TOP 2009 First-half Financial Results and Future Business Strategy Contents 2009 First-half Financial Results Future Business Strategy First-half Sales of Beer-type Beverages Sales Forecasts for Beer-type Beverages Beer Brand Strategy Happoshu and New Genre Brand Strategy Other Alcohol Category Results and Future Strategy Streamlining Marketing Costs Asahi Soft Drinks Busiiness Overview and Future Strategy Food and Healthcare Business Overview and Future Strategy Overseas Business Overview and Future Strategy Growth of Tingyi-Asahi-Itochu Beverages Holding Co. Ltd. Acquisition of Schweppes Australia Investment in Tsingtao Brewery Back Cover We look at 2008 and first-quarter sales for our Chinese equity-method affiliate Tingyi-Asahi-Itochu Beverages Holding Co. Tingyi last year increased its sales by almost 40% and its operating profit by around 30%, and while competition is heating up now that Coca Cola has started investing heavily in the non-carbonated beverage sector, we note that sales and profit growth continued at a similar pace in the first quarter of 2009. The returns on our equity-method investments may not appear all that spectacular due to the impact of exchange rate fluctuations and a decline in our equity stake at the recurring profit level, but we would like to assure you that growth in sales and profits has been quite strong on a local-currency basis.