Mr. Allen is President and ChiefExecutive Officer of Allen & CompanyIncorporated, a privately held investmentfirm, and has held these positions formore than the past five years. Mr. Allenwas a Managing Director of Allen &Company LLC, a privately held invest-

ment firm, from September 2002 to February 24, 2003. He isa Director of Convera Corporation.

Mr. Allen is a consultant to and AdvisoryDirector of Delta Air Lines, Inc., a majorU.S. air transportation company, and hasheld these positions since July 1997. Heretired as Delta’s Chairman of the Board,President and Chief Executive Officer inJuly 1997, and had been its Chairman of

the Board and Chief Executive Officer since 1987. He is aDirector of Aaron Rents, Inc.

Ms. Black is President, Hearst Magazines,a unit of The Hearst Corporation, amajor media and communications compa-ny, and has held this position sinceNovember 1995. Ms. Black has been aDirector of The Hearst Corporationsince January 1996. From May 1991 to

November 1995, she served as President and Chief ExecutiveOfficer of Newspaper Association of America, a newspaperindustry organization. She served as a Director of the Companyfrom April 1990 to May 1991, and was again elected as a Directorin October 1993. Ms. Black is a Director of International BusinessMachines Corporation and iVillage.com.

Mr. Buffett is Chairman of the Boardand Chief Executive Officer of BerkshireHathaway Inc., a diversified holdingcompany, and has held these positionsfor more than the past five years. Heis also a Director of The WashingtonPost Company.

Mr. Daft is Chairman of the Board andChief Executive Officer of the Company,and has held these positions sinceFebruary 17, 2000. He served as Presidentand Chief Operating Officer of theCompany from December 5, 1999 untilFebruary 17, 2000. He previously served

as Senior Vice President of the Company from 1991 untilDecember 5, 1999. Mr. Daft also served as President of the Middleand Far East Group which also included management responsi-bility for the Africa Group and the Schweppes Beverage Divisionfrom October 29, 1999 until December 5, 1999. Mr. Daft joinedthe Company in 1969, and has held various executive positionssince 1984. Mr. Daft is also a Director of SunTrust Banks, Inc.and The McGraw-Hill Companies, Inc.

Mr. Diller is Chairman of the Board andChief Executive Officer of InterActiveCorp,an interactive commerce company, aposition with InterActiveCorp or itspredecessors he has held since August1995. He was Chairman of the Boardand Chief Executive Officer of QVC,

Inc. from December 1992 through December 1994. From 1984 to1992, Mr. Diller served as the Chairman of the Board and ChiefExecutive Officer of Fox, Inc. Prior to joining Fox, Inc., Mr.Diller served for ten years as Chairman of the Board and ChiefExecutive Officer of Paramount Pictures Corporation. He is also aDirector of The Washington Post Company.

Mr. Keough is Chairman of the Boardof Allen & Company Incorporated, aprivately held investment firm, and hasheld this position for more than the pastfive years. Mr. Keough retired as President,Chief Operating Officer and a Directorof The Coca-Cola Company in April

1993. He is also a Director of InterActiveCorp, ConveraCorporation and Berkshire Hathaway Inc.

:: THE COCA-COLA COMPANY 2003 SUMMARY ANNUAL REPORT28

Our Board of Directors

The Board is elected by the share owners to oversee their interest in the long-term healthand the overall success of the business and its financial strength. The Board serves as theultimate decision-making body of the Company, except for those matters reserved to orshared with the share owners. The Board selects and oversees the members of seniormanagement, who are charged by the Board with conducting the business of the Company.

Herbert A. Allen 4,5,6 Director since:1982 Age: 63

Ronald W. Allen1,7 Director since:1991 Age: 62

Douglas N.Daft 4 Director since:1999 Age: 60Chair, Executive Committee

Cathleen P. Black 1,3 Director since:1993 Age: 59Chair, Compensation Committee

Barry Diller 2,4,5,6 Director since: 2002 Age: 62

Donald R. Keough6 Director since: 2004 Age: 76

Warren E. Buffett 1,4,5 Director since:1989 Age: 73

Ms. King is Chairman of the Board ofThe Leadership Initiative, Terry SanfordInstitute of Public Policy, a support cor-poration of Duke University, charged withthe establishment of undergraduate collegeleadership programs, and has held thisposition since September 2001. From

September 1999 to September 2001, she served as President ofThe Leadership Initiative. From January 1995 until September1999, she served as Leader in Residence, Hart Leadership Program,Sanford Institute of Public Policy, Duke University. She wasSenior Vice President—Corporate Affairs of Corning Incorporatedfrom March 1992 through April 1994, and served as President ofCorning’s Steuben Glass division from 1987 to March 1992. Sheis a Director of Guidant Corporation.

