Financial Results Presentation for 2017

Financial Results Presentation for 2017 2017 Summary 2018 Forecast February 2018

Financial Results for 2017 Financial Forecast for 2018

Financial Results 2017 Highlight 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Alcohol Beverages Business 968.9-7.8-0.8% - 3.6 963.0 4.6 0.5% Soft Drinks Business 374.5 10.6 2.9% 0.2 369.7-4.8-1.3% Food Business 113.8 3.0 2.7% - 0.1 113.9 0.1 0.1% Overseas Business 621.1 370.8 148.1% 55.7 697.5 60.5 9.5% Other Business 106.1 3.9 3.8% - 0.2 110.2 4.1 3.8% Adjustmenet (corporate and elimination) - 99.5-2.5-2.9-114.3-9.4 - Revenue 2,084.9 378.0 22.1% 54.9 2,140.0 55.1 2.6% Alcohol Beverages Business 121.5 0.7 0.6% - 1.5 125.0 4.5 3.8% Soft Drinks Business 38.3 6.0 18.5% 1.2 38.9 0.6 1.5% Food Business 11.6 1.4 13.4% 0.1 12.1 0.5 4.1% Overseas Business 65.9 53.6 434.0% 7.0 92.0 25.0 37.2% Other Business 2.0-0.0-0.4% - 0.1 2.4 0.4 20.5% Adjustmenet (corporate and elimination) - 20.2-0.3-1.8-21.9-1.7 - Amortization of acquisition-related intangible assets - 19.2-12.9 - - 0.6-21.7-2.5 - Corporate adjustment (IFRS adjustment) - 3.6-0.5-0.4-6.8-3.2 - Core operating profit 196.4 47.9 32.2% 8.4 220.0 23.6 12.0% Operating profit 183.2 46.3 33.8% 15.9 200.0 16.8 9.2% Profit attributable to owners of parent 141.0 51.8 58.0% 31.0 142.0 1.0 0.7% 2017 Revenue: Finished above target with +22.1% YoY growth mainly driven by revenue growth of Overseas Business, which includes the full-year contribution of Europe business, mitigating the slight decline in Alcohol Beverages Business. Core OP: Finished above target with +32.2% YoY growth driven by profit growth across all three domestic Businesses in addition to Overseas Business which includes the positive impact of the addition of Europe business. 2018 forecast Revenue: Target +2.6% YoY growth driven by Overseas Business centered on Europe business, mitigating YoY decline of Soft Drinks Business due to sales of stocks of LB. Core OP: Target +12.0% YoY growth driven by Overseas Business centered on Europe business in addition to all three domestic Businesses. 1

Alcohol Beverages Business (Sales Volume of Beer-type) <Sales Volume> (Millions of cases) <Market Trend> 2017 2018 forecast 2017 2018 forecast YoY (Amount / %) Against target YoY (Amount / %) YoY YoY Beer 99.98-3.11-3.0% - 1.52 98.50-1.48-1.5% -2~3% -2~3% Happoshu 15.01-0.26-1.7% 0.51 14.50-0.51-3.4% Approx. -4% Approx. -3% New Genre 42.98 0.06 0.1% - 1.02 43.00 0.02 0.0% -1~2% Approx. -1% Beer-type beverages Total 157.97-3.31-2.1% - 2.03 156.00-1.97-1.2% -2~3% Approx. -2% <Sales Volume by Brands> (Millions of cases) 2017 2018 forecast 2017 YoY YoY (Amount / %) Against target YoY (Amount / %) Super Dry Total 97.94-2.06-2.1% - 2.06 95.50-2.44-2.5% Can - 2.7% Style Free Total 13.35-0.01-0.1% - 0.05 13.40 0.05 0.4% Keg - 2.2% Clear Asahi Total 35.85 0.37 1.0% - 0.75 36.00 0.15 0.4% Bottle - 5.2% Market Total 2017: -2% to -3% YoY decline in total volume due to unseasonable weather, despite reinforced marketing activities around core brands and brand extension products by each company. 2018: YoY contraction by approx. -2% in total volume expected due to the industry s structural trend in addition to the partial negative impact of retail price hike. Sales Volume of Asahi Breweries 2017 <Beer> -3.0% YoY decline due to sluggish sales in on-premise market, despite reinforced marketing activities related to 30 th anniversary of Super Dry. <Happoshu> -1.7% YoY decline in total volume with sales decrease of brands other than Style Free, despite slight decline of Style Free brand. <New Genre> +0.1% YoY growth in total volume with favorable results of Clear Asahi brand due to strong performance of Zeitaku Zero and launches of limited-time-only products. 2018 <Beer> -1.5% YoY decline expected due to market contraction, despite launching new products such as Super Dry extension products Shunrei Karakuchi and Gran Mild. <Happoshu> -3.4% YoY decline in total volume expected due to continuous contraction of other brands than Style Free, despite enhancing promotional activities focused on Style Free brand. <New Genre> Target the same level as the previous year through reinforcement of Clear Asahi brand driven by the renewal of core products and launches of limited-time-only products. 2

