2007 Coke annual review

8/14/2019 2007 Coke annual review

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chit

SCER

disfruta savourerenew

innovationnourish

wiederbeleben

agpalamig

energiza

rivitalizzarestrken

MENGISIKEMBALI

restituye

The language of refreshment2007 Annual Review


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2007 AtaGlance

19%EARNINGs PER sHARE GRowtH

(diluted)

6% 20% 15%uNIt cAsE volumE GRowtH NEt oPERAtING REvENuE GRowtH oPERAtING INcomE GRowtH

NEt oPERAtING REvENuEs

(in millions)

oPERAtING INcomE

(in millions)

NEt INcomE

(in millions)

2005 2006 2007 2005 2006 2007 2005 2006 2007

$23,104 $24,088 $28,857 $6,085 $6,308 $7,252 $4,872 $5,080 $5,981


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2007 Annual Reiew 1

Rereshment s a language eeryone understands,and no one seas t etter than CocaCola.

Rereshment goes beond our more than 2,800 beerage products

and gets to the heart o our business. From Cairo to Kuala Lumpur,

Caracas to Kansas Cit, we are rereshing and renewing our business

and our relationships with associates, bottling partners, customers,

consumers and communities.

Stories rom around the world in 2007 are compelling, and results

are strong. There has neer been a better time to be in the business

o rereshment. Local languages ma dier, but the language orereshment is uniersal.

CONTENTS Business Prole 8

2007 Compan Highlights 10

2007 in Reiew 15

2007 Operating Group Highlights 30

Board o Directors 34

Management 35

Compan Statements 36

Shareowner Inormation 37

Letter to Shareowners 2

Selected Financial Data 7


4/402 The Coca-Cola Compan

E. NEvILLE ISDELL, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIvE OFFICER

MUHTAR KENT, PRESIDENT AND CHIEF OPERATING OFFICER

A Letter rom Our Chairmanand Our President

Muhtar (let) was born in the U.S., is o Turkish heritage and drinks Coca-Cola Classic.

Neille was born in Ireland, grew up in Arica and drinks Coca-Cola Zero.

DEAR FELLOW SHAREOWNER:

The ear 2007 was a dening one in the great stor o

The Coca-Cola Compan.

Our journe to becoming a sustainable growth compan

reached a new milestone, led b the reitalization o

Trademark Coca-Cola; exciting acuisitions and joint

entures; innoatie marketing initiaties; and new

partnerships that adanced our global corporate citizenship.

The tireless eorts o our people and the great commitment

o our bottling partners hae rekindled the energ and

optimism that hae become snonmous with Coca-Cola.

Indeed, across our entire portolio and all our markets,we experienced a sstemwide renaissance and commitment

to balanced growth.

Nowhere was this energ more tangible than in the nearl

550 billion beerage serings that our consumers reached

or and were rereshed b this past ear.

The honor our consumers gae us b initing us into theirlies did not happen b chance. It was the sum o man

things done well across the Coca-Cola sstem (the

Compan and our bottling partners).

At the heart o our progress is the recognition that

deliering sustainable growth reuires making eer

aspect o our business sustainable, rom our suppl chain

and operating model to the citizenship and leadership we

exhibit in the communities we sere.

A STRONG YEAR

The ollowing pages tell the stor o a compan deliering

consistent perormance that is well-balanced across

markets, categories, customers and productsa compan

that is moing orward with a clear strategic agenda.

In 2007, The Coca-Cola Compan earned $2.57 per

share, an increase o 19 percent. Unit case olume grew

6 percent. And net operating reenues grew 20 percent

to $28.9 billion.

We took seeral ke steps in 2007, including

strengthening our sparkling portolio with new brands

and brand extensions;

expanding our still portolio with strategic acuisitions

and innoations; improing our capabilities in consumer marketing,

commercial leadership and ranchise leadership;

creating a more sustainable uture through more

ecient energ, water and operational practices.


5/402007 Annual Reiew 3

5 Strategic PrioritiesTO EXECUTE PEAK PERFORMANCE

GROW

SpARkLiNG

bEvERAGE

LEADERSHip

RApiDLY

GROW

STiLL

bEvERAGES

LEvERAGE

bALANCED

GEOGRApHiC

pORTFOLiO

ACCELERATE

GLObAL

iNNOvATiON

pipELiNE

STRENGTHEN

COCACOLA

SYSTEM

CApAbiLiTiES

REkiNDLiNG GROWTH iN SpARkLiNG bEvERAGES

We continued to delier unit case olume growth across

our sparkling beerages, led b Trademark Coca-Cola.

Our three-cola strateg ocuses on driing unit case

olume growth or Coca-Cola, Coca-Cola Zero and

Diet Coke or Coca-Cola light. In 2007, we rolled outCoca-Cola Zero in 37 countries, and it became one o

our Compans billion-dollar brands.

Sprite and Fanta achieed global unit case olume

growth o 8 percent and 5 percent, respectiel,

due to strong marketing execution and ocus on

immediate-consumption growth.

Sparkling beerages were the catalst or double-digit

unit case olume growth in important emerging markets,

such as Brazil, China, Eastern Europe, India, Pakistan,

Russia, Southern Eurasia and Turke. In 2007, we also

saw a return to solid perormance in Japan, where

Trademark Coca-Cola grew at its highest rate in 30 ears.

EXpANDiNG OUR STiLL pORTFOLiOHaing a strong, sustainable business also depends on

an expanding portolio o still beerages that brings

our oerings to new consumers and satises eoling

needs and nutrition occasions.

Still beerage unit case olume grew 12 percent or the

ear, ollowing 7 percent growth in 2006. We continued

to maintain and enhance our position in the global

nonalcoholic read-to-drink market. We are No. 1 in

sparkling beerages, No. 1 in juice and juice drinks, No. 1

in read-to-drink coees and teas, No. 2 in sports drinks,

and No. 3 in packaged water, where our ambition is to

lead on a alue, rather than a olume, basis.

To urther enhance our still portolio we made selectie,

strategic acuisitions, including our purchase o glacau,

the maker o itaminwaterthe ast-growing, premier

actie-liestle beerage. This acuisition is alread

deliering ahead o our expectations. And our partnership

with Caribou Coee will rml establish us in the growing

read-to-drink coee space in North America, enablingus to delier premium, authentic coee to our consumers.

bUiLDiNG OUR CApAbiLiTiES

A ear ago in this report, we said we were going to uel

growth b creating inspirational consumer marketing,

proiding enhanced alue to millions o retail partners

and to our bottling partners, who make up the worldslargest and most powerul beerage distribution network.

The men and women o The Coca-Cola Compan, working

closel with our dedicated bottling partners around the

world, deliered on our commitments with great discipline

and skill. Our product mix is the strongest it has eer been,

our innoation pipeline is growing, and our brands are

winning again at the point o sale.


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4 The Coca-Cola Compan

COCA-COLA ZERO IS OUR MOSTSUCCESSFUL BEvERAGELAUNCH IN 25 yEARS.

Now in55 countries

*Polethlene terephthalate

+4% +4% +12%TRADEMARKCOCA-COLA

SPARKLINGBEvERAGES

STILLBEvERAGES

2007 UNIT CASE vOLUME GROWTH

Our progress in consumer marketing and commercial

leadership has renewed interest in our expanding portolio

among shoppers, retail customers and our bottling

partners. Creatie marketing is part o our DNA and has

alwas been our core competenc in eras o success.In the past ear, with The Coke Side o Lie, Happiness

FactoryThe Movie and other award-winning marketing

programs, we reinigorated the energ and optimism

at the heart o our brands. We also inited our consumers

to experience the magic and histor o the worlds most

aluable brand at the highl successul new World o

Coca-Cola, which opened this past ear in Atlanta.

ENHANCiNG THE COMMUNiTiES WE SERvE

We recognize that we cannot hae a health and growing

business unless the communities we sere are sustainable

themseles. Careul consideration o enironmental,

economic and social actors plas into all our decision

making and resulted in a number o new partnerships to

support the health o our business and our planet. Acrossthe Coca-Cola sstem, we made signicant progress in

reducing our water, packaging and energ imprint.

Water is essential to our business. In 2007, we set the

ambitious goal to return the water we use, in our beerages

and in their production, back to nature. And our expanded

global partnership with World Wildlie Fund (WWF) aims

to help consere seen o the worlds most importantwatersheds, as well as to urther improe water ecienc

in our operations and strengthen our climate protection

initiaties. Additionall, we signed The CEO Water Mandate,

a partnership with the United Nations Global Compact that

commits companies to help protect and presere reshwater

resources b making water-resource management a strategicpriorit throughout their operations and suppl chain.

