outperformed all other sectors and in 2020
tech has shown the greatest resilience in the pandemic
26.3%
50.3%
27.6%
20.8%
32.7%
27.9%
24.6%
29.0%
32.1%
11.8%
Utilities Tech Cons Staples Healthcare Telecom Cons Discret Materials Industrials Financials Energy
-11.1%
15.0%
-5.7%
-0.8% -0.3%
7.2%
-6.9%
-14.6%
-23.6%
-35.3%
Utilities Tech Cons Staples Healthcare Telecom Cons Discret Materials Industrials Financials Energy
S&P 500: 28,7%
S&P 500: -4.8%
Total Return
2019 FY
Total Return
2020 1H

32. Tech Does Not Lose As Much Money As Non-Tech
8.8%
3.9% 5.2%
41.7%
47.1%
50.0%
7.4%
10.9%
12.3%
13.6%
2.6%
49.4%
17.4%
8.4%
9.6%
1.7%
3.5%
5.1%
12.2%
9.4%
3.4%
21.2%
6.8%
0.7%
0.5%
8.9%
6.1%
9.8%
35.2%
40.5%
24.0%
5.8%
1.7%
3.0%
5.6%
45.7%
24.7%
13.3%
24.6%
6.0%
2.6%
8.0%
5.9%
12.6%
1.5%
15.4%
1.3%
36.4%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tech Non-Tech
Tech vs Non-Tech, Yearly Maximum Loss From First Day Of The Trading Year (1995 to 2020)(1),(2)
Average Maximum Loss Tech Non-Tech
5-year average 8.5% 12.2%
15-year average 10.6% 13.0%
25-year average 13.2% 13.3%
Average maximum loss post-2009 7.6% 12.7%
Average maximum pre-2009 18.1% 13.9%
2008
Global
Financial
Crisis
STRICTLY PRIVATE
AND CONFIDENTIAL 32
Sources: Aquaa Partners, Yahoo Finance as of 12 August 2020
Note(s): (1) Price index only, excluding the effects of currency, tax and dividends; (2) Tech considers the maximum loss for the Nasdaq-100 Index and Non-Tech considers the average
maximum loss of the FTSE 100, DAX and CAC 40 indices for each period

33. 33
Even Buffett Is A Step Behind
Source(s): https://www.ft.com/content/ee69a200-6f3f-4c0e-948b-37e8f9519077

34. Venture Capital Has Skyrocketed, Even Since Dot-Com 2000(1)
2 4 6
20
45
23
17 15 19 20
25
32 33
25 29
41 39
44
67
79 75
81
117
124
1
4
2
1 1
3 3
3
5 6
5
8
7 9
9
12
18
17
21
29
37
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
-
$20bn
$40bn
$60bn
$80bn
$100bn
$120bn
$140bn
$160bn
$180bn
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Europe ($bn) N. America ($bn) Number of Deals - North America Number of Deals - Europe
STRICTLY PRIVATE
AND CONFIDENTIAL 34
Source(s): PitchBook
Note(s): (1) 2020 excluded due to the impact of the Covid-19 pandemic

35. 35
The Rise of the “Unicorns” - 504 Tech Companies Valued at $1.6 Trillion
# of New Unicorns, By Year, 2004 to 2020(1)
TCV(2) of unicorns (2013):
$279bn
TCV(2) of unicorns (2020):
$1.6tr
35
STRICTLY PRIVATE
AND CONFIDENTIAL 35
Source(s): Aquaa Partners, CB Insights as at 30 Nov 2020
Note(s): (1) Combination of PitchBook, CB Insights, Crunchbase, visualcapitalist.com; (2) Total Cumulative Valuation (TCV) – sum of the valuation of every
unicorn as at last respective funding round
Noteworthy
Exits
1 3 1 5 7 5 6
15 13
20
33
61
36
71
119
111
92
0
20
40
60
80
100
120
140
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nov-20
In 2013, the combined total value of tech unicorns was only $279 billion.
By 2020, there are 504 unicorns totaling over $1.6 trillion in value.

