Coca-Cola Bottlers Japan
Q2 & Year-to-Date 2017
Earnings Presentation
August 2, 2017

Tamio Yoshimatsu, President

Vikas Tiku, CFO
Head of Transformation(Posted to CCBJI Website August 1, 2017)Forward-looking statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of themanagement of Coca-Cola Bottlers Japan Inc. (CCBJI) in view of data obtained as of the date this material was released. Theseforecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below.
Risks and uncertain factors are not limited to the items listed below. They are also included in our annual securities report, or “YukaShoken Houkokusho”.

•••••••

Agreements with The Coca-Cola Company and Coca-Cola (Japan) Company Limited.
The quality and safety of products
Market competition
Natural environment, such as climate, disaster, water resources, etc.
Legal environment
Leakage or loss of information

Change of economic conditions, such as personal consumption, currency exchange rates, prices of raw materials, fair value ofassets, etc.

• Business integration, streamlining and optimization of business processes, etc.
• Uncertain factors other than those above
The information in this presentation is provided for informational purposes and should not be construed as a solicitation of an investment
in our securities.
CCBJI undertakes no duty to update any statement in light of new information or future events. You should rely on your own
independent examination of us before investing in any securities issued by our company.

2Coca-Cola Bottlers JapanYTD/Q2 2017 earnings presentation

First half business update
Financial results and integration progress
Rest-of-year outlook
Q&A3

CCBJIFirst half business update

CCBJI: A strong heritage & winning capabilities
The right combination at the right time

The leader in the NARTD market in
Japan with national scale
A growth mindset to build a strong
Coca-Cola system with a shared vision
Built on the strong momentum at

CCW and CCEJ
A model bottler...now and for the future5

Making steady progress as a new company
Solid start after creation of CCBJI on April 1
Integration proceeding smoothly
Q2 YTD pro-forma operating income grew 22% vs. prior year, reported OI up 93%Focus on value; continued profit growth with improving per-case revenues whilebalancing value & volume share

Integration on track to achieve 2017 business plan and 2020 Roadmap milestones
Expect to deliver 4B net integration synergies and benefits in 2017

Completed organizational integration of Procurement and IT functions by July
Conducted 8 integration Town Hall meetings with 1,500 CCBJI leaders across the country

Announced interim dividend of 22 yen per share
6Our CCBJI Growth Roadmap for 2020 & Beyond
Financialframework

Focus ongrowthNewoperatingmodelIntegration
synergies
People &communities7

Integrating with speed based on clear guiding principles
Organize forgrowth• Customer and consumer focus, externally-driven• Lean corporate center in Tokyo with empowered regions• Strategic growth pillars: revenue growth, vending, innovation

Operate asoneenterprise• Functional management of operations from Day 1 across legal entities• Integrated direct & indirect procurement functions• Consolidated bottler IT functions and ERP project into one CCBJI
Business Systems organization

Systemmindset• Speak as single bottler voice with appropriate decision rights• More efficient and effective interaction with CCJC
• On track to integrate system support companies by 2018

Lead theindustry• Leverage world-class capabilities drawn from Japanese and global
Coca-Cola system• Aim to lead of industry with focus on sustainable and profitable growth
as well as shareholder value*CCJC: Coca-Cola (Japan) Company ERP: Enterprise Resource Planning

8

Committed to a growth agenda
Strategic Growth Pillars

Renewed Focus on
Revenue Growth

Re-imagine
Vending Business

Enrich Innovation
Pipeline

Customer Engagement
Best-in-Class Execution

In-depth Local Knowledge
9Putting our growth agenda into action
Renewed Focus on
Revenue Growth

Re-imagine
Vending Business

Enrich Innovation
Pipeline

Significant in-store
execution improvement
across all channels

Accelerating Coke ON:
180K VMs / 5mln downloadsby June

Very good coverage andpricing discipline on FOSHU
and FFC products

HORECA acceleration plandelivering results

Improve per machine
performance by enhancing
OBPPC and area-focus
promotions

Local relevant projects Omotenashi special edition

End-to-end Vendingtransformation project
started in June

10FOSHU: Food for Specific Health Usage (Government approved); FFC: Food for Functional ClaimFocusing on profitability
Disciplined approach to balancing profit and market share
Unit: JPY per bottle

Unit: PPMarket Share(vs. PY)Q2

YTD 2017

OTC Retail Price(YTD, as of June 2017)

