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2008 Interim Financial Results Overview and Future Business Strategy

August 2008ASAHI BREWERIES, LTD.

URL http://www.asahibeer.co.jp

Overview of 2008 Interim Results Overview of 2008 Interim Results ……………………………………..……………………................................................................2008 2008 FullFull--YearYear ForecastForecast…………………………………………....……………………………………..………………....................................Overview of First Half 2008 Overview of First Half 2008 ………………..……............................................................................................................................................Earnings Structure Reform in Alcoholic Beverage Business Earnings Structure Reform in Alcoholic Beverage Business ………………....…………........................BeerBeer--Type Beverages : Overview of 2008 Interim Results Type Beverages : Overview of 2008 Interim Results ……......................................................................BeerBeer--Type Beverages : 2008 Sales Targets Type Beverages : 2008 Sales Targets …………........…………………………………………....................................Super Dry Brand StrategySuper Dry Brand Strategy………………………………..……………………....……………………………………..............................Happoshu Brand StrategyHapposhu Brand Strategy ……....……..………………..……………………..…………...... ..…………......……................................New Genre Brand StrategyNew Genre Brand Strategy …………....……………………..………………..…………........................................................................Other Alcohol Category Results and StrategyOther Alcohol Category Results and Strategy………………………………....................................................................　　　　　　Asahi Soft Drinks Business Overview and StrategyAsahi Soft Drinks Business Overview and Strategy……..……………………........................................................Soft Drinks Business Overview and StrategySoft Drinks Business Overview and Strategy………………………………..……..…………..........................................Food and Healthcare Business Overview and StrategyFood and Healthcare Business Overview and Strategy………………………………......................................Overseas Business Overview andOverseas Business Overview and StrategyStrategy……………………………………………………..……..................................Growth in the Chinese Soft Drinks BusinessGrowth in the Chinese Soft Drinks Business………………………………............………………....................................Shareholder Return Policy and FinanceShareholder Return Policy and Finance………………………………..……....……................................. .................................

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ContentsContents

37.7

30.8 28.623.1

30.7

15.4 19.0 14.5 13.818.9

648.1656.6

664.4672.6 666.1

500.0

600.0

700.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2004 2005 2006 2007 2008

Operating income Net income Net sales

(billions of yen)

1H 2008 1H 2007 Inc./Dec. YoY

Alcoholic beverages 455.0 459.3 (4.3) (1%)

Soft drinks 142.0 130.8 11.2 9%

Food and healthcare 34.8 33.3 1.5 4%

Overseas 23.4 28.7 (5.3) (19%)

Other 10.9 20.5 (9.6) (46%)

Net sales 666.1 672.6 (6.5) (1%)

Alcoholic beverages 30.7 20.4 10.3 51%

Soft drinks 1.4 2.8 (1.4) (51%)


Overseas (2.6) (1.8) (0.8) -

Other 1.1 1.6 (0.5) (29%)

Operating income 30.7 23.1 7.6 33%

Equity metod income 5.9 5.5 0.4 -

Ordinary income 34.1 26.6 7.5 28%

Net income 18.9 13.8 5.1 37%

Copyright © ASAHI BREWERIES,LTD. All rights reserved.

1

(billions of yen)

　　 Overview of 2008 Interim ResultsOverview of 2008 Interim Results

(billions of yen)(billions of yen)

2008

　　 2008 2008 FullFull--Year ForecastYear Forecast


2

08年(E)

（billions of yen）

2008 target 2007 Inc./Dec. YoY

Alcoholic beverages 1,027.0 1,030.7 (3.7) (0%)

Soft drinks 297.1 268.3 28.8 11%


Overseas 48.7 55.4 (6.7) (12%)

Other 17.9 40.5 (22.6) (56%)

Total sales 1,465.0 1,464.1 0.9 0%

Alcoholic beverages 88.0 79.9 8.1 10%

Soft drinks 6.0 8.1 (2.1) (26%)


Overseas (4.3) (5.5) 1.2 -

Other 2.5 3.2 (0.7) (25%)

Total operating income 94.0 87.0 7.0 8%

Equity method income 9.1 9.0 0.1 -

Ordinary income 95.0 90.2 4.8 5%

Net income 48.0 44.8 3.2 7%

101.2 90.2 88.7 87.0

94.0

30.6 39.9 44.8 44.8 48.0

1,444.2 1,430.0

1,446.4 1,464.1 1,465.0

1,200.0

1,300.0

1,400.0

1,500.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2004 2005 2006 2007 2008

