Central Europe Business

May 2018

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

ABEG at a glance#1

PolandCzech

Kompania Piwowarska
Population
38.4 mMarket size 37 mhl
Market share 35%
PCC
99 l

#1

Plzeňský Prazdroj
Population
10.6 mMarket size 14 mhl
Market share 48%
PCC
143 l
PilsenSlovakia

Bialystok

Poznan#2

Nosovice
Popovice

Ursus Breweries
Population
19.8 mMarket size 18 mhl
Market share 37%
PCC
94 l

Tychy

Saris

#1

HungaryPlzeňský Prazdroj Slovensko

Budapest

Population
5.4 m
Market size 4 mhl
Market share 37%
PCC76 l#1

Romania

Timisoara

Brasov
Buzau

Dreher Sörgyárak Zrt.
Population
9.8 m
Market size 7 mhl
Market share 33%
PCC
57 l

Europe (Export)
Asahi Brands Europe

Brewery

Asia-Pac (Export)
AE Brands Korea

Source: Czech: CBMA monthly data, Slovakia: internal estimates Poland: GUS dom. *excl. NAB, Romania: Deloitte, Hungary: internal estimates.

1Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Performance thus far
From FY2017 Financial Results Presentation (Feb15, 2018)◆ 2017 Results (Apr. – Dec.)•Volume and Net Sales growth in all markets except Poland•

Poland impacted by wet summer weather and negative elasticity associated with lower
promotional pressure resulting in increasing net pricing•

Overall ABEG margin growth of +110 bps off an already strong base•

All markets and regional structures delivering cost optimization programs well ahead of plan

◆ 2018 Results (Jan. – Mar.)•

Annual forecasted delivery of +1% Net Sales and +7% Core OP is well underway in Q1•

Strong execution plans assisted by warmer Jan/Feb weather•

OP continues to grow ahead of net sales and prior year given good realisation of cost
optimization programs

2Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Czech Republic• The premium player over-indexing in all the premium segments and channels• Developing “better” solutions across the category for all shoppers and consumers• Continuing to invest in beer and hospitality culture by growing in and improving theOn-Trade experience, leveraging our strong and unique Route to Market

Off trade by segments
Size: 7.8 mio hl / Source: Nielsen (55% of beer mkt)
1%

Super
Premium

56%

35%
7%

Premium

68%

Mainstream

EconomyCAGR
2015-1746%

19%

ABEG

13% 10% 10% 1 466
18,7%

19%

8%

15%

48%

HEI

1 424
7,2%

MCCARL.

19%

2 910
-2,8%

24%

1 977
-3,7%Others

3Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Poland• The Market leader by volume and value• Undisputed leader in Mainstream with increased focus in growth in premium andsuper-premium• Increasing NPR/hl by strengthening of key brands in the portfolio anddisproportionate growth in new and developing segments
Off trade by segments
Size: 30.5 mio hl / Source: Nielsen (80% of beer mkt)
SuperPremium

16%

Premium

39%

5%39%

18%

22%8%

48%
5%

Mainstream

Economy 3%

51%

17%

35%

ABEG

20%

28%

HEIMC(Poland 35% share)

1 190
13,7%
5 493
0,5%

12% 15 094
1,6%

33%

CARL.

CAGR
2015-17

Others

8 728
-3,6%

4
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Romania• Clear leader in all segments with the exception of Super-Premium• Recent focus on Revenue Management has resulted in the doubling of margin andValue Share leadership also in the On Trade• Increasing production capabilities to meet growing market demand
Off trade by segments
CAGR
Size: 30.5 mio hl / Source: Nielsen (68% of beer mkt) 2015-17

SuperPremium

12%

48%

Premium

38%

Mainstream

41%

Economy

30%

ABEG

12%

24%

19%

37%

17%

HEI

11%

MC

10%

10%

CARL.

18%

59022,2%

19%

1 610
10,0%

22%

4 619
6,0%

33%

Others5 505
0,2%

5Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

What we stand for◆ Our Purpose

To inspire better drinking experiences through brewing
Kando moments◆ 3 key strategic priorities

Premiumize
our scale

Scale ourpremiumization

Simplify
to intensify

6
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Premiumise our scale◆ 3 major trends to address in Central Europe

