Third quarter 2021
Earnings Presentation
November 12, 2021

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ivar Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on November 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)
Q3 2021 earnings presentation

Overview and Situational Analysis

Q3 2021 Results and 2021 Guidance
Q&A3

Overview andSituational Analysis

Q3 Overview – Surrounding environment
Challenging operating environment; focusing on what we can control✓ External factors impacted the market and our business; resulting in slow traffic recovery✓ Faced with some challenges; action plans set in place✓ Focus on what we can control; short term action plans & transformation for sustainable future growthMarket Environment

Our Business

Significantly impacted by external factors✓ COVID-19 impact continued; slow trafficrecovery, changing consumer spending patters;
amplified demand volatility✓ Bad weather in August✓ Intensified competition continues✓ Commodity and energy price rise

Weak result, but…
✓ Marketing & promotional spend consciously
increased to support brand and competitiveness✓ Continued value share growth in VM; recovery inSM, D&D market share✓ New products contributing to volume growth✓ Transformation continues and on target
5

Financial highlights
Sales volume increased by +2% YoY in Q3 and +2% Q3 year-to-date. New products contributedto the volume growth while overall business environment remains challenging. Consumer
preference changes and channel mix resulted in Q3 year-to-date revenue decline of -2% YoY.
Vending value share showing continued growth, improvement and opportunities to grow isseen in SM, D&D and online continues to perform well.
Business income decreased by -18.4B yen YoY for Q3 year-to-date. Continued COVID-19 impact,
bad weather during our peak month of August, and the cycling of one-time cost savings
impacted results. We continue to invest in marketing and human capital at appropriate levels toachieve sustainable future growth.
Commitment to transformation stronger than ever; achieved about 8B yen of recurring costsavings to date.
FY2021 guidance announced; guidance assumes the impact of COVID-19 to subside in Q4.

6

Q3 2021 Results

Q3 YTD 2021 results vs. 2020

Continued COVID-19 impact; cycling extensive one-time cost savings in 2020
Unit: Million JPY

2021
Q3 YTD2020
Q3 YTD

YoY

Continuing Operations (Beverage Business)
589,531598,547-1.5%

Beverage Sales Volume (Million Cases)

351

343

+2%

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

345

338

+2%

COGS

328,708

323,054+1.8%

Gross Profit

260,823

275,493

-5.3%

SG&A

273,868

269,971+1.4%

Business Income (Loss)(14,023)

4,336-(19,978)(8,953)-(1,535)(4,644)-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.

8Q3 YTD 2021 drivers of Business Income

Volume recovery not enough to offset pricing and cost pressure2020 Q3 YTDBusiness
IncomeVolume, Price& Mix*

DME

Commodity

ManufacturingOthers(Direct MarketingExpense, fixed only)

2021 Q3 YTDBusiness
Income4.3-13.1• Volume increased by+2% Q3 YTD, but
impacted by decline inrevenue per case

• Resuming marketinginvestment restrained in2020, strategically invest
in the growing channels• Responding tocompetitive environment• New product launches-6.2• Impact of risingcommodity pricefrom Q2-1.8• Capacity investments
impact offset by
improved efficiency
with volume growth+1.2• Benefit fromtransformation savings• Total labor cost decreased• Logistic cost rise withvolume growth andvolatile demand

-14.0

+1.6

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

(Rounding off less than unit)

9

NARTD beverage volume performance by channel

Slow traffic recovery and heavy rain impacted volume recovery to 2%Q3 YTD total volume +2%
By channel
Vs. PY

4% 1%

13%WholesalerevenueperVolumecase

27%

23%
17%
15%Supermarket (SM)+6%

-60YenDrug & Discounter (D&D)+8%-64Yen

Convenience Store (CVS)-1%-51Yen

Vending (VM)

+1%-34Yen

Retail & Food (R&F)-13%+30YenOnline+56%-61YenVolume, wholesale revenue per case : Includes impact ofcase configuration change for 1.5LPET products.

SM, D&D: Sparking, NST and large size PET growth inwater, benefitting from rise in at home consumption
CVS: Strategically implemented 950ml PET contributed,
but decreased due to intensified competition. Coffee andsparkling were weak
VM: Bad weather during summer, but new products inNST, water contributed to volume growth
R&F: Impacted by Food channel down due to sluggish
consumer attraction at restaurants

Online: Growth of label-less products mainly for waterand NST
Wholesale revenue per case: SM, D&D decreased due tochanges in case configurations for 1.5LPET products. VM
was affected by continued implementation of low-priced
products to promote purchasing opportunities. Bad
weather during the summer impacted small package
sparkling

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.

