Financial Results Presentation for the year ended December 31, 2007

February 8th, 2008 Coca-Cola West Holdings(2579)

URL Contact TEL 092-283-5724 http://www.ccwh.co.jp/ Corporate Planning Group IR Team FAX 092-283-5729 E-mail shigeki-okamoto@ccwh.co.jp

Contents

2007 Financial Results 2008 Annual Business Plan

[Reference]
2007 4th quarter reference data 2007 full year reference data Performance trend/Financial data Group Management system/Coca-Cola system in Japan Explanation of terminology

Summery
Full year results
Mid-term plan Expansion of sales, infrastructure development and increase in efficiency which harnessed management integration have proceeded steadily Finance Achieve the target Sales Exceed the previous year sales with profitability(+2.2%) Increase the sales in core/priority brands Improve the profitability in chain store/food service channel Market conditionIn spite of increasing cost of raw material/crude, cost reduction is realized due to the impact on functional strengthening which harnessed management integration and cost reduction of CCNBC

2008 annual business plan

Performance forecastOperating income 17 billion yen(vs.last year +1.0 billion yen) Sales volume +3.3% vs.last year Main initiatives Strengthen Georgia brand Development of the market (Urban area) Strengthen Chain store channel Market conditionThe earnings projection increase slightly
2

. 2007 Financial Results

2007 main initiatives-expansion strategy

Mid-term plan strategy 2007 main initiatives The cooperation system with TCCC/CCJC has The cooperation system with TCCC/CCJC has started started
Hold periodic top-management meeting Hold periodic top-management meeting The office of marketing teams is located at same flour The office of marketing teams is located at same flour Activation of Coca-Cola Activation of Coca-Cola Install Emblem caf into vending machine Install Emblem caf into vending machine Renewal of Caf au lait Renewal of Caf au lait Develop products for cup vending machine Develop products for cup vending machine

.Evolution to the new .Evolution to the new bottler by strategic bottler by strategic partnership partnership strengthening with strengthening with TCCC/CCJC TCCC/CCJC

.Expansion of the sales .Expansion of the sales and the profit by the and the profit by the consumer view consumer view activity exceeding activity exceeding competitors competitors

Marketing next generation model project and Vending Marketing next generation model project and Vending next generation model project have been established next generation model project have been established for future growth for future growth Pick up the issues from customer satisfaction survey Pick up the issues from customer satisfaction survey
4

Activation of Coca-Cola(1)
Growth
20%
2006 2007

3 color strategy

10%

0%

,33 2

,0 0

S C/ 0

+16.0

Black

Red

Silver

-7.4
-10%

Sales volume by flavors(Jan-Dec)

Red(Coca-Cola) Silver (No calorie Coca-Cola) Black (Coca-Cola Zero) Total Coca-Cola
comparison to Diet Coca-Cola

(thousand,%)

Target age 16-24 age 25+, female 25+, male

Sales Change 12,059 +4.4 2,367 -2.2 2,513 16,973 +16.0

Activation of Coca-Cola(2)
Sales volume by quarter(vs.last year)
25 20 15 10 5 0 4Q 2006 1Q 2007 2Q 3Q 4Q
No calorie Coca-Cola Launch 4/2 (%)

+24.7 +13.1

+17.8
Total Coca-Cola

+2.3

+3.4

Coca-Cola Zero Launch 6/4

Initiative of new campaign the Coke side of ife with CCJC

President of CCJC, Sayre in Fukuoka

2007 main initiatives - Efficiency/Capability base

Mid-term plan strategy main activities in 2007 Coca-Cola West Logistics has started up Coca-Cola West Logistics has started up Merger of two production companies Merger of two production companies Capital/business alliance with Minami Kyushu CCBC Capital/business alliance with Minami Kyushu CCBC Stock transfer of Seiko Corporation, group company Stock transfer of Seiko Corporation, group company Adjustment of the CCWG organization system Adjustment of the CCWG organization system
Subsidiary companies of Coca-Cola business stopped Subsidiary companies of Coca-Cola business stopped having BOD. having BOD. Integration of corporate officer system Integration of corporate officer system Revision of scope of authority Revision of scope of authority

.Functional .Functional strengthening, strengthening, increase in increase in efficiency which efficiency which harnessed harnessed management management integration integration

Increase in efficiency of production/logistics Increase in efficiency of production/logistics Introduction of new line in CCW Daisen Products Introduction of new line in CCW .Strengthen a .Strengthen a capability base of capability base of talented associates talented associates and organizations and organizations

Pick up the issues from customer satisfaction survey Pick up the issues from customer satisfaction survey Integration of education tools/program Integration of education tools/program
7

CCWG Managing system

2006 July Subsidiaries24 2006 July Subsidiaries24 CCWJ CCWJ
Nishinihon Beverage Nishinihon Beverage Vending Vending Customer Service Customer Service Products Products Logistics Logistics Nichibei Nichibei Takamasamune Takamasamune West Japan Service West Japan Service

2008 FebruarySubsidiaries20 2008 FebruarySubsidiaries20

Nishinihon Beverage Nishinihon Beverage CCWJ Area CCWJ Area Group Group

# of companies 06 08 Coca-Cola business1714 Total 2420

CC C CC C WW W JJ J KK K ii i nn n kk k ii i

CCWJ Vending CCWJ Vending CCWJ Customer Service CCWJ Customer Service Kansai Beverage Service Kansai Beverage Service Nesco Nesco Kadiac Kadiac Mikasa Beverage Service Mikasa Beverage Service Mikasa Service Mikasa Service

Kinki Area Kinki Area Group Group

CCWH

Kansai Beverage Service Kansai Beverage Service Nesco Nesco Kadiac Kadiac Kinki Coca-Cola Products Kinki Coca-Cola Products Kansai Logistics Kansai Logistics Rex estate Rex estate Seiko Corporate Japan Seiko Corporate Japan C&C C&C Akiyoshi Akiyoshi Mikasa Beverage Service Mikasa Beverage Service Mikasa Service Mikasa Service Mikasa Logistic Mikasa Logistic

CCWH

Mikasa Mikasa Area Group Area Group

MM M ii i kk k aa a ss s aa a

Daisen Beverage Daisen Beverage

KK K ii i nn n kk k ii i MM M ii i kk k aa a ss s aa a

Production Production Logistics

CCW Products(merge two entities) CCW Products(merge two entities) CCW Daisen Products CCW Daisen Products CCW Logistics(merge three entities) CCW Logistics(merge three entities) Other six subsidiaries (-1) Other six subsidiaries (-1)

Stock transfer

Capital/Business alliance

Minami Kyushu CCBC Minami Kyushu CCBC

2007 Highlight - Sales volume

(thousand case, %)

2006 2007 vs.plan actual plan actual vs.last year change % change % 182,207 186,845 186,237 -608 -0.3 +4,031 +2.2
The actual is the total of CCWJ, Kinki and Mikasa actual.