Alcohol Beverages Business (Revenue) <Revenue> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Beer 546.1-14.3-2.5% - 7.1 547.6 1.5 0.3% Happoshu 57.9-1.2-2.0% 1.9 55.9-2.0-3.5% New Genre 142.4 0.2 0.1% - 3.4 142.9 0.5 0.3% Beer-type beverages total 746.3-15.3-2.0% - 8.5 746.3 0.0 0.0% Whiskey and spirits 55.0 0.7 1.2% 0.0 56.3 1.3 2.4% Wine 41.3 1.1 2.9% 0.1 42.4 1.1 2.7% RTD low-alcohol beverages 40.6 3.4 9.1% - 0.9 46.5 5.9 14.6% Shochu 27.9 0.5 1.8% 0.2 27.5-0.4-1.4% Other 0.0-0.0-9.1% - 0.0 0.1 0.0 8.5% Other alcohol beverages total 164.8 5.7 3.6% - 0.6 172.8 8.0 4.8% Non-alcohol beverages 31.9 0.3 1.0% - 0.3 32.5 0.6 1.9% Other, contracted manufacture, etc. 24.1 0.1 0.5% - 0.4 24.9 0.7 3.1% Asahi Breweries Revenue 967.2-9.1-0.9% - 9.8 976.5 9.3 1.0% Other / elimination in segment 38.2-1.5-3.8% 2.7 23.5-4.2-15.3% Corporate adjustment (IFRS adjustment) - 36.5 2.8-3.5-37.0-0.5 - Revenue total 968.9-7.8-0.8% - 3.6 963.0 4.6 0.5% Revenue of Other Alcohol Beverages 2017 +3.6% YoY growth in total, with continuous favorable sales of each category centering on RTD low-alcohol beverages. +1.0% YoY growth in sales of Non-alcohol beverages mainly driven by strong performance of Dry Zero. 2018 Target +4.8% YoY growth driven by enhancing RTD low-alcohol beverages through sales expansion of Mogitate and launches of new brands. Target +1.9% YoY growth in sales of Non-alcohol beverages driven by revitalized impact of renewal of Dry Zero. 3

Alcohol Beverages Business (Core Operating Profit) <Core Operating Profit> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Beer-type - Increase in sales volume - - 5.7-3.4-2.6 Change in Beer-type - 0.3-0.2-1.8 Other alcohol beverages - increase in sales volume - 3.0 0.0-2.6 Cost reduction in manufacturing - 3.8 0.7-1.0 Cost increase in manufacturing - - 0.5-0.1 - - 1.0 Decrease in sales promotion expense 104.9 3.6 1.1 104.5 0.4 Increase in other expenses - - 4.5-0.1 - - 2.9 Asahi Breweries 119.6 0.1 0.1% - 1.9 124.1 4.5 3.8% Other / elimination in segment 1.9 0.6 48.7% 0.3 0.9 0.0 2.8% Core Operating Profit 121.5 0.7 0.6% - 0.7 125.0 4.5 3.8% 2017: Factors Contributing to Growth / Decline <Breakdown of main factors> Beer-type Decrease in sales volume: -5.7 (Beer -5.5, Happoshu -0.3, New Genre +0.1) Cost reduction in manufacturing: +3.8 (Raw materials +2.8, Product mix improvement in categories of other than beer-type +1.0) Cost increase in manufacturing: -0.5 (Raw materials -0.1, etc.) Decrease in sales promotion expense: +3.6 (Advertisement +1.2, Promotion expenses +2.4) (Beer-type +4.8, Others -1.2) 2018 forecast: Factors Contributing to Growth / Decline <Breakdown of main factors> Beer-type Increase in sales volume: +2.6 (including the impact of price revision) Cost reduction in manufacturing: +1.0 (Raw materials +0.4, Product mix improvement in categories other than beer-type +0.4, etc.) Cost increase in manufacturing: -1.0 (Raw materials -0.6, Utilities -0.4) Decrease in sales promotion expenses: +0.4 (Advertisement -0.3, Promotion expenses +0.7) (Beer-type +1.5, Others -1.1) 4

