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[Innovation driven ?] ? [Cyclical ?] ? [Demographicdriven] ? [Protected sector] ? [Low peration] ? [Lacking certain expertise] ? [Scaleplay] ? [Branddriven] ? [High barrier of entry] ? [High Ramp。A Domestic Mamp。A Activity to Date Industry Primer – [ ] ____________________ Source: [ ] 0204060801999 2020 2020 2020 2020 2 0 0 4 Y T DT o t a l T r a n s a c t i o n V a l u eKey Transactions 0204060801999 2020 2020 2020 2020 2 0 0 4 Y T DT o t a l T r a n s a c t i o n V a l u e____________________ () represent no. of deals ____________________ () represent no. of deals (10) (10) (10) (10) (10) (10) (10) (10) (10) (10) (10) (10) Da te A c q u iro r / T a rge t T ra n s a c t io n V a l u e [M u lt ip l e P a id ] Co m m e n ts [to e] [to e] [Sizable, notable transactions] Source: SDC Mamp。s stance and position] ? [Funding – more private sector capital] ? [Shift in distribution channel] ? others 1. Rely on news run, industry sector reports, discussions in pany annual reports HK000I5D 9/13/2020 4 Industry Primer – [ ] Key Drivers ? [Strong overall economic performance] ? [Infrastructure expansion] ? [Increasing consumer awareness] ? [Increase in construction work] ? [Increase in disposal ine] Tie back to the Industry Characteristics and Trends ____________________ Source: [ ] 051015201999A 2020A 2020A 2020A 202