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联合利华项目建议书2022/10/28联合利华项目建议书联合利华项目建议书2022/10/22联合利华项目建议书1AARandCITICSTeamProjectLeader*Attendeesoftoday,sworkshopTonyMok

HeadofABNAMROConsumerIndustriesGroup,AsiaInvestmentBanking&CoverageHassanElNahas*

ABNAMROConsumerIndustriesGroup,AsiaPanMuping*

ChiefRepofNMRothschildJasonRynbeck

DirectorofABNAMROCorporateFinanceConsumerGroup,AsiaECMProjectLeaderPuJian

BoardDirector,VicePresidentofCITICSInvestmentBankingRichardHeald*

JointCEOofAARGlobalKolaLuu*

HeadofAARGreaterChinaXiaomeiLiu*

AARChinaTeamWangChangqing

GeneralManagerofInvestmentBanking,ShanghaiJoeChen*

SpecialassistanttothepresidentofCITICSMaoYanmin*

SeniorManagerofInvestmentBanking,ShanghaiLiuKebin*

SeniorManagerofInvestmentBanking,ShanghaiLiuZhen

ManagerofInvestmentBanking,ShanghaiChangLiang*

ManagerofInvestmentBanking,Shanghai联合利华项目建议书AARandCITICSTeamProjectLe2Tableofcontents 1. IntroductiontoAARandCITICSecurities 2. UpdateondomesticandinternationalequitymarketsforChinaissues 3. ValuationapproachandpricingmechanismforAshareIPOsandsectorvaluationinAsia 4. UpdateonforeigncompanylistinginAsharemarket-DirectlistingbyMNCsandChina 5. Asharelistingprocedure

6. Roleofadvisors Appendices: I. AARcredentials II. CiticSecuritiesCredentials III. RecentAshareofferingcasestudies IV. Valuationofcomparablecompanies V. ComparisonofAsharemarketandHongKongmarket联合利华项目建议书Tableofcontents 1. Introduct31. IntroductiontoABNAMRORothschild(AAR)andCITICSecurities(CITICS)联合利华项目建议书1. IntroductiontoABNAMRORo4IntroductiontoABNAMRORothschildDrawingonthefullfinancialresourcesofitsparentgroups,ABNAMRORothschildoffersworldclassequitycapitalmarketsexpertiseAmongsttheworld’slargestprivately-ownedbanks36officesin27countriesEstablishedandhighlyregardedskillsinhandlingmergerandacquisition,corporateadvisory,privatisationandprojectfinanceassignmentsStrongspecialistindustrysectorteamsbasedworld-wideWorld-wideretailandwholesalebankingoperationsemployingover109,000personnelGroupcapitalofEUR34.0billion.TotalassetsofEUR597.4billionMembershipof47stockexchangesworld-wideincludingLondon,NewYorkandNASDAQOver880equityresearch,salesandtradingpersonnelDedicatedequitiesdistributionpersonnellocatedintheUStosellinternationalofferingsintotheUSEstablishedcorporatefinanceskillsandrelationshipsInvestmentbanking,capitalstrengthandglobalequitydistributionpowerUnrivalledequitycapitalmarketsexpertise+=Top5EuropeanequitycapitalmarketshouseTop10internationalequitycapitalmarketshouseOver160dedicatedequitycapitalmarketsspecialistslocatedinkeyregionalcentresgloballyEstablishedtrackrecordinkeysectorsandregions联合利华项目建议书IntroductiontoABNAMRORoths5StrongrankingsintheQ12002bookrunnerleaguetablesAARteamscontinuetobeactiveintheinternationalequitycapitalmarketsTopBookrunnersofEuropeanEquityIssues,Q12002TopBookrunnersandJointLeadManagers