36. Value Of Exited Unicorns ($bn) – North America v Europe (as of July 2020)
STRICTLY PRIVATE
AND CONFIDENTIAL 36
Source(s): PitchBook
Note(s): Data as of 31 July 2020; Top North American exited unicorns based on exit size include Uber (2019), Facebook (2012), Slack (2019), Lyft (2019), Snapchat (2017), WhatsApp
(2014), Twitter (2013); Top European exited unicorns based on the exit size include Spotify (2018), Rocket Internet (2014), Adyen (2018), Zalando (2014), Farfetch (2018)
$2,960bn
$1,998bn
$822bn
$549bn
$439bn
$358bn
$261bn
$128bn$109bn
$12bn
$101bn$69bn$71bn$20bn$15bn$17bn$18bn
-
$500bn
$1,000bn
$1,500bn
$2,000bn
$2,500bn
$3,000bn
$3,500bn
2020201920182017201620152014201320122011
North America
Europe

37. Since November 2010, the value of the top 10 non-tech food retailers has increased by 1%, while since 2015
the value of the top tech food retailers has risen by +3,622%.
STRICTLY PRIVATE
AND CONFIDENTIAL 37
Source(s): Aquaa Partners, Tracxn as at 1 December 2020
Already Over 525,000 Tech Companies in the World – Growing at >100 a
Day and Funded With $1 Billion a Day…
Artificial Intelligence / Predictive Analytics
Internet
of Things /
5G
Blockchain
3D Printing
Robotics
Drones,
Autonomous
Vehicles
Big Data
Analytics &
Advanced
Algorithms
AR / VR
“Business
4.0”
525,197
Tech Companies
As of November 2020
134,109
Funded
391,097
Unfunded

38. STRICTLY PRIVATE
AND CONFIDENTIAL 38
Source(s): Aquaa Partners, Tracxn as at 1 December 2020
Note(s): (1) Energy & Environment Tech equals Water and Wastewater Management Tech + Environmental Health and Safety Compliance + Energy Efficiency Tech + Renewable Energy Tech
No Industry Is Untouched By Disruption From New Technology
26,000+ 0 – 1,9992,000 – 4,9995,000 – 6,99918,000 – 25,999
Education
Tech (Ed Tech)
28,394
Number of companies
in sector:
7,000 – 17,999
Aerospace,
Maritime & Defence
Tech
6,465
Health Tech
55,994
Construction Tech
3,851
Smart Homes
2,540
Events Tech
3,974
Number Of Tech Companies Within Key Industries, Grouped By Quantity
HR Tech
21,916
Fashion Tech
18,422
Marketing Tech
18,962
Gaming
11,825
Cybersecurity
11,027
Online Grocery
9,270
AgriTech
5,039
Road Transport
Tech
10,612
Energy &
Environment Tech
17,027
InsurTech
4,824
Real Estate Tech
5,310
Regulation Tech
(Reg Tech)
1,930
Smart Cities
1,107
5G
Enablers
304
Auto Tech
25,840
FinTech
69,539
Food / Beverage
Tech
19,848
Logistics Tech
13,763
In-Store
Retail Tech
5,553
(1)

39. 39
It’s Just Starting - 5G Will Be A Game Changer – Impact Starts in 2021…
Source(s): Aquaa Partners, Visual Capitalist
10x 10x 10x
3x 100x 100x
Decrease in latency Connection density Experienced throughput
Spectrum efficiency Traffic capacity Network efficiency
ENHANCED MOBILE
BROADBAND
MASSIVE MACHINE
TYPE COMMUNICATION
ULTRA RELIABLE
MACHINE TYPE
COMMUNICATION
The disruption and improvements from 5G will create new industries

