Sapporo Group Business Results Presentation for the Nine Months Ended September 30, 2017

November 2, 2017

URL http://www.sapporoholdings.jp/english

1. 2017 3Q Results P3~21

Appendix：Collection of Data by business P22~42

Net sales (excl. liquor tax) 307.7 315.9 8.2 2.7%

Overseas net sales to total (excl. liquor tax) 21.0% 21.3% 0.3% -

Operating income 12.8 10.7 (2.1) (16.7)% Third Quarter Operating income before 15.8 13.6 (2.1) (13.8)% 2017 goodwill amortization

Highlight Ordinary income 11.5 10.2 (1.3) (11.4)%

Profit attributable to owners 5.2 2.9% of parent 5.4 0.1

Balance of Net debt 215.1 225.4 10.2 4.8%

Ｄ／Ｅratio ※Net 1.4 times 1.3 times (0.1) -

EBITDA 32.3 31.0 1.2 (3.8)%

(billions of yen) Net sales YoY Change  Businesses on which we’ve been focusing such as beer, North American alcoholic beverages, lemon-based products and soups continue to produce results. Real estate is also maintaining steady earnings.

Third Quarter  On the other hand, both sales and profits at SSC in the Operating income North American soft drinks business and Singaporean 2017 Highlight YoY Change soft drinks business have been declining

 Also, given the impact of unseasonal weather in summer, results of some businesses fell short of the plan, but we will continue to aim to achieve the targets and give priority to what each business should be Profit attributable to preparing in the first fiscal year of the Medium-Term owners of parent YoY Change Management Plan, and to necessary investments and reinforcement of the group’s management platform.

YoY changes 2016.3Q 2017.3Q (amount, %) Consolidated Net sales 392.2 2.2％

Japanese Alcoholic Beverages 200.0 (0.2)％

International 48.0 6.3% Net Sales by Segment Food & Soft Drinks 101.5 (0.1)%

Restaurants 21.0 5.2%

Real Estate 16.7 7.3%

Other 4.7 77.9%

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 5/43 ・Sales increase in beer in Japan, diversification and North American alcoholic beverages contributed ・Net increase in Ginza Place (from last September) and new consolidated business* Japanese Alcoholic Food & Soft Beverages International Drinks Restaurants Real Estate

2017 (billions of yen) 3Q

Main Factors

Contributing to Diversification: 2.3 Changes Subsidiaries, etc.: -1.3 in Net Sales 2016 3Q Overseas: -0.4 Café, etc.: ＋0.3

= Increase

= Decrease

2016 3Q 2017 3Q YoY changes

Consolidated operating income 12.8 Japanese Alcoholic Beverages 6.3 International 0.7

Food & Soft Drinks 0.6

Restaurants 0.5 Operating Income Real Estate 8.0 by Segment Other (0.1) General corporate and intercompany (3.4) eliminations Amortization of goodwill 2.9 (0.0) International 1.2 (0.0) Food & Soft Drinks 1.6 (0.0) Operating income before goodwill amortization 15.8 (2.1) Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 7/43 ・Decline in profit widens at happoshu, new genre and overseas soft drinks ・Operating income declined due to temporary M&A cost in addition to investment in management platform Japanese Alcoholic Food & Soft Real Beverages International Drinks Restaurants Estate

(billions of yen)

2016 3Q Volume increase: +0.0 Product mix, COGS: -0.2 Main Factors Contributing to Changes in Operating Sales promotion: -0.7 Volume, product mix: Income Facilities: +0.1 +0.9 Personnel, etc.: Production cost: +0.4 2017 3Q -0.4 Anchor acquisition cost: Other: -0.2 -0.4

= Increase

= Decrease

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 9/43 ・Beer and diversification have been strong amid declining total demand due to unseasonal weather and store price rise ・Promoting change in sales composition Japanese Alcoholic  Beer continued to be firm Beverages Positive (Black Label sales volume % y-o-y, Yebisu % y-o-y, beer total % y-o-y) (billions of yen) YoY Sales change  Product mix improvement progressed (Beer’s component ratio among beer and beer-type beverages increased from 60% in FY2016 3Q ⇒ % in FY2017 3Q  Sales of Wine, Spirits, Japanese liquors and RTD continue to be strong RTD, wine, Happoshu, Beer Japanese liquor, new genre etc. (Sales of wine business % y-o-y, those of spirits business % y-o-y)

