First quarter 2020
Earnings Presentation
May 14, 2020

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on May 13, 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)First quarter (Q1) 2020 earnings presentation

Overview and situational analysis
Q1 2020 results and year-to-go outlook
Looking forward to post COVID-19
Q&A3

Overview andsituational analysis

Together! Coca-Cola Bottlers Japan
CCBJI salutes everyone working to keep us safe and prevent the spread of COVID-19
Employees working every day toensure stable supply of essential
goods and services
Donating beverages to frontline
medical workers and to food banks
Rigorous safety and hygiene protocols
to ensure the well-being ofconsumers, customers, employees

5Overview
Solid start to year pre coronavirus. January, February on plan – Transformation
work delivering, progress in vending, Lemon-dou alcohol brand continues strong
Overall Q1 results hit in March by COVID-19, with peak impact expected in Q2.
Withdrawing full-year 2020 forecast due to current uncertainty for rest-of-year
Doing what’s necessary to protect our business, customers and people;
Providing stable supply of essential goods and services; Supporting communities
through beverage donations to frontline medical workers and food banks
Acting as good stewards of capital. Reviewing CAPEX, dividends, cash savings
Heavier focus on ongoing transformation initiatives and one-time cost savings intough environment; Preparing for “new normal” after recovery

6Macro and industry impact from COVID-19. What is “new normal”?
NARTD industry volume YoY

Consumer Confidence Index
GlobalfinancialcrisisGreat EastJapan
Earthquake

C-tax hike
(5% to 8%)

COVID-19
C-tax hike
(8% to 10%)

JanFebMar

Apr

2%

-3%

-4%

-16%

April Consumer Confidence Index showed worst-eversingle-month drop as well as worst-ever results
Source: Cabinet Office, Consumer Confidence Survey, April 30, Households of two or more persons, seasonally adjusted series

Significant industry volume
decline since March
Source: Inryo Business7Initial assessment of COVID-19
Tackling current impact; deeper transformation to prepare for the future

Consumers & Customers

PeopleBusiness

Strong decline in NARTD market sinceMarch with rapid shift of consumer
behaviors and channel mix

Workstyle reforms since 2019 helping
to protect our people, continue
operations & drive transformation

Protecting our business while
focusing on key transformation
initiatives to be ready for the future-----

Comprehensive business continuity
actions in place to ensure safe andsecure supply of our products asessential goods and services
Shifting commercial OBPPC (Occasion,Brand, Price, Package, Channel)
strategies and production plan torespond to consumption changes
Providing support programs forcustomers--

Smartphones to all employees in 2019encourage remote working, fastcommunication, information exchange
Distributing 200,000 face masks tofrontline employees weekly, supportingchildcare during school closures
Work-from-home policies, strict hygiene
control, manufacturing best practices
helping to minimize the risk of exposure
at work and business disruption-Cutting/reviewing discretionary
spending & capex
Accelerating key transformation
initiatives, with more to comeEnsuring liquidity and access to cash
Withdrawal of full-year 2020 forecast
Monitoring global Coca-Cola system
network to understand experience ofmarkets in different phases of the crisis

OBPPC: An abbreviation of Occasion, Brand, Package, Price, Channel.
A strategy offers people the right brand and product, in the rightpackage, at the right price to suit consumption occasions.

8Market environment requires agile and flexible response
Current industry situation

Supermarket,
Drug & Discounter

Volume growth. Shift in basket composition & size
impacts product mix. Stable traffic, reduced weeklyvisits. Some industry discounting observed.

Convenience Store

Major traffic and volume decline in urban outlets,
while residential areas showing more resilience.

Vending

Decline in traffic and sales especially for indoor
locations such as train stations, schools, leisurevenues & offices

Food Service

Overall strong decline in sales, with the exceptionof delivery. Cash flow challenges, uncertainty on
return to normal, risk to continuity of operations

OnlineSales spike since the outbreak; Increase in demandfor home delivery

CCBJI focus• Assess strategic priorities• Leverage new consumer
demand trends• Review portfolio andpromotional initiatives• Strengthen core SKU
coverage• Boost capabilities for
growing channels andcategories• Leverage global Coca-Colasystem expertise andsynergies• Review investment plan9

Deeper and faster efforts required to navigate critical year
Solid start pre-coronavirus, current strategy working, but more is needed
Situational analysis• Crisis hit at beginning of strategictransformation year.
• Still high fixed-cost base; More focus
needed to adapt “controllable” cost
structure to match new environment• Value share growth in OTC &vending, but higher share in
profitable vending channel increases
near-term pressure

Must focus on what’s in our control• Major programs underway
and delivering results.
Must accelerate output• Identifying additionaltransformation opportunities.
“Business as usual not an option”• “One-time” savings in 2020 toovercome immediate pressure

10

Q1 2020 results andyear-to-go outlookQ1 2020 results vs. 2019

Beverage Business Income decline led by volume and mix pressure in March, higher fixed costs.
Operating income progressed versus prior year, cycling one-time expenses.
Q1 2020Revenue

