Coca-Cola Bottlers Japan Holdings Inc.
Third Quarter Year-to-date 2019 Earnings Presentation
November 8, 2019

Calin Dragan, President
Bjorn Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on November 7, 2019)Forward-looking statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the management of Coca-ColaBottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. These forecasts may differ materiallyfrom 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 in oursecurities.
CCBJH undertakes no duty to update any statement in light of new information or future events. You should rely on your own independent examinationof us before investing in any securities issued by our company.

2

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Third quarter (Q3) year-to-date 2019 earnings presentation

Q3 YTD financial results & full-year outlook
Strategic initiatives updates
Q&A3Presentation highlights
Moderating beverage-volume performance YTD, with Q3 volume down 1% and YTDvolume down 3%. Flat beverage business revenue in Q3 and 2% decline YTD as the April
wholesale price increase settles inQ3 market share growth in both value and volume. Strong volume performance in coffee
and improving trend in vending channel
YTD beverage Business Income roughly in-line with revised plan; continued toplinepressure in Health care & Skin care business

Nationwide launch of alcohol brand Lemon-dou, with in-house production from OctoberLots of strategic progress; Commercial transformation ongoing, three new productionlines commissioned YTD, completion of CokeOne ERP system across all territories inOctober, shared services organization (BSO) expanding operations
Issued 150B Yen bond in September to fund investment for growth4

Reflecting on our progress
Structure and process change toward a renewed growth mindset

Core beverage business progressing roughly in-line withBusiness Income plan
Adjacent health care & skin care business requires attention
Strong commitment to capability development grounded in
new company mission, vision and values
Building blocks in place for solid start to 2024 plan

Do the right thing for the long-term,
while getting the day-to-day right5

Q3 YTD 2019 results andfull-year outlook

Q3 YTD 2019 results vs. 2018

Beverage Business Income roughly in-line with plan. Operating & net loss include 62B Yen
goodwill impairment in Q2IFRS

2019 Q3 YTDRevenue
Beverage Business Sales Volume (Million Cases)
COGSGross ProfitSG&ABusiness Income
Operating Income (Loss)Net Income (Loss)
Beverage Business2019Q3 YTD

694,763384
357,499
337,265
318,810
17,103(51,880)(55,693)

2018
Q3 YTD

YoY

Health Care & Skin
Care Business2018 Q3 YTD

YoY

710,317396
360,931349,385
319,943
28,54820,09012,854

-2.2%
-3%
-1.0%
-3.5%
-0.4%
-40.1%-2019
Q3 YTD2018
Q3 YTD

YoY

Revenue

676,015

688,989-1.9%

Revenue

18,74821,327-12.1%

Business Income

14,61324,569-40.5%

Business Income

2,489

3,980

-37.4%

Unit: Million JPY
Net Income (loss): Net income (loss) attributable toowners of parent.

7

Q3 YTD 2019 Drivers of Business Income in IFRSTopline performance reflects cool & rainy weather in July, large PET wholesale price rise in April
Unit: B JPY(Rounding off less than unit)

Beverage Volume

28.5-8.7

JulAugSep

Q3-13%+3%+10%-1%+0.2+1.1

Q3 YTD 2018
BusinessIncome• Q3 YTD volume-3%, Q3 volume-1%• Negative channelmix, with VM
down -2% YTD• Q3 DME
increased asper plan
• Appropriately
managing DME
spend for restof year

Volume,Price & Mix*DME(Direct Marketing-2.8Commodity
pressure+0.3
-1.5

Lower
manufacturing
efficiencies due toless volume andstill-recovering
supply network

Elevated logistic &distribution
expenses offset
by lower laborcosts, etc.

Manufacturing

OthersExpense, fixed only)*Volume, Price & mix includes variable costs related to commercial activities and adjustment for IFRS, etc.

