The shares are listed on the Tokyo Stock Exchange

Davis Polk advised the joint lead managers and joint bookrunners in connection with the secondary offering of 33,479,200 shares of common stock of Asahi Group Holdings, Ltd. The shares are listed on the Tokyo Stock Exchange and were offered outside Japan pursuant to Rule 144A / Regulation S. The aggregate proceeds of the offering are approximately ¥177.0 billion (approximately $1.2 billion).

Asahi is a global manufacturer and distributor of beverages and foods. Based in Japan, Asahi offers its brands in approximately 100 countries and regions across Asia, Europe, North America and Oceania.

The Davis Polk corporate team included partners Jon Gray and Christopher Kodama and associates Chihiro Sasaki, Dylan H. Lojac and Ayano Kitano. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Charles Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.