Coca Cola at CAGNY 2009

2/18/2009 Muhtar Kent President and CEO 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; 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 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. 2 1

2/18/2009 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 3 3 44 2

2/18/2009 5 A System Like No Other Top 40 Bottling Partners Over 1.5 Billion 20 Million Customers ~80% of Total Volume Servings Every Day Every Week 6 3

2/18/2009 Delivering Consistent, Quality Results Ongoing EPS Growth Revenue Growth1 9% Long-Term Target2 7% 12% 6% 11% 6% 17% 14% 5% 9% 2005 2006 2007 2008 2005 2006 2007 2008 7 1Ongoing 2Long Net Revenue Excluding Structural Change Term Target is Currency Neutral 88 4

2/18/2009 Cash, It’s the Real Thing 2001 - 2008 Cash 2009 – 2013 Expected Cash From Operations - $47B From Operations $41B – $45B $8 $ Billions Capital $10 - $14 B Expenditures* Cash $4 Dividends Available After Acquisitions Capex Share $27 - $35 B Repurchase 2001 2002 2003 2004 2005 2006 2007 2008 2009E – 2013E * Based on assumption of no changes in company owned bottlers 9 Providing Returns to Shareowners 2005 - 2008 Cash Returned KO Relative Share to Shareowners - $19.2B Performance Total Return $ Billions (except DPS amounts) 2008 Dividend $5.4 Jul-Dec Yield* $4.9 $4.7 $4.6 Coca-Cola -9.8% 3.3% $2.5 $1.1 PepsiCo -13.7% 2.9% $2.0 $1.8 Nestle -13.9% 3.0% $ 1.52 $ 1.36 $ 1.24 DPS $ 1.12 Danone -13.5% 2.9% DJIA -22.9% 5.6% 2005 2006 2007 2008 S&P 500 -29.7% 3.8% Dividends Share Repurchase * As of 12/31/08 10 DPS = Dividends per Share 5

2/18/2009 A Real “Port in the Storm” Quality Balance Sheet Access to Commercial Paper Liquidity Dividends 11 The World’s Greatest Brands . . . and Growing 12 6

2/18/2009 Winning in the Marketplace YTD Nov „08 Worldwide Retail Volume Share % Change vs. Prior Year Global NESTLE PEPSI DANONE - 0.3 Flat - 0.3 NARTD +0.6 - 0.1 NA NA SPARKLING3 +0.6 2 1 - 0.6 - 0.4 - 0.1 STILL +0.9 Volume Share Gains Driven by International International North America +1.0 +0.9 +0.8 - 0.5 +0.5 Flat 3 3 STILL SPARKLING NARTD NARTD STILL SPARKLING Source: Nielsen, Synovate Aztec/Frontline (South Africa). 1 PepsiCo: RTD Tea includes Unilever. NARTD = Nonalcoholic, Ready-to-Drink, Excluding Dairy and Bulk Water 2Nestle: RTD Tea JV with San Pellegrino for Belte in Italy. YTD November = Jan/Feb/Mar/Apr/May/Jun/July/Aug/Sep/Oct /Nov except USA ( = Jan-Dec ‘08 AMC). 3KO Core Sparkling Brands 13 13 Delivering Through Economic Downturns 1997-98 Russia Financial Crisis 2001 U.S. Slowdown • Russia GDP Growth : -5.3% • US GDP Growth : +0.8% • Russia Volume Growth: 0.8% • US Volume Growth: 1.7% 1997-98 Southeast Asia Financial Crisis 1998-99 Latin America • SE Asia GDP Growth : -0.7% • SE Asia Volume Growth: 4.4% Financial Crisis • Latin America GDP Growth: -0.1% • Latin America Volume Growth: 3.8% Glenn Jordan 31 Years Ahmet Bozer Gary Fayard Dominique 19 Years 15 Years Reiniche Alex José Octavio 17 Years Cummings Joe Tripodi Sandy Reyes 12 Years 1 Year Irial Finan Douglas 28 Years 27 Years 21 Years 14 7