Sales volume by quarter(vs.last year)

5
+3.3 +1.7 +2.3 +1.3

(%)

+1.3

-5 4Q 2006 1Q 2007 2Q 3Q 4Q
9

2007 Highlight - Sales volume by brand

Sales volume by brand
(thousand case, %)

Review
Coca-Cole Strengthen new campaign the CSOL Improve double digit by developing 3 color strategy Bumper sales of Coca-Cola Zero Georgia Sales of main flavors were down due to the negative effect of renewal Soukenbicha Sales have been up four consecutive quarters due to the bumper sales of seasonable flavors Aquarius Exceed the previous year sales due to the bumper sales of blue and launch of Vitamin Guard Priority (vs.last year)
Sprite Strengthen by renewal(+104%) Minute MaidGet health-conscious customers(+42%) KaradamegurichaDevelop as non-sugar tea brand (+37%) WaterDevelop two brands(+37%)

actual C 42,373 o Georgia r Soukenbicha 15,659 e 19,417 Aquarius Priority Complement Other Total
13,791 24,957 53,068 186,237

2007 vs.plan
change +829 -884 +215 -40 +949 -1,619 -58 -608 % +5.1 -2.0 +1.4 -0.2 +7.4 -6.1 -0.1 -0.3

vs.last year
change +2,338 -292 +947 +119 +4,142 -3,459 +235 +4,031 % +16.0 -0.7 +6.4 +0.6 +42.9 -12.2 +0.4 +2.2

Coca-Cola

16,973

The actual figure is the sum of CCWJ, Kinki and Mikasa. *Priority brand Sprite, Karada Meguricha, Mineral Water, Minute Maid *Complement brand Hajime, Fanta, Qoo, Koucha Kaden, Canada Dry, Hung Oolong Tea

10

2007 Highlight - Georgia

Sales volume by main flavor(full year)
European Emerald Mountain Blend Emblem Black New products Total Georgia Sales 8,223 6,077 4,737 5,618 42,373
(thousand case, %)

Change -655 -298 170 570 -292

% -7.4 -4.7 +3.7 +11.3 -0.7

Growth by quarter(vs.last year)

+7.0 +1.0 +1.3

(%)

+3.4 -1.0 -3.7 -4.3

+0.6

Total Georgia

-10

-7.9

-7.3 -13.3 -22.8

Emerald Mountain Blend (renewal:May, 2006)

-25 1Q 2007 2Q 3Q 4Q
European (renewal:July, 2006)

11

2007 Highlight Value added products

Launch Ayataka, premium green tea, as a value added product Sales of green tea category touched bottom in vending channel by launching Ayataka, and it gained much more support than Karadameguricha in CVS. Sales of green tea category at Vending machine(vs.last year)
120.0%

110.0%

Launch Ayataka (10/8) Hajime+Ayataka

100.0%

90.0%

Hajime

80.0%

70.0% 7 8 9 10 11 12

Sales volume at CVS(Nov-Dec)

(cases)

61,610

49,630
12

Ayataka 425ml PET Karadameguricha 400ml PET

2007 Highlight Sales volume by channel

Sale volume by channel
(thousand case, %)

Review
Sales volume by area(vs.last year) (%)
Vending Chain store CCWJ -0.2 +5.7 Kinki +0.9 +9.8 Mikasa +1.9 +3.4

2007 actual
Vending Chain store CVS Retail Food service Other
59,002 39,369 18,601 25,825 18,371 25,070 186,237

vs.plan change %
-670 +610 -397 -2 +124 -274 -608 -1.1 +1.6 -2.1 -0.0 +0.7 -1.1 -0.3

vs.last year change %

+244 +2,613 -231 -834 +1,240 +1,000 +4,031 +0.4 +7.1 -1.2 -3.1 +7.2 +4.2 +2.2

Vending Volume per machine improved at all areas -Concentrate activities on core brands which account for 60% on total sales in vending(core brand sales improve 4.1) Expanding -machines Chain store Emphasize the profitability Expanding the sales of 500PET products(+14.6% vs.last year) Maintain and expand the big bottles of core brand mainly
13

Total

The actual figure is the sum of CCWJ, Kinki and Mikasa. When the influence accompanying CCWJ/NNB enterprise adjustment(*) is removed, CCWH Vending (vs.ly): +2.9% CCWJ Vending (vs.ly): +4.9% *CCWJ/NNB enterprise adjustment : transferred CCWJs cup machines to NNB transferred NNBs Coca-Cola vending machines to CCWJ (Sales volume of NNB is accounted in Other section)

Vending Volume Per Machine(VPM)

VPM(vs.last year)excluding cup vending machine

+2.1 +0.2
CCWJ Kinki

+0.6

Mikasa
(%)

VPM by quarter(vs.last year)excluding cup vending machine

5 +3.5 +2.4 +1.7 +0.2 -0.7 +2.4 +0.6 +1.2 +0.8 -1.1 -2.8 +3.0

CCWJ

Mikasa Kinki

-5 1Q 2Q 3Q 4Q

14

Chain store/Food service - Earnings

Chain store - Gross profit(vs.last year) Attainment of growth couple with interests

vs.last year
sales volume market share

CCWJ Kinki Mikasa +5.7 +9.8 +3.4 -0.2 +0.5 +0.2

+15.2 +12.2

+6.7
CCWJ Kinki Mikasa

Food service - Gross profit(vs.last year) Attainment of growth couple with interests

vs.last year
sales volume

CCWJ Kinki Mikasa +6.8 +7.8 +5.7

+8.2

+7.8 +4.7
CCWJ Kinki Mikasa

15

2007 Highlight Consolidated P/L

(million yen, %)
2006 actual 1 327,821 186,265 141,556 129,235 12,321 1,836 932 13,225 1,569 1,686 13,108 5,627 -89 7,570 plan 2 412,600 235,800 176,800 161,800 15,000 2,500 1,200 16,300 700 1,200 15,800 6,386 14 9,400 actual 409,521 234,313 175,208 159,151 16,056 2,433 996 17,493 671 3,910 14,254 4,866 12 9,375 2007 vs.plan change -3,079 -1,487 -1,592 -2,649 1,056 -66 -203 1,193 -28 2,710 -1,545 -1,519 -1 -24 vs.last year change % 81,699 24.9 48,047 25.8 33,651 23.8 29,916 23.1 3,734 30.3 597 67 4,268 -898 2,223 1,146 -760 101 1,804 32.5 6.9 32.3 -57.2 131.8 8.7 -13.5 23.8

Revenues COGS Gross profit

SG&A

Operating income Non-Operating income Non-Operating expenses Recurring income Extraodinary income Extraodinary losses Income before income taxes, minority interests Income taxes Minority interests
Net income

% -0.7 -0.6 -0.9 -1.6 7.0 -2.6 -17.0 7.3 -4.1 225.8 -9.8 -23.8 -9.9 -0.3

Impact on Minami Kyushu CCBC +523

1: 2006 actual figure is the total of CCWJKINKI CCBCMIKASA CCBC actual. 2: The above plan is based on the performance forecast announced as of August 9, 2007.

