Full-year 2021
Earnings Presentation
February 14, 2022

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & CFO(Posted to CCBJH website on February 10, 2022)

Forward-looking statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the managementof Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) 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 “Yuka ShokenHoukokusho”.
• 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 of assets, 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 inour securities.
CCBJH 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 Japan Holdings Inc. (CCBJH)
Full-year earnings presentation

Overview and Situational Analysis
Full-year 2021 Results and 2022 Outlook
Q&A3

Overview and
Situational Analysis

2021 Overview – Business Environment
Q4 sales volume and business income grew YoY and exceeded guidance, as traffic
improved after lifting of state of emergency
Key initiatives in 2021 showed results, focusing on what we can control
2021 full-year business performance was heavily impacted by COVID-19 and badweather during peak summer season
Market Environment

Key Initiatives✓ Consumer spending pattern impacted by pandemic✓ Vending value share growth for 33 months✓ Bad weather during peak summer✓ New products contributing to volume growth✓ Competition continues to be intense✓ Marketing investment & pricing for sustainable growth✓ Rise in commodity and energy prices✓ Transformation continues to deliver savings✓ Renewed sense of uncertainty with Omicron✓ Good stewards of capital5

Financial Highlights
Full-year volume growth of +2% YoY, with multiple new products contributing. Full-year
revenue down -1% YoY with changing consumer spending patterns due to COVID-19
impacting channel and package mix, and lower revenue per case
Value share continued to grow in the vending channel for 33 consecutive months. Clear
recovery trend for supermarkets, drugstores and discounters
Business income for full-year decreased by -14.8B yen YoY due to challenging businessenvironment, cycling of one-time cost savings from previous year and rising commodity
prices. Volume growth and additional cost saving measures allowed us to exceed ourearnings forecast by +1.2 billion yen

With steady transformation, achieved about 9 billion yen of recurring cost savings

6

Full-year 2021 Results

Full-year 2021 results vs. 2020

Continued COVID-19 impact; slow volume recovery
Unit: Million JPY

2021
Actual

2020
Actual2021
PlanYoY

Continuing Operations (Beverage Business)
785,837

791,956-0.8%

782,600

Beverage Sales Volume (Million Cases)

468

458

+2%

467

NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

460

450

+2%

459

COGS

435,332

429,040+1.5%

435,400

Gross Profit

350,505

362,916-3.4%

347,200

SG&A

363,750

359,645+1.1%

361,800

Business Income (Loss)(14,662)169-(15,900)(20,971)(11,722)-(24,200)(2,503)(4,715)-(4,600)

Revenue

Operating Income (Loss)Net Income (Loss) attributable to owners of parent(Total of continuing and discontinued operations)

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

8

Full-year 2021 drivers of Business Income

Volume recovery not enough to offset pricing and commodity pressure
Full-year 2020
ActualVolume, Price& Mix*

DME

Commodity

Manufacturing

Others(Direct Marketing

Full-year 2021
ActualExpense, fixed only)

0.2-10.5• Full-year volumeincreased by +2%, butimpacted by decline inrevenue per case
• Responding tocompetitive environment• Resumed marketinginvestment restrained in2020, strategically invested
in growing channels• New product launch-8.4• Impact of risingcommodity pricesince Q2 onwards-2.4• Volume growth offset
capacity investments
depreciation impact• Improved
manufacturing
efficiency• Transformation related
savings• Total labor cost decreased• Logistic cost rise due torising volume and demand
volatility-14.7+5.7+0.7
Unit: B JPY*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

(Rounding off less than unit)

9NARTD beverage volume performance by channel
Despite new products, slow traffic recovery & bad weather impacted, volume recovery +2%
Full-year total volume +2%
By channel
WholesalerevenueperVolumecase

Vs. PY4%

14%

SM, D&D: Large size PET growth in water, sparkling, NST
benefitting from rise in at home consumption

26%

24%
17%
15%

Supermarket (SM)+5%

-48YenDrug & Discounter (D&D)+8%-58YenConvenience Store (CVS)-2%-41Yen

Vending (VM)

+1%

-30YenRetail & Food (R&F)-10%+26YenOnline+62%-77YenVolume, wholesale revenue per case : Includes impact ofcase configuration change for 1.5LPET products.

CVS: Strategically implemented 950ml PET contributed,
but overall decreased due to intensified competition
VM: Slow traffic recovery and bad weather during peaksummer season. New products in NST, water and sport
contributed
R&F: Impacted by COVID-19 for the whole year especiallyin food channel
Online: Growth in all categories, capturing at homeconsumption and expansion of label-less products
Wholesale revenue per case: SM, D&D decreased due tochanges in case configurations for 1.5LPET products. VM
was affected by continued implementation of low-priced
products to promote purchasing opportunities.

