ko 2020 strategy

Financial VisionGary FayardExecutive Vice President, Chief Financial Officer

Forward-Looking StatementsThis 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 and other health 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 competitive product and pricing pressures; impact of the global credit crisis on our liquidity and financial

performance; our ability to expand our operations in developing and emerging markets; foreign currency exchange rate fluctuations; increases in interest rates; our ability to maintain good relationships with our bottling partners; the financial condition of our bottling partners; our ability and the

ability of our bottling partners to maintain good labor relations, including the ability to renew collective bargaining agreements on satisfactory terms

and avoid strikes, work stoppages or labor unrest; increase in the cost, disruption of supply or shortage of energy; increase in cost, disruption of supply or shortage of ingredients or packaging materials; changes in laws and regulations relating to beverage containers and packaging, including

container deposit, recycling, eco-tax and/or product stewardship laws or regulations; adoption of significant additional labeling or warning

requirements; unfavorable general economic conditions in the United States or other major markets; 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 corporate reputation 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; the impact of climate change on our business; 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.

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.

Reconciliation To US GAAP Financial Information

Delivering High-Quality Growth Today

Volume Net Revenue* Operating Income**

2%

5%

9%

*Ongoing, currency neutral excluding structural changes

** Ongoing, currency neutral

Sept 2009 YTD

• Developed market slowdown

• Developing market volatility

• Emerging market uncertainty

• FX headwinds

Despite a Perfect Storm

Economics 101

Recessions Do End

Volatility / Double-DipDelayed Recovery

Pace Of Consumer Recovery Will Vary

China

India

Brazil

Japan

Europe

USA

Russia

Ukraine

Reset Rapid Recovery

Our Long-Term Targets Remain Appropriate

• Appropriate over the long-term with quarter-to-quarter volatility

• Our internal picture of success is to exceed these targets

• We remain constructively discontent

Volume Net Revenue OI EPS

3-4%

5-6%

6-8%

* Ongoing, currency neutral

Our BeliefsLong-Term Growth Targets*

High Single Digit

• Share gains

• Consistent revenue growth

• Expanding operating margins

• Cash flows

Our Metrics

How Do We Double System Revenues

By 2020?

“The US market is going flat and foreign saleswon’t make up for it.”

How Do We Double System Revenues

By 2020?

“The US market is going flat and foreign saleswon’t make up for it.”

- Financial World, Report

On The Coca-Cola Company, 1977

Track Record Of Profitable Growth

Growth Since 1977

United States* Rest of World Total World

4X

16X

9X

6X

22X

13X

Net Revenue Net Revenue Net RevenueOperating Income Operating Income Operating Income

*Includes Puerto Rico

368

8%

Making Profitable Businesses Bigger

Capturing The Opportunities• Demographic trends

• Personal consumption

• Per capita consumption expansion

• Ready-to-drink conversion

KO Mexico Servings

Per Capita

KO Spain Operating Income

Per Capita

Stills % of

KO Portfolio

6352.7X

22%

1997 2008 1997 2008 1997 2008

+267 +14%

We Are Confident In Our 2020 Vision

2010 2012 2014 2016 2018 2020

KO SystemNet Revenues (US$ currency neutral)