We see packaging not as waste, but as a aluable resource

or uture use. In 2007, we established a goal o reccling or

reusing 100 percent o our PET* packaging in the United

States. We took an important step toward this goal through a

major inestment in the worlds largest PET bottle-to-bottle

reccling plant in South Carolina and the launch o a newreccling business called Coca-Cola Reccling LLC led b

our bottling partner, Coca-Cola Enterprises Inc. In India,

we are partnering with the Indian Association o Plastic

Manuacturers on signicant PET reccling initiaties in

more than 100 locations across the countr. And in Brazil,

which reccles nearl 50 percent o PET containers, the

Compan remains a long-time supporter o CEMPRE, anonprot association dedicated to the promotion o

reccling and waste management.

We also are scaling up our eorts to reduce carbon

emissions. We are committed to growing our business,

without growing our carbon ootprint. In 2007, we launched

Project esKO to reduce emissions in manuacturing and

drie productiit improements. For example, at our2-million-suare-oot world headuarters in Atlanta,


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2007 Annual Reiew 5

UNIT CASE vOLUME(in billions)

2005 2006 2007

20.6 21.4 22.7

EARNINGS PER SHARE(diluted)

2005 2006 2007

$2.04 $2.16 $2.57 WE ACqUIRED GLACAU,MAKER OF vITAMINWATERTHE FAST-GROWING, PREMIERACTIvE-LIFESTyLE BEvERAGE.

we are working to reduce energ consumption b

23 percent. These eorts are expected to eliminate more

than 10,000 metric tons o carbon dioxide emissions each

ear, which is the euialent o remoing 2,000 cars rom

the road. And we are using our oice on the world stageto call or responsible standards on greenhouse gas

emissions through our support o the United Nations

Global Compact Caring or Climate leadership

platorm and the Bali Communiu.

Our commitment to being a responsible compan

includes being a responsible emploer. In 2007, we

launched our global Workplace Rights Policyand Human

Rights Statement, guided b the principles o the

International Labour Organization and other well-known

international organizations. Our Workplace Rights Policy

ormalizes our long-standing commitment to ensure that

each o our 90,500 associates around the world is treated

with dignit and airness.

THE OppORTUNiTYThe opportunities associated with getting these and

other actions right are immense. Oer the next seeral

ears, our industrs growth is expected to outpace the

growth o the world econom. B 2010, the industr is

projected to eclipse $650 billion in total reenue.

Despite the gains we are making across our business,

we know greater opportunities still exist. We remainconstructiel discontent.

We are condent, though, that our strategies and structures

are coming together. Our business-planning process this

past ear has been as robust as an we hae witnessed in

our careers. I 2007 was the ear o winning again, then

2008 will be the ear we execute to peak perormance.

THE ROAD AHEAD

To reach our peak perormance in 2008, we will ocus on

e strategic priorities:

First, we will continue to grow our leadership in sparkling

beerages, the core o our business toda and tomorrow.

We know there is tremendous opportunit to growour sparkling beerages in both deeloped and

emerging markets.

Second, we will drie een aster growth in our still

beerage portolio b adding new unctional benets,

deeloping aordable ormulations, pursuing releant

bolt-on acuisitions and seeking margin enhancements.

Juice and juice drinks, sports drinks, water, coees, teasand emerging categories oer exciting opportunities or

uture growth around the world.

Third, we will continue to generate and take adantage

o the balanced growth we hae achieed across our

portolio and the markets we sere. In the worlds

emerging economies, our business is buoed b growing

urbanization, rising middle-class consumers and thecorresponding conersion to read-to-drink beerages


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LEADERSHip TRANSiTiON: On December 6, 2007, The Coca-Cola Compan announced that its Board o Directorsapproed the recommendation o Chairman and Chie Executie Ocer Neille Isdell or an eolution o theCompans leadership structure. Under the new structure, President and Chie Operating Ocer Muhtar Kentwill succeed Mr. Isdell as chie executie ocer as o Jul 1, 2008. Mr. Isdell will remain chairman o the Boardo Directors until the Compans Annual Meeting o Shareowners in April 2009.

The Coca-Cola Compan is an enterprise o sustained, long-term growth. Diligent, detailed succession planningis a ital part o that growth plan. This next management step, which draws on the successul partnership betweenMuhtar and me, ensures that we will continue to grow and enhance Coca-Colas business around the world, saidMr. Isdell. I hae been engaged with the Management Deelopment Committee and the entire Board in successiondiscussions and planning since m return in June 2004. Haing worked closel with Muhtar or nearl 20 ears,I know that his combination o industr knowledge, passion or operational excellence, strategic ision and highleel o interpersonal skills is the ideal blend to take our Compan orward.

The opportunit to lead The Coca-Cola Compan is an extraordinar honor, and I am grateul to the Board or the

condence it has placed in me, said Mr. Kent. I look orward to building on the strong oundation or sustainablegrowth that we hae set in place or the Coca-Cola sstem around the world.

that meet new liestle needs. In North America, our

fagship market, we will continue to ocus on renewingthe health o our business.

Fourth, we will accelerate the rich innoation pipeline o

ingredients, sweeteners, packaging and euipment that

generate prot and alue or our sstem. We will continue

to adance structural and organizational initiaties designed

to expedite the time it takes to moe ideas to the market.

And th, we will strengthen Coca-Cola sstem capabilities.

This begins with urther enhancing our core capabilities o

consumer marketing, commercial leadership and ranchise

leadershipall designed to connect more deepl with

consumers and our more than 20 million customer outlets.

Productiit is another sstem enabler that can urther our

growth. Part o the saings gained rom our suppl chain,

marketing and operating eciencies can be reinested

to help drie top-line growth and sustain results.

The Coca-Cola sstems greatest asset is our team o

talented and experienced people across the world.

We hae worked hard to restore the belie that the

Coca-Cola sstem can win again, and we hae seen the

return o belie and enthusiasm. The winning culture is back.

Winning changes eerthingwinning toda, and the

condence o winning tomorrow.

Eerthing we do will be aligned with our ision o

creating greater alue or our shareowners, bottling

partners, customers and consumers b shaping positie

and unorgettable experiences at eer point o contact

with our Compan, the Coca-Cola sstem and our brands.

Ultimatel, our commitment is to reward the aith ou

put in us b creating stronger and lasting perormance.

Thank ou or our condence and support.

Sincerel,

E. NEvILLE ISDELL, CHAIRMAN OF THE BOARD AND CHIEF EXECUTIvE OFFICER

MUHTAR KENT, PRESIDENT AND CHIEF OPERATING OFFICER

Februar 21, 2008


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2007 Annual Reiew 7

Selected Financial Data

year Ended December 31, 20071 20062 20053 20043,4 2003

(In millions except per share data)

SUMMARY OF OpERATiONS

Net operating reenues $ 28,857 $ 24,088 $ 23,104 $ 21,742 $ 20,857

Cost o goods sold 10,406 8,164 8,195 7,674 7,776

Gross prot 18,451 15,924 14,909 14,068 13,081

Selling, general and administratie expenses 10,945 9,431 8,739 7,890 7,287

Other operating charges 254 185 85 480 573

Operating income 7,252 6,308 6,085 5,698 5,221

Interest income 236 193 235 157 176

Interest expense 456 220 240 196 178Euit incomenet 668 102 680 621 406

Other income (loss) net 173 195 (93) (82) (138)

Gains on issuances o stock b euit inestees 23 24 8

Income beore income taxes 7,873 6,578 6,690 6,222 5,495

Income taxes 1,892 1,498 1,818 1,375 1,148

Net income $ 5,981 $ 5,080 $ 4,872 $ 4,847 $ 4,347

Aerage shares outstanding 2,313 2,348 2,392 2,426 2,459

Aerage shares outstanding assuming dilution 2,331 2,350 2,393 2,429 2,462

pER SHARE DATA

Basic net income $ 2.59 $ 2.16 $ 2.04 $ 2.00 $ 1.77

Diluted net income 2.57 2.16 2.04 2.00 1.77

Cash diidends 1.36 1.24 1.12 1.00 0.88

Closing market price on December 31 61.37 48.25 40.31 41.64 50.75

TOTAL MARkET vALUE OF COMMON STOCk $ 142,289 $ 111,857 $ 95,504 $ 100,325 $ 123,908

bALANCE SHEET DATA

Cash, cash euialents and current marketable securities $ 4,308 $ 2,590 $ 4,767 $ 6,768 $ 3,482

Propert, plant and euipmentnet 8,493 6,903 5,831 6,091 6,097

Depreciation 958 763 752 715 667

Capital expenditures 1,648 1,407 899 755 812

Total assets 43,269 29,963 29,427 31,441 27,410

Long-term debt 3,277 1,314 1,154 1,157 2,517

Shareowners euit 21,744 16,920 16,355 15,935 14,090

NET CASH pROviDED bY OpERATiNG ACTiviTiES $ 7,150 $ 5,957 $ 6,423 $ 5,968 $ 5,456

Certain prior ear amounts hae been reclassied to conorm to the current ear presentation.

