Second quarter 2021
Earnings Presentation
August 12, 2021

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on August 11, 2021)

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)
Q2 2021 earnings presentation

Overview and situational analysis
1H 2021 results and 2021 outlook
Q&A3

Overview andSituational Analysis

1H 2021– Highlights
Market uncertainty continues; consumer traffic remains challenged due to rise in COVID-19 infections andadditional State of Emergency declarations
Ongoing COVID-19 impact on market trends (channels/packages) continue to pressure profitability
Cycling includes one-time cost savings in Q2 and pre COVID-19 performance in Q1, resulting in bigger businessincome loss for 1H
Despite headwinds, revenue and volume recovered in Q2 driven by innovation & growth initiatives

Transformation initiatives in Commercial and Supply Chain are on track

Winning in the market✓ New products contributing to growth✓ Historical high vending value share sinceintegration; 27 consecutive months of growth✓ 60% volume growth in Online✓ Alcohol: new brands, production capacity,#1 share in Lemon-dou

Transformation & Building Foundation✓ Recurring cost savings: about 6 billion yen✓ Vending and Supply Chain transformation
initiatives entering next phase✓ Advances on ESG initiatives: 100% Recycle PET✓ Good stewards of capital: Dividend on plan

*Source : Intage (January-June 2021, nationwide excluding Okinawa, chuhai market 350ml
can by SKU, value basis)5Winning in the market: Innovation & Growth
Accelerating initiatives to capture changes in consumer behavior
New products/ Packages

OnlineVending

Capture growth with new innovative products and package
sizes that meet the new consumption occasions. Newly
launched products have been well received by consumers.

Increase label less SKUs and,growing revenue fromsubscription consumers andvarious promotions

New Vending opportunity withCoke ON and effective
marketing strategies

6Winning in the market: Vending Channel
Achieving 27 consecutive months of value share gain
Investing to grow our healthy base & prepared to capture future growth
Product line-up
Effective new product launch
Strategic pricing & package line-up
Use of AI for to optimize productline-up to maximize sales

Digitalization & promotion

Improve placement location
Increase placement in high VPM
locationsContinuous location mix
improvement led by past strategic
withdrawal of unprofitablemachines
Operation quality improvement

Leverage Coke ON as digitalplatform

Solid infrastructure built throughtransformation

Targeted promotion based onconsumers

Improvement in quality ofoperation and activities
Improved operation KPIs such as
out-of-stock ratios*VPM: Volume Per Machine7

Transformation Continues: Vending business model
Phase 2 of vending transformation
Phase 2 of Vending Transformation Started. Further accelerate transformation to improve quality andefficiency of operation from last year (Phase 1)
Phase 1：July 2020～

Phase 2：May 2021～▶Planning
Further route optimization accounting forarea characteristics with time study
leveraging big data
▶Picking/Loading
Further efficiency achieved by collaboratingwith supply chain. Reduce total costs byconsolidating inventory to Saitama Mega DC
and automating operations

1 Segmentation of sales person’s work routine
2 Introducing new call/visit planning based on sales prediction by AI
3 Route reorganization (call/visit # increase per sales person)
４ Productivity improvement and maximization of sales activity byoperation-focus work

2020 Route reduction: -20% (vs 2019)▶Operation on site

Expand one-trip operation with new smart
phone hand held terminal and online VMs

2021 Route reduction: -7% (vs 2020)
8Transformation Continues: Supply Chain
Establishing a solid supply chain foundation for growth & improved efficiency
ManufacturingLogistics

Capacity expansion in growing areas
・Aseptic: 7 new lines between 2018 - 2020

・Alcohol: New line at Komatsu Plant in May 2021

Logistic centered around Saitama Mega DC• Started operation in February, completed transfer ofinventory to Saitama Mega DC at half of the target
locations. Closed 6 location in all areas.
Temporary cost associated with ramping up largescale DC are within expectation. Progress towards
creating benefit from next year onwards.

Innovation
・NAT (next generation aseptic technology)•Improved production efficiency
・High speed manufacturing, labor-saving operations

Akashi Mega DC, progressing as planned・New package (350/700ml PET, 950ml PET)

Supply chain back office

Streamlining the supply chain structure for low-cost operations
・ Implementing further standardization, consolidation and automation of operations
9

ESG – At the core of our daily operations
Steady progress in creating shared value
RecycleAccelerate our initiative toward a “World WithoutWaste” with the introduction of Brand Coca-Cola with
100% recycled PET content, leading to reduced CO2 by
60% per bottle.
Food loss prevention initiatives
Food loss prevention vending machines. Through thisvending machine will lead to increasing purchasers’
awareness about food loss, and promote SDGs.