Implied By

KO Long-Term

Growth Model

Strong Cash Flow and

Disciplined Investments

Healthy System for Scale and

Reach

Brandsand

Operational Flexibility

Leveraging Our Competitive Advantages

Winning In The Global Marketplace

Current Billion Dollar Retail Brands

#1Juices &

Juice Drinks

#1Sparkling

Beverages

#1RTD

Coffee

#1RTD

Tea

#2Sports

Drinks

#3Packaged

Water

#1Active

Lifestyle

1997 Billion Dollar Retail Brands

Tailoring Our Actions By Market

RapidRecovery

Volatility/Double-Dip

Reset DelayedRecovery

Markets

Actions

SuccessMetrics


Europe

USA

Segment Offerings

Share of Value

Commercial Execution

Reset RapidRecovery


DelayedRecovery

Markets

Actions

SuccessMetrics


Europe

USA

Segment Offerings

Share of Value


China

India

Brazil

Build Consumption

Per Capita

Margin Expansion

RapidRecovery

Reset Volatility/Double-Dip

DelayedRecovery

Markets

Actions

SuccessMetrics


Japan

ReinvigorateGrowthvia Innovation

System Profits

Brand Health

Europe

USA

Segment Offerings

Share of Value


China

India

Brazil

Build Consumption

Per Capita

Margin Expansion

RapidRecovery



Markets

Actions

SuccessMetrics


Japan

ReinvigorateGrowthvia Innovation

System Profits

Brand Health

Markets

Actions

SuccessMetrics

Europe

USA

Segment Offerings

Share of Value


Russia

Ukraine

Maximize Flexibility

Balanced Volume and Value Share

Manage Price Gaps

China

India

Brazil

Build Consumption

Per Capita

Margin Expansion

RapidRecovery



Productivity Is Embedded In All That We Do

$500 MM Target

$310 MM*

Current Productivity Savings Program

*Targeted

By End of 2009 By End of 2011

Cumulative Annual Savings

ProvenPlaybook for

EmergingStronger

StrongCash Flow

and Disciplined Investments

Brandsand




Reach

Healthy System Investing To Grow

Improving Profitability

+260

Basis

Points

* Ongoing, currency neutral as provided by ThomsonReuters (based on KO + 21 publicly traded bottlers)

Higher Margins Reinvesting → Long-TermCapital Expenditures

(US$ Currency Neutral)EBIT / Revenue* Return on Invested Capital*

+30

Basis

Points

+16%

CAGR

2005 2008 2005 2008 2005 2008

$4 Bn

$6 Bn

14.6%14.9%

11.2%

13.8%

Power Of The Coca-Cola Bottling System

*As of December 2008

Top 8 Bottlers % Of KO 2008 Unit Case Volume

16%

9%

9% 2%

2%

3%

2% 11%

North America International Global

NARTD Share 2008

Significant Share Advantage

3.5X 2.3X1.3X

NARTD excludes Bulk Water and Dairy/Soy drinks

KO Primary Global Competitor

17% 17% 27% 15%

$5.8 $4.7 $3.8 $2.3

$3.2 $1.9 $2.1 $0.8

% KO Volume

KO Net

Revenue $ Bn

KO Operating

Income $ Bn

Tremendous Scale Across Operating Groups

4.5X

Europe

2.8X

Pacific Latin America

4.8X

Eurasia & Africa

2.4X

KO Primary Global Competitor

2008 Data

NARTD Share 2008

Franchise

Leadership

Creating Enormous Economies Of Scale

ConsumerMarketing

CustomerLeadership

$64 Bn supply chain

900+ mfg operations

8,500 sales centers and warehouses

500,000 vehicles

1.6 Bn servings per day

• 1 MM per minute

206 countries

• More than UN

20 MM customers per week

7 MM coolers

ProvenPlaybook for

EmergingStronger

StrongCash Flow

and Disciplined Investments


Reach

Brandsand



Strong Cash Flows Would Continue Under

Long-Term Growth Targets

Capital Expenditures

Dividends

Share Repurchase

Acquisitions /Other

$62

$27

$14

$8

$13

Approximately$130 - $150*

$32 - $37

Cash Available

After Cap-Ex~$110

Capital Expenditures

Dividends

Acquisitions

Share Repurchase

$ Bn

1997 - 2008 2009 - 2020 Estimated

Cumulative Cash From Operations

*Assumes:• Long-Term targets are achieved• Current exchange rates• No structural changes

Disciplined Investment In The Business

• Maximize Volume

• Investing for

Accelerated Growth

Emerging

• Maximizing Value

Through Segmentation

• Building Consumer

Loyalty

Developing

• Driving Profitable

Growth Through

Innovation And

Productivity

Developed

KO 2008 Volume

Unbroken Track Record Of Dividends

Annual Dividend Per Share* $1.64

1920 2009

*Annual dividend per share adjusted for stock splits

354 Consecutive DividendsSince 1920


ProvenPlaybook for

EmergingStronger

StrongCash Flow

and DisciplinedInvestments

Healthy System forScale and

Reach

Brands and


Success Measured By Delivering

Total Shareowner Returns

More than DOUBLE SYSTEM REVENUE while increasing system margins

Boost system investment in sales and market execution

Most efficient & effective business system; build a continuous improvement and cost management culture

Use our size and expertise to create economies of scale

Maximize Company and bottler long-term cash flow