C offee C ompany Connor Su (301215392) Xiaobai Ru (301186106) Ziqing Tang (301215541 ）

C offee C ompany Connor Su (301215392) Xiaobai Ru (301186106) Ziqing Tang (301215541

Top 10 Coffee Producing Countries: Brazil (22.5 million bags) Colombia (10.5 million bags) Indonesia (6.7 million bags) Vietnam (5.8 million bags) Mexico (5 million bags) Ethiopia (3.8 million bags) India (3.8 million bags) Cte d'Ivoire (3.3 million bags) Uganda (3 million bags)

Coffee Industry Description Coffee is manufactured from green coffee beans that are roasted to give it its characteristic color, smell, flavor and density. It is manufactured from two major varieties of coffee beans, Arabica and Robusta, which have several variations. DESCRIPTION HEADLINESKEY EXTERNAL DRIVER

Coffee Industry Description The Arabica blend generally tends to have a richer flavor and is considered to be of higher quality, compared with Robusta. Additionally, Arabica coffee is typically found in a majority of gourmet and imported coffees, such as Colombian, Ethiopian, Kenyan, Costa Rican and other high- quality coffee imports. Comparatively, the Robusta blend is considered to be of lower quality and is used in most instant, soluble and canned coffee products sold in supermarkets and grocery stores. DESCRIPTION HEADLINESKEY EXTERNAL DRIVER

Headlines In US In 2014, retail volume sales of coffee in the US increase by 1%, whilst retail value sales increase by 6%, to reach 800,730 tonnes and US$12.8 billion, respectively Fresh ground coffee pods continues to lead value growth, with retail value sales up by 32% to reach US$4.0 billion In Canada In 2014 retail sales grow by 19% in current value terms and 4% in volume terms to reach C$2.3 billion and 81,000 tonnes Fresh ground coffee pods posts the fastest retail current value sales growth of 47% in 2014 DESCRIPTION HEADLINES KEY EXTERNAL DRIVER

Table 1: Retail Sales of Coffee by Category: Value 2009-2014 DESCRIPTION HEADLINES KEY EXTERNAL DRIVER

Key External Drivers Demand from grocery wholesaling The Coffee Production industry is highly dependent on demand from downstream suppliers, such as grocery wholesalers, which provide coffee products to supermarkets. World price of coffee The world price of coffee determines coffee producers costs and profitability because coffee beans are a key input commodity in coffee production Demand from supermarkets and grocery stores Coffee producers rely on favorable supply-side contracts with downstream markets, such as supermarkets and grocery stores. DESCRIPTION HEADLINES KEY EXTERNAL DRIVER

Coffee Bean Price

Sugar Price

World price of crude oil Most of the Coffee Production industrys key inputs, including coffee beans, are sourced from globally-based coffee bean harvesters. As oil prices increase, the fixed costs from transporting and distributing coffee or acquiring input commodities, such as coffee beans, also rises, hampering industry revenue. The world price of crude oil is anticipated to decline in 2015. Trade-weighted index Or Canadian-dollar effective exchange rate index As the US dollar appreciates relative to other currencies, coffee becomes less expensive for domestic consumers to purchase from global coffee producers, which intensifies competition for industry operators. Due to the United States being the worlds second- largest coffee importer, the value of the dollar significantly affects demand for coffee. As the Canadian dollar appreciates, coffee and tea produced by domestic manufacturers becomes relatively more expensive for global consumers, which hampers global consumers demand for industry products. Key External Drivers DESCRIPTION HEADLINES KEY EXTERNAL DRIVER

I ndustry P erformance M ajor P roducts & M arkets

Industry Performance Current Performance In US : Current Performance In Canada :

Products In US: In Canada:

Major Products In US Ground roasted coffee Ground roasted coffee has traditionally been the largest product segment within the industry, accounting for an estimated 73.6% of revenue in 2014. This product segment is comprised of specialty and traditional ground roasted coffee, which are expected to account for 37.5% and 36.1% of revenue, respectively. Specialty ground roasted coffee includes ground espresso beans, among other specialized coffee products, in a range of flavors. Within this market segment, consumers are increasingly favoring specialized ground roasted coffee instead of traditional ground roasted coffee. This segment is anticipated to continue to decline slowly due to consumers increasingly preferring to freshly grind their coffee when preparing it at home.

Markets US Market: Canada Market:

Major Markets In US Consumers aged 60 and older About 76.0% of people that are 60 years or older consume coffee daily. In 2008 (latest data available), 76.0% of this age group consumed coffee on a daily basis, which shows a stable market. This demographic will slightly expand their coffee consumption in future years, driven by an increasing number of baby boomers. Notably, only 6.0% of Americans that are 60 years or older consumed espresso- based beverages and 24.0% of this market segment preferred gourmet varieties of traditional coffee.

