Asahi : Notice of Cash Dividends from Retained Earnings

February 14, 2019

For Immediate Release

Company Name: Asahi Group Holdings, Ltd.

President and Representative Director: Akiyoshi Koji

Stock Ticker: 2502

Stock Listings: Tokyo Stock Exchange, First Section

Contact: Takayuki Tanaka

General Manager

Public Relations Section

Phone: [phone]

Notice of Cash Dividends from Retained Earnings

Tokyo, Japan - Asahi Group Holdings, Ltd. (the "Company") announced on February 14, 2019, that its Board of Directors has resolved to pay a year-end cash dividend of which the record date is December 31, 2018 in the way indicated below.

The payment of the dividend is subject to the resolution at Annual General Meeting of Shareholders of the Company to be held on March 26, 2019.

1. Details of Dividend

Resolved	Immediate forecast as of Aug.2, 2018	Previous year (FY ended Dec. 31, 2017)
Record date	December 31, 2018	December 31, 2018	December 31, 2017
Dividend per share	¥ 54.0	¥ 45.0	¥ 45.0
Total amount of dividends	¥ 24,738 mil	－	¥ 20,615 mil
Payable date	March 27, 2019	－	March 28, 2018
Source of dividends	Retained earnings	－	Retained earnings

2. Reason of the decision

The Company announced its forecast to pay a full-year dividend of ¥90.0 per share (with an interim dividend ¥15.0 higher than those in the previous fiscal year) for FY 2018 when it disclosed its results of FY 2017 on February 15, 2018. This forecast was based on the dividend policy included in the Medium Term Management Policy, which stated to aim for a steady increase in dividends, targeting to achieve a dividend payout ratio of 30% (IFRS base, excluding the impacts of one off special factors including business portfolio restructuring) by FY 2018.

Applying that policy to the actual consolidated financial position and results of FY 2018, the Company has decided to pay a year-end dividend of ¥54.0 per share, ¥9.0 higher than the previous year, making the full-year dividend of ¥99.0 per share, ¥24.0 higher than the previous year.

Breakdown of full-year dividend (for reference)

Dividend per share
Fiscal year	Interim dividend (End of 2nd quarter)	Year-end dividend	Full-year dividend (total)
2018	¥ 45.0 (Actual)	¥ 54.0	¥ 99.0
2017	¥ 30.0	¥ 45.0	¥ 75.0