Operating income Net income Net sales

2008 (E)

(billions of yen) (billions of yen)


3

　　Overview of the First Half of 2008Overview of the First Half of 2008

■■MediumMedium--Term Business StrategyTerm Business Strategy (2007 (2007 －－ 2009) 2009) Alcoholic Alcoholic beverage beverage businessbusiness

Group businessGroup business

Alcoholic beverages: Achieved profit growth through earnings structure reform in response to surging raw materials pricesStrengthened foundations of key brands in all beer and beer-type beverages categories

Soft drinks: Significant growth due to growth in core brands and effect of integrating vending machine activities

Food and healthcare: Expanded operating base through capital and business tie-up with Amano Jitsugyo Co. Ltd.

Overseas: Achieved sustained growth at Tingyi-Asahi-Itochu Beverages Holding Co. Ltd.

Alcoholic beverages: Sales targets not achieved due to sluggish sales for standard happoshu categories

Group business: Profit targets not achieved in the soft drinks and overseas businesses

ResultsResults■■Overview of first half 2008 Overview of first half 2008 (Results and Issues)(Results and Issues)

IssuesIssues

Alcoholic Alcoholic beverage businessbeverage business

• Reinforce the foundations of Asahi’s brands, focusing on Asahi Super Dry→Produce stable, long-term cash flows

• Further growth of existing group companies• Pursue synergies with acquisition of new additions to our operating base

through M&As• Continuous and aggressive investment

Earnings Structure Reform in the Alcoholic Beverages BusinessEarnings Structure Reform in the Alcoholic Beverages Business

•• Price revisions for beer and beerPrice revisions for beer and beer--type beverages (from March; 3type beverages (from March; 3––5% inc. in retail prices) 5% inc. in retail prices) ⇒⇒ Impact: 7.6bn yenImpact: 7.6bn yen

•• Streamline production (utility costs etc.) and distribution (trStreamline production (utility costs etc.) and distribution (transport costs etc.)ansport costs etc.)　⇒　⇒ Impact: 1.6bn yenImpact: 1.6bn yen

•• Efficient use of advertising and promotional expenses by prioriEfficient use of advertising and promotional expenses by prioritizing brands, etc. tizing brands, etc. ⇒⇒ Impact: 11.8bn yenImpact: 11.8bn yen

◆◆ Reforming our Earnings StructureReforming our Earnings Structure

◆◆ Surging Raw Materials PricesSurging Raw Materials Prices•• Surging unit prices on ingredients (malt, secondary ingredients,Surging unit prices on ingredients (malt, secondary ingredients, etc.) etc.) and materials (aluminum cans, cartons, etc.)and materials (aluminum cans, cartons, etc.)⇒⇒ Value of cost increases: 2007 actual: 6.8bn yen;Value of cost increases: 2007 actual: 6.8bn yen;

2008 projection: 11.6bn yen2008 projection: 11.6bn yen


4

Advertising and sales promotion expenses Advertising and sales promotion expenses

2003 2004 2005 2006 2007 1H,2008 YoY 2008 plan YoY

77.9 76.3 77.8 80.8 77.9 30.7 (5.3) 71.0 (6.9)

31.2 32.3 32.2 32.7 34.9 16.7 (6.1) 30.0 (4.9)Total 109.1 108.6 110.0 113.5 112.8 47.4 (11.4) 101.0 (11.8)

(Breakdown)

Beer 60.3 58.0 54.9 58.6 59.5 24.5 (5.4) 53.5 (6.0)Happoshu 20.5 20.4 12.2 9.9 13.0 4.7 (2.9) 10.0 (3.0)New genre - - 9.2 13.0 10.0 5.1 0.0 10.6 0.6

Beer-type category total 80.8 78.4 76.3 81.5 82.5 34.2 (8.3) 74.1 (8.4)

Other alcohol beverages total 28.3 30.2 33.7 32.0 30.3 13.2 (3.1) 26.9 (3.4)

Sales promotion premium

Advertising/promotional expenses

(millions of cases)

Cases YoY change Composition Cases YoY change Market share

　Beer 112.81 (7.6%) 52.1% 56.26 (4.5%) 49.9%　Happoshu 54.28 (6.3%) 25.0% 13.78 (15.0%) 25.4%　New genre 49.65 7.2% 22.9% 11.13 16.1% 22.4%

