CAPITAL MARKETS DAY

2 2 M AY 2 0 1 8 , L O N D O N

ACCELERATING QUALITY
GROWTH
Forward Looking Statements
This presentation includes forward-looking statements including, but not limited to, statements regarding Coca-Cola İçecek’s
(“CCI”) plans, objectives, expectations and intentions and other statements that are not historical facts.
Forward-looking statements can generally be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “plan,” “target,” “believe” or other words of similar meaning. These forward-looking statements reflect the current
views and assumptions of management and are inherently subject to significant business, economic and other risks and
uncertainties. Although management believes the expectations reflected in the forward-looking statements are reasonable, at
this time, you should not place undue reliance on such forward-looking statements.
Important factors that could cause actual results to differ materially from CCI’s expectations include, without limitation: changes
in CCI’s relationship with The Coca-Cola Company and its exercise of its rights under our bottler's agreements; CCI’s ability to
maintain and improve its competitive position in its markets; CCI’s ability to obtain raw materials and packaging materials at
reasonable prices; changes in CCI’s relationship with its significant shareholders; the level of demand for its products in its
markets; fluctuations in the value of the Turkish Lira or the level of inflation in Turkey; other changes in the political or economic
environment in Turkey or CCI’s other markets; adverse weather conditions during the summer months; changes in the level of
tourism in Turkey; CCI’s ability to successfully implement its strategy; and other factors. Should any of these risks and
uncertainties materialize, or should any of management’s underlying assumptions prove to be incorrect, CCI’s actual results
from operations or financial conditions could differ materially from those described herein as anticipated, believed, estimated or
expected.
Forward-looking statements speak only as of this date and CCI has no obligation to update those statements to reflect
changes that may occur after that date.

PUBLIC
Agenda
Burak Başarır Accelerating Quality Growth
09:30
CEO

Michael Coombs
10:15 Driving Value for Our Stakeholders
CFO

Ebru Özgen
11:00 Investing in Our People
Group Human Resources Director

Tugay Keskin
11:30 Delivering Quality Growth
Turkey General Manager

Orhun Köstem
13:00 Pakistan and ME Turnaround
Middle East & Pakistan Region Director

Lisani Atasayan
13:30
Central Asia Region Director
Return of Central Asia

14:15 Burak Başarır Closing Remarks

CEO

14:30 Q&A
BURAK BAŞARIR
Chief Executive Officer

Accelerating Quality Growth

120+ Years of
KO System
Experience
CCI is a Regional Powerhouse…
8.5 billion annual revenue
₺ 1.4 billion annual EBITDA
26 plants , 124 production lines
(1)

9 thousand employees
(1)

1.2 billion UC (2)

10 countries
sales volume
Kazakhstan

28 billion annual servings to

400 million people Azerbaijan Kyrgyzstan

Turkmenistan
Turkey
Tajikistan
Annual production capacity of
1.5 billion UC
Syria

~800K sales points

Iraq
Jordan

PakistanPakistan

Data as of 2017, unless otherwise stated

(1) As of 2018 (2) Unit case, 1 UC equals 5,678 liters 8
…with a Successful Track Record of Growth
Volume Revenue EBITDA

4x
12% 7x
18% 7x 18%
CAGR 2005-2017 CAGR 2005-2017 CAGR 2005-2017

2005 2006 2007 2008 2017

318M UC 424M UC 480M UC 553M UC 1.2BN UC

Single country in 2005… Expanding into Central Asia and Iraq in 2006-2007… Pakistan in 2008... A regional bottler today…

PUBLIC 9
Strong Performance in 2017…
Fastest
growing bottler in
729 the Coca-Cola
million TL System*
Record
high
26.2%
FCF
33.9% 34.0%

GROWTH YOY 20.9% MARGINS

15.5% 16.2%

9.1% 10.3%
4.9%
3.2% 4.1% 3.9%

VOLUME NET REVENUE EBITDA EBIT EBITDA GROSS

FY16 FY17 FY16 FY17 PROFIT
*Across top the Coca-Cola System Bottlers PUBLIC 10
Followed by a Solid Start to 2018

