The document assesses opportunities in the beverage industry in Guatemala. It begins by summarizing the current landscape, with core sparkling drinks and juices/juice drinks accounting for the majority of industry volume and revenue. It then prioritizes the top opportunities by volume, with core sparkling drinks in traditional trade channels contributing over half of all volume. Finally, it identifies the top 10 opportunities by volume and revenue, with core sparkling drinks in traditional trade the largest by both measures.

1. Current Landscape Assessment
Build Future View
Prioritize Opportunities
$
$ $ $
Guatemala
Opportunity Map$ 3.0

2. Opportunity Map$
ANALYZE & IDENTIFY
• Assess the current landscape
of Opportunities
PRIORITIZE
• Prioritize Opportunities
VISUALIZE
• Build Future View
WHERE ARE WE TODAY?
WHERE DO WE AIM TO BE IN
FUTURE?
HOW DO WE GET THERE?
224 September 2015Classified - Internal use

3. 3
STEP 1
Assess Current Landscape of Opportunities
Standard Output Charts
Classified - Internal use 24 September 2015

4. 424 September 2015
3.2 213.9 15.3 14.2
24%
28%
54%
27%
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
MiniMarkets Traditional On Premise Supermarkets
Channel
Classified - Internal use
Fair Share (29.1%)
Industry Volume (In MUC)
Current Industry View
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE)
SUMMARY OF OPPORTUNITY SEGMENTS (Volume View)
Source: Canadean, Nielsen, CBL 2010
OccasionCategory
62.1%
17.7%
12.7%
0.4% 4.1%
1.7%
0.04% 1.1%
Category HMFBottler
153.2 43.7 31.3 1.0 10.2
4.23 0.1 2.8
44%
1%
8% 7%
4%
0% 0% 0%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
50
100
150
200
250
300
350
400
450
500
Core
Sparkling
Juices &
Juice
Drinks
Packaged
Water
RTD Tea Sports
Drinks
Energy
Drinks
RTD Coffee RTD Dairy
& Soy
20.0 81.1 34.4 12.2 11.6 5.5 36.0 14.4 15.8 15.6
16%
38%
13%
25%
31%
18%
33%
22%
33%
33%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
10
20
30
40
50
60
70
80
90
BAH LDS
AH
WSR
AH
WT
AH
OL
AH
AS AW EA
FH
LA
FH
OTH
28.0 13.8 30.2 92.3 16.1 15.6 12.2 13.7 24.7
27%
34%
29%
31%
34%
31%
18%
28%
22%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0
10
20
30
40
50
60
70
80
90
100
112.6 133.9
28%
30%
26%
27%
28%
29%
30%
31%
0
20
40
60
80
100
120
140
160
EMBOCEN BIG Energize Collective
Fun
Belonging Harmony
Unwind Nurture
Attractiveness
Mind and
Body
Strength
Self
Indulgence
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice
Drinks
Packaged Water RTD Tea
RTD Dairy & Soy

5. 524 September 2015
29.9 1,543.1 153.4 115.9
27%
34%
66%
24%
0%
10%
20%
30%
40%
50%
60%
70%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
MiniMarkets Traditional On Premise Supermarkets
Channel
Classified - Internal use
Fair Share (36.0%)
Industry Revenue (In Mn USD)
Current Industry View
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE)
SUMMARY OF OPPORTUNITY SEGMENTS (Revenue View)
OccasionCategory
60.9%
17.5%
4.2%0.5%
7.4%
8.6%
0.1% 0.7%
Category HMFBottler
1,121.6 323.2 77.7 9.2 136.0 159.1 2.0 13.6
57%
2%
18%
1%
5%
0% 0% 0%
-10%
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
300
350
400
450
500
Core
Sparkling
Juices &
Juice
Drinks
Packaged
Water
RTD Tea Sports
Drinks
Energy
Drinks
RTD Coffee RTD Dairy
& Soy
142.5 576.7 178.7 96.1 80.1 37.9 318.7 112.1 152.9 146.7
24%
46%
21%
29%
40%
28%
39%
29%
30%
35%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
100
200
300
400
500
600
700
BAH LDS
AH
WSR
AH
WT
AH
OL
AH
AS AW EA
FH
LA
FH
OTH
282.2 91.5 208.5 654.4 116.8 123.4 73.1 105.7 186.7
25%
40% 41% 40%
49%
35%
25%
33%
29%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
700
800.8 1,041.6
36%
36%
35%
36%
37%
0
200
400
600
800
1,000
1,200
EMBOCEN BIG Energize Collective
Fun
Belonging Harmony
Unwind Nurture
Attractiveness
Mind and
Body
Strength
Self
Indulgence
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice
Drinks
Packaged Water RTD Tea
RTD Dairy & Soy
Source: Canadean, Nielsen, CBL 2010