216.73 (4.2%) - 81.17 (4.2%) 37.5%

Asahi Breweries

Total

Industory total

Asahi25.4%

Company B54.9%

Company C6.1%

Company D12.6%

■■Beer and Beer-Type Beverages: Taxable Sales Volume (Jan – Jun 2008)

BeerBeer--Type Beverages: Overview of FirstType Beverages: Overview of First--Half 2008 ResultsHalf 2008 Results

■■Asahi BreweriesAsahi Breweries’’ Market Share by Category Market Share by Category (Jan (Jan －－Jun 2008)Jun 2008)


5

HapposhuHapposhu New genreNew genreBeerBeer

Asahi49.9%

Company B26.6%

Company C14.4%

Company D8.3%

Asahi22.4%

Company B39.5%

Company C13.4%

Company D24.1%

Beer71.9 %

Happo-shu

17.9 %

New genre10.2%

　　BeerBeer--Type Beverages: 2008 Sales TargetsType Beverages: 2008 Sales Targets

(milions of cases)

2008 target 2007 YoYSuper Dry 126.30 130.70 (3.4%)Jukusen 2.30 1.00 130.0%Other 1.40 2.99 (53.2%)

Beer total 130.00 134.69 (3.5%)Honnama Draft 8.80 11.32 (22.3%)Honnama Aqua Blue 7.30 9.29 (21.4%)Style Free 11.00 8.30 32.5%Ginger Draft 0.80 －－Other 1.10 4.70 (76.6%)

Happoshu total 29.00 33.61 (13.7%)Clear Asahi 13.00 - －Ajiwai 4.90 2.34 109.4%Other 5.10 16.74 (69.5%)

New genre total 23.00 19.08 20.5%

Total 182.00 187.38 (2.9%)

■■ 2008 Sales Targets by Brand Market outlook

*Price elasticity applicable to the price revision is assumed to be 0.6 to 0.7

2007 sales breakdown for Asahi Breweries


6

08 vs. 07

Beer Approx. -6-7%

Happoshu Approx. -6-7%

New genre Approx. 8%

Total -3–4%

Super Dry Brand StrategySuper Dry Brand Strategy


7

Implement measures, primarily targeting core users, to reinforce fundamental brand strengths

Promotional campaign: “Dream and Challenge Support the Japanese baseball team!”

Second Half 2008Second Half 2008Second Half 2008First Half 2008First Half 2008First Half 2008

26.4

29.631.3

33.5

23

25

27

29

31

33

35

Jan

Feb

Mar Ap

r

May Jun

Jul

Aug

Sep

Oct

Nov

Dec Jan

Feb

Mar Ap

r

2007 average: 28.3%

•• Further bolster efforts to boost brand value with a view to deveFurther bolster efforts to boost brand value with a view to developments during next lopments during next year and beyondyear and beyond

•• Bolster efforts in the commercialBolster efforts in the commercial--use market, which offers relatively large potential for use market, which offers relatively large potential for growthgrowth

200920092009

％

Brand penetration index (main beer consumed, %)

Y-o-Y by container type (Jan. to June)

* Source: Surveys by Asahi, N = 400, Conducted during the middle of every month

* Source for industry figures: Brewery Association of Japan

90.1% 90.7%

96.7%

92.4%93.3%

97.3% 98.0%96.4%

85%

90%

95%

100%

瓶缶樽合計

業界計

スーパードライ

Bottles Cans Kegs Total

Industry totalSuper Dry

　　““HapposhuHapposhu”” Brand StrategyBrand Strategy


8

Zeitaku-biyori

HonnamaAqua Blue

Create new value and new demandCreate new value and new demandStyle Free

(sugar free)Honnama

Draft

Style Free to become the leading brand in the functional HapposhStyle Free to become the leading brand in the functional Happoshu marketu market

•• Prioritize allocation of resources to Style Free to develop it iPrioritize allocation of resources to Style Free to develop it into the leading brand in the nto the leading brand in the sugarsugar--free marketfree market

•• Create new value and new demand to revitalize the happoshu markCreate new value and new demand to revitalize the happoshu market, which allows for et, which allows for highly free product developmenthighly free product development

Second Half, 2008Second Half, 2008Second Half, 2008First Half, 2008First Half, 2008First Half, 2008 200920092009

Composition of the happoshu category

New product overview: Ginger Draft

Oct. 21 launchOct. 21 launch

Ginger Draft

A happoshu beverage that offers new value: The refreshing taste of draft beer combined with the tang of ginger invigorates you from within.