Embrace Diversity and Equality
Coca-Cola system in Japan in May 2021
implemented employment regulations
and benefits for same-sex partners ofemployees. CCBJH has implemented
such initiatives since last year.

Work Place COVID-19 Vaccination
Implemented workplace COVID-19
vaccination. Scope including employees,
family members, and suppliers.

Supporting local communities
Multiple “Comprehensive Collaboration
Agreement” have been signed, to workcloser with local communities.
10Progress against 2021 target
Focusing on the controllable, building resilience and setting foundation for growthMarket share

TargetProgress

Recurring cost savings

Target

7-9 B yen
Value share growthcontinues

ProgressAbout
6 B yen

Recurring cost savings target
through transformation

Capex
TargetProgress

45-50 B yen

28.1 B yen

Limited new capex during COVID
uncertainty*Not including IFRS16 non cash items

Depreciation

TargetProgress

55-60 B yen

28.9 B yen

On plan, as we control our capex
spending

Annual dividends

Target50yen/share

Progress
On plan to pay
25 yen/ sharefor interim

On track to target with solid
cash position

Content of recycled PET

Target40%

Progress
Target
Maintained

Expand recycled PET usage, on
track to meet 50% 2022 goals
111H 2021 Results

1H 2021 results vs. 2020
Continued COVID impact; cycling extensive one-time cost savings in Q2 2020
Unit: Million JPY

2021 1H Actual2020 1H Actual

YoY (%)

369,309374,598-1.4%

Beverage Sales Volume (Million Cases)

217

212

+3%

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

213

207+3%

COGS

206,040

205,054+0.5%

Gross Profit

163,269

169,544

-3.7%

SG&A

177,295

176,016+0.7%

Business Income (Loss)(14,799)(7,368)-(18,250)(14,937)-(354)(6,452)-Continuing Operations (Beverage Business)
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.

13

1H 2021 Drivers of Business Income
Volume recovery in Q2 was not enough to offset the cycling impact cost savings of last year
Volume, Price& Mix*

DME

Commodity

ManufacturingOthers(Direct MarketingExpense, fixed only)-7.4
2020 1HBusiness
Income

-14.8

-7.7

• Resuming marketinginvestment that had
been restrained last year
to drive growth after
2021• New production line
depreciation increase
offset by enhanced
productivity due tohigher production
volume• New product launches• Volume recovery in
Q2 (+15%), slightly
positive channel mix• Rising variable
expense along withvolume recovery(vending commission,price promotions,etc.)-3.2

0.0+0.6• Starting to see
rising commodity
price impact in Q2• Cost push from
commodity is tobe monitored*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

+2.9• Benefit fromtransformation savings

2021 1HBusinessIncome• Total labor costdecreased YoY, but
increased in Q2 withbonus payments• Logistic cost rise withincreased production
and rapid change involumeUnit: B JPY(Rounding off less than unit)14

1H 2021 NARTD beverage volume performance by channelVolume growth in Online, SM, D&D and Vending
1H total volume +3%
By channel
Vs. PY

3% 1%

14%

26%

24%
17%
15%

WholesalerevenueperVolumecase

Supermarket (SM)

+7%-88Yen

Drug & Discounter (D&D)+9%-88Yen

Convenience Store (CVS)-3%-63Yen

Vending (VM)

+2%-34Yen

Retail & Food (R&F)-12%+14YenOnline+60%-38YenSM, D&D: Increased mainly in categories that offer awide range of package sizes in response to changes inconsumer purchasing styles such as domestic
consumption and increased bulk purchasesCVS: Strategically implemented 950ml PET contributed,
but decreased due to partially intensified competition.
VM: Q2 increased by + 18% mainly due to traffic recovery,
positive in all categories. There was also a recovery involume per machine, mainly for outdoor machines
R&F: Impacted by Food channel down due to sluggish
customer attraction at restaurants, etc.

Online: Increased due to case purchases growth and thelabelless products
Wholesale revenue per case: SM, D&D decreased due tochanges in case configurations for 1.5LPET products. VM
was affected by increased implementation of low-priced
can products to promote purchasing opportunities

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.