6. KO 2013 NON KO 2013
KO
CAGR
(2008 - 2013)
Higher
>+3%
Lower
<-3%
At Par
+3%<>-3%
KO’s growth compared to Industry’s Not Present
624 September 2015
INDUSTRY
Contri.
68.1
0.6
2.5
0.4
0.0
0.0
0.1
0.0
71.7
85.1
43.1
28.9
9.8
4.2
2.8
0.9
0.1
174.8
Core Sparkling
Juices & Juice Drinks
Packaged Water
Sports Drinks
Energy Drinks
RTD Dairy & Soy
RTD Tea
RTD Coffee
NARTD
INDUSTRY
CAGR
(2008 – 2013)
VOLUME
FIGUREINMUC KO
SHARE
Classified - Internal useSource: Canadean
^ Category was not present in 2008
# KO not present in the Category in 2008
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME)
Opportunity Segments (Category)
4.5%
43.0%
14.2%
0.0%
0.0%
0.0%
0.0%
62.1%
12.7%
4.1%
1.7%
1.1%
0.4%
0.04%
1.1%
2.7%
10.1%
19.1%
24.6%
40.6%
0.0%
16.4% 17.7%4.5%
44.5%
7.9%
4.2%
0.0%
0.0%
7.2%
0.0%
1.4%
5.2% 100.0%2.6%29.1%

7. KO 2013 NON KO 2013
KO
CAGR
(2008 - 2013)
Higher
>+3%
Lower
<-3%
At Par
+3%<>-3%
KO’s growth compared to Industry’s Not Present
724 September 2015
INDUSTRY
Contri.
INDUSTRY
CAGR
(2008 – 2013)
KO
SHARE
Classified - Internal use
REVENUE
FIGUREINMNUSD
^ Category was not present in 2008
# KO not present in the Category in 2008
636.8
5.5
14.0
6.7
0.0
0.0
0.05
0.0
663.0
484.8
317.7
64.0
129.3
159.1
13.6
9.1
2.0
1,180.0
Core Sparkling
Juices & Juice Drinks
Packaged Water
Sports Drinks
Energy Drinks
RTD Dairy & Soy
RTD Tea
RTD Coffee
NARTD
STEP 1: ASSESS CURRENT LANDSCAPE (REVENUE)
Opportunity Segments (Category)
7.0%
25.7%
25.0%
0.0%
0.0%
0.0%
0.0%
60.9%
4.2%
7.4%
8.6%
0.7%
0.5%
0.1%
4.4%
4.1%
21.2%
17.8%
28.4%
43.8%
0.0%
21.3% 17.5%8.8%
56.8%
17.6%
5.0%
0.0%
0.0%
0.6%
0.0%
1.7%
7.4% 100.0%7.1%36.0%
Source: Canadean