Operating YoY income Change

 Sales during the peak season was significantly affected by unseasonal weather and increase in store price （Jan-June beer and beer-type beverages % y-o-y → slowed to % y-o-y in July-September) Product mix, Fixed cost, Beer sales Happoshu, nonalcoholic sales volume new genre Wine, spirits beer, RTD, promotion increase sales volume production cost, cost etc.  Sales decline in happoshu, new genre (Reference) *Estimates (Mugi to Hop brand % y-o-y, Goku Zero brand % y-o-y) Beer down 2% Total : Happoshu down 4% Negative *See Appendix in slides 23 to 29. demand New genre down 1% Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 10/43 ・North American alcoholic beverages, CPF are strong; Work on issues regarding Vietnam, SSC

International Positive  Despite stagnation in the market, both Sleeman and Sapporo USA (billions of yen) showed growth trend YoY Sales (Sales volume at Sleeman y-o-y, Sapporo brand at Sapporo USA %) change

 CPF continued to be strong with Side Kicks (sherbet) also contributing

North American North American Vietnam Exports, other alcoholic soft drinks  Exports to South Korea and Taiwan grew significantly with sales beverages nearly doubling y-o-y

Operating YoY  While sales declined in Vietnam, we prioritized and pursued structural income change reform such as review of sales promotion investment and production transfer To implement measures for Tet (lunar New Year) selling season

Volume change, product mix, Fixed cost, etc. in production cost, North America, Vietnam  Sales of SSC stagnated and its production efficiency worsened amid etc. in North etc. America, etc. adverse environment reflecting decline in demand for orange juice in (Reference) *Estimates the U.S. and high COGS. Canadian beer →To work on issues as it advanced preparation for integration with Total : down about 2% demand U.S. beer Negative CPF *See Appendix in slides 30 and 32. down about 2% * CPF: Country Pure Foods Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. SSC: Silver Springs Citrus 11/43 ・While sales of Japanese mainstay brands increased, overseas risks were exposed Food & Soft  Lemon-based products led the performance; tea drinks with rare Drinks Positive ingredients also maintained strong sales (billions of yen) (Lemon-based soft drinks sales volume % y-o-y, lemon-based food products %, tea drinks %) YoY Sales change  Soups steadily increased sales and their profitability also improved thanks to measures ensuring appropriate selling price in 2016 (Soups sales volume % y-o-y)

Japanese Overseas food & soft food & soft  Cost improvement of aseptic bottling lines generated billion yen drinks drinks, café

Operating YoY income change  Sales of coffee drinks continued to decline y-o-y as canned coffee market shrinks

Sales increase,  Business performance in Singapore continued to be slow product mix, Sales promotion Other fixed Overseas, etc. at café Japanese cost costs, etc. , etc. Export sales slowed due to sugar tax in some countries food & soft dinks Overseas performance is weighing on overall revenue; (Reference)*Estimates Domestic soft drinks trying to take quick action Total up *Total demand data: : Lemon-based products Negative Source *See Appendix in slides 33 to 37. demand up – Inryou-souken and Intage SRI Lemon-based products market (Sapporo’s definition) Total for SM CVS formats in the instant soup market: Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. Instant soups up Jan-Sep 2017 y-o-y comparison of cumulative sales amount 12/43 ・Sales expanded but personnel cost weighed on earnings  Existing store sales of parent Sapporo Lion were strong despite Restaurants unseasonal weather in summer Positive (Comparable-store sales y-o-y)

(billions of yen)  Marushinkawamura contributed to sales. Aburiya format has been strong YoY As consolidation started in June 2016, Jan-May sales were net increase) Sales ( change  Yebisu Bar Hiroshima, Shin Yokohama outlets opened in 1Q are thriving, contributing to earnings → Contribution to Yebisu brand  COGS ratio in control with menu measures despite foodstuff price Lion, etc. Marushinkawamura increase

Operating YoY income change  Personnel costs of part-timers have increased

 Situation in Singapore continues to be difficult

Existing restaurants, new openings, refurbishment, etc. Negative *See Appendix in slide 39. Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 13/43 ・Stable operation of mainstay properties; Progress in line with plan

Real Estate Positive  Yebisu Garden Place (YGP) maintained stable occupancy rate (Jan-Sep office occupancy rate %)