Q118 GROWTH YOY MARGINS

45.7% 32.9%
30.9%

15.1%
19.9%
12.4%
12.4% 7.9%
4.5%

VOLUME NET REVENUE EBITDA EBIT EBITDA GROSS PROFIT

1Q17 1Q18

PUBLIC 11
With the Contribution of all Regions

50 37 13
% % %

MIDDLE EAST CENTRAL

TURKEY & PAKISTAN ASIA
VOLUME GROWTH, YOY

FY17 +3.3% +4.0% +7.0%

1Q18 +14.0% +7.5% +18.7%
Volume contribution of regions, 2017

PUBLIC 12
Quality Growth

DELIVERING ON OUR STRATEGIC GROWTH EQUATION

AS OF 2017

NET
EBITDA
> REVENUE > TRANSAC-
TIONS(1) > VOLUME(1)

+26% +21% +5% +3%

(1) Excluding NRTD Tea PUBLIC 13
 Our Geography has Abundant Opportunities

273
NARTD servings
52 %
urban % 2017

Low Increasing
per caps urbanization

~60 %
below age 30 20 MN
Young Faster
population population growth

Source: UN | 2017-2020 PUBLIC 14

Lower per caps in CCI Countries

NARTD per cap*

1,415
1,335

1,172
1,082
1,027

881
762
686 686 681
624 621
546
510
476 468 452 436 416 404 CCI weighted average: 273
326 320
212 204 195 194
139 76 50

CCI’s share
* NARTD includes sparkling soft drinks, ready-to-drink tea, energy drinks, juices, packaged water
* NARTD per cap per year in terms of number of 8 ounce servings, data as of 2017

PUBLIC 15
 NARTD Value Growth Opportunity
TOTAL NARTD INDUSTRY IN CCI COUNTRIES: $12BN (2017)

INDUSTRY
NARTD 28% VALUE GROWTH

SPARKLING 51%

STILLS 9%
+$3bn
8% CAGR
2017- 2020E

WATER 8%

CCI Value Share Opportunity

Source: Nielsen, Canadean and internal estimates, data as of 2017 PUBLIC 16

More Room to Grow…

1mn
COOLERS
73%
COVERAGE

44%
61% Monthly** ~50%
OCCASIONAL USERS
Outlet
Penetration* GENERATING
18% OF
VOLUME**

800K HOUSEHOLD
OUTLETS PENETRATION

*Number of outlets where we are available divided by total outlets in our 10 countries
** Source: Ipsos as of 2018 YTD, B3/BGS as of 2017 data for Turkey

PUBLIC 17
More Room to Grow…
Share of Immediate Consumption (IC)
Packages in Sparkling
Young Population
58% in CCI countries

50% ~60%
40% Teen Recruitment Opportunity!
35%

28%
25%

Asia North World Europe, Latin CCI

Pacific America Average Middle America
East and
Africa

PUBLIC 18
Quality Growth Requires…

Sustainable Value
Strategy Creation

Execution People

PUBLIC 19
Clear Strategic Framework

Customer & Consumer

Being the preferred partner of our

Vision Values
customers, offering our consumers a wide
choice of products fit for every lifestyle and
occasion
Be the Best FMCG
Company Across CREATE
our Markets VALUE
Community People
Being a good Great place
corporate citizen to work

PUBLIC 20
Strategic Priorities to Create Value
Accelerate Win at the Exercise Financial
Win with People
Growth Point of Sale Discipline

• Full-beverage portfolio
• Revenue Growth
Management (RGM)
• Expand Sparkling & Stills
• Increase frequency
• Regional strategies
• Increase outlet coverage
• Increase cooler penetration
• Right Execution Daily
• E-commerce
• Future-proof RTM
• Productivity savings • Integrated Talent Strategy
• Working capital • Leadership Development
improvements
• High Performing Team
• Healthy FCF
• Optimum leverage • Transformation to
• Effective FX management “OnePeople”

ONE CCI

PUBLIC 21
ONE CCI to Drive Business Excellence to Achieve
Vision 2025

Towards Vision 2025

Business Excellence
- Operating Model Governance
- Prescriptive Analytics & Insights
- Business Services Delivery
- Centers of Expertise (CoEs)

Fix Foundation for Real Value Creation Build New (CCI 3.0) Operating Model

PUBLIC 22
Medium-term Outlook
Medium-Term
2017
2018-2020

Volume growth 4.1% 4% - 6% (CAGR)

