The Coca-Cola Company a Winning Agenda CAGNY – February 22, 2007

The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

CAGNY E. Neville Isdell February 22, 2007 Chairman & CEO Scottsdale, AZ 1

Forward-Looking Statements This 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; the availability and quality of water; changes in the nonalcoholic beverages business environment, including actions of competitors and changes in consumer preferences, including changes based on health and nutrition considerations and obesity concerns; increased competition; our ability to enter or expand our operations in emerging markets; foreign currency and interest rate fluctuations and other capital and financial market conditions; our ability to effectively align ourselves with our bottling system, including maintaining good relationships with our bottlers; 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, which could lead to production output disruptions; fluctuations in cost and shortages of raw materials, including the cost of energy; adoption of or changes to laws 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; changes in 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; regulatory and legal changes; our ability to achieve overall long term goals; 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 Information The 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.

1 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Our Secret Formula

2004-05 2006 2007+2007+ Transition Stabilization SustainableSustainable

• Realistic Targets • Leverage Strong GrowthGrowth Foundation, Global • Re-establish Scale Marketing Leadership • Clear, Focused Growth Agenda • Execute with Excellence Globally • Innovation Pipeline • Unleash System • Address Issue Potential Markets • Revitalize our • Leadership and Organization Culture

Manifesto for Growth Manifesto into Action

A Winning Agenda

n Strong Foundation, Building Momentum

o Unlimited Opportunity

p Clear and Focused Growth Agenda

q New Culture of Innovation

2 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Strong Foundation, Building Momentum

2006 UC Volume Growth

+7%

+4% +4% +3%

Total Sparkling Still Company Beverages Beverages Trademark

• Volume achieved top end of Long-Term Growth Targets in ‘05 & ‘06 • Sparkling: Highest growth rate since ’98 • Still: 19% of mix, up 2% vs. 2004

5 UC = Unit Case

Delivering Balanced, Innovation-Led Growth

2004-2006 Share of Total UC Growth New Product Innovation

590

311 Still Beverages Sparkling 42% Beverages 58% 2003 2006 Transformational Incremental Benefits Base Line Extensions

• 2006 – Improving value share trends across most key markets • 1,383 product launches − 590 new products − 367 existing products into new markets 6

3 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Capturing Vast International Potential

2006 UC Volume Growth

+6% +11%

+7% +5%

International Developed Emerging BRIC

KO NARTD Value Share +0.2% pts Flat +0.7% pts +1.0% pts

• 2004-06 UC growth = ~ 2 More Chinas • KO’s international NARTD value share 4.5 times global competitor

‘Developed’ and ‘Emerging’ international markets are defined based on per capita NARTD consumption – above or below 900 servings per year; ‘Emerging’ excludes Philippines; Share source: Nielsen, Intage, IRI, TRAC, Company estimates; Top 22 Markets; Measured retail channels; NARTD excludes Milk and Bulk Water. 7

Driving Quality Growth

% Growth in International UC Volume vs. Prior Year

7 %

6 % As Reported 5 %

4 %

3 % Excluding Water* 2 %

1 %

0 % 2001 2002 2003 2004 2005 2006

* Still Only

4 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Strong & Experienced Leadership

Senior Leadership Future Leadership • President & COO – Muhtar Kent • Talent Pipeline • Key Hires to Address Needs 61 ‘New Faces’ in Top 150 Reiniche Æ European Union 100+ People Development Forums Finan Æ Bottling Investments • Building Leadership Skills Kaafarani Æ Innovation Coca-Cola University • Bench Strength 1,500 participants Douglas Æ North America ‘Leadership’ Curriculum Mathieu & Greatrex Æ Marketing 450 participants Leechman Æ Customer Jordan Æ Pacific • ‘Diversity as Business' Bozer Æ Eurasia • Average 20+ Years of System Experience Top Ten in 10 of 14 Executives in New Roles ‘Best Company for Leaders’

Source: Hay Group in partnership with Chief Executive magazine 9

Building a Winning Culture

‘Unprecedented Improvement’ on Engagement . . . Institutional Survey Research, June 2006

