A well-rounded,sound business strategy

1. Sandy Douglas
President, Coca-Cola North America
Morgan Stanley Global
Consumer Conference
November 17, 2015
Kathy Waller
Chief Financial Officer

2. 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 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.
2
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.

3. Agenda
3
Year to date performance review – Kathy Waller
North America review – Sandy Douglas

4. We Are Achieving Our Goals During Our Transition Year
4
5 Strategic Actions On Track?
Target disciplined brand and growth investments
Drive revenue and profit growth with clear
portfolio roles across our markets
Refocus on our core business model
Aggressively expand our productivity program
Streamline and simplify our operating model
Revenue,
Profit
& Returns

5. Our Reinvestment and Focus on Revenue is Yielding Results
5
2% 2% 2%
2013 2014 YTD 2015*
UNIT CASE GROWTH
We are accelerating price realization… …while maintaining volume growth
1% 1%
2%
2013 2014 YTD 2015*
PRICE/MIX
*First nine months through September

6. 6
Expanding Our Participation in High-Growth Areas Through Investments
CATEGORIES & CAPABILITIES INVESTMENTS
• Premium juice (cold pressed)
• Plant-based beverages
• Value-added dairy
• Energy drinks
• At-home dispensing
China Culiangwang
Beverage Holdings
(Pending)

7. Productivity Will Deliver Bottom Line Improvements
7
COGS:
• Added In-line blow molding equipment to 10 lines
• Closed or converted 7 distribution facilities
• 4 Plant closures
Opex:
• Implemented zero-based work into budgeting process
• Reduced headcount by over 1,600 (~10% of non-
bottling personnel)
Marketing:
• Applied procurement best practices to sourcing
marketing services
• Vast reduction in number of digital marketing
implementation vendors
COGS
(ex-input
costs)
Core Opex Sales &
Distribution
Marketing
PERCENT OF SPEND BASE
15–20% 15–20%
MSD
~10%
2015 DRIVERS

8. Our Underlying Margin Structure is Improving
8
PROFIT DRIVERS
• Pricing
• Productivity gains
• Commodities
• Bottler refranchising
• Media reinvestment
• One-time cost absorption
– Pension expense
– Cycling reversal of certain incentive plans
60 bps
75 bps
Gross Margin Operating Margin
YTD MARGIN* EXPANSION
* Comparable currency neutral
~

9. We are Driving Cash Flow Improvements
9
WORKING CAPITAL INITIATIVE
• Program initiated mid-2013
– Disciplined approach through
cross-functional teams
– Initial focus on receivables and
payables
• $650m cash flow savings delivered in
2013 and 2014 combined
• $600m in incremental cash flow YTD
17.1%
17.8%
19.6%
2013 2014 YTD 2015
FREE CASH FLOW MARGIN

10. Free Cash Flow
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 VALUEOVER
RETURNED TO SHAREOWNERS
2014
We are Returning Excess Cash to Shareowners
* Received approximately $900 million of cash related to the disposal of certain bottling
operations
*
10
of Free
Cash Flow & Cash
from Divestitures

11. We are Making Progress Amidst Slower Growth Environment
11
• Macros are challenging in many key
markets
• Focus on what we can control
– Reinvestment
– Execution
• Transition year in line with our
expectations, year-to-date
3.8
2.3
5.0
3.1
2.0
4.0
World Advanced
Economies
Emerging Markets
& Developing
Economies
2015 GDP GROWTH EXPECTATIONS
Expectation as of Oct'14
Expectation as of Oct'15
Source: IMF

12. Fourth Quarter is on Track But Now Expect Stronger Currency Headwind
12
• Currency neutral expectations remain
unchanged
• However, currencies are volatile
• Now expect currencies to be a 7%
headwind to revenue and an 11%
headwind to income before tax
66.00
66.50
67.00
67.50
68.00
68.50
69.00
69.50
70.00
EMERGING MARKET CURRENCY
INDEX
Source: JPMorgan Emerging Market Currency Index