Ref. In case of not reviewing of depreciation method

2006 actual Operating income Recurring income 12,321 13,225 actual 15,335 16,792

(million yen, %)

2007 vs.last year change % 3,033 24.6 3,566 27.0

Impact on review of Depreciation method +701

16

Full year Gross Profit Change Factors(vs.plan)

(billion yen) 2007 Gross profit plan Increase of sales volume Increase by purchasing price of products Decrease by sale mix Decrease in profit from toll fee Decrease from other group companies 2007 Gross profit actual

176.8 +0.5 +0.8 -2.6 -0.2 -0.1 175.2

CCWJ

Sales(+423,000 cases) Sales mix subtotal Kinki Sales(+146,000 cases) Sales mix subtotal Mikasa Sales(-67,000 cases) Sales mix subtotal Increase by purchasing price of products Decrease in profit from toll fee Other Total

Revenues 858 -1,760 -902 252 -1,684 -1,432 -117 -316 -433 -257 -54 -3,078

COGS 463 -402 61 138 -727 -589 -68 -74 -142 -805 -26 15 -1,486

(million yen) Gross profit 395 -1,358 -963 114 -957 -843 -49 -242 -291 805 -231 -69 -1,592

17

Full Year Operating Income Change Factors(vs.plan)

(billion yen) 2007 Operating income plan

15.0 -1.6 +1.2 +0.4 +0.4 +0.3 +0.3 16.0

Decrease of gross profit

Decrease of advertising cost

Decrease of sales commission

Decrease of service fee Decrease of depreciation

Other cost

2007 Operating income actual

18

Full Year Gross Profit Change Factors(vs.last year)

2006 Gross profit Increase for Kinki group sales Increase of sales volume Decrease from purchasing price of products Change in account classification Decrease by sales mix Decrease in profit from toll fee Other group companies 2007 Gross profit Impact on rising heavy oil/natural gas -0.1

141.6 +35.6

(billion yen)

+2.4 +0.7 -2.7 -1.2 -0.7 -0.5 175.2

Revenues 80,601 2,713 -1,093 1,620 2,362 -1,565 797 251 -114 137 -336 -182 -938 81,699 COGS 45,029 1,471 -531 940 1,302 -924 378 149 -129 20 -705 2,339 505 -459 48,047 (million yen) Gross profit 35,572 1,242 -562 680 1,060 -641 419 102 15 117 705 -2,675 -687 -479 33,651

Increase for Kinki group sales CCWJ Sales(+1,334,000 cases) Sales mix subtotal Kinki Sales(+1,360,000 cases) (2nd half) Sales mix subtotal Mikasa Sales(+145,000 cases) Sales mix subtotal Purchasing price of products Change in account classification Profit from toll fee Other group companies Total

19

Full Year Operating Income Change Factors(vs.last year)

(billion yen) 2006 Operating income Increase of gross profit Change in account classification Decrease of depreciation cost Decrease of personnel cost Decrease of sales equipment cost Decrease of advertising cost Impact on reviewing depreciation method Increase of Kinki group SG&A Increase of sales commission Increase of business system cost Other 2007 Operating income

12.3 +33.6 +2.7 +1.0 Cost reduction which harnessed management integration +0. +0. +0. +0. -34.4 Cost involved expansion of sales Infrastructure development -0. -0.
Fuel cost -0.

-0. Internal control cost -0. 16.0

20

Ref. Full Year Results Consolidated P/L In case of adding ex-Kinki groups actual
(million yen, %)

Revenues COGS Gross profit

SG&A

Operating income Non-Operating income Non-Operating expenses Recurring income Extraodinary income Extraodinary losses Income before income taxes, minority interests Income taxes Minority interests
Net income

2006 actual 1 407,914 233,529 174,384 161,457 12,927 2,232 1,360 13,799 1,570 3,624 11,745 4,876 7 6,860

actual 409,521 234,313 175,208 159,151 16,056 2,433 996 17,493 671 3,910 14,254 4,866 12 9,375

2007 vs.last year change % 1,606 0.4 783 0.3 823 0.5 -2,305 -1.4 3,128 24.2 201 9.0 -364 -26.8 3,694 26.8 -899 -57.2 286 7.9 2,509 -9 4 2,514 21.4 -0.2 58.0 36.7

1 The 2006 actual is adjusted based on a total of ex-CCWJ and ex-Kinki CCBC, eliminating inter-company transaction.

In case of not reviewing of depreciation method

Operating income Recurring income

2006 actual 1 12,927 13,799

actual 15,355 16,792

2007 vs.last year change % 2,427 18.8 2,993 21.7

Impact on review of depreciation method: +701 million yen

21

Ref. Full Year Results Gross Profit Change Factors In case of adding ex-Kinki groups actual
2006 gross profit Increase of sales volume Decrease by purchasing price of products Decrease by sales mix Decrease in profit from toll fee Other 2007 gross profit Impact on rising heavy oil/natural gas price -0.1

174.4 +3.3

(billion yen)

+0.7 -2.0 -0.6 -0.6 175.2

(million yen) Gross profit 1,242 -562 680 1,989 -1,440 549 102 15 117 705 -651 -577 823

Sales(+1,334,000 c/s) Sales mix subtotal Kinki Sales(+2,550,000 c/s) Sales mix subtotal Mikasa Sales(+145,000 c/s) Sales mix subtotal Decrease by purchasing price of products Decrease in profit from toll fee Other Total

CCWJ

Revenues 2,713 -1,093 1,620 4,429 -2,630 1,799 251 -114 137 -494 -1,456 1,606

COGS 1,471 -531 940 2,440 -1,190 1,250 149 -129 20 -705 157 -879 783

22

Ref. Full Year Results Operating Income Change Factors In case of adding ex-Kinki groups actual
(billion yen) 2006Operating income Increase of gross profit Decrease on depreciation cost Decrease of personnel cost Impact on reviewing depreciation method Decrease of advertising cost Decrease of sales equipment cost Increase of sales commission Increase of business system cost Other 2007 Operating income

12.9 +0.8 +1.2 Cost reduction which harnessed management integration +1.1 +0.8 +0.6 +0.4 Cost involved expansion of sales Infrastructure development -1.0 -0.3 -0.5

Fuel cost -0. Internal control cost -0.

16.0

23

Cost reduction related to CCNBC(compare to year of 2003)

CCNBC : Coca-Cola National Beverage Co., ltd (billion yen)

Cost reduction has been realized in spite of bad market condition(0.7 billion yen compare to year 2007)

2.9

1.9

2.1

2.2

2004

2005

2006

2007

The actual of 2004 and 2005 is exCCWJs actual.