2/18/2009 Making Smart, Prudent Investment Choices Selling & Advertising* General & Administrative* % of Net Revenue % of Net Revenue 11.8% 12.0% 9.4% 10.9% 27.0% 27.5% 26.9% 25.7% 2005 2007 2008 2006 2005 2006 2007 2008 * Ongoing net revenue and operating expenses 15 Leveraging Productivity as a Growth Enabler Rewiring the Organization More than $500 Million Reallocating Marketing Investments Annualized Savings Redesigning the Business $ $ Redesigning the Business • Packaging Optimization • Manufacturing Productivity • Logistics & Warehousing Reallocating Marketing Investments $ • Global Campaigns “Fewer, Bigger, Better” • Marketing Effectiveness Rewiring the Organization • Re-Architected to Drive Speed & Consistency, Less Cost 16 8

2/18/2009 Leveraging Our Core Capabilities Franchise Commercial Consumer Leadership Leadership Marketing • • • Differentiating Driving Traffic Price Point Products/Packages Impulse Management • • • Committing “Feet Partnering with Communications on the Street” Customers • Messaging • • “Marketing In Gaining Share Market” 17 17 Flexible Execution for These New Times Leveraging Balanced Geographic Portfolio Retornos Value Teas Coke Smile Japan Argentina Philippines 4 AR 70 $ Smile Back at Life. Have a Every Day! 18 9

2/18/2009 19 19 We Expect Strong Consumption Tailwinds Urban Growth Middle Class Growth RTD Conversion 30% 70% +1 B +0.9 B Opportunity 4.2B 2.2B 70% 30% 3.3B 1.2B Developed Emerging Developed Emerging 4.1B Non-RTD Beverages RTD Commercial Beverages 2020 2008 2020 2008 20 Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat, World Bank Development Indicators 10

2/18/2009 Our Industry Will Experience Healthy Growth 2008-20 Incremental Category Growth Volume = ~60 B Unit Cases Value = ~ $600 B 40% 20% 0% Sparkling Juice / Juice Packaged Tea / Energy Sports Drinks Drinks Water Coffee % of Incremental Volume % of Incremental Value 21 Source: KO Internal Estimates; Including Soy and Dairy Per Caps: “We’re Really Just Getting Started” KO Per Capita Consumption 600 400 200 0 Global Mexico US Spain S. Africa Romania Brazil Turkey Poland Russia China 22 *Per capita consumption of all Company beverage products 11

2/18/2009 23 Consistent Strategies Driving Growth Driving Global Accelerating Beverage Innovation Leadership Leveraging Leading Our Balanced System for Geographic Growth Portfolio 24 12

2/18/2009 Consistent Strategies Driving Growth Driving Global Accelerating Beverage Innovation Leadership Leveraging Leading Our Balanced System for Geographic Growth Portfolio 25 Driving Global Beverage Leadership Three-Cola Strategy Driving Global Beverage Leadership REFRESHING DELIVERING EXECUTING • TM Coca-Cola – • Three-Cola International Growth +3% Strategy China +12% – • China India +10% – Olympics Japan +6% – Brazil +5% – • Zero Zero 7; Super Bowl • Sex & the City; Red Dress 26 Volume Growth Rates are for 2008 13

2/18/2009 Driving Global Beverage Leadership Driving Global Sparkling Commercials Beverage Leadership “Troy” “Library” “Heist” North America Global Global 27 Driving Global Beverage Leadership Driving Global Sparkling: Innovating for Growth Beverage Leadership REFRESHING DELIVERING EXECUTING • New Sprite & • Marketing the Category • Fanta up 13% in Japan Fanta Graphics • Leveraging the “Power of Zero” • Sprite up 18% in China • New Consumer Needs 28 Volume Growth Rates are for 2008 14

2/18/2009 Driving Global Beverage Leadership Driving Global Beverage Winning in Stills Leadership REFRESHING DELIVERING EXECUTING • New Business Models • Speed and Scale • Growing Georgia Coffee Up 2% in 2008 • New Consumer Needs • Minute Maid • Leveraging Acquisitions Pulpy Expansion • Burn Energy in 70+ • New Identity for Markets Juices 29 Accelerating Glacéau Globally Driving Global Beverage Leadership • Driving Innovation • One Global Formula and Package • Global Expansion to 10+ Markets New Packaging New Partnerships New Flavors vitaminwater10 30 15