Sales decline
partially offset bycost efficiencies

17.1

Healthcare &Skincare
Business
IncomeQ3 YTD 2019
Business
Income8

Q3 YTD 2019 channel and category volume performance
Volume decline moderated to negative 3%. Revenue per case improvement driven by April
wholesale price hike. Strong coffee growth and signs of improvement in vending in Q3
By channel
1%23%Vs. PY
23%

14%

24%
15%

Wholesale
Volume revenueper caseSupermarket (SM)-5%

+48 YenDrug & Discounter (D&D)-3%+51 YenConvenience Store (CVS)-6%+25 Yen

Vending (VM)

-2%

-24 Yen

Retail & Food (R&F)-1%-2 Yen

Improved wholesale revenue per case in SM & D&D, volume declinereflects Q2 price hike. Growth of Q3 volume reflects moderating impactof the price hike and cycling of prior year flooding and supply
constraints. CVS negative growth reflects July weather and weak newlaunches/renewals. Revenue per case improvement led by Georgia
Japan Craftsman & Coca-Cola Energy. Moderating VM performance
driven by expanded coverage of Georgia Japan Craftsman andinitiatives to drive purchase transactions. VM grew 1% in Q3.

By category
7%

Vs. PY

9%
26%

20%
20%
8%

10%

VolumeSparkling-6%

Non-sugar tea (NST)-2%Sports

-4%

Water

-11%

Coffee+1%

JuiceEvenCoffee volume growth driven by expanding coverage of Georgia
Japan Craftsman across all channels and 170g can offering in VM.
Sparkling declines driven by the April price rise, partially offset by
newly launched Coca-Cola Energy. NST and Sports largely driven
by large PET decline in Q2 by the price hike and rainy/coolweather. NST recovery in Q3. Water impacted by weak iLohasbrand due to cycling prior year flavor launches.

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

9Channel/category/package volume performanceQ3 2019 Volume: -1%

Q3 YTD & Q3 by package

By channel
Vs. PY

1%

22%

24%

23%

15%
15%

Q3 YTD 2019

vs PY

7%

3%

Supermarket (SM)+1%

+27 Yen13%

Drug & Discounter (D&D)+2%+42 Yen4%

Convenience Store (CVS)-6%+36 Yen

13%

Vending (VM)

+1%

-15 Yen

Retail & Food (R&F)-2%+5 Yen39%

21%

Q3 2019

By category
6%

Wholesale
Volume revenueper case

Vs. PY
8%
26%

18%
20%

9%
13%

Volume2%

Sparkling-5%

Non-sugar tea (NST)

+1%

12%

Sports

-6%

4%

Water

-3%

12%

Coffee

+7%

Juice

+1%
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include
DFR (deduction from revenue) Some inconsistencies with the data
provided in past presentations may be expected as a result ofstandardization of volume and revenue calculation.

7%

40%

23%

Volume

S-PET

+2%

L-PET

-10%

Can

-2%

Bottle Can

-15%

Syrup

-2%

Powder+6%

vs PY

Volume

S-PET

+4%

L-PET

-4%

Can-2%

Bottle Can

-12%

Syrup

-4%

Powder+5%

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

10

OTC market share and retail pricing trend
Market share trend turned positive in Q3. Large PET pricing reflects April wholesale price hike
OTC Market Share
Market ShareOTC Retail Price

Value

VolumeQ3+0.3+0.2

Q3 YTD

-0.5-0.9(vs. PY, PP)

Value
Q4 2018

Vs. PY

Small PET+2.2-1.4

Large PET (2L PET)

+23.2+6.2(Jan. to Sept., JPY per bottle)

VolumeQ1 2019 Q2 2019

Vs. MarketAverage

OTC Retail Price

Q3 2019

Q3 Value and volume share growth led by coffee
and non-sugar tea, supported by Georgia Japan
Craftsman and Ayataka green tea
Premium-priced new launches Coca-Cola Energy
and Kochakaden tea also aided value share growth

Continued retail price growth in large PET observed.
Observing moderated retail price growth in Q3 as
we cycle less promotional activities after the supply
disruption last year

Source: Intage11

Financial framework update
Balance SheetCAPEX & Depreciation• YTD Q3 cash & cash equivalents grew by150 billion yen bond issued in September• Bond credit rating remains unchanged,with AA- by JCR and A+ by R&I• Securing funds to invest for recovery andgrowth of supply network, as well as
redemption of existing bonds• Cleaning-up balance sheet; 5 billion yen
cash-in by selling fixed assets andinvestment securities• Generally in-line with plan. Slightshifting of CAPEX to next year due
to timing of production line start-up• Expected major CAPEX in Q4•••

New aseptic PET line in Kyoto
Shinsei logistic project (Hakushu &Kumamoto automated warehouse)
CokeOne ERP, etc.