15

1H 2021 NARTD beverage volume performance by category
Continued impact of COVID-19; new products starting to contribute
1H total volume +3%
By category
Vs. PY
5%

8%
26%

21%
21%
11%
8%

VolumeSparkling

Flat

Non-sugar tea (NST)+4%Sports+4%

Water+29%

Coffee-2%

Juice-7%

Sparkling Recovery in volume in Q2 in SM andonline, new Fanta Premier Orange also contributed

NST New products Yakan Barley Tea from Hajime,Ayataka Matcha Latte contributed to growthSports Cycling the COVID-19 impact in the same
period before and showed recovery

Water Growth driven by SM, D&D and online. Large
PET was strong and new products such as ICY SPARK
also contributedCoffee COSTA COFFEE pushed up PET bottle coffee
in all major channels and partially offset the cancoffee decline
Juice Declined due to continued weakness in R&F as
outlets remain under COVID-19 restrictions

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.

16

NARTD channel/category/package volume performanceQ2 2021 (April to June) volume: +15%

By package

By channel

1H 2021

Wholesale
Volume revenue
per caseVs. PY
4% 1%
Supermarket (SM)
13%

27%

23%
14%

18%+12%+10%-82Yen

Convenience Store (CVS)+5%-77Yen

Vending (VM)

+18%-40Yen

Retail & Food (R&F)+31%-56Yen

Online+57%-70Yen

By category
Vs. PY

5% 7%
26%
20%
21%

11%
10%

2%-91Yen

Drug & Discounter (D&D)

vs PY

5%

8%

25%

+17%

Sports

+12%

Water

+50%

Coffee

+7%

Juice

+21%

S-PET

+2%

M-PET

+95%

L-PET

+11%

Can

-5%

Bottle Can

+3%

Syrup

-13%

Powder

-9%vs PY

Volume4%

Q2 20212%+7%Non-sugar tea (NST)

39%

12%

VolumeSparkling

5%

Volume5%

7%
5%
12%

39%

26%

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

+12%

M-PET

+107%

L-PET+12%

Can+4%

Bottle Can+8%

Syrup+41%

Powder+34%

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

17Building a foundation for value share growth in 2021
Vending continues to grow; OTC leaves room for improvement
OTC market share

Vending value share• Q2 OTC value share was challenging given the intensified
promotion activities• OTC market share growth in supermarket, drugstore &discounters. CVS is a channel for future improvement• Growing for 27 consecutive months, record high value
market share achieved during Q2 since integration• Market share gains across all sales regions in June
Retail pricing trends

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

ValueVolume1H (Jan to June)

-0.2

+0.2

Q2 (April to June)

-0.3

+0.1

• Observing continued price premium vs. market averagewith effective promotional activities in the market

OTC Retail Price
Vs. MarketAverage

Vs. PY

Small PET+5.4-2.2

Large PET+21.0-8.1

OTC Retail Price(January to June, JPY per bottle)

Value

VolumeQ1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021

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

18

Continued priority on good stewardship of capital
Focus on shareholder value creation
Shareholder value creation
Dividends✓On plan to pay interim
dividend of 25 yen/share✓Maintain full year target
2021 plan

50 Yen/share
Interim25
Yen/share

Year-end Plan25
Yen/share

Balance sheet andcash flow

- 45 billion cash-in with 12.8
billion yen pre-tax profit
from Q’sai divestment- Solid financial position:56.5%
equity ratio at end of Q2
2021- Continue to sell down idle
assets and cross-held shares

Capex and depreciation- Continued restraint inplacement of new sales
equipment helps to control
capex and depreciation- Reassessing every single newinvestment(Billion JPY)

2021 1H
ActualVs PY

2021 FYPlanCAPEX*

28.1

-8.8

45 to 50

Depreciation

28.9+0.2

55 to 60

*Not including IFRS16 non cash items.

