SAPPORO HOLDINGS LTD.
SAPPORO
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Disclosure Policy

Sapporo Holdings Ltd. strives to provide accurate corporate information on the Sapporo Group to shareholders, investors, security analysts, and news media in a timely and fair manner.
We comply with related laws and regulations, such as the Financial Instruments and Exchange Act, and rules of the Tokyo Stock Exchange, and make efforts to continuously disclose fair and reliable information at any time.

Information Disclosure Method

Important information subject to timely disclosure rules stipulated by the Tokyo Stock Exchange is registered in the Timely Disclosure Network ("TDnet") provided by the Tokyo Stock Exchange for disclosure.
After the information is registered in TDnet, the same information is immediately supplied to news media and the same materials are posted on our website.
In addition, information not subject to timely disclosure rules, which may be deemed useful for making investment decisions, is also disclosed in a timely and fair manner on our website.

Cautionary Statement with Respect to Forward-Looking statements

Matters that are not facts in the past, such as earnings forecasts and future outlook, to be posted on our website are presented at estimated value determined by us on the basis of information available at the time of disclosure. Actual results may differ from such estimated value.

Quiet Period

In a bid to prevent leakage of information on financial results and ensure fairness, we have set as quiet period a certain period from the day following the account closing date of each quarter to the date of declaration of financial results.
In the period, we withhold answers to questions and comments about financial results.
Even in the quiet period, however, we reply to inquiries about information not related to financial results and those related to the scope of information already made public. In addition, even in the quiet period, if earnings forecasts are expected to change significantly, we make public the change when necessary in accordance with timely disclosure rules.