Ms. Lagomasino is Chairman and ChiefExecutive Officer of J.P. Morgan PrivateBank, a unit of J.P. Morgan Chase and Co.J.P. Morgan Private Bank is a provider ofwealth management services to ultra highnet worth individuals. Ms. Lagomasinois a Director of Avon Products, Inc.

Mr. McHenry is Distinguished Professorin the Practice of Diplomacy andInternational Affairs at the School ofForeign Service, Georgetown University,and a principal owner and President ofThe IRC Group, LLC, a Washington,D.C. consulting firm. He has held these

positions for more than the past five years. He is a Director ofAT&T Corporation, FleetBoston Financial Corporation,GlaxoSmithKline plc and International Paper Company.

Mr. Nardelli is Chairman of the Board,President and Chief Executive Officer of TheHome Depot, Inc., a major home improve-ment retailer, a position he has held sinceDecember 2000. From 1995 to December2000, he served as President and ChiefExecutive Officer of GE Power Systems.

Mr. Nunn is Co-Chairman and ChiefExecutive Officer of the Nuclear ThreatInitiative, a position he has held since 2001.The Nuclear Threat Initiative is a charitableorganization working to reduce the globalthreats from nuclear, biological andchemical weapons. Mr. Nunn was a part-

ner in the law firm of King & Spalding from 1997 to December 31,2003. He served as a member of the United States Senate from1972 through 1996. He is a Director of ChevronTexacoCorporation, Dell Inc., General Electric Company, InternetSecurity Systems, Inc. and Scientific-Atlanta, Inc.

Mr. Reinhard is Executive Vice Presidentand Chief Financial Officer of The DowChemical Company, a specialty chemicalcompany, a position he has held for morethan the past five years. He is a Directorof Dow Chemical Company, DowCorning Corporation, Royal Bank of

Canada and Sigma-Aldrich Corporation.

Mr. Robinson is co-founder and GeneralPartner of RRE Ventures and Chairmanof RRE Investors, LLC, private informa-tion technology venture firms and hasheld these positions since 1994. He is alsoPresident of JD Robinson, Inc., a strategicadvisory firm. Mr. Robinson previously

served as non-executive Chairman of Violy, Byorum & PartnersHoldings, LLC from 1996 to 2003. He previously served asChairman and Chief Executive Officer of American ExpressCompany from 1977 to 1993. Mr. Robinson is a Director ofBristol-Myers Squibb Company, First Data Corporation andNovell, Inc.

Mr. Ueberroth is an investor andChairman of the Contrarian Group, Inc.,a business management company, andhas held this position since 1989. He isalso Co-Chairman of Pebble BeachCompany. He is Chairman of AmbassadorsInternational, Inc. and is a Director of

Hilton Hotels Corporation and McLeodUSA Incorporated.

Mr. Williams retired in March 1998as Chairman of the Board and ChiefExecutive Officer of SunTrust Banks,Inc., a bank holding company, whichpositions he had held for more than fiveyears. He continues to serve as a Directorand Chairman of the Executive

Committee of SunTrust Banks, Inc. and is also a Director ofGenuine Parts Company, Georgia-Pacific Corporation, MarineProducts Corporation, Rollins, Inc. and RPC, Inc.

29::OUR BOARD OF DIRECTORS

Susan Bennett King 2,3 Director since:1991 Age: 63

Maria Elena Lagomasino2,3 Director since: 2003 Age: 54

Donald F. McHenry 7 Director since:1981 Age: 67Chair, Public Issues and Diversity Review Committee

Robert L. Nardelli 1,3 Director since: 2002 Age: 55

J. Pedro Reinhard1 Director since: 2003 Age: 58

James D. Robinson III 2,6,7 Director since:1975 Age: 68Chair, Committee on Directors and Corporate Governance

