Evaluation Results of the Effectivenessof the Board of Directors in fiscal 2023
Asahi Group Holdings, Ltd.

1I. The Results of Evaluation of the Effectiveness in Fiscal 2023
To create even more robust corporate governance and improve its effectiveness, in fiscal 2023 the Board of Directors of the Company has analyzed
and evaluated the effectiveness of the Board of Directors (including the Nomination Committee and the Compensation Committee) while
incorporating third-party opinions.

The Board of Directors, the Nomination Committee and the Compensation Committee
functioned effectively, and fulfilled their responsibilities for the enhancement of corporate
value over the medium to long term.
Furthermore, the Board of Directors recognizes the issues to be addressed to continue toincrease its effectiveness, to be highly recognized by stakeholders globally, and to enhance
corporate value in the future, and it is necessary to respond to these issues.

Recognizedissuesaimed atfurtherimprovement

The Board of Directors recognizes the following i) – iv) as issues based on recommendations andopinions received from Directors and Audit & Supervisory Board Membersi)

Evolving the functions and perspectives of Directors with a focus on the futureii) Increasing the strategic nature of discussionsiii) Increasing opportunities for discussions on strategyiv) Increasing discussions on succession at the Nomination CommitteeⒸASAHI GROUP HOLDINGS. All rights reserved.

2I. The Results of Evaluation of the Effectiveness in Fiscal 2023 ｜Evaluation Basis
The Company’s Board of Directors held discussions and evaluated the effectiveness based on the details of the officer evaluations (questionnaireand interviews), formal evaluation by the Secretariat of the Board and objective opinions from a third party. It also recognized the issues forenhancing corporate value in the future.

Evaluation
Perspectives

Evaluation
PointsPerspective 1 Is the effectiveness continuously improving?
〔effectiveness of decision making, effectiveness of supervision〕
Perspective 2 What is the future vision for the Board of Directors of the Company?
Evaluation of the current status of the Board of Directors, the Nomination Committee andthe Compensation Committee, and of initiatives to increase their effectivenessPoints in enhancing corporate value over the medium to long term going forward.

Evaluation of initiatives in each field••••••
Strategy focused on the ultra-long termand long term•
Response to sustainability•
Status of group governance•Election and remuneration of Directors•
and senior management
Structure of the Board of Directors

Response to corporate culture and organizational
cultureResponse to investors
Providing information to Directors
Operation of the Board of Directors
Response to issues recognized in the previous fiscal
year’s evaluation of the effectivenessBased on the above evaluation and third-party opinions, discussions were held at theBoard of Directors and the results of evaluation and issues were recognizedⒸASAHI GROUP HOLDINGS. All rights reserved.

3II. Response to the Issues Identified｜Direction for Fiscal 2024 Response
For the issues identified, respond with the following directions in fiscal 2024.

Fiscal 2023
Issues identifiedi) Evolving the functions andperspectives of Directors
with a focus on the future

Evolve the roles and required perspectives of the Chairman,
Executive Directors, Outside Directors, the Nomination
Committee and the Compensation Committee.

ii) Increasing the strategic
nature of discussions

Appropriately share the issues, discussion points, hypotheses
and measures, and work to deepen discussion.

iii) Increasing opportunities
for discussions on strategy

Create opportunities for discussion and recognition of
medium-to long-term strategic themes inside and outside of
the Board of Directors.

iv) Increasing discussions on
succession at theNomination Committee

Expand information sharing and discussion on the state of thecandidate pipeline, evaluations and election.

Activities responding these issues identified will be incorporated into the annual activity plans of
the Board of Directors, the Nomination Committee and the Compensation Committee for fiscal
2024, and carried out.
ⒸASAHI GROUP HOLDINGS. All rights reserved.