(billions of yen)  GINZA PLACE contributed to earnings (started operation in YoY Sales change September 2016) (Jan-Sep occupancy rate %)

 Sapporo Factory and other properties in Sapporo also have been

Yebisu Garden strong Ginza Place, etc. Place

Operating YoY income change

 Nothing to mention in particular

Yebisu Garden Ginza Place, etc. Place

(YoY) (- = negligible) Impact on Impact on Business segment Details operating sales income Marushinkawamura Inc.: consolidation began Approx. Restaurants - in June 2016 ¥0.8 billion Shinsyu-ichi Miso Co., Ltd.: consolidation began in Approx. Special Factors Other - October 2016 ¥4.0 billion in the Business Results

(- = negligible) Impact on FY2016 3Q FY2017 3Q Impact on operating sales income US＄ ¥108.59 ¥111.89 Japanese EUR ¥121.10 ¥124.58 Alcoholic -- Beverages CAN＄ ¥82.09 ¥85.66 International ¥1.7 billion - SG$ ¥79.15 ¥80.53 Food & Soft Drinks -- Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 15/43 Promoted asset efficiency

(billions of yen) 2016 3Q 2017 3Q Change Factors contributing changes Operating income 12.8 10.7 (2.1) - Financial account balance (0.7) (0.5) 0.2 - Other non-operating income/expenses (0.6) 0.0 0.6 - Changes in Ordinary income 11.5 10.2 (1.3) - Extraordinary Gains on sales of property, plant and equipment 0.0 0.2 0.2 - Gains and Sale of shares held in cross- Other extraordinary gains 0.0 0.7 0.7 shareholdings Losses Loss on sale/disposal of property, plant and equipment (1.2) (0.7) 0.5 - Impairment loss (0.5) (0.3) 0.2 - Other extraordinary losses (0.3) (0.3) 0.0 - Profit before income taxes 9.6 9.9 0.3 - Corporate tax, loss attributable to non-controlling interests (4.3) (4.6) (0.2) - Profit attributable to owners of parent 5.2 5.4 0.1 - Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 16/43 1.5 billion yen decline y-o-y in total assets

Cash and cash Total assets (billions of yen) equivalents 10.5 13.0 10.5 12.1 12.4 13.2 9.4 Trade receivables 81.7 Current 96.8 78.9 →Impact of seasonal factors, etc. 64.3 74.8 71.2 68.4 assets 37.9 42.8 41.2 41.1 40.6 40.7 42.0 18.7 18.7 Inventory 17.0 16.7 15.5 19.5 19.0 Changes in Balance Sheets Current assets, etc.

346.2 356.0 356.2 344.2 346.4 352.7 352.2 Fixed assets Fixed assets

Goodwill 29.2 28.8 27.6 27.4 26.2 25.3 32.2 →Acquisition of Anchor (7.8 billion yen) Its goodwill is tentative amount * 79.3 76.5 77.4 78.7 73.6 77.9 79.8 Investments, etc. 2016 1Q 2016 2Q 2016 3Q End of 2017 1Q 2017 2Q 2017 3Q FY2016 Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 17/43 Total liabilities down by 7.0 billion yen, total net assets down by 5.5 billion yen

Total liabilities, total net assets Accounts payable (billions of yen)

38.5 37.3 Short-term bank liabilities 36.2 37.8 →Increase in short-term borrowings 34.6 38.8 35.8 73.4 88.8 78.8 Current Deposits received 94.8 66.2 8.2 79.0 101.4 7.1 liabilities 7.5 8.4 8.8 91.9 10.2 8.5 88.5 Current liabilities, etc. 82.2 74.0 84.0 Changes in 71.8 80.9 Balance Sheets Long-term bank liabilities Decrease in long-term borrowings 164.7 149.7 → 162.2 154.2 152.8 138.2 Long-term (billions of yen) 143.9 Net defined benefit liability liabilities Balance of net debt 8.9 8.3 8.2 7.2 6.9 6.8 8.6 Long-term liabilities, etc. 74.1 71.6 72.9 (comparison with 71.2 70.4 72.5 70.4 end of FY2016) (comparison with 2016 3Q) Shareholders' equity 137.4 142.6 Net assets 128.6 131.0 135.8 140.1 134.9