Peter V. Ueberroth1,3 Director since:1986 Age: 66Chair, Audit Committee

James B. Williams 4,5,6 Director since:1979 Age: 70Chair, Finance Committee

Chair, Management Development Committee

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

Sam Nunn4,5,7 Director since:1997 Age: 65

:: THE COCA-COLA COMPANY 2003 SUMMARY ANNUAL REPORT30

Audit CommitteeUnder the terms of its charter, the Audit Committee represents andassists the Board in fulfilling its oversight responsibility relating tothe integrity of the Company’s financial statements and the financialreporting process, the systems of internal accounting and financialcontrols, the internal audit function, the annual independent auditof the Company’s financial statements, the Company’s compliancewith legal and regulatory requirements, and its ethics program, theindependent auditors’ qualifications and independence and the per-formance of the Company’s internal audit function and independentauditors. In fulfilling its duties, the Audit Committee, among otherthings, shall: 1) have the sole authority and responsibility to hire,evaluate and where appropriate replace the independent auditors;2) review with management and the independent auditors, theinterim financial statements and the Company’s disclosures underManagement’s Discussion and Analysis of Financial Conditionprior to the filing of the Company’s Quarterly Reports on Form 10-Q; 3) review with management and the independent auditorsthe financial statements to be included in the Company’s AnnualReport on Form 10-K (or the annual report) including (a) theirjudgment about the quality, not just acceptability, of the Company’saccounting principles, including significant financial reportingissues and judgments made in connection with the preparation ofthe financial statements; (b) the clarity of the disclosures in thefinancial statements; and (c) the Company’s disclosures underManagement’s Discussion and Analysis of Financial Condition andResults of Operations, including critical accounting policies;4) review and discuss with management, the internal auditors andthe independent auditors the Company’s policies with respect to riskassessment and risk management; 5) review and discuss with man-agement, the internal auditors and the independent auditors theCompany’s internal controls, the results of the internal audit pro-gram, and the Company’s disclosure controls and procedures andquarterly assessment of such controls and procedures; 6) establishprocedures for the receipt, retention and treatment of complaintsregarding accounting, internal accounting controls and auditingmatters, and procedures for confidential, anonymous submission ofconcerns by employees regarding accounting and auditing matters;and 7) review and discuss with management, the internal auditorsand the independent auditors the adequacy and effectiveness of theCompany’s legal, regulatory and ethical compliance programs.

Committee on Directors and CorporateGovernanceUnder the terms of its charter, the Committee on Directors andCorporate Governance is responsible for considering and makingrecommendations concerning the function and needs of the Board,management succession plans and review and development ofcorporate governance guidelines. In fulfilling its duties, theCommittee on Directors and Corporate Governance, among otherthings, shall: 1) identify individuals qualified to be Board membersconsistent with criteria established by the Board; 2) recommendto the Board nominees for the next annual meeting of share owners;3) evaluate individuals suggested by share owners; 4) oversee theevaluation of the Board and management; 5) consider issuesinvolving related party transactions with Directors and similarissues; and 6) review and recommend all matters pertaining to feesand retainers paid to Directors.

Compensation CommitteeUnder the terms of its charter, the Compensation Committee hasoverall responsibility for evaluating and approving the executivecompensation plans, policies and programs of the Company. Infulfilling its duties, the Compensation Committee, among otherthings, shall: 1) review and approve all corporate goals andobjectives relevant to the compensation of the Chief ExecutiveOfficer; 2) evaluate the performance of the Chief Executive Officerand other elected officers in light of approved corporate goals,performance goals and objectives; 3) review and approve compen-sation of the Chief Executive Officer and other elected officersbased on the evaluation of such officers; 4) review and approve anyemployment agreements, severance agreements or arrangements,change in control agreements/provisions, and any special or sup-plemental benefits for each officer of the Company; 5) approve,disapprove, modify or amend all non-equity plans designed andintended to provide compensation primarily for officers; 6) makerecommendations to the Board regarding adoption of equityplans; and 7) administer, modify or amend the stock optionplans and restricted stock plan.

Executive CommitteeThe Executive Committee has the authority to exercise the powerand authority of the Board of Directors between meetings, exceptthe powers reserved for the Board of Directors or the share ownersby the Delaware General Corporation Law.

Finance CommitteeUnder the terms of its charter, the Finance Committee is appointedto assist the Board in discharging its responsibilities relating tooversight of the Company’s financial affairs. In fulfilling its duties,the Finance Committee, among other things, shall: 1) formulateand recommend for approval to the Board of Directors the financialpolicies of the Company; 2) maintain oversight of the budget andfinancial operations of the Company; 3) review and recommendcapital expenditures; 4) evaluate the performance of and returnson approved capital expenditures; and 5) recommend dividendpolicy to the Board.

Management Development CommitteeThe Management Development Committee is responsible forsuccession planning and talent development for senior positions.

Public Issues and Diversity Review CommitteeUnder the terms of its charter, the Public Issues and DiversityReview Committee is appointed by the Board to aid the Boardin discharging its responsibilities relating to public issues anddiversity. In fulfilling its duties, the Public Issues and DiversityReview Committee, among other things, shall: 1) review theCompany’s policy and practice relating to significant public issuesof concern to share owners, the Company, the business communityand the general public; 2) monitor the Company’s progresstowards its diversity goals, compliance with its responsibilities asan equal opportunity employer and compliance with any legalobligation arising out of employment discrimination class actionlitigation; and 3) review and recommend the Board of Directors’position on share-owner proposals in the annual proxy statement.