1 In 2007, we adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, Accounting or Uncertaint in Income Taxes and recorded an

approximate $65 million increase in accrued income taxes in our consolidated balance sheet or unrecognized tax benets, which was accounted or as a cumulatieeect adjustment to the Januar 1, 2007 balance o reinested earnings.

2 In 2006, we adopted Statement o Financial Accounting Standards (SFAS) No.158, Emploers Accounting or Dened Benet Pension and Other PostretirementPlansan amendment o FASB Statements No. 87, 88, 106, and 132(R).

3 We adopted FASB Sta Position (FSP) No. 109-2, Accounting and Disclosure Guidance or the Foreign Earnings Repatriation Proision within the American JobsCreation Act o 2004 in 2004. FSP No. 109-2 allowed the Compan to record the tax expense associated with the repatriation o oreign earnings in 2005 when

the preiousl unremitted oreign earnings were actuall repatriated.4 We adopted FASB Interpretation No. 46(R), Consolidation o variable Interest Entities, eectie April 2, 2004.


10/40


Business Prole

THE COCACOLA COMpANY

GLObAL WORkFORCE: 90,500*

THE COCACOLA COMpANY

Established in 1886, The Coca-Cola Compan operates in more

than 200 countries and markets more than 2,800 beerage products.

These products include sparkling and still beerages, such as waters,

juices and juice drinks, teas, coees, sports drinks and energ drinks.

Four o the worlds top e nonalcoholic sparkling beerage brands

are ours: Coca-Cola, Diet Coke, Sprite and Fanta.

Our mission:

To reresh the world in bod, mind and spirit

To inspire moments o optimism through our brands and our actions To create alue and make a dierence eerwhere we engage

*Corporate associates are included in the geographic area in which the work. Bottling Inestments is an operating group with associates located in each o our six geographic

operating groups. Numbers are approximate and as o December 31, 2007. The increase in the number o associates (19,500) since December 31, 2006, was primaril due to

acuisitions and the consolidation o certain bottling operations.

NORTH AMERiCA 12,500Bottling Inestments 1,300

LATiN AMERiCA 3,300Bottling Inestments 10,400

EUROpEAN UNiON 2,500Bottling Inestments 14,200

AFRiCA 1,300Bottling Inestments 10,600

EURASiA 900Bottling Inestments 9,100

pACiFiC 2,900Bottling Inestments 21,500

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planetSustanale

Growth

Manesto or Growth


11/40

2007 Annual Reiew 9

Percento Compans

2007 WorldwideUnit Case volume

Our OwnershipInterest as o

December 31, 2007

CocaCola Enterrses inc. (CCE)CCE is the worlds largest marketer, producer and distributor o Coca-Cola beerages. CCEoperates in 46 states in the United States and in Canada, and it is the exclusie Coca-Colabottler in six European countries. 18% 35%

CocaCola FEMSA, S.A.b. de C.v. (CocaCola FEMSA)Coca-Cola FEMSA is the third-largest Coca-Cola bottler in the world. Coca-Cola FEMSAoperates in Mexico, as well as in eight countries in Central America and South America. 9% 32%

CocaCola Hellenc bottlng Comany S.A. (CocaCola Hellenc)Coca-Cola Hellenic is the ourth-largest bottler o Coca-Cola beerages, operating in 27countries in Europe and in Nigeriawith a total population o more than 550 million. 8% 23%

CocaCola Amatl Lmted (CocaCola Amatl)Coca-Cola Amatil is the largest independent Coca-Cola bottler in the Pacic regionand one o the worlds top six Coca-Cola bottlers. 2% 30%

For more details on our bottling relationships, please see our 2007 Annual Report on Form 10-K.

Comanys 2007 Worldwde

Unt Case volume

y bottler Relatonsh

*Eleen percent o our unit case olume was produced b our oodsericeoperations, as well as b our nished beerage operations, which produceproducts such as juices and juice drinks and sports drinks.

THE COCACOLA SYSTEM

The Coca-Cola sstem comprises our Compan and more

than 300 bottling partners worldwide. Our Compan primaril

manuactures and sells concentrates, beerage bases and

srups to bottling operations, which then produce a wide arra

o Coca-Cola beerages. Our Compan owns the brands and

is responsible or consumer marketing initiaties. Our bottling

partners, in addition to manuacturing the nal branded

beerages, also handle merchandising and distribution and

work closel with customersgrocer stores, restaurants, street

endors, conenience stores, moie theaters and amusement

parks, among man othersto bring our beerages toconsumers at a rate o 1.5 billion serings a da.

LARGEST bOTTLiNG pARTNERS AND COMpANY EqUiTY STAkE

10%CONTROLLING

INTEREST

11%OTHER*

54%NONCONTROLLINGEqUITy INTEREST

25%NO OWNERSHIP

INTEREST


12/40


January December

+27%

+4%

The Coca-Cola Company

Dow Jones Industrial Average

S&P 500

+6%

2007 Compan Highlights

No.1Ranking or the Food &Beerage Industr categorieso Best Ethicalquote Progressand Best Reported Perormancein Genea-based CoalencesEthical Ranking 2007

2007 Stock Perormance*

pORTFOLiO

pARTNERS

Supplier diersit spend inthe United States in 2007,a 23% increase ersus 2006

$366MM

Updated and relaunchedour Supplier Guiding Principlesin 2007, expanding ourcriteria or our suppliers

workplace practices

+10%DIvIDEND PERSHARE GROWTH

pROFiT

Our stock priceoutperormedthe Dow JonesIndustrial Aerage

and the S&P 500in 2007.

*For a e-ear iew o our stock perormance, see our 2007 Annual Report on Form 10-K.

+20%NET CASH PROvIDEDBy OPERATINGACTIvITIES GROWTH

Our unparalleledportolio includes13 brands with saleso more than

$1B22.7 billionUNIT CASES WORLDWIDE

16.9 billionUNIT CASES INTERNATIONAL

5.8 billionUNIT CASES NORTH AMERICA


13/40

2007 Annual Reiew 11

Ke StrategicAcuisitions

No. 1IN SPARKLING BEvERAGES

No. 1IN JUICES AND JUICE DRINKS

No. 1IN READy-TO-DRINK COFFEES AND TEAS

No. 2IN SPORTS DRINKS

No. 3IN PACKAGED WATER

pEOpLE

Included in the Dow JonesSustainabilit Indexes

www.sustainabilit-indexes.com

Included in the FTSE4Good Indexwww.tse.com/tse4good

pLANET

Returning theWater We UseSet the goal to return thewater we use, in ourbeerages and intheir production,back to nature

Our Manifesto for Growth wasawarded the 2007 StrategicHR Leadership Award bthe Societ or HumanResource Management.

South LatinBusiness UnitAwarded the Compansprestigious Woodru Cupbased on perormance in theareas o people, portolio,prot, partners and planet

AOLs HottestProducts o 2007

$60MMInested to build theworlds largest PETbottle-to bottle recclingplant in Spartanburg,South Carolina,and to supportother recclinginitiaties

ekOreshment,our Compans rerigerationprogram, recognized as theBest Sustainabilit Initiatie, 2007

Zenith International PublishingBeerage Innoation Awards

NORTH AMERICAglacau

Fuze

LATIN AMERICA

Jugos del valle

Leo Jnior*

No. 2Coca-Cola Zero

No. 5glacau itaminwater

*Acuisition pending approal b regulator authorities in Brazil

We adopted andimplemented ourglobal WorkplaceRights PolicyandHuman Rights

Statementin2007dening ourglobal Companprinciples in workplaceand human rights.


14/40


1.5 llon tmes a day,our eerages are enjoyed

around the world.


