Entrenched Distribution Across Core Markets to Drive Asahi’s Long-Term Profit Growth

We view positively Asahi’s laser focus on the core beer business. The company has established strong market positions in Japan, Australia, and Europe. The strengths of Asahi Super Dry, the number one beer brand in Japan, should allow the company to monetize the product mix shift within the Japanese beer market with the convergence of excise taxes for beer and beer-like beverages.