10NARTD beverage volume performance by category
Q3 YTD total volume +2%
By category
Vs. PY
5%

7%
26%

20%
21%
11%
10%

VolumeSparkling

Flat

Non-sugar tea (NST)+5%Sports+1%

Water+24%

Coffee-3%

Juice-7%

Volume: Includes impact of case configuration change for 1.5LPET
products.

Sparkling: 500ml PET volume dropped with adverseweather during summer, but premium products
such as Fanta Premier contributed and flat YoY
NST: New products Yakan Barley Tea from Hajime,
Ayataka Matcha Latte contributed to growth.
Growth in all major channels
Sports: Aquarius with increased package size soldmainly in VM contributed
Water: Growth driven by both small and large PET.
New products such as ICY SPARK also contributed togrowth in all channels
Coffee: Can coffee declined, but COSTA COFFEE,
Georgia Japan Craftsman, Georgia Shot & Breakpushed up PET bottle coffee and contributed
Juice: Continued weakness in R&F as outlets remain
under COVID-19 restrictions

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.

11Building a foundation for value share growth
Vending, SM, D&D market share growth
YTD Market ShareVs. MarketAverage

Vs. PY

Small PET

+4.8

-1.9

+0.0

Large PET+21.2

-5.3

+0.5

Data source standards changed from 2021. SPET(351~650ml), LPET(1.251L~)
Source: IntageValue

VolumeVM+4.3+4.6

OTC-0.3+0.2(Jan. to Sep., vs. PY, PP)

SM, D&D

SM, DD, VM Market Share (vs. PY, PP)OTC Retail Price(Jan. to Sep., JPY per bottle)

Market share
Vending value share continues to grow for 30
consecutive months
SM, D&D value share showing recovery despite thecompetitive environment

Q12020

Q2
2020

Q3
2020

Q4
2020

SM, D&D Value

Q1
2021
VM Value

Q2
2021

Q3
2021

CVS continues to be a channel facing challenges withintensified competition in OTC
Retail pricing trends
Continued price premium vs. market average witheffective promotional activities in the market

Source: Intage (SCI/SRI)

12

Continued priority on good stewardship of capital
Focus on shareholder value creation

Shareholder value creation
Dividends

Balance sheet andcash flow

Capex and depreciation- On plan to pay year-end- Solid financial position:57.1% - Continued restraint individend of 25 yen/share- Maintain full year target

equity ratio at end of Q3
2021- Continue to sell down idle
assets and cross-held shares- Consolidating and closing
sales centers to free up
capital2021 plan

50 Yen/share
Interim (Paid)

Year-end Plan25
Yen/share

25Yen/sharepurchasing and placement ofnew sales equipment helps tocontrol capex and depreciation- On target for full year plan forboth capex and depreciation(Billion JPY)

2021 Q3YTD
ActualVs PY

2021 FY
RevisedTarget

CAPEX*

33.1

-21.3

49

Depreciation

43.1

-0.7

58

*Not including IFRS16 non cash items.

13

Progress against 2021 target

Focusing on the controllable and on target for full year
Market share

TargetProgress

Recurring cost savings
Revised Target Progress

9 B yenValue share growth
In VM, SM, D&DAbout
8 B yen

Recurring cost savings target
through transformation

Capex
Revised Target Progress

49 B yen

33.1 B yen

Controlling capex during
COVID-19 uncertainty*Not including IFRS16 non cash items

Depreciation
Revised Target Progress

58 B yen43.1 B yen

On plan, as we control our capex
spending

Annual dividends

Target50yen/shareProgress
Target
Maintained

On track to target with solid
cash position

Content of recycled PET
Target

40%Progress
Target
Maintained

Expand recycled PET usage, ontrack to meet 50% 2022 goals
14

Marketing and Branding HighlightUpdate from Coca-Cola (Japan) Company, Limited
2021 Year-to-date Review
2021 Q4 Initiatives Highlight16

2021 Jan-Sep Year-to-date Review
Innovations & Coke ON contributed to KO Total NARTD value share gain (+1.0pts).
Further opportunity lies in CORE growth (e.g. Coke & Georgia).
Successful Innovations

Coke ON experience expansion※※※

200mil+ bottles※※※

16% value share(Small PET Coffee)