NARTD: Non-alcoholic ready-to-drink
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

10NARTD beverage volume performance by category
Full-year total volume +2%
By category
Vs. PY
5%

7%
26%

20%

22%
11%
9%

VolumeSparkling

Flat

Non-sugar tea (NST)+7%

Sports+3%

Water+23%

Coffee-3%

Juice-5%

Volume: Includes impact of case configuration change for 1.5LPET
products.

Sparkling: 500ml PET volume was impacted by bad
weather in summer. Premium Fanta series
contributed and large PET grew
NST: New products such as Yakan Barley Tea fromHajime, Ayataka Cafe Matcha Latte contributed
Sports: Aquarius with increased package size soldmainly in VM contributed
Water: Growth driven by both small and large PET.
New products ICY SPARK contributed to growthCoffee: Can coffee declined, but new products
COSTA COFFEE, Georgia Shot & Break contributed
to PET bottle volume growth
Juice: Weakness in R&F as outlets were impacted
by COVID-19

Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

11Building a foundation for value share growth
Vending, SM, D&D market share growth on annual basis
Full-year Market ShareVs. MarketAverage

Vs. PY

Small PET+4.6-2.1-0.5

Large PET+21.0-4.3+0.2

Data source standards changed from 2021. SPET(351~650ml), LPET(1.251L~)
Source: Intage

Value

VolumeVM+4.2+4.3

OTC-0.7+0.1(Jan. to Dec., vs. PY, PP)

SM, D&D

VM, SM, D&D Value Share (vs. PY, PP)OTC Retail Price(Jan. to Dec., JPY per bottle)

Market share
Vending value share continues to grow for 33
consecutive months
SM, D&D value share showing recovery despite thecompetitive environment

Q12020Q22020Q32020

Q4
2020
SM, D&D Value

Q1
2021

Q2
2021
VM Value

Q3
2021

Q4
2021

CVS continues to be a channel facing challenges withintensified competition
Retail pricing trends

Continued price premium vs. market average witheffective promotional activities in the market

Source: Intage (SCI/SRI)

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Priority on good stewards of capital
Focus on shareholder value creation

Shareholder value creation
Dividends- Resumed stable dividend
payout despite challenging
business environment
2021

50 Yen/share(+25 Yen YoY)
InterimYear-end25
Yen/share25
Yen/share(+25 Yen YoY)

(Flat YoY)

Balance sheet andcash flow

- Solid financial position:
56.8% equity ratio at end of2021- Sold Q’sai shares to focus oncore business- Continue to sell down idle
assets and cross-held shares- Consolidating and closing
sales centers allows us tofree up capital

Capex and depreciation- Continued restraint inpurchasing and placement of
new sales equipment helps tocontrol capex and depreciation- In July 2022, new Akashi Mega
DC will be completed(Billion JPY)

2021 Actual

Vs PY

CAPEX*

39.1

-23.8

Depreciation

57.2

-1.8

*Not including IFRS16 non cash items.

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2022 Outlook

2022 Operating Environment

Omicron strain rapidly rising, reintroducing uncertainty
COVID-19 cases on the rise again
Number of new cases, severe patients
120,000# of new cases

1,400# of severe patients# of new cases

1,000

80,000800
60,000600

40,000400

20,000# of severe patients

1,200

100,000

20000
Oct

NovDecJan✓ Omicron strain has once again brought backuncertainty in the market. Expecting somevolume recovery in the market. However, therecovery may be delayed✓ Rising commodity prices continue to put
pressure on profitability

Feb

Source: Minister of Health, Labor and Welfare, as of Feb

Traffic data in major stations (% vs. LY)✓ Need to account for the cycling impact of the
one-time cost savings achieved in 2021

4030

Shinjuku, TOKYO

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Nagoya10✓ With the re-introduced uncertainty, 2022
full-year guidance is not provided. We will
disclose it at the appropriate timeOSAKA

0-10
W40 W41 W42 W43 W44 W45 W46 W47 W48 W49 W50 W51 W52
OctNov

Dec

W1W2

W3JanW4W5Feb

Source：NTT docomo

152022 Targets

Focusing on what we can control
Market share

TargetRecurring cost savings

TargetTargetValue share growth in vending
Balanced approach in OTC withsustainable pricing in mindCapex

5 B yen46 B yenTransformation continues todeliver savings

Control capex and monitor
market environment for
expanding investments gradually*Not including IFRS16 non cash items