15/40


Inoaes, rarachir, energize speaking the language o rereshmentto so man people each da reuires innoation on a global scale, inside

and outside the bottle. That is wh we are constantl exploring new

was to improe our business and enhance our relationships with those

who are touched b itrom the armers who grow our ingredients

to the consumers who enjo our beerages. Expanding our beerageoerings and improing our packaging, sales euipment, distribution

and customer serice are part o how we will build our business protabl

and sustainabl. Our goal is to reward our shareowners, satis our

consumers and contribute positiel to communities around the world.


16/40


JAqUELiNE LivES iN RiO DE JANEiRO AND DRiNkS kUAT. pAULO LivES iN vANCOUvER AND DRiNkS DiET COkE.

LEE LivES iN bEiJiNG AND DRiNkS SpRiTE. JESSiCA LivES iN NEW ORLEANS AND DRiNkS DASANi pLUS.


17/40


Great Strdes, balanced Growth

In 2007, we made great strides in strengthening our brands,

reitalizing our culture, re-energizing our marketing and improing

operational execution throughout The Coca-Cola Compan.

Our 6 percent unit case olume growth was balanced across our

portolio and dierse geographies. We beliee that adaptabilit is

a characteristic o real growth companies, and we hae continued

to renew, reresh and sustain our business since 1886.

The beerage industr is growing and ibrant, and no one knows it

better than we do. Our strong results rom 2007 are eidence that

our Manifesto for Growthour holistic ision or the sustainabilit

o our business and communitiesis working. We are winning again.

From the 90,500 associates who are entrusted with our brands to

the people around the world who enjo 1.5 billion serings o ourbeerages dail, the language o rereshment connects us all.

2007 in Reiew

Visit the Our Companysection of our website, www.thecoca-colacompany.com, for more information on

our performance in 2007.


18/40


ApARNA WORkS AT COCACOLA iNDiA AND DRiNkS LiMCA. Our associates are increasingl engagedinoled in and

enthusiastic about their workas shown b a 79 percent score on our most recent Employee Insights Survey. This leel oengagement exceeds the beerage industr norm.


19/40


Fo ca, T CocaCoa Compay a too o optimim

a appi. O o t tig I a I wa ao t a

i Atata a i o f ocatio i tat o aociat a

gag a, jt a impotaty, ty a aig agai.

E. Neille Isdell, Chairman o the Board and Chie Executie Ocer

We hae made good progress on engaging and urther deeloping our

associates. B ocusing on eectieness and productiit, we hae become

more energetic and motiated. We are executing more uickl, simpliing

decision making and managing expenses more eectiel, allowing us to

better inest in the marketplace.

In 2007, the Societ or Human Resource Management recognized our Manifesto

for Growth or helping our Compan reinent itsel and work toward our long-term

sustainable growth obecties. One o the goals in our Manifesto is to be recognized

as a great place to work around the world. In recent ears, we hae ranked highl in

man countries or our workplace practices. For example, in 2007, Coca-Cola Chile

was ranked No. 1 b the Great Place to Work Institute Chile, and Coca-Cola India

ranked No. 2 in the Most Respected Fast Moing Consumer Goods Companies

sure b Businessworldand the Indian Market Research Bureau.

We ormalized our long-standing commitment to treat our associates airl and

with dignit with the launch in 2007 o our global Workplace Rights Policyand

Human Rights Statement, guided b international rights standards, including the

Uniersal Declaration o Human Rights and the International Labour Organizations

Declaration on Fundamental Principles and Rights at Work.

In 2006, we became a signator to the United Nations (UN) Global Compact,arming our commitment to embrace, support and enact a set o core

alues in the areas o human rights, labor standards, the enironment and

anti-corruption. The UN Global Compact reuires a Communication on Progress

rom all signatories in the rst two ears o membership, and in August 2007,

we reported our progress in our 2006 Corporate Responsibility Review.

Visit the Corporate Responsibilitysection of our website, www.thecocacolacompany.com,for more information on our policies, principles and practices.

Winning Spirit

Mo ta 100 popopmt om

were held across our

Company in 2007,

resulting in clear

development and

succession planning.

Goa Wom

Iitiati ac

in 2007 to accelerate

the recruitment,

advancement and

retention o women.

O Compay a

i t top f on

The 2007 DiversityInc

Top 50 Companies

or Diversity list.


20/40


CocaCoa it oy a i. It a ia, a iio, a ig.

It coctio a mt.

Muhtar Kent, President and Chie Operating Ocer

We hae built our business on the worlds loe o sparkling beerages, sales o

which drie our business results and accounted or 80 percent o our worldwide

unit case olume in 2007.

We passionatel continue to strengthen and expand our sparkling beerage

oerings. We hae streamlined processes and enhanced our innoation pipeline

in order to get new products and technologies out to the market aster to meet

consumers eer-changing preerences. In 2007, we continued to leerage our

leading brands and expanded the choices we oer consumers. We beliee there

is tremendous growth potential or our beerages, particularl or Coca-Cola,

Coca-Cola Zero and Diet Coke. Our three-cola strateg, which ocuses on these

brands, contributed to the highest annual growth rate or Trademark Coca-Cola

since 1998.

Connecting with consumers also uels our growth across the portolio. New

platorms, such as The Coke Side o Lie, are reaching consumers with

adertisements, online experiences and other programs that refect the optimismand hope that hae historicall characterized our brands and Compan.

We beliee all our beerages can pla a role in a balanced diet. We also

understand that consumers want ariet and choice and are concerned about

managing their health, including maintaining a health weight. To address our

consumers needs, we oer more than 2,800 beerage products, including a

growing ariet o ull, reduced and no-calorie beerages, portion sizes andpackage options. We support inormed choice b including nutrition labels

on almost all beerage packages worldwide, een though relatiel ew

goernments mandate this practice. We also oluntaril adopted responsible sales

and adertising policies in primar and secondar schools. Inormation on these

school policies is aailable on our website at www.thecoca-colacompan.com.

+8%TRADEMARK SPRITEUNIT CASE vOLUMEGROWTH

+4%TRADEMARK COCA-COLAUNIT CASE vOLUMEGROWTH

+5%TRADEMARK FANTAUNIT CASE vOLUMEGROWTH

Visit our Beverage Institute For Health & Wellness website at www.beverageinstitute.orgfor information on nutrition, research and education.

Sparkling Beerages


21/40


brIAn lIves In JOhAnnesburG And drInks COCACOlA. Our unit case olume in Arica grew 10 percent in 2007, led bgrowth in sparkling beerages. Trademark Coca-Cola accounted or 45 percent o our total unit case olume in Arica in 2007.

Our grip bottle is now

in 15 countries and uses

5% PeT, reducing

our carbon ootprint and

manuacturing costs.

We have 450+ a that include

2,800+ ag poct. CocaCola,

Diet Coke, Sprite and Fanta are our

o the worlds top fve nonalcoholic

sparkling brands.


22/40


POWerAde UNIT CASE vOLUME GREW 10%

IN 2007, WHILE THE INDUSTRyS SPORTS DRINK

CATEGORy GREW ONLy 4%. POWERADE IS

AvAILABLE IN MORE THAN 70 COUNTRIES.

vITAMInWATer IS ONE OF THE NEWEST MEMBERS

OF OUR STILL BEvERAGE PORTFOLIO. EACH OF OUR

15 vITAMINWATER PRODUCTS OFFERS A UNIqUE

BLEND OF vITAMINS AND OTHER NUTRIENTS.

CIel UNIT CASE vOLUME GREW 14% IN 2007.

CIEL IS OUR COMPANyS NO. 1 WATER BRAND

AND ACCOUNTS FOR MORE THAN 60% OF OUR STILL

BEvERAGE UNIT CASE vOLUME IN LATIN AMERICA.

MINUTE MAID UNIT CASE vOLUME GREW 5% IN 2007.

IN CHINA, MInuTe MAId OrAnGe PulP UNIT CASE

vOLUME GREW MORE THAN 60% IN 2007 AND IS THE

NO. 1 jUICE BRAND IN KEy METROPOLITAN MARKETS.


23/40

2007 Annal Review 21

Wr r actn. W nw a a cltr nnatn, an

w rl a t nl trl lbal bra cman.

E. Neville Isdell, Chairman o the Board and Chie Eective Ocer

We oer or consmers a choice o still beverages that reresh, hydrate, energie

and norish. We contine to create beverages to meet consmers evolving

liestyles and taste preerences. We are ocsed on maintaining the great taste o

or beverages and epanding or portolio o prodcts that provide benets sch

as vitamins and ntrients.