13. 13
Year to date performance review – Kathy Waller
North America review – Sandy Douglas

14. Coca-Cola North America Strategy and Key Metrics
14
CREATE
Customer
Value
BUILD
Strong
Valuable
Brands
DRIVE
Capability
to Sustain
and Repeat
Key
Metrics
Incidence Revenue Transactions
Margin Growth Value Share
1 2 3
4 5

15. Improved Advertising and Strong Marketing Programs
15
QUALITY AND QUANTITY STRONG PROGRAMS ACTIVATION

16. We are Executing a Refreshment Oriented Price / Package Architecture
Nielsen All Measured Channels | Brand Coca-Cola
YTD 2015
$0.19
$1.60
$0.40
$0.81
$1.35
$0.51 $0.46
$0.18
$0.32
12 oz6 pk
500 mL
1.25L 2L7.5 oz8.5 oz 12 oz8 oz 8 pk
12 oz
$ / Occasion
16
Transaction
Core

17. % of
Value
Consistent Performance and a Long Runway to Repeat
17
Nielsen All Measured Channels | Brand Coca-Cola
Value
Growth
2011 2013 2015 YTD
Other
Transaction
Transaction
Core
12%
-2%
2011
10%
2015 YTD2012 2013
0%
12%
15%
-1%
14%
2014
-2%0%
Core
Transaction
10% 12% 14%

18. We Continue to Build a Scaled and More Profitable Stills Portfolio
18
Source: Nielsen All Measured Channels
Includes Monster beverages sold through Coca-Cola Refreshments
Juice & Juice Drinks
Tea
Water & Active Hydration
New Platforms
Nielsen AMC Retail $B
$5
$7
$9
2010 2011 2012 2013 2014
2015 YTD:
+6%

19. We Have Transitioned or Signed Agreements for Territories Representing Over
30% of US Bottle/Can Volume
19
Coca-Cola Refreshments Territories
Independent Bottlers (Legacy Territories)
CCR Transitioned Territories
CCR Territories under DA/LOI
Territory Boundaries are approximate/illustrative. All transactions subject to both parties reaching Definitive Agreement.
Total U.S. Bottler Delivered Business for Coca-Cola brands, bottle/can distribution only (excludes Foodservice). Volume in unit cases.
Pre-
Transitions Current
US bottle/can volume
CCR
~80%
CCR
<50%
US bottle/can volume
Independent
bottlers
~20%

20. Key ElementsNPSS Objectives
We Have Taken a Significant Step Toward Building a Stronger, More Streamlined
Production System in the US
● Integrated national production system that balances
system scale with being able to act locally with speed
● National Product Supply Group - governance model
with decision mechanism overseeing national
production system
- Comprised of CCNA, CCR and 3 Regional Producing
Bottlers (RPBs)
- Focus on optimal sourcing, infrastructure planning
and innovation planning at national level
● Regional Producing Bottlers acquire and operate
individual production assets
● Accelerates return to an “asset-light” model for TCCC
● Facilitate optimal operation of the
US product supply system in order
to:
- Achieve the highest quality,
lowest optimized manufactured
and delivered cost
- Enable system investment
- Meet and exceed customer and
consumer requirements
20

21. Anticipated Plant Transitions (2016 – 2018)National Product Supply Group (NPSG)
September 2015 NPSS Announcement Summary
● Sandston, Va.
● Baltimore, Md.
● Silver Spring, Md.
● Indianapolis, In.
● Portland, In.
● Cincinnati, Oh.
● Phoenix, Az.
● Denver, Co.
● New Orleans, La.
21
~95% of
U.S.
Product
Supply
System

22. Coca-Cola North America Strategy and Key Metrics
22
CREATE
Customer
Value
BUILD
Strong
Valuable
Brands
DRIVE
Capability
to Sustain
and Repeat
Key
Metrics
Incidence Revenue Transactions
Margin Growth Value Share
1 2 3
4 5

23. Q&A