December 31, 2018
|SMBC Nikko Securities Inc.||Naomi Takagi|
|Okasan Securities Co., Ltd.||Manabu Sumoge|
|Tokai Tokyo Research Institute Co., Ltd.||Kenji Araki|
|CLSA Securities Japan Co., Ltd.||Nigel Muston|
|JPMorgan Securities Japan Co., Ltd.||Ritsuko Tsunoda|
|Nomura Securities Co., Ltd.||Satoshi Fujiwara|
|Mizuho Securities Co., Ltd.||Hiroshi Saji|
* The lists above are based on the information available to Sapporo Holdings Ltd. as of the publication. Therefore, it should not be construed that the lists are complete lists of analysts, that the Company supports or sponsors any of these analysts, nor that the information is the latest.
* Analysts analyze and forecast performance, operation and other aspects of the Company based on their independent judgment. The Company is not involved in any part of this process.
* The Company does not support or guarantee any forecasts, opinions or recommendations by these analysts.