Ahmet Bozer Executive Vice President and President, Coca-Cola International

Deutsche Bank Global Consumer Conference June 9, 2015

Forward-Looking Statements 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 marketplace; product safety and quality concerns; perceived negative health consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; 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; default by or failure of one or more of our counterparty financial institutions; an inability to timely implement our previously announced actions to reinvigorate growth, or to realize the economic benefits we anticipate from these actions; failure to realize a significant portion of the anticipated benefits of our strategic relationships with Keurig Green Mountain, Inc. and Monster Beverage Corporation; 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; an inability to successfully manage the possible negative consequences of our productivity initiatives; 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, 2014 and our subsequently filed Quarterly Report 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 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. 2

We are the World’s Leading Nonalcoholic Beverage Company

$46B net revenue

3

200+ markets

20

billion $ brands

Our Opportunity is Immense

The average household globally consumes

26

drinks per day…

4

*Includes

licensed brands

…of these 26 drinks,

1.4 are KO brands

*

4

Our Strategy is Consistent Across All Markets When We Combine the Right Brands, Great Marketing and Superior Execution, We Win in the Marketplace

STRONG BRAND PORTFOLIO

GREAT MARKETING

5

SUPERIOR EXECUTION

We Have the Most Valuable Portfolio of Brands

20 Billion-Dollar Brands

6

We Have a Proven Track Record of Innovation Equipment

Brands

Billion $ Brands

2014 Since 2007

Freestyle

Splashbar

Marketing and Packaging

2007

7

We Have a Pipeline of Large Brands Across Multiple Categories

RTD Tea

Water

Sparkling 8

Juice & JD

Our System Has the Strongest Capabilities

Million Cold Drink Assets

Thousand Global System Employees

Top 10 Private Employer

Billion Servings Every Day Nearly

Bottling Partners 9

Million Customer Outlets

Our Portfolio Holds Leadership Positions Across Key Categories Value Share Position

Juice & JD #1

Sparkling #1

Energy #2 *

Water #2 10

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

RTD Coffee #1

Sports #2

RTD Tea #3

Our Portfolio Holds Leadership Positions in Every Geography Value Share Position Europe #1 North America #1

#1 in Sparkling

#1 in Sparkling #2 in Still

#1 in Still

#1 in 25 of top 32 markets Latin America #1

#1 in Sparkling #1 in Still

Eurasia & Africa #1

#1 in Sparkling #1 in Still

11

Asia Pacific #1

#1 in Sparkling #1 in Still

During the Past Two Years, Our Topline Growth Decelerated Annual net revenue growth*

LT Target 4-6%

* Comparable currency neutral, excluding the impact of structural changes

12

Due Largely to an Industry Slowdown as Challenging Economic Conditions in Key Markets Persist Global NARTD Value Growth* by Market Type 20%

• Industry deceleration driven by emerging markets

YOY Increase

15% 10% 5% 0% 2010

2011

2012

2013

2014

DevelopedMarkets Markets Developed Developing DevelopingMarkets Markets Emerging EmergingMarkets Markets 13

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

Rather than a Category Specific Issue Global NARTD Value Growth* 10%

YOY Increase

• Industry deceleration not category specific • Sparkling retail value has grown in emerging, developing and developed markets each year since 2010

5%

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

0% 2010

2011

2012

2013

NARTDIndustry IndustryValue ValueGrowth Growth NARTD Sparkling SparklingValue ValueGrowth Growth Still Value Still ValueGrowth Growth Emerging Markets 14

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

2014

We Moved Urgently Last Year to Accelerate Growth and Improve Profitability

15

1

Disciplined brand and growth investments

2

Drive revenue and profit growth with clear portfolio roles across our markets

3

Refocus on core business model

4

Drive efficiency through aggressive productivity

5

Streamline and simplify organization

Revenue, Profit & Returns

• Immediate consumption • Transaction growth • Recruitment

• Double-digit increase in media in 2014 • $250-350M planned increase in 2015 • Disciplined allocation

Accelerate Profitable Global System • Access new technologies, Growth Investments categories and assets

Right Execution Daily

Growth Investments

16

• Improve ad quality • Increase reuse rate

RED Increase Media Investments

Improve Quality of Marketing

Disciplined Brand and Growth Investments

Improve OBPPC Capability

1

When We Improve both Quality and Quantity of Marketing, We See Results

(2014 FY Net Revenue*, top 32 markets)

Low

Good 17

Early results showing promise

High

Our strategy is to increase quality & quantity of our marketing

Media Spending

1

Great Quality

* Comparable currency neutral, excluding the impact of structural changes

1

The Coca-Cola Bottle Centennial Localizing a Global Concept for Greater Efficiency and Effectiveness

TV COMMERCIALS: 14

INNOVATION

ICONIC BILLBOARDS

MODULAR CAMPAIGN ACROSS 140 MARKETS WITH 20 ASSETS

SHOPPER 18

MUSIC

EXPERIENTIAL

1

Driving Transactions, Recruitment and Brand Love

19

19

1

Expanding Opportunities and Capabilities Through Investments • Access new categories, technologies and assets through acquisitions and investments • Utilize unique assets and relationships of each partner to maximize value

20

We Further Refined Our Market Segmentation Roles

NARTD Volume Growth

2

21

Emerging Markets

Developing Markets

high industry growth, low market share

high industry growth, high market share

Volume Led

Balanced Volume and Price Realization

Developed Markets low industry growth, varied market share

Price Realization Led

NARTD Market Share

2

We Linked Incentives to Revenue Growth India

Driving trial and recruitment • Expanding distribution and recruiting new consumers • Double-digit unit case volume growth in both sparkling and still portfolios in Q1

Japan

Arresting the beverage industry deflationary cycle

• Driving responsible pricing, segmented price/package initiatives and targeted innovation • Gained value share ahead of volume share in Q1 22

3

Focusing on Our Core Business While Re-architecting Our System in Key Markets Indonesia Coca-Cola

Amatil Indonesia

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

23

Africa

Coca-Cola Beverages Africa

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

North America

21st Century Beverage Partnership Model

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

4

Driving Productivity to Fund Our Investments and Improve Profitability COGS

Operating Expenses

Marketing

TOTAL

2013 2013 Spend Spend Base

$18B $18B

$12B

$5-$6B

$36B

Total Savings Total Savings

~$1.4B ~$1.4B

~$1B

~$600M

~$3B

Base

• In-line blow molding • Warehouse automation

• Light-weighting • Network optimization • Procurement

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

• Marketing spend procurement

• Mid single-digit % savings for bottling opex

• Reduction in nonmedia DME

• Streamlining group functions and standardizing business units

• Focus resources behind most effective investments

• Zero-based budgeting 24

5

In Addition to Removing Costs, We are Streamlining Our Operating Model for Speed and Agility

Streamlining

Standardizing

group functional layers

key processes across our business units

Organization wired to

25

Act Rapidly

We are Confident in Our Long-Term Growth Algorithm Long-Term Growth Targets* High Single Digit Mid Single Digit

6-8%

• 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

Net Revenue *Comparable currency neutral

26

PBT

EPS

We Will Transform Our Business Over the Next Few Years

• Stronger brands and broader portfolio • Concentrate driven organization • Less capital intensive • More profitable with higher returns

27

Q&A