TheThe CocaCoca--ColaCola CompanyCompany Investors Meeting – May 2004 ContentsContents

-- IntroductionIntroduction toto CocaCoca--ColaCola LatinLatin AmericaAmerica

-- 20032003 PerformancePerformance ReviewReview

-- 20042004 HighlightsHighlights

-- SummarySummary

2 HowHow AreAre WeWe OrganizedOrganized

Latin Center (Central America & Caribbean, , & ) > 2.2 Billion UC > 680 MMUC Martin Machinandiarena Dan Sayre

Brazil South Latin (, , , Bolivia, >1 Billion UC & ) Brian Smith > 760 MMUC

James Quincey

(Volume Figures – 2003) 3 LatinLatin AmericaAmerica-- 4141 CountriesCountries,, 100+100+ KOKO BrandsBrands

Honduras Mexico Per Caps- Total Products 184 527 % NARTD share % 23.9 % 30.5 $ 958 $ GDP Per Cap $ 5,773 Colombia 73 Guatemala % 11.5 107 $ 1,767 % 19.7 Venezuela $ 2,042 139 % 32.5 Ecuador $ 3,139 162 % 36.4 $ 2,030 135 % 18.9 Peru $ 2,539 105 % 35.5 $ 2,200 Argentina Chile 220 350 % 23.2 % 53.6 $ 3,323 $ 4,723 Information Dec ’03 GDP Per Cap Source: March ’04, Latin America Monitor 4 NARTD Share and Per-capita consumption source: Inform KO With A Great CSD’s Business - The Largest Beverage Category

2003 Latin America NARTD Industry KO Share of Category

Sport Drinks Tea 22% Juices 66 MMUC Fruit Still 264 MMUC Tea Drinks 23 MMUC 360 MMUC Sport Drinks 9%

Juices 1% Packaged Water SS Fruit Still 8% 2.3 Billion UC Drinks

Packaged 5% CSD's Water SS 7.3 Billion UC CSD's 59%

0% 50% 100%

Source: Canadean ‘03 5 Lead KO System With A Clear Understanding Of Environment Dynamics

20032003

• Economic slowdown • Government holding socioeconomic Mexico structural changes • GDP 1.3%

Restricted • International confidence Economic Brazil • Consumer purchasing power still constrained Conditions • GDP <1% • 2 month strike Venezuela • Unstable conditions • GDP (-11%)

• Peruvian Family • Operations in Peru, Venezuela, Ecuador, Mexico • Entering in

Evolving • Moving closer to PDBs Competition • Shifting strategies to compete more aggressively in Pricing

Other • Competitor’s efforts to gain leadership in Categories Non-CSD’s segments 6 Keeping A Solid Market Position

PBG • ’03 volume +1% Kola Real Reducing prices • Reducing Share of CSD’s in Venezuela -0.8 pp Kola Real • Share of CSD’s Below 3% and stable Gallito • 0.4% Share of CSD’s & stable Tubainas • Not growing • Reducing Share of CSD’s -1.4 points vs Jan ‘03

Kola Real • Reducing share of CSD’s in Ecuador -2.0 pp vs Jan ’03 PDB’s • Reducing Share of CSD’s in • Stable in Peru Chile -1.3 pp vs Jan ’03 • Stable in Argentina

Information Jan ’04 Source: Nielsen / TRAC Worldwide Ltd (Peru & Ecuador) / Datos I.R.I. (Venezuela) 7 And Continue Producing Solid Results

• Maintained share of NARTD across LA SBU

• Build a New Business Model in Brazil

• Emerge stronger after crisis in Argentina & Venezuela

• 4% volume growth in 2003

• Launched a new Pan-Latin America platform for Coca- - “De Verdad” advertising drove efficiency / effectiveness - Common platforms for main programs

• Continue successful innovation on CSD’s - Vanilla Coke, Coca-Cola Light with Lemon - Manzana Verde, Rosa, Free, Kuat Naranja, , etc.