Major Markets In US Consumers aged 40 to 59 This age group has the second-highest proportion of coffee drinkers in the United States. According to the National Coffee Associations National Coffee Drinking Trends survey, about 69.0% of people aged 40 to 59 consumed coffee on a daily basis. Comparatively, in 2008 (latest data available), 66.0% of this demographic consumed coffee on a daily basis. During the past five years, this market segment has slightly curbed their demand for coffee products, which can be attributed to growing competition of alternative caffeinated beverages.

Major Markets In Canada Grocery stores and supermarkets Grocery stores and supermarkets make up an estimated 42.1% of industry revenue. Over the past five years, the number of grocery stores and supermarkets in Canada has declined, which has allowed this major market to strengthen its ability to negotiate low cost coffee and tea products. Exports In 2014, industry exports are expected to account for 40.7% of industry revenue. In particular, Canadian tea and coffee producers derive a significant share of industry revenue from exporting products to the United States, Australia, Japan and the United Arab Emirates. (e.g. Canadian coffee and tea producers derive a significant share of export revenue from re-exporting industry products after the coffee beans are roasted and ground. ) Over the next five years, exports are anticipated to account for a larger share of industry revenue, in line with growing global demand for coffee, particularly from the United States, which will prompt demand for re-exported industry products.

Major Companies In US: In Canada:

Company Shares of Coffee:% Retail Value 2010-2014

Comparison of Market Cap Among Major Competitors

Market Share Concentration Level (Concentration in this Industry is High) The top four players in the Coffee Production industry are estimated to account for 84.1% of total industry revenue in 2014. Comparatively, market share has steadily increased since 2009 due to rapid growth among the industrys key players. Market share will increase over the next five years, as key players continue to innovate their products, build strong brand loyalty, implement marketing campaigns, conduct joint ventures with other key players and diversify their product portfolios with specialized coffee products, such as coffee with sustainable coffee beans. Smaller players will focus on niche markets, supplying specialty high-value products that have shorter production runs and lower volumes. However, large players, like Green Mountain Coffee Roasters, will continue to find it profitable to develop a specialized, high-value product portfolio

S tarbucks C offee

I ntroduction Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 65 countries. Trade on : NASDAQ under the symbol "SBUX." Core product : coffee, tea, other beverages and fresh food items Objective : maintain Starbucks standing as one of the most recognized and respected brands in the world INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

S tock P rice INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B usiness S egment Americas (including of the US, Canada, and Latin America) Europe, Middle East, and Africa ( EMEA ) China/ Asia Pacific ( CAP ) Channel Development All other segments INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R evenue C omponents Starbucks generate nearly all of revenues through company-operated stores licensed stores consumer packaged goods ("CPG") foodservice operations INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R evenue C omponents INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C ost S tructure INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F irm S trategy Continuous expansion of global store base Increase market share Offer products across new categories and through diverse channels Superior customer service High degree of customer loyalty INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatement Consolidated Statements of Comprehensive Income Consolidated Balance Sheets Consolidated Statements of Cash Flows INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C onsolidated S tatements of C omprehensive I ncome INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C onsolidated B alance S heets INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C onsolidated S tatements of C ash F lows INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C onsolidated S tatements of C ash Flows INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actors Economic conditions in the US and certain international markets Success depends substantially on the value of brands and failure to preserve brand value could have a negative impact on financial results. Unauthorized access or destruction of customer or employee personal and financial data INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actors Incidents involving food-borne illnesses, food tampering, food contamination or mislabelling Unsuccessful in implementing important strategic initiatives or effectively managing growth Intense competition in each of channels and markets Highly dependent on the financial performance of Americas operating segment INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

Increasingly dependent on the success of CAP and EMEA operating segments (inherent risks of conducting business abroad) foreign currency exchange rate fluctuations change or uncertainties in legal, regulatory, social and political conditions in markets import or other business licensing requirements R isk F actors INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actors Increases in the cost of high-quality arabica coffee beans or decreases in the availability of high-quality arabica coffee beans Financial condition and results of operations are sensitive Interruption of supply chain affect ability to produce or deliver products Failure to meet market expectations for financial performance INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

The loss of key personnel or difficulties recruiting and retaining qualified personnel Rely heavily on information technology in operations Failure to comply with applicable laws and regulations R isk F actors INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

P rimary M arket R isk Quantitative and Qualitative Disclosures About Market Risk Commodity Price Risk Foreign Currency Exchange Risk Equity Security Price Risk Interest Rate Risk INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