Our Board Committees

Committee charters and corporate governance guidelines can be found at our Web site, www.coca-cola.com

31OUR MANAGEMENT ::

Our Management(as of February 19, 2004)

Operations

Corporate OfficersExecutive CommitteeDouglas N. Daft 1

Chairman, Board of Directors, andChief Executive Officer

Steven J. Heyer1

President andChief Operating Officer

Alexander R.C. (Sandy) Allan1

Executive Vice PresidentPresident and Chief Operating Officer,Europe, Eurasia & Middle East

Alexander B. Cummings1

Executive Vice PresidentPresident andChief Operating Officer, Africa

J. Alexander M. Douglas, Jr.1

Senior Vice President and Chief Customer Officer

Gary P. Fayard1

Executive Vice President andChief Financial Officer

Mary E. Minnick1

Executive Vice PresidentPresident and Chief Operating Officer, Asia

Daniel P. Palumbo1

Senior Vice President and Chief Marketing Officer

Deval L. Patrick1

Executive Vice PresidentGeneral Counsel and Secretary

José Octavio Reyes1

Executive Vice PresidentPresident and Chief Operating Officer,Latin America

Danny L. Strickland1

Senior Vice President and Chief Innovation/Research andDevelopment Officer

Clyde C. Tuggle1

Senior Vice PresidentWorldwide Public Affairs andCommunications

Executive Vice PresidentsAlexander R. C. (Sandy) Allan1

Alexander B. Cummings1

Gary P. Fayard1

Mary E. Minnick1

Deval L. Patrick1

José Octavio Reyes1

Senior Vice PresidentsJ. Alexander M. Douglas, Jr.1

Ingrid Saunders JonesGeoffrey J. KellyDaniel P. Palumbo1

Patricia V. PowellCoretha M. Rushing Danny L. Strickland1

Clyde C. Tuggle1

Vice PresidentsHarry L. AndersonJean-Michel R. ArèsRudy M. BeserraEllen BovarnickRalph K. CarltonSharon R. B. CaseCharles B. FruitEd GadsdenEddie R. Hays

Janet A. HowardJames A. HushCarolyn JacksonJuan D. JohnsonEsther LeeVicki LostetterMarc MathieuConnie D. McDaniel 1

Michael G. McQueeneyMark M. O’ShaughnessyMarie D. QuinteroBarclay T. ReslerMary M.G. RiddleDonald W. ShortDavid M. TaggartSteven J. VonderhaarSteve M. WhaleyFrederick P. Yochum

Gary P. Fayard1

Chief Financial Officer

David M. TaggartTreasurer

Connie D. McDaniel1

Controller

Deval L. Patrick1

Secretary

North AmericaSteven J. HeyerPresident andChief Operating Officer

Foodservice andHospitality DivisionWillis E. (Chris) LowePresident

Retail Sales DivisionDonald R. KnaussPresident

AfricaAlexander B. CummingsPresident andChief Operating Officer

North & West Africa DivisionRafik J. CressatyPresident

Southern &East Africa DivisionDouglas A. JacksonPresident

AsiaMary E. MinnickPresident andChief Operating Officer

East & South Asia GroupPatrick T. SiewertPresident

China DivisionSteve K.W. ChanChairmanPaul K. EtchellsPresident

India DivisionSanjiv GuptaPresident

Southeast &West Asia DivisionJames M. AdamsPresident

Philippines DivisionAlexander P.M. von BehrPresident

Japan DivisionMasahiko UotaniPresident

South Pacific & Korea DivisionMichael A. ClarkePresident

Europe, Eurasia & Middle EastAlexander R. C. (Sandy) AllanPresident andChief Operating Officer

Central Europe, Eurasia & Middle East GroupCem M. KozluPresident

Central Europe &Russia DivisionRobert P. LeechmanPresident

Eurasia & Middle East DivisionAhmet C. BozerPresident

Italy & Alpine DivisionKyriakos (Kerry) AnastassiadisPresident

Southeast Europe &Gulf DivisionMichael Holm JohansenPresident

Germany & Nordic DivisionDeryck van RensburgPresident

Germany DivisionGöetz-Michael MuellerPresident

Northwest Europe DivisionN. Thompson (Tom) LongPresident

Great Britain DivisionCharlotte OadesPresident

Iberian DivisionMarcos de QuintoPresident

European Public AffairsJosé Nuñez-CérveraPresident

Latin AmericaJosé Octavio ReyesPresident andChief Operating Officer

Glenn JordanExecutive Vice President andOperations Director

Brazil DivisionBrian J. SmithPresident

Latin Center DivisionDan SayrePresident

Mexico DivisionMartín MachinandiarenaPresident

South Latin DivisionJames QuinceyPresident

Beverage Partners Worldwide*Hans SavonijeChief Executive Officer

1 Officers subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934.* A joint venture in which The Coca-Cola Company owns a 50 percent equity interest.

