Coca-Cola Bottlers Japan Holdings Inc.
Q2 Year-to-date 2018 Earnings Presentation
August 13, 2018

Tamio Yoshimatsu, President
Vikas Tiku, Vice President & Chief Financial Officer(Posted to CCBJH website on August 10, 2018)

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)
Second quarter year-to-date 2018 earnings presentation

Impact of the extraordinary rains and flooding in July
Q2 YTD 2018 business summary
Q2 YTD 2018 financial results
Q&A3Impact of theextraordinary rain andflooding in July 2018

Major disruption to manufacturing, warehousing, regional transport• Flooding at Hongo factory and adjacent logistics center.
Manufacturing and automated warehouse operations shut down.
• Maintaining supply to the impacted region from other locations,combined with the extreme heat this summer, has stressed ourproduct supply and logistics network with ongoing effects.
• Assessing expected operational and financial impact, including
status of inventory and equipment. Full-year earnings forecast
under evaluation. The book value of damaged assets andinventories is approximately 9 billion yen.
• Expect updated guidance when damage estimates are clear, andplans for alternate product supply and transport are complete.
5Timeline of events
July 6, 2018
Unprecedented heavy rainfall warning issued by Japan Metrological Agency
July 7, 2018
Hongo facilities flooded, including factory, automated warehouse, logistics center and employee
housing. Heavy rain, flooding and landslides reported region-wide. Safety of all employees confirmed.
July 9, 2018
CCBJH announced that facilities were shutdown due to damage of machinery and equipment,
inventory on site and other assets.
July 20, 2018
CCBJH issued a status update, including constraints in product supply due to the factory shutdown,
inventory damage and transport disruption
July 24, 2018
Government issues a disaster declaration
August 1, 2018
CCBJH issues a notice on website of temporary product supply shortages in some areas6

Hongo is an important part of our national supply chain network17 manufacturing plants nationwide

Hongo facilities in Western Japan• Three manufacturing lines, representing approximately 5% of total
average Coca-Cola Bottlers Japan production capacity• 1) Aseptic PET; 2) Sparkling PET; 3) Coffee can/bottle can• Logistics center co-located with Hongo factory, with automatedwarehouse and regional distribution role• ~1.5M cases of finished product in inventory for peak season

Initial assessment of impact• All manufacturing lines remain inoperative• Automated warehouse not functioning• Employee dormitories not habitable• Damaged inventories may need to be written off• 2,000+ vending machines, sales equipment damaged across region• Disruptions to regional rail and road infrastructure; Difficulty in securing
additional transport

Damage at Hongo has been extensive

July 7: Hongo dispatch yard

July 9: Hongo warehouse7

Current situation and response
Logistics
Center

Surface cleanup complete, now operating manually. Resumption of fullautomated warehouse operations expected by year-end.

Manufacturing Expect to recover and rebuild production facilities, but offline for an

extended period of time.
ProductSupply

Alternate product sourcing across national supply chain. Suspension of 7
SKUs primarily produced at Hongo. Expect supply constraints due tostrong summer demand and loss of Hongo manufacturing and distribution.

Promotional
Activity

Suspended “chirashi” promotions for PET products nationwide due tosupply constraints

Distribution

Rail and road network disruption has reduced availability of trucks andother transport and increased transport fees8

Key takeaways• Flooding damage has been significant, but we will rebuild• All parts of our operations are coming together in all ways to support
recovery and rebuild product supply capability– our immediate priority• Reevaluating our full-year forecast, expect updated guidance
when full impact is clear• Fundamental strategy and direction remains unchanged. We arecommitted growth opportunities ahead of us• Adapting to rapid shift in consumer preference with product launches andcapacity investments• Designing agile and resilient supply chain network, incorporating theexperience from the hot summer and natural disasters
9

Q2 YTD 2018business summary

Q2 YTD Highlights• Value share growth ahead of volume share; Improving trends since integration.
• Pro-forma volume even versus the prior year, with growth in retail channels offset
by negative vending performance. Q2 sequential improvement in the coffeecategory.
• YTD reported net revenue grew 30%. Pro-forma net revenue decreased 2%,primarily driven by channel mix.
• 5 billion yen in net synergies YTD primarily from supply chain and procurement.
• YTD reported operating income decreased 11% mainly due to goodwill amortizationfrom the creation of CCBJH. Pro-forma operating income decreased 18%, driven by
negative channel mix in addition to the goodwill amortization.
• Successful launch of first-ever alcoholic beverage in the Coca-Cola system, Lemondo,
in the Kyushu region.
11

