The Coca-Cola Company Buy. Drink. Smile. www.thecoca-colacompany.com 2008 Annual Review Buy. Drink. Buy. Our sponsorship of the Beijing 2008 Olympic Games was the most successful sponsorship in Company history, contributing to 19 percent unit case volume growth in China in 2008. Smile. ® Smile: Consumers associate happiness with our brand. In fact, Coca-Cola means “Delicious Happiness” in Mandarin. 2008 Annual Review 68133co_cvr 1 3/3/09 7:09:15 PM Shareowner Information Contents Common Stock Corporate Offi ces Letters to Shareowners 2 Sustainability Is Key to Our Business 34 The Coca-Cola Company is one of 30 companies in the Dow Jones The Coca-Cola Company Industrial Average. Our common stock is listed on the New York Stock One Coca-Cola Plaza Selected Financial Data 7 Our Performance Over Time 36 Exchange, the principal market for our common stock, traded under Atlanta, Georgia 30313 2008 Company Highlights 8 2008 Operating Group Highlights 38 the ticker symbol KO. (404) 676-2121 A Thriving Industry 14 Business Profi le 42 At year end, there were approximately 2.3 billion shares outstanding Institutional Investor Inquiries Positioned for the Future 16 Management 44 and 275,377 shareowners of record. (404) 676-5766 Growing Our Portfolio 18 Board of Directors 46 Dividends Information Resources Marketing Our Beverages 24 Company Statements 48 At its February 2009 meeting, our Board of Directors increased our INTERNET The Strength of the Coca-Cola System 26 Shareowner Information 49 quarterly dividend 8 percent to $0.41 per share, equivalent to an annual Our website, www.thecoca-colacompany.com, offers information Balanced Growth 28 dividend of $1.64 per share. The Company has increased dividends in about our fi nancial performance and news about the Company, each of the last 47 years. our heritage and brand experiences. The Coca-Cola Company normally pays dividends four times a year, PUBLICATIONS usually on April 1, July 1, October 1 and December 15. The Company The Company’s Annual Report on Form 10-K, Proxy Statement, has paid 351 consecutive dividends, beginning in 1920. Annual Review, Quarterly Reports on Form 10-Q and other publications covering our sustainability policies and initiatives are available free Direct Stock Purchase and Dividend Reinvestment of charge upon request from our Industry and Consumer Affairs The Computershare Investment Plan allows investors of Department at (800) 438-2653. They also can be accessed at The Coca-Cola Company to directly purchase and sell shares of www.thecoca-colacompany.com. Company common stock and reinvest dividends. The Computershare Investment Plan requires payment by the participant of the brokerage AUDIO ANNUAL REVIEW commissions and dividend reinvestment-related fees. Online and compact disc versions of this report are available without charge. To listen online, visit www.annualreview.thecoca-colacompany.com. To request plan materials or learn more about the Computershare To receive a copy of the compact disc, please contact our Industry and Investment Plan, you may contact Computershare, the plan Consumer Affairs Department at (800) 438-2653. administrator, through the mail, by phone or via the Internet— see below. 2008 At-a-Glance Shareowner Account Assistance Interested in joining the Civic Action Network? For information and maintenance on your shareowner of record You have a stake in the success of The Coca-Cola Company and its account, please contact: system, and the Civic Action Network (CAN) is a powerful way to be Unit Case Net Operating informed, involved and infl uential. Coca-Cola CAN is a nonpartisan Computershare Investor Services grassroots network of citizens and businesses. Its purpose is to educate Volume Revenue P.O. Box 43078 our stakeholders about national, state and local issues affecting our Growth Growth Providence, RI 02940-3078 industry. Membership is voluntary and you will never be asked to make Telephone: (888) COKE-SHR (265-3747) or (781) 575-2879 a fi nancial contribution. Hearing Impaired: (800) 490-1493 Fax: (781) 575-3605 To register, email us at [email protected]. +5% +11% Email: [email protected] For more information or to register, please visit our website at Internet: www.computershare.com/coca-cola www.thecoca-colacompany.com/investors/shareowners.html. Shareowner Internet Account Access Interested in learning more about our sustainability initiatives? For account access via the Internet, please log on to If you are interested in learning more about our sustainability strategy www.computershare.com/investor. Once registered, shareowners and progress, please visit the “Sustainability” section of our website at can view account history and complete transactions online. www.sustainability.thecoca-colacompany.com. Operating Operating Electronic Delivery