A&WAccentAdesAlhambraAliveAlmdudlerAmbasaAmericanAndifrutAppletiserAquactiveAquanaAquapureAquariusAqvarisArwaAybal-KinBacardi MixersBarq’sBeatBeltéBeverlyBiboBimboBimbo BreakBingoooBistroneB areBlackFireBocoBom Bit MaesilBonaqua/QaBPMBright And EarlyBubblyBurnCaffeine Free Barq’sCaffeine Free Coca-ColaCaffeine Free Coke IICaffeine Free Diet/Light

Coca-ColaCal KingCalypsoCanada DryCanningsCappyCarversChahoCharruaChaudfontaineCheersCherry CokeChinottoChinotto LightChippewaChivalryCielCitraClubCoca-ColaCocoteenCoke IICrestaCristalCrush

CrystalCumberland GapDannonDasaniDelaware PunchDESCADiet A&WDiet AlmdudlerDiet/Light AndifrutDiet/Light Andina NectarDiet Barq’sDiet Canada DryDiet Cherry Coca-ColaDiet/Light Coca-ColaDiet/Light Coke with LemonDiet CrushDiet Dr PepperDiet FantaDiet IkonDiet Inca KolaDiet Kia OraDiet KrestDiet LiftDiet LiltDiet Mello YelloDiet Minute MaidSoft DrinkDiet Mr PibbDiet/Light NesteaDiet Nestea CoolDiet OasisDiet PopDiet SasiDiet SchweppesDiet SpriteDiet SquirtDiet TaiDiet Vanilla CokeDisney Hundred Acre WoodDisney Mickey’s AdventureDisney Winnie The PoohDisney Xtreme CoolerDornaDrimDr PepperE2Earth & SkyEight O’ClockEscuisEscuis LightEva WaterEvianFantaFinleyFioravantiFive AliveFlavor RageFloatzFontanaFraser & NeaveFreezitsFrescaFrescolitaFreskytaFresquinhaFrestea

FriscoFrucciFrugosFrugos FreshFruitiaFruitlaboFruitopiaFruitopa FreezeFruktimeFrutinaFrutonicGenki No MotoGeorgiaGeorgia ClubGeorgia GoldGiniGold SpotGolden CrushGrapetteGuarana JesusH2OKHappy ValleyHaru no Mint ShukanHawaiHi-CHi SpotHitHorizonHuangIce DewIce MountainIkonInca KolaIzvorul AlbJaz ColaJet TonicJinmeileJolly JuiceJoyJozuni YasaiJurassic WellJust JuiceJutaKapoKapo AxionKapo Super PowerKeriKia OraKidsfruitzKilimanjaroKinKin LightKinleyKiwi BlueKMXKochakadenKoumisoukaiKrestKuatKuat LightKuliLeedLiftLiltLimca

LimonadeLinnuseLove BodyMaazaMad RiverMagnoliaMagnolia FunchMagnolia ZipMalvernManzana MiaMare RossoMarochaMaster ChillMaster PourMazoeMeijinMelloMello YelloMerMezzo MixMiamiMickey MouseMigoro-NomigoroMiloMinaquaMinute MaidMinute Maid Juice To GoMinute Maid Soft DrinkMireilleMoneMonsoonMori No MizudayoriMr. PibbMultivitaNagomiNaluNamthipNativaNaturaquaNature’s OwnNectar Andina NectarinNesteaNestea CoolNevadaNeverfailNordic MistNorthern NeckNustaOasisOdwallaOld ColonyOrchyOyuPaaniPacific OrchardPampaPamsParlePeats Ridge SpringsPepe RicoPibb XtraPikoPilskalnaPlanet Java

PlayPocarrotPocket Dr.Poiana NegriPomsPonkanaPop ColaPortelloPoweradePowerade LightPulp AnanasPumpQooQuatroQuwat JabalRamblin’ Root BeerReal GoldRed FlashRed LionRefresh TeaRimzimRio GoldRipe N ReadyRiscoRiwaRobinson BrothersRosesRoyal TruSafaaSafety FirstSafiaSamanthaSamuraiSantibaSantolinSarsiSaryusaisaiSchweppesScorpionSeagramsSeasonsSeltzSensationSensunSenzaoShichifukuzenShockSignatureSimSimbaSimply AppleSimply OrangeSintoniaSlapSmartSoboSodafruit Caprice OrangesSokenbichaSoloSonfilSoonsoo 100SparkleSparklettsSparlettaSparletta Iron Brew

SplashSpliceSport ColaSport PlusSpring WaterSpriteSprite IceSprite Ice CubeSprite RemixSprite ZeroSpurSquirtStoney Ginger BeerSun ValleySundropSunfillSunfilled & Fruit TreeSunkistSupaSuperkoolsSuperpacSurgeSwerveTabTab X-TraTahitian TreatTaiTarumiTavernThe Tea for DiningTea World CollectionTen RenThextonsThums UpTian TeyTian Yu DiTikyTopToppurTopsTropicalTuborg SquashTurkuazUrgeValpreValserVanilla CokeVegitabetaVicaVitaVitalVital OVitingoVivaWater SaladWilkin’s Distilled WaterWinkWinnie The Pooh Junior JuiceYang GuangYang Guang Juicy TYoukiYumi187168

Brands

32 :: THE COCA-COLA COMPANY 2003 SUMMARY ANNUAL REPORT

Listed below are some brands included in our 2003 unit case volume. Some are licensed and many are sold only in select locations.