Q1 2019

YoY

198,715

198,733

0.0%

108

110

-2%

106

110

-4%

COGS

105,297

104,131+1.1%

Gross Profit

93,41894,602

-1.3%

SG&A

99,64598,140+1.5%

Business Income (Loss)(6,534)(4,059)-Operating Income (Loss)(7,881)(12,824)-

Net income (loss) attributable to owners of parent(5,690)(8,002)-

Beverage Business Sales Volume (Million Cases)
NARTD Beverage Volume

YoY

Health Care & Skin
Care Business

192,767+0.1%

Revenue(4,774)-Q1 2020

Q1 2019

Revenue

193,029

Business Income (Loss)(7,081)

Beverage BusinessBusiness Income

Q1 2020

Q1 2019

5,687

5,966

-4.7%

547

714

-23.4%

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.

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Q1 2020 Drivers of Business Income
January to February in line with plan; Initial volume, mix pressure in March due to
COVID-19Q1 2019
Business
Income-4.1

Volume,Price & Mix*

(Rounding off less than unit)

Commodity

ManufacturingOthers(Direct MarketingExpense, fixed only)• Beverage volume -2%
NARTD volume -4%• Negative channel mix(VM -3%, D&D +3%)
• Lower variable
expense (vendingcommission,deductions fromrevenue, etc.)-1.9

Unit: B JPY

DME

Healthcare &Skincare
Business
IncomeQ1 2020
Business
Income-6.5• Big Bet brandlaunches, Fanta
Premier andGeorgia Latte Nista• Prioritizing
consumer & pointof sale promotion
over deductions
from revenue.

-0.4.

• Forex & commodity,
including resin• Higher depreciationfrom new lines• Continued recovery
from supplydisruption• Increase of labor,
freight cost
partially offset
by lower IT,
outsourcing, etc.

• Ongoing toplinepressure, less
impacted by
COVID-19 due todirect sales
model+0.4-0.6+0.2-0.2*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

13First-quarter beverage volume performance (excluding alcohol)
Q1 volume decline due to March drop in retail, food and vending channels
Jan-Feb in-line with plan
Sharp March volume decline in retail,food, vending, as people refrained to goout, more working from home, etc.
Growth of home consumption and morepantry-loading drive drug & discounter(D&D) channel
More volume pressure in April withnationwide emergency declaration
Active scenario planning underway, but
extent of impact and outlook unclear

VolumeJanFeb

MarQ1

AprYoY

-2%+2%-10%-4%

Over-20%

Volume YoY by channel
Jan-FebSMD&D

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.

Mar.

CVS

VM

R&F

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Q1 2020 NARTD channel & category volume performance
4% volume decline led by retail & food and vending impact from COVID-19.
Wholesale revenue per case growth maintained since April 2019 wholesale price increase.
By channel
Vs. PY

1%

22%

22%

13%
26%
16%

Wholesale
Volume revenueper caseSupermarket (SM)-2%+51 Yen

Drug & Discounter (D&D)+3%+50 Yen

Convenience Store (CVS)-1%+22 Yen

Vending (VM)

-3%-81 Yen

Retail & Food (R&F)-10%+9 Yen

Sharp volume decline in March in CVS, VM and R&F. VM sales volume in
March impacted by decrease in train stations, schools, leisure venues andoffices. Coffee in VM was positive supported by Georgia Japan Craftsman.
VM revenue per case down due to value offerings to drive transaction
growth and bottle can coffee decline. CVS impacted by decline of coffee,sports and water. D&D growing, led by increased demand for homeconsumption and pantry loading. Revenue per case growth in SM and D&D
driven by wholesale price hike in April 2019. Rapid growth in online
channel, now 2% of total NARTD volume.

By category

Vs. PY
Sparkling

10%
7%

26%

Non-sugar tea (NST)Sports
23%

Water
21%
8%5%

CoffeeJuice

Volume-3%-3%-17%+2%-2%-8%

Sparkling down due to sharp fall in R&F and VM channels in March.
NST decline driven by VM and R&F channels. Green tea volumewas even, led by newly launched Ayataka Koi Ryokucha. Coffee
declined as growth in VM channel supported by Georgia Japan
Craftsman and newly launched Latte Nista was offset by decline incan & bottle can. Sports impacted by overall category decline andweak performance in large PET. Water growth led by immediate
consumption iLohas brand plain water in SM and D&D channels.

