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Commencement of Discussions for Operational Integration with Pokka Corporation through Reorganization in the Group

Sapporo Holdings Limited (the “Company”) hereby announces that the board of directors has resolved at a meeting today and the Company has agreed, to commence discussions with Pokka Corporation (“Pokka”), which became an equity-method affiliate of the Company at the end of September 2009, for the operational integration of the two companies through reorganization in groups.
1. Commencement of Discussions with Pokka
The alcoholic beverage, beverage and food industries in Japan experienced a decline in consumer confidence due to delayed economic recovery and deflation, and a decline in the size of markets due to population decrease, the declining birthrate and aging population. Companies within the above industries are confronted with circumstances under which they are required to swiftly develop strategies to expand access to customers, to promote differentiation and enhance competitiveness utilizing their own strengths, and to actively develop their businesses in foreign markets. Within these circumstances, the Company and Pokka executed a capital and business alliance agreement in September 2009, and the Company and Pokka have made efforts to enhance the vending machines business, reduce costs through joint procurement, optimize production systems, develop business jointly in foreign markets, etc., and have achieved certain outcomes, in addition, the mutual relationship of trust between the Company and Pokka was further strengthened through collaboration after the alliance.
However, the Company and Pokka jointly reached a decision that the best measure for the two companies would be to develop their current capital and business alliance together, not independently, and to form an integrated corporate group to accelerate their collaboration, so that they are able to further improve their position within the current severe market climate.
Therefore, as the first step towards formation of a new corporate group, as stated in the “Notice of Acquisition of Shares (Subsidiarisation) of Pokka Corporation,” which was separately published by the Company today, the Company will acquire the additional shares of Pokka in late March of 2011, thereby causing Pokka to become a consolidated subsidiary of the Company.
In addition, in order to form a “corporate group creating value in food,” that has enhanced competitiveness in the domestic and foreign alcoholic beverage, beverage, food and restaurant industries, as stated in the exhibit “Commencement of Discussions for Operational Integration of Sapporo Holdings Limited and Pokka Corporation,” the Company has agreed to commence discussions with Pokka for the operational integration of the two companies through reorganization in groups, today.
The Company and Pokka will begin discussions regarding reorganization of the group’s business and organizational structure, and will consider the management setup and corporate name, etc. of the holding company appropriate for the newly reorganized corporate group, and move forward with discussions aiming to implement the new business structure in April 2012, when the 88th annual shareholders meeting of the Company, to be held in late March of 2012 will be finished.
2. Future Prospective
The Company and Pokka will promptly establish a committee for the operational integration, and will move forward with discussions regarding the operational integration, in addition, the Company will acquire the additional shares of Pokka in late March of 2011, as stated above. The Company and Pokka will consider reorganization of the group’s business and organizational structure, the management setup and corporate name, etc. of the holding company, and will move forward with discussions aiming to implement the new business structure in April 2012. The Company will announce its plan for the implementation of the new business structure at another time once it has been specifically determined.
10 Feb. 2011

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