In 2007, we added more than 450 new still beverage prodcts to or portolio,

inclding prodcts gained throgh acqisitions. Trademarks Powerade, Aqaris,

Minte Maid and Simply perormed strongly dring the year, as did water brands

sch as Bonaqa, Ciel and Dasani. For the year, or nit case volme in still

beverages grew 12 percent, ollowing 7 percent growth in 2006.

We moved qickly to gain capability and scale throgh strategic bolt-on

acqisitions. Or 2007 acqisition o glaca, the maker o vitaminwater and

smartwater, was the largest in or Companys history. We invested $4.1 billion to

acqire glaca and believe this acqisition will be a catalyst or growth across or

total beverage portolio. It has already helped galvanie the Coca-Cola system in

North America. Together with or largest bottling partner in Latin America, we

acqired Jgos del Valle, strengthening and epanding or portolio in the rapidly

growing jice and jice drink market.

Additionally, new partnerships are epanding or reach in areas where we previosly

did not have signicant presence. For eample, or partnership in North America

with Caribo Coee will increase or presence in the ready-to-drink coee space.This partnership will strengthen or prole in this growing category.

Still Beverages

1 Collaboration with the China Academy o Chinese Medical Sciences2 Acqisition pending approval by reglatory athorities in Brail

T CcaCla

Rarc Cntr r

Cn Mcn1

in Beijing ocuses on

innovation in beverages

that contribute to

well-being.

Our acquisition

2

oL Jnr wll a

mr tan 50 rct

t r tll bra

rtl n Brazl,

including Matte Leo,

a beverage avorite

since 1938.

Visit the Brandssection of our website, www.thecoca-colacompany.com, for moreinformation on our still and sparkling beverage products.


24/40

22 The Coca-Cola Company

Cnmr nn r nnalclc ratrnk bra

rwn at 6l rcnt r art t amn cnmr

acka . W a a wnrl amn n r an tat

w n t k ln.

Mhtar Kent, President and Chie Operating Ocer

Today, the Coca-Cola system captres jst 20 percent o approimately

$580 billion* in global consmer spend on nonalcoholic ready-to-drink (NARTD)

beverages. Ftre indstry prot growth is epected to be airly evenly distribted

among emerging markets, developed markets and BRIC contriesBrail, Rssia,

India and China.

Or international bsiness is thriving, led by doble-digit growth in BRIC

contries in 2007. Contined ocs on driving growth in sparkling beverages,

immediate-consmption eection and alignment with or bottling partners

reslted in 9 percent nit case volme growth in Latin America, the highest in

that operating grop since 1997. Latin America was the second most protable

operating grop or or Company in 2007. And as we look orward to the

Beijing 2008 Olympic Games, we are strategically investing in or inrastrctre

and rote to market to connect or brands with consmers in the Pacic

operating grop.

Across the Coca-Cola system, we are strengthening or eection in the

marketplace. We share best practices globally and implement tailored plans to

meet localied market needs. Or balanced portolio, geographic diversity and

changing global demographics position s well to contine growing or bsiness.

And in challenging markets sch as India, Japan and the Philippines, we have

measrably stabilied or bsiness and retrned to nit case volme growth.

We also contine to work toward retrning or bsiness in North America to

sstainable, consistent growth.

A complete description of our business, operations and financial performance is provided inour2007 Annual Report on Form 10-K.

T 10 cntr based

on unit case volume:

1. United States

2. Mexico

3. Brazil

4. China

5. Japan

6. Germany7. Spain

8. South Arica

9. Argentina

10. Great Britain

More than70% o ournet operating revenues

and nearly 75% o our

unit case volume are

nrat t

Nrt Amrca.

Room to Grow

*$580 billion covers 80 markets that represent 98 percent o global consmer spendEromonitor International Sot Drink

Indstry Database, Janary 2008.


25/40


We LeAd oNe o The WoRLds LARgesT CoNsuMeR goods sysTeMs, with revene o more than $80 billion.

Cann mracare driving signicant

conversion to NARTD

beverages.

MORE PEOPLE MORE CITY-DWELLERS MORE WEALTH

+730MM +650MM +800MM

GROWTH INPOPuLATION

GROWTH INuRBANIzATION

MIDDLE-CLASS POPuLATIONGROWTH IN BRIC COuNTRIES

2005 2015

6.4B 7.1B

2005 2015

3.1B 3.8B

2005 2015

0.3B 1.1B

Sorces: Poplation Division o Economic and Social Aairs o the united Nations Secretariat and World Bank World Development Indicators


26/40


The CoCACoLA sysTeM hAs iMpLeMeNTed CoLLABoRATive CusToMeR ReLATioNship MANAgeMeNT with the majority

o or largest 20 cstomers, eciently sharing knowledge that drives reslts at every point along the retail vale chain.


27/40


A k ara nnatn actall wat w ar n wt t ctmr.

W a a wl nw ml rn rwt manamntnrn

w mamz rn n ar ackawc a nfcant art

acn marn nancmnt.

E. Neville Isdell, Chairman o the Board and Chie Eective Ocer

We are deepening or insights into how to contine bilding or bsiness

protably and responsibly or the long term. We think abot every aspect o or

vale chain, rom or sppliers to or bottling partners, cstomers and consmers.

The Coca-Cola Company is only part o the eqation. The strength o or bsiness

depends on the strength o the Coca-Cola system. Not only did the Company

realie solid reslts in 2007, bt Company-owned bottling operations and or

independent bottling partners also improved their perormance.

We have been working very closely with or bottling partners to create

collaborative relationships with or cstomers or mtal vale. This approach

is ocsed on creating vale or all o or cstomers, rom or largest global

retailers to or local corner stores. Throgh the Coca-Cola systems REDright

eection dailystrategy, we are able to provide a high level o service to or

cstomers, contribting to the health and protability o their bsinesses.

When a consmer walks into the typical spermarket, he or she has approimately

30,000 prodcts to choose rom dring the shopping eperience. We are

improving or connections with consmers by strengthening or merchandising,

point-o-prchase marketing, and cooler and vending machine design and

placement. And we contine eecting against or revene growth management

strategy: getting the right package in the right channel at the right price.

Visit the Our Companysection of our website, www.thecoca-colacompany.com, for moreinformation on the Coca-Cola system.

immat

cnmtn

nt ca lm

rw 6% in 2007,

driving protable

growth or our

Company.

Sm o Or Parts

The Coca-Cola system

has 10 million coolers and

vending machines, and

t nmbr clr

n BRiC* cntr

ncra mr tan

30% in 2007.

*Brail, Rssia, India and China


28/40


An amazn tn an wn cnmc, cal an nrnmntal

rc wrk ttr r t bttrmnt all. stanabl cmmnt

rn rt. CcaCla want t b art t ltn, wc tak

man rm, lk jb, ntmnt an cnratn.

Mhtar Kent, President and Chie Operating Ocer

We recognie that the health o the Coca-Cola bsiness relies on the strength

o or entire vale chain. In recent years, we have increased or transparency in

terms o or practices as they relate to the sstainable growth o or bsiness

and or eorts to contribte to the sstainability o commnities.

We take seriosly or responsibility to the commnities we serve and in which we

operate. Working together with or bottling partners and many nongovernmental

organiations (NGOs), governments and commnity members, we believe we

have made a positive and meaningl dierence arond the world. This incldes

a ocs on responsible environmental practices.

In 2007, we set the goal to retrn all the water we se, in or beverages and in

their prodction, back to natre. Additionally, we are working toward resing or

recycling 100 percent o or PET packaging in the united States and to improving

energy eciency in or operations. We are committed to growing or bsiness,

withot growing or carbon ootprint.

The direct and indirect economic impact o the Coca-Cola system fows along

or vale chain, reaching retailers, street vendors, growers and other sppliers.

In 2007, or Company paid $3.1 billion in dividends and $1.6 billion in income

taes and spent $1.6 billion on capital ependitres. The Company andThe Coca-Cola Fondation invested nearly $100 million in commnity programs.

These programs ocs on areas sch as environmental stewardship, HIV/AIDS

prevention and awareness, disaster relie, physical activity and edcation.

Visit the Corporate Responsibilitysection of our website, www.thecoca-colacompany.com,for more information on our initiatives.

We have more than

100 cmmnt

watr rjct n

49 cntr.

We plan to place at least5,000 clmatrnl

clr an nn

macnat the Beijing

2008 Olympic Games.

W rccl peT,

la an almnm

or use in uture beverage

containers, as well as or

clothing, bags and jewelry

available at our retail

Coca-Cola stores and online

at www.coca-colastore.com.