8 MexicoMexico

9 Consistent Performance

Volume

7% CAGR • Volume & Profit growth

• Healthy Coca-Cola Brand with stable indicators MMUC KO gap vs Nearest Competitor - Daily Consumers 7 : 1 - Favorite brand 5 : 1 1999 2000 2001 2002 2003 - Positive purchase intent 2 : 1 - Consumer base 3 : 1

Operating Income Currency Neutral 13% CAGR* • Successful innovation in CSD’s - Vanilla Coke, Lift Green Apple, Fresca Rosada MM $

• Leadership in Water Business - Acquisition of Risco Brand /100% conversion to 1999 2000 2001 2002 2003 - Reached Category Leadership in •Reported Operating Income grew by 9%, plus a 4% personal packs Negative Currency Impact, resulting in Currency Neutral Operating Income of 13%. 10 BrazilBrazil

11 AA CoupleCouple OfOf YearsYears Ago…Ago…

Drastic Hyperinflation fluctuations in / devaluation purchasing bursts power Consumer, Trade, Competitive Transformations Heavy informality, significant tax evasion

Unstable political environment, volatile rules

12 Our System Confronted Tough Conditions, Developing an Operating Mentality Anchored in ...

1998-2002 KO Volume & Rev/uc Indexes, Share Trends

114 120 100 Volume Index Protecting Volume – 100 Share / Focus on 80 60 48.5 50.4 pricing 100 Share of Sales 40 69 20 Rev/uc Index

0 1998 1999 2000 2001 2002

2002

Few Package Options

2L PET 2/3 of volume Mix 13 TheThe DynamicsDynamics OfOf TheThe OperatingOperating MentalityMentality CreatedCreated AA ViciousVicious Circle…Circle…

ChronicChronic SystemSystem DisalignmentDisalignment

CapabilityCapability CuttingCutting NoNo ProfitProfit // ROICROIC MentalityMentality Low System Profitability

RestrictedRestricted Price-DrivenPrice-Driven PortfolioPortfolio && ConsumerConsumer ExecutionExecution

RestrictedRestricted DifferentiationDifferentiation

14 InIn 2003,2003, CreatedCreated AA NewNew BusinessBusiness ModelModel

Have taken significant steps

• Agreed to long-term strategy with AlignedAligned && our bottling partners HealthyHealthy BottlersBottlers

• Worked in close partnership with BrandsBrands ProfoundlyProfoundly bottlers to offer new packages and Sustainable AnchoredAnchored withwith ValueValue DrivenDriven tailor customer options to drive Profitable Growth revenue & profit growth LoyalLoyal CustomerCustomer ConsumersConsumers RelationshipsRelationships AcrossAcross KeyKey SegmentsSegments • KO organization restructured & realigned with strategic priorities SegmentedSegmented && DifferentiatedDifferentiated BPPCBPPC Arch.Arch. • Recalibrated prices for value creation Organizational Capabilities

• Rebuilt Execution Capabilities

15 GeneratingGenerating PositivePositive ResultsResults

+2.2 pp

Coca-Cola brand growing share of volume System profit increasing significantly

2002 2003 +50%

+2.4 pp

2002 2003 And also share of value

2002 2003 16 ArgentinaArgentina

17 From Strong Economic Expansion to Deflationary Recession - To Abrupt Implosion

21% Decline in GDP since it’s peak Post Default & Chaotic 295 Devaluation 285

275

265 Consumers resetting values/relationships & 255 +7% Annually looking for security 245 Real GDP - GDP Real AR$Bn

235 -21%

225 I-02 I-99 II-01 II-98 III-00 III-97 IV-99 IV-96

Real GDP Source: INDEC (Instituto Nacional de Estadística y Censo) 18 Cohesive plan to Emerge Stronger; organization restructured to drive it

Emerge Stronger

- Protect consumer base with focus on Coke, while strengthening relationship with our brands

- Ensure System financial & operational viability

- Reset Customer relationships & gain execution advantage

- Retain solid foundations in Quality, Government Affairs & Community Relationships

19 Historic opportunity to strengthen Coca-Cola’s connections with consumers

understandingCommitted to to define deep relevantconsumer actions

- In real time - Coke plan rebuilt aligning tone,

Continuous Tracking of Consumer style, and mechanics to new • Perception Social Environment Identity Continuous • • Continuous Tracking of Consumer Crisis Engagementreality Tracking of Social Moods & Values Environment “ Refreshing the mood “ Targeted Deep Dives & Experiential Research Universal/Teen “ Connecting Coke leadership with Argentine dreams “

New Couple/Family Xmas “ Reinforce loyalty thru value with moms and newly unemployed dads” Xmas Promo Affordable Packages “ Provide access to the new poor to KO beverages “ RefillablePackages “It’s what’s inside that matters”

20 OurOur EmergeEmerge StrongerStronger StrategyStrategy WorkedWorked

• 13% volume growth vs +5% in NARTD Industry +7.6% in GDP

• 19% growth in Coca-Cola / 15% Rest of CSDs

• Per Capita Consumption +24 vs PY

• Improving Coca-Cola brand indicators - Favorite Brand +1.3 vs PY - Worth what it costs +1.7 vs PY