Net Revenue growth

9.8% 10% - 12% (CAGR)
(FX neutral)

EBITDA Margin 16.2% Slight improvement

Capex / Sales 5.9% 7% - 8%*

Net Debt / EBITDA 1.5x < 1.5x**

*Comparable
** Organic and FX-neutral

PUBLIC 23
What You Should Take Away from Today

Michael Coombs
Driving Value for Our Stakeholders
CFO

Ebru Özgen
Investing in Our People
Group Human Resources Director

Tugay Keskin
Delivering Quality Growth
Turkey General Manager

Orhun Köstem
Pakistan and ME Turnaround
Middle East & Pakistan Region Director

Lisani Atasayan
Return of Central Asia
Central Asia Region Director

PUBLIC 24
THANK YOU
MICHAEL COOMBS
Chief Financial Officer

Driving Value for our Stakeholders

 What Do High Quality Financials Look Like?

Quality NSR growth*% EBIT growth

P&L

> > ROIC improving

Volume growth% GP growth
Balance
Sheet

Net Debt/EBITDA Interest Cover FX Exposure minimized

coming down flat/improving
Cash Flow

EBITDA margin Prudent management Net Working Capital

improving of Capex margin improving

* From the optimal combination of price, discount management, mix etc.

PUBLIC 27
 What Do High Quality Financials Look Like?

Quality NSR growth*% EBIT growth

P&L

> > ROIC improving

Volume growth% GP growth
Balance
Sheet

Net Debt/EBITDA Interest Cover FX Exposure minimized

coming down flat/improving
Cash Flow

EBITDA margin Prudent management Net Working Capital

improving of Capex margin improving

* From the optimal combination of price, discount management, mix etc.

PUBLIC 28
Navigating Profitable Growth

I. Quality Growth IV. Financial

Strength

II. Solid FCF V. Improving Return

Generation Metrics

III. Effective Cost VI. Disciplined

Management Capital Allocation

PUBLIC 29
I. Quality Growth

DELIVERING ON OUR STRATEGIC GROWTH EQUATION

AS OF 2017

NET
EBITDA
> REVENUE > TRANSAC-
TIONS(1) > VOLUME(1)

+26% +21% +5% +3%

(1) Excluding NRTD Tea PUBLIC 30
II. Solid Free Cash Flow Generation
(TL mn) 2015 2016 2017
10%
EBITDA 1,051 1,093 1,379
Cap/Ex 829 517 499
6%
Working Change in NWC 13 201 3
Capital
Efficiency
6%
Free Cash Flow (TL mn)
Prudent
CapEx 729
642
EBITDA
Growth

46
2015 2016 2017 2018E

PUBLIC 31
II(a) FCF - Expanding EBITDA margin

EBITDA Margin

6%
15% 3.0% 3.7% (4.4%)
CAGR in 6%
(4.6%)
2015-2017 1.5% 1.4%

1,379
4%

1,093 15.6% 15.5% 16.2%

1,051
(TL mn)

-2%
EBITDA 15 Volume Revenue FX & input FY16 Volume Revenue FX & input FY17
2015 2016 2017 Leverage Leverage costs Leverage Leverage costs

PUBLIC 32
II(b) FCF - Prudent Capital Expenditure
CapEx Breakdown (2017) Faisalabad Greenfield Plant CapEx/NSR*

8.5%
18% 12.3% on
average

34%
12%
7.3%
5.9%
5%
31%

2015 2016 2017

• Construct to best local standards *Net Sales Revenue

Production Capacity
Cold Drink Equipment • Optimum production plant structure
IT
Bottles & Cases • Latest technology
Other

PUBLIC 33
II(c) FCF - Improving Working Capital Efficiency
Net Working Capital/NSR*

DSO DSI DPO

10.4%

7.4%
5.7%
4%
2015 33 Days 55 Days 49 Days

2016 30 Days 47 Days 51 Days 2015 2016 2017

*Net Sales Revenue

2017 29 Days 43 Days 57-2%

Days

2015 2016 -2% 2017

Cash Conversion Cycle 26 Days 15 Days
39 Days

PUBLIC 34
III(a) Effective Cost Management - Input Costs
Breakdown of COGS

~ 30% Packaging
Other
15% • Aluminum
• PET Resin
~ 30% Sugar & Sweetener
Raw material
85%
Sugar Prices* Resin Prices** Aluminium Prices**
~ 30% Concentrate