2018: Pivoting from integration focus to growth mindset
Solid integration progress, synergies in-line with plan in a year of extremes
YTD status

National scale,
local presence

Executing segmented channel and category strategies
tailored for each region
Community-focused and customer-centric commercial
activities, leveraging the scale of CCBJH“Beverages for Life” product portfolio

Innovation

Enhanced engagement with customers and consumers,
driven by insights

Leveraging digital technology across the value chain
Continued disciplined synergy capture toward 2020

Synergies

Prioritizing big bets
Fuel to re-invest for sustainable growth 6 regional sales organizations inplace. CCBJH-wide supply chain
network optimization ongoing.

 Corporate philosophy THE ROUTE Innovative new launches
responding to customers &consumers demand Growth of aseptic PET productdemand Entering new categories

 5B yen of YTD net synergies
 Investing for growth Strategies and initiatives in place
for shareholder value creation

12

Corporate philosophy: THE ROUTE13

Successful new product launches accelerating package mix shifts
NARTD• Newly launched products contributed ~10% of total CCBJH YTD volume• Package mix shifts accelerating. Over 12 million cases of newly launched
PET products sold in 1H, ahead of plan, while SOT can and bottle canvolumes declined• Rapid growth in consumer demand for convenient, portable, resealable
packages, primarily in aseptic PET, putting pressure on supply• Identifying opportunities for SKU rationalization to focus on growth• CCBJH in-house PET production capacity has been growing, but will haveto grow more to keep up with consumer demand. Two new productionlines now under construction in Kyoto and Kumamoto.

Lemondo brand Chu-Hi• Launch of alcoholic beverage in Kyushu region with premium pricing andencouraging customer and consumer feedback• Evaluating next steps for potential expansion

14

Q2 2018 OTC market share and retail price trends
OTC Market ShareOTC Retail PriceMarket Share (vs. PY, PP)

Value

VolumeQ2+0.4+0.2

Q2 YTD+0.4+0.2

Unit: JPY per bottle

OTC Retail Price (Q2 YTD)

Vs. MarketAverage

Vs. PY

Small PET

+2.0

-1.2

Large PET (2L PET)

+17.4

-1.9

Maintained premium vs. market average
Retail price vs. prior year impacted bycompetition and mix, especially in teas andwater
Sequential improvement continues with value
ahead of volume
Sparkling, teas, black tea and coffee driving sharegains led by new launches
Source: Intage SRI15

Channel volume performance (pro-forma)
Growth in OTC channels continues, supported by new launches
Supermarket, Drug & Discounter

Q2 YTD 2018 volume: EvenVolume

Revenueper Case(Yen)Supermarket
(SM)

+5%

-12Drug &Discounter
(D&D)

+7%

+3Convenience
Store (CVS)

+1%

-12

Vending (VM)

-6%

-4

Retail & Food(R&F)-2%+1vs. PY

R&F
23%

VM
25%

Others
1%
SM
23%

CVS
15%

D&D
13%

• Sequentially improving NSR/case trends vs. Q1• Volume growth in major categories led by new launches insparkling, tea and coffee• D&D grew in all categories with revenue per case growth

Convenience Store

Sales volume doesn’t include alcohol• Growth led by sparkling, coffee, non-sugar teas supported bynew launches• Revenue per case declines driven by product mix of coffee andwaterVending• Growth of sparkling and non-sugar tea categories offset by
weakness in water and can/bottle can coffee. SuccessfulGeorgia Japan Craftsman coffee not yet widely available in VM.
• Small test market established in Tokyo for VM transformation
initiatives. Initial results encouraging.
• 1.7M~ users of new CokeON Walk step count function offeredthrough smartphone app CokeON since April
Retail & Food
• Revenue per case growth in food service was offset by
negative revenue per case in retail

Note: Differences in the pro-forma number provided in past presentations may be expected as a result of review and standardization of integration estimates.

