#1TASTE THE FEELING COCA-COLA AMATIL CREDIT SUISSE ASIAN INVESTMENT CONFERENCE SINGAPORE & HONG KONG BOO BOD 000 28-30 March 2017 Coca-Cola TASTE THE FEELING Coca-Cola TASTE THE FEELING ccamatil.com CCA COCA-COLA AMATIL Alison Watkins Group Managing Director Martyn Roberts Group Chief Financial Officer David Akers Group Head of Investor Relations#2DISCLAIMER ccamatil.com Coca-Cola Amatil advises that these presentation slides, and any related materials and cross-referenced information, contain forward looking statements which may be subject to significant uncertainties outside of Coca-Cola Amatil's control. No representation is made as to the accuracy or reliability of forward looking statements or the assumptions on which they are based. Actual future events may vary from these forward looking statements and you are cautioned not to place reliance on any forward looking statement. CC COCA-COLA AMATIL Coca-Cola Amatil Investor Presentation 2#3AGENDA Shareholder Value Proposition Strategic Themes: Lead, Execute, Partner Part of a Unique Global System Other Leading Partners Business Overview • Australian Beverages • New Zealand • Indonesia • Alcohol & Coffee • SPC Financial Targets Questions & Answers Appendix CCA COCA-COLA AMATIL ccamatil.com Coca-Cola Amatil Investor Presentation 3#4SHAREHOLDER VALUE PROPOSITION We are focused on generating attractive sustainable returns for shareholders Investment case EBIT drivers NPAT drivers Targeting shareholder value creation ccamatil.com Coca-Cola franchisee with leading brands Route-to-market with scale and reach Large-scale, modern, low-cost infrastructure Steady cash flow from core Australia and New Zealand franchises Growth opportunities including Indonesia and Alcohol & Coffee providing upside Revenue growth plans and continuous cost focus across the group Targeting low single-digit EBIT growth Targeting double-digit EBIT growth Targeting double-digit EBIT growth + + Core developed market franchises (Australia and New Zealand) Developing markets (Indonesia, Papua New Guinea and Fiji) Alcohol & Coffee and SPC Modest capex for developed markets + Growth capex for Indonesia funded via TCCC equity injection + Continuous working capital management + Bolt-on acquisitions Mid single-digit EPS growth + Attractive dividends: above 80% payout ratio + Strong balance sheet Strong return on capital employed CCA COCA-COLA AMATIL Coca-Cola Amatil Investor Presentation 4#5COCA-COLA FRANCHISEE WITH LEADING BRANDS Our investment case is based on being a Coca-Cola franchisee with leading brands across Sparkling and Still Beverages Approximate CCA share Australia(1) Approximate market volume composition Approximate CCA share New Zealand(2) Approximate market volume composition Approximate CCA share Indonesia(3) Approximate market volume composition Cola Sports Flavours Water Adult Tea Juice Cola Sports Flavours Water Juice Energy Tea Sparkling Juice Tea Dairy Sports Energy Dairy Adult 1. Sources: Aztec Australian Grocery Weighted and AU Convenience scan. MAT 1H16 2. Sources: Nielsen Total MM, YE 2015. 3. Sources: Nielsen; internal estimates. Excludes water ~60% of the NARTD market. Oct 2016. CCA COCA-COLA AMATIL Coca-Cola Amatil Investor Presentation 5 ccamatil.com#6ccamatil.com ROUTE-TO-MARKET WITH SCALE AND REACH AND LARGE-SCALE, MODERN, LOW-COST INFRASTRUCTURE Our operations and route-to-market has significant scale and reach and we have large scale, modern and low cost infrastructure Our operations Our footprint across Asia Pacific Australia New Zealand Fiji Indonesia Papua New Guinea PAPUA NEW GUINEA INDONESIA Production facilities 12 5 1 8 2 Production lines 40 40 15 4 37 6 Warehouses 15 3 2 8 7 Customers (approx.) 120,000 25,000 3,000 720,000 10,000 KEY Production facilities. Equipment (approx.) 