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January 24, 2012 Acquisition of Stock of an Alcohol and Beverages Sales Company from Maeil Dairies Co., Ltd., a Major South Korean Dairy Products Manufacturer To further reinforce the domestic sales of Sapporo Premium [brand products] in South Korea, Sapporo Internation al Inc., a Sapporo Group company, has concluded an agreement with Maeil Dairies Co., Ltd. ( “Maeil Dairies”) to acquire newly issued shares from M’s Beverage Co., Ltd . (“M’s Beverage”) (Head office: Seoul; Representative: Jong Wan Lee), and after the comple tion of the acquisition, Sapporo International Inc. will own 15% of the total issued and outstanding shares in M ’s Beverage. The completion of the stock acquisition is scheduled for January 31, 2012. Maeil Dairies is a major dairy products manufacturer in South Korea and a business partner of Sapporo International Inc. M’s Beverage was established as a wholly owned subsidiary by Maeil Dairies in June 2011 to sell Sapporo Premium brand products. Despite the general sluggish demand for beer in South Korea , the imported beer market in South Korea has experienced a double-digit increase for two consecutive years (in 2010 and 2011). Japanese beer brand s are particularly renowned as premium products. To help Sapporo Holdings Ltd. develop full-scale businesses in South Korea, Sapporo International Inc. entered into a business partnership with Maeil Dairies in November 2010. Maeil Dairies established M’s Beverage to boost sales of Sapporo Premium. With the addition of new employees, M’s Beverage has been developing marketing activities targeting convenience stores, supermarkets and restaurants. With the completion of the above stock acquisition, Sapporo International Inc. aims to reinforce the Sapporo brand value and product sales structure in South Korea by sending a part-time director (member of the board) to get involved in the management of M’s Beverage, to help formulate marketing strategies and to teach marketing methods and quality control measures/methods for draft beer to the sales staff at M’s Beverage. By 2015, we would like to expand Sapporo [Premium] brand beer sales to 1.5 million cases ( one case being 24 350-ml bottles), aiming to make Sapporo the No. 1 imported beer brand in South Korea . 1. Stock Acquisition Schedule Date of conclusion of the stock acquisition agreement December 27, 2011 Scheduled date of stock acquisition January 31, 2012 Shareholding Ratio post-acquisition Sapporo: 15%; Maeil Dairies: 85% Acquisition price Approximately 750 million South Korean Won (KRW) (approximately 51 million Japanese Yen (JPY)) *Calculated based on the current conversion rate of 1 KRW = 0.0679 JPY (As of January 23, 2012) 2. Overview of M’s Beverage Co., Ltd . Name M’s Beverage Co., Ltd. Head office Samhwan Bldg., 98 -5, Unni-dong, Jongno-gu, Seoul Representative Jong Wan Lee Line of business Import and sales of Sapporo [Premium] brand [beer] Capital 700 million KRW Date of foundation June 10, 2011 Number of employees 46 (As of January 23, 2012) 3. Overview of Maeil Dairies Co., Ltd. Name Maeil Dairies Co., Ltd. Head office Samhwan Bldg., 98 -5, Unni-dong, Jongno-gu, Seoul Representative Jungwan Kim , President Line of business Manufacturing and sales of dairy beverage and food products Management of restaurants Established February 1969 (End of document).

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