40. WHAT DOES
“DISRUPTION”
LOOK LIKE?

41. 100
200
300
400
500
Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Peloton has embraced tech and acquired tech companies to rise to become an industry
leader in a traditionally non-tech industry
STRICTLY PRIVATE
AND CONFIDENTIAL 41
Source(s): Aquaa Partners, PitchBook, company information
Note(s): PitchBook as of 14 Dec 2020, unless otherwise stated; (1) FYE for Technogym as of 31 Dec 2017, 2018 and 2019, FYE for Peloton as of 30 Jun 2018, 2019 and 2020; (2) FYE 31 Dec
2019 for Technogym, FYE Jun 2020 for Peloton; (3) As at 14 Dec 2020; (4) 1H20 for Technogym, 1Q 2020-2021 for Peloton; (5) Enterprise Value / Employee Count; (6) Capital IQ; (7) Base 100
as of 26 September 2019
Peloton vs Technogym
Share Price Performance – Peloton (founded 2012) vs Technogym (founded in 1983) (6),(7)
373%
-8%
Jun 18: Acquisition of Neurotic Media
Nov 20: Acquires Peerfit’s IP,
technology and employees
Oct 19: Acquisition of Tonic Fitness Technology
Nov 19: Investment in Weav Music
Sep 20: Launches new product
suite for at-home fitness
Company
2017 Revenue
($m)(1)
2018 Revenue
($m)(1)
2019 Revenue
($m)(1)
3-year
Revenue CAGR(1) Gross margin (%)(2) EBIT ($m)(2) Enterprise Value ($m)(3) Employee
Count(4) BodyValue ($k)(5)
435 915 1,826 103% 46% -6 32,837 4,404 7,456
662 748 749 7% 44% 126 2,235 2,062 1,084
Market Cap:
$34.6 bn
Market Cap:
$2.2 bn
Jan 19: Acquisition of Gossamer Engineering

42. Which Blue Chips Are Embracing Disruption And “Going Tech”?

43. LET’S START
WITH WALMART

44. Walmart Was Not Erased By Amazon - It Has Grown Stronger…
44
Source(s): PitchBook as of 20 Nov 2020
Note(s): (1) Base 100 as of 1 Jan 2013
44
STRICTLY PRIVATE
AND CONFIDENTIAL 44
Walmart saw the Amazon threat early….in 2015….
In 2015, Amazon was growing rapidly, expanding its market share, strengthening its competitive positioning
and delivering outstanding shareholder returns…
-
200
400
600
800
1,000
1,200
1,400
Jan 13 Aug 13 Mar 14 Oct 14 May 15 Dec 15 Jul 16 Feb 17 Sep 17 Apr 18 Nov 18 Jun 19 Jan 20 Aug 20
Walmart vs Amazon, Share Price Performance, Jan 2013 – Nov 2020(1)
+1,111%
120%
Growth Rate
(January 2013 to November 2020)
Jan – Nov 2015
Performance
August 2016
Acquisition of
For $3bn in cash plus
$300m in Walmart shares

45. The Threat That Led To Walmart’s First Major “Techquisition”
45
Source(s): PitchBook as at 30 Apr 2016
Note(s): (1) Base 100 as at 1 Apr 2014
45
STRICTLY PRIVATE
AND CONFIDENTIAL 45
-
50
100
150
200
250
Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16
In 2015, Walmart was starting to feel the pinch from Amazon. It hiked the minimum wage in Feb 2015 for its US sales force, and its share price fell from $89/share in
Jan 2015 to $59/share in Nov 2015 – a drop of 34% at a time when the S&P 500 was holding steady. Over the same time period, Amazon’s share price more than doubled
+124%
-34%
Jan – Nov 2015 Performance
Growth Rate
(April 2014 to April 2016)
Walmart vs Amazon, Share Price Performance, Apr 2014 – Apr 2016(1)
In 2015, Amazon was growing rapidly, expanding its market share, strengthening its competitive positioning
and delivering outstanding shareholder returns…
+103%
-14%

46. -
50
100
150
200
250
May 16 Aug 16 Nov 16 Mar 17 Jun 17 Oct 17 Jan 18 May 18 Aug 18 Dec 18 Mar 19 Jun 19 Oct 19 Jan 20 May 20 Aug 20 Dec 20
Walmart’s Focus On Tech Acquisitions Delivered Immediate Returns For
Shareholders
46
Source(s): Aquaa Partners, MergerMarket, PitchBook as at 14 Dec 2020
Note(s): Base 100 as at 1 May 2016; (1) Jet.com, Shoebuy.com, ModCloth, Bonobos, Parcel, Flipkart (77%), Cornershop Technologies, ELOQUII Design, BareWeb,
Art.com, Aspectiva, Polymorph Labs, CareZone’s Digital Prescription Technology; (2) Online Sales accounted for $21.5bn in FY2019-2020 (+37% YoY) 4646
Over the past four years, Walmart has been able to transform itself to a fully tech-enabled company. As a result, it
has remained relevant to its customers. It’s reduced spending on new physical locations in favour of
growing online(2) and adding new services in physical stores such as online grocery pickup.
In Aug 2016, Walmart paid 13x revenue and $3bn cash for Jet.com, yet the deal created $60bn of market value for Walmart in the 16 months from the deal’s
announcement. In total, Walmart generated a 15.8x return on $3.8bn in tech acquisitions
$16bn
$85m
Since May 2016
13 digital acquisitions(1)
1 digital acquisition
1 digital acquisition
4 digital acquisitions
$310m
$75m
$3.3bn
$70m
$51m
+118%
-74%
+115%
-12%
10-Month Techquisition Period
Walmart vs Retail Peers, Share Price Performance, May 2016 to Dec 2020
STRICTLY PRIVATE
AND CONFIDENTIAL

