On March 14, 2023, 3D Investment Partners Pte Ltd announced that it has sent a letter to shareholders of Sapporo Holdings Co Ltd, stating that it outlines its views about the significant operational underperformance and governance failings at the Company and to invite shareholders to share their own views with 3D Investment Partners, as it continues its dialogue with the Company board and management. In addition, 3D Investment informed its approach to the Company, that the Company must take decisive action improve the profitability of its alcoholic beverage business and maximize the value of its brands, and 3D Investment mentioned its concerns regarding the new medium-term management plan. Further, 3D Investment Partners stated that it invited its fellow shareholders to share their perspectives on the important issues of strategy, capital allocation, business configuration and corporate governance and so forth, it believed that it has the responsibility to take action to maximize the abundant potential saw in the Company, and welcomed the shareholders opinion as 3D Investment Partners continue to engage in constructive dialogue with Company?s board and management team to enhance corporate value for all shareholders.