Product concept

800,000 cases (total for Oct.－Dec.)Sales target

Tuesday, October 21Launch date

Asahi Ginger DraftAsahi Ginger DraftProduct name

The refreshing taste of draft A new ginger tang

20

30

40

50

60

70

80

06/7 8 9 10 11 12

07/1 2 3 4 5 6 7 8 9 10 11 12

08/1 2 3 4 5 6

Standard and other happoshuStandard and other happoshu

Functional happoshuFunctional happoshu

Relative composition at Relative composition at June 2007:June 2007:Functional: 52% Functional: 52% Standard: 48%Standard: 48%

%

* Source: MAI data from IntageInc. (Period: Jan. ’06 – June ’08; Item: happoshu; Business type: Total for 3 types: supermarkets, convenience stores, discount liquor stores)

* Brands aimed at health consciousness—Style Free, Honnama, etc.

　　New Genre Brand Strategy New Genre Brand Strategy


9

0

10

20

30

40

50

60

70

80

90

100

06/7 9 11 07/1 3 5 7 9 11 08/1 3 5

Shin-Nama 3GubinamaGokuumaAjiwaiClear Asahi

Develop and establish Clear Asahi as the flagship brandDevelop and establish Clear Asahi as the flagship brand

Order of priority: Clear Asahi > Ajiwai > Gokuuma > Gubinama > Shin-Nama 3

(barley-based) (soy-based)

Soy-based new genre: Other liquor (happoshu) (1)Barley-based new genre: Liqueur (happoshu) (1)

•• Sales target for Clear Asahi revised upward; Develop it into theSales target for Clear Asahi revised upward; Develop it into the leading brand in the leading brand in the barleybarley--based new genre categorybased new genre category→→ High repeatHigh repeat--sales rate => Implement measures in the second half with a focussales rate => Implement measures in the second half with a focus on on

getting more people to try the productgetting more people to try the product

Second Half 2008Second Half 2008Second Half 2008First Half 2008First Half 2008First Half 2008 200920092009

New genre category: Relative compositionof barley- and soy-based products Repeat-sales rate

•Source: Industry Committee on Happoshu Taxation

SoySoy--based new genrebased new genre

BarleyBarley--based new genrebased new genre

％

Relative composition at June 2007:Relative composition at June 2007:BarleyBarley--based: 47% Soybased: 47% Soy--based: 53%based: 53% 3.6%

4.6%

8.5%

5.0%

6.6%

0%

5%

10%

クリアアサヒあじわい極旨競合A 競合BClear Asahi Ajiwai Gokuuma Competing product A

Competing product B

•Source: Asahi Breweries (Internet survey, N = 800, comparison of rates 4 weeks after launch)

• Kanoka brand shochu produced significant year-on-year growth of 19%; covered the negative result for multiply distilled shochu

• In the RTD alcohol segment, we launched low-sugar products and Vegesh, but didn’t achieve targets due to revisions to terms of trade and other factors

• Japanese whisky expanded 7% thanks to 15% year-on-year growth for Black Nikka Clear Blend

• Kanoka brand shochu produced significant year-on-year growth of 19%; covered the negative result for multiply distilled shochu

• In the RTD alcohol segment, we launched low-sugar products and Vegesh, but didn’t achieve targets due to revisions to terms of trade and other factors

• Japanese whisky expanded 7% thanks to 15% year-on-year growth for Black Nikka Clear Blend

　　Other Alcohol Category Results and StrategyOther Alcohol Category Results and Strategy

■■ Past sales and 2008 sales planPast sales and 2008 sales plan

127.1 133.4 135.3 136.4 132.3

100.0

110.0

120.0

130.0

140.0

2004 2005 2006 2007 2008(E)

(billions of yen)

••Promote efficiency in production and sales with priority on imprPromote efficiency in production and sales with priority on improving profitabilityoving profitability　　

••Aim to develop leading brands and create new value and new demanAim to develop leading brands and create new value and new demandd

■■ Key issues and data from the first half of 2008Key issues and data from the first half of 2008

(billions of yen)

1H, 2008 YoY 2008 target YoY

Shochu 26.9 1.3% 55.3 0.8%

RTD 15.5 (12.9%) 30.8 (13.7%)

Whisky 13.3 1.1% 27.2 (0.5%)

Wine 6.4 2.1% 15.8 3.5%

Other 1.5 (0.2%) 3.2 (1.1%)

Other alcohol total 63.6 (2.6%) 132.3 (3.0%)