2/18/2009 Driving Global Beverage Leadership Driving Global Still Commercials Beverage Leadership Screen grab to come “Horse Whisperer” “Café” “Armor” North America China Japan 31 Partnering with Our Global Customers Driving Global Beverage Leadership Marketing Integration at a New Level • Innovation • Customized Promotions • Joint Brand-Building Top 24 Customers Grew 7% in 2008 32 16

2/18/2009 Innovating Across Our Business Accelerating Innovation Powerade Ion4 Sprite Green Nestea Honey Pear Tea Nestea Vitao vitaminwater 10 glaceau vitaminWater Minute Maid Illy RTD Pulpy Fermented Beverages Honest Tea* 33 * KO is a minority investee in Honest Tea with right and obligation to purchase in the future Innovating Across Our Business Accelerating Innovation Powerade Ion4 Sprite Green Lightweight Nestea Glass Honey Pear Tea Nestea Vitao vitaminwater 10 glaceau vitaminWater Minute Maid Illy RTD Pulpy Lightweight & Recyclable PET Fermented Beverages Honest Tea* 34 * KO is a minority investee in Honest Tea with right and obligation to purchase in the future 17

2/18/2009 Innovating Across Our Business Accelerating Innovation Powerade Ion4 Sprite Green Natural Sweetener Nestea Honey Pear Tea Light Weight Nestea Vitao Glass vitaminwater 10 glaceau vitaminWater Minute Maid Lightweight & Illy RTD Pulpy Recyclable PET Fermented Beverages Honest Tea* 35 * KO is a minority investee in Honest Tea with right and obligation to purchase in the future Innovating Across Our Business Accelerating Innovation Powerade Ion4 Sprite Green Fountain of the Nestea Future Honey Pear Tea Light Weight Nestea Vitao Glass vitaminwater 10 Tea Equipment glaceau Natural vitaminWater Sweetener Equipment of Minute Maid Lightweight & the Future Illy RTD Pulpy Recyclable PET Fermented Beverages Honest Tea* 36 * KO is a minority investee in Honest Tea with right and obligation to purchase in the future 18

2/18/2009 Our Worldwide Portfolio Strategy Leveraging Balanced Geographic Portfolio Emerging • Maximize Volume • Investing in Infrastructure Developing • Maximize Value • Building Consumer Loyalty Developed • Maximize Profit • Funding Growth 37 Note: Breakdown of 2008 Volume represents 22 Key Markets North America: Progress on Priorities Leveraging Balanced Geographic System Strong Customer Enduring Brands Portfolio Alignment Relationships • • 5 of 10 Fastest New Incidence Growing Model Trademarks • New Price/Pack Architecture • Packaging • Differentiation Coca-Cola Supply, Inc • Account Management and In-Store Execution • Still • Portfolio Cannondale Rankings Innovation • Foodservice - New Categories • Properties Enabled by Productivity • • Light-weighting Packaging Supply Chain • • Logistics Marketing Efficiency 38 19

2/18/2009 Leading Our System to Long-Term Growth Leading Our System for Growth Adding Aligning Operating Value Relationships Effectiveness • Building on Strategic Bottling Investments Group Acquisitions Operating Margins1 • Expanding Volume Base • First Time Together Since • Enhancing Margins 1997 3.6% • Visualizing the Future 2.6% FROM TO • 2.1% Building a Shared Vision -0.9% -1.2% 2004 2005 2006 2007 2008 • Well Positioned to “Weather the Storm” “Are We Ready for Tomorrow, Today?” 39 1Margins based on ongoing results Leading Our System to Sustainability Community Marketplace Workplace Environment • New CO2 Coolers • Top 50 Companies • New Low-Calorie • Economic and Hybrid Trucks for Diversity Drinks and Fortified Development • World’s Largest • HIV/AIDS Beverages • Water Initiatives PET Recycling Healthcare & • Supplier Diversity Plant Education “Doing Well by Doing Good” 40 20

2/18/2009 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 41 41 Real Value Today, Real Opportunity Tomorrow Why Coca-Cola? Why Now? Long-Term Growth Targets • A Company Like No Other High Single Digit • Delivering Consistent 6%-8% Quality Results • We Remain Constructively 5%-6% Discontent 3%-4% Volume Net Revenue* OI* EPS* *Ongoing, currency neutral 42 21

2/18/2009 43 44 44 22

Coca Cola at CAGNY 2009

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