47. Since Acquiring Jet, Walmart’s Organic Innovation Has Exploded
4 13 18
47
74 70
93
203
427
271
-
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Walmart’s Recent Patent Filings Have Covered A Wide Breadth Of Areas
Blockchain Wearable
Tracking
Devices
Face / Sound
Recognition
CloudData
Analytics
Autonomous
Vehicles
In-Store
Inventory Trackers
DronesAR / VR Smart
Shopping
Carts
Number Of Patents Granted In The US, 2011 – 2020
Source(s): Aquaa Partners, Justia as at 4 Sep 2020 STRICTLY PRIVATE
AND CONFIDENTIAL
Walmart is not only executing tech acquisitions, but also organically investing in-house, including filing patents.
It is fundamentally constantly looking to invest in new technologies and new tech-based solutions that could
alter consumer behavior and new consumer ways of engaging with retailers.

48. -
50
100
150
200
250
$116 $121
$140
$183
$211
$99
$75
$87 $88
$105
-
50
100
150
200
250
300
2016 2017 2018 2019 2020
Compared With Rival Kroger, Walmart Looks Like A Tech Company
4848
STRICTLY PRIVATE
AND CONFIDENTIAL 48
Walmart vs Kroger: Share Price Performance (%) And BodyValue ($k), 2016 to 2020 YTD(1),(2),(3)
Walmart’s share price
increases alongside
BodyValue
Share Price
Growth Rate
(2016 to 2020)
Share Price
Performance BodyValue ($k)
Source(s): PitchBook as at 4 Sep 2020; Valutico used for private company valuation
Note(s): (1) BodyValue = Enterprise value / Number of employees; (2) Enterprise Value from 4 Sep 2016 to 2020; (3) Employee count taken from the latest filing available for each
respective year
+133%
-15%
Walmart has increased its BodyValue by 82%, leading to a 133% increase in its share price, while Kroger
languishes. Walmart has leveraged asset light business models.

49. Walmart’s “Going Tech” Has Been Like Magic
4949
STRICTLY PRIVATE
AND CONFIDENTIAL 49
Source(s): PitchBook as at 30 Apr 2016
Note(s): (1) Base 100 as at 1 Apr 2014
Source(s): Aquaa Partners, PitchBook as at 4 Sep 2020
Note(s): (1) Acquisitions, JVs, CVC investments and Partnerships related to tech companies impacting the grocery business; (2) Investments in tech companies are counted from 4 Sep
2017 – 2020
Grocers’ Investments In Tech Companies(1),(2) (#) Against 3-Year Share Price Performance (%)
-
2
4
6
8
10
12
14
16
18
-60% -40% -20% 0% 20% 40% 60% 80% 100%
Walmart is 67 times larger than
Casey’s (based on revenue), yet its
share price performance has
surpassed Casey’s over the past 3
years. This shows the huge impact
that Walmart’s investments in tech
companies have had on shareholder
value
STRICTLY PRIVATE
AND CONFIDENTIAL
Tech acquisitions do not inevitably lead to growth, but the right tech acquisition done in the right way can
supercharge an entire company, as Walmart has done very successfully