19% value share(No-Sugar Sparkling Water)※※※※

100mil+ bottles

Opportunities in CORE growth※※※※※

Reached 30mil+ downloads

CORE brands
under intensive competition.
We have enhancement plans in Q4

Olympic and Paralympic GamesTokyo 2020
750K participants 1.26MM tickets
thru Coke ON
via Real time TVC

thru Coke ONby Winning a Medal※Apr. 26 - Ocr.31, 2021 （650ml, Shipment base, CCJC data), ※※May 10 – Oct 24, 2021, INTAGE SRI+, All Channels, Non-Sugar Sparkling Water market, Value share, ※※※Jun 7 – Oct 24, INTAGE SRI+, All Channels, Under 350ml PET Bottle Coffee market, Value share, ※※※※Mar - Nov 5, 2021 （Shipment base, CCJC data), ※※※※※As of Sep. 2, 2021

17

2021 Q4 Initiative Highlights
Drive Core for Coca-Cola/Georgia and Continue to fuel Costa and Lemon-Dou
with Innovation
Coca-Cola Real Magic platform
Ghost & Winter Portfolio
New Global campaign “Real Magic”
w/New ICON VIS from Sep. &Christmas ver. from Nov.

Georgia & Costa
Hot portfolio campaign
Capture Fall-Winter“Coffee Season”
w/Coffee HOT Portfolio

Lemon-Dou
ONI Homerun-size & Y2 Anniv.
Recruit heavy users
thru Y2 anniversary campaign
w/Homerun-size (500ml) line-up18

Strategic direction in 2022
Further accelerate our strengths & improve growth opportunities
PORTFOLIO ENHANCEMENTROI OPTIMIZATION

Strengthen the CORE+Balanced Innovation• Revenue growth• MIX improvement(Mainstream & Premium)

FURTHER ACCELERATEKO SYSTEM COLLABORATION(Channel/Portfolio)• DME effectiveness19

Areas of Focus & Strategies

Channel Strategies
Despite the challenging environment, initiatives are showing results
Supermarket,
Drugstore & Discounters

OnlineVending

Growing where the growth isReturn to a market share growth trajectory,
despite intensified competition andconsumer behavior changes
Selective promotional activities
Implementing mix control withstrengthening S-PET and premium products

Strong volume growth
Capturing changing consumer
preference with expandedlabel-less product line-up
Online promotion including
subscriptions are well received
by consumers

Continue to grow value share for30 consecutive months
Growing strong digital platform
with Coke ON app now reachingover 30 million downloads
Promotions through Coke ON are
well received by consumers
Coke ON active shopper growing21

Focus areas for building foundation towards growth trajectory
Actions plans in place to adapt to market change
Areas of Focus

Actions

Agility toSales Volatility

As we attempted to meet sales demand
volatility, production costs andtransportation costs increased to deliverproducts in timely manner✓Sales and supply chain collaboration✓Leverage digital technology to meet demand more
effectively✓Leverage Saitama Mega DC investment toefficiently control inventory and supply

New ProductInnovation

Stronger than expected sales impacted
product supply capability and someproducts experienced out of stock✓Improving manufacturing efficiencies✓Building capability for future premium products

Rising CostImpactGlobal rise in commodity and energy costrise, impact manufacturing and logistics
cost✓Leverage Coca-Cola system scale and collaboration
to minimize risks to cost
✓Minimize impact by reducing the PET used inpackaging and other company wide measures

Low-Cost
Operation

As key initiatives, promote transformation
efforts to reduce fixed costs✓Accelerate initiatives and find more ways toimprove operational efficiencies throughtransformation
22

ESG Initiatives
Steady progress in creating shared value
New Target of Reduction of Greenhouse Gas Emission by 2030
Coca-Cola system in Japan including CCBJH has formulated
targets to reduce greenhouse gas emissions across theentire value chain in Japan by 2030.
The system aims to reduce Scope 1 and 2 emissions by 50%
and Scope 3 emissions by 30% against the level in 2015.

Received Excellent Award in HR Award 2021
Our people strategy has won the Excellent
ward in the Corporate Human Resource
category of the "HR Award 2021" which ishosted by the Nihon no Jinjibu, the largest
HR network in Japan
Supporting local communities
Product donations to various cities as apart of our efforts to support medical
staff that are administering COVID-19vaccinations
Joins “International Costal Cleanup”
As a part of the efforts to realize a“World Without Waste,’’ Coca-Cola
System undertakes cleanup activities

23

Staying true to our Mission, Vision & Value24

2021 Guidance

FY 2021 operating environment

The current situation improving but environment remains uncertain
COVID-19 cases now trending lower

Guidance key elements

Number of new cases, severe patients
New coronavirus
新規陽性者数30,000

重症患者数# of severe patients

cases

2,500

2,000

20,0001,500
15,0001,000
10,000# of severe patients# of new cases

25,000500

5,00000JulAugSep✓ Competitive environment is expected toremain intense, especially in OTC

Oct

Source: Minister of Health, Labor and Welfare, as of Nov 1

Traffic data in major stations
20✓ Assuming no additional state of emergency
declaration, expecting some level of volume
recovery in the market. Our volume growth isexpected 1% YoY in Q4.