4Reference

Board of Directors

Opinions
stating theeffectiveness

Opinions
recognizing
issues aimed
at further
improvement

Nomination Committee andCompensation Committee

Opinions
stating theeffectiveness

Opinions
recognizing
issues aimed
at further
improvement

Main Opinions in Officer Evaluations (Overview)
The Board of Directors is functioning effectively in terms of sustainable growth and enhancing medium- to long-term corporate
value.

Robust discussion has been achieved through diverse, substantive opinions. Moreover, the results of this discussion are beingreflected in business execution.

The effectiveness of the Board of Directors is being realized in the form of financial results even amid a drastically changing
market environment.

Based on the risk appetite, risk taking in business execution is being encouraged and supported from a long-term perspective.



While considering progressing globalism and the new management system, it is desirable to reconfirm the functions and roles of each Director.

With the increasingly diverse agenda being handled at the Board of Directors, it is important to further increase the strategic nature of both
agenda setting and discussion.

To realize the medium- to long-term management policy including the core strategy, it is desirable to expand opportunities for focuseddiscussion.

Based on the highly independence and planning of both the Nomination Committee and the Compensation Committee, important
agenda items are taken up.

Regarding nomination, discussions are being held to realize sustainable management, and the results thus far are being reflectedin both personnel selection and financial results.

Meaningful discussions on officers’ remuneration are taking place aimed at enhancing the competitiveness in the global humanresources market.

Regarding nomination, given the importance of securing and developing the human resources responsible for the future, we should increase
opportunities for discussion at the Nomination Committee.

Regarding officers’ remuneration levels, given progressing globalization, we need to accelerate discussion aimed at achieving global levels.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

5III. Initiatives in Fiscal 2023 ｜Responding to Issues Identified in Fiscal 2022
The Board of Directors has implemented the following responses to the issues identified in the fiscal 2022 effectivenessevaluation.
Issues Identified in Fiscal 2022

Reconfirming theCompany’s vision for
the Board ofDirectors

Further enhance theeffectiveness ofdiscussions, which
are the basis of theBoard of Directors’
effectivenessⒸASAHI GROUP HOLDINGS. All rights reserved.

Fiscal 2023 Response

The Board of Directors held discussions on corporate governance, including thefuture roles that the Board of Directors should fulfill, the necessary composition,and the roles that the Chairman of the Board of Directors and each Director should
fulfill.

In addition to the Board of Directors, the Nomination Committee and theCompensation Committee setting annual plans and working on important agenda
items, the Board of Directors provided information in a simplified format to aid inmonitoring in the form of executive summaries of materials.
The Board of Directors facilitated overseas tours, tours of business locations, aswell as training sessions and briefings for Outside Directors and Outside Audit &Supervisory Board Members. Furthermore, the Board of Directors strengthened
information provision by regularly issuing reports to outside officers.

〇〇6III. Initiatives in Fiscal 2023 ｜Strategic Agenda Setting and Activities
The Company's Board of Directors set the items which the Board of Directors should address in light of the current conditions of the Company, theresults of evaluation of the effectiveness, social demands, etc. as agendas, incorporated in the annual activity plan of the Board of Directors, andimplemented in a strategic and planned manner.
*Including regular agenda items

Fiscal 2023 Main Agenda Items
Discussions on corporate governanceDiscussions on officers’ remuneration
Discussions on the Medium-Term Management Plan ona rolling basis
Monitoring of business portfolio building
Monitoring of sustainability, DX and R&D
Monitoring of sophistication of human capital
Monitoring of group governance system
Discussions on ultra-long-term megatrends
Monitoring of the status of execution
Monitoring of risk management

Outside officers’ business understanding (onboarding, visits tooverseas business sites)
Exchange of views between Outside Directors and the Chairman, theCEO, and the Audit & Supervisory Board, respectivelyⒸASAHI GROUP HOLDINGS. All rights reserved.

Apr.

May

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Mar.

