2/18/2009

1

1

Muhtar KentPresident and CEO

Forward-Looking StatementsThis presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under

U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar

expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject

to certain risks and uncertainties that could cause actual results to differ materially from The Coca-Cola Company’s historical

experience and our present expectations or projections. These risks include, but are not limited to, obesity concerns; scarcity and

quality of water; changes in the nonalcoholic beverages business environment, including changes in consumer preferences based on

health and nutrition considerations and obesity concerns; shifting consumer tastes and needs, changes in lifestyles and increased

consumer information; increased competition; our ability to expand our operations in emerging markets; foreign currency and

interest rate fluctuations; our ability to maintain good relationships with our bottling partners; the financial condition of our bottlers;

our ability to maintain good labor relations, including our ability to renew collective bargaining agreements on satisfactory terms and

avoid strikes or work stoppages; increase in the cost of energy; increase in cost, disruption of supply or shortage of raw materials;

changes in laws and regulations relating to beverage containers and packaging, including mandatory deposit, recycling, eco-tax

and/or product stewardship laws or regulations; adoption of significant additional labeling or warning requirements; unfavorable

economic and political conditions in international markets, including civil unrest and product boycotts; changes in commercial or

market practices and business model within the European Union; litigation uncertainties; adverse weather conditions; our ability to

maintain brand image and product quality as well as other product issues such as product recalls; changes in legal and regulatory

environments; changes in accounting standards and taxation requirements; our ability to achieve overall long-term goals; our ability

to protect our information systems; additional impairment charges; our ability to successfully manage Company-owned bottling

operations; global or regional catastrophic events; and other risks discussed in our Company’s filings with the Securities and

Exchange Commission (SEC), including our Annual Report on Form 10-K, which filings are available from the SEC. You should not

place undue reliance on forward-looking statements, which speak only as of the date they are made. The Coca-Cola Company

undertakes no obligation to publicly update or revise any forward-looking statements.

Reconciliation To US GAAP Financial InformationThe following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange

Act of 1934. A schedule is posted on the Company's website at thecoca-colacompany.com (in the "investors" section) which

reconciles the non-GAAP financial measures included in the following presentation to the most directly comparable financial

measures calculated and presented in accordance with Generally Accepted Accounting Principles.

2

2/18/2009

2

Overview

• Why Coca-Cola. . . Why Now?

• Our System was Built for Times Like These

• There is No Better Industry to Be In

• Consistent Strategies for Growth

• Winning in a New World

33

4444

2/18/2009

3

5

A System Like No Other

6

Over 1.5 Billion

Servings Every Day

20 Million Customers

Every Week

Top 40 Bottling Partners

~80% of Total Volume

2/18/2009

4

7

2005 2006 2007 2008

Revenue Growth1

1Ongoing Net Revenue Excluding Structural Change 2Long Term Target is Currency Neutral

Delivering Consistent, Quality Results

2005 2006 2007 2008

9%

7%

5% 9% 14% 17%

Ongoing EPS Growth

Long-Term Target2

11%12%6%6%

88

2/18/2009

5

Cash, It’s the Real Thing

2001 - 2008 Cash

From Operations - $47B

$ Billions

2009 – 2013 Expected Cash

From Operations $41B – $45B

Cash

Available

After

Capex

$27 - $35 B

$10 - $14 BCapital Expenditures*

Dividends

Share Repurchase

Acquisitions

2009E – 2013E

* Based on assumption of no changes in company owned bottlers

$4

$8

2001 2002 2003 2004 2005 2006 2007 2008

9

Providing Returns to Shareowners

10

2005 - 2008 Cash Returned

to Shareowners - $19.2BKO Relative Share

Performance

Total Return

2005 2006 2007 2008

$1.8$1.1

$ Billions (except DPS amounts)

$4.7

$5.4

$4.9$4.6

Dividends

Share Repurchase

$ 1.52

$ 1.12$ 1.24

$ 1.36

$2.0$2.5

2008

Jul-Dec

Dividend

Yield*

Coca-Cola -9.8% 3.3%

PepsiCo -13.7% 2.9%

Nestle -13.9% 3.0%

Danone -13.5% 2.9%

DJIA -22.9% 5.6%

S&P 500 -29.7% 3.8%

* As of 12/31/08

DPS = Dividends per Share

DPS

2/18/2009

6

A Real “Port in the Storm”

