On October 11, 2023, 3D Investment Partners Pte Ltd announced that it has issued a statement welcoming the fact that the Board of Directors of Sapporo Holdings Ltd has established a Group Strategy Review Committee, whose members include outside experts, and has initiated a comprehensive and objective evaluation of strategic alternatives to improve corporate value, including soliciting proposals from third parties for Company?s real estate business, and asked the all shareholders and other stakeholders support the Committee's efforts by actively providing feedback and proposing measures to enhance Company?s corporate value. In addition, 3D Investment Partners stated that in April 2023, it has engaged an independent outside research firm to conduct a comprehensive opinion survey of shareholders and market participants in Japan and abroad, the results clearly indicated that it is essential for the Company to consider drastic measures to enhance its corporate value, and 3D Investment Partners shared the results of the shareholder opinion survey with Company's management and outside directors. Further, 3D Investment Partners reiterated that in September 2023, the Company established a Group Strategy Review Committee and began to evaluate strategic alternatives to enhance Company's medium- to long-term corporate value, 3D Investment Partners has been informed by the Company that the Committee was established in response to feedback from its shareholders, including 3D Investment Partners, and it welcomed such efforts as proof that the Company has begun to make sincere efforts to maximize its corporate value.