Accumulated other 20.4 15.0 14.7 20.5 19.1 22.8 24.1 5.6 comprehensive income 5.5 5.1 5.1 5.5 5.2 5.1 Ｄ/Ｅratio 2016 1Q 2016 2Q 2016 3Q End of 2017 1Q 2017 2Q 2017 3Q Non-controlling interests FY2016 *Net Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 18/43 Cash basis investment totaled 29.3 billion yen

(billions of yen)

45.0 ① about ¥ billion in consolidated total Cash flow from investment 40.0 tangibles, intangibles) activities: （ 35.0 billion yen -“Alcoholic Beverages,” “Food” and “Soft Drinks” –related: about ¥7.2 billion planned in four years 5.8 (Nasu Brewery one-way bottle-related work, etc.) 30.0 （35.1 billion yen planned in 2017 full-year) - Real Estate-related: about ¥2.3 billion (Boosting value of YGP, etc.) - SGM Group infrastructure streamlining, etc.: about ¥1.5 billion Financial Status 25.0 *SGM: Sapporo Group Management Ltd.

② about ¥ billion in consolidated total 20.0 40.2 ③ about ¥ billion in consolidated total 31.0 15.0 29.5 29.3 (Long-term prepaid expense, subsidiaries’ shares, investment securities, etc.) 10.0 -Long-term prepaid expense (Japanese Alcoholic Beverages/Food & Soft Drinks) about ¥2.7 billion 5.0 -Acquisition of Anchor: about ¥11.5 billion

①+②+③ 0.0 (cash basis, including current capital expenditure and lease fees) 2014 2015 2016 2017 2018 2019 2020 (full year) (full year) (full year) (3Q) about ¥ billion Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 19/43 Promote initiatives for transformation of the Group management platform - Established Delicious Taste Technology Research Center in first quarter R&D - Pursue measures for creating values in food - Started health survey research related to lemon in Osakikamijima-cho in Hiroshima Prefecture - Started trial run of new system for work style improvement Transformation Personnel, - Promoted hiring and nurturing of diverse human resources human including global human resources of the Group - Drafting of the Health Creation Declaration management resources - Concrete measures for reviewing the strategic cross- platform shareholding formulated in the first quarter - Started implementation according to the contents of the Finance drawn up measures from the second quarter - Started selling part of the cross-shareholding in 3Q (proceedings from the sale: ¥0.7 billion was recorded)

- Promote utilization of AI (artificial intelligence) technology *Utilization in handling of internal inquiries Others *Utilization in grape cultivation at own winery *Utilization in document-based selection in new graduate hiring process

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 20/43 Personnel, human resources Sapporo Group Health Creation Declaration -Strengthening initiatives to maintain and enhance the health of all group employees- [Sapporo Group Health Creation Declaration] 1. People are the bearers of a business You can take on challenges in a new field and cross the finishing line with a cheerful and positive attitude only because you are healthy both physically and mentally. The business grows because its employees are healthy and this in turn leads to the companyʼs growth. 2. Sapporo Groupʼs business and health are directly related The business of “Alcoholic Beverages,” “Food” and “Soft Drinks” contributes to Transformation customersʼ physical and mental health and happiness. We believe that employees, who create and offer the products, being physically and of the Group mentally healthy is a proof that our products and services can offer happiness to our management customers. 3. Being an attractive place of work leads to sustainability as a company platform Employees spend lots of time at the workplace. A workplace that works proactively to enhance and maintain employeesʼ health will be attractive to existing and future employees and this leads to sustainability as a company. We hereby make the Health Creation Declaration based on the conviction that the physical and mental health of the Groupʼs human resources leads to creation of happiness for our employees, their family and the company. [Key initiatives]  Allocate public health nurses to each area to enhance healthcare structure  Further enhance measures to promote and support employees taking medical checkup so as to achieve 100% rate in employees aged 40 years and above taking medical checkup for lifestyle-related diseases and those who were identified as requiring emergency treatment in regular health checkups are seeing doctors  Introduce healthcare app for employees, promote health enhancement events utilizing group products such as Pokka Lemon 100  Utilize various health-related data Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 21/43 Appendix

Appendix -

 Black Label Brand total up ％ y-o-y 110 105 （Sales of the canned version：up ％ y-o-y） 100  Yebisu Brand total up ％ y-o-y 95 【Happoshu+new genre】（sales volume） Jan Feb Mar Apr May Jun Jul Aug Sep Appendix Total beer demand Sapporo total  Jan- Sep down ％ Japanese Alcoholic Black label Yebisu Beverages (total demand down 2%)  Mugi to Hop Brand total down ％ y-o-y 115  Goku Zero Brand total down ％ y-o-y 110