Sstaining Or Bsiness,

Sstaining Commnities


29/40


iN pARTNeRship WiTh MANy goveRNMeNTs ANd Ngo, the Coca-Cola system helps establish commnity programs, sch as

the installation o clean water sorces in Indonesian schools.


30/40


Renewed Ecellence in Marketing

In the TV and

cinema ad Hello, a

yong boy ses empty

Coca-Cola bottles to

relay his message o

hope arond the world.

Soth Arica lanched

this ad in 2007 to help

increase awareness o

the HIV/AIDS epidemic.

Sprite Yardwas lanched in Chinaas a mobile interactive msic platorm.

It allows sers to download msic,

inclding MP3 songs, ringtones, msic

videos and celebrity images, and to read

entertainment news and receive copons.

Fantasvivid advertising reminds consmersto live lie in ll color. These ads and graphics

reinorce Fantas bbbly, rity and bold taste

eperience. By amaing or senses, we also

enliven or desire or play and eberance.

Video Game,a commercialrom The Coke Side o Lie,

won the prestigios Gold Lion Awardat the International Cannes Advertising

Festival in 2007 and was eatred in

USA Todaysrecap o 2007 Best Ads.


31/40


The Coca-Cola Company teamed p with the iTnes Storein the smmer o 2007 to lanch Eropes largest msic promotion ever,

spanning 17 Eropean contries and rnning rom May throgh Agst. As

part o this promotion to connect with teens, Coca-Cola and the iTnes Store

gave away songs rom the iTnes Store on more than 2 billion promotional

packs o Coca-Cola, Coca-Cola light and Coca-Cola zero.

Levante la Mano

(Raise Yor Hand), aCoca-Cola light commercial

in Latin America, received

a silver award in 2007 at

El Sol, the Iberoamerican

Advertising Festival in

San Sebastin.

The Coca-Cola CompanyPolar Bear Spport Fnd

will help spport conservation,

research and awareness-bilding

eorts or polar bears, which

nmbered less than 25,000

worldwide in 2007. For

inormation on how yo canhelp, please visit www.polarbears

.thecoca-colacompany.com.

2007 O i G Hi hli h


32/40


2007 Operating Grop Highlights

ARiCA

Enhanced consmer connections across key markets contribted to the 10 percent

nit case volme growth in Arica in 2007. Trademark Coca-Cola nit case volme

grew 9 percent, de in part to sccessl Coca-Cola zero lanches in Egypt and

Morocco and otstanding local eection o The Coke Side o Lie campaign.

With a poplation o more than 945 million and annal per capita consmption

o or beverage prodcts at jst 39 servings, Arica represents a signicant nit

case volme growth opportnity or or Company.

Latin America 27%North America 25%

Pacic 16%

Eropean union 15%

Erasia 10%

Arica 7%

Arica 10% 6% 16% 6%

Erasia 16% 13% 24% 38%

Eropean union 3% 2% 14% 16%

Latin America 9% 6% 24% 22%

North America (1%) 1% 11% 1%

Pacic 7% 4% 7% 3%Bottling Investments 64% N/A 53% 750%

Wrlw 6% 4% 20% 15%

5yeAR CoMpouNd

ANNuAL gRoWTh

2007 vs. 2006

gRoWTh

NeT opeRATiNg

ReveNues

opeRATiNg

iNCoMe

uNiT CAse voLuMe 2007 vs. 2006 gRoWTh

uNIT CASE VOLuME GROWTH

+11% +1%SPARKLING

BEVERAGES

STILL

BEVERAGES

SOuTH AFRICA 33%

EAST & CENTRAL AFRICA 25%

NIGERIA 10%

EGYPT 9%

MOROCCO 6%

OTHER 17%

uNIT CASEVOLuME

22.7 billionunit Cases Worldwide


33/40


euRAsiA

euRopeAN uNioN

Erasias strong perormance o 16 percent nit case volme growth in 2007

was led by doble-digit growth in most key markets. Trademark Coca-Cola

nit case volme increased 10 percent or the year, de in part to the lanch

o The Coke Side o Lie platorm. We contined to epand and strengthen

or still beverage portolio in Erasia and ocsed on marketplace eection,

alignment with or bottling partners and consmer marketing initiatives. Or

bsiness in India has stabilied, and nit case volme grew 14 percent in 2007.

We strengthened or Eropean union (Eu) bsiness in 2007. Coca-Cola zero,

now in 21 Eu contries, led sparkling beverage nit case volme growth. Still

beverage growth was led by jice and jice drinks, sports drinks and water. We

enhanced or connections with consmers throgh programs sch as or msic

partnership with the iTnes Store and promotions or Rgby World Cp 2007

and or the Christmas holiday. Additionally, we led the indstry in the Eu or

volntary ntrition labeling in 2007. This labeling is on 75 percent o orbeverage packages, and we plan to reach 100 percent by the end o 2008.


+2% +15%SPARKLING

BEVERAGES

STILL

BEVERAGES


+12% +30%SPARKLING

BEVERAGES

STILL

BEVERAGES

RuSSIA 19%

ADRIATIC & BALKANS 18%

TuRKEY 18%

INDIA 14%

MIDDLE EAST 12%

SOuTHERN EuRASIA 10%

OTHER 9%

GERMANY 18%

SPAIN 16%

CENTRAL EuROPE 14%

GREAT BRITAIN 14%

ITALY 10%

FRANCE 9%

OTHER 19%

uNIT CASEVOLuME

uNIT CASEVOLuME


34/40


In 2007, we made progress in positioning Coca-Cola North America

or sstainable growth, and reslts improved dring the year. Sparkling

beverage perormance was led by Coca-Cola Classic, Coca-Cola zero and

Diet Coke, which all gained category share. In still beverages, we invested

in core brands, sccesslly integrated the glaca and Fe acqisitions,

and established a new Ventring and Emerging Brands bsiness nit. The

operating grop enters 2008 with a mch stronger base on which to bild.

NoRTh AMeRiCA

A ocs on eection and system collaboration drove solid perormance across

all key markets and beverage categories in 2007. Trademark Coca-Cola nit case

volme grew 7 percent, which represented 52 percent o total volme growth or

Latin America. Brail srpassed 1 billion nit cases or Trademark Coca-Cola and

was No. 2 in Coca-Cola zero nit case volme worldwide. The strategic acqisitions

o Jgos del Valle and Leo Jnior* epanded or still beverage portolio. Latin

America is now or Companys largest contribtor o nit case volme.

LATiN AMeRiCA

*Acqisition pending approval by reglatory athorities in Brail


+6% +35%SPARKLING

BEVERAGES

STILL

BEVERAGES


(2%) +5%SPARKLING

BEVERAGES

STILL

BEVERAGES

PMS 7471UuNIT CASEVOLuME

uNIT CASEVOLuME

MExICO 43%

BRAzIL 25%

LATIN CENTER 14%

ARGENTINA 8%

CHILE 5%

OTHER 5%

RETAIL 69%

FOODSERVICE 31%


35/40


In 2007, Pacic retrned to sstainable growth. Doble-digit growth in sparkling

beverages and the etraordinary sccess o Minte Maid Orange Plp drove

strong perormance in China. Early reslts rom or trnarond in the Philippines

are positive, and are de in part to increased marketing investments and consmer

marketing programs. Japan recorded the highest growth in Trademark Coca-Cola

in 30 years, and we sccesslly completed the transition with or new bottling

partner in Korea.

pACiiC

BoTTLiNg iNvesTMeNTs

Bottling Investments was established in 2006 to manage or Companys

consolidated bottling investments, drive growth and improve operating

perormance. Bottling Investments delivered strong nit case volme and

nancial perormance in 2007. Across the markets where Bottling Investments

operates, we maintained a sharp ocs on cstomers and improved people

capability and market eection. The creation o one bottler in Germany is

enabling a nied approach in that market, and we sccesslly integratedand stabilied the Philippines bottling bsiness in 2007.

Bttln intmnt t 2n lart bttlr

o Coca-Cola products in

the world.


+7% +7%SPARKLING

BEVERAGES

STILL

BEVERAGES

uNIT CASEVOLuME

CHINA 34%

JAPAN 25%

PHILIPPINES 13%

AuSTRALIA 8%

THAILAND 6%

OTHER 14%

*Refects the consolidation o certain bottling operations


+64%*

Bottling Investments operates

across 5 continents and is

themt racallr bttlr in the

Coca-Cola system.