Our Top-Ten Worldwide Volume Leaders

j..

33GLOSSARY OF TERMS ::

Glossary of Terms

Bottling Partner or BottlerBusinesses that buy concentrates,beverage bases or syrups from theCompany, convert them into finishedpackaged products and sell them tocustomers.

CAGRCompound annual growth rate overa defined period of time.

Carbonated Soft DrinkNonalcoholic carbonated beveragecontaining flavorings and sweeteners.Excludes, among others, waters andflavored waters, juices and juice drinks,sports drinks, and teas and coffees.

The Coca-Cola SystemThe Company and its bottling partners.

CompanyThe Coca-Cola Company togetherwith its subsidiaries.

ConcentrateMaterial manufactured from Company-defined ingredients and sold to bottlersto prepare finished beverages throughthe addition of sweeteners and/orwater and marketed under trademarksof the Company.

ConsumerPerson who drinks Company products.

CustomerRetail outlet, restaurant or otheroperation that sells or serves Companyproducts directly to consumers.

Dividend Payout RatioCash dividends on common stockdivided by net income.

FountainSystem used by retail outlets todispense product into cups or glassesfor immediate consumption.

KOThe ticker symbol for common stockof The Coca-Cola Company.

MarketWhen used in reference to geographicareas, territory in which the Companyand its bottling partners do business,often defined by national boundaries.

Net CaptialShare-owners’ equity added to net debt.

Net DebtDebt less the sum of cash, cash equiva-lents and current marketable securities.

Noncarbonated BeveragesNonalcoholic noncarbonated beveragesincluding, but not limited to, waters andflavored waters, juices and juice drinks,sports drinks, and teas and coffees.

Per Capita ConsumptionAverage number of servings consumedper person, per year in a specific market.Per capita consumption of Companyproducts is calculated by multiplyingour unit case volume by 24, and dividingby the population.

Return on CapitalIncome before changes in accountingprinciples (adding back interest expense,net of related taxes) divided by averagetotal capital.

Return on Common EquityIncome before changes in accountingprinciples divided by average commonshare-owner’s equity.

ServingEight U.S. fluid ounces of a finishedbeverage.

SyrupConcentrate mixed with sweetener andwater, sold to bottlers and customerswho add carbonated water to producefinished carbonated soft drinks.

Total CapitalShare-owners’ equity plus interest-bearing debt.

Total Market Value ofCommon StockStock price as of a date multiplied bythe number of shares outstanding as ofthe same date.

Trademark Coca-ColaAll beverage products that includeCoca-Cola or Coke in their name.

Unit CaseUnit of measurement equal to192 U.S. fluid ounces of finishedbeverage (24 servings).

Unit Case Volume, or VolumeThe number of unit cases (or unit caseequivalents) of Company trademarkor licensed beverage products directlyor indirectly sold by the Coca-Colasystem to customers. Volume primarilyconsists of beverage products bearingCompany trademarks. Also includedin volume are certain products licensedto our Company or owned by ourbottling partners, for which ourCompany provides marketing supportand derives profit from the sales.Such products licensed to our Companyor owned by our bottling partnersaccount for a minimal portion of totalunit case volume.

Forward-Looking Statements

This report contains statements, estimates orprojections that constitute “forward-lookingstatements” as defined under U.S. federal securitieslaws. Generally, the words “believe,” “expect,”“intend,” “estimate,” “anticipate,” “project,” “will”and similar expressions identify forward-lookingstatements, which generally are not historical innature. Forward-looking statements are subject tocertain risks and uncertainties that could cause actualresults to differ materially from The Coca-ColaCompany’s historical experience and our presentexpectations or projections. These risks include, butare not limited to, changes in economic and politicalconditions; changes in the nonalcoholic beveragesbusiness environment, including actions of com-petitors and changes in consumer preferences; productboycotts; foreign currency and interest rate fluctua-tions; adverse weather conditions; the effectivenessof our advertising and marketing programs;fluctuations in the cost and availability of rawmaterials or necessary services; our ability to avoidproduction output disruptions; our ability toachieve earnings forecasts; our ability to effectivelyalign ourselves with our bottling system; regulatoryand legal changes; our ability to penetrate developingand emerging markets; litigation uncertainties;and other risks discussed in our Company’s filingswith the Securities and Exchange Commission (the“SEC”), including our Annual Report on Form10-K, which filings are available from the SEC.You should not place undue reliance on forward-looking statements, which speak only as of the datethey are made. The Coca-Cola Company undertakesno obligation to publicly update or revise any forward-looking statements.