High Performing Communication +11 pts KO Leadership +10 pts CPG Norm Diversity & Fairness +8 pts Performance Management +8 pts pts + 5 • DiversityInc #3 Best Company • ‘Best Companies to Work For’ Argentina Brazil Spain Chile Engagement Italy

2006 Employee Engagement Survey (points change vs. ’04)

5 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Making a Difference

Environment Community & Workplace Marketplace

• Co-founder Global Water • Over $100MM annually to • www.thebeverageinstitute.com Challenge support local community • Physical and nutrition • Improved water (4%) and initiatives education programs energy efficiency (5%) in • Workplace Rights Policy & • Partnering with the ABA, 2005 Human Rights Statement UNESDA, others on • 60+ community • United Nations Global responsible marketing policies watershed partnerships Compact • Make Every Drop Count • An industry leader in • HIV / AIDS programs recycling • Disaster relief support • Transition to HFC- free insulation in 98% of new coolers

11 ABA is the American Beverage Association; UNESDA is Union of European Beverages Association

Driving Consistent Financial Results

2006 Operating Income Growth 2004- 06 Cash Returned to Shareowners US $14.3 Bn

8% $5.4 23% Total Return to LongLong TermTerm TargetTarget $4.7 Shareowners 6% $4.2 in 2006 38% DPS Reduction $ 1.24 in Shares DPS Outstanding $ 1.00 Since 1984 6% 8% 7% 10% 0% 8%

Q1 Q2 Q3 Q4 FY '04 '05 '06

Dividends Share Repurchase Ongoing, currency neutral DPS=Dividends per Share

6 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Confidence in Our Targets

Long-TermLong-term Growth Targets Targets

Volume 3% to 4% Revenue 5% to 6% Operating Income 6% to 8% EPS High Single-Digit

Ongoing, Currency Neutral

Strengthened & Forward Focused

2004-05 2006 2007+2007+ Transition Stabilization SustainableSustainable

• Realistic Targets • Leverage Strong Foundation, GrowthGrowth Global Scale • Re-establish Marketing Leadership • Clear, Focused Growth Agenda • Execute with Excellence Globally • Innovation Pipeline • Unlimited • Unleash System Potential • Address Issue Markets Opportunity • Revitalize our Organization • Leadership and Culture • Clear and Focused Growth Agenda • New Culture of Innovation

Manifesto for Growth Manifesto into Action

7 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

UnlimitedUnlimited OpportunityOpportunity

Vibrant Industry

Est. CAGR in Consumer Spend (2006-2010)

NARTD 5.9%

Beer & Spirits 5.3%

Personal Care 5.2%

Packaged Foods 3.9%

Household Care 1.8%

NARTD = Nonalcoholic ready-to-drink, excluding dairy Source: Euromonitor Personal Care includes spending on retail and services 16

8 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Thriving on Diverse Consumer Motivations / Need States

Global 2010 Projected Total Consumer Spend, NARTD* (US $ Bn Mix) 17% 16% 15%

12% 9% 8% 8% 7% 5% 3%

17 * Source: CBL, Euromonitor for value. Excludes milk used for non-drinking purposes. Relative size by need state based on 12-69 year olds

Significant Upside

Global 2010 Projected Total Consumer Spend, NARTD* (US $ Bn Mix) 17% 16% 15% Total 12% 9% Total 8% 8% 20102010 NARTDNARTD7% ValueValue $$ 645645 BnBn 5% 3% KOKO 20062006 ShareShare 20%20%

18 * Source: CBL, Euromonitor for value. Excludes milk used for non-drinking purposes. Relative size by need state based on 12-69 year olds

9 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Uniquely Positioned to Drive Quality Growth

Consumer NARTD Spend: KO Top 22 Markets 2006-2010 Growth 2006-2010 Growth in Consumer Spend

AGR 6% C

$98 Bn Developed Developed Sparkling Still

Emerging Total 2006 2010 KO’s Top 22 Markets

Opportunity Prioritization Criteria: 1. Profit pool size and growth 2. KO competitive advantage 3. KO + Bottler capital requirements 4. Free cash flow