105 【Wine , Spirits and other】（sales value） 100  Wine：up ％ y-o-y 95

 RTD : up ％ y-o-y 90 Jan Feb Mar Apr May Jun Jul Aug Sep  Spirits：up ％ y-o-y Total new genre demand Mugi to Hop

1,200 ＜Beer lineup (Jan – Sep breakdown＞ 13% 1,000 Appendix Japanese Alcoholic 800 Beverages 600 56% 400 30%

200 Black label Yebisu Other

0 2011 2012 2013 2014 2015 2016 2017 Black label brand total Yebisu brand total Mugi to Hop brand total

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 25/43 10 (billions of yen) ＜Jan- Sep Net Sales＞ (billions of yen) 200.0 ※incl. liquor tax 5.3 5.1 5.4 5.4 5 4.1 4.5 4.9 180.0 160.0 3.3 3.3 3.4 3.9 3.7 3.5 3.5 140.0 54.5 56.0 54.8 60.0 52.5 48.8 44.3 0 120.0 2011 2012 2013 2014 2015 2016 2017 100.0 Japanese wine Imported wine 80.0 6 60.0 113.2 110.7 112.8 112.0 111.7 117.8 121.0 4 40.0 4.9 5.5 20.0 2 3.4 4.2 4.2 4.2 0.0 1.1 0 2011 2012 2013 2014 2015 2016 2017 Appendix 2011 2012 2013 2014 2015 2016 2017 Japanese Alcoholic Beer Happoshu, New genre Spirits Beverages 15 ＜Jan- Sep sales breakdown by category＞ 10 4% 5 9.3 10.4 10.3 11.3 11.8 6% 6.3 7.8 Beer 0 7% 2011 2012 2013 2014 2015 2016 2017 Happoshu, New genre Japanese liquor 6 199.7 Wine, Spirits 4 billions of yen Japanese liquor 5.3 2 3.3 3.3 3.8 1.6 2.5 2.1 22% RTD, Non alcoholic 0 61% beer 2011 2012 2013 2014 2015 2016 2017

YEBISU Meister YEBISU#127 Kohaku YEBISU YEBISU Special edition Improved （Special edition）

Appendix Japanese Alcoholic Beverages

Black label Black label Special edition Special edition YEBISU Hanamiyabi Special edition

Appendix

 Grande Polaire Nagano Furusato Vineyard, Kifu 2011 and Grande Polaire Yamanashi Koshu Barrel Fermentation, 2016 both won Gold and top honors in their respective categories at the Japan Wine Competition 2017 http://www.sapporobeer.jp/news_release/0000021689/index.html

Appendix

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 29/43 【SLEEMAN】【U.S. soft drinks business】  Jan-Sep unchanged y-o-y *sales volume  Jan- Sep up ％ y-o-y （total demand down 2%) *sales revenue ＜Ｕ.S. soft drinks business Net Sales in Local Currency (Jan-Sep)＞ * before elimination of intercompany transactions 【Sapporo U.S.A.】 25 19.2 19.2  Jan- Sep up ％ y-o-y *sales volume 20 （total demand down 2%) 15

10 【Vietnam】 Appendix 5  Jan- Sep down ％ y-o-y *sales volume International 0 2016 2017 ＜Y-o-y change in domestic sales volume in Vietnam Silver Springs Citrus （US$ millions） 140% Country Pure Foods （US$ millions） 120% 100% 80% 60% 40% 20% 0% 16.1Q 16.2Q 16.3Q 16.4Q 17.1Q 17.2Q 17.3Q Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 30/43 ＜SLEEMAN：Net Sales in Local Currency (Jan-Sep) Sapporo brand sales volume *before elimination of intercompany transactions 300 breakdown by geographic area 9% 250 6% 200 35% 4.62 20% 2.82 150 million 261 265 275 million 235 246 248 100 198 205 cases cases 165 183 2012 50 ３Q 74% 56% 2017 0 ３Q 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 North America：Canada, U.S. SLEEMAN(Can$ millions) Asia：Vietnam, Singapore, South Korea, etc. Oceania, etc.：Australia, Europe, etc. Appendix International ＜Sapporo U.S.A.：Net Sales in Local Currency (Jan- Sep) ＜Trend of overseas sales volume of *before elimination of intercompany transactions Sapporo brand products (Jan- Sep)> 50 1200 （10,000 cases） 45 40 1000 35 800 30 25 600 45 47 20 41 43 43 44 912 946 938 957 963 965 36 37 39 400 833 892 15 33 462 10 200 337 365 394 417 184 201 282 5 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sapporo brand SLEEMAN USA US$ millions （） Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 31/43 Yebisu Beer launched in South Korea