16Category volume performance (pro-forma)
Continued growth in sparkling and tea; Coffee improvement in Q2 supported by new launch
Q2 YTD 2018 volume: Even
Juice
7%

vs. PY

Others9%

Coffee20%
Water
9% Sports
8%• Coca-Cola Peach, Coca-Cola Clear and THE TANSAN
Strong & Lemon drove volume growth in sparkling.

Sparkling
27%

Nonsugar tea
20%

VolumeSparkling+5%

Non-sugar tea+4%

Sports-3%Water-7%

Coffee-4%

Juice-2%

Sales volume doesn’t include alcohol• Launch of Ayataka Chaba no Amami drove non-sugar tea
growth across major channels• Sports category grew in drug & discounter and was flat invending• Premium iLohas plain water performed well. Total water
volume lower mainly due to cycling of flavored iLohas
products• Coffee share grew and volume improved in Q2 to -1%,
supported by newly launched Georgia Japan Craftsman,primarily in retail channels. Growth in CVS, SM and D&Dchannels. Shift from traditional can to PET packaging isaccelerating

Note: Differences in the pro-forma number provided in past presentations may be expected as a result of review and standardization of integration estimates.

17

Q2 YTD 2018
Financial results

Q2 YTD 2018 results vs. Q2 YTD 2017 pro forma• Revenue down 2% YoY mainly due to growth in retail channels offset by weakness ofprofitable vending channel• OI impacted by negative channel mix, ongoing DME investments and goodwill from2017 integration.
Q2 YTD 2018 Q2 YTD 2017YoY(pro forma)

Revenue466,686

476,777-2%Beverage business revenue

452,245461,757

-2%

247

2470%

Operating Income (OI)

15,221

18,623-18%

Beverage business OI

13,417

16,955-21%

Net Income

8,845

10,284-14%

EBITDA

39,641

42,183-6%

Beverage business sales volume (M cases)

Note: Differences in the pro-forma number provided in past presentations may be expected as a result of review and standardization of integration estimates.
Unit: M JPY
Sales volume doesn’t include alcohol
Net Income: Net income attributable to owners of parent.

19

Q2 YTD 2018 operating income drivers
VolumePrice & Mix

18.6-0.9-7.2
DME• Impacted byweak
profitablevending
volume• Growth in OTC
channelcontinues withper case selling
priceimprovement
in D&D
channelQ2 YTD2017
Pro-forma
CCBJH OI

-2.4
• In-line withfull-year plan
• Multiple newlaunches andOTC volume
growth• Majorcampaigns(PyongChang
in Q1 andWorld Cup inQ2)

Manufacturing
Commodity,etc.

-1.7+4.1
Manufacturing
efficiencies,
procurement
synergies, etc..

+6.0

Integration
expenses

OtherOpex+0.1
Healthcare& Skincare
Business OI

16.6
Q2 YTD2018
OI beforegoodwill-1.4Goodwill,etc.

15.2• Increase oflogistics expense• Decrease oflabor, facility, IT,etc.

5B net synergies,
in line with full-year plan

Q2 YTD2018
CCBJH OI
Unit: B JPY, rounded off less than unit

20

YTD Q2 2018 results (Reported)
Consolidated CCEJ into CCBJI from Q2 2017. First quarter 2017 CCW standalone
YTD Q2 2018

YTD Q2 2017

YoY

Revenue

466,686

357,837+30.4%

COGS

225,809

172,659+30.8%

240,876

185,177+30.1%

225,654

168,079+34.3%

Operating Income

15,221

17,098-11.0%

Income Before Tax

15,085

16,357-7.8%

Net Income

8,845

9,692

-8.7%

EPS

44.91

64.65

-19.74 yen

Gross Profit
SG&A

Beverage Business

YTD Q22018

YTD Q22017

YoY

Health Care & Skin
Care Business

YTD Q22018

YTD Q2
2017

Revenue452,245

342,817+31.9%

Revenue

14,44015,019-3.9%Operating Income

13,417

15,430-13.0%

Operating Income

1,803

1,667

+8.2%

Unit: Million JPY except EPS
Net Income: Net income attributable to owners of parent.