50. BUT WAIT,
THERE’S PETSMART

51. STRICTLY PRIVATE
AND CONFIDENTIAL 51
Source(s): Aquaa Partners, Pitchbook, companies’ information, press
Note(s): Data as of 1 December 2020; (1) Pitchbook; (2) Assumes operational improvements resulting in a $6bn increase in PetSmart’s standalone equity value over 6 years; (3) PetSmart's equity value defined
as PetSmart’s standalone equity value + the share of Chewy’s equity value owned by PetSmart at a given point in time + the proceeds from PetSmart’s sale of stakes in Chewy;
(4) June 2019: Chewy IPO
Technology Companies As The New Lever For Returns
BC Partners Successful Investment in PetSmart / Chewy
Evolution of PetSmart’s EQUITY Value, 2014 to Present ($bn)(1),(2),(3)
$2.5bn
$3.9bn
$13.2bn
$28.0bn
-
$5bn
$10bn
$15bn
$20bn
$25bn
2014 2015 2016 2017 2018 2019 2020
(4)
Acquired by
$3.35bn

52. 2.5 3.9 3.9 3.9
6.0(8)
8.4
15.3
0.9
2.9
2014 2017 Jun-19 (IPO) Dec-20
Initial Equity Investment
Increase in PetSmart's Equity Value
Increase in Chewy's Equity Value
Proceeds from sale of stakes in Chewy
28.0
Technology Companies Are The New Lever
BC Partners invested $3.9bn equity in PetSmart and Chewy – resulting in a total of ca $28bn(8) in equity returns in six
years, an ROI of 628%. BC Partners achieved this tech-like return in a legacy company by making a techquisition.
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, Pitchbook, companies’ information, press
Note(s): Data as of 1 December 2020; (1) Source; (2) Source; (3) Source; (4) Share price rose by 180% on the first trading day, from the $22 share price priced by the company prior to the opening session; (5)
Pitchbook; (6) Based on an estimated 53.5% ownership (Credit Suisse Equity Research, April 2020); (7) Calculated using average market capitalisation of Chewy of $12.1bn from its IPO date to 30 April 2020; (8)
Assumes operational improvements resulting in a $6bn increase in PetSmart’s equity value over 6 years
52
June 2019 – Chewy’s IPO
§ ca. $900m in proceeds for
PetSmart(3)
§ PetSmart retained 70% of shares
§ Chewy’s Market Cap: $13.9bn(4),(5)
§ PetSmart’s Share: ca. $9.7bn
May 2017
§ PetSmart acquired Chewy for
$3.35bn ($1.35bn of equity
and $2bn of debt(2))
§ EV/Sales (2016): 3.7x
December 2014
§ BC Partners acquired PetSmart for
$8.7bn ($2.5bn of equity and $6.2bn
of debt)
§ EV/Sales (2013): 1.3x
December 2020
§ Chewy’s Market Cap: $31.1bn(5)
§ PetSmart’s Share: ca.
$16.6bn(6)
13.2
BC Partners’ ROI in PetSmart / Chewy ($bn)
16.5% stake in Chewy
sold by PetSmart for
an estimated
$2bn(5),(6),(7)
Equity
Investment
($m)
Equity Value,
Dec. 2020
($m)
PetSmart Investment 2,500 8,500(8)
Chewy Investment 1,350
16,626(6)
(53.5% stake)
Proceeds from sale of
stakes in Chewy
2,900
BC Partners 3,850 28,026
6-year ROI 628%
Investment Multiple 7.3x
3-year ROI on Chewy 1,346%
Investment Multiple
on Chewy
14.5x
“I would have thought it was a great acquisition at less than
$1bn, but at $3.35bn, Chewy may not be worth the price.”
Forbes – May 2017
§ In December 2014, BC Partners completed the LBO of PetSmart, the North American pet supplies retail chain, for $8.7bn. Despite material improvements in profitability, the company had yet to
address the biggest threat to its business model – the industry’s shift to e-commerce
§ In May 2017, PetSmart acquired Chewy for $3.35bn, the largest ever e-commerce acquisition at the time:
‒ Chewy has scaled rapidly, growing sales from $423m in 2015 to over $4.8bn in 2019
‒ It is now the largest “pure-play pet e-tailer” in the U.S. and accounts for 55% of online pet food sales and ~35% of online pet supply sales overall(1)
§ After the IPO, PetSmart retained 70% of shares and 77% of voting power – It has since sold stakes to help repay its debt, while retaining majority voting power