Depreciation
TargetAnnual dividends

TargetSustainable PET Ratio

Target55 B yen

50 yen / share

50%

Controlled capex spending anddecrease YoY

Solid balance sheet allowing
stable dividend payout

About 60% reduction in CO2 perbottle, switching from virgin PETbottle to 100% sustainable PET bottle
16Marketing and branding update

Update from Coca-Cola (Japan) Company, Limited

2021 FY Review
2022 Q1 Initiative Highlights

182021 FY Review
Successfully gained KO NARTD value share and Weekly+ purchasers(+690K people to total 10 mil. people) in tough market condition※1

Successful Innovations
13.1%value share
※2

※1

※3

VM value share +3.9pts.,
Coke ON 33mil+ downloads※7World Without Waste

Mainstream(Barley Tea)

100mil+bottles

Cultural Leadership

Coke ON expansion※425.9%value share

100mil+ 50mil+
bottles bottles※5Diversity & Inclusion※6Premium(Small PET Coffee)※1. Investigated by CCJC, 2021 FY, ※2. Apr.26-Jul 25,2021 INTAGE SRI+, All Channels, in Barley Tea market, Value share ※3. May10–Dec31 2021 (Shipment base, CCJC data), ※4. Apr–Dec,2021 INTAGE SRI+, All Channels, Under 350ml PET Bottle Coffee market, Value share, ※ Mar – Nov 5,2021 (Shipment base, CCJC data) ※6. 2021 FY (Fanta Premier Grape + Peach + Orange Total, Shipment base, CCJC data), ※7. 2021 FY

19

2022 Marketing Strategy
Strengthen the core & grow year-2 and selective innovations
with continuously flexible and timely actions

PIVOT TO CORE
コアへの原点回帰

FEWER, BIGGERINNOVATIONS
選択と集中STAY@HOME
家庭内需要の獲得

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2022 Q1 Initiative Highlights Drive core growth for Coke, Georgia,
COSTA and Ayataka & Tap into Non-Alcohol category as a white space
Coca-Cola TM
AR Fortune bottle from Jan. & Coke & Meal from Feb.
under Global “Real Magic” platform

Georgia TM & COSTA
New campaign “The coffee that makes you glow”
from Jan. & Upgrade black coffee portfolio from Feb.
& COSTA Restage from March

Ayataka Core & Ayataka Café Matcha Latte

Yowanai Lemon-Dou

Ayataka spring “Sakura” campaign
to drive the Core and Matcha Latte

KO’s first ever Non-Alcoholic brandwith ABV 0.00%

212022 Key collaboration points with CCBJH
Further accelerate our strengths & improve growth opportunities
WIN IN IN-STORE EXECUTION• System approach toStrategic Customers(OTC + Online + HORECA)• Leverage Coke ONfor VM

FURTHER ACCELERATEKO SYSTEM COLLABORATIONROI OPTIMIZATION• Revenue growth• MIX improvement(Channel/Portfolio)• DME effectiveness22

Areas of Focus & Strategy

2022 Commercial Strategic Pillars
Expand Portfolio Edge

Margin Focused Pricing

High quality innovation todrive growth in volume /revenue / market shareand premiumization
Focus on core to enhancepresence for solid baseCapture consumer / social
needs with packaging
Expansion into whitespace

Targeted marketinginvestments focused ongrowth channels andcategories
Strengthen consumeroriented marketinginvestmentAppropriate level ofpromotion
Price revision andcontinuous monitoring

Growth throughVending Channel

Customer Management &Execution Excellence

Revenue recovery by permachine growth and VM
placement, supported byhigh market share base
Leverage our digitalplatform "Coke ON" andupdate functions for
improved engagement
Improve operations
further through DX

Strengthen customer
relationships withproposal type sales
Accelerate DX acrossvarious areas of analysis,planning, operation andexecution
Transformation continues
Collaboration with CocaCola Japan to leverage
Coke System network
24Pricing & Marketing Investment Strategy for 2022Strengthen profit base for sustainable growth
Price revision announced. Enhancing foundation for sustainable growth
COVID-19 impact and competition expected to remain intense, pricerevision will be combined with strategic marketing investments
Implement appropriate pricing and promotional activity
Price revision to improve profitability✓Large PET (1.5L, 2L) *with some exceptions such as water✓Shipping price revision rate: Approx. +5 to 8%✓Revision Date: May 1, 2022 *based on shipment✓Target Channels: Supermarkets, drugstores,
discounters, online

Execute strategic marketing spend✓Targeted marketing investments with ROI focus toexpand market share over the mid- to long-term✓Strategy based on balance between
competitiveness and profitability✓Control promotion intensity according to demand25