185,000 40,000 3,000 330,000 17,000 Warehouses CCA COCA-COLA AMATIL AUSTRALIA SAMOA FIJI NEW ZEALAND Coca-Cola Amatil Investor Presentation 6#7FROST BREWN FROST BREWTH LINER OUR PLANS REFLECT FROST BREWTH LINER THREE Coor THEMES Cold Activated RISP REFRESHING LAGER WHEN THE MOUNTAINS TO IT'S AS COLD AS THE 55ML.4.2% ALC Cold Activated Ca WHEN THE MATAINS TURN IT'S AS O CRISP REFRESHING LAGER Cold Activa WHEN LEAD EXECUTE PARTNER Strengthening category leadership position Leading brands in each major NARTD category in each market Up-weighted levels of innovative marketing to continually strengthen brand equity Evolving portfolio that adapts to changing consumer preferences Step change in productivity and in-market execution • World-class customer servicing capability • Route to market that provides customer diversification and real competitive advantage • Effective leverage of our large-scale, low-cost manufacturing, sales and distribution capability Better alignment with The Coca- Cola Company and our other partners • Shared vision of success and aligned objectives Joint plans for growing system profitability • Balanced share of risk and rewards CCA COCA-COLA AMATIL Coca-Cola Amatil Investor Presentation 7#8THE COCA-COLA SYSTEM IS A UNIQUE MODEL WHICH CONTINUES TO ADAPT Coca-Cola SUPERIOR EXECUTION AND STRONG BOTTLING PARTNERS UNDERSTANDING CONSUMER TRENDS AND ONE BRAND STRATEGY DYNAMIC BRAND PORTFOLIO 20 Billion-Dollar Brands We Have a Set of Strong Assets to Build From GREAT MARKETING SUPERIOR EXECUTION 24 Million Customer Outlets Quality #1 in NARTD, Sparkling & Still Quantity Strategy ⚫-250 Bottling Partners 500+ Brands 16 Million Cold We Are Transforming the Company and System >Building STRONG BRANDS >Driving CUSTOMER VALUE >Leading Our FRANCHISE SYSTEM Drink Assets We Also Recognize that Consumer Preferences and Trends Are Shifting... Personalization Control Sugar Natural Choice Artificiality 90 CAGNY 2016 Cool Supported by a More Effective and Efficient "One Brand" Strategy லாடு Coca-Cola STRONG BOTTLING PARTNERS WITH... Belief in Collaborative Franchise Model Vision for Passion for Long-Term Value Creation People and Execution CCA COCA-COLA AMATIL Source: The Coca-Cola Company Presentation September 2016 || Coca-Cola Core Features One Brand STRATEGY & One Brand Several IDENTITY + VARIANTS Shared Product Benefits Shared Brand Shared Iconography Coca-Cola Values CAGNY 2016 Coca-Coll Coca-Cola Amatil Investor Presentation 8#9THE COCA-COLA COMPANY'S STRATEGY TO FOCUS ON CHOICE, CONVENIENCE AND THE CONSUMER ACCELERATE GROWTH OF CONSUMER CENTRIC BRAND PORTFOLIO Coca-Cola TAKING MORE AND BOLDER ACTION TO REDUCE SUGAR Our Strategic Priorities Accelerate Growth of Consumer-Centric Brand Portfollo Drive Revenue Growth Strengthen System Digitize the Enterprise- "Click's Reach of Desire Unlock the Power of Our People Making the Right Choices and Investing for Growth Consumer- Centric Brand We Are Shifting to More of a Category Cluster Model to Drive Growth Across Our Total Portfolio Portfolio Energy M SON SHARE >50% -15% <10% -15 -15% CCA COCA-COLA AMATIL Source: The Coca-Cola Company Presentation February 2017 Our Approach for Added Sugar Has Evolved Consumer- Centric Brand Portfolio • Reduce sugar • Evolve recipes BOTTLE New and different drinks Smaller packages Accessible information No advertising targeted to children under 12 Drive sustainable, profitable growth of our brands Encourage and enable consumers to control their intake of added sugar from beverages Taking More and Bolder Action in 2017 to Reduce Sugar Footprint Consumer Centric Brand Portfolio Key Business Actions Focus on Zeros Global Rollout of Coca-Cola Coca-Cola Zero Sugar 2 Reformulate to Reduce Sugar 30% 500+ now in pipeline Sonke 2X previous number Affordable 3 Drive Small Packs Small Sparkling Package (ASSP) Downsize Select Single-Serve Packs Accelerate Portfolio Expansion of Low No Added-Sugar Drinks Coca-Cola Amatil Investor Presentation 9#10WE ARE ALSO DEVELOPING STRONG RELATIONSHIPS WITH OTHER LEADING PARTNERS CCA COCA-COLA AMATIL MONSTER ENERGY ALCOHOL & COFFEE TAURINE GINSE MONSTER ENERGY Beam SUNTORY MOLSON Coors Australian BEER CO