53. BUT ARE
“TECHQUISITIONS”
JUST IN RETAIL?

54. 20
40
60
80
100
120
140
Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20
General Motors Company Ford Motor Company
GM – Cruise: A “Reverse Takeover”
In Mar 2016, GM acquired zero-revenue Cruise Automation for ca $600m to bring a self-driving vehicle to the
masses. Before this, Ford and GM were a pair trade. As of Dec 20, GM’s market cap is $27bn higher than it would
be if it was still tracking Ford’s.
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, companies’ information, FT, Business Insider, CrunchBase, CB Insights, PitchBook
Note(s): Base 100 as of 1 January 2016; (1) Pitchbook as of 1 December 2020
54
GM vs Ford – Share Price Performance(1), Market Capitalisation(1) and Key Events
October 2018
$2.8bn commitment from
Honda in Cruise at a $15bn
valuation
May 2018
$2.3bn investment from
SoftBank at a $11.5bn
valuation
Diff:
$27.2bn
February 2017
$1bn commitment over 5
years from Ford in Argo AI
November 2018
Cruise taps GM
president Dan
Ammann as its new
CEO
May 2019
$1.2bn investment from T.
Rowe Price, SoftBank & Honda
at a $19bn valuation
March 2016
100% Acquisition
of
by GM at a $600m
valuation
$36.6bn
(-34.1%)
$63.8bn
(33.8%)
2030
February 2020
Markets start
reacting to the
pandemic
“Analysts at
Bernstein
estimate that
GM’s public
projections for
Cruise could
imply an ultimate
equity value of
more than
$700bn: 14 times
GM’s own”
- Financial Times,
25 Sep 2018

55. 0
100
200
300
400
500
600
700
800
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
McDonald’s – Becoming A Technology Company
“It’s probably less about the product and more about the data scientists that come with it, the people that come
with it, and their ability to move quickly with us.” – McDonald’s EVP and Global CIO, Daniel Henry(4)
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Companies, CrunchBase, CB Insights, Capital IQ, Wired
Note(s): (1) TechCrunch; (2) Capital IQ as of 14 December 2020, Base 100 as of 1 Jan 2005; (3) Statista; (4) Wired; (5) Provider of AI-based technology that analyses user-generated content; (6) Owler &
Crunchbase; (7) for $3.7m, Restaurant Dive, 2 Apr 2019; (8) Transaction price undisclosed 55
+566%
+178%
2005
Partnership with
Microsoft for its
new point-of-sale
(POS) platform
2008
Introduction of the RFID
payment solution in
McDonald’s restaurants
2010
Over 10,000
restaurants
offer free Wi-Fi
2014
McDonald’s first
app
2016
Delivery
of food
to tables
2015
First digital
self-service
kiosks
Mar 2019(6)
Acquisition of
for $300m (≈ 16.9x EV/Rev.)
McDonald’s Share Price vs. Dow Jones(2)
12.8 11.6 10.2 5.6
Number of Employees per Restaurant(3)
Apr 2019(7)
Acquisition of a 10%
stake in mobile app
developer
Sep 2019(8)
Acquisition of , a
voice technology start-up
Test of the P.L.T. burger in
Canada (with Beyond Meat)
5.3
Dow
Jones

56. Prudential Financial: Bold Decisions While In Decline
STRICTLY PRIVATE
AND CONFIDENTIAL
Source(s): Aquaa Partners, Capital IQ
Note(s): (1) Capital IQ from 2 September to 30 September 2019; (2) not including an additional $1.15 billion earnout. Assurance IQ expected revenue of $500m in 2019.
56
$32bn
$33bn
$34bn
$35bn
$36bn
$37bn
$38bn
2-Sep 5-Sep 8-Sep 11-Sep 14-Sep 17-Sep 20-Sep 23-Sep 26-Sep 29-Sep
5 Sep 2019
Acquisition of
for $2.35bn (2)
ca 13% increase
+ $4.2bn in market value
Prudential Financial’s Market Value, September 2019(1)
In the seven trading days from announcement date, Prudential Financial’s market value rose by nearly 13%, or
$4.2bn – this shareholder value increase was nearly double the price paid for Assurance IQ