Vs. MarketAverage

Vs. PY

Value-0.8-0.9

Large PET

+17.4

+2.0

Volume-0.9-0.9

Small PET

+2.1+1.8• Balanced value & volume share• Revenue-rich productlaunches, innovating in FOSHU
and functional categories• Focus on smaller packages todrive profitable growth• Seeing revenue-per-case
improvements across channels
Source: Intage SRI

Coca-Cola Plus OTC Retail Price Trend

11Channel volume performance in Q2 YTD 2017
Maintain pricing discipline and strong market execution
Q2 YTD 2017 pro-forma volume -1%
By ChannelOthers
1%

Retail&Foods
23%

Vending
27%

Supermarket
22%
Drug &Discounter
12%
Convenience
Store
15%

vs. PY

VolumeRevenueper Case(Yen)Supermarket (SM)even+25

Drug & Discounter(D&D)+1%+39Convenience Store(CVS)

-1%

+13

Vending-5%+25Retail & Foods

+2%

-14

• Sparkling, non-sugar tea andwater contributed to revenue percase improvement in SM and D&D• Sparkling and tea volume growth
offset by cycling of water in CVS• Vending per case revenue growth
driven by high value-added
products

Note: Standardization of volume and revenue calculation is ongoing as a result of the integration. Some inconsistencies
with the data provided in past presentations may be expected.

12Category volume performance in Q2 YTD 2017
Value-added & functional launches contributed to improved profitability
Q2 YTD 2017 pro-forma volume -1%
By Category
Juice
4%

Others13%

Sparkling25%

Coffee21%

Water
10% Sports
8%

Teas
19%

vs. PY

VolumeSparkling+6%Teas+1%

Sports-4%

Water-12%

Coffee-5%

Juice+1%• Sparkling and teas volume andrevenue-per-case improvement
driven by Coca-Cola Plus andvalue-added products• Water volume growth impacted bycycling and reduced large-sizedpackage discounting• Improved revenue-per-case incoffee (Vending & CVS)

Note: Standardization of volume and revenue calculation is ongoing as a result of the integration. Some inconsistencies
with the data provided in past presentations may be expected.

13CCBJI First halffinancial results andintegration progress

Q2 YTD 2017 pro-forma resultsUnit: B JPY

Q2 YTD 2017(pro forma)

Q2 YTD 2016(pro forma)

YoY

476.7

484.9

-2%

461.7

468.4-1%

18.6

15.2

+22%

16.9

13.3+27%

Net Income

10.2

7.8

+31%

EBITDA

41.8

35.6+17%

Revenue

Coca-Cola business revenue
Operating Income
Coca-Cola business OINet Income: Net income attributable to owners of parent.

15

Pro-forma 2017 Q2 YTD results
Unit: B JPY

+3.5
DME
Manufacturing
VolumePrice & Mix

+0.3

15.2
2016 Q2 YTD
CCBJI
pro forma•• Mix driven byfunctional, etc.,
and NSR/case•improvement,partially offset
by lower volume+1.8
YTD benefit:
timing of mktg
plan during year
Lower volumes

+0.0

-0.2

Other Opex,etc.

Health &SkincareBusiness OI-2.0• Timing ofnew productlaunches

Goodwill,etc.

• Increase indepreciation(accountingharmonization,etc.) offset bylower laborcosts, etc.

18.6

• Improved
COGS led by
procurement,
lower utility andlabor costs• Coca-Cola Business OI +3.6B• 1.1 B net integration synergies & benefits

2017 Q2 YTD
CCBJI
pro forma

16

2017 Q2 YTD results (Reported)
Consolidated CCEJ from Q2. Prior year CCW consolidated
2017 Q2 YTD2016 Q2 YTD

YoYRevenue

357,837

219,306+63.2%

COGS

172,659

105,821+63.2%

Gross Profit

185,177

113,485+63.2%

SG & A

168,079

104,602+60.7%

Operating Income

17,0988,883+92.5%

Income Before Tax

16,357

7,876+107.7%

Net Income

9,692

4,633

+109.2%

EPS

64.65

42.45

+22.2022*220Dividend per Share (Interim)
Unit: Million JPY except EPS and dividend per share
Net Income: Net income attributable to owners of parent*2016 dividend includes commemorative dividend of 1 Yen.