IV. Initiatives Carried Out to Improve the Effectiveness｜Framework for improving
the effectiveness
The Company’s Board of Directors considers a highly effective Board of Directors to be one that continuously enhances
corporate value over the medium to long term, and based on the below framework, it has carried out initiatives aimed asystematically realizing that vision.
Enhancing corporate value over the medium
to long term
Improving the effectiveness of the Board ofDirectors

Highly effective decision-making
Timelydecisionmaking

×

Effectivediscussions

×

Highly effective supervision

Appropriate
selection ofthemes

Decision-making abilityOperationscontributing toeffectivenessTimelysupervisionof theexecution

・Provision of information
・Securing time, etc.

×Effectivediscussions

×

Appropriate
selection ofthemes

Ability to supervise the execution(objective/condition)

Board of Directors Skill matrix＜ Skills that enable Directors to contribute to improving effectiveness ＞
Long-Term
Strategy

GlobalⒸASAHI GROUP HOLDINGS. All rights reserved.

Sustainability

Discontinuous
GrowthSeniorLeadership

Finance

Risk &Governance

Human
Resources &Culture

7IV. Initiatives Carried Out to Improve the Effectiveness ｜Activity cycle aimed atcontinuously improving effectiveness

8By completing the one-year activity cycle (PDCA) with aim of improving the effectiveness of the Board of Directors, theNomination Committee and the Compensation Committee each year, we aim to continuously improve effectiveness.

The PDCA cycle creates
virtuous spiralAction● Based on the evaluation

Check● Evaluation of theDo
Plan● Based on the issues andresponse measures confirmedin the previous fiscal year’s
evaluation, the Board ofDirectors establishes anactivity plan for the fiscal year

ⒸASAHI GROUP HOLDINGS. All rights reserved.

● Deliberate on and monitor

responses to the issues
identified based on theannual plan, as well as
necessary discussion points

effectivenessWith the involvement of
external third parties toevaluate and address
opinions on the effectiveness,in addition to officers’ selfevaluation

results, the Board of Directors
confirms the issues and theresponse measuresIV. Initiatives Carried Out to Improve the Effectiveness ｜Initiatives
aimed at enhancing corporate governance

9Since 2000, the Board of Directors of the Company has continuously worked to strengthen the substantive corporate governance, evolving its
approach especially in 2018 when various measures were implemented. Going forward, the Board of Directors of the Company will continue its
efforts to improve corporate governance in order to increasing corporate value over the medium to long term.

Main initiatives in 2023
Toward a composition of half Outside Directors
and a majority non-executive directors

Strengthening Corporate Governance

Sustainability Committee was established• Improvement of the skill matrix of the Board of Directors• Strengthening social value indicators for Directors’ remuneration• Disclosure of effectiveness evaluations of the Nomination Committee and the Compensation Committee• Strengthening the annual plan of the Nomination Committee and the Compensation Committee• Transitioning to a new group system through GHQ/RHQ• Annual plan of Board of Directors, formulation of agenda, shift to PDCA
• The skill matrix of the Board of Directors and the skill set of CEO• Succession Plan of CEO and Directors• The CxO system was introduced to strengthen global governance• Chairman to step down from Representative Director role and give his undivided attention to chairing the Board of Directors• Standards and guidelines were formulated for the resignation of the CEO, the appointment of representative directors, and terms ofoffice for officers.
• Transferring the CEO role from Chairman and Representative Director to President and Representative Director• The evaluation of the effectiveness of the Board of Directors using third-party perspectives commenced.
• The Nomination Committee and the Compensation Committee are chaired by Outside Directors.
• Evaluations of the effectiveness of the Audit & Supervisory Board were commenced.
• Nomination Committee and Compensation Committee were established.
• Number of Outside Directors was increased.
• Terms of Directors were shortened.
• The Company transitioned to a pure holding company structure.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

2018• Performance-linked stock compensation was introduced.
• Evaluations of the effectiveness of the Board of Directors were commenced.
• Corporate Governance Guidelines were formulated.

2019

2020

2021

2022

2023