The actual of 2006 is ex-CCWJ actual added ex-Kinkis actual

24

2007 Summery

At the first year of mid-term plan, CCWH has started creating the company which keeps growing Initiatives harnessed management integration have proceeded steadily Financial results have improved steadily Increase sales volume with profitability In spite of bad market condition, cost reduction is realized due to the impact on functional strengthening which harnessed management integration

25

. 2008 Annual Business Plan

26

Sales volume plan/Performance forecast Sales volume plan

2007 actual area 186,237 1st half 89,222 2008 plan 2nd half 103,228 Total 192,450
(thousand case, %)

vs.last year change % 6,213 +3.3

Performance forecast
(million yen, %)

2007 actual Revenues Gross profit Operating income Recurring income Net profit 409,521 175,208 16,056 17,493 9,375

1st half 199,700 85,500 4,400 4,800 2,100

2008 plan 2nd half Total change 225,300 96,300 12,600 13,700 8,000 425,000 181,800 17,000 18,500 10,100 15,478 6,591 943 1,006 724

% 3.8 3.8 5.9 5.8 7.7

27

Gross Profit Change Factors(vs.last year)

(billion yen)

2007 gross profit

175.2 +5.0 +1.2

Impact on rising heavy oil/natural gas price -0.2

Increase of sales volume

Increase by sales mix

Increase in profit from toll fee

+0.4 +0.2 +0.6 -0.8

Decrease of disposal fee

Other Increase by purchasing price of products

2008 gross profit

181.8

28

Operating Income Change Factors(vs.last year)

(billion yen) 2007 operating income Increase of gross profit Decrease of sales equipment cost Improvement of trade condition Decrease of personnel cost Increase of sales commission Increase of advertising cost

16.0 +6.6 +0. Cost reduction which harnessed management integration +0.
Sales commission+0. Advertising cost +0.

+0. -2.1

-2.0 Cost involved expansion of sales -0. -0. Infrastructure development -0. -0. -1.3 17.0
Accrued benefit cost-0. Depreciation cost-0. Educational cost-0.

Increase of service fee Decrease of supplies expense Increase of business system cost Increase of fuel cost Other 2008 operating income

29

Initiatives of sales expansion - Strategy

Five strategic theme

Recovery and increase sales volume of Georgia brand Growth and efficiency in vending business Improve VPM and number of units, especially vending machines in indoor market Strengthen carbonated drinks Executing merchandising based on customer view Break into unexplored channel
Volume Per Machine

Expansion of sales and share

30

Initiatives of sales expansion - Change of organization/system

Visit bottlers integrated in Europe
Coca-Cola Hellenic etc.

The company needs to look forward and review operating organization/system drastically in order to have unbeaten operation power and quality Marketing next generation model project Cooperate with consulting company which has Vending next generation model project experienced many projects in
foreign bottlers

Transformation to more advanced strong operating organization/system

31

2008 Brand strategy - Sales Volume Plan by Brand

(thousand case, %)

2007 actual Coca-Cola Georgia Soukenbicha Aquarius Hajime/Ayataka

PP rr ii oo rr ii tt yy CC oo rr ee

2,008 plan vs.last year % +6.1 +3.7 +2.8 +5.7 +9.5 +4.8 +3.3 +11.8 +0.7 +3.3 change 18,008 +1,035 +1,573 +446 +1,105 +688 +365 +275 +267 +459 +6,213 ratio 9.4 22.8 8.4 10.7 4.7 4.1 4.5 1.3 34.7 100.0
32

16,973 42,373 15,659 19,417 7,245 7,603 8,328 2,257 66,383 186,237

43,946 16,105 20,522 7,933 7,968 8,603 2,523 66,842 192,450

Fanta Mineral Water Minute Maid Other Total

Syrup and powder of each brand include in Other.

2008 Brand Strategy - Core Brand

Position Position Basic Basic policy policy Brand Brand Strategy/Directionality Strategy/Directionality
Innovation of three color strategy Innovation of three color strategy Restrengthen No calorie Restrengthen No calorie Utilize the Olympic games in Beijing Utilize the Olympic games in Beijing Strengthen the consumption at home Strengthen the consumption at home

Coca-Cola Coca-Cola

EE E xx x pp p aa a nn n ss s ii i oo o nn n oo o ff f ss s aa a ll l ee e ss s vv v oo o ll l uu u mm m ee e aa a nn n dd d ss s hh h aa a rr r ee e

Georgia Georgia

Get more core consumers by new campaign Get more core consumers by new campaign Utilize asset, Emerald Mountain Utilize asset, Emerald Mountain Renewal of all flavors Renewal of all flavors

CC C oo o rr r ee e bb b rr r aa a nn n dd d

Soukenbicha Soukenbicha

Strengthen Original flavor by utilizing new campaign Strengthen Original flavor by utilizing new campaign Utilizing seasonal flavors Utilizing seasonal flavors

Aquarius Aquarius

Renewal of Blue and utilizing the Olympic game in Beijing Renewal of Blue and utilizing the Olympic game in Beijing Get female users by launching new flavor Get female users by launching new flavor Make Vitamin Guard standard article Make Vitamin Guard standard article

33

2008 Brand Strategy Georgia(1)

2008 Georgia New campaign Georgia, Surprisingly Good! Starts on Feb 4th

34

2008 Brand Strategy Georgia(2)

New products Georgia Emerald Mountain Blend Black Emerald Mountain Blend Caf Au Lait Launch on March 31th Standard renewal:February,4th,2008
Black(no sugar) Standard Caf Au Lait(no sugar)

35

2008 Brand Strategy Georgia(3) CCWH takes actions with CCJC Develop Climb the Mountain project
Target Get off to a flying due to the success of 1st quarter activities

Term

Dec. 2007 to Apr. 2008 Strengthen new Emerald Mountain/European Blend(2/4) Development of national promotion(3/3) Development of new products Emerald Mountain Blend Black/Caf Au Lait(3/31)

Main theme

Point

Promote main theme with CCJC Pick out a project leader in each branch, and execute this project in all channel
36

2008 Channel Strategy Sales Volume by Channel

(thousand case, %)

2008 plan CCWJ

sales vs.last year change % sales

Kinki
vs.last year change % 4,924 4,689 1,793 2,160 1,652 1,402 sales

Mikasa
vs.last year change % sales

Total
vs.last year change %

Vending Chain store CVS Retail Food service Other

30,263 19,190 10,026 10,875 7,480 11,066 88,900

+1,439 +771 +423 -534 +175 +509

2,782

+5.0 26,661 +1,173 +4.6 +4.2 17,824 +1,300 +7.9 +4.4 +2.4
7,611

+234 +264 +101 -108 +115 -36

570

+5.0 61,848 +2,846 +4.8 +6.0 41,703 +2,334 +5.9 +6.0 19,430 +7.5 18,915 -2.5 25,767
+3.6 192,450

+305 +4.2 -395 -3.3 +254 +2.7 +221 +1.7

2,858

+829 +4.5 +544 +3.0 +697 +2.8

6,213 +3.3
37

-4.7 11,752
9,783

-4.8 24,787 -1,037 -4.0

+4.8 13,296
+3.2 86,928

Total

+3.4 16,620

2008 Channel Strategy - Vending

Market development(in-market) Strengthen the urban area in Kinki Strengthen operations in existing locationEffective use of IT-vending machine Activation of cup vending machine Product development with CCJC Area CCWJ Main activities
Market development, especially in-market +1,900 units Cooperation with Nishinihon Beverage(NNB), proposal of value added vending machine and M&A Market development with NNB toward high potential market +600,000 C/S(vs.last year+10%) Effective use of -vending machine 29.0%(vs.last year+5.5%)

vs.last year
+1,439,000 C/S (+5.0%)

Kinki

Establish specialized team to develop big accounts in urban Input a number of sales force 3252 Advance of M&A(cooperation with CCJC)