Soft Drinks Business (Sales Volume) <Sales Volume> (Millions of cases) <Market Trend> 2017 2018 forecast 2017 2018 forecast YoY (Amount / %) Against target YoY (Amount / %) YoY YoY Carbonated drinks 62.06 3.87 6.7% 0.16 65.53 3.46 5.6% 0~1% Fruit juice 22.42-1.18-5.0% 0.79 19.55-2.88-12.8% +1~2% Coffee 44.17 0.17 0.4% - 1.33 46.00 1.83 4.1% -1~2% Tea 40.20-1.90-4.5% - 0.35 40.75 0.55 1.4% +1~2% Mineral Water 23.46-2.49-9.6% 0.06 24.80 1.34 5.7% -2~3% Lactic acid drinks 44.37 3.10 7.5% 0.87 47.36 2.99 6.7% +1~2% Other drinks 19.29 0.54 2.9% - 0.63 19.52 0.23 1.2% - Sales Volume 255.98 2.12 0.8% - 0.42 263.50 7.52 2.9% unchaged YoY 0~1% <Sales Volume by Brands> 2017 2018 forecast YoY (Amount / %) YoY (Amount / %) Mitsuya 37.52-1.51-3.9% 40.10 2.58 6.9% Wilkinson 19.90 3.60 22.1% 21.00 1.10 5.5% WONDA 41.65-0.26-0.6% 44.00 2.35 5.6% Jurokucha 22.93-1.12-4.7% 24.40 1.47 6.4% Oishii Mizu 23.46-2.48-9.6% 24.80 1.34 5.7% Calpis 38.34 3.19 9.1% 40.30 1.96 5.1% Market Total 2017: Unchanged from the previous year in volume driven by increase of marketing activities around core brands in each beverage company, mitigating the impact of unseasonable weather. 2018: Expected to maintain YoY or slightly above in total volume, with beverage companies focusing their activities on proposal of new value products by utilizing their core brands. Asahi Soft Drinks Sales Volume 2017: +0.8% YoY growth in total sales volume, with strong performances from Wilkinson and Calpis, mitigating the volume decline of Mineral Water and others. 2017: Target +2.9% YoY growth in total volume through enhancement of brand values of core 6 brands and reinforcing the health category by utilizing our own unique R&D capabilities. 5

Soft Drinks Business (Core Operating Profit) <Core Operating Profit> (Millions of cases / JPY billion) 2017 2017 forecast YoY (Amount / %) Against Target YoY (Amount / %) Sales Volume total 255.98 2.12 0.8% - 0.42 263.50 7.52 2.9% Revenue total 374.5 10.6 2.9% 0.2 369.7-4.8-1.3% Increase in sales volume - 1.8-0.5-3.3 Change in product & pack mix, etc. - 1.2 0.1-0.2 Cost reduction - 3.4 0.4-3.4 Cost increase - - 0.3 0.0 - - 1.7 Decrease in sales promotion expenses - 0.9 0.5 - - 1.4 Other expenses - - 1.2 0.5 - - 2.1 Asahi Soft Drinks 37.0 5.8 18.5% 1.0 38.7 1.7 4.5% LB 0.9 0.1 7.1% 0.1 - - 0.9 - Other / elimination in segment 0.4 0.2 65.0% 0.1 0.2-0.2-49.9% Core Operating Profit 38.3 6.0 18.5% 1.2 38.9 0.6 1.5% 2017: Factors Contributing to Growth / Decline <Breakdown of main factors> Cost reduction: +3.4 (Raw materials +1.5, Packages +0.7, operational efficiency / in-house production +1.2) Cost increase: -0.3 (Raw materials -0.1, Packages -0.2) Decrease in sales promotion expenses: +0.9 (Advertisement -0.5, Promotion expenses +1.4) 2018 forecast: Factors Contributing to Growth / Decline <Breakdown of main factors> Cost reduction: +3.4 (Raw materials +1.0, Packages +0.8, operational efficiency / in-house production +1.6) Cost increase: -1.7 (Raw materials -0.8, Packages -0.9) Increase in sales promotion expenses: -1.4 (Advertisement +0.5, Promotion expenses -1.9) 6

Food Business (Revenue / Core Operating Profit) <Revenue> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Asahi Group Foods 126.1 3.8 3.1% 0.9 126.3 0.2 0.2% Other / elimination - 0.0-0.0 - - 0.0 0.0 0.0 - Corporate adjustment (IFRS adjustment) - 12.3-0.8 - - 1.0-12.4-0.1 - Revenue 113.8 3.0 2.7% - 0.1 113.9 0.1 0.1% <Core Operating Profit> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Asahi Group Foods 11.1 1.1 10.6% 0.0 11.7 0.5 4.7% Other / elimination 0.5 0.3 168.6% 0.1 0.4-0.0-9.3% Core Operating Profit 11.6 1.4 13.4% 0.1 12.1 0.5 4.1% Revenue 2017: +2.7% YoY growth driven by strong performance in core brands including MINTIA and Dear Natura. 2018: Target +0.1% YoY growth driven by enhancing developments of added value products of core brands, despite some decline expected due to business restructuring. Core Operating Profit 2017: +13.4% YoY growth driven by revenue growth and reduction of manufacturing cost through factors including review of procurement for raw materials and improvement of manufacturing efficiency. 2018: Target +4.1% YoY growth driven by continuous improvement of product mix through enhancement of developments of added value products and manufacturing cost reduction. 7