57. STRICTLY PRIVATE
AND CONFIDENTIAL 57
Source(s): Aquaa Partners, Reuters, TechCrunch, MergerMarket, Crunchbase, Pitchbook, CB Insights
Note(s): (1) Capital IQ; (2) Considering FY2021 for Peloton, FYE June; (3) Base 100 as of 25 June 2020
Lululemon’s Digital Approach to Retooling Post-Crisis
“In 2019, we detailed our vision to be the experiential brand that ignites a community of people living the sweatlife through sweat, grow and connect. The acquisition
of MIRROR is an exciting opportunity to build upon that vision, enhance our digital and interactive capabilities, and deepen our roots in the sweatlife.”
- Calvin McDonald, Chief Executive Officer, Lululemon Athletica
95
97
99
101
103
105
107
109
25-Jun 26-Jun 29-Jun 30-Jun 01-Jul
Share Price Performance – Lululemon vs NASDAQ 100(3)
29 June 2020, end of day
Acquisition of
for $500m
$1.5bn added in market cap,
in excess of Nasdaq returns
$38.3bn
Market Cap (29 June)
$40.6bn
Market Cap (30 June)
EV/Rev of 5x (vs 13x for Peloton), with an overlapping customer base, Mirror could reduce group CAC, lower costs
of content creation, increase Mirror’s margins, expand and diversify revenue by increasing Lululemon’s presence
in a $500 billion market for global physical activity, as part of a larger $3 trillion market for global wellness

58. STRICTLY PRIVATE
AND CONFIDENTIAL 58
Source(s): Aquaa Partners, Reuters, TechCrunch, MergerMarket, Crunchbase, Pitchbook, LinkedIn, Companies, Press Release, The Soup, Catering Insight, Food Service Equipment Journal
Note(s): (1) Base 100 as of 14 May 2020
Compass Group - Sees The Change And Executes
The Feedr acquisition should help Compass Group re-position itself for the future, as shareholders
rewarded Compass with an immediate 100x ROI in terms of market cap increase over acquisition cost
“Compass is eager to embrace the potential of technology to improve the way we serve our clients and customers, and to help people make healthier choices (…) Feedr
will provide the agility we need to meet the changing needs of workplace dining…” - Robin Mills, Managing Director, Compass Group UK and Ireland
Share Price Performance – Compass Group vs FTSE 100(1)
95
100
105
110
115
120
14 May 20 May 26 May 01 Jun
26 May 2020
Acquisition of
for $24m
$25.1bn
Market Cap (22 May)
$27.9bn
Market Cap (28 May)
FTSE 100

59. 92
94
96
98
100
102
104
04-Nov03-Nov02-Nov30-Oct29-Oct28-Oct27-Oct26-Oct
STRICTLY PRIVATE
AND CONFIDENTIAL 59
Source(s): Aquaa Partners, PitchBook
Note(s): (1) Base 100 as of 26 October 2020; (2) PitchBook as of 5 November 2020
Nestlé’s Bet on Digital Food Delivery…
The Freshly acquisition comes at the right time, and Nestlé shareholders were rewarded with an
immediate 20x ROI on the deal cost of $1.5 billion, reflecting the future expectations of a transformation
“Consumers are embracing ecommerce and eating at home like never before… It’s an evolution brought on by the pandemic but taking hold for the long term. Freshly is
an innovative, fast-growing, food-tech startup, and adding them to the portfolio accelerates our ability to capitalise on the new realities in the U.S. food market and further
positions Nestlé to win in the future.” – Steve Presley, Nestlé USA Chairman and CEO
30 Oct 2020
Acquisition of
for $1.5 bn
ca 10% increase
Nestlé SA vs Swiss Market Index – Hourly Share Price Performance(1),(2)
$313bn
Market Cap (30 October)
$343bn
Market Cap (4 November)
6 Nov 2020
Acquisition of
SMI

60. 60
70
80
90
100
110
120
130
140
150
160
Nov-15 Feb-16 Jun-16 Oct-16 Feb-17 May-17 Sep-17 Jan-18 May-18 Aug-18 Dec-18 Apr-19 Aug-19 Nov-19 Mar-20 Jul-20 Nov-20
Nestlé has performed since 2017 when activist investor Third Point suggested Nestlé execute “…accretive,
bolt-on acquisitions in high growth and advantaged categories.” Nestlé has acquired 8 companies since.
STRICTLY PRIVATE
AND CONFIDENTIAL 60
Source(s): Aquaa Partners, Refinitiv Eikon
Note(s): (1) Base 100 as of 5 November 2020; (2) Reuters Eikon as of 5 November 2020
…Part of a Techquisition Strategy That Is Transforming the Company
Five Year Share Price Performance – Nestlé SA vs Selected Peer Group (2015 to 2020) (1),(2)
+41%
+24%
-22%