PROUDLY CRAFTED ADETRALIAN BRER THE BOSTON BEER COMPANY INC. hilli Marketing A Coca-Cola Amatil Investor Presentation 10#11AUSTRALIAN BEVERAGES Strategic Themes We are implementing our strategy in three phases 2016 Phase 2 2015 Phase 1 Stabilise earnings Cost optimisation to support continued rebalancing Phase 3 Return to growth Lead Rebalancing the portfolio Focus on Sparkling Beverages Accelerate Still Beverages + Refreshed and strengthened category growth plan Shareholder Value Proposition Revenue growth management Identified at least a further $100M Execute Route-to-market + of cost optimisation opportunities Cost optimisation $100M Initiatives to remodel supply chain targeting a further ~$20M cost savings from 2020 Targeting low single digit EBIT growth Partner Better alignment with TCCC Monster Energy agreement + Planning for incidence pricing from 2H17 CCA COCA-COLA AMATIL ccamatil.com Coca-Cola Amatil Investor Presentation 11#12AUSTRALIAN BEVERAGES COST OPTIMISATION & REINVESTMENT Cost optimisation 1 Delivered $100 million cost optimisation target, set in 2014, well ahead of schedule, the full year effect of which will benefit 2017 targets 2 At least a further $100 million To be delivered over the next three years 3 Remodel supply chain A further $20 million To be delivered from 2020 Remodel supply chain Initiatives Reinvestment • Richlands warehouse automation project • 'Business Excellence' program . Closure of South Australian manufacturing facilities Outsource merchandising and sales force restructure Procurement optimisation Support services optimisation Salesforce of the future Rebalancing of the portfolio through innovation • Other manufacturing activities to move to Kewdale (WA), Moorabbin (Vic) and Northmead (NSW) New glass production line at Richlands Expand dairy and juice capacity at Richlands Additional marketing Price investment ccamatil.com Capex One-off costs One-off gains CCA COCA-COLA AMATIL ~$75 million Richlands warehouse automation project ~$50 million restructuring costs in 2017 Profit from sale and leaseback of Richlands ~$90 million Richlands: new glass production line, additional juice and dairy capacity ~$50 million restructuring costs the majority of which will be recognised in 2017 Profit from sale of Thebarton and surplus profit from Richlands sale and leaseback Coca-Cola Amatil Investor Presentation 12#13AUSTRALIAN BEVERAGES COST OPTIMISATION & REINVESTMENT Indicative timeline of cost optimisation and reinvestment programs Targets 2014 2015 2016 2017 2018 2019 2020 1st Announced Oct14 $100M $100 million delivered ahead of schedule 2nd $100M ~$20M CCA COCA-COLA AMATIL Announced Oct16 At least a further $100 million cost optimisation Announced Feb17 ~$20 million cost optimisation ccamatil.com Coca-Cola Amatil Investor Presentation 113#14NEW ZEALAND Since 2014, we have delivered on our strategy of volume based growth Price and cost out led results Recession & Earthquake Recovery Phase 2009-2012 2013-2014 CCA COCA-COLA AMATIL Volume based growth plans Build for growth 2015 ■ Volume ■Net Sales Revenue 2016 Shareholder Value Proposition Targeting low single digit EBIT growth ccamatil.com Coca-Cola Amatil Investor Presentation 14#15INDONESIA Since 2014, we have made solid progress across all our strategic priorities and are accelerating to transform the business Focus - how we've changed our strategy since 2014 Strategic priorities Supported by a number of enablers Shareholder Value Proposition 2013 Niche Indonesian population 2014 onwards Mass market + 1. Improve product availability 2. Increase affordability Investing in capacity to sustain growth Driving effective and efficient route to market execution 3. Build brand strength + Driving cost competitiveness Targeting double digit EBIT growth Indonesian population 4. Build channel relevance A more agile and responsive system CCA COCA-COLA AMATIL ccamatil.com Coca-Cola Amatil Investor Presentation 15#16ALCOHOL & COFFEE Since 2014, we have