[Translation]
March 28, 2014
Company name Sapporo Holdings Limited
Representative Tsutomu Kamijo
President and Representative Director
Securities code 2501
Listed on Tokyo Stock Exchange
Sapporo Securities Exchange
Inquiries Toshihiko Umezato
Director of Corporate Communication Department
Tel.: +81-3-5423-7407

Notice of the Approval of Continuation of the Policy toward Large-Scale Purchase of Share Certificates, etc. of the Company (Anti-Takeover Policy) and Election of Members of the Independent Committee

We hereby notify you that in respect of the "Policy Toward the Large-Scale Purchase of Share Certificates, etc. of the Company" (hereinafter the "Policy"), which was announced in a press release from Sapporo Holdings Limited (the "Company") on February 12, 2014, its continuation was approved by the shareholders as proposed in a resolution at the 90th ordinary general meeting of shareholders of the Company held today.
Also, at the meeting of the board of directors held after the close of the ordinary general meeting of shareholders, three (3) persons as shown in the appendix were elected as members of the Independent Committee, as stipulated in the Policy. The tenure of each member is until theend of the ordinary general meeting of shareholders of the Company to be held by March 31, 2015.

[End of document]

Exhibit

Name and personal history of the members of Independent Committee Shunko Muto

Mar. 1929 Born
Apr. 1953 Assistant judge, the Yokohama District Court
Apr. 1963 Judge, the Tokyo District Court
Apr. 1966 Instructor, the Legal Training and Research Institute
Apr. 1982 Judge, the Tokyo High Court
Apr. 1984 President, the Niigata District Court
May 1991 President, the Hiroshima High Court
Sep. 1992 Registered as lawyer (Daiichi Tokyo Bar Association) Oct. 1992 Professor, Faculty of Law, Teikyo University
Mar. 2003 Professor Emeritus, Faculty of Law, Teikyo University (up to the present)
Dec. 2003 Director General, Computer Entertainment Rating Organization (up to the present)

Hiroshi Oura

Feb. 1934 Born
Apr. 1956 Joined Fuji Tsushinki Manufacturing Corporation (now Fujitsu Limited)
Jul. 1978 Chief of General Planning Office and Manager of relevant department, Fuji Tsushinki
Manufacturing Corporation
Jun. 1985 Director and President of Tokyo Branch Office, Fuji Tsushinki Manufacturing
Corporation
Jun. 1988 Executive Director and President of Tokyo Branch Office, Fuji Tsushinki Manufacturing
Corporation
Jun. 1989 Representative Director, President and CEO, Advantest Corporation
Jun. 2001 Representative Director and Chairman of the Board, Advantest Corporation
Jun. 2003 Director, Fujitsu Limited
Jun. 2005 Director and Senior Executive Advisor, Advantest Corporation
Jun. 2007 Senior Executive Advisor, Advantest Corporation
Jun. 2010 Honorary Advisor, Advantest Corporation (up to the present)

Iwao Nakatani

Jan. 1942 Born
Apr. 1965 Joined Nissan Motor Co., Ltd.
Jul. 1973 Lecturer and Researcher, the Graduate School of Arts and Sciences, Harvard University
Jul. 1974 Associate Professor, Faculty of Economics, Osaka University
Apr. 1984 Professor, Faculty of Economics, Osaka University
Oct. 1991 Professor, Faculty of Commerce and Management, Hitotsubashi University
Oct. 1999 Professor, Department of Management and Information Sciences, Tama University
Apr. 2000 Chairman, Sanwa Research Institute Corporation (now Mitsubishi UFJ Research and
Consulting Co., Ltd.) (up to the present) Sep. 2001 President, Tama University
Apr. 2005 Professor Emeritus, Hitotsubashi University (up to the present) Apr. 2008 President Emeritus, Tama University (up to the present)
Feb. 2010 Chairman of Fushiki-an (up to the present)
[End of document]

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