[Translation]

November 8, 2022

Company Name

Sapporo Holdings Limited

Representative

Masaki Oga

President and Representative Director

Stock Code

2501

Listed on

Tokyo Stock Exchange (Prime Market)

Sapporo Securities Exchange

Inquiries

Satoshi Funakoshi

Director of Corporate Planning Department

Tel: 81-3-5423-7407

Notice Regarding Media Reports on Sapporo Holdings Limited

Some media have reported that 3D Investment Partners Pte. Ltd. ("3D") sent a letter to outside directors of Sapporo Holdings Limited (the "Company") requiring the Company to implement drastic management reforms; however, such information was not announced by the Company.

In this regard, it is true that (i) 3D OPPORTUNITY MASTER FUND, an affiliated fund of 3D, is a stockholder of the Company, (ii) the Company has engaged in constructive dialogues with 3D, and, (iii) the Company has received a letter from 3D addressed to outside directors of the Company ("Request to Outside Directors of Sapporo Holdings Limited") on November 3, 2022.

The Company will continue to conduct constructive dialogues with shareholders of the Company, including 3D OPPORTUNITY MASTER FUND, and make efforts to improve the corporate value of the Company.

End

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Sapporo Holdings Limited published this content on 09 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2022 00:20:06 UTC.