English Translation of Original JapaneseThis is a translation of the original notice in Japanese. In the event of any discrepancy, the original
notice in Japanese shall prevail.

ASAHI BREWERIES, LTD.
(Securities Code: 2502)

March 25, 2011
Dear Shareholders:

NOTICE OF RESOLUTIONS OF
THE 87 ANNUAL GENERAL MEETING OF SHAREHOLDERSthAsahi Breweries, Ltd. (the “Company”) is pleased to respectfully notify you that, at the 87th
Annual General Meeting of Shareholders of the Company held on this day, reports were madeand resolutions were adopted as described below.

Sincerely,Naoki Izumiya, President and Representative Director
ASAHI BREWERIES, LTD.
23-1, Azumabashi 1-chome, Sumida-ku, Tokyo

Items Reported:
Business Report, Consolidated Financial Statements, Non-Consolidated Financial
Statements and reports of the audit results of the consolidated financial statements by
the Independent Auditor and the Board of Corporate Auditors for the 87th term, fromJanuary 1, 2010 to December 31, 2010, were reported.
Items Resolved:
Appropriation of surplus
Item 1:This item was approved and adopted as proposed, and the year-end dividend for thisterm was decided to be ¥12.50 per share.

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Item 2:

Approval of absorption-type demerger agreement
This item was approved and adopted as proposed. The Company has decided totransfer its alcoholic beverages business to its wholly-owned subsidiary, Asahi
Group Holdings, Ltd. (said trade name is scheduled to be changed to “Asahi
Breweries, Ltd.” as of July 1, 2011), through an absorption-type demerger to takeeffect on July 1, 2011.

Item 3:

Partial amendments to the Articles of Incorporation
This item was approved and adopted as proposed. The amended articles are asfollows.
Article 1 and Article 2 amendments will take effect on July 1, 2011, and, as a result,
the Supplementary Provision will be deleted accordingly.

(Amended parts are indicated by underlining)
Current Articles

Proposed Amendments

CHAPTER I. GENERAL PROVISIONSCHAPTER I. GENERAL PROVISIONS

Article 1. (Trade Name)
The name of the Company shall be “Asahi Beer
Kabushiki Kaisha,” expressed as “ASAHI
BREWERIES, LTD.” (hereinafter referred to as the“Company”) in English.

Article 1. (Trade Name)
The name of the Company shall be “Asahi Group
Holdings Kabushiki Kaisha,” expressed as “Asahi
Group Holdings, Ltd.” (hereinafter referred to as the“Company”) in English.

Article 2. (Purposes)
The purposes of the Company shall be to engage inthe following business activities:

Article 2. (Purposes)
1.The purposes of the Company shall be to manage
or control companies (including domestic andforeign companies), partnerships (including foreignequivalents), and other entities, which are engaged
in one or more of the businesses listed below,
through the holding of shares or other equity
interests in these entities:
1)

1)
2)
3)

4)

5)
6)
7)

8)

Manufacture and sale of beer and otheralcoholic beverages;
Manufacture and sale of soft drinks and otherbeverages;
Manufacture and sale of pharmaceuticals, quasidrugs, reagent chemicals, medical supplies,
drugs for animal use and cosmetics;
Manufacture and sale of products using
microorganisms and biochemical products
including enzymes;
Manufacture and sale of foodstuffs and foodadditives;
Production, processing and sale of agricultural
products including fruits, vegetables and grains;
Production and sale of milk and livestock, andmanufacture, processing and sale of dairy
products;
Manufacture and sale of fertilizers andfeedstuffs;

2)
3)

4)
(unchanged)
5)
6)
7)

8)

2Current Articles

Proposed Amendments

9)

Purchase and sale, lease, management andadministration, development and utilization ofreal estate, and management of forestry
business;10) Manufacture and sale of glass bottles and otherglass products, and related products including
stoppers for bottles;
11) Operation of restaurants and coffee houses;
12) Operation of trucking and warehousingbusinesses;
13) Provision of loans, trading of securities andprovision of guaranties;14) Manufacture, sale and maintenance ofequipment for manufacturing and selling foralcoholic and non-alcoholic beverages andother products;15) Operation of sports facilities, including tennis
courts and athletic clubs, and art museums;16) Non-life insurance and life insurance agency
businesses; and
17) Any and all business activities incidental orrelated to any of the preceding items.
(newly established)

Articles 3~39

9)

10)

11)
12)
13)

(unchanged)

14)

15)
16)
17)
2 The Company may also perform any and allbusiness activities incidental or related to any of thepreceding items.

