Third quarter year-to-date 2020
Earnings Presentation
November 13, 2020

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on November 12, 2020)

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)
Third quarter (Q3) year-to-date 2020 earnings presentation

Overview and situational analysis
Q3 YTD results and outlook
Q&A3Overview andSituational Analysis

Q3 Year-to-Date Overview
YTD beverage market continues negative, moderating trend versus Q2 as restrictions lifted
CCBJH Q3 volume, revenue and Business Income show gradual recovery versus priorquarters this year. Q3 Business Income almost even versus prior year.

Continued growth in vending market share. Focus on recovering OTC market share withselective marketing reinvestment in Q4.
Significant cost savings, faster transformation efforts, including early completion of vending
and sales route transformation.
Alcohol business continues to perform well. Expect to sell 8 million cases in 2020; New
alcohol manufacturing line installed in Kyoto to meet growing demand.

Announced updated full-year 2020 outlook on October 5, targeting even Business Income inspite of topline pressure. No change to 25 yen-per-share year-end dividend forecast.
Continue to drive fundamental business transformation guided by our mid-term strategicplan amid the current COVID-19 driven challenges.
5Market Environment Update; “with COVID-19”Initial traffic recovery with Japan “GO-TO” campaign; Selective investment to recover share
Industry situation YTD
Uncertainty during “with COVID-19”(Over thecounter)channelsOnline✓ Strengthen the core
✓ Grow at-homeconsumption✓ Deliver value toconsumers- Some traffic recovery, primarily
larger package transactions in
SM & DD channels- Continued traffic declines inurban locations, CVS channel- Affordability and value focus• Leverage newconsumer demand
trendsStrong sales growth since COVID
outbreak; Increase in demand forcase sales and home delivery.

• Review portfolio andpromotional
initiatives

Mitigation initiatives
delivering strong costsavings
People, processes andsystems to address
high fixed-cost baseAcceleratingtransformation,enhancing supply
capacity & network
Revised marketing
initiatives andinvestment to recovermarket share

Cost savings & optimized capital allocation

OTC• Extra focus on
strategic priorities

Setting a foundation for 2021

Customer centric plans & support programs

Vending- Foot traffic still low in indoor
locations, such as train stations,schools, leisure venues & offices.
- “Low-touch” consumer
interactions increasingOur quick actions

Guiding principles formarket execution

6

Strict focus on managing what we can control;
Building a foundation for recovery✓ Beverage market contraction, stabilizing for now at lower levels.
✓ Mitigating short-term revenue contraction with significant cost andcapital reduction. Making good progress to reduce heavy fixed cost base.
✓ Transformation of vending channel operations complete; 18 months’
consecutive vending market share growth and reduced cost to serve.
✓ Flexible, high-spec manufacturing capacity in place to supply evolving
consumer demand.

✓ Selective marketing reinvestment in Q4 to recover growth into 2021.
7

Vending transformation is yielding results
Share momentum, better volume-per-machine, transforming to lower cost base
Vending value share growing
33
32+1.3%(FY2019)

Vending volume-per-machinerecovering vs. PY+1.2%(2020YTD)

31
Indoor30
29
Source: Intage SCIJanFeb

Mar10%

Vending service
route reduction

Vending fixed
cost savings*

Strong foundation for
profitable growth

Outdoor
2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q320%

AprMayJunJulAugSep*annualized

Vending value share growth 18 months in a row. Momentum continues in October, supported by coffee
and tea share growth and Coke ON smartphone app campaign
Volume-per-machine recovering. Positive versus prior year in October in outdoor locations
Coke ON welcome-back campaign in October attracted 1 million new consumers, driving traffic growth
Accelerated vending transformation; 20% vending service route reduction, 10% annualized cost savings
to address high legacy fixed cost structure and drive future profit growth as traffic recovers8

Market share pressure in OTC channels on pullback in investmentValue share growth in coffee, cola, black tea; Strong progress in Online channelContinuous wholesale pricing and promotional discipline
Market share impacted by postponed Olympics programs,
especially in CVS channel
Volume recovery in supermarket, drug & discounter
supported by selective investment in marketing activities
Coca-Cola & Coca-Cola Zero 350/700ml packages
contributing volume and sales growth in target outlets
950ml PET offering in the convenience store channel
driving share growth in sports category

Online Channel
Achieved #1 market share in major online retail site
Launch of sustainable, label-free SKUs to drive traffic

OTC NARTD Market Share
Market Share (vs. PY, PP)

ValueVolume

YTD Q3 (Jan. to Sep.)-0.5-0.5

Q3 (Jul. to Sep.)-1.1-0.6

NARTD OTC Retail PriceOTC Retail Price(Jan. to Sep. 2020, JPY per bottle)