34

Common StockTicker symbol: KOThe Coca-Cola Company is one of 30 companies in the DowJones Industrial Average.Share owners of record at year end: 350,186Shares outstanding at year end: 2.44 billion

United States Stock Exchanges:Common stock listed and traded: New York Stock Exchange,the principal market for our common stock.Common stock traded: Boston, Chicago, National, Pacificand Philadelphia stock exchanges.

DividendsAt its February 2004 meeting, our Board increased ourquarterly dividend to $0.25 per share, equivalent to an annualdividend of $1.00 per share. The Company has increaseddividends in each of the last 42 years.

The Coca-Cola Company normally pays dividends four timesa year, usually on April 1, July 1, October 1 and December 15.The Company has paid 331 consecutive quarterly dividends,beginning in 1920.

Dividend and Cash Investment PlanThe Dividend and Cash Investment Plan permits share ownersof record to reinvest dividends from Company stock in sharesof The Coca-Cola Company. The Plan provides a convenient,economical and systematic method of acquiring additionalshares of our common stock. All share owners of record areeligible to participate. Share owners also may purchaseCompany stock through voluntary cash investments of up to$125,000 per year.

At year end, 74 percent of the Company’s share owners ofrecord were participants in the Plan. In 2003, share ownersinvested $38.2 million in dividends and $25.7 million in cashin the Plan.

If your shares are held in street name by your broker andyou are interested in participating in the Dividend and CashInvestment Plan, you may have your broker transfer the shareselectronically to EquiServe Trust Company, N.A., through theDirect Registration System.

For more details on the Dividend and Cash InvestmentPlan, please contact the Plan Administrator, EquiServe, orvisit the investor section of our Company’s Web site,www.coca-cola.com, for more information.

Share-owner Account AssistanceFor address changes, dividend checks, direct deposit of divi-dends, account consolidation, registration changes, lost stockcertificates, stock holdings and information about theDividend and Cash Investment Plan, please contact:Registrar and Transfer AgentEquiServe Trust Company, N.A.P.O. Box 43070Providence, RI 02940-3070U.S. toll-free: (888) COKESHR (265-3747) or (781) 575-2725For the hearing impaired: (800) 490-1493 or (781) 575-2692E-mail: cocacola@equiserve.comInternet: www.equiserve.com

Share-owner Internet Account AccessShare owners of record may access their accounts via theInternet to obtain their share balance, conduct secure transac-tions, request printable forms and view the current marketvalue of their investment as well as historical stock prices. Tolog on to this secure site and request your initial password, goto www.equiserve.com and click on “Account Access.”

Corporate OfficesThe Coca-Cola CompanyOne Coca-Cola PlazaAtlanta, Georgia 30313(404) 676-2121

Institutional Investor Inquiries(404) 676-5766

Information ResourcesInternetOur Web site, www.coca-cola.com, offers information aboutour financial performance, news about the Company andbrand experiences.

PublicationsThe Company’s Annual Report on Form 10-K, ProxyStatement, Summary Annual Report, Form 10-Q reports andother publications covering our citizenship, environmental andworkplace principles are available free of charge upon requestfrom our Industry and Consumer Affairs Department at theCompany’s corporate address, listed above. They also can beaccessed at www.coca-cola.com.

HotlineThe Company’s hotline, (800) INVSTKO (468-7856), offerstaped highlights from the most recent quarter and may be usedto request the most up-to-date quarterly results news release.

Audio Summary Annual ReportAn audiocassette version of this report is available withoutcharge as a service to the visually impaired. To receive acopy, please contact our Industry and Consumer AffairsDepartment at (800) 438-2653.

Duplicate MailingsIf you are receiving duplicate or unwanted copies of our2003 Form 10-K Report, please contact EquiServe at (888) COKESHR (265-3747).

American Idol is a trademark of Fremantle Media North America, Inc.

The Matrix and The Matrix Reloaded are trademarks of WarnerBrothers Entertainment, Inc.

© 2004 The Coca-Cola Company

This report was printed on recycled paper.

