1. Strictly Private & Confidential
Matco Foods
Initial Public Offering
Strictly Private & Confidential
October 2017

2. Upcoming IPO: Matco Foods Limited
Transaction Overview
Matco Foods Limited (“Matco” or the “Company”) is in the process of raising capital through listing on Pakistan Stock Exchange (“PSX”). The Company has applied at PSX and is expected to commence marketing for its capital raising process post approval of PSX and the Securities and Exchange Commission of Pakistan (“SECP”)
The proceeds of the IPO would be used for enhancing the capacity of its existing Rice Glucose and Rice Protein plant from 10,000 MT to 30,000 MT per annum

3. Key Company Highlights
Strong Management Team
Strong Corporate Governance
One Of The Largest Rice Exporter
The Company has over 50 years of experience in rice industry. The Directors of the company have in-depth knowledge of the sector which has enabled Matco to cement its linkages and foster new ties with the industry players.
The Company is in compliance with the Code of Corporate Governance. This has enabled the company to be managed in a manner that fits the best interest of all stakeholders.
Matco is one of the largest rice exporters from Pakistan. Its products are available in 60+ countries worldwide with a global portfolio of 150+ customers.
Investment By IFC
Diversification
Blue Chip Sticky Client Base
International Finance Corporation (“IFC”), a
World Bank Group Company , has a 20% stake in the Company assuring strong credentials & potential for growth in Matco
Matco has recently diversified its operations into other higher margin products such as Rice Glucose/Syrup and Rice Protein for striving future business growth of the Company
Matco serves some of the largest corporations globally who have steady supply chain process and do not switch suppliers easily

4. Matco Foods Limited
Opportunity to invest in a leading rice exporter of Pakistan with strong future prospects
Matco Foods Limited
Financial Snapshot
Matco is one of the largest rice exporter from Pakistan; it is engaged in production of rice and rice related products which are available in 60+ countries worldwide. Its products include conventional and organic rice in steam and parboiled form. Matco also produces rice flour, gran flour(basin), salt and other allied products.
The Company operates five rice processing and milling plants, including paddy drying, storage, husking, processing and packaging facilities
Matco has also recently diversified into other rice products i.e. Rice Glucose and Rice Protein
The current production capacity for Rice glucose and protein is 10,000 MT and 1,000 MT per annum respectively
PKR in millions
2013
2014
2015
2016
2017
Income Statement
Revenue
6,289
8,160
6,089
5,578
6,134
EBITDA
539
524
614
345
641
Profit after Tax
131
177 98 4
269
Balance Sheet
Total Assets
5,844
7,408
7,448
6,907
8,235
Shareholder’s Equity
2,237
2,930
3,018
2,885
3,143
Total Liabilities
3,604
4,478
4,430
4,022
5,092
Major Products
Major Clients
Ownership Structure

5. Five (5) Processing Plants
Company Overview
Matco Foods Limited
Key Stats
Matco is primarily engaged in processing and export of rice and rice related products
The Company was setup by Mr. Sarfaraz Ali Ghori in 1964 as a supplier of rice processing plant and machinery to Government of Pakistan and Other Companies
Matco’s flagship brand “Falak” is available in more than 40 countries worldwide, while other private label brands are exported to over 60 countries worldwide
Today the Company is a leading agribusiness in South Asia, with over 50 years of experience in the rice industry and global portfolio of 150+ customers
In 2012, International Finance Corporation (“IFC”) invested PKR 458 million in the Company
The Company’s rice processing facilities are spread over 1,000,000 sq. feet with 5 rice processing and milling plants which includes paddy drying, storage, husking, processing and packaging facilities in Karachi and Sadhoke
The Company has an annual rice processing capacity of around 134,700 Metric tons
Processing Capacity
134,700 MT
Per Annum
Processing Plants
Five (5) Processing Plants
Experience
50 Years
Corporate Customers
>150
IFC Investment
PKR 458 Million
No. of Export Countries
>65
Employees
500+
Credit Rating
Long Term: A-
Short Term: A-2

6. Products
Matco’s main strength and focus is on Basmati rice which only grows in Pakistan and India and is considered the most premium variety of rice in the World. Matco also sells some other products like pink salt, rice bran oil, rice flour, besan, etc. Matco is also the sole distributor of Signature Snacks for Pakistan

7. Processing Facilities
Presently Matco’s rice processing facilities are spread over 500,000 sq. feet at 4 separate locations (Matco I, Matco II, G-205 and Matco Small Packaging) in the port city of Karachi
Thatta
Khairpur
Tharparkar
Dadu
Sanghar
Badin
Ghotki
Sukkur
Umerkot
Karachi City
Jacobabad
Shikarpur
Larkana
Shaheed Benazirabad
Naushahro Feroze
Hyderabad
Rice production capacity – 94,290 MT of raw rice per annum
Small packaging unit 5MT/hr
Matco G205 – 15MT/hr
G-205
Matco I
Matco II
Small Packaging unit