Vs. MarketAverage

Vs. PY

Small PET

+2.5-1.2

Large PET (2L PET)

+21.0-2.8

NARTD: Non-alcoholic ready-to-drink OTC: Over-the-counter channels
Source: Intage

9Successfully expanding to new consumption occasions
Alcohol business contributing revenue and profit
Lemon-dou pilot started in May 2018 as
first Coca-Cola Company alcohol brandNationwide launch in October 2019,consistently outperforming initial plan
Added in-house manufacturing capacity
to meet growing demand; Saitama in2019 and Kyoto in 2020
Teiban Lemon SKU #1 value share inlemon sour category. Premium retail
pricing versus competition
Good model market for global Coca-Cola
Company initiatives

MillionCases

Lemon-dou cumulative sales volume876Launch to date

57.9 million

4cases3210
2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3

Pilot in Kyushu

Nationwide launchMarket share source: Intage SRI, Jan. to Sep. 2020
Each case contains 24 x 350ml can10

Resilient and flexible infrastructure in place
Building a foundation for recovery

Completion of world-leading Hiroshima plant – Fully up and running. Total seven new
manufacturing lines nationwide, 20% growth in aseptic production capacity versus 2018.
Continuing to add manufacturing capacity of growing alcohol business. Started
production at the Kyoto plant in October, with additional capacity planned in 2021.
Shinsei logistics/distribution network optimization project• 14 sales/distribution centers closed in 2020, six sales regions reduced to three• Saitama (Eastern Japan) Mega DC construction on track; completion in February 2021
• Akashi (Western Japan) Mega DC construction started

Hiroshima virtual plant opening
celebrated with The Coca-Cola Company

Lemon-dou production in Kyoto

Akashi Mega DC new warehouse11

Sustainability as one driver of growth
Making progress in sustainable packaging toward WWW goals
Helps support achievement of
Expand “label-free” products offerings

World Without Waste“iLOHAS eco ACTION” campaign with Uniqlo
Launching pilot project for PET bottle recycling
with Welcia Holdings in Tochigi

Agreement with municipalities such as
Higashiyamato City on PET bottle collection
Pilot sales of product started in November usingchemically recycled PET raw materials
developed together with Far Eastern New
Century (FENC) Company12

“Business as usual is
not an option”• Actively Reducing fixed cost and increasing flexibility across the business• Crisis is a driver to accelerate transformation• COVID-19 outlook uncertain, but clear focus on returning to growth13

*20192018

3.11earthquake

2017

2016

2015

2014

2013

2012

Globalfinancialcrisis

2011

2010

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BubbleBurst

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2nd Oil
Shock

1991

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1st Oil
Shock

1979

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Nixonends goldstandard

1973

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1957

Emerging stronger:
In the past 60 years, Coca-Cola business in Japan has withstood many crises
WestJapan
flooding

1957: Cokeestablishedin Japan14

Q3 YTD 2020 results

Q3 YTD 2020 results vs. 2019

Moderating Business Income decline, partially offset by significant cost savings.
Operating income improved versus prior year, cycling one-time expenses.
2020

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

COGSGross Profit
SG&A
Business Income
Operating Income (Loss)
Net income (loss) attributable to owners of parent

YoY (%)

616,774

694,763

-11.2

344
338

384
384

-11
-12

326,746
290,027
281,883
6,958(6,334)(4,644)357,499
337,265
318,810
17,103(51,880)(55,693)

-8.6
-14.0
-11.6
-59.3
-Health Care & Skin
Care Business2020

2019

-11.5

Revenue

18,227

18,748-2.8-70.3

Business Income

2,622

2,489+5.3

Beverage Business2020

2019

YoY (%)

Revenue

598,547

676,015

4,336

14,613Business Income (Loss)2019

YoY (%)

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

16

Q3 YTD 2020 Drivers of Business Income
Moderating trend vs Q2. Strong progress in cost-savings to partially offset topline pressure
Volume, Price& Mix*

17.1

Commodity

DME

ManufacturingOthers(Direct MarketingExpense, fixed only)-34.9(YTD)

Healthcare &Skincare
Business Income

Q3 -14.5

+0.1

7.0

Q2 -18.5

Q3 YTD 2019BusinessIncome• Reducedmarketing spend
during peak
COVID-19 impact• Replan ofmarketing+0.9• Cost reduction
thorough efficiency
improvement offset
by lower production
volume, higher
depreciation, etc.