• Effective hedging on key raw materials

2015 2016 2017 2015 2016 2017 2015 2016 2017
• Cash Designation mechanism in place to manage

raw material related FX exposure *Sugar price in Turkey, TL/tonne

**World reference prices, USD/tonne

PUBLIC 35
III(b) Cost Management - Disciplined Opex
Operating Expenses/NSR*

25.2%
24.8%

23.8%
Sales & Distribution General Administrative Warehouse
Expenses/NSR* Expenses/NSR* Expenses/NSR*

2015 2016 2017

• Delivering reductions in OpEx/Sales

Optimise Higher Rationalise number
• Targeting sustained improvement going forward Route-to-Market productivity of warehouses

*Net Sales Revenue

PUBLIC 36
IV(a) Financial Strength - Deleveraging
USD 150 million
816 hedged in 1Q18
Net Debt
(USD mn) 652
555
2015 2016 2017 2018E Strong Balance Sheet

Sugar & Sweetener

Capacity for Bolt-on
Covenant < 3.25x
Net Debt/ Acquisitions
EBITDA 2.3 2.1
1.5
2015 2016 2017 2018E
Concentrate
Covenant > 4x 9.7 Improving Leverage
Net Metrics
Interest 6.6
Coverage 5.7

2015 2016 2017 2018E

PUBLIC 37
IV(b) Financial Strength - Profile of Debt
USD mn, as of end 1Q18

708
• USD 500m Eurobond due in Oct’18
USD 100m USPP will be repaid using
excess cash at the end of May 2018 successfully refinanced in Sep’17
499
• Eurobond proceeds held in hard currency,
USD 500m Eurobond refinanced early with negligible negative carry

• No sizeable debt repayment until 2024

• Average duration of consolidated debt

135
105 16
33 19 portfolio 3.1 years (4.3 years excluding

2018 2019 2020 2021 2022 2023 2024 2018 USD 500 m Eurobond)

47% 2% 7% 1% 1% 9% 33%

PUBLIC 38
IV(c) Financial Strength - Refinancing Eurobond

Maturity Coupon Rate Investor Demand

USD 500m
5 Years 4.75% 8X oversubscription
Eurobond (2013)
USD 500m
7 Years 4.215% 9X oversubscription
Eurobond (2017)

CCI was
LONGER DURATION WITH LOWER FINANCING COST awarded the
International
Bond Deal
• More diversified investor base
of the Year
• ~USD 3.5m p.a interest cost improvement vs. outgoing bond

PUBLIC 39
IV(d) Financial Strength – Balance Sheet Hedging
Breakdown of Financial Debt Hedging Transaction for USD 150 mn
(1Q18)
• Participating cross-currency swap

• Fixed semi-annual interest payments @ 3,80 USD/TRY until 2024

Local
Currency
EUR 3% • Principal payment:
20%

Local Currency If USD/TRY...

USD (Hedged portion
63% of USD debt) ...is below 3,80; @3,80 ...is between 3,80 & 8,50 @8,50 ...exceeds 8,50
14% CCI buys $150mn @ CCI buys $150mn @ 3,80 CCI buys $150mn @
spot price spot-4,70 (8,50-3,80)

• Total TRY interest cost is ~12% for 7 years

• Monitoring for further hedging opportunities

PUBLIC 40
V. Improving Return Metrics
ROIC ROE ROA

12.0%
10.2%
9.1% 8.3%

3.5% 2.2%
1.5%

2015 2016 2017 2018E 2015 2016 2017 2018E 2015 2016 2017 2018E
-0.7% -0.3%

Driving long term stakeholder value

Significant increase in 2017

ROIC Sole metric in management long term incentive plan
ROIC Continuous improvement going forward

PUBLIC 41
VI(a) Disciplined Capital Allocation
ORGANIC GROWTH INORGANIC GROWTH DELEVERAGING SHAREHOLDER RETURN