Overseas Business (Revenue) <Revenue> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Europe business 373.6 347.2-36.5 438.9 65.3 17.5% Oceania business 173.2 24.9 16.8% 13.9 183.6 10.4 6.0% Southeast Asia business 55.4 3.2 6.2% 5.2 46.8-8.6-15.5% China business 17.3 0.3 2.0% 1.2 6.9-9.5-58.0% Other / elimination 1.5-4.9-76.7% - 1.1 21.3 2.9 16.0% Corporate adjustment (IFRS adjustment) - - - - - - - Revenue 621.1 370.8 148.1% 55.7 697.5 60.5 9.5% <Revenue (excluding foreign exchange impacts associated with conversion of local currencies into Japanese yen) > 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Europe business 364.4 338.1-31.3 438.7 65.1 17.4% Oceania business 162.8 14.5 9.8% 7.6 183.6 10.4 6.0% Southeast Asia business 55.5 3.3 6.2% 3.4 47.1-8.4-15.1% China business 17.1 0.1 0.4% 0.6 7.0-9.4-57.5% Other / elimination 1.2-5.3-82.0% - 1.2 22.0 3.6 19.7% Corporate adjustment (IFRS adjustment) - - - - - - - Revenue 600.9 350.6 140.1% 41.7 698.3 61.4 9.6% Revenue (excluding foreign exchange impacts associated with conversion of local currencies into JPY) Note: See P.10 for details of Europe business 2017 Oceania: +9.8% YoY growth driven by strong performance of beer with Peroni, newly added Europe brand, in addition to water category. (Non-alcohol beverages +5%, Alcohol beverages +17%) Southeast Asia: +6.2% YoY growth due to strong performance of Asahi brands in Malaysia and also favorable sales of core brands in Indonesia. China: +0.4% YoY growth driven by favorable sales of Super Dry both in China and export; mainly to Oceania. 2018 Oceania: Target +6.0% YoY growth driven by reinforcing the sales for water category and both Super Dry and Peroni (Non-alcohol beverages -7%, Alcohol beverages +22%). Southeast Asia: Target -15.1% YoY decline due to the scope change of Indonesia business to unconsolidated subsidiary, despite enhancing brand value improvement centered on core brands. China: -57.5% YoY decline due to the scope change of Yantai Beer to unconsolidated subsidiary, despite strengthening sales activities for premium beer market centered on Super Dry. 8

Overseas Business (Core Operating Profit) <Core Operating Profit> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Europe business 51.1 52.8-7.7 73.2 22.2 43.5% Oceania business 14.0 3.0 27.6% 0.9 15.7 1.7 11.8% Southeast Asia business 0.8-1.6-66.7% - 0.5 2.1 1.3 154.3% China business 0.9-0.3-24.6% - 0.1 0.2-0.7-74.0% Other / elimination - 0.9-0.4 - - 1.0 0.7 0.5 252.6% Core Operating Profit 65.9 53.6 434.0% 7.0 92.0 25.0 37.2% <Core Operating Profit (excluding foreign exchange impacts associated with conversion of local currencies into Japanese yen) > 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Europe business 49.9 51.6-7.0 73.3 22.2 43.5% Oceania business 13.2 2.2 19.9% 0.4 15.7 1.7 11.8% Southeast Asia business 0.8-1.6-65.4% - 0.6 2.1 1.3 155.5% China business 0.9-0.3-25.8% - 0.1 0.2-0.7-73.7% Other / elimination - 0.9-0.4 - - 1.0 0.8 0.6 272.4% Core Operating Profit 63.9 51.6 417.5% 5.7 92.1 25.0 37.3% Core Operating Profit (excluding foreign exchange impacts associated with conversion of local currencies into JPY) Note: See P.10 for details of Europe business 2017 Oceania: +19.9% YoY growth driven by revenue growth and integration synergies. Southeast Asia: -65.4% YoY decline mainly due to price hike of raw materials in Malaysia, despite reducing the deficit of Indonesia business. China: -25.8% YoY decline due to price hike of packages and product mix deterioration for contract manufacturing of Tsingtao Brewery in Yantai Beer. 2018 Oceania: Target +11.8% YoY growth driven by product mix improvement of Alcohol beverages through enhancing premiumization and streamlining manufacturing and logistics processes. Southeast Asia: Target +155.5% YoY growth driven by revenue growth and manufacturing cost reduction through review for manufacturing process. China: -73.7% YoY decline expected due to the scope change of Yantai Beer to unconsolidated subsidiary, despite enhancing product mix improvement through reinforcing sales activities for premium beer category. 9