+1,173,000 C/S (+4.6%) +234,000 C/S (+5.0%)

38

Mikasa

Strengthen the operational function The operational function in Mikasa Beverage transfer to Mikasa CCBC

2008 Channel Strategy Chain store

Increasing share at super market Strengthen Osaka area where has high potential Strengthen water and green tea which are growing category Improvement of profitability by utilizing diversified package Introduce new package Area CCWJ Main activities Get more share by strengthening core category
Core category target share : +2.0 (Cola, Sports, Fitness and non-sugar tea)

Vs.last year
+771,000C/S (+4.2%) +1,300,000 C/S (+7.9%) +264,000C/S (+6.0%)

Kinki

Get more share in Osaka area

Target share in Osaka area : +1.2 Strengthen sales of Water and Green tea

Mikasa

Increase profit by improving sales mix

Increase the ratio of small-sized PET sales Target 22 Strengthen sales of 500ml
39

2008 Channel Strategy Chain store(Kinki)

Initiatives for expanding market share in Osaka area

Actual condition Market share of Chine store channel in Osaka is low
Supermarket CCWH 21.6%(vs.ly+0.2) 21.6%(vs.ly+0.2) Osaka 15.6%(vs.ly+0.1) 15.6%(vs.ly+0.1) Drug store CCWH 19.6%(vs.ly+1.1) 19.6%(vs.ly+1.1) Osaka 18.7%(vs.ly+3.4) 18.7%(vs.ly+3.4)

DataIntage

Factors There are many accounts which Kinki cant build up good relationship Market share of categories which have large scale of sales is low
Water 5.9% Green tea 4.5%
(market ratio14.7%) (market ratio 11.1%)

Main initiatives

Target Share Target In Osaka Super market 16.8% (+1.2) Drug 19.0% (+0.3)

Build up good relationship with customers

Increase lines Get more selling space

There are many accounts which strengthen sales of private brand

40

2008 Scenario for Achieving Sales Volume

Other Other
CVS CVS +829(vs.last year+4.5%) +829(vs.last year+4.5%) (thousand case)

Vending(vs.last year +4.8%) Vending(vs.last year +4.8%)

Increase of installed VMs Increase of installed VMs +1,290 +1,290 Improvement of +1,556 Improvement of +1,556

Food service+544(vs.ly +3.0%) Food service+544(vs.ly +3.0%) Other+697(vs.last year +2.8%) Other+697(vs.last year +2.8%)

-1,037 2,334

2,070 Sales volume

Retail(vs.last year-4.0%) Retail(vs.last year-4.0%)

192,450

2,846
Chain store(vs.last year +5.9) Chain store(vs.last year +5.9)
CCWJ +771(vs.ly+4.2) CCWJ +771(vs.ly+4.2) Kinki Kinki +1,300(vs.ly+7.9) +1,300(vs.ly+7.9)

Sales volume 186,237

Mikasa +264(vs.ly+6.0) Mikasa +264(vs.ly+6.0)

2007 actual

2008 plan

41

Initiatives for functional enhancement and efficiency Functional strengthening, increase in efficiency which harnessed management integration
1. Efficient operation with common platform Promotion of work restructuring by standardized business base Implementation of centralized procurement Consolidation of functional department 2. Increase in efficiency due to the group restructuring Coca-Cola West Products has started up since January Merger of maintenance companies Wind up other group companies 3. Reduction in business property Inventory, account receivable, etc 4. Initiatives for next generation Production next generation model project SCM next generation model project

42

2008 Investment Plan(consolidated)

(million yen, %)

Land v Buildings e Machinery & Equipment s t Sales equipment m e Other n Total t Depreciation
n

2007 actual 109 2,750 3,703 10,012 3,377 19,951 22,533

2008 plan 0 3,240 2,834 11,800 2,126 20,000 22,400

vs.last year change % -109 -100.0 17.8 490 -23.5 -869 17.9 1,788 -37.0 -1,251 0.2 49 -0.6 -133

Breakdown of sales equipment

CCWJ area Million yen Units 7,343 16,200 Kinki area 3,537 8,500 Mikasa area 920 2,000 Total 11,800 26,700
43

2008 Operating income achievement scenario

(billion yen)
Cost reduction market condition
Impact on

+1.0
Fuel cost Infrastructure development

-1.1

- Impact on CCNBC Purchase price - Fuel cost

-0.8 -0.3

-0.2

Sales growth +1.6

-0.
Infrastructure development
(related to BS)

(related to BS)

Cost reduction +3.2

-0.

Breakdown of cost reduction

Sales growth +0.4

Breakdown of cost reduction

16.0

12.9

2006
(include ex-Kinki)

Depreciation cost Personnel cost Impact on CCNBC Purchasing price Impact on review of depreciation method Procurement Disposal cost Other

+1.2 +1.1 +0.7 +0.7 +0.2 -0.2 -0.5

Sales equipment Improvement of trade condition Disposal cost Personnel cost Other

+0.4 +0.4 +0.2 +0.1 -0.1

17.0

2007

2008
44

Introduction of the great merger movement

Our stance against the great merger movement The company introduced this countermeasure for the purpose of enabling it to make a suitable judgment by requesting reservation of sufficient information service and a suitable evaluation period from a large-scale purchase person etc.

Introduce the great merger movement in order to protect and improve corporate value and shareholders profits
Type of the great merger movement Prior warning right plan(The fixer side is non cooperative, and when you will
not respond to information service, the defense measure of a following level called the issue of stocks of the right of new share reservation by allotment to shareholders is put into execution)

Introduction procedure Starting date February 7, 2008 Effective date March 25, 2008 This is subject to approval of an annual shareholder meeting

45

Scheme of the great merger movement

Emergence of TOB person(more than 20% of stock certificate Comply with rule Against the rule

The person submits the information about the act to the board of directors(BOD) BOD carries out evaluation, examination, etc
Examination, advice by a corporate value committee
Contribute to corporate value/shareholders profits Advice not to exercise countermeasures Detract corporate value/shareholders profits Advice to exercise countermeasures
At most 60 days in principle

At most 60 days in principle

Call a shareholder meeting

Corporate resolution (maximum respect of the advice) Reject

exercise countermeasures

Shareholder meeting resolution

Adopt

Not exercise countermeasures

Exercise countermeasures
46

Vision/2008 target

Vision of mid-term plan(0709)

2008Target
2008 target vs.ly 3.3 3.8 5.9 0.1pt 0.4pt 0.3pt 0.5by 3.4by

To the leading bottler in the world To the leading bottler in the world
Growth exceeding competition Growth exceeding competition overwhelmingly overwhelmingly Establishment of aasteadfast profit base Establishment of steadfast profit base

Sales volume 192 million C/S Net revenues(billion yen) 425.0 Operating income
(recurring income on total assets)

17.0 6.0 4.0 2.5 billion yen 7.0 billion yen

Operating income margin 4.0

Change to the Customer View The strong confidential relation between employee and company

E
(net income on equity capital)

(economic profit) (free cash flow)

Real earnings(company earnings after deducting the cost of capital used to create profit) calculated after deducting capital costs from operating income after taxes(capital cost is 4.2%)