Optimum CapEx Selective M&A Debt Repayment Dividends

Allocation Strategy

CapEx/Sales ~7% - 8%* Bolt-on acquisitions Optimum debt repayment Sustainable dividend policy

•Capacity Expansion Geographical expansion •Solid balance sheet •Increasing payout ratio
•Cold drink equipment •Strategic fit
•Maintenance •Value creation •Improving leverage •Higher dividend yield
•Reasonable proximity metrics

PUBLIC 42
VI(b) Dividends - Enhancing Shareholder Return
Dividend per Share (TL per 100 shares)

• Record high dividends in 2017

Dividend • A total of TL 280 million in dividends over last 3
Yield: 2.1%
years
• Dividend amount based on:
0.79 • Net distributable income
• Free cash flow generation
Dividend
Dividend Yield: 0.5% • CapEx and other funding needs for growth
Yield: 0.3%
• Prevailing macroeconomic conditions

0.20
0.12
2015 2016 2017

* Based on market capitalization as of 18th May

PUBLIC 43
Prudent Financial Framework…

Profitable Financial Solid FCF

Growth Strength Generation

Disciplined financial priorities to secure quality growth...

PUBLIC 44
Prudent Financial Framework

Improving Selective Healthy

Return M&A Dividend
Metrics Strategy Payout

...and drive stakeholder value

PUBLIC 45
THANK YOU
 EBRU ÖZGEN
Group Human Resources Director

Investing in Our People

Clear Strategic Framework
Be the best FMCG Company Across our Markets

PUBLIC 48
CCI at a Glance
9K employees
10 countries 34% Commercial
headcount 43% Blue
collar

15 languages
12% 24% of top management are women;

30% of first level management are women

Young and vibrant workforce
Passionate and open to development Women
opportunities employees

36 years old with 8 years seniority

• Signatory of Women Empowerment Principals since 2015

• Diversity & Inclusion Committee at the Ex-Com level
%62 %31
• Workplace Rights Policy against arbitrary discrimination
GenY GenY
• Independently managed Ethics Line employees managers
PUBLIC 49
People Strategic Priorities
TALENT LEADERSHIP ONE TEAM ACCELERATE

Integrated Talent Leadership High Performing Excel at HR

Management Development Team fundamentals

• Live the Values • Standardization of

• «Fit for purpose» • Kick-off senior
organization leadership
development
• «Fit for future» programs
talent development
• Develop bench
• Career Navigation strength for
critical positions
policy, process and
• Improve Diversity systems
• Right Culture • Improve local work
environment,
• Right Workplace employee and labor
relations
• Work Place Rights

PUBLIC 50
Integrated Talent Management Approach
Linking Talent
Strategy to Right
business needs Right Right Right develop-
talent job time ment
Engaging &
plan
Connecting

Recruiting and Performance driven culture

Integrated onboarding
Talent Wages and Salaries
Strategy competitive among peer group
Recognition and
rewarding COMPETENCY BUILDING
Management Incentive Plans
based on key business indicators
Growing leaders
Talent development
70:20:10 model
Learning and focusing on benchstrength
development
Operational, tactical, critical pipelines

PUBLIC 51
CCI People Development Programs
LEADERSHIP FUNCTIONAL COMPETENCY BUILDING

Top Management

Senior
Management
KEY ACCOUNTS
SCHOOL OF HR MANAGERS
Middle Managers
Management Excellence AREA SALES
MANAGERS

Supervisor Supervisor AE
On-Board

New-Joiner / presellers ONLINE SALES

PROFESSIONAL
Specialist CERTIFICATION

PUBLIC 52
Efficiency is the Key

EMPLOYMENT COST / NET REVENUE

PRODUCTIVITY HEALTH & SAFETY
vs OTHER BOTTLERS

18.3%
141
15.5% 15.5% 15.2%
127
13.7%
113
104
98
89 89
78 76 9.2%
66

2013 2014 2015 2016 2017 2018E 2014 2015 2016 2017
Bottler1 Bottler2 Bottler3 Bottler4 Bottler5 CCI
Volume Per HC EBITDA Per HC Lost Time Cases Safety Maturity Index