8. Processing Facilities Cont’d
Matco has installed another state of the art rice husking/parboiling plant on 15 acres of land in Gujranwala, the world renowned rice cultivating district of the country, popularly known as Basmati Bowl of Pakistan
Bahawalpur
Rajanpur
Attock
Jhang
Bhakkar
Layyah
Chakwal
Khushab
Rahim Yar Khan
Okara
Vehari
Kasur
Mianwali
Sargodha
Faisalabad
Gujrat
Rawalpindi
Sialkot
Khanewal
Chiniot
Dera Ghazi Khan
Bahawalnagar
Muzaffargarh
Jhelum
Multan
Sahiwal
Gujranwala
Narowal
Lahore
Sheikhupura
Toba Tek Singh
Rice processing capacity – 40,410 MT per annum
Rice storage capacity - 32,000 MT
Paddy drying capacity - 25 MT/hr
Parboiling capacity MT/day
Milling capacity - 20 MT/hr (2 lines)

9. Global Export Sales
Matco is one of the Pakistan’s leading rice exporting company with exports to over 60 countries around the world. The Company’s Falak brand is prominent in more than 40 countries, a feat achieved in 15 years through an extensive network of more than 65 distributors internationally.
Customers
Country
Rice Growers Limited T/A SunRice
Australia
Riviana Foods Pty Ltd
Herba Rice Mills
Spain
East West Foods Pvt. Ltd
Sri Lanka
Comilla Jahra Foodstuff Co. W.L.L
Bahrain
Ostindo International Pty Ltd
Unikai
United Arab Emirates
Alam Supermarket Llc
Fineway International Trade. Llc
Euricom Spa
Italy

10. Falak’s Brand Awareness
Matco’s Flagship brand “Falak” is one of the Pakistan’s leading rice brand with market presence across all major localities and stores in Pakistan. Falak rice is available in over 4,000 retails shops in 36 cities all over the country
Below are the results of a rider survey conducted by Nielsen in November 2014 on the request of Matco Foods Limited on branded rice market in Pakistan. Nielsen Survey was focused on 6 premium rice brands and their awareness in different cities of Pakistan. The focus group was asked whether they knew about the presence of following rice brands in the Pakistan market.
Falak Awareness in Karachi
Falak Awareness in Lahore
Falak Awareness in Islamabad / Rawalpindi
In Karachi, 89% of the people in focus group were aware about the presence of Falak in the market.
In Lahore, 21% of the people in focus group were aware about the presence of Falak in the market.
In Islamabad/Rawalpindi, 56% of the people in focus group were aware about the presence of Falak in the market.

11. Expansion of Rice Glucose Project
Rice Glucose / Rice Protein Expansion Cost
Rice Glucose / Rice Protein Plant Capacity
Matco has recently diversified its operation with domain specialized products i.e. Rice Glucose and Rice Protein with a capacity of 10,000 MT and 1,000 MT respectively. (Phase I of expansion plan)
The Company plans to further expand Rice Glucose / Rice Protein production capacity by installing an additional unit of capacity 20,000 MT, bringing total capacity of Rice Glucose plant to 30,000 MT by FY2019. (Phase II of expansion plan)
Proceeds from IPO will be utilized for the Phase II of expansion of Rice Glucose Plant.
The company has already acquired 10 acre land for expansion of Rice Glucose and Rice Protein project
Matco has also started selling rice glucose in local market to various end users in confectionary industry.
This is forward vertical integration for Matco and value addition is easily available in the form of by-product of Matco i.e. broken rice
2Q FY 2019 MT
Expansion of Rice Glucose / Syrup and Rice protein plant is expected to be completed by end of November FY 2018
Rice Glucose USP
The Rice Glucose has the following properties:
Hypoallergenic - relatively unlikely to cause an allergic reaction
Gluten-free – It is free from Gluten which may cause inflamation
Label Friendly

12. Financial Summary Audited Forecast PKR in millions 2014 2015 2016 2017
2018
2019
2020
Revenue
8,160
6,089
5,578
6,134
7,803
9,627
11,245
Cost of Goods Sold
(7,279)
(5,194)
(4,939)
(5,169)
(6,593)
(8,176)
(9,550)
Gross Profit
881
895
639
965
1,210
1,450
1,695
EBITDA
524
614
345
641
781
1,012
1,207
Financial Charges
(333)
(294)
(204)
(212)
(192)
(214)
Profit before Taxation
254
160 38
342
440
602
797
Profit after Taxation
177 98 4
269
350
492
669
Non Current Assets
2,000
1,928
1,830
2,176
2,545
2,765
2,591
Current Assets
5,408
5,520
5,077
6,059
6,258
7,006
7,541
Total Assets
7,408
7,448
6,907
8,235
8,803
9,771
10,132
Total Equity
2,930
3,018
2,885
3,143
4,237
4,729
5,398
Non Current Liabilities
228
239
315
499
445
400
356
Current Liabilities
4,250
4,191
3,707
4,593
4,120
4,642
4,377
Total Equity and Liabilities