21 VenezuelaVenezuela

22 KO System Was Strained By A Deteriorating Socio-Economic Situation

Socio-economic Situation

Consumer - 2 month general strike in Dec ’02 & Jan ‘03 …dramatically deteriorated purchasing power; changing habits to “make ends meet” - GDP declined -11% in ’03; unemployment at 24%

- Exchange control during all Trade year …Adjusting inventories, focusing in high rotation items, speculating with non-controlled - Inflation accelerating at 27% price items

- Extreme political uncertainty

23 Clear Roadmap to Drive Profit Growth

- Strengthen Coca-Cola Connections with Venezuelans

- Lead Category Package & Price Architectures

- Strengthen In-Market Presence

- Accelerated system costs reductions / efficiency improvements

... Always Maintaining high level of flexibility to cope with uncertainty

24 We Obtained Exceptional Results With Coca-Cola Brand Despite a Very Challenging Context

- Volume Increase >10% vs. 2002

- Share of market: -Coca-Cola market share +4.3 pp (Dec’03 vs. Nov’02)

- Consumer Indicators (Dec’03): Gap vs. Nearest Competitor • Favorite brand: 2 : 1 • Consumer base: 1.3 : 1 • Daily Drinkers: 2 : 1

- Positive System Profit Swing

25 20042004

26 Improvement in Economic Conditions …

Total LA GDP from 1.5% in ’03 to 3.0% in ‘04

Mexico - On the road to recovery - Potential for a more solid growth

Brazil - Strengthening economic condition - Growing internal consumption - Structural reforms (taxes, energy)

Argentina - Some positive signs, but some uncertainty remains

Other Countries: the usual mixed picture Stable (Chile) Modest (Peru, CA&C) Volatile (Venezuela, ) Chaotic (Haiti) 27 Managing Our Portfolio

Latin Center Mexico • Accelerate growth in Key Markets, capitalizing on the KOF / PB • Main volume & profit driver integration • Will take all reasonable & prudent measures to sustain its momentum

Brazil South Latin

• Turn-around opportunity • Continue to remain close to consumer to with significant growth further differentiate & enhance brand potential health • Accelerating our new model approach Fully capture current growth opportunities 28 CSD’s Is Our Top Priority

• Coca-Cola will continue to be our growth engine

• Continuously adapting brand / package / price / channel architectures

• Deepening relationship with consumers – programs that respond to their passions and needs

• Revenue enhancing initiatives with line extensions

• Selective flavor-package expansions

29 Our 23.3% Share In NARTD Shows Ample Potential, Yet CSD’s Is Our Main Opportunity

2003 Latin America NARTD

KO Others

23 Tea Millions Unit Cases Millions Unit Cases Sport 66 Drinks

Packaged 2,339 Juices 264 Water SS 7,267

Fruit Still CSD's Drinks 358

0 100 200 300 400 0 1000 2000 3000 4000 5000 6000 7000 MMUC MMUC

Source: Canadean ‘03 30 Other Beverages Have Started To Play An Important Role in Our Portfolio

• Developing new “Go – to market” approaches that complement existing skills and know how

• Focus in areas where a leading and profitable position can be achieved

• Fully exploit global brands potential, i.e. & Nestea

• Leadership position in the large and rapidly growing water market, with - Strong local brands such as Ciel - Rapid expansion of in multiple countries

31 Strong Emphasis in Customer Programs & Profitability

• Support the development of all customers and channels

Customers • Specific programs for each channel

• Dedicated packages and price points

• Further develop revenue growth management capabilities Grow our system • Direct resources to volume & profit driving profitability activities • Keep discipline on returns and expense ratios • Continue to generate efficiencies in all areas

32 SolidSolid,, ConsistentConsistent ContributionContribution toto KOKO ResultsResults

Volume Operating Income (MMUC) ($MM Currency Neutral) 4,729 1,313 * +4% CAGR 4,086 +12% CAGR

829

1999 2003 1999 2003

* 2003 currency neutral operating income excludes the impact of $24 million stock option expenses, $20 million of charges, and $299 million currency since 1999. 33 InIn SummarySummary

• Strong Management Team and Bottling Partners - Understand market - Positioned for winning - Orientation to effectiveness & efficiencies

• Great CSD’s Base Infrastructure 4.34.3 BillionBillion UCUC

• Building Non-Carbs Business

• Solid, Consistent Contribution To KO Results

34