47

Share buy-back scheme

Based on article 156 of corporation law, the company passed a resolution to buy back the company share Purpose : Improvement of capital efficiency To make flexibly capital policy corresponding change of business environment possible Acquisition number of shares : 1.5 million shares(upper limit) *1.41% in proportion to number of shares issued(excluding company shares) Total acquisition price : 4 billion yen(upper limit) Term : February 8, 2008 to March 24, 2008 <ROE and ROA in case of acquiring 1.5 million shares>

Item ROE ROA

2007 actual 3.72% 5.64%

2008 plan 3.99% 5.97%

2008 plan (after acquisition) 4.02% 6.01%

<Ref. Share condition at December 31, 2007> Number of shares issued(excluding company shares) : 106,177,844 Number of company shares :4,947,870

48

 Reference

49

4Q Results

50

4Q Sales volume by brand

(thousand cases, %)

actual C 11,632 o Georgia r Soukenbicha 3,427 e 3,332 Aquarius Priority Complement Other Total
3,023 5,639 13,461 44,288

4Q 2007 vs.plan vs.last year

change +257 -44 +2 +32 +309 -865 +135 -175 % +7.3 -0.4 +0.1 +1.0 +11.4 -13.3 +1.0 -0.4 change % +571 +17.8 +72 +105 +60 +0.6 +3.2 +1.8

Coca-Cola

3,773

+570 +23.3 -965 -14.6 +162 +576 +1.2 +1.3

*Priority brand Sprite, Karada Meguricha, Mineral Water, Minute Maid *Complement brand Hajime, Fanta, Qoo, Koucha Kaden, Canada Dry, Hung Oolong Tea

51

4Q Sales volume by channel

(thousand cases, %)

4Q 2007 actual
Vending Chain Store CVS Retail Food Service Other
14,251 8,311 4,634 6,084 4,711 6,296 44,288

vs.plan change %
-429 +183 -109 +2 +93 +85 -175 -2.9 +2.2 -2.3 +0.0 +2.0 +1.4 -0.4

vs.last year change %

+22 +392 -97 -175 +305 +129 +576 +0.2 +4.9 -2.0 -2.8 +6.9 +2.1 +1.3

Total

*When the influence accompanying CCWJ/NNB enterprise adjustment is removed Vending(vs.last year) +1.1

52

4Q Sales volume by package

(thousand cases, %)

Actual
RTB Bottle OWB sub-total 350 500 1.0L 1.5L 2.0L sub-total 190 250 Can 350 500 sub-total Bottle can Other Syrup, powder, food Total 419 157 576 2,962 6,553 376 2,042 4,323 16,255 10,384 1,843 2,382 140 14,749 1,041 958 10,708 44,288

vs.plan change %
+75 +62 +137 +41 +551 -52 +241 +158 +938 -716 -57 +241 +60 -472 -217 -554 -7 -175 +21.7 +64.9 +31.1 +1.4 +9.2 -12.2 +13.4 +3.8 +6.1 -6.4 -3.0 +11.2 +74.3 -3.1 -17.2 -36.6 -0.1 -0.4

vs.last year change %

+24 +26 +49 +85 +604 -29 +115 +224 +999 +385 -91 +373 +8 +675 -737 -450 +39 +576 +6.0 +19.4 +9.3 +3.0 +10.2 -7.2 +6.0 +5.5 +6.5 +3.8 -4.7 +18.6 +6.1 +4.8 -41.4 -32.0 +0.4 +1.3

53

4Q results(consolidated P/L)
(million yen, %)

4Q 2006 actual Revenues COGS Gross profit

SG&A

Operating income
Non-Operating income
Non-Operating expenses

Recurring income
Extraodinary income

Extraodinary losses Income before income taxes, minority interests Income taxes Minority interests
Net income

99,631 56,509 43,122 39,635 3,486 663 298 3,851 1,540 1,025 4,367 1,981 0 2,385

Plan 101,800 57,700 44,100 39,800 4,300 600 400 4,500 400 400 4,500 1,896 4 2,600

Actual 99,000 56,118 42,882 38,324 4,557 581 255 4,883 394 3,182 2,094 9 3 2,082

4Q 2007 vs.plan change % -2,799 -2.7 -1,581 -2.7 -1,217 -2.8 -1,475 -3.7 257 6.0 -18 -3.1 -144 -36.1 383 8.5 -5 -1.5 2,782 695.7 -2,405 -1,886 0 -517 -53.4 -99.5 -4.7 -19.9

vs.last year change % -630 -0.6 -390 -0.7 -239 -0.6 -1,310 -3.3 1,071 30.7 -82 -12.4 -42 -14.3 1,031 26.8 -1,146 -74.4 2,157 210.5 -2,272 -1,972 2 -303 -52.0 -99.5 345.8 -12.7

Impact on Minami Kyushu CCBC +172

The above plan is based on the performance forecast announced as of Aug 9, 2007.

Ref. : In case of not reviewing of depreciation method

4Q 2006 actual Operating income Recurring income 3,486 3,851

(million yen, %) Impact on review of Depreciation method +659

4Q 2007 vs.last year Actual change % 3,898 411 11.8 4,224 372 9.7

54

4Q Gross Profit Change Factors(vs.plan)

(billion yen) 2007 4Q Gross profit plan Decrease of sales volume Decrease by sales mix Decrease in profit from toll fee Decrease by other group companies Decrease by purchasing price of products 2007 4Q Gross profit actual

44.1 -0.1 -1.6 -0.1 -0.2 +0.8 42.9

CCWJ

Sales volume(+7,000 c/s) Sales mix Subtotal Kinki Sales volume(-123,000 c/s) Sales mix Subtotal Mikasa Sales volume(-58,000 c/s) Sales mix Subtotal Decrease by purchasing price of products Decrease in profit from toll fee Other Total

Revenues 15 -897 -882 -215 -1,050 -1,265 -99 -184 -283 -79 -290 -2,799

COGS 8 -198 -190 -116 -310 -426 -60 6 -54 -805 43 -149 -1,581

(million yen) Gross Profit 7 -699 -692 -99 -740 -839 -39 -190 -229 805 -122 -141 -1,217

55

4Q Operating Income Change Factors(vs.plan)

(billion yen)

2007 4Q Operating income plan

4.3 -1.2 +0.5 +0.4 +0.2 +0.1 +0.3 4.6

Decrease of gross profit

Decrease of sale commission

Decrease of advertising cost

Decrease of depreciation cost

Decrease of service fee

Other

2007 4Q Operating income actual

56

4Q Gross Profit Change Factors(vs.last year)

(billion yen) 2006 4Q Gross profit Increase of sales volume Decrease by purchasing price of products Change in accounting classification Decrease by sales mix Decrease in profit from toll fee Decrease by other group companies 2007 4Q Gross profit

43.1 +0.4 +0.7 -0.3 -0.2 -0.1 -0.7 42.9

Revenues -2 219 217 989 -962 27 14 28 42 -172 210 -954 -630 COGS -1 92 91 549 -610 -61 8 32 40 -705 148 323 -226 -390 (million yen) Gross profit -1 127 126 440 -352 88 6 -4 2 705 -320 -113 -728 -239