(Billion JPY)

Q3 YTD Actual2019 Plan2019 Est.

Capex

57.9

99.8

94.5

Depreciation

42.5

57.6

57.2

12Full-year 2019 forecast (Announced on August 7, 2019)
IFRS

2019 Forecast

Beverage Volume YoY

2018 Actual

YoY-1%-2%

Revenue

923,300

927,307-0.4%

Business Income

15,40023,276-33.8%

Operating Income (Loss)(53,100)

14,682-Net Income (Loss)(56,700)

10,117-(315.26Yen)

52.68 Yen-EPS
Beverage Business2019
Forecast

2018
ActualYoY

Health Care & Skin
Care Business

Revenue

895,900

899,863-0.4%

Revenue

Business Income

10,00017,939-44.3%

Business Income

2019
Forecast2018ActualYoY

27,40027,444

-0.2%

5,400

5,337

+1.2%

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

13Strategic initiatives
updates

2019 Q4 Key Initiatives
Oct

SPORTSTEA
WATER

JUICE
ALCOH
OL

Nov

Dec

10/28 Coca-Cola Winter10/7 Dragon Boost
9/30 Georgia Japan Craftsman Hot

11/18 Georgia Winter TM

11/4 VM MEGA PROJECT

VM
MEGA

COFFEE

SSD
ENERGY

Sep

9/2 Kochakaden Royal Milk Tea Renewal
9/30 Powerade

9/9 Qoo Halloween Pack Play
10/28 Lemon-Dou National Launch15

2019 Q4 Key Initiatives
SSD
ENERGYSepOctNov

3Dec

10/28 Coca-Cola Winter10/7 Dragon Boost

SPORTSALCOHOL

JUICE

WATER

TEAVM
MEGA

COFFEE1
9/30 Georgia Japan Craftsman Hot

11/18 Georgia Winter TM
1,800GRPs

5
11/4 VM MEGA PROJECT

2
9/2 Kochakaden Royal Milk Tea Renewal
9/30 Powerade

9/9 Qoo Halloween Pack Play410/28 Lemon-Dou National Launch

16Drive share in Coffee and Tea
Georgia Japan Craftsman HOT

Strong momentum
Continues with theLaunch of BITO
variant

Kochakaden Royal Milk Tea Renewal

Large scale renewal
gained high consumer
acceptance
Back in CVS shelf fromDec 9th17Dragon Boost Launch
New Proposition from Real GoldEntering Energy
Boost segment withnew variant fromReal Gold

Two approaches to capture share in Energy
Taste Focus

Function Focus

EnergyBoostDRAGON BOOST
Unique Asian ingredients

Coke ENERGY
Uplifting and refreshing18

Lemon-dou National Launch
Lemon-dou National Expansion

Huge Execution in Market

Strong pull from customers andconsumers and shipments on track19

“Lemon-dou” national launch TV commercial showed in earnings presentation.

Holistic Campaign with our Vending Machines as the HeroCommunication

Product Line-up

Promotion

HOT Product Line-up

Value back120 yen

One Coin Corner

Bottle Can Pricing

W StampCoupon

120 yen21

Vending holistic campaign TV commercial showed in earnings presentation.

2019 Q4 Key Initiatives
Oct

SPORTSTEA
WATER

JUICE
ALCOHOL

Nov

Dec

10/28 Coca-Cola Winter10/7 Dragon Boost
9/30 Georgia Japan Craftsman Hot

11/18 Georgia Winter TM

11/4 VM MEGA PROJECT

VM
MEGA

COFFEE

SSD
ENERGY

Sep

9/2 Kochakaden Royal Milk Tea Renewal
9/30 Powerade

9/9 Qoo Halloween Pack Play
10/28 Lemon-Dou National Launch

23

New Mission, Vision and Values

24Introducing new “Business Transformation” function
Coca-Cola Systemcommitment to growth
Coca-Cola (Japan) Company- Value creation- Innovation- Transformation- Value delivery

Business Transformation function:• Reporting to president• Drives transformation across CCBJH Group• Streamlined decision-making, strong
project management, enhanced
governance• Effective coordination across CCBJI
leadership team and Coca-Cola System

25

Evolving Commercial organization
Grounded in new Mission, Vision, Values & strategic business plan
• From: mix of past practices from legacy, regional bottlers  To: scaled-up professionalorganization with best-in-class customer management and a focus on winning in the market• Commercial execution transformation project up and running in Tokyo
From January 2020

Current
CommercialVending

RegionalSales

Commercial
Marketing,Planning,etc.