ofInternationalEquityIssues,Q12002联合利华项目建议书StrongrankingsintheQ120026No.1rankedinkeyEuropeanmarketsTopGlobalCo-ordinators,Europeanequityofferings,H22001SourceCapitalDataBondware,globalco-ordinatorrolesonly,excludesrightsissuesandthedomestictranchesofinternationalofferingsInH22001,ABNAMRORothschildwastheNo.1rankedGlobalCo-ordinatorinEuropeanmarkets联合利华项目建议书No.1rankedinkeyEuropeanm7AARhaspioneeredandcompleted30transactionswithtotalsizeofUS$2,133minChinaHG/NMR/AARBookrunnerinChina’sEquity&EquityLinkedtransactionssince1991PioneeredBshareIPO-ChinaSouthernGlassFirstHshareCB-QinglingMotorsFirstGEMlistingupgradetoHKmainboardwithplacement联合利华项目建议书AARhaspioneeredandcomplete8ABNAMRO’sresearchstrengthinHK/ChinaandConsumersectorRespectedbyinvestorsAARhastoptierAsianconsumerresearchteamtoprovidein-depthcoverageJeremySutch - HeadofHKResearch/

HeadofConsumer/RetailKalinaIp - HeadofChina&StrategyAntonKwang - PropertiesEddieWong - AsianChiefEconomistCheukWanFan - ChinaStrategy&RedChipsOsbertTan - Airlines/Transport/LogisticsAndrewLeeming - HeadofAsianBanksAdrianFung - Utilities&TollroadsMarioZhu - Electronics/ConsumersLianaYung - Technology/ Internet/SoftwareMicheleMak - Technology/HardwareInadditiontoin-depthindividualcompanyanalysis,theteamalsoproducesperiodicpublicationsDailyflashnotesWeeklyequityreviewQuarterlysector,economicandstrategyreportsTheHK/Chinateam联合利华项目建议书ABNAMRO’sresearchstrengthi9IntroductiontoCITICSecuritiesCo.,Ltd(CITICS)联合利华项目建议书IntroductiontoCITICSecuriti10ChinaInternationalTrust&InvestmentCorporation(CITIC)CITICFinancingHoldingCITICIndustrialBankCITICKaWahBankCITICSecuritiesCo.,LtdChangsengFundmanagementCITICPrudentialLifeInsuranceCITIC–China’slargestfinancingandinvestmentgroupCITICFinancingHolding,whichwillholdallthefinancingsubsidiariesinCITIC,istobeestablishedsoonAsofendof2000totalassetswereRMB358.6BillionnetassetswereRMB39.6BilliontotalincomewasRMB32.5BillionnetprofitwasRMB2,500MillionThelargestFinancingandinvestmentcorporationinChina,withglobalpresenceCITICSecuritiesCo.,LtdCITICGroup联合利华项目建议书ChinaInternationalTrust&In11CorporateFinanceCommitteeInvestmentbanking(Beijing,Shanghai,ShenzhenandQindao)FixedincomeSales(equivalenttoEquityCapitalMarkets)M&ARestructuring&advisoryCITICS–amajorbracketfirmintheinvestmentbankingindustryinChinaRapidlygrowingbusiness……withsolidtrackrecordNotes:thebluebarsrepresentnetassetCorevalueServiceSatisfactionsSmartSafetySuccessAsset(RMB100million)Profit(RMB100million)AssetmanagementBrokeragebusinessProprietarytrading联合利华项目建议书CorporateFinanceCommitteeCIT12LeadingpositionsinequityofferingandsponsorshipinrecentyearsKeytransactions联合利华项目建议书Leadingpositionsinequityof1305001,0001,5002,0002,5001998199920002001RMBmillionNo.1bondhouseindomesticcorporatebondmarketUnparalleledcorporatebondissueexperienceBondissueinChina(1998-2001)AmountunderwrittenbyCITIC联合利华项目建议书05001,0001,5002,0002,500199819142.UpdateonChinadomesticandinternationalequitymarket联合利华项目建议书2.UpdateonChinadomestic15ChinatotalissuanceisreachingUS$50billion...