PUBLIC 53
THANK YOU
TUGAY KESKİN
Turkey General Manager

Delivering Quality Growth

 Turkey has Abundant Opportunities

80 MN 72 %
urban % 2017

Sizeable Increasing
population urbanization
+1 mn new people/year

~50 %
below age 30
510
NARTD servings

Young Low
population per caps

Source: UN | 2017-2020 PUBLIC 56

Lower per Caps in Turkey

NARTD per Cap*

1,415
1,335

1,172
1,082
1,027

881
762
686 686 681
624 621
546
510
476 468 452 436 416 404
326
CCI weighted average: 273
320
212 204 195 194
139 76 50

CCI’s share
* NARTD includes sparkling soft drinks, ready-to-drink tea, energy drinks, juices, packaged water
* NARTD per cap per year in terms of number of 8 ounce servings, data as of 2017

PUBLIC 57
 Turkey NARTD Value Growth Opportunity

INDUSTRY
NARTD 37% VALUE GROWTH

SPARKLING 71%

STILLS 25% +$400mn

4% CAGR
2017- 2020E
WATER 8%

CCI Value Share Opportunity

Source: Nielsen, Canadean and internal estimates, data as of 2017 PUBLIC 58

Growth in IC Share to Boost Quality Growth

SHARE OF IMMEDIATE CONSUMPTION (IC)

PACKAGES IN SPARKLING
~2x higher
58% NSR per case

50%
~1.5x Investing in
higher
Gross Margin Coolers
40% vs. FC
35%
Package
28% Innovation

22%
Successful Market
Asia North World EMEA Latin CCI Turkey Execution
Pacific America Average America

* Based on CCI analysis for Turkey operations PUBLIC 59

Low/No Calorie Growth Opportunity

SHARE OF LOW/NO CALORIE IN SPARKLING VOLUME (2017)

Reformulation & Focus on Low/No
Calorie
26%
23%
Increasing Double-digit
Household & growth in
Penetration No Sugar

8%
6%

North America Europe Latin CCI Turkey

America

PUBLIC 60
Delivering Quality Growth…

EBITDA > NET REVENUE > TRANSACTIONS > VOLUME

Accelerate Superior
Growth RGM* Execution

1 2 3

*Revenue Growth Management PUBLIC 61

Accelerating Growth
1 COKE TM GROWTH
THROUGH FREQUENCY
• No Sugar acceleration
• Ensure continuity and
consistency of Coke &
Food
• Teen connection through
key moments
• Energy/uplift at the center
of leisure occasion
2 INCREASE FLAVORED 3 ACCELERATE &
SPARKLING USERBASE EXPAND STILLS
Marketing investment in • Achieve quality
order to capture leadership and drive
additional consumers market growth in RTD
Tea
Functionality driven
• Grow NARTD value
innovation
(profitably) with Water
• Evaluate/Expand to white
Capture value in adult
premium sparkling spaces
PUBLIC 62
 Revenue Growth Management

Revenues = Volume x Price x Mix - Discounts

Revenue Growth

Volume Opportunity Pricing, Terms

Growth
Price/Mix Transactions OBPPC Promo Spend
Mapping & Conditions

Regular Opportunity Mapping and 3 Increased conditionality and promo

Incidence and Share year OBPPC effectiveness in marketplace

PUBLIC 63
Superior Execution: Route-to-Market
Turkey RTM Model Overview
• Customer ownership is always with CCI
• Strategic regions’ (hot-spots) sales operations
managed by CCI
• 225 Distributors are:
- Unique distributor model
- Cost efficient, local, agile and flexible

Sales Logistics Execution

Account & team Order Warehouse Dispatch &
Delivery Execution
management generation operations invoicing

Direct 3rd party

(only in 3 metropoles)
CCI 3rd party
CCI

Distributor CCI Distributor

PUBLIC 64
Superior Execution: Win at Point of Sale

Be Cold Be Visible
Be Available
Connect with
Increase presence of More coolers with
shoppers at each
key categories and targeted placement
strategy stage of their
SKUs journey

97% 80% 84pts

Numeric Cooler Red
Distribution Coverage Score

PUBLIC 65
Accelerating for 5 Consecutive Quarters and Q1'18
was No Exception

Accelerate Superior
RGM*
Growth Execution

All-time high CC No Higher than inflation Doubled cooler

Sugar performance growth for the first investment
RTD Tea Re-launch time since 2012