BoARd o diReCToRs(as o February 21, 2008)


36/40


(back row, let to right) (ront row, let to right)

JAMes B. WiLLiAMs 1, 4, 5, 6

Retired Chairman o the Board and Chie Executive Ocer,SunTrust Banks, Inc.

ALexis M. heRMAN 3, 7

Chair and Chie Executive Ocer, New Ventures, LLC

sAM NuNN 5, 7

Co-Chairman and Chie Executive Ocer, Nuclear Threat InitiativedoNALd R. Keough 6, 7

Nonexecutive Chairman o the Board, Allen & Company Incorporated,and Nonexecutive Chairman o the Board, Allen & Company LLC

JAMes d. RoBiNsoN iii 2, 3, 6

General Partner, RRE Ventures

heRBeRT A. ALLeN 4, 5, 6

President and Chie Executive Ocer, Allen & Company Incorporated

RoNALd W. ALLeN 1, 3

Advisory Director, Former Consultant and Advisory Director, andRetired Chairman o the Board, President and Chie Executive Ocer,Delta Air Lines, Inc.

peTeR v. ueBeRRoTh 1, 5

Investor and Chairman, Contrarian Group, Inc., andNonexecutive Co-Chairman, Pebble Beach Company

BARRy diLLeR 2, 5, 6

Chairman o the Board and Chie Executive Ocer,IAC/InterActiveCorp, and Chairman o the Board andSenior Executive, Expedia, Inc.

CAThLeeN p. BLACK3, 7

President, Hearst Magazines

doNALd . MCheNRy1, 2, 7

Distinguished Proessor in the Practice o Diplomacy andInternational Aairs, Georgetown University

e. NeviLLe isdeLL 4

Chairman o the Board and Chie Executive Ocer,The Coca-Cola Company

Not pictured:

JACoB WALLeNBeRg 2, 7

Chairman o the Board, Investor AB, and Vice Chairman oSkandinaviska Enskilda Banken AB

1 Audit Committee2 Committee on Directors and Corporate Governance3 Compensation Committee4 Executive Committee5 Finance Committee6 Management Development Committee7 Public Issues & Diversity Review Committee

poLAR BeAR (center)Coca-Cola Ambassador, World o Coca-Cola, Atlanta, GeorgiaThe polar bear has been an icon o Coca-Cola holiday marketing since 1993. As part o a larger commitment to climate protection, we are

working to help raise public awareness about the plight o the polar bear. In 2007, the Company established a conservation seed und calledThe Coca-Cola Company Polar Bear Support Fund.

MANAgeMeNT(as o February 21, 2008)


37/40


1 Persons sbject to the reporting reqirements o Section 16 o the Secrities Echange Act o 19342 A joint ventre in which The Coca-Cola Company owns a 50 percent eqity interest

opeRATioNs

Arca

Alexander B. Cummings1

President

East and Central Arica: Nathan KalumbuNigeria: Cem KumralNorth and West Arica: Curtis FergusonSouth Arica: William Egbe

eraa

Ahmet C. Bozer1President

Adriatic and Balkans: Nikos Coumettis

India: Atul SinghRussia, Ukraine and Belarus:Clyde C. TuggleSouthern Eurasia and Middle East:Iain McLaughlinTurkey: Ahmet Burak

eran unn

Dominique Reiniche1President

Central and Southern Europe:

Michael Holm JohansenGermany: Beatrice Guillaume-GrabischIberia: Marcos de Quinto

Northwest Europe and Nordics:Michael A. Clarke

Latn Amrca

Jos Octavio Reyes1President

Brazil: Brian J. SmithLatin Center: Xiemar ZarazaMexico: James R. QuinceySouth Latin: Francisco Crespo Bentez

Nrt Amrca

J. Alexander M. Douglas, Jr.1President

Canada:Vincent R. TimpanoSparkling Beverages: Hendrik SteckhanStill Beverages: Brian P. KelleyVenturing and Emerging Brands:Deryck van Rensburg

pacc

Glenn G. Jordan S.1President

Paul K. EtchellsDeputy Group President

China: Steve K.W. Chan and Douglas JacksonJapan: Masahiko Uotani and Dan SayrePhilippines: Kandy AnandSouth Pacifc: Gareth EdgecombeSoutheast and West Asia: Manuel Arroyo

Bttln intmnt

Irial Finan1Executive Vice President and President,Bottling Investments and Supply Chain

China: Martin JansenGermany: Damian GammellNordics, Middle East and Arica:John GuarinoSouth Asia and Latin America: Steve Bungton

Mcdnal gr

Jerry S. WilsonPresident

Bra partnr Wrlw2

Leslie NovosChie Executive Ocer

exeCuTive oiCeRs o The CoMpANy

E. Neville Isdell1Chairman o the Board andChie Executive Ocer

Muhtar Kent1

President andChie Operating Ocer

Ahmet C. Bozer1President, Eurasia

Alexander B. Cummings1President, Arica

J. Alexander M. Douglas, Jr.1President, North America

Gary P. Fayard1Executive Vice President andChie Financial Ocer

Irial Finan1

Executive Vice Presidentand President, BottlingInvestments and Supply Chain

Glenn G. Jordan S.1President, Pacic

Georey J. Kelly1Senior Vice President andGeneral Counsel

Robert P. Leechman1Vice President and ChieCustomer and Commercial Ocer

Thomas G. Mattia1

Senior Vice President and Director,Worldwide Public Aairs andCommunications

Cynthia P. McCague1Senior Vice President andDirector, Human Resources

Dominique Reiniche1President, European Union

Jos Octavio Reyes1President, Latin America

Danny L. Strickland1Senior Vice President and

Chie Innovation andTechnology Ocer

Joseph V. Tripodi1Senior Vice President andChie Marketing andCommercial Ocer

oTheR CoMpANy oiCeRs

snr vc prnt

Jean-Michel R. ArsIngrid Saunders JonesJerry S. Wilson

vc prnt

Harry L. Anderson1Rudy M. Beserra

Rick FrazierWilliam D. Hawkins IIIEddie R. HaysJanet A. HowardJames A. HushBilal KaaaraniMarc Mathieu

Connie D. McDanielMarie D. Quintero-JohnsonBarclay T. ReslerMary M.G. RiddleDavid M. TaggartAnn T. TaylorKathy N. Waller

Frederick P. Yochum

Carol Crooot HayesSecretary

Fiona K. PayneAssistant Secretary

oRWARdLooKiNg sTATeMeNTs, eNviRoNMeNTAL sTATeMeNT ANd equAL oppoRTuNiTy poLiCy


38/40


Sandy Alexander, Inc., an ISO 14001:2004 certied printer with Forest Stewardship Council (FSC) Chain o Custody, printed this report with theuse o Green-e certied renewable wind power purchased rom Community Energy, resulting in nearly zero volatile organic compound emissions.This report was printed on process chlorine-ree FSC-certied Mohawk Options 100% PC, which is made with 100 percent post-consumerrecycled ber. This paper is made carbon neutral within Mohawks production processes by osetting thermal manuacturing emissions withVERs, and by purchasing enough Green-e certied Renewable Energy Certicates to match 100 percent o the electricity used in our operations.This paper is also certied by Green Seal.

The Coca-Cola Company, a Foundation Member o eTree, has donated nearly 350,000 trees since October 2005 through American Forests orreorestation projects across the United States, and since 2005 has signicantly reduced the number o reports printed. For more inormation onthe eTree program, visit www.eTree.com.