(omitted)

Articles 3~39

(newly established)(unchanged)

Supplementary Provision
The amendments to Articles 1 and 2 shall beeffective on and from July 1, 2011. After theeffective date thereof, this supplementary provision
shall be deleted.

Item 4:

Election of eleven (11) Directors
This item was approved and adopted as proposed. The following ten (10) Directors
were re-elected and assumed their respective offices: Hitoshi Ogita, Naoki Izumiya,Kazuo Motoyama, Akiyoshi Koji, Katsuyuki Kawatsura, Toshihiko Nagao, Toshio
Kodato, Yoshihiro Tonozuka, Mariko Bando, and Naoki Tanaka. Ichiro Ito wasnewly elected and assumed his office.

Item 5:

Election of three (3) Corporate Auditors
This item was approved and adopted as proposed. The following two (2) CorporateAuditors were re-elected and assumed their respective offices: Takahide Sakurai andNaoto Nakamura. Yukio Kakegai was newly elected and assumed his office.

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____________________________________________________________________________At the meeting of the Board of Directors held after the conclusion of the above Annual
General Meeting of Shareholders, Hitoshi Ogita was reappointed as Chairman of the Boardand Representative Director, Naoki Izumiya as President and Representative Director, Kazuo
Motoyama as Executive Vice President and Representative Director, Akiyoshi Koji andKatsuyuki Kawatsura as Managing Director and Managing Corporate Officer, and Toshihiko
Nagao was newly appointed as Managing Director and Managing Corporate Officer, and they
all assumed their respective offices.
At the meeting of the Board of Corporate Auditors held after the conclusion of the above
Annual General Meeting of Shareholders, Yukio Kakegai was newly appointed as Standing
Corporate Auditor.
As a result, the new line-up of Directors and Corporate Auditors of the Company as of March25, 2011 is as follows:
Chairman of the Board andRepresentative Director

Hitoshi Ogita

President and Representative
Director

Naoki Izumiya

Executive Vice President andRepresentative Director

Kazuo Motoyama

Managing Director
Managing Corporate Officer

Akiyoshi Koji

Managing Director
Managing Corporate Officer

Katsuyuki Kawatsura

Managing Director
Managing Corporate Officer

Toshihiko Nagao

Director
Corporate Officer

Toshio Kodato

Director
Corporate Officer

Yoshihiro Tonozuka

Director

Mariko Bando

Director

Naoki Tanaka

Director

Ichiro Ito

Standing Corporate Auditor

Yoshifumi Nishino

Standing Corporate Auditor

Yukio Kakegai

Corporate Auditor

Takahide Sakurai

Corporate Auditor

Naoto Nakamura

Corporate Auditor

Tadashi Ishizaki

Directors Mariko Bando, Naoki Tanaka and Ichiro Ito are Outside Directors as defined in Item15, Article 2 of the Companies Act.
Corporate Auditors Takahide Sakurai, Naoto Nakamura and Tadashi Ishizaki are Outside
Corporate Auditors as defined in Item 16, Article 2 of the Companies Act.

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PAYMENT OF YEAR-END DIVIDENDS
As the year-end dividend for the 87th term was decided to be ¥12.50 per share, please receive
your dividends at your nearby Japan Post Bank’s central branch, branch or sub-branch office,or a post office (a bank agent) by submitting the enclosed “Dividend Warrant” during thepayment period from March 28, 2011 to May 6, 2011.
For shareholders who have designated a bank account transfer, please confirm the payment tothe designated account. For those who have designated a proportional distribution, pleasecontact your transfer account management institution (securities company) for details.
The “Statement of Dividend Calculation” is also enclosed. After receiving your dividends,
please use this document to confirm the amount of dividends received and for your income tax
return. For shareholders who have designated a proportional distribution, please contact yourtransfer account management institution (securities company) for details.

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