YoY21

Year-to-go and full-year outlook• YTD revenues are behind plan, and year-to-go and full-year
results will be impacted by the flood damage in western Japanand we are evaluating the impact.
• Full-year synergy plan of at least 8B yen remains unchanged.
• Expect updated guidance when flood damage estimates are clear
and the impact of initiatives for alternate product supply andtransport, including extra pressure due to the record hotsummer, are known.
• Interim dividend payment JPY25/share as planned, year-end
dividend forecast remains unchanged. (JPY25/share)
22

CAPEX and depreciation
Investment for Shinsei logistics network optimization and more PET production capacity• Timing of investments means we arebehind plan for full-year Capex spending• Evaluating full-year and 2019 capex plan
to rebuild Hongo and to meet growth indemand for PET products

Shinsei project• Started operation of new Inzai
Logistics Center by consolidating 4
existing sites in Chiba• Hakushu plant automatedwarehouse construction started

Image of Hakushu automated warehouse

Q2 2018
Actual

FY 2018
PlanCapex

17.3

65.9

Manufacturing capabilities• Construction of two new PET manufacturing lines in Kyoto
and Kumamoto startedDepreciation

20.8

43.5

• BoD approved investment in 2 additional aseptic
production lines to meet strong market demand

Unit: Billion JPY
Pro-forma depreciation doesn’t include amortization of goodwill, etc.

23

Year-to-go product launch & marketing calendar
Focusing on summer demand for sparkling, “Big Bet” launch of FOSHU green tea
Coca-Cola Summer Campaign

Fanta

Ayataka Tokusencha

Summer color bottles

100 things I could have done bottles

Green tea

Coca-Cola Slim Bottles
Regional designs

Our fourth FOSHU offering,launching September 2424

YTD revenue growth behind plan; Synergy progress, value focus,
shareholder returns on track
Revenue growth

Volume growth, RGM
initiatives, revenuerich innovation

Revenue +2%
Volume +2%

Channel/package
mix trends, YTG
Hongo impact

Value share

Improve wholesale
price/mix withpackaging, innovation,
focus on value

VALUE ahead ofvolumeQ2 YTD
Value +0.4
Volume +0.2

Net synergies

Steady net synergy
capture to meet 2020
target of 25 billion yen

8 billion yen

Q2 YTD
5 billion yen

Operating income
and OI margin

Growth mindset,
synergy capture,
reinvest in business

Need to evaluate
progress ofsummer andexpected Hongo
impactDividend growth

Strong cash flow fromoperations driving
shareholder returns

49.7 billion yen OI
OI margin 4.9%
Full-year 50 JPY/share,up 6 JPY

Interim25 JPY/share,
no change todividend outlook

25

Wrap up

Making solid progress on integration and deliveringsynergies in-line with plan.
Reevaluating our full-year forecast, including
challenges and opportunities. Flooding has been atemporary setback, but we will recover and rebuild.
Fundamental strategy and direction remains
unchanged.
26Q&AAppendixQ2 (April to June) volume performanceQ2 2018 volume: -1%
By Channel

By Category

Others
1%vs PY

SM
25%

R&F
22%

VM
23%

CVS
15%

D&D
14%

VolumeRevenueper Case(Yen)Supermarket (SM)

+4%

-2

Drug &Discounter
(D&D)

+4%

+15

Convenience Store(CVS)

-1%

-30

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

-6%
-2%

-4+2vs PY

Juice
6%

Others8%

Sparkling27%

Coffee19%
Water
9% Sports
10%

Non-sugartea
21%

VolumeSparkling+5%

Non-sugar tea+3%

Sports

-6%

Water

-10%

Coffee-1%

Juice-3%Note: Differences in the pro-forma number provided in past presentations may be expected as a result of review and standardization of integration estimates.
Sales volume doesn’t include alcohol29

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

Coca-Cola (Japan) Company•••••

BrandsInnovation
Global perspectiveConsumer focus
Superior insight••••••

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

30

Glossary of key terms
DMEAbbreviation of Direct Marketing Expenses. Sales promotion-related expenses, including advertisement, rebates, sales, 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 (forexample, 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 (forexample, 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.).

OBPPC

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

Pro forma Assuming the business integration of CCW and CCEJ from January 2017 and estimating the results, or compare 2018 results with pro forma 2017 results.
PTC

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

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 machineSupermarketWholesale 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 above31

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