2015 CAGNY

Muhtar Kent, Chairman & CEO

Kathy Waller, EVP & Chief Financial Officer

FEBRUARY 20, 2015

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; water scarcity and poor quality; evolving consumer preferences; increased competition and capabilities in the market place; product safety and quality concerns; increased demand for food products and decreased agricultural productivity; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our bottling partners' financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States or in other major markets; increased cost, disruption of supply or shortage of energy or fuels; increased cost, disruption of supply or shortage of ingredients, other raw materials or packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant additional labeling or warning requirements or limitations on the availability of our products; an inability to protect our information systems against service interruption, misappropriation of data or breaches of security; unfavorable general economic conditions in the United States; unfavorable economic and political conditions in international markets; litigation or legal proceedings; adverse weather conditions; climate change; damage to our brand image and corporate reputation from negative publicity, even if unwarranted, related to product safety or quality, human and workplace rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to our products or our business operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market conditions; one or more of our counterparty financial institutions default on their obligations to us or fail; an inability to realize additional benefits targeted by our productivity and reinvestment program; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages or labor unrest; future impairment charges; multi-employer plan withdrawal liabilities in the future; an inability to successfully integrate and manage our Company-owned or -controlled 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 for the year ended December 31, 2013 and our subsequently filed Quarterly Reports on Form 10-Q, 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 U.S. GAAP Financial Information

Forward-Looking Statements

The following presentation may include 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 www.coca-colacompany.com (in the “Investors” section) which reconciles our results as reported under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation.

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Agenda

Areas of Focus for 2015

Q&A

Strategic Overview

2014 Performance

3

4

2014 Performance

Progress in a Challenging Year

* Comparable currency neutral, excluding the impact of structural items ** Comparable currency neutral

2014 Full-Year Performance

NARTD Value Share

Net Revenue*

Operating Income*

EPS**

3%

6%

5%

• Macro environment

• Continued currency headwinds

• Strategic initiatives to accelerate growth

• Evolving and strengthening our distribution system

• New investments and partnerships focused on innovation and new occasions

Challenges and Progress

5

Strategic Initiatives to Accelerate Growth

Focus on core business model

Disciplined brand and growth investments

Segmented market roles

Streamline and simplify organization

Drive efficiency through aggressive productivity

6

Our Strategic Initiatives Drive Business Transformation and Growth

7

Streamline, Simplify and Save

Balanced Investment and Flexibility

Focus Our System • KO: Dynamic Brand Portfolio, Great

Marketing and System Leadership • Bottling Partners: Superior Execution • New Partners: Expanding Beverage

Occasions and Capabilities

Revenue, Profit

& Returns

Strategic Overview

Our Economic Profit Model Is Based on Growth

9

* Currency neutral

70% of EP Growth Economic Profit Growth* 30% of EP Growth

Revenue Growth Margin

Expansion Capital

Efficiency

Target CAGR 10% +

Revenue Growth

Our Growth Story Begins With Our Participation in a High-Growth Industry

10

Long-Term Target of Mid Single-Digit Growth*

Key Drivers of Revenue Growth

Revenue Growth

Share Gains

*Comparable currency neutral

Share Gains

Price Realization

Revenue Growth

Industry Growth

Our Growth Story Begins With Our Participation in a High-Growth Industry

11

Long-Term Target of Mid Single-Digit Growth*

Key Drivers of Revenue Growth

Revenue Growth

Share Gains

*Comparable currency neutral

Revenue Growth

Industry Growth

Share Gains

Price Realization

in Middle Class Growth

million*

in Personal Consumption (PCE) Growth

trillion*

An Industry Fueled by Favorable Demographics and Highly Correlated to PCE Growth

*Projected growth 2015 – 2020. NARTD excludes white milk and bulk water 12

Source: Euromonitor and internal estimates

Source: IHS Global Insight Source: IHS Global Insight

billion*

NARTD Retail Value Growth

Source: Internal estimates

Global NARTD Value Growth* by Market Type

Volatility in Emerging Markets Has Blurred the Underlying Growth Story

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014

Developed Markets

Developing Markets

Emerging Markets

* Growth based on internal estimates. NARTD excludes white milk and bulk water

YOY

Incr

ease

13

• Industry deceleration driven by emerging markets

• Focused on driving revenue growth based on segmented market roles

Developed Markets

Developing Markets

Emerging Markets Emerging Markets

Global NARTD Value Growth*

But Take a Step Back and the Growth Story Comes into Focus

0%

5%

10%

2010 2011 2012 2013 2014

NARTD Industry Value Growth

Sparkling Value Growth

Still Value Growth

YOY

Incr

ease

• Industry deceleration not category specific

• Estimated industry value growth of ~5% between 2015 and 2020

• Sparkling retail value has grown in emerging, developing and developed markets each year since 2010