CCWJ

Sales volume(-1,000 c/s) Sales mix Subtotal Kinki Sales volume(+567 c/s) Sales mix Subtotal Mikasa Sales volume(+8,000 c/s) Sales mix Subtotal Decrease by purchasing price of products Change in accounting classification Decrease in profit from toll fee Other Total

57

4Q Operating Income Change Factors(vs.last year)

(billion yen)

2006 4Q Operating income Decrease of gross profit Increase of advertising cost Other Review of depreciation method Decrease of depreciation cost Decrease of personnel cost Change in account classification 2007 4Q Operating income

3.5 -0.2 -0.3 -0.3 +0.7 +0.5 +0.4 +0.3 4.6

Establishment of internal control -0.2 Business system -0.1

58

2007(full year)reference

59

2007 Sales volume by package(full year)

(thousand cases, %)

Actual
RTB Bottle OWB sub-total 350 500 1.0L 1.5L 2.0L sub-total 190 250 Can 350 500 sub-total Bottle can Other syrup, powder, food Total 1,563 530 2,094 10,330 30,298 1,994 8,406 21,844 72,872 36,934 7,067 10,322 1,680 56,003 6,569 5,834 42,865 186,237

2007 vs plan change %

+97 +48 +145 -178 +797 -90 +193 +833 +1,556 -1,626 -159 +726 +7 -1,052 -457 -564 -235 -608 +6.6 +10.0 +7.4 -1.7 +2.7 -4.3 +2.4 +4.0 +2.2 -4.2 -2.2 +7.6 +0.4 -1.8 -6.5 -8.8 -0.5 -0.3

vs last year change %

+57 -37 +20 +247 +3,085 -156 +239 +1,662 +5,078 +261 -466 +1,295 +91 +1,181 -2,535 -270 +557 +4,031 +3.8 -6.5 +1.0 +2.4 +11.3 -7.2 +2.9 +8.2 +7.5 +0.7 -6.2 +14.3 +5.7 +2.2 -27.8 -4.4 +1.3 +2.2

60

OTC Market Share(Exclude.VM)-CCWH Area

Source:Intage The numbers outside the graph are vs last year (%, Point) 100

Other

42.6%

42.3%

44.1%

44.3%

42.6%

D C B A

5.3% 5.9% 8.7% 15.4% 22.1%

0.0 0.0 -0.7 0.1

6.1% 6.0% 8.4% 14.6% 22.6%

0.3 0.3 -0.4 -0.1

6.0% 6.0% 8.6% 14.7% 20.6%

0.0 0.3 -0.3 0.2

5.5% 5.8% 8.0% 14.5% 21.9%

0.1 0.2 -0.2 -0.6

5.3% 6.3% 9.0% 15.0% 21.8%

0.0 0.1 0.3 -0.4

-0.3

-0.6

-1.2

+0.2

-0.4

2006 4Q

2007 1Q

2Q

3Q

4Q
61

2007 By brand/By channel Volume/Revenues/GP

100 Other 45
Hajime/Ayataka Hajime/Ayataka

2006
34 6 8 10 34 8 Revenues

2007
34 45 6 8 8 36 23 8 Gross profit 9 Sales volume 5 8 10 34 9 Revenues 5 7 7 36 36

34

BB rr aa nn dd CC hh aa nn nn ee ll

Soukenbicha Aquarius Georgia Coca-Cola

5 8 11 23 8 Sales volume

4 8 11

9 Gross profit

100 Other Food service Retail CVS 20 Chain store Vending 32 Sales volume 13 10 15 10

2006
7 4 17 10 14 62 48 32 Revenues Gross profit Sales volume 3 5 15 7 8 13 10 14 10 21

2007
6 4 16 10 15

2 5 15 7 8

63 49

Revenues

Gross profit

62

2007 Group company overview(full year)

(million yen)

Coca-Cola West Japan

Kinki CCBC

Mikasa CCBC

Nishinihon Beverage

Kansai Beverage Service

Coca-Cola West Logistics

Net Revenue Operating income Total assets Net assets Net Revenue Operating income Total assets Net assets Net Revenue Operating income Total assets Net assets Net Revenue Operating income Total assets Net assets Net Revenue Operating income Total assets Net assets Net Revenue Operating income Total assets Net assets

2007 162,813 7,367 81,233 66,427 143,806 2,348 90,415 72,781 26,514 353 13,542 9,889 19,621 856 5,923 2,138 31,818 818 7,515 3,505 16,830 537 3,720 1,704

63

Financial Data

64

Performance Trend
(million yen)
98
Net Revenue

99 164,731 15,160 15,889 6,823

00 207,827 17,449 18,516 5,700

01 226,111 16,634 16,021 1,420

02 247,737 16,704 17,005 7,086

03 240,825 19,638 19,895 9,380

04 253,248 16,860 17,065 8,564

05 245,874 11,830 12,256 7,305

06 327,821 12,321 13,225 7,570

07 409,521 16,056 17,493 9,375

08 plan 425,000 17,000 18,500 10,100

117,991 12,533 12,510 5,872

Operating income Recurring income Net income

450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0

(Net Revenues: million yen)

1999/7/1: Merged with Sanyo CCBC Operating Income

2001/4/5 Make Mikasa CCBC subsidiary

2006/7/1 Integration with Kinki CCBC

2007/4/3 Capital/Business alliance with Minami Kyushu CCBC

25,000 20,000 15,000 10,000 5,000 0

Net Revenues

98

99

00

01

02

03

04

05

06

07

08

Operating income: million yen

65

Financial Data
Operating Income/Operating Income Ratio
25,000 20,000 15,000 10,000 5,000 0
MM JPY 03

Net Assets / Equity Ratio

250,000 200,000

8.2

Operating income ratio

10.0 8.0

Equity Ratio Net Assets

81.0 80.6

85.0

83.2 82.1
250,463 173,608 80.5 254,025

84.0 83.0 82.0 81.0 80.0 79.0 78.0 77.0 76.0 75.0

6.7
19,638 16,860

Operating income

4.8
11,830

3.8
12,321

3.9
16,056

6.0 4.0 2.0 0.0

150,000 100,000 50,000 0

MM JPY 03

165,454

167,036

04

05

06

07

04

05

06

07

ROAROE
12.0 10.0 8.0 6.0 4.0 2.0 0.0

EPSPER
150.0 50.0

9.7 8.3

EPS ROA
100.0 116.25 108.80 24.2

PER
93.42

33.5 82.22 28.0

40.0 30.0 88.28 20.0 10.0

5.7

5.2

5.9 5.1 4.3 3.6 5.6 3.7

50.0 18.1

29.5

ROE
03 04 05 06 07
0.0 JPY 03 04 05 06 07

0.0 times

66

CCWG management system Coca-Cola system in Japan

67

M in a m i K y u s h u C o c a - C ola G r o u p

Mikasa area Production Distribution Non-Coca-Cola Business

C & C R e x E s t a t e W e s t J a p a n S e r vic e T a k a m a s a m u n e N ic hib ei