+20.9

-3.1
+5.9

Q1 -1.9• Vending volume -14%, CVS -12%,
R&F -30%• Lower variable expense (vending
commission, deductions fromrevenue, etc.)• Alcohol contribution• Reflects costsavings in labor,
IT, T&E, etc. andlower logistics/distribution

Beverage volume YoY (%)
Q1

Q2Q3YTD-2-18-10-11

Q3 YTD 2020BusinessIncome

Q3 standalone BI
12.5 billion yen,almost even withprior-year Q3Unit: B JPY*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

NARTD: Non-alcoholic ready-to-drink(Rounding off less than unit)

17

2020 Q3 YTD NARTD channel & category volume performance
Growth in Drug & Discounter, Online channels; Package mix impacting revenue per case
By channelVs. PY

1%

Supermarket (SM)
18%

26%

Drug & Discounter (D&D)
Convenience Store (CVS)

24%
16%
15%

Vending (VM)
Retail & Food (R&F)
Includes Online

Wholesale
Volume revenue
per case-1%-38 Yen+7%-33 Yen-12%-13 Yen-14%-30%-50 Yen+54 Yen

SM Adapting to consumers’ behavior change; Sparkling & water growth offset by
decline in sports & NST.
D&D grew across most categories except sports, led by increased shopper traffic,
demand for home consumption
CVS decline on pullback in marketing programs, including Olympics despite newly
launched Georgia Latte Nista, etc.
VM decline on lower traffic, especially indoor locations.
Online grew double digits across categories, now 2% of total NARTD
Revenue per case: Reflects package-mix shift, cycling of prior-year April large PET
wholesale price increase. Also value pricing of small can and bottle can in VM to drive
traffic

By category

6%

Vs. PY

7%
26%

21%

21%
9%

10%

VolumeSparkling-12%

Non-sugar tea (NST)-10%Sports-11%

Water-6%

Coffee-8%

Juice-25%

Sparkling driven by decline in R&F and VM, partly offset by Coca-Cola Zerorenewal launch of Fanta Premier
NST decline driven by R&F and VM. Slight decline in green tea partiallyoffset by newly-launched Ayataka Koi Ryokucha.
Sports impacted by category decline & weak large PET. Includes
contribution of newly-launched 950ml PET
Water decline driven by small PET as immediate consumption channels
declined despite growth of large PET in SM and D&D
Coffee decline of can & bottle can offset growth in PET packages driven byGeorgia Latte Nista and Japan Craftsman
Juice declined due to sharp drop in R&F demand

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.

18

NARTD channel/category/package volume performanceQ3 2020 volume: -11%

By package

By channel
Vs. PY

1%
18%

27%

23%

Wholesale
Volume revenueper case

17%
14%

Supermarket (SM)

-1%-78 Yen

Drug & Discounter (D&D)+7%-67 Yen

Convenience Store (CVS)-17%-50 Yen

Vending (VM)

-13%

-47 Yen

Retail & Food (R&F)
Includes Online

Q3 YTD 2020vs PY

2%
7%
9%
5%

39%

13%
25%

-28%

+43 YenQ3 2020

By category
Vs. PY

5% 7%
25%
19%
20%

10%
14%

VolumeSparkling-15%

Non-sugar tea (NST)-11%

Sports-2%

Water+1%

Coffee

-6%

Juice

-25%

2%

8%
9%
39%

4%
11%
27%

Volume

S-PET

-11%

L-PET

+4%

Can

-17%

Bottle Can

-5%

Syrup

-37%

Powder

-28%vs PY

Volume

S-PET

-14%

L-PET

+6%Can-17%

Bottle Can+3%

Syrup-33%

Powder-31%

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

19

OutlookUpdated Full-year 2020 guidance (Announced on Oct. 5, 2020)
Unit: Million JPY

Consolidated

2020 ForecastRevenue
Beverage Business Sales Volume (Million Cases)
NARTD (Non-alcoholic ready to drink) Beverage Volume

Business Income
Operating Income (Loss)
Net income (loss) attributable to owners of parent

2019 Actual

YoY (%)

819,700

914,783-10.4

459451505503-9-100(9,700)(7,000)15,042-100.0-(55,389)(57,952)

Revenue and Business Income by segment
Beverage Business

2020
Forecast

2019
ActualYoY (%)

Revenue

794,500

890,009-10.7

Business Income (Loss)(3,600)11,447-

Health Care & Skin
Care Business

2020
Forecast

2019
ActualYoY (%)

Revenue

25,20024,774+1.7

Business Income

3,600

3,595+0.121Updated full-year 2020 guidance: Drivers of Business Income
Establishing “New Normal” cost structure to be more resilient and agile
Selective reinvestment in marketing programs in Q4 as solid foundation for 2021
Volume, price& mix*