Savings derived rom using post-consumer recycledber in lieu o virgin ber:

i ri r i -c r r c cl i r i li ir i i r

i ri r i r cr r i r

i i r i i l

2,341 trees preserved or the uture

6,760 lbs. waterborne waste not created


i ri r i r cr r i r

i i r i i l

994,389 gallons wastewater fow saved

-c r r c cl i r i li ir i i r

r cr r i r

i i l

110,026 lbs. solid waste not generated


r cr r i r

i i l

216,638 lbs. net greenhouse gases prevented


r cr r i r

i i l

1,658,193,600 BTUs energy not consumed

Savings derived rom choosing a paper created withemission-ree, wind-generated electricity:


i ri r i r cr r i r

i i r i i l

112,562 lbs. air emissions not generated

47 barrels crude oil unused

This amount o wind-generated electricity is equivalent to:


i ri r i r cr r i r

i i r i i l

taking 10 cars o the road or one year OR


i ri r i r cr r i r

i i r i i l

planting 7,608 trees

oRWARdLooKiNg sTATeMeNTs

This press release may contain statements, estimates or projections thatconstitute orward-looking statements as dened under U.S. ederal

securities laws. Generally, the words believe, expect, intend,estimate, anticipate, project, will and similar expressionsidentiy orward-looking statements, which generally are not historicalin nature. Forward-looking statements are subject to certain risks anduncertainties that could cause actual results to dier materially romThe Coca-Cola Companys historical experience and our presentexpectations or projections. These risks include, but are not limitedto, obesity concerns; scarcity and quality o water; changes in thenonalcoholic beverages business environment, including changes inconsumer preerences based on health and nutrition considerations andobesity concerns; shiting consumer tastes and needs, changes in liestylesand increased consumer inormation; increased competition; our ability

to expand our operations in emerging markets; oreign currency andinterest rate fuctuations; our ability to maintain good relationships withour bottling partners; the nancial condition o our bottlers; our abilityto maintain good labor relations, including our ability to renew collectivebargaining agreements on satisactory terms and avoid strikes or workstoppages; increase in the cost o energy; increase in cost, disruptiono supply or shortage o raw materials; changes in laws and regulationsrelating to beverage containers and packaging, including mandatorydeposit, recycling, eco-tax and/or product stewardship laws or regulations;adoption o signicant additional labeling or warning requirements;unavorable 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 maintainbrand image and product quality as well as other product issues such asproduct recalls; changes in legal and regulatory environments; changesin accounting standards and taxation requirements; our ability to achieveoverall long-term goals; our ability to protect our inormation systems;additional impairment charges; our ability to successully manageCompany-owned bottling operations; global or regional catastrophicevents; and other risks discussed in our Companys lings with theSecurities and Exchange Commission (SEC), including ourAnnual Reporton Form 10-K, which lings are available rom the SEC. You should not

place undue reliance on orward-looking statements, which speak only aso the date they are made. The Coca-Cola Company undertakes no obligation

to publicly update or revise any orward-looking statements.

eNviRoNMeNTAL sTATeMeNT

A healthy environment, locally and globally, is vital to our businessand to the communities where we operate. We view protectiono the environment as a journey, not a destination. We began thatjourney over 120 years ago, and it continues today. Each employee oThe Coca-Cola Company has responsibility or stewardship o our naturalresources and must strive to conduct business in ways that protect andpreserve the environment. Our employees, business partners, suppliersand consumers must all work together to continuously nd innovativeways to oster the ecient use o natural resources, the prevention o

waste and the sound management o water. Doing so not only benetsthe environment, it makes good business sense.

equAL oppoRTuNiTy poLiCy

The Coca-Cola Company values all employees and the contributions theymake. Consistent with this value, the Company rearms its long-standingcommitment to equal opportunity and armative action in employment,which are integral parts o our corporate environment. The Companystrives to create an inclusive work environment ree o discrimination andphysical or verbal harassment with respect to race, gender, color, nationalorigin, religion, age, disability, sexual orientation, gender identity and/orexpression or veteran status. We will make reasonable accommodations

in the employment o qualied individuals with disabilities, or religiousbelies and whenever else appropriate.

The Company maintains equal employment opportunity unctions toensure adherence to all laws and regulations, and to Company policy inthe areas o equal employment opportunity and armative action. Allmanagers are expected to implement and enorce the Company policyo nondiscrimination, equal employment opportunity and armativeaction, as well as to prevent acts o harassment within their assigned areao responsibility. Further, it is a part o every individuals responsibility tomaintain a work environment that refects the spirit o equal opportunityand prohibits harassment.

Company

sHAREowNER INfoRmAtIoN


39/40

2007 Annual Review 37

Design:M

ethodologie

PrincipalPhotography:WalterSmith

ExecutivePhotography:MichaelPugh

AdditionalPhoto

graphy:EricMyer,GuivonSchmidt

Publisher:ExecutiveCommunications

,TheCocaColaC

commoN stock

The CocaCola Company is one o 30 companies in the Dow JonesIndustrial Average. Our common stock is listed on the New York Stock

Exchange, the principal market or our common stock, traded underthe ticker symbol KO. The stock is also traded on the Boston, Chicago,National and Philadelphia stock exchanges.

At year end, there were 2.32 billion shares outstanding and 306,938shareowners o record.

DIvIDENDs

At its February 2008 meeting, our Board o Directors increased ourquarterly dividend to $0.38 per share, equivalent to an annual dividendo $1.52 per share. The Company has increased dividends in each othe last 46 years.

The CocaCola Company normally pays dividends our times a year,

usually on April 1, July 1, October 1 and December 15. The Companyhas paid 347 consecutive quarterly dividends, beginning in 1920.

DIvIDEND AND cAsH INvEstmENt PlAN

The Dividend and Cash Investment Plan permits shareowners orecord to reinvest dividends rom Company stock in shares oThe CocaCola Company. The Plan provides a convenient, economicaland systematic method o acquiring additional shares o our commonstock. All shareowners o record are eligible to participate.

For more details on the Dividend and Cash Investment Plan,please contact the Plan Administrator, Computershare, or visitwww.computershare.com/cocacola or more inormation.

sHAREowNER AccouNt AssIstANcE

For account inormation and maintenance, including address changesand inormation about the Dividend and Cash Investment Plan,please contact:

Computershare Investor ServicesP.O. Box 43078Providence, RI 029403078

Telephone: (888) COKESHR (2653747) or (781) 5752879Hearing Impaired: (800) 4901493Fax: (781) 5753605

Email: [email protected]: www.computershare.com/cocacola

sHAREowNER INtERNEt AccouNt AccEss

For account access via the Internet, please log on towww.computershare.com/investor and click register now. Onceregistered, shareowners can view account history and completetransactions online.

ElEctRoNIc DElIvERy

I you are a shareowner o record, you have an opportunity tohelp the environment by signing up to receive your shareowner

communications, including annual reports, proxy materials, accountstatements and tax orms, electronically. Register your email addressat www.eTree.com/cocacola and complete the online orm. As athank you, the Company will have a tree planted on your behalthrough American Forests.

coRPoRAtE offIcEs

The CocaCola CompanyOne CocaCola Plaza

Atlanta, Georgia 30313(404) 6762121

INstItutIoNAl INvEstoR INquIRIEs

(404) 6765766

INfoRmAtIoN REsouRcEs

InternetOur website, www.thecocacolacompany.com, oers inormationabout our nancial perormance, news about the Company andbrand experiences.

Publications

The Companys Annual Report on Form 10-K, Proxy Statement,Annual Review, Quarterly Reports on Form 10-Qand herpiain covering our corporate responsibility policies and initiativesare aaiae ree harge pn ree rom our Industry andConsumer Aairs Department at the Companys corporate oces (seeabove). They also can be accessed at www.thecocacolacompany.com.

HotlineThe Companys hotline, (800) INVSTKO (4687856), oers tapedhighlights rom the most recent quarter and may be used to requestthe most uptodate quarterly results news release.

Audio Annual Review

Online and compact disc versions o this report are available withoutcharge. To listen online, please go to www.annualreview.cocacola.com.To receive a copy o the compact disc, please contact our Industry andConsumer Aairs Department at (800) 4382653.

2008 The CocaCola Company

yEs, you cAN! JoIN tHE cIvIc ActIoN NEtwoRk.

You have a stake in the success o The CocaCola Company and itssystem, and the Civic Action Network (CAN) is a powerul way to beinormed, involved and infuential. CocaCola CAN is a nonpartisangrassroots network o citizens and businesses. Its purpose is to educateour stakeholders about national, state and local issues aecting ourindustry. Membership is voluntary, and you will never be asked to makea nancial contribution.

To register, email us at [email protected].

For more inormation or to register, please visit our website atwww.thecocacolacompany.com/investors/shareowners.html.

yEs, I woulD lIkE to lEARN moRE AbouttHE cocAcolA comPANy coRPoRAtE REsPoNsIbIlItyPolIcIEs AND INItIAtIvEs.

I you are interested in learning more about our principles and ourprogress, please visit the Corporate Responsibilitysection o ourwebsite at www.thecocacolacompany.com.


40/40

bigyang-buhay muli

RENOVAR

menambah tenaga

enjoy

inovao

RGNRE

NOURRITsparkling

bergizi

effervescent

rafr

ydrate

ribilanciare

bumubul

renueva

revive

flssigkeit zufhren REFRESH

REJUVE

www.thecocacolacompany.com

Documents

2007 Coke annual review