Western Europe BusinessWe are Asahi Europe
May 2018

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Our Vision

Asahi Europe will become aglobal premium beer powerhouse

1Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

How will we achieve our vision?

By leveraging our strengths
and existing success models+applying a challenger mindset
to everything we do
2
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How will we deliver our growth plans?

Growth EnginesRockets• Full potential mindset and• Focus on global cities with highstrategies• Opportunity-led portfolios andunified brand platforms• Flawless and disciplined
execution• Centers of excellence focusedon our core capabilities

premium consumption• Global brand-led portfolios andunified brand platforms• Influence on the “last mile” throughbespoke routes-to-market• Adopters of “best practice” in corecapabilities

3
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Org chart4
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What will be our competitive advantages?

PeopleCapable and committed individuals who balance
strategy and execution
Brand Portfolio
A differentiated, world-class brand portfolio

5
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Presentation format

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

What will be our competitive advantages?

PeopleCapable and committed individuals who balance
strategy and execution
Brand Portfolio
A differentiated, world-class brand portfolio
Insights
Great insights translated into ideas that inspire
customers
Flawless Execution
Winning ideas executed with precision and speed

7
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How will we unleash our Challenger Mindset?

• Setting aspirational objectives• Owning the performance• Focusing on what really matters

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Growth Engines

Driving strong and sustainable performance:• Drive top-line growth• Capture new opportunities through innovation• Optimize fixed costs• Enhance capabilities

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Positioning “Rockets”

For disproportional long-term success:• Repatriate markets• Build partnerships• Sell a portfolio• Develop capabilities

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Market overview – United Kingdom

ＣＡＧＲ（2012-2017）2017 Total 4,458 ‘000KL
Asahi Total Market Share 4％-0.2％

Super Premium

+8.6％

19％
Premium
26％

Mainstream

+0.8％

-2.6％

53％

Discount2％-7.7％

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Market overview - Italy

ＣＡＧＲ（2012-2017）2017 Total 1,780 ‘000KL
Asahi Total Market Share 19%

Super Premium
26％
Premium
24％

+1.1％

+3.8％

-2.1％

Mainstream
37％

Discount

+2.8％

-1.6％

13％

12
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Market overview - Netherlands

2017 Total 1,222 ‘000KL

Asahi Total Market Share 14%

Super Premium

ＣＡＧＲ（2012-2017）

+0.1％
+4.7％

6％
Premium

+2.9％

19％

Mainstream

-0.2％

54％

Discount

-2.6％

21％

13
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Financials

Guidelines for the next 3+ years
Revenue：Average annual growth rate in the high single digits
Core operating profit：Average annual growth of +/- 10%2017 Results and 2018 Forecast(excluding foreign exchange impacts associated with conversion of local currencies into Euro)
2017
2018
Againstkhl million Euro
YoY*2
Target*3
Results
Forecast
20172018
Againstkhl million Euro
YoY*2
Results
Forecast
Sales Volume
8,786
7% Target*36%
9,119

YoY*4
YoY*44%

Sales
VolumeNet Sales(exl. Alcohol tax)

8,786
859

7%
9%

6%
5%

9,119
905

4%7%

NetCoreSales
OP*1(exl. Alcohol tax)

859
154

9%
13%

5%
3%

905
167

7%
10%

Core OP*1

Once off cost

154-1413%
363%-1167-1

10%
14*1 Core OP before reduction of one-off costOnce off cost

-14 *2 Comparison
36in FX rate of 2016.
-1 2016 result is estimated-1
14
number due to before acquisition*3 Comparison in target FX rate
*1 Core OP before reduction of one-off cost

*4 Comparison in FX rate of 2017
*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 201714
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We are Asahi Europe… and the future is ours!
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.