Asahi subsidiaries file lawsuits against PEP and Unitas

14 February 2013

Asahi subsidiaries file lawsuits against PEP and Unitas

Asahi Holdings (Australia) Pty Ltd (AHA) and Independent Liquor (NZ) Limited(ILNZ), subsidiaries of Asahi Group Holdings, Ltd. (Asahi), commenced proceedings today in the Federal Court of Australia in Melbourne against Pacific Equity PartnersPty Ltd (PEP), Unitas Capital Pte.Ltd.(Unitas), certain investment funds controlled by PEP and Unitas, management services companies of PEP and Unitas, and certain directors of PEP and Unitas.

These proceedings relate to the circumstances in which Asahi acquired Flavoured Beverages Group Holdings Limited (FBGHL, now known as ILNZ)through its subsidiary on 30 September 2011.FBGHL was formerly controlled and managed by PEP and Unitas, who ran the sale process in 2011.

AHA and ILNZallege that PEP and Unitasengaged in misleading and deceptive conduct by making false representationsas to the financial position of FBGHL, in particular by significantly inflating the EBITDA,during the sale process and Asahi’s due diligence.

The legal action follows in-depth investigationsby the Asahi entities, following its post completion accounting and purchase price allocation work after completion of the acquisition, which led the Asahi entities to suspect that they had been provided with false and misleading financial information during the sale process and Asahi’s due diligence.

AHA and ILNZareseeking damages from PEP and Unitasfor loss suffered as a result of theirconductin breach of the Australian Consumer Law.

“It is very disappointing that PEP and Unitas have engaged in thismisconduct,”said Atsushi Katsuki, Managing Director of AHA. “We conducted due diligence thoroughly and in good faith and relied on the figures provided to us.We are

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