Income Cash Flow If you are a shareowner of record, you have an opportunity to Growth Growth help the environment by signing up to receive your shareowner communications, including annual reports, proxy materials, account statements and tax forms, electronically. Register your email address at www.eTree.com/coca-cola and complete the online form. As a +16% +6% thank you, the Company will have a tree planted on your behalf through American Forests. Design: Methodologie Illustration: Sean Mosher-Smith Smith Michael Pugh, Gui von Schmidt, Walter © Audra Melton, Judith Pishnery, Lord, Photography: David Hawxhurst, Richard 2009 The Coca-Cola Company 2008 Annual Review 49 68133co_cvr 2 3/3/09 7:09:23 PM Real value today. Real opportunity tomorrow. Nearly 1.6 billion times a day, people around the world enjoy one of our beverages—moments of refreshment that historically have translated into a return of value to our shareowners. And by anticipating and preparing for the changing world, we will be poised to deliver refreshment and value to our consumers and shareowners in the years ahead. Unit Case Net Operating Volume Revenues (in billions) (in millions) 2006 2007 2008 2006 2007 2008 21.4 22.7 23.7 $24,088 $28,857 $31,944 Operating Operating Income Cash Flow (in millions) (in millions) 2006 2007 2008 2006 2007 2008 $6,308 $7,252 $8,446 $5,957 $7,150 $7,571 2008 Annual Review 1 68133co_txt 1 3/4/09 9:31:04 PM A Letter from Our Chairman of the Board of Directors Dear Fellow Shareowner: This is the fi fth and fi nal letter I will have the privilege A Smooth Leadership Transition of penning to you. As I complete my succession to For the Board of Directors and for me as Chairman, the Muhtar Kent, I do not intend to stand for re-election most important decision we make is about the leadership to the Board of Directors during the upcoming Annual of the Company. My fi rst priority was to build the strongest Meeting of Shareowners. management team in the industry with a leader who could not just succeed me but also take the Company to new When I joined the Coca-Cola system in October 1966 in heights. I engaged in this effort from the very fi rst day with Zambia, I never could have imagined the opportunities the Management Development Committee of the Board of I would be privileged to experience across 141 countries. Directors. This careful plan culminated with our announcement Likewise, when I retired from the Coca-Cola system at in December 2007 that Muhtar Kent would succeed me as the end of 2001, I did not foresee returning for a fi nal act. Chief Executive Offi cer on July 1, 2008. When the opportunity arose, I saw it as “the last challenge” that I could not walk away from. Even more, I felt a sense I believe your Company is in very good hands. Muhtar has of obligation to all the people of the Company who had continued to demonstrate both his strong business acumen stirred my belief and passion and had made my career so and his invaluable diplomatic skills, which are so important enjoyable. This enormous sense of feeling for the ethos, for The Coca-Cola Company and the broad global stage on integrity and camaraderie of The Coca-Cola Company which we play a role. I believe Muhtar has the vision to see brought me back and has literally driven my efforts over beyond today’s turbulence to the exponential opportunities the days since June 1, 2004. ahead, a quality so important in these volatile times; and I believe he understands how our Coca-Cola system must From that fi rst day, I focused on three priorities: creating a change to capture that bright future. deliberate leadership succession plan; helping our people chart a path toward growth; and making our Company more sustainable by strengthening our connections with the communities we serve and the planet we share. 2 The Coca-Cola Company 68133co_txt 2 3/4/09 9:31:05 PM Charting a Path Toward Growth The Coca-Cola Company has stepped up as a leader in areas Second, our people needed a new vision for the future that are relevant to our business and vital to its sustained and a path toward growth. With the Manifesto for Growth, growth. We formed new partnerships with nongovernmental launched in 2005, they created one. This clear vision drove organizations and set new goals around water stewardship, us to invest in our brands, research and innovation, and our sustainable packaging, energy use and climate protection. people. It helped restore belief that we could win again, I know that the full return on these investments will only which was soon followed by actual wins as our associates emerge over the long-term. However, we already see and our bottling partners helped us become the Company fi nancial savings, strong engagement from our people that we knew we could be. and a new interest in your Company.