 Launched Yebisu Beer in South Korea on September 7 (Thursday)  Imported beer market is growing in South Korea and Japanese beer is growing popular  The volume of our sales to South Korea has more than doubled compared with 2013  Introduced Yebisu Beer with the aim of creating a super premium beer market  We will promote sales in cooperation with M’s Beverage*, a local agent *A liquor distribution company that handles Sapporo products in South Korea established in June 2011 with Maeil Dairies Co., Ltd., a major Korean dairy manufacturer in business alliance with Sapporo Appendix

[Profile] ・Product name: Yebisu Beer ・Package: (new launch) 350ml and 500ml cans (full-scale launch) 10L and 20L kegs ・Sales plan: 30,000 cases in 2017; 100,000 cases in 2018 (large bottle count) ・Manufacturing plant: Kyushu Hita plant

http://www.sapporoholdings.jp/news_release/0000020400/pdf/20170907YebisuBeerKorea.pdf Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 32/43 【Lemon-based drinks】【Lemon-based food products】  Jan- Sep up ％ y-o-y  Jan-Sep up ％ y-o-y

【Unsweetened tea drinks】【Soups】   Jan- Sep up ％ y-o-y Jan- Sep up ％ y-o-y

【Soy milk, chilled products】【Coffee drinks】  Jan –Sep Net Sales approx. billion  Jan- Sep down ％ y-o-y

Appendix ＜Japanese soft drinks ＜Japanese soft drinks Food & Soft Drinks POKKA SAPPORO Food & Beverage Sales composition by genre Sales composition by sales channel (Jan- Sep)＞ (Jan- Sep)＞ Coffee drinks Vending 18% 22% machines Lemon‐based drinks 46% Tea drinks 33.93million 5% 33.93million Carbonated cases cases Water

15% Other 54% 25% 15% ※Vending machines (end of Sep.) own brand machines : about 86,000 + Multi-brand machines Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 33/43 ＜Food & Soft Drinks segment Net sales> ＜Food & Soft Drinks segment (billions of yen) (Jan- Sep) Net sales break down by geographic area＞ 120 ※April 2011 Consolidation of POKKA CORPORATION 100 85% 80

60 101.5 101.4 93.4 95.9 97.6 99.3 40 74.7 15%

20 39.7 Appendix 28.6 23.5 25.4 Food & Soft Drinks 0 Japan Overseas 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ＜Japanese soft drinks ＜Overseas soft drinks POKKA SAPPORO Food & Beverage POKKA Corporation (Singapore) Sales composition (Jan- Sep)＞ Sales composition (Jan- Sep)＞ 2% 22% 157 ¥65.4 SG＄ million billion 42% 58% 76% Within Singapore Export Soft drinks Food Soy milk Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 34/43 【Pokka Create CO., Ltd.】

 Jan- Sep Net sales billion

up ％ y-o-y

＜New & refurbish outlets ＞

105 Appendix 51 East Japan Food & Soft Drinks 193 Central Japan West Japan

104 193 Directory operated 89 FC

Kireto Lemon Moisture 参考資料 Improved Appendix Unsweetened tea drink series

Soy milk series Gabunomi series

Jikkurikotokoto Soup series

参考資料 Appendix

 Shinsyu-ichi Miso Co., Ltd. launched miso containing lactic acid bacterium (September 1)

 Blended plant-based lactic acid bacterium SBL88, found after years of research by Sapporo Breweries Appendix

200 20.0 195 194 8 186 188 9 180 177 14 Tokyo Metroporitan 15.0 168 173 160 5 Kanto(excl.Tokyo) 10.0 19.3 19.6 Hokkaido 17.9 19.0 18.9 18.7 19.0 140 173 Tohoku 5.0 120 Nagoya 0.0 100 26 Kansai Appendix 2011 2012 2013 2014 2015 2016 2017 89 Other Restaurants Net Sales Number of outlets 22