10

Asahi Soft Drinks Business Overview and StrategyAsahi Soft Drinks Business Overview and Strategy

◆ Achieved growth of 9.4%, far exceeding the industry average (Growth from core brands and effect of 　　　　integrating vending machine activities)

• Wonda (coffee): +21% year on year (Launched Kin-no-Bito and Zeromax in addition to Morning Shot)• Mitsuya: +4% year on year (Launched Mitsuya Cider Nihon Hinshitsu, made with our fresh-quality 　　　　　　　　　　　　production method)⇒ Concentrate business resources to accelerate growth strategies, with a focus on the 3 core brands 　　　　　　(Wonda, Mitsuya, Jurokucha)


11

Growth strategiesGrowth strategies

Earnings structure reformEarnings structure reform

1H, 2008 YoY 2008 target YoYSales volume(millions of cases) 69.45 9.4% 145.00 10.7%

Net sales 131.1 8.7% 274.0 11.1%

Operating income 2.6 (16.7%) 8.0 (6.7%)

Net income 0.8 (48.5%) 2.5 (41.1%)

■■ Asahi Soft Drinks :Asahi Soft Drinks :Interim results and fullInterim results and full--year targetsyear targets

◆ Build optimal production and distribution systems (streamline production and distribution functions by 　　　　expanding the PET production line at the Ibaraki Brewery etc.)

• Interim period: Achieved cost reductions (1.7bn yen) to cover the rise in raw materials costs (1.5bn yen)• Decline in profit due to cost of integrating vending machine activities, beverage-container mix effects, 　　　　increases in advertising and promotional expenses, etc.⇒ Aim to further streamline production and distribution to cover the rising cost of raw materials

(billions of yen)

　　Soft Drinks Business Overview and StrategySoft Drinks Business Overview and Strategy

LB

• Saitama: Revenue and profit growth, assisted by impact of new high-end productsand reductions in fixed and other costs

• Nagoya: Reduced revenue and profit owing to lower activity on home-delivery routesdue to the impact of price hikes in the milk home-delivery market⇒ Expand sales and profits by utilizing the expanded operating base and group

synergies


12

Asahi Calpis Beverage Co., Ltd.

Calpis Co.,Ltd.Calpis Co.,Ltd.

Asahi Soft DrinksAsahi Soft Drinks

Joint investment to establish Joint investment to establish new companynew company

December, 2007December, 2007

• Place both companies products in the vending machines ⇒ Create synergies to expand sales volumes

• Initial integration costs (vending machine and systems integration) mean that revenueand profit contributions will be limited in the first year⇒ Introduce new direct-sales route system ⇒ Streamline vending machine

operations and reduce inventory levels⇒ Utilize mutual strengths to drive new business development

Secure access to 220,000 vending machines(4th largest network in the industry)

　　Food and Healthcare Business Overview and StrategyFood and Healthcare Business Overview and Strategy

◆ Accelerate Growth Strategies, Structural Reform, and Measures to Ensure Safety and Confidence

• Growth for mainstay brands such as Mintia, Balance-Up, and Dear Natura• Achieved three consecutive terms of growth in sales and profit by streamliningdistribution and fixed costs in response to cost increases⇒ Continue to bolster mainstay brands and pursue further streamlining

◆ Reinforce operating base to improve profitability and promote growth• Although we launched new-brand beverages and snacks for babies, intensified

competition in mainstay categories and surging raw materials prices saw profit decline⇒Bolster mainstay brands, reduce costs in all divisions, and advance into the

baby food and overseas markets

Asahi Food and Healthcare Co., Ltd.Asahi Food and Healthcare Co., Ltd.

Wakodo Co., Ltd.


13

Amano Jitsugyo Co., Ltd.

◆ Entered into a business and capital tie-up with a top domestic manufacturer in the freeze-dried food segment

• Acquired 80% of all shares for 6.0bn yen(Results for FY ended Sep. ’07: Sales 14.0bn yen; Ordinary income 0.46bn yen)

• Broad-ranging cooperation with all group companies to develop new products and build optimal production and sales systems⇒ Aim to make the group the overwhelming leader in the dried foods segment

　　Overseas Business Overview and StrategyOverseas Business Overview and Strategy

•• Did not achieve sales targets due to intensified competition witDid not achieve sales targets due to intensified competition with national brands, but profith national brands, but profitwas on target thanks to streamlining effortswas on target thanks to streamlining efforts⇒⇒ Aim for improvements in profit that exceed initial targets by sAim for improvements in profit that exceed initial targets by shifting toward mediumhifting toward medium--

highhigh--grade products, passing costs on to prices, and reducing costs tgrade products, passing costs on to prices, and reducing costs through group hrough group purchasingpurchasing