Coca-Cola West Holdings

Coca-Cola West Group-Structure

Mikasa CCBC

N e s c o K a n s ai B e v e r a g e S e r vic e

WJ area

CCWJ

C C W J V e n din g N is hinih o n B e v e r a g e

14

C C W J C u s t o m e r S e r vic e

10 12 13

Kinki area

K a dia c Kinki CCBC

11

M ik a s a B e v e r a g e S e r vic e

15

M ik a s a S e r vic e

C C W J P r o d u c t s

C C W D ais e n P r o d u c t s

C C W L o g i s ti c s

16 17 18 19 20 21

A kiy o s hi S y s t e m s

68

Our Group Companies - Principal Business

Our Group Com p anies Coca-Cola West Holdings (CCWH) Coca-Cola West Japan (CCWJ) Kinki Coca-Cola Bottling Mikasa Coca-Cola Bottling CCW Products 6 Coca-Cola West Daisen Products 7 Coca-Cola West Logistics 8 Coca-Cola West Japan Vending 9 Nishinihon Beverage 10 Kansai Beverage Service 11 Mikasa Beverage Service 12 Nesco 13 Kadiac 14 Coca-Cola West Japan Customer Service 15 Mikasa Service 16 Nichibei 17 Takamasamune 18 West Japan Service 19 Rex Estate 20 C&C 21 Akiyoshi Systems Beverage sales Beverage sales Beverage sales Beverage production Beverage production (mineral water) Freight transport-operations Vending machine operations (Coca-Cola products) Vending machine sales and servicing Vending machine sales and servicing Vending machine sales and servicing Vending machine operations Vending machine operations (in the Kansai Air Port) Vending machine-related businesses Vending machine-related businesses Manufacture of processed foods Production and sales of alcoholic beverages Insurance, leasing, and business machine sales Real estate business Sales and manufacturing of food, Chain restaurant business Chain restaurant business P rinci p al Busi ness Management of group companies, Manufacture and Sales of bevarege

69

Coca-Cola System in Japan

Investment(percentage of shares)
(as of Jan, 2008)

100

Coca-Cola Tokyo Research & Development Co., Ltd (CCTR&D)

Coca-Cola National Beverages (25.0) Co., Ltd (CCNBC)

Coca-Cola West Holdings Co., Ltd (CCWH) (20.0) Minami Kyushu Coca-Cola Bottling Co., Ltd (3.9)

The Coca-Cola Company (TCCC)

Coca-Cola IBS Co., Ltd (CCIBS)

(15.0)

100

Coca-Cola (Japan)Co., Ltd (CCJC)

Coca-Cola (20.0) Customer Marketing Company (CCCMC)

Coca-Cola Central Japan Co., Ltd

FV Corporation (FVC)

(21.)

Coca-Cola Bottling 8 Companies (CCBC)

Joint companies of TCCC/CCJC and bottlers Tokyo Coca-Cola Bottling Co., Ltd

70

Coca-Cola Related Companies and Their Roles

1. Coca-Cola West Holdings Co., Ltd. (CCWH) 6. Coca-Cola National Beverages Co., Ltd. (CCNBC) In July, 2006, Coca-Cola West Japan Company, Limited and Kinki Coca-Cola Bottling Company, Limited merged the management of both companies by establishing a joint holding company CCWH. 2. The Coca-Cola Company (TCCC) Jointly established in April 2003 by TCCC and CCBCs for the purpose of creating an optimal nationwide supply chain. It started operation in October 2003. CCNBC procures raw materials, coordinates manufacturing and supply/demand plans on a nationwide basis, and supply products to the bottlers. 7. Coca-Cola IBS Co., Ltd (CCIBS)

Established 1919 in Atlanta, Georgia. Carries the rights to grant a license to manufacture and sell Coca-Cola products to the bottlers. TCCC (or its subsidiary) makes franchise agreements with the bottlers. 3. Coca-Cola (Japan) Co., Ltd. (CCJC)

Established 1957 in Tokyo, as Nihon Inryo Kogyo K.K., a wholly-owned subsidiary of The Coca-Cola Company. The company name was changed in 1958 to Coca-Cola (Japan) Company, Limited. CCJC is responsible for marketing planning as well as manufacturing and distribution of concentrate in Japan. 4. Coca-Cola Tokyo Research & Development Co., Ltd. (CCTR&D) Established in January 1993 as a wholly-owned subsidiary of The Coca-Cola Company. Since January 1995, carries out product development and technical support to respond to the needs of the Asian region. 5. Coca-Cola bottlers (CCBCs)

Established through joint investment by The Coca-Cola Company and its bottling partners in Japan, and the company began operations on January 1, 2007. It is charged with providing business consulting services to the Coca-Cola system in Japan, as well as developing and generally maintaining the information systems to support such work. 8. Coca-Cola Customer Marketing Company (CCCMC)

Established through joint investment by Coca-Cola (Japan) Co., Ltd. and all of its bottling partners in Japan, and the company began operations on January 1, 2007. It is charged with holding business negotiations with major retailer outlets, such as nationwide convenience stores and supermarket chains, as well as developing proposals for sales promotions and storefront activities. 9. FV Corporation (FVC)

There are 12 bottlers in Japan, which are responsible for selling Coca-Cola products in the respective territories.

Jointly established in May 2001 by CCBCs and CCJC. FVC carries out sales negotiations with national chain vending operators, and deals with non-KO products as well as KO products.

71

Glossary (1)
1. Channel (Business Unit)
Vending: Retail sale business to distribute products through vending machines to consumers Chain store: Wholesale business for supermarket chains Convenience Store: Wholesale business for convenience store chains Retail: Wholesale business for grocery stores, liquor shops, and other over-the-counter outlets Food Service: Syrup sale business for fast food restaurants, movie theaters, sports arenas, family restaurants, and theme parks Distributor: Middleman who work for Coca-Cola to handle our products in remote areas and islands.

72

Glossary (2)
2. Vending
Regular vending machine: A vending machine offered free of charge to a customer who supervises its operation and uses it to sell products purchased from us. Full service vending machine: A vending machine installed and managed directly by us (product supply, collection of proceeds etc.). Fees are paid to the location proprietors. Out-market vending machine: An outdoor machine whose users are relatively unspecific In-market vending machine: An indoor machine whose users are relatively specific VPM Sales volume per vending machine

73

Glossary (3)
3. Chain Store
National chain: National chain supermarket that CCNSC are responsible for negotiating Regional chain: Chain supermarket that owns its stores in the two or more bottlers territories Local chain: Chain supermarket that owns its stores in the single bottlers territory RGM: RGM(Revenue Growth Management) involves joining forces with customers to deliver stronger earnings through sustained sales increases by offering value to consumers

4. Other
Sales mix Composite of products by brand, channel, package, etc. The difference between budget and actual sales or cost of sales might be affected by a change in product sales mix as well as a change in unit price

74

Forward-Looking Statement

The plans, performance forecasts, and strategies appearing in this material are based on the judgment of the management in view of data obtained as of the date this material was released. Please note that these forecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below. - Intensification of market price competition - Change in economic trends affecting business climate - Major fluctuations in capital markets - Uncertain factors other than those above

75