SoE

Shinjuku, TOKYO

10OSAKA0Nagoya-10-20✓ 2020 “Go-to Champaign” cycling impact✓ Cycling of one-time cost savings achieved in2020✓ Rising commodity prices will continue to put
pressure on cost

-30
W31

W32

W33
Aug

W34

W35

W36

W37
Sep

W38

W39

W40

W41

W42

W43

Source：NTT docomo

Oct

26

FY2021 GuidanceContinued COVID-19 impact; continue to focus on building a strong foundation
Unit: Million JPY

2021 FY
Plan

2020 FY
ActualYoYContinuing Operations (Beverage Business)
782,600

791,956-1.2%

Beverage Sales Volume (Million Cases)

467

458

+2%

NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)459

450+2%

COGS

435,400

429,040+1.5%

Gross Profit

347,200

362,916-4.3%

SG&A

361,800

359,645+0.6%

Business Income (Loss)(15,900)

169-(24,200)(11,722)-(4,600)(4,715)-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.

27

FY2021 Guidance: Drivers of Business Income

COVID impact, cycling one-time cost savings in 2020 and commodity price rises
Full-year 2020
Business Income

Full-year 2021
Business Income0.2-15.9-13.1• Volume increase of1%, but impacted by • Marketing spend• Rising commodity
intensified• Increase incontinues to growprice pressurecompetition
manufacturingmarket sharecontinues
cost

Volume,Price & Mix*

-1.3

-6.2

+1.6
DME

-1.8
Commodity

+1.2

-0.8

-0.4

+4.9

OthersManufacturing2021 Q3YTD-0.1• Labor costdecrease andthe control ofsales
equipment
investment

Volume, Price &Mix*

DME

Commodity

2021 Q4QTD

Manufacturing

Others

Unit: B JPY(Rounding off less than unit)*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

28

FY2021 Guidance: Drivers of Business Income
Full-year 2020
ActualBusiness
IncomeVolume, Price& Mix*DME(Direct Marketing

Commodity

Manufacturing

OthersExpense, fixed only)

Full-year 2021 Plan
Business
Income0.2-41

-15.9
-14.4

-6.3
-2.7

+0.7+6.5

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

(Rounding off less than unit)

29Key Takeaways

Key Takeaways
Despite challenging operating environment, key initiatives are working including market
share expansion, growing where the growth is, and transformation initiatives.
Full-year guidance reflects a certain subsiding of the COVID-19 impact in Q4. However,expect the impact from competitive environment, cycling of the cost savings achieved
last year, and the recent surge in raw material prices.
While implementing measures to respond to changes in the business environment, we
aim to build a solid foundation for realizing growth when the market normalizes.
Stronger collaboration with Coca-Cola Japan Company to leverage our strength as theCoca-Cola system.

31

Q&AAppendix

NARTD channel/category/package volume performance
Q3 QTD 2021 (July to September) volume: +1%

By package

By channel

Q3 YTD 2021

Wholesale
Volume revenue
per case

Vs. PY
4% 1%

Supermarket (SM)
13%

28%

22%
14%

18%

+5%-30Yen

Convenience Store (CVS)+1%-29Yen

Vending (VM)

Flat

-34YenRetail & Food (R&F)-16%+59YenOnline+51%-95YenBy category
Vs. PY

5% 6%
25%

18%
11%
13%

22%-20Yen+6%

Drug & Discounter (D&D)

2%
5%+1%

Non-sugar tea (NST)+8%Sports-3%

Water+18%

Coffee-5%

Juice-6%

5%

7%
39%

12%

26%

Volume

S-PET

+3%

M-PET

+86%

L-PET

+7%

Can

-5%

Bottle Can+1%

Syrup

-17%

Powder-8%vs PY

Volume4%

Q3 QTD 2021

VolumeSparkling

vs PY

2%
4%

4%

7%

11%

40%

27%

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.

5%

S-PET

+4%

M-PET

+77%

L-PET

+2%

Can

-6%

Bottle Can

-3%

Syrup

-22%

Powder-4%

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

34

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