15.0

DME
(Fixed DME only)

Commodity

Manufacturing

Others-47.1

Healthcare &Skincare
Business
IncomeExpect 1.5 to 2 times planned recurringtransformational savings in 2020002020
Business
IncomeForecast2019
Business
Income+29.0+1.5
Unit: B JPY(Rounded off lessthan unit)

+5.9

-4.3

*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

22

Continued priority on good stewardship of capitalDividend• No change to reinstated year-end dividend plan of 25 yen per share• Focus on return to stable dividend payout during transformation

Year-end Dividend

25yen/share

Balance Sheet and Cash Flow

• Identified ~12 billion yen cash-in opportunities throughout this year by selling idle
assets of land and office space• Sold ~800 million yen in cross-held shares YTD and sales ongoing• Maintaining solid financial position: 51.0% equity ratio as of end of Q3Capex and Depreciation• Full-year capex plan reduced ~21 billion yen versus plan
• Further opportunities in mid-term capex outlook(Billion JPY)

Q3 YTD actual

FY 2020 plan

CAPEX

57.4

~75.0

Depreciation

44.3

~60.0

23

Update from Coca-Cola (Japan) Company
2020 Highlights

Q4 Highlights

24

2020 Business Plan: Planning with Agility & Flexibility
Plan to maximize
TOKYO 2020

Revised plan with gradual and selective activity increase in 2H

At HomePlatform Innovation

Lemon-dou

Innovative Marketing

Vending Recovery

Winter Campaign25

2020 Year-to-date Highlight
Coca-Cola Zero Sugar
Full renewal

Attracting new users andwith high repeat purchase

Georgia Test Your Luck campaign

ILOHAS × UNIQLO
Eco ACTION campaign

With 1.5 million participants
Georgia TM
Contributing to market
share growth

Working with partners topromote recycling andenvironmental
sustainability

26

2020 Year-to-date Highlight
Kochakaden Craftea
New flavors and package renewals

Fanta Premier
Peach introduction

Lemonade added to the lineup, contributing
to the expansion of the Black Tea Category

Establishing a position as
Adult sparkling beverage

27Q4 Highlights：Lemon-Dou
Established as a teiban brand one year after nationwide launch.
Steadily rolling out initiatives to spark consumer interest and drive further growth.

No. 5 in hit productsin Nikkei Trendy rankings
2020

Source: December 2020 issue of Nikkei Trendy

28

Q4 Highlights: Vending Welcome Back Program to drive traffic
Buy One Get One Free Promotion
Oct.

Shopper recruitment ~1 MM
Transaction@ Coke ON VM 3.1MM

Coke ON Pay Promotion
Dec.

50% cash back whenpurchasing with CokeON pay(up to 200 JPY)

Coke ON Downloads: ~800K
29

Q4 Highlight : Winter campaign
TVCM

YoutubeOOH

DigitalOnline live

The time together
is the best gift you can give.
Store merchandise

Cake promotion
November
16

Pay promotions

December
1

McDonald'spromotion30

Q4 Highlight: Shibuya Coke Vision
At about 40 meters above the Shibuya Scramble intersection"Shibuya Coke Vision"
Started at 17:00, October 26 on the rooftop of QFRONT building

31

Wrap up

Managing what we can control; Building a foundation for GROWTH✓ Agile and resilient cost structure in place to match new reality• 30 billion yen cost savings expected in 2020; recurring savings up 1.5X-2.0X vs.
initial plan (pre-coronavirus)• 20% reduction in number of vending service routes, 14 sales/distribution centers
to be closed by year-end, 900 headcount reduction• New workstyles, flexible office space, digitally-enabled employees✓ Actively working toward growth in 2021 despite COVID-19 uncertainty• 20% additional aseptic production capacity to meet consumer demand growth• 18 months in a row. Vending value share growth momentum• Selectively reinvesting in marketing as foundation for volume growth in 2021
• Additional recurring cost savings in 2021 to help offset 2020 cycling
33

Q&AAppendix

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

36

Glossary of key terms
Business
IncomeA measure of our underlying or recurring business performance after the adoption of IFRS. Business Income deducts cost of goods and SG&A from revenue, andincludes other income and expenses which we believe are recurring in nature.

DME

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

FC

Abbreviation of Future Consumption. Purchase or sell beverage for future consumption in home, etc. It also means the products / 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.

IC

Abbreviation 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 the beverages for IC (for example, vending machines, convenience store channel, etc.).

PTC

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

RGM

Abbreviation of Revenue Growth Management, an overall strategy and process to achieve profitable revenue growth.

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 above37

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