Europe Business (Revenue / Core Operating Profit) <Revenue> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Western Europe (consolidated from Oct. 2016) 135.0 108.7 411.9% 9.9 145.3 10.2 7.6% Central Europe (consolidated from Apr. 2017) 238.5 238.5-26.5 293.6 55.1 23.1% Europe business 373.6 347.2-36.5 438.9 65.3 17.5% <Core Operating Profit> 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Gross Core Operating Profit 19.6 15.4 369.1% 1.4 21.4 1.8 9.4% One off Cost - 1.8 4.1 - - 0.2-0.1 1.7 - Western Europe 17.7 19.5-1.2 21.3 3.6 20.0% Gross Core Operating Profit 45.2 45.2-5.1 53.2 8.0 17.7% One off Cost - 11.8-11.8-1.4-1.2 10.7 - Central Europe 33.3 33.3-6.5 52.0 18.6 55.9% Europe business 51.1 52.8-7.7 73.2 22.2 43.5% Western Europe - 4.4-3.4-0.0-4.5-0.1 - Central Europe - 9.7-9.7 - - 0.7-12.7-3.1 - Amortization of intangible assets - 14.0-13.1 - - 0.6-17.3-3.2 - Revenue (excluding foreign exchange impacts associated with conversion of local currencies into JPY) 2017: +JPY 347.2 billion YoY growth driven by volume increase of core brands and category mix improvement, in addition to newly consolidated effect of Central Europe business. 2018: Target +17.5% YoY growth driven by steady revenue growth and product mix improvement in addition to 3 month results of Central Europe business. Core Operating Profit (excluding foreign exchange impacts associated with conversion of local currencies into JPY) 2017: +JPY52.8 billion YoY growth driven by revenue growth, product mix improvement and streamlining each cost spending in addition to newly consolidated impact. 2018: Target +43.5% YoY growth driven by streamlining cost spending through factors including integration synergy generation, in addition to revenue growth and product mix improvement. 10

Operating Profit / Profit Attributable to Owners of Parent 2017 2018 forecast YoY (Amount / %) Against Target YoY (Amount / %) Revenue 2,084.9 378.0 22.1% 54.9 2,140.0 55.1 2.6% Core operating profit 196.4 47.9 32.2% 8.4 220.0 23.6 12.0% Adjustment item - 13.2-1.6-7.5-20.0-6.8 - Loss (gain) on sales and retirement of non current assets Gain (loss) on sales of stocks of subsidiaries and affiliates - 5.5-6.8-0.5-6.0-0.5-9.6 9.6-9.6 - - 9.6 - Business integration expeses - 4.0 0.4 - - 2.3-4.0 - Impairment loss - 10.1-3.8 - - 10.1-10.1 - Others - 3.1-0.9-9.8-14.0-10.9 - Operating profit 183.2 46.3 33.8% 15.9 200.0 16.8 9.2% Finance income or loss - 3.8-2.8 - - 0.0-3.8-0.1 - Share of loss (profit) of entities accounted for using equity method Gain on sales of investments accounted for using equity method 1.1-0.9-46.6% - 1.9 0.8-0.2-21.8% 17.9 5.7 47.1% 17.9 - - 17.9 - Others - 1.4-1.4-1.6 6.0 7.4 - Profit before tax 197.0 46.9 31.3% 33.5 203.0 6.0 3.1% Income tax expense - 58.1 4.8 - - 4.6-60.7-2.6 - Profit 138.8 51.7 59.4% 28.8 142.3 3.5 2.5% Profit attributable to owners of parent 141.0 51.8 58.0% 31.0 142.0 1.0 0.7% Profit attributable to non-controlling interests - 2.2-0.0 - - 2.2 0.3 2.5-2017 Operating Profit: +33.8% YoY growth driven by substantial growth in Core OP and gain on sales of stocks of subsidiaries. Profit attributable to owners of parent: +58.0% YoY growth due to growth in OP and gain on sales of stocks of Tingyi-Asahi Beverages. 2018 Operating Profit: Target +9.2% YoY growth driven by growth in Core OP, despite expected loss on sales and retirement of non-current assets and cost increase in Others. Profit attributable to owners of parent: Target +0.7% YoY growth driven by growth in OP, despite downturn in reaction to gain on sales of investments accounted for using equity method. 11