developed a larger and stronger portfolio with our brand partners across alcohol and coffee categories DERS CREMA GRINDERS Spirits & RTDs JIM BEAM Canadian B Club BOWMORE The MACALLAN HIGHLAND SINGLE MALT SCOTCH WITISKY EST. 1779 TRAY ATNGLE MATE SCOTCH WHISKY LAPHROAIG ISLAY SINGLE MALT SCOTCH WHISKY HIGHLAND ESTI PARK 1795 EIVELE MALT EEATCH WHICH THE TRIPLE DISTILLED AUCHENTOSHAN SINGLE MALT SCOTCH WHISKY BEER VONU PURE LACER FIJI ISLANDS Paradise Beverages Fiji Beer, Cider & Bitters Coffee Maker's Mark Foi Bitter Fiji GOLD Coors THE YAMAZAKI SINGLE MALT WHISKY HIBIKI SUNTORY WHISKY MIDORI THE ORIGINAL MELON LIQUEUR COURVOISIER. Le Cognac de Napoleon. UVORKO 1994 GALLIANO BATISPIC Australian YENDA SAMUEL ADAMS BOSTON LACER BLUE MOON REKORDERLIG CIDER Miller GENUINE DRAFT GRIND GRIND GRINDERS GRINDERS CILMA AUSTRALI BITTERS COMPANY AROMATIC DITTERS Shareholder Value Proposition CCA COCA-COLA AMATIL Targeting double digit EBIT growth ccamatil.com Coca-Cola Amatil Investor Presentation 16#17SPC Since 2014, we have made significant progress on our investment plans, and remain committed to securing SPC's long term future Update • Good progress modernising manufacturing • capabilities and improving operational performance Good progress bringing new innovative products to market, such as 'ProVital', 'Perfect Fruit' and several snacking-fruit products ⚫ Further opportunities to expand the range of products and expand into new markets Innovative products Apple Potal Apple & Apricot Provital Apple & Peach Provital Apple & Banana ProMital Apple & Strawberry Protal & STRAWD Peach & ProMital Vanilla GOULBURN VALLEY PEACHES & CRUNCH 2x 1708 K CCA COCA-COLA AMATIL IN PEAR, MANGO & APRICOT PUREE Continue transformation into a profitable modern food business ccamatil.com PERFECT FRUIT TM Coca-Cola Amatil Investor Presentation 17#18FINANCIAL TARGETS creators GRINDERS COFFEE SINCE 62 GRINDERS GROUP EPS CAPITAL EXPENDITURE DIVIDEND OUTLOOK BALANCE SHEET • Targeting to continue delivering mid single-digit EPS growth • This will depend on the success of revenue initiatives in Australia, Indonesian economic factors and regulatory conditions in each of our markets ⚫2017 Group capex expected to be around $375M ⚫2018 Group capex expected to be at a similar level to 2017 • This reflects initiatives to rebalance Australian Beverages' portfolio and remodel its supply chain and continued investment in Indonesia • Continue to target medium term dividend payout ratio of over 80% • It is anticipated that from 2017, franking will be lower than current levels •Balance Sheet to remain conservative with flexibility to fund future growth opportunities • Expecting to maintain strong return on capital employed CCA COCA-COLA AMATIL Coca-Cola Amatil Investor Presentation 18#19TAURINE GINSENG QUESTIONS MONSTER ENERGY CCA COCA-COLA AMATIL 500 mL ccamatil.com#20APPENDIX CCA COCA-COLA AMATIL ccamatil.com MOUNT FRANKLIN une AUSTRALIAN SPRING WATER 600ML#21SHAPING CHOICE Coca-Cola South Pacific CCA COCA-COLA AMATI WE'VE REDUCED SUGAR AND KILOJOULES OVER TIME 2015 Decrease in Sugar (g/100m & Kilojoule Content 8/100ml) Goulbum 2016 *Decrease in Sugar ig/100mL & Kilojoule Contant/100m Deep Spring Orange Passionfruit Deep Spring Orange Lemon Lime Powerade ION4 Sprite Valley Fruity Fanta Raspberry Fanta Grape Lift Hard Hitting Lemon Drink Deep Spring Orange Mango Our actions in the marketplace WE'RE DELIVERING CHOICE WE'RE INCREASING OUR RANGE OF SMALLER PACKS IN MORE LOCATIONS Between 2013 and 2015 Sales of small packs grew by 88% From July 2016 with the launch of the 250mL bottle, small packs are offered in 86% of grocery stores, and in 69% of convenience stores and petrol stations' 86% E We reduced our 450ml bottle to 390ml 69% Approximately half of all stockists of 450ml. now stock 390mL instead 2013 Upweighted investment in mini-can share packs 2014 250ml can launched as hero pack 2015 390mL PET bottle switched from 450ml 2016 250mL PET bottle launched -20% 18% -30% -14x -19% 14% MILL -23% 23 19% 22 21% -26 -26% -26 26 26% 26% 33 *Sugar and koju kraduction after reformulation based on total sugars content g/100ml and l/100 WHAT WE'LL DO NEXT Serves Per Pack COMING SOON From February 2017 we will highlight serves-per-pack on the labels of our larger multi-serve bottles to inform consumers on how many serves (250mL) are in a bottle WE'VE INCREASED OUR RANGE OF LOW KJ' AND NO SUGAR VARIETIES Today our portfolio consists of more than 165 products and 24 brands with ALL top sellers now offering a low kilojoule' alternative 0 Fruitdropwater 2016 Diet Coke Pump Water Coke Zero Fania Zero (1st launched 2000 2005 Powerade No Sugar Glaceau Vitaminwater 2008 Powerade Zero Coke Zero Vanila Fanta Zero (Re-launched Glaceau SMARTWATER Glaceau 2011 2014 2004 2006 2009 2012 2015 Pump flavoured Sprite Zero Water Mount Franklin Lightly Sparkling Natural & Lemon Mother Sugar Free Mount Frankdin Lightly Sparkling Ravours FUZE TEA (4 from 6 are low kl 1983 1980 Mount Franidin Still Water Between 2016 and 2017 we will have reduced the sugar content of 19 products We will reduce the sugar and kilojoule content of Coca-Cola Life from 35% less sugar and kilojoules to over 50% WE'RE MARKETING RESPONSIBLY TO DRIVE CHOICE Coca-Cola launched "In the Right Amount" campaign in October 2016 to encourage consumers to drink the right amount for them' and promote the 250ml. mini-bottle less sugar and kilojoules than regular Coca-Cola WHEN ITS THE RIGHT AMOUNT FOR YOU 79% of our 24 brands across our portfolio offer low kilojoule or no added sugar alternatives How kilojoule (k) is less than 80k per 100ml *Coca-Cola, Sprite, Fanta, Powerade and Mother New Promotional Guidelines to our retail customers to help promote and market our products responsibly 34% of our volume (litres) comprises of either low or no kilojoule or 'no sugar' varieties Refurances 1 Compass Data, August 2016 rulers to single small pocks, 400m 2 Aztec Grocery excluding ALDI Calendar Year To Date, August 2016 We do not market to under 12s and we adhere to State School Canteen Policies Small packs promoted in supermarkets by being on special 30% of the time E Today, at least CCA Source: Coca-Cola South Pacific and Coca-Cola Amatil Information Sheet COCA-COLA AMATIL Content is Australian and accurate as of December 2016 ccamatil.com Coca-Cola Amatil Investor Presentation 21 21#22ONE BRAND STRATEGY タ FROM FEBRUARY 2017 NEW PACKAGING WILL REINFORCE THAT Coca-Cola REPRESENTS ALL VARIANTS STEVIA zero Diet ca-Coca-Coca-Coca-Co ONE BRAND IS MORE THAN A PACK CHANGE NEW BRAND IDEA + NEW BRAND STRATEGY CLASSIC NEW BRAND IDEA THE SIMPLE PLEASURE OF DRINKING ANY COCA-COLA® MAKES THE MOMENT SPECIAL NEW BRAND STRATEGY ONE BRAND IDEA Coca-Cola ONE BRAND IDENTITY SEVERAL VARIANTS Coca-Cola TASTE THE FEELIN Coca-Cola RED = TASTE & REFRESHMENT FROM: TO: Coca-Cola Coca-Cola H Coca-Cola cannot tie its destiny to the fate of any of its ingredients Taste Refreshment ✓Choice ✓Zero RENAMED AND REFORMULATED! Coca-Cola THE ENTIRE Coca-Cola RANGE WILL CHANGE TO THE NEW GRAPHICS Coca-Cola ca-Co Coca-Cola 24 Dill Coca-Cola ✓ Diet ca-Co 24 Naturally Sweetened Source: Coca-Cola South Pacific and Coca-Cola Amatil One Brand Presentation CCA COCA-COLA AMATIL Coca-Cola ca-Co zero Coca-Cola 24 STEVIA Coca-Cola ca-Co 24 Diet Coca-Cola ca-Co 24 Coca-Cola ca-Coca-Co A A Coca-Cola ccamatil.com Coca-Cola Amatil Investor Presentation 22#23INDONESIA AFFORDABLE SMALL SPARKLING PACK CCA COCA-COLA AMATIL ORIGINAL TASTE Coca-Cola Sprite 00000 Illustrative FANTA Strawberry ccamatil.com Coca-Cola Amatil Investor Presentation 23 23#24IM BEAM B SINCE 1795 Coca-Cola Pump JIM BEAM MONSTER ENERGY Coors Sprite Fanta MOUNT POWERADE. FRANKLIN EST. 1842 GRINDERS™ COFFEE ROASTERS Glaceau BARISTA KIRKS smartwater BARISTA SINCE 1865 BROS Canadian mother spc frestea Club ENERGY DRINK FUZE tea ICE TEA SSS CASCADE GENUINE REFRESHMENTS EST. 1886 DEEP SPRING Miller GENUINE DRAFT#25CCA COCA-COLA AMATIL ccamatil.com S