NARTD: Non-alcoholic ready-to-drink Online channel included in R&F
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NARTD market share
Maintaining positive value share momentum in Q1 as overall market contracts
OTC Market Share
Market Share(vs. PY, PP)

Q1Value
Q2 2019

Q3 2019

NARTD: Non-alcoholic ready-to-drink

Value

Volume+0.2-0.7

VolumeQ4 2019

Q1 2020

OTC: Over-the-counter channels

Q1 value share growth ahead of volume;
Exercising restraint in discounts, deductions
from revenue. Momentum continued in April
Value share growth in sparkling & coffee,
supported by launches of Fanta Premiere Grape,
Georgia Latte Nista coffee
Also growing vending value & volume share,with continued progress in high-focus channel
Observing positive retail pricing in large PET
influenced by wholesale price hike in April 2019
Source: Intage16

Year-to-go outlook• Full-year 2020 forecast withdrawn• Expecting strong impact in Q2 and higher uncertainty for rest of the year
• Evaluating impact for both 2020 plan & strategic business plan toward 2024

Current situation• Significant contraction of beverage sales
volume since March, accelerating in April• April NARTD volume down more than 20%• SM, D&D and online channels growing, but
not enough to offset decline in VM andFood channels• Tokyo 2020 Olympic and Paralympic Games
postponed until 2021
• Emergency declaration extended until May end

What we are doing now• Accelerating transformation initiatives• Cutting CAPEX, DME, OPEX for one-time savings• Implemented temporary leave program in Q2• Redirecting sales initiatives responding toconsumer behavior shift• Revising production plan, reducing work shifts
and inventories in line with volume trends17Protecting our business while continuing to transform
Fast, agile reaction; Enabled by ongoing capability & transformation work
1Countermeasures – High speed tactical response
Quickly deployed multiple programs to enhance activation at point of sale
OTC

Vending
Direct Sales
to Workplaces

Expansion of case sales…including additionalsales at service stations

Coke ONadditional
promotion

Accelerate launchof 950ml PET inconvenience store
channel18

Protecting our business while continuing to transform
Accelerating transformation initiatives to leverage good initial progress
2Business Model – Accelerating Transformation
From Pilot to National in record time
VendingOTC

Kinki area vending model

Sales Force Transformation

Expanding to all regions by end of June 2020

Expanding Tokyo pilot
New sales process utilizing sales force
automation (SFA) tools
Using SFA tools

19Priority on good stewardship of capital
Maintaining solid financial position, liquidity, access to cash

Fundamentals in place

Additional initiatives

Maintain strong financial position• 52.6% equity ratio March 2020

Redirecting capital allocation priorities

Ensure sufficient liquidity• Utilizing debt capacity
Secured 50 billion yen short-termborrowing in April 2020

• Evaluating cash priorities; Capex plan update,
10 to 15B decline vs. plan; revised dividendoutlook• Temporary suspension of vending machinepurchases amid consumer traffic slowdown• Continue strategic investments in capacity;
Hiroshima, Zao lines to meet aseptic growth
Q1 Actual results(Billion JPY)

CAPEX

16.4

Depreciation

14.7

20

Update from The Coca-Cola (Japan) Company
Our system response to the COVID-19 situation
Flexibility in marketing plans for 2020
Portfolio communication21

Its times like these when Coca-Cola can do something
Donation to Healthcare Workers＃Refresh yourself at home Program

Social Distancing

Product Donation“Staying apart is thebest way to stayunited”

Alcohol Sanitizers

22

Flexibility in Marketing Plans
Focus on At Home occasions

Strengthening eCommerce

Big Bet New Products

Build Portfolio

Strengthen Subscription andLoyalty Program23

Coca-Cola Portfolio Communication“Hope will bring us together”

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Looking forward
to post COVID-19

Peak impact expected in Q2, with uncertainty toward recovery
Preparing for gradual exit while focusing on immediate actions

Pre-Crisis

Emergency
declaration

Solid startHigh impact period• Progress in keyprojects• Jan-Feb on plan
• Vending growth,market sharegains• Steep declines inbeverage sales volumesince March• Working on actions toprotect the business,
continue to drive
fundamental business
transformation

Gradualeasing

Post
COVID-19

Gradual exit from COVID-19 crisis• Exit timing depends on success of
infection countermeasures in society
and speed to ease restrictions
nationally or by region• Reassess outlook and implications for
current year business plan, andassumptions underlying mid-termplan26

Wrap up
Good start to year through February
Protecting our business while accelerating transformation;
Heavy pressure in Q2, uncertainty in rest of year
Reviewing 2020 plan. Expect to emerge from COVID-19 stronger
and more agile
Update 2020 earnings & dividend outlook during third quarter“Business as usual is not an option”. Now, more than ever, key
strategic transformation initiatives are critical27

We are all in this together
Delivering happy moments to everyone, while creating value

28

Q&AAppendix

Q1 2020 NARTD package volume performance & retail price trend
By package

vs PY

3%
7%
12%39%
6%
13%

20%

NARTD OTC Retail Price

VolumeS-PET+3%

L-PET-7%

Can

-11%

Bottle Can-3%Syrup-12%

Powder-2%

Vs. Market
AverageVs. PY

Small PET

+3.4

-1.2

Large PET (2L PET)

+24.1

+6.0

OTC Retail Price(Jan. to Mar. 2020, JPY per bottle)

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

NARTD: Non-alcoholic ready-to-drink

Source: Intage
OTC: Over-the-counter channels
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.

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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

32

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 above

33

THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
ir@ccbji.co.jp
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