[Translation]
January 27, 2012

Company name

Sapporo Holdings Limited

Representative

Tsutomu Kamijo

President and Representative Director

Securities code

2501

Listed on

Tokyo Stock Exchange

Sapporo Securities Exchange

Inquiries

Tatsuya Komatsu

Director, Corporate Communication Department

Tel.: +81 3-5423-7407

Sapporo Holdings Announces the Acquisition of Trust Beneficiary Rights (Noncurrent Assets) by a Consolidated Subsidiary and the Dissolution of the Strategic Business and Capital Alliance

Sapporo Holdings Limited (the "Company") hereby announces that SAPPORO REAL ESTATE CO., LTD. (for which the trade name was changed from Yebisu Garden Place Co., Ltd., as of January 1, 2012), a consolidated subsidiary of the Company, which conducted negotiations on the acquisition of the 15% trust beneficiary rights (noncurrent assets) held by its joint holder in the complex called Yebisu Garden Place (located at Ebisu, Shibuya-ku, Tokyo, and others; the "Yebisu Garden Place Complex") as was previously announced on December 26, 2011, has recently reached an agreement with the joint holder on the terms and conditions of the transfer contract and determined the acquisition of the said trust beneficiary rights (noncurrent assets) at the meeting of its Board of Directors held today.
Furthermore, in association with the acquisition above, the Company announces that it has been agreed to dissolve the strategic business and capital alliance entered into by and between the Company and SAPPORO REAL ESTATE and Morgan Stanley Capital K.K. (including the real estate funds that are operated thereby or to which it issues advice, as well as the Tokutei Mokuteki Kaisha (special-purpose company) that incorporates such funds in its business operation; "Morgan Stanley").
1. Acquisition of the Noncurrent Assets
(1) Reasons for the Determination on the Acquisition
Because the transfer contract has been agreed upon pursuant to the terms and conditions that were announced on December 26, 2011.
(2) Schedule