**includingduallistedHshareandRedChipofferingswhichamountedtoUS$30billionfortheperiodChinaIssues(1991-2001)(US$m)*391631212316671422211Numberofissues**Top3dealsChinaMobileUS$4.2bnChinaSouthernAirlineUS$700mJiansuExpresswayUS$490mTop3dealsChinaMobilefollow-on&CBUS$7.6bnChinaUnicomIPOUS$5.7bnSinopecIPOU$3.5bn联合利华项目建议书Chinatotalissuanceisreachi16AsharenewissuealreadyexceedsinternationalofferingChinanewissuancepipelineThesecondlargestmarketinAsiabymarketcapitalisation(US$500bnvsHongKong‘sUS$450bn),onlynexttoTokyoThereare1,100+companieslistedinShanghaiStockExchangeandShenzhenStockExchangeAsharemarketishighlyfragmented,thetop10stocksaccountforonly12%oftotalmarketcapitalizationvs.33HangSengIndexstocksaccountforover80%ofthetotalmarketcapofHKmarketMajorqualitycorproatesarebeocmingincreasinglythefocusofthemarketAsharemarkethasbecomemajorfundraisingmarketplace….…andalsothefastestgrowingmarketintheworldInlast5years70%ofChinanewissuancewerecompletedinthedomesticmarkets(intermsofdollarvolume)TotaldomestictransactionsamountedtoUS$100bnvsUS$50bnforinternationalofferingsAsharemarkethasdemonstrateditscapacitytoabsorblargeissuessuchasChinaMerchantBank(US$1.32bn,Apr02),HuanengPower(US$335m,Nov01)andSinopec(US$1.43bn,Jul01)联合利华项目建议书Asharenewissuealreadyexce17ImplicationofliberalizationofAsharemarket联合利华项目建议书Implicationofliberalization18Changepercentage2002todateChinamarkethasunderperformedinlast6monthsSourceBloombergChangepercentagesince“911”联合利华项目建议书Changepercentage2002todate19Asharemarketshaverecoveredsincethebeginningoftheyearaftersignificantdeclinein2H2001Marketrelativeperformance(since2001)Asharevolume(since2001)MarketbecamebullishonpositiveeconomicdataandearningsprospectsGovernment’sannouncementofcrackdownonillegalfundsfinancedbybankcredittothestockmarketGovernmentdecidedtosuspendthesaleofstate-ownedsharesAnnouncementofreductionofstampdutyofsecuritiestradingMarketwasspeculatingthatnofurthermarketboostingpolicymeasureswouldbeimplementedinneartermandworriedaboutovermassiveoverhangofSinopecAsharesShanghaiASourceBloomberg联合利华项目建议书Asharemarketshaverecovered20Newissueperformance-ChinaIPOssince2001International:postIPOperformance...mixedDomestic:postIPOperformance…strong..联合利华项目建议书Newissueperformance-China21CurrentvaluationforChinastocksinHKmarketABNAMROtoppicks联合利华项目建议书CurrentvaluationforChinast22AsharemarketvaluationisstillattractivetopotentialissuerComparisonwithothermarketsAveragedP/Eof50xplusBubbleswillbesqueezedoutasmorelargequalitycompaniesbeinglistedandthemarketbecomesmoreregulatedHighlevelofvaluationduetoscarcityofstocksorotherinvestmentinstrumentsAnestimatedRMB500bncorporateandinstitutionalfundsandRMB800bnprivatefundsareavailabletotheprimarymarket(i.e.IPOsubscriptions)-inaddition,investorleveragehasbeencommonplaceHeavyretailparticipationmeansthemarketismainlydrivenbymomentum/sentimentratherthaninvestmentrationale“False”highlevelofvaluationsforsomestocksduetomarketspeculation/manipulationandlackofshort-sellmechanismValuationhascomeoffconsiderablysinceJuly’sGovernmentcrackdownonillegalfundsfinancedbybankcredittospeculateinthestockmarketItiswidelyanticipatedthevaluationlevelofAsharemarketwillgraduallydeclineoverperiodwhencapitalmarketstructuralreformadvancesandvaluationbubblediminishesHowever,premiumvaluationwouldstillbeachievableforthosebetter-runcompanieswithbetterassetsalthoughtheIPOpricingisdefactocontrolledbyCSRCwithacapof20xhistoricalPEratioSourceBloomberg联合利华项目建议书Asharemarketvaluationisst23LiberalizationinChina