8. KO 2013 NON KO 2013
Higher
>+3%
Lower
<-3%
At Par
+3%<>-3%
KO’s growth compared to Industry’s Not Present
824 September 2015Classified - Internal use
58.8
8.3
3.9
0.8
71.7
155.1
7.0
10.3
2.4
174.8
Traditional
On Premise
Supermarkets
MiniMarkets
NARTD
VOLUME
FIGUREINMUC INDUSTRY
Contri.
INDUSTRY
CAGR
(2008 – 2013)
KO
SHARE
525.8
101.6
27.3
8.1
662.8
1,017.3
51.8
88.6
21.8
1,179.5
Traditional
On Premise
Supermarkets
MiniMarkets
NARTD
REVENUE
FIGUREINMNUSD
Source: Canadean , Nielsen
5.5%
8.6%
5.2%
86.8%
5.8%
100.0%
3.0%
2.0%
2.6%
2.0% 6.2%-1.9%
27.5%
27.1%
29.1%
54.0%
4.0% 1.3%3.9%24.3%
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE)
Opportunity Segments (Channel)
8.2%
11.3%
7.4%
83.8%
6.3%
100.0%
7.7%
9.5%
7.1%
3.2% 8.3%0.9%
34.1%
23.5%
36.0%
66.2%
6.9% 1.6%6.8%27.1%
KO
CAGR
(2008 - 2013)

9. 924 September 2015Classified - Internal use
86.8% 6.2%
TT OP
28.4
36.8
132.1
0.1
1.9
13.3
0.4
9.4
3.9 0.1
2.4
0.040.5
5.8
6.5
0.1
0.1
0.1
0.6
0.6
0.3
0.8
1.0
1.2
Rank in IndustryN
MM
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE) - INDUSTRY
OPPORTUNITY SPOTTER-VOLUME (CURRENT)
Identifies the Top 10 opportunities across Category and Channel in 2013 for the total Industry (Based on Volume)
# Indicates Volume (in MUC) MM: Mini Market | TT: Traditional Trade | OP: On Premise | SM: Super Market
SM
4
2
3
1
5
5.8% 1.3%
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice Drinks
Packaged Water RTD Tea
RTD Dairy & Soy
6
7
8
9
10
Source: Canadean , Nielsen

10. 1024 September 2015Classified - Internal use
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE) - INDUSTRY
OPPORTUNITY PRIORITIZATION BASED ON CURRENT VOLUME
Top 10 combinations
Contribution
to Volume
Core Sparkling, Traditional 53.6%
Juices & Juice Drinks, Traditional 14.9%
Packaged Water, Traditional 11.5%
Core Sparkling, On Premise 5.4%
Sports Drinks, Traditional 3.8%
Core Sparkling, Supermarkets 2.7%
Juices & Juice Drinks, Supermarkets 2.4%
Energy Drinks, Traditional 1.6%
RTD Dairy & Soy, Traditional 1.0%
Packaged Water, On Premise 0.8%
Total 97.6%
1
2
3
4
5
6
7
8
9
10
Industry
Top 10 Opportunity segments account for 97.6% of country Volume
N Rank in Industry * KO not present in the Category
Source: Canadean , Nielsen

11. -5%
0%
5%
10%
15%
20%
25%
-5% 0% 5% 10% 15% 20% 25%
Avg. KO Share: 18.5%
Current (2013) Contribution to the Industry (Volume)
Avg. Contribution to the Industry: 9.8%
Bubble size represents
2013 Industry Volume
(in MUC)
6.5 SM
1124 September 2015Classified - Internal use
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE)
OPPORTUNITY PRIORITIZATION BASED ON CURRENT VOLUME
KO Fair Share line
KO Fair Share 29.1%
132.1 TT
28.4 TT
13.3 OP
Current(2013)KOShare(Volume)
36.8 TT5.8 SM
13.8 TT
72.6 OTH
2.4 TT
1.9 OP
# KO Share = 0%
50%
65%
50% 55%
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice Drinks
Packaged Water RTD Tea
RTD Dairy & Soy
MM: Mini Market | TT: Traditional Trade | OP: On Premise | SM: Super Market
Source: Canadean , Nielsen