19Marketing and branding update

Update from Coca-Cola (Japan) Company, Limited

2021 Q2 Initiatives Review
2021 Q3 Initiatives Highlight21

2021 Q2 Initiatives Review
Building consumer engagement and new users via core & innovations
Coca-Cola TM & Flavor Sparkling
350/700ml PET

Coke ON campaign

National Expansion
optimized price/pack format

Coke ON install exceeds 28MM

100% recycled PET bottle
Coca-Cola, I LOHAS, Georgia*

Reduction of CO2 emissions
60% per bottle, approx. 35,000 tons in TTL SKU per year**

* メッセージボトルのみ対象となります。
** 一般的なPETボトルから100%リサイクルPET素材に切り替えた場合。対象製品合計、前年出荷実績に基づくCCJC試算。

COSTA COFFEE
Re-launch

Yakan Barley Tea
from Hajime

ICY SPARK
from Canada Dry“Mass Premium” Quality Coffee Proposition
captures the RTD&NRTD “coffee lovers”

Exceed 50 mil bottles shipmentin 2 months

ICY SPARK brought
incremental NSR and market share※As of June 18, 2021
（Shipment base, KO data)222021 Q3 Initiatives Highlights (Jul)
Expand users & drinking occasions by enhancing core & innovations
Team Coca-Cola Tokyo 2020
Portfolio Campaign

GEORGIASHOT & BREAK“Ayataka Café Matcha Latte”
440mlPET Re-Launch

2.16MM users applied to the
National Promotion for Tokyo 2020

Creating a new style ofShort-Break Coffee
by smaller PET format

Reclaim its productsuperiority (great taste) andunique edge (new latte segment)(as of 7th weeks)232021 Q3 Initiatives Highlights (Jul)
Cultivate alcohol as a white space with core campaign & innovations“Lemon Dou”
Summer CampaignCapture summer occasion
by positioning Salty andKamisori Lemonas main flavors for heavy users

NOMEL’sHard Lemonade

Topo Chico Hard Seltzer(Pilot)

Get off to a good start andKO ranked as 3rd* in the market
on a value share basis

Cutting edge
hard seltzer alcohol brandhas started its consumer experiencein selected venue and limited area

※INTAGE SRI+ low alcoholic drink Market Share in Sales Value of 2020 June 21-28 week24

2021 Plan:
Continue flexible and timely actions to adapt to changes
Ramping up marketing activities for solid growth

FEWER, BIGGERINNOVATIONS
選択と集中

PIVOT TO CORE
コアへの原点回帰

STAY@HOME
家庭内需要の獲得

25

2021 Outlook

Full year operating environment remains unpredictable
COVID-19 Cases Rising
14,000# of new cases

Lower Traffic at Major Railway Stations

1,200

10,000

1,000
8,000
800
6,000
600
4,000

# of severe patients

1,400

12,000# of new cases

Traffic data in Major Stations (% vs LY)

1,600# of severe patients

400

2,000

150

SoE

SoE

SoE

100

50020000AprMayJunJulAug

Source: Minister of Health, Labor and Welfare, as of Aug 129.1%
0%

20%

40%

60%

80%

MarAprMayJunJul

Continued Market Uncertainty

39.6%

Twice

W11 W12 W13 W14 W15 W16 W17 W18 W19 W20 W21 W22 W23 W24 W25 W26 W27 W28 W29 W30

Source: NTT Docomo• Number of COVID-19 cases rapidly increasing even after the 4th SoE
was declared• From August 2nd, four prefecture were added to the SoE• Number of vaccination is steadily increasing, but still uncertainty
remains
Vaccination Progress (% of total population) As of Aug 1Once or more-50

ShinjukuOsaka(Umeda)
HakataSendaiNagoya
Tokyo100%• 2021 annualized GDP originally estimated at +3.3%; nowrevised downwards• Consumer Confidence Index shows initial signs of recoveryand Consumer Price Index in July signals inflationary
outlook

Source: Prime Minister’s Office of Japan27

Our focus areas during uncertain times

SAFETY & SECURITY

AGILITY

RESILIENCE

The safety and security of
our consumers, customers,
partners, employees andcommunities are our priority

Agile and flexible businessplanning, ready for thefuture

Accelerating transformation
to build a resilient
foundation“Business as usual is not an option”
28Key Takeaways
Uncertainty continues with rising COVID-19 infections and State of Emergency
Market volume recovery expected, but outlook remains hard to predict with
continued consumer trend shift

Cycling of one time cost savings in 2020 is expected to put pressure on shot-term
profitability, and 1H profitability is expected to weigh on full year performance

We will continue our efforts to win in the market and transformation to build asolid foundation to be profitable when the market recovers to a stable state
Aspire to be the best in class corporate citizen through ESG and creation of shareholder value
29

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