’scapitalmarketCDRprogrammeAimtointroducerespectableinternationalcompaniesincludingRedChipcompaniestodomesticinvestorsPriorityisexpectedtobegiventoRedChipcompaniesAnumberofRedChipcompaniesareintheprocessofpreparingCDRissuesandsomeofMNCshavealsoshowedinterestTheCDRproposalisbeingreviewedbytheStateCouncil.However,notimetableisgivenOneofthemajorissuesremainstheforeignexchangecontrolbythegovernmentQDIIAsharelistingAimtointroducegoodinternationalcompaniesincludingMNCsandlargeTaiwanandHongKonginvestedcompaniestoChina’sequitymarketPriorityisexpectedtobegiventoMNCs’Chinaoperationcompanies,followedbylargeTaiwanandHongKonginvestedcompanies.Eventually,MNCsparentcompaniescouldalsobeallowedtolistinAsharemarketonceRMBbecomesfullyconvertibleintoforeigncurrencyCSRChasalreadyannouncedthedetailedlistingrequirements(seesection4)AnumberofMNCsChinaoperationcompaniesareconsideringtheAsharelisting...AimtoallowqualifiedChineseinstitutionalinvestorstoinvestinoverseasmarketsHongKonggovernmentisverykeenonthisproposalastheyexpectHongKongwouldbenefitgreatlyintermsofcapitalflowandmarketsentimentTheQDIIproposalisbeingreviewedbytheStateCouncil.However,notimetableisgivenOneofthemajorissuesremainstheforeignexchangecontrolbythegovernment联合利华项目建议书LiberalizationinChina’scapi24AlcatelChinaEricssonChinaKodakChinaMotorolaChinaProcter&GambleChinaUnileverChinaPotentialMNC(withChinaoperation)candidatesforAsharelistingCompanySectorTelecomequipmentTelecomequipmentPhotorelatedTelecomequipmentConsumerConsumerHouseholdnamesandMNCsarelikelycandidatestogototheAsharemarket.However,mostofabovementionedcompanieshavenotstartedtheprocessyetWithaviewtoimprovingtheoverallqualityofAsharecompanies,CSRChasalreadystartedtalkingtosomeJVsandsolelyforeignownedcompaniesinordertoobtaintheirviews/feedbackonthisnewpolicyWeexpectmoreMNCswouldjointhepartyasCSRCannouncedthedetailedAsharelistingimplementationrulesforforeignenterprisesbyissuingthenotificationon“specialrequirementsonthecontentandformatofprospectusforforeigninvestedcompanies”on1April,2002联合利华项目建议书AlcatelChinaPotentialMNC(wi253. ValuationapproachandpricingmechanismforAshareIPOsandsectorvaluationinAsiaandChina联合利华项目建议书3. Valuationapproachandpric26ValuationapproachandpricingmechanisminAsharemarketBottomline:ValuationmustexceedNAV(bookvalue)pershareasdeterminedbyMOFformulaforSOEsMethodologies-alltheapproachescommonlyusedininternationalmarketsDCFMultiplesofcomparablecompaniesPEEV/EBITDAandP/CFDividendyieldPricingmechanismSecondarymarketvaluationbenchmarkMarketexpectationofIPOdiscount(asappropriate)SubjecttoCSRC’sapprovalunderapproximately20xP/E(historical)under2xNAVpershare联合利华项目建议书Valuationapproachandpricing27KeyvaluationdriversKeydriversofvaluationKeyvaluationdrivers:corporatespecificsEarningstrackrecordTrackrecordofmanagementGrowthpotentialCompetitiveadvantagesandmarketpositionrelativetopeergroup/competitorsFocusoncorebusinessIndustryoutlookMarketoutlookOpportunityforbusinessdevelopmentandearningsgrowthIndustryconsolidationopportunitiesChinaspecificsDividendpolicy:abalancebetweencashdividendandnewSizeoffreefloatandmarketcap:thegreaterthesize,thelowerthevaluationOtherfactorsMarketsentimentRegulatoryguidelines联合利华项目建议书KeyvaluationdriversKeydrive28P/EistheoverridingmethodologyfortheAsharemarketDCFAprincipalpricingmethodusedbyinvestorstovaluecompaniesBasedongrowthrateofthemarketandmarketshareandinvestorsviewofappropriatediscountrate/costofcapitalInvestorassumptionswillvary(particularlyonpricesanddiscountrates),dependingoninformationdisclosureCommonvaluationapproachforbothdomesticinstitutionalfundsandretailinvestorsUsehistoricaldataasnoresearchforecastavailable‘A’shareindexusedasbenchmarkP/ECertaininvestorswillconsiderdividendyield(mainlyretailinvestorsandincomefunds)DividendyieldUsedascross-checkwithDCFvaluationUsehistoricaldataasnoresearchforecastavailableAlsousedforcomparisonwithpeergroupEV/EBITDAandP/CFComparisonwithcomparablepubliclylistedcompaniesinAshareandinternationalmarketsAnalysisofkeyoperationalandfinancialdifferencesbetweencomparableswilldriveratingdifferentialsComparablepubliccompaniesValuationapproach联合利华项目建议书P/Eistheoverridingmethodo29PricingprocessinAsharemarketSince2000,thefollowingpricingprocesshasbeenadopted…Step1Step2Step3SubmitapricinganalysisreporttoCSRCSetpricerangeformarketingPricingupontheoffercloseWrittenbyunderwriter/leadmanagerKeycontentsmethodologydiscussionpreliminarypricingrangeSendthesummaryofdraftprospectus(nomentionofcompanynameallowedbyCSRCregulation)toinstitutionalinvestorsandbrokersPre-marketingtoinstitutionalinvestors(2-3days)SetanupdatedpricerangebasedonpreliminaryfeedbackfrominstitutionalinvestorsSendtheupdatedpricerangetoCSRCStarttheofferingonceCSRCissuesagoaheadletterDistributeprospectuswiththepricerangetoinstitutionalinvestorsandbrokersPressconferenceroadshowandinternetbookbuilt,includinginstitutionsandpublic(2-3days)Pricingbasedontheorderbook联合利华项目建议书PricingprocessinAsharemar30ConsumerrelatedequityofferingsConsumerrelatedofferingshavenotbeenactiveAverageissuesizeisUS$75mandUS$90mforNJAandAsharesmarketrespectivelyWithUnilever’sbrandnameandscarcityvalue,UnileverChinaIPOshouldbeverywellreceivedConsumerrelatedequityoffering联合利华项目建议书Consumerrelatedequityofferi31PerformanceofUnileverAsiansubsidiariesPTUnileverIndonesiaandHindustanLeverarethetwoUnileversubsidiarieslistedinAsiaPTUnileverhasoutperformedJakartacompositeindex(JCI)by30%since2001anditscurrentmarketcapisUS$1,710mln(Rp21,200pershare)HindustanLeverhasoutperformedSensexIndexinIndia,reflectingthedefensivenatureofstrongbrandnamecompany.HindustanLever’scurrentmarketcapisUS$10,013.8m(INR222.55pershare)RelativePerformance:UNVRvsJCIIndexsince2001RelativePerformance:HLVRvsSENSEXsince2001IPO–Aug1991IPO–Jan1991联合利华项目建议书PerformanceofUnileverAsian32CurrentvaluationofAsianconsumer/food&beverage/personnelcarecomparablesValuationsummary:PE02rangingfrom12xto32xWeattempttouse2criteriatoselectpotentialAsiancomparablesinthesimilarsectorsinwhichUnileverChinaoperatesMNCs’localbusinesseslistedinlocalmarketsOverseaslistedcompanieswhichmainlyoperateinChinaSelectedUnileversistercompaniesSelectedfoodcompaniesNestle(Malaysia)BhdUni-PresidentEnterprisesCo.,LimitedTingyi(CaymanIslands)HoldingCorpUniversalRobinaCorporationWantWantHoldingsLimitedCadburyIndiaLtdNestleIndiaLtdDairyFarmInternationalHoldingsLtdSelectedbeverage/brewingcompaniesTsingtooBreweryCompanyLtdFoster’sGroupLtdGuinessAnchorBHDCarlsbergBreweryMalaysiaBHDSanMiguelCorporationVitasoyInternationalLtdPTUnileverIndonesiaTbk