17

2017 Q2 YTD results by segment (Reported)
Consolidated CCEJ from Q2. Prior year CCW consolidated
Coca-Cola Business2017
Q2 YTD2016
Q2 YTD

YoY

Revenue

342,817

202,844+69.0%

Operating Income

15,4306,991+120.7%

Health Care & Skin
Care Business2017
Q2 YTD2016
Q2 YTD

YoY

Revenue

15,01916,462-8.8%

Operating Income

1,667

1,892

-11.9%

Unit: Million JPY

Q'SAI Kale Café Omotesando(Tokyo pop-up store open from June 30 to July 9)

18

Investing to grow & deliver synergy commitments
Pro-forma Q2 YTD CAPEX & depreciation
Unit: B JPY

Q2 YTD2017

2017 PlanCapex

19.6

66.0

Depreciation

21.5

43.0

Cash Flow (pro-forma)2017 1H+15.1

2016 1H+2.5

CAPEX

19.6

21.5

Free cash flow

-7.7

-21.2

Cash flow from operations

YTD pro-forma free cash flow
improved 13.5B yen vs. PY
Investing in production
capacity & upgrades,
CokeOne ERP system
deployment, quality vending
locations

Expecting strong full-year
EBITDA to drive positive cash
flows to sustain investment
ERP: Enterprise Resource Planning

19Pro-forma 2017 operating income growth plan
No change from June announcement
Unit: B JPY

446(4)+15 vs PY

4240

2016
CCBJI
pro forma

2017
CCW + CCEJ
base plans

Goodwill
amortization(9 months),etc.

Net
integration
synergies
and benefits

2017
CCBJI
pro forma
before goodwill

422017
CCBJI
pro forma
20

2017 Business plan (Reported)
No change from June announcement
2017 Plan

2016 Actual

YoYRevenue

906,500

460,455+96.9%

Operating Income

40,10021,143+89.7%

Ordinary Income

38,10020,602+84.9%Net Income

21,5005,245+309.9%

EPS

122.8548.05+74.8044*46-2

Dividend per Share
Coca-ColaBusiness2017Plan2016
ActualRevenue

872,400

Operating Income

36,500

Health Care & Skin
Care Business2017
Plan

2016
ActualYoY

428,394 +103.6%

Revenue

34,10032,061+6.4%

18,369Operating Income

3,600

2,774+29.7%

YoY+98.7%

Unit: Million JPY except EPS and dividend per share
Net Income: Net income attributable to owners of parent
2016 actual results are former Coca-Cola West and YoY calculated on former Coca-Cola West results. *2016 dividend includes commemorative dividend of 2 Yen.

21

Accelerating the pace of integration
June 2017

July 2017

Sep 2017

Q1 2018• 8 Town Halls to
1,500 CCBJI
leaders acrossJapan, covering
company vision,strategy & new
operating model• CCBJI HQ offices
opened• Integrate strategy &planning for all
functions to create2018 plan as one
company• Optimize legal
entity structure• Integrated IT,
Procurement andCommercial
planning functions • New Head ofBusiness Systems
in place• Regional structure
finalized forCommercial &Supply Chain• Integrate systemcompanies• Start operation
under newregional structure
for Commercial
and Supply Chain2018 end• Integration
complete- Optimize org
structure &business processes- Integrate HRsystem- ERP deployment
and expansion
underway- Integrated Shared
Services org
operational

22CCBJI
Rest-of-year outlook

Solid integrated marketing plans for summer
Support driving profitable IC package growth
Cross Brand
Coca-Cola Tokyo 2020
Let’s start campaign

Weekly Jump 50 year
anniversary tie-up
summer promotion

Vending and Coke ON

Delivering Coca-Cola ice bottle

Fanta
core flavor
renewal &new design

Coke ON 500PET double stamp for summer

Weekly Jump lucky cap
35 K VMs

Seasonal / Rhythm of Nation
KSW promotion

New launches

AQ Summer/Heat stroke MD

Coca-ColaFireworks andregional limited
design slim bottles

I Lohas FFC
PlainSparkling

Georgia
The Premium
New Flavor(Special Edition)

24

CCBJI: Key takeaways for the second quarter
The heart of the decision to form CCBJI
Bringing together a proven leadership team committed to growth, partneringwith our customers and communities, and driving shareholder value
A compelling business combination at theright time with clear opportunities andplans for profitable growth
Working with appropriate speed to makesure we realize our potential
We are making good early progress as wekick off toward 2020 and beyond- Delivering 22% pro-forma YTD operating
income growth YoY- Improving profitability in most channels- Functional operation from Day One- Integrating with speed; completed
integration of procurement and IT function- Delivering net 1.1 billion yen integration
synergies and benefits YTD- Well on track for achieving 2017 plans
25

We are a Total Beverage Company“Beverages for Life”
Offering 50+ brands, 600+ SKUs
for all life’s stages and for each day of your life

26

Q&A

Appendix

Q2 2017 pro-forma volume performanceQ2 2017 pro-forma volume -1%
By ChannelOthers1%Retail&Foods
22%

Vending26%

By Category
vs PY

Supermarket
23%

Drug &Discounter13%
Convenience
Store15%

VolumeRevenueper Case

Supermarket

even+11

Drug &Discounter

even+31

Convenience
Store-1%

Vending-5%

Retail & Foods+1%+15

vs PY

Juice
4%

Others12%

Sparkling25%

Coffee
19%

Teas
20%

VolumeSparkling+6%

Teas+2%

Sports

-2%

Water

-11%

Coffee-7%

Juice+1%

+21-9

Water
10%

Sports10%Note: Standardization of volume and revenue calculation is ongoing as a result of the integration. Some inconsistencies
with the data provided in past presentations may be expected.

