Detailed Description of Portfolio Companies of Fund I

Qsai Co., Ltd.

Features Started to sell “Qsai Aojiru” (Kale Juice) in 1982 resulting in a big success and high brand recognition and now secures a position of a leading player in the growing health food market. Recently developed new products such as Hyaluronic Acid Collagen Powder and other government endorsed health products. Collagen Powder exceeds Kale Juice in terms of profit in the current health conscious environment. Government endorsed health foods such as “Pepcid” and “Torch” are dealt by a subsidiary called Japan Supplement.
Investment Pattern MBO, going private through TOB process. Joint investment with NIF, JIP, and Polaris Parallel Fund.
Investment Theme Participated in MBO by the current management to change business structure to deal with the slowing growth rate and the slumping market valuation and return to higher growth rate required for IPO and providing management support for business structure realignment for value-creation.
Date of Exit October 2010
Exit Pattern Trade sale of all shares to Coca Cola West
Exit Story After the investment, the company sold its frozen food business to concentrate on health food market. Since then, by adding new product lines such as Hyaluronic Acid Collagen Powder and Collagen Cream and by achieving a steep growth of Japan Supplement, Qsai became a leading health food player in Japan. Coca Cola West aims to increase its enterprise value as a group by adding health food business to its existing beverage business. After the sale, Qsai will continue to expand its health food business as a member of Coca Cola West Group with ample financial resources.
※ A side by side investment was made in Qsai Analysis and Research Center Co., Ltd, an affiliate of Qsai, which offers food analyzing services to detect residual pesticide with speed, low-cost and accuracy. As the demand for their services has been increasing following the new residual pesticide regulation based on the positive list system, Polaris completed the sale of its holding in this affiliate in June 2009.