*Revenue Growth Management PUBLIC 66

THANK YOU
 ORHUN KÖSTEM
Region Director

Middle East & Pakistan Turnaround

 ME & Pakistan have Abundant Opportunities

15 MN 45 %
urban % 2017

Faster Increasing
population growth urbanization

62 %
below age 30
194
NARTD servings

Young Low
population per caps

Source: UN | 2017-2020 PUBLIC 69

 NARTD Value Growth Opportunity
INDUSTRY
NARTD 22% VALUE GROWTH

SPARKLING 40%

STILLS 1%
+$2.2bn
10% CAGR
2017- 2020E

WATER 7%

CCI Value Share Opportunity

Source: Nielsen, Canadean and internal estimates, data as of 2017 PUBLIC 70

Lower per Caps in ME & Pakistan
Per caps in
1,415
Pakistan 70% less
1,335 than Turkey
1,172
1,082
1,027

881
762
686 686 681
624 621
546
510
476 468 452 436 416 404 CCI weighted average: 273
326 320
212 204 195 194
139 76 50

CCI’s share
* NARTD includes sparkling soft drinks, ready-to-drink tea, energy drinks, juices, packaged water
* NARTD per cap per year in terms of number of 8 ounce servings, data as of 2017

PUBLIC 71
 Pakistan is Our Biggest Opportunity

207 MN ~63%
6th Biggest Young People Offer
Population in the Huge Demographic
World Dividend

139
NARTD servings
27% NARTD share
51%AVAILABILITY

~50% Lower than Potential to Expand Significant Room for

CCI Average NARTD Value Share Expansion

Source: UN | 2017-2020 PUBLIC 72

Capturing the Opportunity

1 Grow Sparkling 1 Grow IC Share

Drive Recruitment & Drive 2 Increase Cooler Coverage

Accelerating 2 Execution &
Growth House Hold Penetration Portfolio
3 Right Execution Daily
3 Expand NARTD Portfolio
4
Portfolio Innovation

1 RTM 2.0 1 Optimize Working Capital

Improve Invest
RTM & Trade for Future
Spend Growth 2 Capacity Expansion

PUBLIC 73
Accelerating
Growth
Grow Sparkling
#2
THREE BRAND Global Contibutor to
STRATEGY
Coke System Growth

Continue growing Sprite & Spicy campaign Building Fanta on

brand Coca-Cola focusing on youth superior taste

PUBLIC 74
Accelerating
Drive Recruitment and Household
Growth
Penetration

#1 #1 50%
Global Global
Brand Teen Significant room to
Love Score Recruitment increase frequency

Music - Coke Studio Coke & Food Sprite Mixers

200+ ARTISTS 250+ SONGS

PUBLIC 75
Accelerating
Growth
Expand NARTD Portfolio

ENERGY WATER

▪ InTwo-tier strategy to win in Energy

the last 5 years...

Premium

Mainstream

PUBLIC 76
 Improve
RTM &
Trade Spend
RTM 2.0
OPTIMIZE ENHANCE TRADE
CHANNEL SPEND
DISTRIBUTION EFFECTIVENESS

OPTIMIZE OPTIMIZE
TRADE SPEND DISTRIBUTORS

INCREASE DISTRIBUTOR
RETAIL REFORMATION
SPREAD OF
VOLUME

PUBLIC 77
 Drive
Execution &
Portfolio
IC Opportunity and Right Execution

GROW IC MIX ENHANCE COOLER COVERAGE & RIGHT EXECUTION

Be Available
51% Be Visible 65pts
Numeric Red
21% Increase Outlet
Coverage
Distribution
Improve
Execution Score
IC share Score

Be Cold
68%
Cooler
Significant Potential to Grow IC Invest in Coolers
Coverage

PUBLIC 78
 Invest
for Future
Growth
Invest for Future Growth

PUBLIC 79
 Iraq is Back on Track for Growth

38 MN 67% 69%
+1 million new Young people offer Increasing
people/year huge demographic urbanization
dividend
Accelerating growth through...