Craft is a desired
approach by all
Consumers

Well being; eating &drinking well havebecome standard

Consumers search foremotional connections
with brands

7
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Premiumise our scale◆ Craft is a mindset and a spectrum, not an extreme• Seeking to deliver beer culture and craft experience for all• Czech: Brewmaster’s choice, relaunch of Gambrinus & Radegast lagers• Poland: Książęce entry-craft range and unpasteurised Tyskie and Zubr
• Romania: Opening of the new unpasteurized segment with Timisoreana
Nepasteurizata and now Ursus Retro• Hungary: Dreher leading with hop-based innovations• Slovakia: relaunch of Šariš Zlatá 12

8Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Premiumise our scale◆ Czech segment expansion• Expansion of Czech brands globally• Super-premium proposition of Pilsner Urquell exclusively from the source• Kozel adds scale with a differentiated growth model9Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Premiumise our scale◆ Well-being is now everywhere• The NAB opportunity goes well beyond “negative choice”• We have been innovating the subcategory around CE:• Birell Botanicals range in Czech and Slovakia• Lech Free 0.0 in Poland• Ursus Cooler in Romania• D24 in Hungary

10
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Premiumise our scale◆ Asahi Super Dry around CE• Asahi Super Dry (brewed in Padova, Italy) will be launched in all CE markets over time
• Our first launch (full mix) has been Hungary in March and will act as a pilot for the model• Czech and Slovakia started in May – selected On-Trade only
• Romania launched May 22• Poland is under review

11Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Scale our premiumisation◆ Europe and Asia beyond CE• Aiming to lead the fast-growing Czech segment inEurope and Asia with Kozel and Pilsner Urquell.
• 22 markets across 5 time zones around Europe
focusing on Germany, Russia, Spain, Nordics,Austria• 8 countries currently covered in Asia Pacific with
South Korea the largest , and 15 markets plannedby the end of 2018
• Pilsner Urquell defines the Czech category andKozel provides scale at premium
5Kozel volume performance (Million HL)

43
2
10

12
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Simplify to intensify• Headquarters moved from Zug to Prague in July 2017
• Vast majority of headquarter staff are local talent resulting in fewer Expats• ISM (Integrated Spend Management): updated approach to ZBB initiated across theregion and each business unit/function• IT transformation programs initiated (50%+ cost reduction/3 years – 23%/Year1)• Value Engineering programs enhanced: no longer constrained by SABMiller ways ofworking and enhanced by Asahi R&D capabilities• Procurement saving programs driving P&L
savings; cost avoidance, commodity
volatility management & working capital
improvements• Empowerment by Asahi Group to makequick decisions to enable faster market
execution

13
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

People make it happen• Representatives of over 20 nationalities in ABE Group markets• Country level leadership teams have a strong local component balanced byinternational talent, with more than 50% of board members being locals• Average female representation in senior leadership positions is more than 25%

Russian 1
8.3%
SouthAfrican 3
25.0%
British 3
25.0%
Australian 1
8.3%

Slovak 1
8.3%

Canadian 1
8.3%
NewZealand 1
8.3%

Italian 1
8.3%

14Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Looking forward
Growth Opportunities• Growth of premium segment across theregion and positive macro-economics• Disproportionate growth in NAB in Czech& Slovakia and across the region• Accelerated growth of the Czech
segments both in Europe and Asia

Headwinds• Competitive landscape intensifying• Channel drift from on-trade to off-tradeacross the region• Unpredictable political environment inmost countries• Craft growth across the region• Regulatory changes (Smoking ban inCzech, Sobriety Act in Poland)• Introduction of Asahi Super Dry in ABEGmarkets• Commodity rises, e.g. hops, aluminium
cost increase• Cost synergy potentials as Asahi Group• Competitive labour market in the region

Confident of delivering low/mid single digit revenue andhigh single digit Core OP CAGR growth over next 3+ years

15Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

In conclusion• Scale is good, premium scale is better. We have both in our domestic markets• There is untapped potential for both our Czech origin Global Brands – Pilsner
Urquell and Kozel• Top line growth continues to come through further local premiumization andinnovation and accelerated international expansion• Bottom line growth is being enhanced through a fit-for-purpose cost mentality• We have strength in depth across the approx. 7800 people that work in ourmarkets and breweries• Engagement levels have increased since joining the Asahi Group• Mid term financial guidance is achievable and we have started well

16
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Information in this material is not intended to solicit sale or purchase of shares in Asahi Group Holdings.
The views, estimates and other information expressed in this document are based on the company's judgment at the time ofpublication, and no guarantees are provided regarding the accuracy of such information. This information is subject to change
without notice.
The company and its officers and representatives accept no responsibility or liability for any damage or inconvenience that may
be caused by or in conjunction with any part of these materials.