C ommodity P rice R isk Note: The information provided relates only to the hedging instruments and does not represent the corresponding changes in the underlying hedged items (in millions). They purchase commodity inputs, including coffee, dairy products and diesel that are used in their operations and are subject to price fluctuations that impact their financial results. They use a combination of pricing features embedded within supply contracts and financial derivatives to manage their commodity price risk exposure, such as fixed-price and price-to-be-fixed contracts for coffee purchases. The following table summarizes the potential impact as of September 28, 2014 to Starbucks future net earnings and other comprehensive income ("OCI") from changes in commodity prices. INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F oreign C urrency E xchange R isk To reduce cash flow volatility from foreign currency fluctuations, they enter into derivative instruments to hedge portions of cash flows of anticipated revenue streams and inventory purchases in currencies other than their functional currency, the US dollar, as well as the translation risk of certain balance sheet items. The following table summarizes the potential impact as of September 28, 2014 to Starbucks future net earnings and other comprehensive income ("OCI") from changes in the fair value of these derivative financial instruments due to a change in the value of the US dollar as compared to foreign exchange rates. Note: The information provided relates only to the hedging instruments and does not represent the corresponding changes in the underlying hedged items (in millions). INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

E quity S ecurity P rice R isk Minimal exposure to price fluctuations on equity mutual funds and equity exchange-traded funds Trading securities portfolio approximates a portion of liability under Starbuckss Management Deferred Compensation Plan ("MDCP") Performed a sensitivity analysis based on a 10% change in the underlying equity prices of investments INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

I nterest R ate R isk Long-term Debt They utilize short-term and long-term financing and may use interest rate hedges to manage their overall interest expense related to their existing fixed-rate debt, as well as to hedge the variability in cash flows due to changes in the benchmark interest rate related to anticipated debt issuances. As of September 28, 2014, they did not have any interest rate hedge agreements outstanding. The following table summarizes the impact of a change in interest rates as of September 28, 2014 on the fair value of Starbucks debt (in millions): INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

Available-for-Sale Securities - The available-for-sale securities comprise a diversified portfolio consisting mainly of fixed-income instruments. The primary objective of these investments is to preserve capital and liquidity. They performed a sensitivity analysis based on a 100 basis point change in the underlying interest rate of our available-for-sale securities as of September 28, 2014, and determined that such a change would not have a significant impact on the fair value of these instruments. I nterest R ate R isk INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

Interest Rates - interest rate swap agreements to hedge the variability in cash flows Foreign Currency - forward and swap contracts to hedge portions of cash flows of anticipated revenue streams and inventory purchases in currencies -forward contracts to hedge the foreign currency exposure of net investment in certain foreign operations -foreign currency swap contracts that are not designated as hedging instruments to mitigate the translation risk of certain balance sheet items S ummary INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY

Commodities -coffee futures contracts and collars (the combination of a purchased call option and a sold put option) to hedge a portion of anticipated cash flows under our price-to-be-fixed green coffee contracts - dairy and diesel fuel swap contracts, as well as dairy futures and collars that are not designated as hedging instruments to mitigate the price uncertainty of a portion of our future purchases of dairy products and diesel fuel S ummary INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY

G ain and L osses on D erivative C ontracts INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY S ummary

C hanges in AOCI INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY S ummary

G REEN M OUNTAIN C OFFEE

I NTRODUCTION Formerly called: Green Mountain Coffee Roasters Type: Public corporation Traded as: NASDAQ: GMCRS&P 500 Component Industry: Processed & Packaged Goods Products: Coffee & Coffee Keurig Green Mountain is publicly traded coffee roaster and manufacturer of singe-cup coffee brewers and portion packs Offers over 100 different coffee selections, including certified organic, Fair Trade Certified, estate, specially blends and flavoured coffees I NTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

I NTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B USINESS Overview Strengths and Strategy The Products Marketing and distribution INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B USINESS Overview A leader in specialty coffee, coffeemakers, teas and other beverages in the United States and Canada Multi-brand beverage and brewer portfolio Market and sell products to retailers including supermarket, restaurants and online Develop innovative new brewing systems and beverages Target opportunities primarily in American and Canadian households, food service, educational and office locations INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B USINESS Strengths and Strategy Primary consumer benefits delivered Quality Convenience Choice The key elements of business strategy Increase adoption Expand beverage choices Expand in current channels Launch new, innovative beverage system technologies and platforms Continue international expansion INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B USINESS The Products Portion packs including single-serve K-Cup, Vue and Rivo packs Brewers and accessories a leader in sales of coffeemakers in the U.S. and Canada Other products and royalties bagged coffee and cans and fractional packages INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

B USINESS Marketing and Distribution Customer growth in the U.S. and Canada Multiple channels of distribution AH channel AFH channel E-commerce platforms: websites and social media pages INTRODUCTION BUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatement Consolidated Balance Sheets Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Statements of Cash Flows INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatementBalance Sheets INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatementStatements of Operations INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatement Statements of Comprehensive Income INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatementStatements of Cash Flows INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