74% 82%

RTM 2.0 Improve numeric Enhance cooler

distribution coverage
Source: UN | 2017-2020 PUBLIC 80
THANK YOU
LISANI ATASAYAN
Region Director

Return of Central Asia

 Important Energy Hub High Oil Dependence

Kazakhstan 78%
4th Oil & Gas
Proven Natural % of
Largest Gas Reserves Azerbaijan 94%
Exports

Turkmenistan 95%

PUBLIC 83
Kazakhstan Story 2008-2017
360
340 333
Sales Volume
Oil Price (USD/barrel)
USD/KZT

181
150 150
120

110
85 80
64
40 50 40

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18

2008-2009 2010-2014 2015-2016 2017

VOLUME -19% +300% -5% +17%
NARTD SHARE -7 pts +13 pts -1 pts +2 pts

PUBLIC 84
We Were Well Prepared
+6,000 New outlets
• Smart price increases
+12 pts. Execution score
• Magic price points
+10K Coolers placed
EXECUTION RGM • Discount management
+100K Racks placed

• Opex Management
• Empowerment
• Sales Force Discipline
• Capability Development
• Cooler efficiency PEOPLE
PRODUCTIVITY • Training
• Cooler verification

PUBLIC 85
 Central Asia has Abundant Opportunities

278
NARTD servings
45 %
urban % 2017

Low per caps Increasing

urbanization

~55 %
below age 30
2 MN
High share of Faster
young population population growth

Source: UN | 2017-2020 PUBLIC 86

Low Per Caps in Central Asia
Most of our
markets are in
NARTD per cap* early stages of
growth
1,415
1,335

1,172
1,082
1,027

881
762
686 686 681
624 621
546
510
476 468 452 436 416 404 CCI weighted average: 273
326 320
212 204 195 194
139 76 50

CCI’s share
* NARTD includes sparkling soft drinks, ready-to-drink tea, energy drinks, juices, packaged water
* NARTD per cap per year in terms of number of 8 ounce servings, data as of 2017

PUBLIC 87
 NARTD Value Growth Opportunity
INDUSTRY
NARTD 34% VALUE GROWTH

SPARKLING 62%
+370 mio
STILLS 13% 6% CAGR
2017- 2020E

WATER 12%

CCI Centrial Asia Value Share Opportunity

Source: Nielsen, Canadean and internal estimates, data as of 2017 PUBLIC 88

Strategic Priorities to Capture Opportunities
OPPORTUNITIES PRIORITIES

• Increase Household Penetration

Low per Caps • Inrease Frequency
1 • Increase Stills Share ACCELERATE
• Increase Flavoured SSD Share
QUALITY
GROWTH
Young Population • Teen Recruitment
2
• Drive IC Transactions

PUBLIC 89
Low Per Caps

Increase
Household Increase Increase
Penetration & Flavored Stills
Frequency Sparkling Share
Share

• Consistently Activate Occasion • Build Brand Equity • Build Brand Equity

(Coke & Food, Snacking,
Leisure, Football) • Package/Flavor innovation • Package/Flavor
• Sampling (Low/No Sugar) • Drive Availability innovation
• Optimize Package/Price Points
• Package/Price Points • Dedicated Coolers
53% 42% • Drive Availability
Monthly frequency • Regional Approach
userbase

PUBLIC 90
Young Population

Build Relevance through...

• Digital
Teen • Music
Recruitment • Football
• Brands
(Sprite/Fusetea)
• No Sugar
• Drive recruitment
pack availabilty
Drive IC
Transactions • Invest in coolers
• IC consumer
promotions

PUBLIC 91
With Superior Execution

Be
• Increase outlet penetration 78%
78% Outlet
Available • Increase SKU penetration via Penetration
segmentation
1.3
Coolers
• Additional cooler placement per
Be Outlet
Cold • Best place cooler 80%
placement in outlet Cooler
Coverage

• Rack placement for +45K

Be intersection points Racks in
2017
Visible
• Additional shelf space

PUBLIC 92
THANK YOU
BURAK BAŞARIR
Chief Executive Officer

Closing Remarks
What You Heard Today

• Proven track record of growth

• Robust performance across all key markets

• Abundant potential of demographics

• Compelling NARTD* growth opportunity

CCI • More room to grow in existing markets

• Strategy, Execution and People to accelerate quality growth

has…
• Disciplined financial management to deliver stakeholder value

*Non Alcoholic Ready to Drink PUBLIC 95

THANK YOU