Overview of Business Results for 2017 & Future Business Strategy

Executive Summary Overview of 2017 Results Strengthened sustainable earning power through enhancing brand equity and cost competitiveness Strengthened profitability in Alcohol Beverages Business driven by nurturing leading brands and improving efficiency for promotional expense spending Improved profit margin in Soft Drinks and Food Businesses driven by focusing on core brands and expanding integration synergies effect Positioned Overseas Business as a growth engine and reformed business portfolio Got off to a favorable start in strategy for growth for enhancing premiumization and generating synergies with Europe business Reformed business portfolio through promoting focus on competitiveness and improved asset efficiency Future Business Strategy Aiming at growth centered on high added value as a glocal (Think globally, act locally) value creating company Play a leading role to lead the industry into value added competition in domestic matured markets Facilitate cross border strategy aiming to become a premium brewer with competitive advantage Developing management further to enhance corporate value in all group companies entering new stages Restructure Corporate Philosophy and Long-Term Vision for sustainable growth and review Medium-Term Management Policy Reinforce ESG initiatives linked to corporate value through efforts including governance reform contributing to strategy for growth 12

Progress in Medium-Term Management Policy Key Performance Indicator (KPI) Concept and Guidelines FY2015 Results Guidelines for FY2016 to FY2018 Progress including FY2018 forecasts Revenue JPY 1,857.4 billion Stable growth from main businesses Business restructuring + New M&As - Core OP JPY 135.1 billion Existing businesses (CAGR : high single digit) + Impact of new M&As 17.6% (Existing businesses only : 6.6%) E P S 166.3 yen CAGR : approx. 10% 23.1% (Adjusted : 21.3%) R O E 8.8% Maintain and grow to 10% or higher 11.9% (Adjusted : 13.8%) Note: Result of each indicator includes the impact of transition to IFRS at the end of FY2016 Figures in progress are calculated after deduction of special factors including one off extraordinary profit or loss and forex impacts Financial and Cash Flow Strategy and Guidelines Cash Flow Strategy for Growth Shareholder Returns Cumulative Guidelines for FY2016 to FY2018 Generated cash flow: JPY 470.0 billion or more (Operating cash flow + Maximization measures + Assets review) Capital expenditures: JPY 180.0 to JPY 220.0 billion Active investment in M&As and alliances to acquire foundations for growth (Maximum D/E ratio of approx. 1.0 time acceptable if major capital demands arise) Stable dividend increases with the aim of a dividend payout ratio of 30% (IFRS basis) by FY2018 Flexible share buybacks taking into account an appropriate balance with investment for growth Progress including FY2018 forecasts Generated CF : JPY 910.0 billion CAPEX : JPY 240.0 billion Investment for growth : JPY 1,200.0 billion (D/E ratio 0.86) 29% (excluding special factors : 30%) 13

Review of Medium-Term Management Policy Guidelines Key Performance Indicator (KPI) Concept and Guidelines Revenue Core OP FY2017 JPY 2,084.9 billion JPY 196.4 billion Guidelines for next 3 years out Stable growth from existing businesses Business restructuring + New M&As CAGR : mid to high single digit EPS (Adjusted*) 262.2 yen CAGR : mid to high single digit ROE (Adjusted*) 13.7% Maintain 13% or above *Adjusted figures are calculated after deduction of one off special factors including business portfolio restructuring and forex impact (yen) <J GAAP> <IFRS> <J GAAP> <IFRS> 14

Review of Financial and Cash Flow Strategy Financial and Cash Flow Strategy and Guidelines Guidelines for next 3 years out Cash Flow Debt Reduction Investment for growth Shareholder Returns FCF : above 140.0 JPY billion (annual average) impact of business restructuring : approx. 100.0 JPY billion (FY2018 forecast) Net debt / EBITDA : around 3 times by the end of FY2019 Net D/E ratio : below 1 time by the end of FY2018 Prioritize strengthening financial structure and consider M&A for expansion of foundations for growth Stable dividend increases with the aim of a dividend payout ratio of 30%* *Adjusted profit attributable to owners of parent is used for calculation, which is calculated after deduction of one off special factors including business portfolio restructuring <Net DER Net debt/ebitda Trend> <J GAAP> <IFRS> 15

