Annual Report ------------- To Our Shareholders and Friends Financial Highlights Opening Feature: Toward long-term, stable growth Interview with the President Special Feature: Enhancing our business base for stable, long-term growth —Realizing a value cycle— Review of Operations    Asahi Group at a Glance    Alcohol Beverages    Soft Drinks    Food    Overseas Group Management    Corporate Governance    Risk Management and Compliance    Board Of Directors, Corporate Auditors and Corporate Officers    Corporate Social Responsibility (CSR) Financial Section    Eleven-Year Summary    Management’s Discussion and Analysis    Consolidated Balance Sheets    Consolidated Statements of Income    Consolidated Statements of Comprehensive Income    Consolidated Statements of Changes in Net Assets    Consolidated Statements of Cash Flows    Notes to Consolidated Financial Statements    Independent Auditor’s Report Fact Sheets Corporate Data Investor Information

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