Quality

Balance

Sheet

Access to

Commercial

Paper

Liquidity

Dividends

11

12

The World’s Greatest Brands . . . and Growing

2/18/2009

7

Winning in the Marketplace

YTD Nov „08 Worldwide Retail Volume Share % Change vs. Prior Year

NARTD +0.6

SPARKLING3 - 0.1+0.6

STILL +0.9- 0.1 - 0.6- 0.4

- 0.3

NA

Source: Nielsen, Synovate Aztec/Frontline (South Africa).

NARTD = Nonalcoholic, Ready-to-Drink, Excluding Dairy and Bulk Water

YTD November = Jan/Feb/Mar/Apr/May/Jun/July/Aug/Sep/Oct /Nov except USA ( = Jan-Dec ‘08 AMC).

NA

NARTD SPARKLING STILL

+0.8 +0.5 +1.0 +0.9

Volume Share Gains Driven by International

1 PepsiCo: RTD Tea includes Unilever.2Nestle: RTD Tea JV with San Pellegrino for Belte in Italy.

3KO Core Sparkling Brands

Flat

- 0.5

- 0.3

Global

International North America

1

NARTD SPARKLING STILL

2

3 3

1313

PEPSI DANONE NESTLE

Flat

13

Delivering Through Economic Downturns

14

2001 U.S. Slowdown

• US GDP Growth : +0.8%

• US Volume Growth: 1.7%

1998-99 Latin America

Financial Crisis

• Latin America GDP Growth: -0.1%

• Latin America Volume Growth: 3.8%

1997-98 Southeast Asia

Financial Crisis

• SE Asia GDP Growth : -0.7%

• SE Asia Volume Growth: 4.4%

1997-98 Russia Financial Crisis

• Russia GDP Growth : -5.3%

• Russia Volume Growth: 0.8%

Sandy Douglas21 Years

Gary Fayard 15 Years

Joe Tripodi1 Year

Alex Cummings 12 Years Irial Finan

27 Years

José Octavio Reyes

28 Years

Dominique Reiniche17 Years

Ahmet Bozer 19 Years

Glenn Jordan

31 Years

2/18/2009

8

Making Smart, Prudent Investment Choices

* Ongoing net revenue and operating expenses

15

Selling & Advertising*% of Net Revenue

2005 2006 2007 2008

25.7% 26.9% 27.0% 27.5%

2006

General & Administrative*% of Net Revenue

2005 2007 2008

12.0% 11.8% 10.9% 9.4%

Leveraging Productivity as a Growth Enabler

16

Rewiring the Organization

Reallocating Marketing Investments

Redesigning the Business

Rewiring the Organization

• Re-Architected to Drive Speed

& Consistency, Less Cost

Reallocating Marketing Investments

• Global Campaigns

“Fewer, Bigger, Better”

• Marketing Effectiveness

More than

$500 Million

Annualized

Savings

$

$

$

Redesigning the Business

• Packaging Optimization

• Manufacturing Productivity

• Logistics & Warehousing

2/18/2009

9

Leveraging Our Core Capabilities

17

• Price Point

Management

• Communications

• Messaging

• Driving Traffic

Impulse

• Partnering with

Customers

• Gaining Share

• Differentiating

Products/Packages

• Committing “Feet

on the Street”

• “Marketing In

Market”

Consumer

Marketing

Commercial

Leadership

17

Franchise

Leadership

$AR

470

Flexible Execution for These New Times

18

Leveraging

Balanced

Geographic

Portfolio

Coke SmilePhilippines

RetornosArgentina

Value TeasJapan

Smile Back at Life. Have a Every Day!