Source: Euromonitor, Company estimates 19

ClearClear andand FocusedFocused GrowthGrowth AgendaAgenda

10 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Strategy to Exploit Growth Opportunities

ProvideProvide FranchiseFranchise LeadershipLeadership IncreaseIncrease CustomerCustomer ValueValue CaptureCapture EmergingEmerging NeedNeed StateState PlatformsPlatforms GrowGrow CoreCore GlobalGlobal BrandsBrands

GrowGrow CoreCore GlobalGlobal BrandsBrands

n Evolve Our Communication Strategy

o Leverage Diet and Light Trends

p Expand Footprint of Existing Trademarks

q Create and Capture Value through Innovation and RGM

Prioritized Investment by Brand & Geography

11 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Great Marketing Works!

The Coke Side of Life coca-cola.com

• A Global Hit • 60 MM hits worldwide 2006 • 200+ Markets by ’07 • 664 MM impressions 2006 • TV, outdoor, assets, shopper • 40+ countries, 11 languages marketing, internet… • Develop into multi-brand platform • Best-in-class TV commercials (top 5%)

Videogame Coke Side of Life Global EepyBird.com

Coca-Cola Zero Chute Canada

12 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Accelerate Diets/Lights

Reignite Build Loyalty Expand Benefits

• Achieved 100+ MM UC • ~ 15% UC CAGR over three • ‘Enjoyment PLUS daily help’ • Approx. 1/3 of TM Coca-Cola years in emerging markets • Alternative source of growth in ‘06 • New global campaign essential nutrients • 45% of volume incremental • 35+ markets by end of 2007

25 ‘Emerging Markets’ are markets with Diet/Light per caps < 3

Expand the Footprint

Coca-Cola Fanta Sprite

• 8 markets • 2006 UC growth = 4% • Highest growing core brand • 33% of volume sourced • Credible expansion into • 2006 UC growth = 5% outside category ‘enjoyment’ need states • Natural and functional extensions

13 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Immediate Consumption: 12+ Bn New Occasions in Next Five Years

Contour Grip ‘Super Chill’ Aluminum Bottle

14 Markets 8 Markets 30 Markets

Provide Franchise Leadership Increase Customer CaptureCapture Value EmergingEmerging NeedNeed StateState Grow Core PlatformsPlatforms Global Brands

14 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

CaptureCapture EmergingEmerging NeedNeed StateState PlatformsPlatforms

n Leverage and Grow Existing Brands + o Differentiate through Research and Development + p M&A for Speed and Capability = Powerful Pipeline

Ciel Mexico Minute Maid Antiox Spain

15 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Advantaged Global / Regional Portfolio

Purposeful Nutrition Enhanced Hydration Emerging Need States

10% 16% 5% 2004-06 UC Vol. CAGR 31

Investing in Research and Development

Base Incremental Transformational

• New formulations to • Differentiating • Proprietary ingredients support claims wellness claims supported by clinical • Proprietary, enhanced • Lightweight pack health claims flavors & ingredients materials • All-natural non-nutritive • All-natural formulas • Low-cost, energy sweetener • Quality & Stewardship efficient cooler and • Cutting-edge equipment vending equipment technology

16 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

The Result: Powerful New Consumer Propositions

Base Incremental Transformational

New Positioning to Drive Next Generation Claims – Breakthrough Science – Functional Claims Mental & Physical Energy Actively Improve Health

From juice commodity to Example: differentiated wellness brand

Build & Prioritize the Global Pipeline

SuperSuper PersonalPersonal HydrationHydration MetabolismMetabolism Soy,Soy, DairyDairy

NutritionNutrition –– Break- OrganicsOrganics FunctionalFunctional SweetenersSweeteners Break- BenefitsBenefits throughthrough ScienceScience Transformational

LocalLocal CompetitiveCompetitive PrioritiesPriorities Incremental Consumer Proposition Consumer

LocalLocal CompetitiveCompetitive Priorities Base Priorities

Existing PlatformsBuilding / Modify Existing New to the World or KO

34 Research & Development

17 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

M&A for Speed and Capability

JUICE: WATER: Strengthened global Building source leadership position water footprint