KeyAccountVending

Planning

Grow
importantvending
channel &transform
operation
processes

Translate
CCJC’s portfolio
strategies into
actionable,
strong channel& customer
plans

CustomerDevelopment

Sales
Execution- Key Account Management andRegional Sales team in one
commercial organization- Strengthen customer relationshipand sales execution to win in themarket

Capability
Development
Bring bestpractices acrossthe Coca-Colasystem, lead &delivercapability
develop planCCJC: Coca-Cola (Japan) Company

26

Vending transformation
Gaining traction, started pilot of process reengineering
Signs of improvement
VM volume

Operational process change

VM value share

0%0ptsPortfolio
planning

Operationplanning

Picking

Loading

Filling

Settlement

Source: Intage SCI• Establishment of “One System” virtual
vending organization with CCJC in January• Transaction growth initiatives, Georgia
Japan Craftsman driving improvement• Q3 Coffee growth +9% in vending• Addressing inefficiency in old service model;
Toward automation, digitization• Increasing number of online machines• Started pilot in Kinki area focusing on role sort,expanding to all territories in 202027

Infrastructure to lead transformation and cost savings
Supply chain

Back office

Expanding manufacturing and distribution• In-house production of Lemon-dou at
CCBJI Saitama plant• Three new aseptic manufacturing lines
YTD. On track to add four more lines
through Q2 2020
• Shinsei logistic/distribution project
ongoing, Hakushu and Kumamoto
automated warehouse commissioned by
the end of this year
• 16 sales centers closed and consolidated
since CCBJI inception

Integrated & standardized infrastructure• Completion of CokeOne ERP system
across all territories in October Business now runs on one, integrated IT
infrastructure• Shared services organization (BSO) –Center of Scale started by centralizing
and standardizing processes. Now
outsourcing certain transactional
processes

28

Capability development to drive transformation
New Mission, Vision and Values drives our people strategy
People strategy Strategic pillars

Started new programs to Develop and Grow
talented people with the right capabilities
Develop
Fundamental transformation on capability
development focusing on leadership, frontline
negotiations, global mindset and governance

GrowValues translate into observable behaviors

Establish a transparent and effective career pathmodel, focusing on performance coaching, talent
identification, diversified career tracks & options tosupport individual career design29

CSV (Creating Shared Values) Goals
ESG goals and vision for a World Without Waste
World Without Waste
2030 Packaging Vision for the Coca-Cola System in Japan
Selected by the United Nations and Japan Ministry ofAgriculture, Forestry & Fisheries as an example of SDG Goal 12:
Ensure sustainable consumption and production patterns

Design

New Environmental Targets
Toward Acceleration of Recycling50% by 2022:
Content of recycled PET in PET bottles
90% by 2030:
100% by 2030: Sustainable PET without fossil fuel use
100% by 2025: Adopt recyclable packaging
35% by 2030: Further light-weighting of PET packaging

Collect
100% by 2030: Collection % against
sales volumePartner
By 2030: Extensive partnerships
across industry and environmentalorganizations*Baseline 2015, target year 2025 unless otherwise stated30

Key takeaways
2019: A call to action to modernize and leadCore beverage Business Income roughly in-line withplanContinued topline pressure in Health care & Skin
care businessSteady initial progress on strategic initiatives; New
mission, vision, values; Commercial and Vendingtransformation; Supply chain capacity; Businesssupport infrastructure
Building blocks in place for solid start to 2024 plan2019 Milestones
March 26
Annual General Meeting;
New management and BOD
members approved
April 1
Completion of wholesale
price hike negotiations
May 15Reflection on 1st 60 days; 2019
earnings forecast revision

August 7
Strategic business planannounced
October
BOD meeting focusing on people& organizational capability plan31

Q&AAppendix

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

Coca-Cola (Japan) Company•••••Brands
Innovation
Global perspective
Consumer focus
Superior insight••••••

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

34

Glossary of key termsBusiness
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 & discounterchannels, 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.

RTMAbbreviation 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 above35THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
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