61. WHO’S BEEN DOING
THIS FOR
A LONG TIME?

62. STRICTLY PRIVATE
AND CONFIDENTIAL 62
Source(s): Aquaa Partners, Capital IQ
Note(s): (1) Capital IQ as of 1 December 2020, Base 100 as of 1 January 2010; (2) Second investment in Hover in the Series C
Home Depot: A $280 Billion Company Doing Everything Right
Home Depot, a leading US-home improvement retailer, is future-proofing itself via a strong
digital transformation using a mix of strategic acquisitions, partnerships and in-house R&D.
-
200
400
600
800
1000
Jan-10 Feb-11 Mar-12 Apr-13 May-14 Jun-15 Jul-16 Aug-17 Sep-18 Oct-19 Nov-20
Dow Jones Industrial The Home Depot, Inc.
+865%
Jan12: Acquisition
of Red Beacon
Home Depot vs. DJI(1)
Three Main Drivers for Success
A Tech-focused Strategy
§ 2018: Launch of the “One Home Depot” strategy to
meld its supply chain, digital footprint and physical store
experience ($11bn spent to date)
§ 2015: Launched a university-based innovation centre
Technology M&A
§ Since 2012: 4 Techquisitions and 3 investments
§ Expand tech capabilities in
Technology Partnerships
§ Sep. 18: Nutanix to drive IT innovation
§ Sep. 18: Roadie and Deliv to roll out express local
delivery
§ Feb. 18: Tesla to sell its products in Home Depot stores
§ Oct. 17: OmniVirt to launch the first-ever 360°
interactive advertising campaigns
1 2 3
– eCommerce
– Supply chain
– On-demand
– Computer vision
– Smart homes
– Data mgt
– Marketplace
– Delivery
Dec12: Acquisition
of BlackLocus
Apr15: Launch of
an in-house
innovation centre
Jan19: Acquisition
of Askuity
Jan18: Investment
in Hover(2)
Jun18: Investment
in Homee
Feb19:
Investment
in Roadie
+182%
Jan 20:
Investment in
DeepNorth
Nov 20: Acquisition
of HD Supply

63. THE LESSON?

64. Go Tech, Or You’re Going Nowhere
STRICTLY PRIVATE
AND CONFIDENTIAL 64
Source(s): Aquaa Partners, Refinitiv
Note: Actual yearly performance as of 31 December for each year from 1999-2019, and as of 31 July for 2020; (1) TSR – Total Shareholder Return (including capital growth, dividends
and stock splits); (2) Returns for the indices from 2020 onwards were calculated using the average returns from 2014-2019, with predicted market downturns in 2022 and 2032
-
10,000%
20,000%
30,000%
40,000%
50,000%
60,000%
70,000%
80,000%
90,000%
100,000%
1999 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040
90,948%
NASDAQ-100
FTSE 100 DAX 30
CAC 40
Total
Shareholder
Return
(‘99-’40E)
13,350%
2,162%
3,264%
3,242%
937%
912%
742%
Total
Shareholder
Return
(‘99-’1H20)

65. What Does This Mean For You? How Do You “Go Tech?”
C-suite /
Corp exec Owner of a
non-tech
company
Board
director
PE exec
Family
office
Institutional
investor
VC exec
Entrepreneur / Tech
company executive
Student

66. PRIVATE, CONFIDENTIAL AND PROPRIETARY. Any use of this material without
permission of Aquaa Partners Ltd. is strictly prohibited. Aquaa Partners Ltd. is
authorised and regulated by the Financial Conduct Authority.
Transforming established
companies so they can create
exponentially increasing
market value
16 Berkeley St, Mayfair,
London W1J 8DZ
TEL: +44 20 3907 4170
www.aquaapartners.com
Authorised and Regulated by
the Financial Conduct Authority

67. Q&A
Paul Cuatrecasas