Overview of Alcohol Beverages Business (1) Initiatives for revitalizing beer market <Value improvement of Super Dry> Performance by Container in 2017 Container type can keg bottle Total First Entry taking into account revision of beer definition Super Dry Total Composition (YoY) 52.0% 0.7 29.7% -0.1 18.3% -0.6% 100.0% YoY - 0.8% - 2.2% - 5.2% Gran Mild - 2.1% Shunrei Karakuchi Initiatives for improving brand equity in New Genre <Challenge for new demand creation> European brands Full development of European premium brands Clear Asahi Sales Volume and Market Share Trend (Million cases) <Reinforcement of brand foundation of Clear Asahi> Prime Rich Zeitaku Zero Note : Market share is calculated based on shipment volume 16

Overview of Alcohol Beverages Business (2) Revenue and Composition Trend of Categories other than Beer-type Non-alcohol Shochu Wine RTD Whiskey Note : Revenue figures are based on J GAAP RTD : Revenue and Market Share Trend Non-alcohol Beer Taste Beverages: Sales Volume and Market Share Trend (Million cases) Source : Intage Source : Intage 17

Overview of Soft Drinks Business Revenue and Core OP margin Trend Wilkinson Sales Volume Trend (Million cases) (CAGR) +17.8% <J GAAP> <IFRS> Sales Volume Trend of 6 Core Brands (Million cases) Calpis Oishii Mizu Jyurokucha Facilitation of Health Field Propose wide range of health value by utilizing our own unique R&D capabilities, such as for lactic acid FY2017 results : +29% YoY FOSHU Foods with function claims Lactic Acid WONDA Wilkinson Mitsuya 18

Overview of Food Business Revenue and Core OP margin Trend MINTIA Revenue and Market Share Trend <J GAAP> <IFRS> Revenue Trend of Core Brands Source : Intage Freeze Dried Miso Soup Baby Food Infant Formula Dear Natura MINTIA 19

Western Europe Business 2017 Results and 2018 Forecast (excluding foreign exchange impacts associated with conversion of local currencies into Euro) khl million Euro 2017 Results YoY*2 Against Target*3 2018 Forecast YoY*4 Sales Volume 8,786 7% 6% 9,119 4% Net Sales (exc Alcohol tax) 859 9% 5% 905 7% Core OP*1 154 13% 3% 167 10% One-off cost -14 36-1 -1 14 *1 Core OP before reduction of one-off cost *2 Comparison in FX rate of 2016. 2016 result is estimated number due to before acquisition *3 Comparison in target FX rate *4 Comparison in FX rate of 2017 (2017 Overview) Revenue increased above target by volume increase in all businesses and increase in the ratio of premium category Profit increased above target by product mix improvement due to the growth of UK and International businesses, and cost efficiency (2018 Strategy) Expand sustainable foundation for growth through revenue increase and growth centered on strengthening the brand equity and development of Super Dry Progress of Strategy for Growth Premium Ratio in Business Peroni Nastro Azzurro Net Sales Growth Rate (Global) +28% <only UK> +7% 20

Central Europe Business 2017 Results(Apr.-Dec.) and 2018 Forecast(Jan.-Dec.) (excluding foreign exchange impacts associated with conversion of local currencies into Euro) khl million Euro 2017 Results (Apr. - Dec.) YoY*2 Against Target*3 2018 Forecast YoY*4 (Full year basis) Sales Volume 26,084-1% 2% 32,300 0% Net Sales (exc Alcohol tax) 1,463 1% 4% 1,810 1% Core OP*1 351 6% 3% 415 7% One-off cost -92-17 -9 83 *1 Core OP before reduction of one-off cost *2 Comparison in 2016 FX rate. 2016 results estimated number due to before acquisition *3 Comparison in target FX rate of 2017 *4 Comparison in FX rate of 2017. 2017 result is estimated number due to before acquisition (2017 Overview) Revenue increased above target by sales volume increase in Czech and Romania, and increase in ratio of premium category Profit increased above target by progress of cost optimization programs across the territories, in addition to product mix improvement in each business (2018 Strategy) Aim to improve profitability in all businesses through premiumization and product mix improvement in each homeland Progress of Strategy fro Growth Premium Ratio in Business Pilsner Urquell Net Sales Growth Rate (Global) 39% 41% +11% 50% 48% 11% 11% 21

Creating Synergies Guideline (5+year) :more than 10.0 billion <Revenue Synergy (To be quantified> Sales expansion through cross-selling global premium brands Developing innovative initiatives leveraging each R&D capability <Cost Synergy ( 10.0 billion> SCM: Improve procurement ability by leveraging scale, SCM optimization IT:Review infrastructure and functionality requirements to optimize Other:Streamline process and support organizations to improve efficiency Initiatives for Creating Synergies <Revenue Synergy> (2017)Built own production system of Super Dry in Italy Started selling Peroni Nastro Azzurro in Australia (2018)Started selling Super Dry in Italy, UK, and France (from Jan.) Netherlands and Hungary (To be launched in 2018) Start selling European Premium Brands in Japan and China (Japan: from Apr.) <Cost Synergy> (2017) Reduced IT expenses by implementing the optimization of IT infrastructure and system (2018) Procurement cost efficiency by value engineering etc. Continuous initiatives in right sizing IT system, streamline the operating process 22