12. 1224 September 2015Classified - Internal use
Rank in IndustryN %s above each bar are the Channel shares
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE) - INDUSTRY
OPPORTUNITY SPOTTER-REVENUE (CURRENT)
Identifies the Top 10 opportunities across Category and Channel in 2013 for the total Industry (Based on Revenue)
# Indicates Revenue (in Mn USD)
10.5
9.2
2.8
3.2
3.8
0.4
38.2
46.4
2.4 0.3
14.3
1.9
928.7
267.6
64.8
7.6
120.5
12.3
140.9
1.7 11.2 0.3 1.2
7.6
144.3
4
2
3
1
5
83.8% 8.3%
TT OP MMSM
6.3% 1.6%
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice Drinks
Packaged Water RTD Tea
RTD Dairy & Soy
MM: Mini Market | TT: Traditional Trade | OP: On Premise | SM: Super Market
6
7
8
9
10
Source: Canadean , Nielsen

13. 1324 September 2015Classified - Internal use
N Rank in Industry
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE) - INDUSTRY
OPPORTUNITY PRIORITIZATION BASED ON CURRENT REVENUE
Top 10 combinations
Contribution
to Revenue
Core Sparkling, Traditional 50.4%
Juices & Juice Drinks, Traditional 14.5%
Core Sparkling, On Premise 7.8%
Energy Drinks, Traditional 7.7%
Sports Drinks, Traditional 6.5%
Packaged Water, Traditional 3.5%
Juices & Juice Drinks, Supermarkets 2.5%
Core Sparkling, Supermarkets 2.1%
Energy Drinks, Supermarkets 0.8%
Sports Drinks, Supermarkets 0.7%
Total 96.5%
1
2
3
4
5
6
7
8
9
10
Industry
* KO not present in the Category
Top 10 Opportunity segments account for 96.5% of country Revenue
Source: Canadean , Nielsen

14. -5%
0%
5%
10%
15%
20%
25%
-5% 0% 5% 10% 15% 20% 25%
Avg. KO Share: 22..0%
Avg. Contribution to the Industry: 9.8%
1424 September 2015Classified - Internal use
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE)
OPPORTUNITY PRIORITIZATION BASED ON CURRENT REVENUE
KO Fair Share line
KO Fair Share 36.0%
Current(2013)KOShare(Revenue)
Current (2013) Contribution to the Industry (Revenue)
267.6 TT
928.7 TT
64.8 TT
38.2 SM
140.9 TT
46.4 SM
120.5 TT
144.3 OP
12.3 SM
14.3 SM
# KO Share = 0%
50% 60%
50%
75%
MM: Mini Market | TT: Traditional Trade | OP: On Premise | SM: Super Market
Bubble size represents
2013 Industry Volume
(in MUC)
RTD Coffee
Energy Drinks
Core Sparkling
Sports DrinksJuices & Juice Drinks
Packaged Water RTD Tea
RTD Dairy & Soy
Source: Canadean , Nielsen

15. 1524 September 2015
N Rank in Industry
Classified - Internal use
STEP 1: ASSESS CURRENT LANDSCAPE (VOLUME/REVENUE) - INDUSTRY
OPPORTUNITY PRIORITIZATION BASED ON CURRENT VOLUME & REVENUE
Top 10 combinations
Contribution
to Volume
Contribution
to Revenue
Core Sparkling, Traditional 53.6% 50.4%
Juices & Juice Drinks, Traditional 14.9% 14.5%
Packaged Water, Traditional 11.5% 3.5%
Core Sparkling, On Premise 5.4% 7.8%
Sports Drinks, Traditional 3.8% 6.5%
Energy Drinks, Traditional 1.6% 7.7%
Juices & Juice Drinks, Supermarkets 2.4% 2.5%
Core Sparkling, Supermarkets 2.7% 2.1%
RTD Dairy & Soy, Traditional 1.0% 0.6%
Packaged Water, On Premise 0.8% 0.4%
Sports Drinks, Supermarkets 0.3% 0.7%
Energy Drinks, Supermarkets 0.1% 0.8%
Total of Top 10 97.6% 96.5%
1
2
6
3
5
4
7
8
11
14
10
9
Industry
1
2
3
4
5
8
7
6
9
10
14
18
Top 10 Opportunity segments account for 97.6% of Volume & 96.5% of revenues.
* KO not present in the Category
Source: Canadean , Nielsen