Provide Franchise Leadership IncreaseIncreaseIncrease CustomerCustomerCustomer Value Capture ValueValue Emerging Need State Platforms Grow Core Global Brands

18 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

IncreaseIncrease CustomerCustomer ValueValue

n Segment Execution to Optimize Revenues o Drive Innovative Shopper Marketing Solutions p Profitably Capture Immediate Consumption Opportunities q Enhance Strategic Collaborative Partnerships

Distinctive Capabilities

Increase Customer and Commercial Value

Segmented Innovative Multiple Collaborative Execution / Shopper Occasions Customer Store Specific Marketing Relationships Solutions

Right Pack, Right Price, Right Channel

• Drives avg. 5% • 16+ MM points of • Doubled growth • Top Global incremental revenue distribution rate of immediate Customers growth per outlet* consumption Growing 6%+ • 8X the base of large • Right Execution CPG companies • Immediate • Hosted 150+ Daily to 21+ Markets consumption, Customers in in 2007 32% of volume and Innovation Labs 50% of system gross profit • Coca-Cola Retail Research Councils

All data for 2006 * Based on average of Segmented Execution and Revenue Growth Management programs in ten global markets 38

19 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Embedding Commercial Capability Across the World

Centers of Excellence Rollout Pilot or Planned

Set 3 Occasion- Envision Based Shopper 4 Strategy Solutions & Define Initiatives

Create Design Shopper 2 Shopper-driven Merchandising & 5 Right Segmentation Marketing Actions

Define Execution Criteria & Look of 6 Execution Define Insight Success With 1 Platform Retailer Daily Enable th e Segm ented 7 Execution System

Track, Measure 8 And Learn Proprietary Tools and Frameworks

ProvideProvideProvide FranchiseFranchiseFranchise LeadershipLeadership Increase Leadership Customer Value Capture Emerging Need State Platforms Grow Core Global Brands

20 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

Building Healthy and Vibrant Bottling Businesses

Capable and Stewarding Owned Driving Global Committed and Managed Productivity Bottling System Bottlers Initiatives

+420 Basis M 8.1% M Points 43 $1 2% 3.9% -1% ‘99 ‘06 ‘05 ‘06 Return on Invested Capital* Operating Income Margin • Supply Chain • 14% Operating Income • ‘Buy, fix, reintegrate’ • Procurement Growth for Equity Investee • Transforming into ‘World Bottlers (’99 -’06 CAGR)** Class Bottling Businesses’ • IT • Appropriate new beverage • Global Marketing business models • Shared Services • Improving alignment in challenging markets

*Includes Coca-Cola Enterprises (‘CCE’), Coca-Cola FEMSA, Coca-Cola HBC and Coca-Cola Amatil, representing nearly 40% of KO’s 2006 global volume **Includes bottlers in which KO held an equity investment in both 1999 and 2006; excludes CCE’s 2006 non-cash impairment charge 41

Positioned for Growth Across All Geographies

Strong Momentum in Addressed Issue Committed to Most Markets Markets Winning in North America

• Latin America • Japan • Lead growth in • Africa • Germany sparkling beverages • Eastern Europe • India • Deliver fastest value growth in still • China • Great Britain beverages • Russia • Philippines • Beverage partner of • Spain choice • Turkey

21 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

NewNew CultureCulture ofof InnovationInnovation

New Culture of Innovation

‘The Coca-Cola Way of Marketing’

ConsumerConsumer MarketingMarketing

Win Every Day Franchise CustomerCustomer && Franchise Commercial LeadershipLeadership Commercial LeadershipLeadership

Planning and investing together Delivering value to our customers of all for global reach and local touch sizes… one perfect store at a time

22 The Coca-Cola Company A Winning Agenda CAGNY – February 22, 2007

A Winning Agenda

n Re-established solid fundamentals o Best positioned to capture significant opportunity p Focused and effective strategic agenda q Powerful innovation engine r Renewed confidence in meeting our targets

CAGNY February 22, 2007 Scottsdale, AZ

E. Neville Isdell Gary Fayard Chairman & CEO EVP & CFO