⇒⇒ Stay open to the possibility of M&As and alliances while formulStay open to the possibility of M&As and alliances while formulating and executing ating and executing comprehensive revisions to production and sales systemscomprehensive revisions to production and sales systems

Promoting strategic M&As/alliances in overseas businessPromoting strategic M&As/alliances in overseas business

Chinese beer businessChinese beer business

Haitai Beverage of South KoreaHaitai Beverage of South Korea


14

◆◆Examine and execute new business investment to expand operating Examine and execute new business investment to expand operating base in Asiabase in Asia•• Promote development of promising markets and M&As/alliances in Promote development of promising markets and M&As/alliances in the alcoholic and soft the alcoholic and soft

drinks businessesdrinks businesses•• Search for opportunities to advance into the food and healthcarSearch for opportunities to advance into the food and healthcare business with focus on the e business with focus on the

Asian regionAsian region

•• Price hikes on fruitPrice hikes on fruit--juice brands saw sales decrease, and although we curtailed salesjuice brands saw sales decrease, and although we curtailed sales and and administrative expenses, surging raw materials prices meant thadministrative expenses, surging raw materials prices meant that we did not meet targetsat we did not meet targets⇒⇒ Streamline sales promotion expenses and reduce fixed costs (revStreamline sales promotion expenses and reduce fixed costs (revised downward from ised downward from

initial targets)initial targets)⇒⇒ Under the renewed management structure as of May, execute managUnder the renewed management structure as of May, execute management reforms that ement reforms that

place the highest priority to improving profitabilityplace the highest priority to improving profitability

Bottledwater23%

Fruit Juice18%

Teabeverages

59%364 479 7021,093

1,519

2003 2004 2005 2006 2007

　　 Growth in the Chinese Beverages BusinessGrowth in the Chinese Beverages Business

Source:Market composition based on value of sales for Jan.-Dec.Market share: AC Nielsen (as of December 2007)

Investment Investment from Asahifrom AsahiBreweriesBreweries

■ Tingyi sales in the beverages segment(US$ millions)

　　

Tingyi-Asahi-Itochu Beverages Holding Co. Ltd. (equity-method subsidiary)

◆ Support for stronger performance: Production technology, financial management, support for strategy building, etc.

◆ Success in category strategies focusing on tea and bottled water (aimed to be No. 1 in bottled water)

◆ Virtuous cycle of strong capital investment and revenue growth⇒ Expand technical cooperation to establish high-quality product systems and

drive further growth

■ Sales breakdown and market share

Market share: 15.4% ←　　　

→ Market share: 51.9%

Market share: 16.5% ←

No.1No.1

No.3No.3

No.1No.1


15

Ratio of total returns toshareholders 65% 46% 46% 49% 20% -

Dividend payout ratio 27.8% 24.0% 20.7% 20.2% 20.0% -Per-share dividend 13 yen 15 yen 17 yen 19 yen 19 yen 19yen

6.4 7.3 8.2 9.0 9.0 9.0

8.6 6.810.0

13.0

20.0

23.2

30.6

39.9

44.8 44.848.0

0.0

10.0

20.0

30.0

40.0

50.0

2003 2004 2005 2006 2007 2008(E)

Share buybacks

Total dividends

Net income

(billions of yen)

　　Shareholder Return Policy and FinanceShareholder Return Policy and Finance

■■ Net income and total dividendsNet income and total dividends ■■ Convertible bond issues (May 2008)Convertible bond issues (May 2008)


16

Funds raised

70bn yen zero-coupon convertible bond issues(15-yr bonds: 35.bn yen,conversion price: 2,107 yen)(20-yr bonds: 35.0bn yen,conversion price: 2,050 yen)

* Conversion subject to contingency(must exceed the 125% conversion price for a certain period before they can be converted)* Cash purchase(after a set period, holders can purchase the face-value portion of the convertible bonds for cash)

Use of funds raised(1) Repayment of short-term debt 55.0bn yen(2) Share buyback 15.0bn yen(May buyback up to the value of 20.0bn yen)

Financing that minimizes interest costs and limits conversions to stock

Information in this material is not intended to solicit sale or purchase of shares in Asahi Breweries. The views, estimates and other information expressed in this document are based on the company's judgment at the time of publication, 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.

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