14 * Growth based on internal estimates. NARTD excludes white milk and bulk water

NARTD Industry Value Growth

Sparkling Value Growth

Emerging Markets Still Value Growth

Winning in the Marketplace

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Long-Term Target of Mid Single-Digit Growth*

Key Drivers of Revenue Growth

Revenue Growth

*Comparable currency neutral

We Will Grow Faster Than the Industry Through Share Gains and Price Realization

Industry Growth

Price Realization

Share Gains Share

Gains

Utilizing Our Greatest Assets and Capabilities to Outpace Industry Growth

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GREAT MARKETING

SUPERIOR EXECUTION

DYNAMIC BRAND

PORTFOLIO

• Disciplined portfolio decisions

• Expand consumption occasions

• Quality

• Quantity

• Unparalleled distribution system

• Capabilities and investments

16

We Have the Most Valuable Portfolio of Brands

20 Billion-Dollar Brands... including three new brands!

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Our Portfolio Holds Leadership Positions in Key Categories and Markets

#1 in total

NARTD in 25 of top

32 markets

#1 in Sparkling and Juice & Juice Drinks

#2 Sports Drinks and Water

#1 in Sparkling, Juice & Juice Drinks, RTD Tea and Water

#2 in Sports Drinks

#1 in Sparkling, Juice & Juice Drinks and Sports Drinks

#2 in Water

#1 in Sparkling, Juice & Juice Drinks, RTD Coffee and Sports Drinks

#3 in Water

#1 in Sparkling and Sports Drinks

#3 in Juice & Juice Drinks

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North America

Latin America

Europe

Asia Pacific

Eurasia & Africa

Continuously Strengthening Our Portfolio

Industry Growth Through 2020 ($ Billions)

$- $50 $100

All Other

RTD Tea

Energy Drinks

Packaged Water

Juice and Juice Drinks

Value-Added Dairy

Core Sparkling #1

NM

#1

#2

#2*

#3

KO Value Position

Innovations and Investments

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*Estimated global position upon closing of the transactions with Monster Beverage Corporation

NM: Not Meaningful

Source: Internal Estimates and Canadean

Expanding Consumption Occasions and Capabilities

• Access new technologies, segments and assets through equity investments

• Utilize unique assets and relationships of each partner to maximize value

• Preserves cash and limits capital investment

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The Coca-Cola Bottle Centennial

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CELEBRATE A BIRTHDAY… …LEVERAGE IT FOR GROWTH

22

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Driving Transactions, Recruitment and Brand Love

Continuing to Strengthen Our Distribution System in Key Markets

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Coca-Cola Amatil Indonesia

Coca-Cola Beverages Africa

21st Century Beverage Partnership Model

• Creation of the largest African Coca-Cola bottler and 10th largest worldwide

• Joint venture to capture growth in this fast-growing emerging market

North America

Indonesia Africa

• Roadmap to retain ~1/3 of the U.S. bottler-delivered business by end of 2017

Our 21st Century Beverage Partnership Model Is Moving Forward

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• Completed territory transfers with strong and aligned bottling partners

• Transferred territories represent 5% of U.S. bottler-delivered business

• Completed initial pilots for common IT platform (Coke One)

• Developing “transition handbook” to scale success

• “Start Slow – Scale Fast”

System is transitioning AND growing

Customer feedback remains positive

Capabilities in place to accelerate

Progress Learnings and Implications

• Opportunity for CCR and expanding bottlers

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• Coke One enabling transition AND improving legacy performance

Evolving Our Bottling System in Africa to Seize the Tremendous Growth Opportunity

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• Coca-Cola Beverages Africa (CCBA) will produce and distribute in 12 countries across Southern and East Africa

• Over 30% of Sub-Saharan population lives in CCBA markets

• Provides greater choice, availability and value to capture the tremendous opportunity

Investing in Indonesia for Sustained Growth

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• Population of more than 250 million (4th largest population in the world)

• Fast-growing middle class

• NARTD market has more than tripled in the past decade

When We Combine the Right Brands, Great Marketing and Superior Execution, We Win in the Marketplace

STRONG BRAND

PORTFOLIO

GREAT MARKETING

SUPERIOR EXECUTION

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Retail Dollar Change in Sparkling*