＜Restaurants segment total number of outlets＞

174 9 Sapporo Lion New Sanko 213 Marushinkawamura Singapore

16 15 Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 39/43 ＜Major rental properties & occupancy rates：（Averages for 2017 3Q ) ＜Information about Real Estate for lease＞ Occupancy (billions of yen) Site area Floor area 450.0 rate No. of floors （㎡）（㎡）（%） 400.0 40 floors above 350.0 Yebisu Garden Place（1） 56,943 298,007 98 ground, 5 below 300.0 12 floors above Ebisu First Square 2,596 16,012 100 250.0 ground, 1 below 200.0 389.1 7 floors above 357.4 Ebisu Square 1,561 8,644 100 ground, 1 below 150.0 11 floors above 100.0 197.7 201.8 Ginza Place 645 7,350 99 ground, 2 below 50.0 13 floors above Strata Ginza（2） 1,117 11,411 100 0.0 Appendix ground, 1 below As of December As of December *1: The number of floors is for the office block only. Occupancy rates are for office areas only. 31, 2015 31, 2016 Real Estate *2: Figures are for entire property. Sapporo owns 922m2 of the site (sectional ownership) and 89.72% of the building (joint management) Balance sheet value Fair value

(billions of yen) (billions of yen) ＜EBITDA＞ 2016 3Q 2017 3Q Change ＜Operating income＞ 2016 3Q 2017 3Q Change

Yebisu Garden Place, etc. 6.1 6.1 0.0 Yebisu Garden Place, etc. 8.3 8.3 0.0

Hokkaido 0.8 1.1 0.2 Hokkaido 1.2 1.4 0.2

Other area & other Other area & other 1.5 2.3 0.7 2.0 3.0 1.0 operations operations

General corporate (0.5) (0.7) (0.2) General corporate (0.5) (0.7) (0.2)

Total 8.0 8.8 0.7 Total 11.1 12.1 1.0

 Nagoya City Bureau of Tourism, Culture & Exchange, Sapporo Breweries Ltd. and Sapporo Holdings Limited sign a partnership agreement for promoting Reims, France (photo) -To implement collaborative projects including community-linked cooperation starting at Shibuya, next-generation human resources development and new value creation http://www.sapporoholdings.jp/news_release/0000020381/pdf/20170704nagoya.pdf

 Tokyo University of Agriculture and Sapporo Holdings Limited sign a comprehensive partnership agreement http://www.sapporoholdings.jp/news_release/0000020393/pdf/20170803toukyounoudai.pdf Appendix  Aeon Global SCM and Sapporo Group start joint operation utilizing RORO (roll-on/roll-off) ship (cargo ship) http://www.sapporoholdings.jp/news_release/0000020389/pdf/20170721AEONSAPPOROHP.pdf

 The 9th Yebisu Beer Festival -Theme: The beer festival in the city for adults-

http://www.sapporoholdings.jp/news_release/0000020387/pdf/2017matsuri.pdf  Spending part of sales at Yebisu Beer Festival for kids’ baseball teams in Kesennuma City Donated 250 sets of batting center tickets for the members of the kids’ baseball team in Kesennuma City, who are facing difficulties in finding places to practice due to the impact of Great East Japan Earthquake. Appendix  Donated total of ¥3 million to support the victims of the heavy rains in Kyushu region: ¥2 million to Hita City, Oita Prefecture, and ¥1 million to Asakura City, Fukuoka Prefecture http://www.sapporoholdings.jp/news_release/0000020386/index.html

 Delivered relief supplies to Hita City, Oita Prefecture, which suffered damage due to the heavy rain

http://www.sapporoholdings.jp/news_release/0000020383/index.html Sapporo Group will continue to work on the three key themes of disaster restoration assistance -- promotion of local produce consumption, information dissemination and nurturing of the next generation. Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved. 42/43 As an intrinsic part of people's lives, Sapporo will contribute to the evolution of creative, enriching and rewarding lifestyles.

The earnings forecasts and forward‐looking statements appearing in this document were prepared by the SAPPORO Group based on currently available information and its best assessment of potential risks and uncertainties. Actual outcomes may differ materially from forecasts due to changes in various underlying factors.