Detailed Description of Portfolio Companies of Fund IV

LB Co., Ltd.

Features The company manufactures and sells chilled beverages to major convenience stores and mass retailers in Japan. It secures a higher than 50% market share in the no-sugar added tea segment and offers a diversified portfolio of products including licensed “Calpis” and “Bireleys” brand, its own “Adult Tea” and “Fresh Fruits” brand, black vinegar–based and functional beverages.
Investment Pattern Carve-out from Asahi Group Holdings Inc.
Acquisition of 100% of the outstanding Shares from Asahi Group Holdings Inc.
Investment Theme Polaris will aim to increase the enterprise value by dispatching directors and officers to strengthen corporate governance and supporting the business administration enhancement to form and implement its own marketing and product strategies as a stand-alone entity which is now free from the constraints of an Asahi Group company due to the carve-out.