Annual Report ------------- To Our Shareholders and Friends Financial Highlights INSIGHT, Asahi    Special Feature 1 ACTION, Asahi    Interview with the President    Special Feature 2 Review of Operations Asahi at a Glance Alcoholic Beverages Business Soft Drinks Business Food Business Overseas Operations Research and Development Group Management    Corporate Governance    Risk Management and Compliance    Board of Directors, 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 Changes in Net Assets    Consolidated Statements of Cash Flows    Notes to Consolidated Financial Statements    Independent Auditors’ Report Fact Sheets

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