Growth through Vending Channel
Vending business as a key driver for returning to growth trajectory
Initiatives for Growth

Leveraging Coke ON

Further Operation Optimization

Improve per-machine sales
Focus on core
Pricing balanced with businessenvironment and profitability
DX to enhance product line-up

Enhance customer engagementwith Coke ON

Stable operation of the newbusiness model
Increase on-line vending
machines
Use of IT tools and DX
Enhance collaboration withsupply chain (Mega DC)
Improve efficiency & capabilities

Expand Selling Space
Increase new vending location
with ROI focus
Offering new solutions- Achieved 33 Million downloads- Increased purchases through Coke ON

Strengthen promotion throughCoke ON
Increase attractive new services
for consumers

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Solid Supply Chain Network for Sustainable GrowthTake measures for short-term challenges and keep driving transformation
Improving commercial and supply chain collaboration and standardizing operation with DX
Logistics network optimization leveraging Mega DC progressing as planned. Working
towards stable operation of "Saitama Mega DC" and smooth launch of "Akashi Mega DC"
・Saitama: Steadily contributing to the new logistics model. Majority of target sales centers haverelocated their inventory to the Mega DC and have been consolidated or closed
・Akashi: Expected to start operation in July ahead of initial plan. Aiming for a smooth transition tothe new model by incorporating the experiences from Saitama Mega DCFeb 2021
Saitama startedoperation

Inventory/location consolidation

Improvement Activity

Stable operation

Taking the learnings of Saitama for smooth Akashi launch
Akashi(Kansai)

Under construction

July 2022start
operation

Inventory/location
consolidation

Improvement
activity

Agile & low-cost
operationfor sustainablegrowth27

ESG Initiatives
Steady progress in creating shared value
Towards “World Without Waste”
Achieved 40% use of sustainable
materials, including "bottle tobottle,” ahead of the industry
On track towards 2030 package
visionExpansion of label-less bottle
products

Innovation and diversity
4.5-star in Nikkei Smart WorkManagement Survey for
productivity revolution
through work-style reforms
Gold rating in PRIDE Index,
recognition for initiatives
related to sexual minorities

Water Sustainability
A- score in a survey by CDP, aninternational environmental
non-profit organization

Workplace safety
3rd round of COVID-19 vaccination startingat our workplaces in early March

Greenhouse Gas (GHG) Reduction
Ambitious GHG reduction targets asJapan Coca-Cola system
Plan and execution in place for 2030

Excellence in ESG initiatives
Included in DJSI Asia
Pacific listing for four
consecutive years

28

Staying true to our Mission, Vision & Value29

Key Takeaways

Key Takeaways
While 2021 was a challenging year, key initiatives we focused on aredelivering results. Performance in Q4 makes us confident that we can growwhen the market recovers
Omicron has reintroduced uncertainly into the market. In uncertain
business and a competitive environment, cost headwinds have to beaccounted for when operating our businessWe will continue to prepare ourselves for when the market normalizes.
Strengthening our ability to capture growth opportunities, solidifying ourprofitability base and accelerating transformation that will lead tosustainable future growth31

Q&AAppendix

NARTD channel/category/package volume performance
Q4 QTD 2021 (Oct to Dec) volume: +3%

By package

By channel

Full-year 2021

Wholesale
Volume revenue
per case

Vs. PY
4% 1%
Supermarket (SM)
17%

24%

15%

24%
15%

+1%

Drug & Discounter (D&D)+8%-36Yen

Convenience Store (CVS)-4%-12Yen

Vending (VM)

+1%-19Yen

Retail & Food (R&F)-1%+19Yen+76%-115Yen

OnlineBy category
6%

Vs. PY

8%
26%

22%
22%

11%
5%

8%
5%
39%

12%

25%

-2%

Non-sugar tea (NST)+10%Sports+17%

Water+20%

Coffee-2%

Juice-1%

Volume

S-PET

+3%

M-PET

+89%

L-PET

+6%

Can

-6%

Bottle CanFlatSyrup-13%

Powder

-4%vs PY

Volume4%Q4 QTD 2021
4%

VolumeSparkling

5%

2%-11Yenvs PY

3%
10%
5%

39%

11%
24%

NARTD: Non-alcoholic ready-to-drink
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deductionfrom revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

4%

S-PET

+2%

M-PET

+101%

L-PET

+4%

Can

-8%

Bottle Can

-1%

Syrup

-3%

Powder+6%

S-PET: PET under 600ml/L-PET: PET above 1.5L

34

THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
ir@ccbji.co.jp
https://en.ccbj-holdings.com/ir/