2/18/2009

10

1919

We Expect Strong Consumption Tailwinds

3.3B

2008 2020

4.2B

+0.9 B

1.2B

2008 2020

+1 B

2.2B

4.1BDeveloped Emerging

Non-RTD BeveragesRTD Commercial Beverages

Developed Emerging

30%

30%

70%

70%

Middle Class GrowthUrban Growth RTD Conversion

20Source: Population Division of the Department of Economic and Social Affairs of the United

Nations Secretariat, World Bank Development Indicators

Opportunity

2/18/2009

11

Our Industry Will Experience Healthy Growth

0%

20%

40%

Sparkling Juice / Juice Drinks

Packaged Water

Tea / Coffee

Energy Sports Drinks

% of Incremental Volume % of Incremental Value

2008-20 Incremental Category GrowthVolume = ~60 B Unit Cases

Value = ~ $600 B

21Source: KO Internal Estimates; Including Soy and Dairy

0

200

400

600

Global Mexico US Spain S. Africa Romania Brazil Turkey Poland Russia China

Per Caps: “We’re Really Just Getting Started”

22

KO Per Capita Consumption

*Per capita consumption of all Company beverage products

2/18/2009

12

23

Driving Global

Beverage

Leadership

Accelerating

Innovation

Leading Our

System for

Growth

Leveraging

Balanced

Geographic

Portfolio

24

Consistent Strategies Driving Growth

2/18/2009

13

Driving Global

Beverage

Leadership

Accelerating

Innovation

Leading Our

System for

Growth

Leveraging

Balanced

Geographic

Portfolio

25

Consistent Strategies Driving Growth

Driving Global Beverage LeadershipThree-Cola Strategy

26

Driving Global

Beverage

Leadership

EXECUTING DELIVERING

• China

Olympics

• TM Coca-Cola –

International Growth +3%

– China +12%

– India +10%

– Japan +6%

– Brazil +5%

• Three-Cola

Strategy

• Zero Zero 7;

Super Bowl

• Sex & the

City;

Red Dress

REFRESHING

Volume Growth Rates are for 2008

2/18/2009

14

27

Driving Global Beverage Leadership Sparkling Commercials

Driving Global

Beverage

Leadership

“Troy”North America

“Heist”Global

“Library”Global

Driving Global Beverage Leadership Sparkling: Innovating for Growth

28

REFRESHING EXECUTING DELIVERING

• New Sprite &

Fanta Graphics

• Leveraging the

“Power of Zero”

• Fanta up 13% in Japan• Marketing the Category

• Sprite up

18% in

China

Driving Global

Beverage

Leadership

• New Consumer

Needs

Volume Growth Rates are for 2008

2/18/2009

15

29

REFRESHING EXECUTING DELIVERING

• New Business Models • Speed and Scale

• Leveraging Acquisitions

• Growing

Georgia

Coffee

• New Consumer

Needs

• New Identity for

Juices

• Minute Maid

Pulpy

Expansion

Driving Global Beverage LeadershipWinning in Stills

• Burn Energy

in 70+

Markets

Driving Global

Beverage

Leadership

Up 2% in

2008

Accelerating Glacéau Globally

30

• Driving Innovation

• One Global Formula and Package

• Global Expansion to 10+ Markets

vitaminwater10

New Flavors

New Packaging

New Partnerships

Driving Global

Beverage

Leadership

2/18/2009

16

31

Driving Global Beverage LeadershipStill Commercials

Driving Global

Beverage

Leadership

“Horse Whisperer”North America

“Armor”Japan

“Café”China

Screen grab to come

Partnering with Our Global Customers

32

Marketing Integration at

a New Level

• Innovation

• Customized Promotions

• Joint Brand-Building

Top 24 Customers

Grew 7% in 2008

Driving Global

Beverage

Leadership

2/18/2009

17

Innovating Across Our Business

Fermented

Beverages

Illy RTD

Minute Maid

Pulpy

Powerade

Ion4

Nestea Vitao

Nestea

Honey Pear Tea

glaceauvitaminWater

Accelerating

Innovation

33

Honest Tea*

Sprite

Green

vitaminwater 10

* KO is a minority investee in Honest Tea with right and obligation to purchase in the future