292017 Q2 results (Reported)
Consolidated CCEJ from Q2. Prior year CCW consolidated
2017 Q2

2016 Q2

YoYRevenue

258,695

118,761＋117.8%

COGS

125,479

57,352＋118.8%

Gross Profit

133,215

61,409＋116.9%

SG & A

118,284

54,735＋116.1%

Operating Income

14,9306,673＋123.7%

Income Before Tax

14,886

5,806＋156.4%

Net Income

8,750

3,680＋137.8%

Unit: Million JPY
Net Income: Net income attributable to owners of parent
2016 actual results are former Coca-Cola West and YoY calculated on former Coca-Cola West results.

30CCBJI at a glance
The world’s third largest
Coca-Cola bottler by revenue

Number of Employees

About

25,000

Sales Area

Tokyo, Osaka, Kyoto
andTotal Beverage Company,
offering 50+ brands, 600+SKUs*Including temp staff

35 prefectures
Annual Revenue

About

1 trillion yen

740,000*As of end of 2016

Number of Consumers

50 million households
112 million consumers
Annual Sales Volume*Aggregation of CCW and CCEJ 2016 results

Sales Centers

Represents ~90% of total
sales volume for theCoca-Cola system in Japan

Number of Vending Machines

351 centers*As of January 2017, including distribution centers

Manufacturng Plants

17 plants

More than500*Actual 2016

million cases

Customer Outlets

320,000 outlets*As of end of 2016

Number of Fleets

16,300 vehicles*As of end of July 201631

We are part of the global Coca-Cola system
An enduring and effective partnership

Coca-Cola (Japan) Company•••••

BrandsInnovation
Global perspective
Consumer focus
Superior insight••••••

Customer focus
Local expertise
Best-in-class execution
Finished goods production
Logistics and distribution
Cost optimization
32

Glossary of key terms
DME

Abbreviation of Direct Marketing Expenses. Sales promotion-related expenses, including advertisement, rebates, sales, salescommissions, etc.

FCAbbreviation of Future Consumption. Purchase or sell beverage for future consumption in home, etc. It also means theproducts / SKUs for FC (for example, single packages 1L or more and multi-pack of IC packages) and channels that consumers
purchase the beverages for FC. (for example, supermarket, drug & discounter channels, etc.).

HORECA

Abbreviation of Hotel, Restaurants and Cafeteria. Generally means sales channels of these kinds.

ICAbbreviation of Immediate Consumption. Purchase or sell beverage for consuming it immediately. It also means the products/ SKUs for IC (for example, single packages less than 1L as well as fountain) and channels that consumers purchase thebeverages for IC (for example, vending machines, convenience store channel, etc.).

OBPPC

Abbreviation of Occasion, Brand, Package, Price, Channel. A segmentation strategy tailored to consumption opportunities todrive revenue growth in five areas: occasion, brand, package, price and channel.

Pro formaAssuming integration from January 2017 and estimate 2016 results same standard.

PTC

Abbreviation of Price, Terms and Conditions, an internal guideline for setting appropriate transaction conditions withcustomers, frequently used in conjunction with RGM.

RGM

Abbreviation of Revenue Growth Management, an overall strategy and process to grow revenue and profit

RTM

Abbreviation of Route-to-Market. A framework, a process, a philosophy, a proven approach for driving profitable growth.

Channel Definitions

Vending

Retail sales to consumers through vending machineSupermarket

Wholesale to supermarket chains customers

Drugstore & Discounter

Wholesale to drugstore and discounter chains customers

Convenience Store

Wholesale to convenience store chains customers

Retail & Food

Wholesale to grocery store, liquor store, eating & drinking establishments(HORECA), online sales channels customers, etc.

OthersWholesale to customers other than above

33

INVESTOR RELATIONS
ir@ccbji.co.jp+81-3-5575-3797
https://en.ccbji.co.jp/ir/
facebook: https://www.facebook.com/ccbji/

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