Share-owner Information

:: THE COCA-COLA COMPANY 2003 SUMMARY ANNUAL REPORT

PercentYEAR ENDED DECEMBER 31, 2003 2002 Change

(in millions except per share data, ratios and growth rates)

Net operating revenues $ 21,044 $ 19,564 8 %

Operating income $ 5,221 $ 5,458 (4)%

Net income before cumulative effectof accounting change $ 4,347 $ 3,976 9 %

Net income $ 4,347 $ 3,050 43 %

Net income per share before cumulative effect of accounting change (basic and diluted) $ 1.77 $ 1.60 11 %

Net income per share (basic and diluted) $ 1.771 $ 1.232 44 %

Net cash provided by operating activities $ 5,456 $ 4,742 15 %

Dividends paid $ (2,166) $ (1,987) 9 %

Share repurchase activity $ (1,482) $ (707) 110 %

Return on capital 24.5% 24.5%

Return on common equity 33.6% 34.3%

Unit case volume (in billions)

International operations 13.7 13.1 5 %

North America operations 5.7 5.6 2 %

Worldwide 19.4 18.7 4 %

1 2003 basic and diluted net income per share included a net decrease of $0.18 as a result of the following items: a $0.15 per share decrease related to the Company’s streamlining initiatives primarily in North America and Germany; a $0.05 per share noncash decrease related to the consummation of amerger by one of our Company’s equity method investees, Coca-Cola FEMSA, S.A. de C.V. with another of the Company’s equity method investees,Panamerican Beverages, Inc.; and a $0.01 per share increase related to a settlement with certain defendants in a vitamin antitrust litigation matter. Per shareamounts do not add due to rounding.

2 2002 basic and diluted net income per share included a net decrease of $0.43 as a result of the following items: a $0.37 per share decrease related to thecumulative effect of a change in accounting principle resulting from the adoption of Statement of Financial Accounting Standards (SFAS) No. 142, “Goodwilland Other Intangible Assets”; a $0.06 per share decrease primarily related to the write-down of our investments in Latin America; a $0.01 per sharedecrease related to the Company’s share of charges taken by certain investees in Latin America; and a $0.01 per share increase related to our Company’sshare of a gain recognized by an investee in Latin America, Cervejarias Kaiser S.A.

Financial HighlightsTHE COCA-COLA COMPANY2003 SUMMARY ANNUAL REPORT

Letter to Share Owners 1

A Conversation with Doug Daft 2

Company Performance Review 6

Our Plan for Growth 8

A Word from Steve Heyer 9

North America Operating Segment 10

Africa Operating Segment 12

Asia Operating Segment 14

Europe, Eurasia and Middle East

Operating Segment 16

Latin America Operating Segment 18

Our Company 20

Selected Financial Data 26

Our Board of Directors 28

Our Board Committees 30

Our Management 31

Brands 32

Glossary of Terms 33

Share-owner Information 34

Table of Contents

For more information about The Coca-Cola Company, our beliefsand policies, and additional stories about our operations in more than

200 countries, please visit us at www.coca-cola.com.An online version of this publication as well as our Annual Report on

Form 10-K can be found at www.summaryannualreport.coca-cola.com.

This report was printed on 100 percent post-consumer waste recycled paper that is also process chlorine free (PCF). The paper, paper mill andprinter are all certified by The Forest Stewardship Council, which promotes environmentally appropriate, socially beneficial and economically viablemanagement of the world’s forests. The report was produced in a totally enclosed printing facility that results in nearly zero volatile organic compound(VOC) emissions. Anderson Lithograph’s certification number is SCS-COC-0533.

Environmental Statement: Our Company’s commitment to environmental issues is guided by a simple principle: We will conduct our businessin ways that protect and preserve the environment.Throughout our organization, our employees at all levels are proactively integrating our Company’senvironmental management system (eKOsystem) throughout all business units worldwide. We use the results of research and new technology tominimize the environmental footprint of our operations, products and packages. We seek to cooperate with public, private and governmental organiza-tions in pursuing solutions to environmental challenges. We direct our Company’s skills, energies and resources to activities and issues where we canmake a positive and effective contribution.

Equal Opportunity Policy: The Coca-Cola Company and its subsidiaries maintain a long-standing commitment to equal opportunity, affirmativeaction and valuing the diversity of our employees, share owners, customers and consumers. The Company strives to create a working environmentfree of discrimination and harassment with respect to race, sex, color, national origin, religion, age, sexual orientation, disability, status as a specialdisabled veteran, a veteran of the Vietnam era, or other covered veteran. The Company also makes reasonable accommodations in the employmentof qualified individuals with disabilities. The Company maintains ongoing contact with labor and employee associations to develop relationshipsthat foster responsive and mutually beneficial discussions pertaining to labor issues. These associations have provided a mechanism for positiveindustrial relations. In addition, we provide fair marketing opportunities to all suppliers and maintain programs to increase transactions with firmsthat are owned and operated by minorities and women.

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The Coca-Cola CompanyOne Coca-Cola PlazaAtlanta, Georgia 30313

www.coca-cola.com

2003 SUMMARY ANNUAL REPORT