F inancial S tatement Statements of Cash Flows (continued) INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Financial performance is highly dependent upon the sales of Keurig Brewing systems and portion packs Ongoing investment in the cold platform is risky, and could disrupt ongoing business INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Changes in the beverage environment and retail landscape could impact financial results Increased competition could hurt business Intellectual property may not be valid, enforceable, or commercially valuable INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Continued innovation and the successful development and timely launch of new platforms, products and product extensions are critical to financial results and achievement of growth strategy Obsolete inventory may result in reduced prices or write-downs INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Consolidation in the retail channel or the loss of key retail or grocery customers could adversely affect financial performance. Price increases may not be sufficient to offset cost increases and maintain profitability or may result in sales volume declines INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Due to the seasonality of many of products and other factors such as adverse weather conditions, our operating results are subject to fluctuations Increases or changes in income or indirect tax rates could have a material adverse impact on financial results INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

R isk F actor Laws and regulations could adversely affect our business Climate change may have a long-term adverse impact on our business and results of operations Litigation pending could materially impact on business and result of operations INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Quantitative and Qualitative Disclosures about Market Risk Interest Rate Risks Commodity Price Risks Foreign Currency Exchange Rate Risk INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Interest Rate Risks At September 27, 2014, the company had $28.4 million of outstanding debt obligations subject to variable interest rates. Should all our variable interest rates increase by 100 basis points, we would incur additional expense of $0.3 million annually Should Canadian Bankers Acceptance Rate increase by 100 basis points over US Libor rates, we would incur additional interest expense of $0.9 million annually, pursuant to the cross-currency swap agreement INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Interest Rate Risks As discussed further under the heading Liquidity and Capital Resources the Company is party to interest rate swap agreements. On September 27, 2014, the effect of Companys interest rate swap agreements was to limit the interest rate exposure on $130.0 million of the outstanding balance of the term loan A facility under the Restated Credit Agreements to a fixed rate versus the 30-day Libor rate The total notional amount covered by these interest rate swaps will terminate in November 2015. INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Commodity Price Risks at September 27, 2014 (in thousands) The C price of coffee is subject to substantial price fluctuations caused by multiple factors, including but not limited to weather and political and economic conditions in coffee-producing countries Gross profit margins can be significantly impacted by changes in the C price of coffee INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Commodity Price Risks at September 27, 2014 (in thousands) Enter into fixed coffee purchase commitments in an attempt to secure an adequate supply of coffee. These agreements are tied to specific market prices (defined by both the origin of the coffee and the time of delivery) but company has significant flexibility in selecting the date of the market price to be used in each contract. INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Commodity Price Risks at September 27, 2014 (in thousands) At September 27, 2014, the Company had approximately $407.7 million in green coffee purchase commitments, of which approximately 88% had a fixed price. At September 28, 2013, the Company had approximately $245.1 million in green coffee purchase commitments, of which approximately 84% had a fixed price. INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Foreign Currency Exchange Rate Risk Foreign operations are related to Canada segment, which is subject to risks, including, but not limited to, unique economic conditions, changes in political climate, different tax structures, other regulations and restrictions, and foreign exchange rate volatility. Accordingly, future results could be materially adversely affected by changes in these or other factors Source green coffee, certain production equipment, and components of brewers and manufacturing of brewers from countries outside the United States, which are subject to the same risks described for Canada above. However, most of green coffee and brewer purchases are transacted in the United States dollars Revenues are adversely affected when the United States dollar strengthens against the Canadian dollar and are positively affected when the United States dollar weakens against the Canadian dollar INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

M arket R isk Foreign Currency Exchange Rate Risk The majority of the transactions conducted by Canada segment are in the Canadian dollar. As a result, revenues are adversely affected when the United States dollar strengthens against the Canadian dollar and are positively affected when the United States dollar weakens against the Canadian dollar. Conversely, expenses are positively affected when the United States dollar strengths against the Canadian dollar and adversely affected when the United State dollar weakens against the Canadian dollar INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTOR MARKET RISK SUMMARY

S ummary Interest Rate INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY The Company enters into interest rate swap agreements to limit a portion of its exposure to variable interest rates by entering into interest rate swap agreements which effectively fix the rates In accordance with the interest swap agreements and on a monthly basis, interest expense is calculated based on the floating 30-day Libor rate and the fixed rate.

INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY If interest expense as calculated is greater based on the 30-day Libor rate, the interest rate swap counterparty pays the difference to the Company; If interest expense as calculated is greater based on the fixed rate, the Company pays the difference to the interest rate swap counterparty. S ummary Interest Rate

INTRODUCTIONBUSINESS FINANCIAL STATEMENT RISK FACTORMARKET RISK SUMMARY S ummaryGain or Loss

C offee C ompany Connor Su (301215392) Xiaobai Ru (301186106) Ziqing Tang (301215541 ）

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