Expansion of Super Dry in Europe Brand Strategy Establish the presence in the premium market by appealing the functional and emotional value <Target> 1: The Enrichment Seeker 2: 25-40 Male & Female 3: Premium Drinker <Key factor for the expansion> 1: Provenance - No.1 Japanese super premium beer 2: Authenticity - The best quality remastered by Japan 3: Aspiration - Enthusiasm by enrichment seeker Functional Value Improve the freshness of product by in-house production Emotional Value Strengthen the engagement with opinion leaders Premium Tool Kit Improve the quality at drinking (Karakuchi serve) 23

Overview of Overseas Business (Oceania Business) Revenue and Core OP Margin Trend (based on local currency: AUD) Cost Reduction (including integration synergies): Result & Forecast 2016 2017 Cost Reduction 2018 forecast 2016-2018 3year forecast 1.8 3.2 1.0 Over 5.0 Initiatives in Growing Categories (Australia) (YoY +23%) Water Category Market Share in 2017 Imported premium beer Market Share in 2017 Super Dry + Peroni Market Share Trend Approx. 80% share in Private Label (YoY +30%) Market YoY +23% Source : Aztec, volume basis Source : Aztec, value basis Source : Aztec, value basis 24

<Reference> Global Beer Market Trend Premium and Super Premium Categories Account for approx. 30% of the Entire Beer Market, Driving the Total Market Growth (000KL) <Global Market Size and Price Segment Trend> (Volume) <Global Market Size and Price Segment Trend> (Value) (million USD) Composition Composition 8% 15% 17% 21% 62% 53% 15% 9% (Total) (Total) CAGR 2007-2017 0.0% +0.1% +2.5% +5.0% CAGR +0.8% +0.5% +0.2% +1.4% +5.0% +1.2% 2007-2017 Source : Canadean 25

<Reference> Earnings Structure Reform and Sales Promotion Expenses in Asahi Breweries Progress of Earnings Structure Reform 2016 2017 2018 Results Results Forecast Alcohol Beverages 4.7 7.9 1.4 Soft Drinks 4.1 3.5 3.4 Food 0.8 1.3 1.0 Overseas 2.8 4.0 1.6 Initiatives Reduce cost of raw materials such as malt and auxiliary materials Reduce package cost through facilitating group procurement Reduce manufacturing cost by reviewing material procurement and manufacturing process Improve operational efficiency through newly settlement of manufacturing lines Reduce manufacturing cost by reviewing raw materials procurement Facilitate joint procurement and logistic cost efficiency through business integration Create synergies through SCM integration and optimization (Oceania business) Reduce manufacturing cost by reviewing manufacturing process (Southeast Asia business) 2016-2018 3 year Target 14.0~ 6.0~ Total 12.4 16.7 7.4 20.0~30.0 Note : Overseas does not include Europe business Sales Promotion Expenses Trend in Asahi Breweries 2018 2015 2016 2017 YoY Inc/Dec YoY forecast Sales promotion Advertisement 74.1 79.1 76.7-2.4-0.6 76.0-0.7 29.2 29.4 28.2-1.2-0.5 28.5 0.3 Total 103.4 108.5 104.9-3.6-1.1 104.5-0.4 <Details by category> Beer Happoshu New Genre 58.8 60.7 57.9-2.7-0.9 57.2-0.7 3.1 2.6 2.0-0.7-0.1 1.9-0.1 15.7 17.3 15.8-1.5 0.2 15.2-0.7 Beer-type total 77.6 80.6 75.7-4.8-0.8 74.2-1.5 Other than Beer-type total 25.9 28.0 29.2 1.2-0.3 30.3 1.1 26

<Reference> Impact of Foreign Exchange Rate Key Currencies and the Company s Average Exchange Rates Trend Impact of Foreign Exchange Rates on Statement of Profit or Loss Exchange Rate Sensitivity of Key Currencies (2018) Impact from forex fluctuations of 1 yen to target currency (full year) Currency Target Revenue Core OP Target business Euro 128 yen ±3.4 ±0.6 Europe AUD 86 yen ±2.1 ±0.2 Oceania 2015 2016 2017 2018 forecast Note1: The figures do not include the impact to amortization of intangible assets Note2: Impact of forex rates means the impact of conversion of business results in local currencies into the results in yen 27

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