HindustanLeverLtd

联合利华项目建议书CurrentvaluationofAsiancon33ValuationofselectedlistedChinesecompaniesinsimilarsectorsValuationsummaryHistoricalPEratioisreaching70x...Relativelyhighvaluationisduetorelativesmallersizeoftheconsumerstocksretaildriven联合利华项目建议书ValuationofselectedlistedC344. UpdateonforeigncompanylistinginAsharemarket-DirectlistingbyMNC联合利华项目建议书4. Updateonforeigncompany35ForeigninvestedcompaniesarenowallowedtolistintheAsharemarketsCSRChasannounceddetailedrequirementsonAsharelistingofforeigninvestedcompaniesArecentCSRCopinionpaperstatedthatforeignenterprisesareallowedtobelistedineitherAorBShareMarketsifthefollowingrequirementsaremet:FollowingtherelevantforeigninvestmentandownershiprestrictionsondifferentindustrysectorsComplyingwithPRCCompanyOrdinanceMeetingminimumlistingrequirementsPassingtheannualforeignenterprisereviewfor3consecutiveyearspriortothelistingMaintainingforeignownershipofnolessthan10%afterthelisting(however,tomaintainforeigninvestedcompany’sstatusfortaximplications,aminimum25%offoreignownershipisrequired)Maintainingsameminimumdomesticownershipafterthelisting,ifapplicableFilingthelistingwithMOFTECafterthelisting联合利华项目建议书Foreigninvestedcompaniesare36RegulatoryoverviewforforeigninvestedcompaniestobelistedintheAsharemarketsNationalpeople’scongressStatecouncilTheultimatepolicy-makingbodyStateeconomicandtradecommissionOverseestheperformanceandrestructuringofSOEsStatedevelopmentandplanningcommissionApprovesmajornewprojectsandIPOsMinistryofInformationIndustry(MII)RegulatestelecomequipmentmanufacturingcompaniesChinaSecurityRegulatoryCommission(CSRC)ListingapprovalRegulateslistedcompaniesPolicyoriginationApprovalprocessPolicyregulationandimplementationMinistryofForeignTradeandEconomicCooperationRegulatesforeignenterprisesCSRC/ShanghaiandShenzhenStockExchangesOverseeslistedcompanies联合利华项目建议书Regulatoryoverviewforforeig37CSRCencouragesFortune500ChinaoperationstolistintheAsharemarketsPrioritywouldbegiventojointventurecompanieswithMNCsPrioritywouldbegiventojointventurecompanieswithMNCs(e.g.Fortune500)asopposedto100%foreignownedMNCsubsidiariesoperatedinChina.ItisalsopossibleMNCgroupswouldbeeligibleforAsharelistingeventuallyThereareanumberofspecialdisclosurerequirementsforforeigninvestedcompaniesAsharelistingRiskfactorsincludingthelevelofdependencyofpurchase,supply,technologytransfer,patentsandtechnologyonoverseaspartiesaswellaspotentialchangesinforeignlaws/regulationsConnectedpartytransactionsincludingpurchase,supply,technologytransferandpatentsinlast3yearswithforeignshareholdersDetailedinformationofnationalitiesandpermanentresidencyofdirectorsandseniormanagement’sandotherpositionsheldinoverseasbythemThepurposeoftheserequirementsistoaddressfollowingconcernsinvestorsmayhaveforforeigncompanies:LackofindependenceProfittransferlackofcontrolofcoretechnologyandintangibleassetswhichmayresultindeterioratingofitscompetitiveadvantagesAccordingtoCSRCofficials,apilotprogrammewillbeusedinhandlingforeigninvestedcompanies’Asharelisting.MNCswithsoundoperationsandlongtermcommitmentinChina(i.e.withregionalheadquartersandR&DcentreinChina)willhaveadvantagesofbeingselectedforthe“experiment”UnileverislikelytobeselectedtoparticipatetheexperimentbyCSRCanddetaileddisclosureissuescouldbediscussedandagreedinthetermsacceptabletobothsidesSpecialdisclosurerequirements….…toaddressinvestorconcernsMNCslikelytobecomethecandidatesofthepilotprogramme...联合利华项目建议书CSRCencouragesFortune500Ch38CorporatestructureforlistingThelistingvehiclehastobeashareholding/operatingcompanyThelistingentityhastobeajointstockcompanyformedinaccordancewithMOFTEC1995Jan10guidelinesHoldingcompanies,domesticorforeign,aregenerallynotallowedtobelistedinChinaThelistingvehiclemustbetheoperatingentitySpecialexemptionmaybepossibleOtherwisearestructuringwouldberequiredNeedtounderstandUnilevercurrentsituationinChinatodeterminewhichentitywouldbethebestforthelistingandwhetheranyrestructuringorspecialapprovalisrequiredUnileverOffshoreVehicleUnileverPRCJointStockCo.(ListingEntity)UnileverPRCAssetstobelistedConsolidate/optimiseUnileverPRCoperationHoldingvsOperatingCoWhatassetstobeincludedinthelistingentityAccountingissuesRegulatoryapprovalsCommercial/financialcovenantsIssuesPreliminarystructureOffshorePRCOnshoreUnilever(China)Limited联合利华项目建议书Corporatestructureforlistin39ListingrequirementsCriteriaAShareListingRequirements联合利华项目建议书ListingrequirementsCriteriaA405. Asharelistingprocedure