Improving Trends in North America

*Nielsen All Measured Channels

-4%

-2%

0%

2%

4%

6%

2012 2013 1H 2014 2H 2014

Brand Coca-Cola

TCCC

Industry

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• Refreshment-oriented and value-enhancing price/pack architecture

• Profitable brand growth: quantity and quality of marketing investments

• Distinctive value creation with and for customers

2L Bottle

12 oz Can

1.25L Bottle

7.5 oz Mini-Can

8 oz Glass

12 oz Glass

6 pk 500 mL PET Bottle

Our Opportunity Remains Bounded Only by Our Imagination

The average household globally consumes drinks per day…

…of these 26 drinks,

26 are KO brands*

1.4

29 29 *Includes licensed brands

Areas of Focus for 2015

Driving Long-Term Shareowner Value Through Our Economic Profit Model

31

* Currency neutral

70% of EP Growth Economic Profit Growth* 30% of EP Growth

Revenue Growth

Margin Expansion

Capital Efficiency

Target CAGR 10% +

Revenue Growth

Improving Margins and Capital Returns Through Productivity

32

Margin Expansion

Capital Efficiency

Aggressive Productivity

Streamline Organization

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Disciplined Investments

Core Business Model

Segmented Market Roles

Marketing

$5-$6B

~$600M

Operating Expenses

$12B

~$1B

COGS

Aggressively Expanding Our Productivity Program

2013

Spend

Base $18B

Total Savings ~$1.4B

• 15% to 20% savings for non-bottling opex

• Mid single-digit % savings for bottling opex

• Streamlining group functions and standardizing business units

• Zero-based budgeting

• In-line blow molding

• Warehouse automation

• Light-weighting

• Network optimization

• Procurement

• Marketing spend procurement

• Reduction in non-media DME

• Focus resources behind most effective investments

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$18B

~$1.4B Total Savings

2013 Spend Base

TOTAL

$36B

~$3B

Embedding Productivity into Our Culture

• Procurement capabilities

• Product and package optimization

• In-line blow molding

Zero-Based Budgeting Supply Chain

• Completed phase 1 for Corporate and North America

• Supported by disciplined management oversight

• Embedding the process into our culture

Streamlining Organization

• Elimination of a functional layer at the group level

• Launched process improvement teams

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Improving Margins and Capital Returns Through Disciplined Investment Decisions

35

Margin Expansion

Capital Efficiency

35

Disciplined Investments

Aggressive Productivity

Streamline Organization

Core Business Model

Segmented Market Roles

Driving Growth Through Disciplined Investment Decisions

RED

Global System Investments

Imp

rove

Qu

alit

y

of

Mar

keti

ng

Inve

st in Su

pe

rior

Execu

tion

Right Execution Daily

Incre

ase M

ed

ia In

vestm

en

ts

Imp

rove

OB

PP

C

Cap

abili

ty

• Immediate consumption

• Transaction growth

• Recruitment

• Improve ad quality

• Increase reuse rate

• Double-digit increase in media in 2014

• Disciplined allocation

• Increase outlets and coolers

• Increase use of photo recognition

Accelerate Profitable

Growth

36

Improving Margins and Capital Returns Through Market Segmentation and Focus on Core Business Model

37

Margin Expansion

Capital Efficiency

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Aggressive Productivity

Streamline Organization

Disciplined Investments

Core Business Model

Segmented Market Roles

Incentives Linked to Segmented Market Roles

Volume Growth

Transactions

Incentives Tied to Profitable Revenue Growth Based on Segmented Market Role

Revenue Growth

Price/Mix

38

Focused on Our Core Business Model and Improving Returns

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Operating Margins

ROIC

Working Capital

Capex

Invested Capital

Expected Impact of North America Refranchising*

*Expected impact on consolidated financial statements

Cash from Operations • Consecutive

Years of Annual Dividend Increases

$4.3B $4.6B $5.0B $5.4B

$2.8B $3.1B

$3.5B $2.6B

2011 2012 2013 2014

Dividends Net Share Repurchases

Billion of Value Over Returned to Shareowners

2014

We Generate Strong Cash Flows and Reward Shareowners

* Received approximately $900 million of cash related to the disposal of certain bottling operations

*

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We Are Confident in Our Long-Term Growth Algorithm

Long-Term Growth Targets*

Net Revenue PBT EPS

High Single Digit

6-8% Mid

Single Digit

*Comparable currency neutral

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• PCE growth will continue to fuel industry value growth

• Grow faster than the industry by leveraging:

the world’s most valuable beverage portfolio;

great marketing; and

superior execution across our system

• Drive margin expansion and capital efficiency

Q&A