Innovating Across Our BusinessAccelerating

Innovation

34

Fermented

Beverages

Illy RTD

Minute Maid

Pulpy

Powerade

Ion4

Nestea Vitao

Nestea

Honey Pear Tea

glaceauvitaminWater

Honest Tea*

Sprite

Green

vitaminwater 10

Lightweight &

Recyclable PET

Lightweight

Glass

* KO is a minority investee in Honest Tea with right and obligation to purchase in the future

2/18/2009

18

Innovating Across Our BusinessAccelerating

Innovation

35

Fermented

Beverages

Illy RTD

Minute Maid

Pulpy

Powerade

Ion4

Nestea Vitao

Nestea

Honey Pear Tea

glaceauvitaminWater

Honest Tea*

Sprite

Green

vitaminwater 10

Lightweight &

Recyclable PET

Light Weight

Glass

Natural Sweetener

* KO is a minority investee in Honest Tea with right and obligation to purchase in the future

Innovating Across Our BusinessAccelerating

Innovation

36

Fermented

Beverages

Illy RTD

Minute Maid

Pulpy

Powerade

Ion4

Nestea Vitao

Nestea

Honey Pear Tea

glaceauvitaminWater

Honest Tea*

Sprite

Green

vitaminwater 10

Lightweight &

Recyclable PET

Light Weight

Glass

Natural

Sweetener Equipment of

the Future

Fountain of the

Future

Tea

Equipment

* KO is a minority investee in Honest Tea with right and obligation to purchase in the future

2/18/2009

19

Our Worldwide Portfolio Strategy

• Maximize Volume

• Investing in

Infrastructure

• Maximize Value

• Building Consumer

Loyalty

• Maximize Profit

• Funding Growth

Emerging

Developing

Developed

37

Leveraging

Balanced

Geographic

Portfolio

Note: Breakdown of 2008 Volume represents 22 Key Markets

North America: Progress on Priorities

• 5 of 10 Fastest

Growing

Trademarks

• Packaging

Differentiation

• Still

Portfolio

Innovation

• Properties

• New Incidence

Model

• New Price/Pack

Architecture

• Coca-Cola Supply, Inc• Account Management

and In-Store Execution

• Cannondale Rankings

• Foodservice - New

Categories

• Supply Chain • Light-weighting Packaging

• Logistics • Marketing Efficiency

38

Enduring BrandsStrong Customer

Relationships

System

Alignment

Leveraging

Balanced

Geographic

Portfolio

Enabled by

Productivity

2/18/2009

20

Leading Our System to Long-Term Growth

Aligning

RelationshipsOperating

Effectiveness

Adding

Value

• Building on Strategic

Acquisitions

• Expanding Volume Base

• Enhancing Margins

“Are We Ready for

Tomorrow, Today?”

• First Time Together Since

1997

• Visualizing the Future

• Building a Shared Vision

• Well Positioned to

“Weather the Storm”

-1.2%-0.9%

2.1%2.6%

3.6%

2004 2005 2006 2007 2008

Bottling Investments Group

Operating Margins1

FROM TO

39

Leading Our

System for

Growth

1Margins based on ongoing results

Leading Our System to Sustainability

• New Low-Calorie Drinks and Fortified Beverages

• Supplier Diversity

Marketplace

• Economic Development

• Water Initiatives

Community

• Top 50 Companies for Diversity

• HIV/AIDS Healthcare &Education

Workplace

• New CO2 Coolers and Hybrid Trucks

• World’s Largest PET Recycling Plant

Environment

40

“Doing Well by Doing Good”

2/18/2009

21

Why Coca-Cola . . . Why Now?

4141

• Our System was Built for Times Like These

• There is No Better Industry to Be In

• Consistent Strategies for Growth

Real Value Today, Real Opportunity Tomorrow

• A Company Like No Other

• Delivering Consistent

Quality Results

• We Remain Constructively

Discontent

*Ongoing, currency neutral

3%-4%

5%-6%

6%-8%

Volume Net Revenue* OI* EPS*

High Single Digit

Long-Term Growth Targets Why Coca-Cola? Why Now?

42

2/18/2009

22

43

4444