联合利华项目建议书5. Asharelistingprocedure

联41AshareIPOlisting–a4-phaseprocessInprinciple,foreigninvestedcompanieswillfollowthesameprocessasdomesticChinesecompaniesRestructuringandincorporationofthelistcoCoaching/Knowledgetutorialforthelistco*ApplicationforlistingMarketing&execution2-4months12months3months

(70workingdays)1-2months* BaoShanIron&SteelAsharelistingobtainedexemptionoftheCoaching/KnowledgetutorialperiodasitwasreadyforinternationallistingbeforegoingtoAsharemarket联合利华项目建议书AshareIPOlisting–a4-phas42Listingprocess–phase1:restructuringandincorporationofthelistco(2-4months)Appointadvisors(banker(s),valuers,accountantandlawyers)Kick-offmeetingDuediligencecommencesRestructuringproposaldiscussionFinaliserestructuring/incorporationplanAccountant:auditedaccountsforpast3yearsandmostrecentauditedreportValuers:assetvaluationreportsLawyer:legaldocumentationforlistcoincorporationBankers:adviserestructuring,co-ordinatetheapplicationeffortandsignCoaching/KnowledgetutorialagreementJointStockcompanyformationapplicationforapprovalfromMOFTECthroughlocalMOFTECofficeListcoincorporationandregistration联合利华项目建议书Listingprocess–phase1:res43Listingprocess–phase2:12-monthCoaching/KnowledgetutorialperiodRequirementbyCSRCPurpose:ensureboarddirectors,supervisionrepresentativesandseniormanagementfamiliarwithalltheregulationsandlegalrequirementsforlistedcompaniesinChinaKeycontents:companyincorporationprocesscorporatestructure-“arm’slength”betweenlistcoandparent/sistercompaniesorotherconnectedpartiesLegalworkshopscoveringcompanylawandsecuritieslawetcChineseGAAPBestpracticeofdecisionmakingprocessandinternalauditDisclosurerequirementsForevery2months,aprogressreportbytheCoaching/Knowledgetutorialbank/advisorisrequiredbyCSRCCSRC’sconsentisrequiredbeforequalifiedforlisting/shareissuanceapplicationtoCSRCSpecialexemptionofCoaching/KnowledgetutorialperiodispossiblebutneedtoobtainCSRC’sapproval,(subjecttoForeigninvestedcompanies’Asharelistingrequirements)联合利华项目建议书Listingprocess–phase2:1244Listingprocess–phase3:Applicationforlisting/shareissuance(3months)ShareholdermeetingtodeterminetheuseofproceedsandapprovetheIPOresolutionDocumentationandapplicationmaterialpreparationBankersreviewandsignofftheapplicationdocumentsApplicationsubmissiontoCSRCSubmittheuseofproceedsreporttostateEconomic&TradeCommission(SETC)andStatePlanningandDevelopmentCommission(SPDC)CSRCapprovalLiasewiththestockexchangeonlistingapplication联合利华项目建议书Listingprocess–phase3:App45Listingprocess–phase4:Marketingandexecution(1-2months)FormsyndicateandsignunderwritingagreementListingsponsor(i.e.banks)tofinalisethelistingapplicationtotheStockExchangeSummaryofprospectus(withnonamementioned)distributedtobrokersandinstitutionalinvestorsPre-marketing(managementandunderwriterrepresentativesmeetingwithinstitutionalinvestors-2-3days)Submitpricerange