Sandy DouglasPresident, Coca-Cola North America

Morgan Stanley Global Consumer Conference

November 17, 2015

Kathy WallerChief Financial Officer

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.

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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.

Agenda

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Year to date performance review – Kathy Waller

North America review – Sandy Douglas

We Are Achieving Our Goals During Our Transition Year

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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

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

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 dispensingChina CuliangwangBeverage Holdings

(Pending)

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

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

~

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

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

*

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of Free Cash Flow & Cash from Divestitures

We are Making Progress Amidst Slower Growth Environment

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• 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 AdvancedEconomies

Emerging Markets& Developing

Economies

2015 GDP GROWTH EXPECTATIONS

Expectation as of Oct'14

Expectation as of Oct'15

Source: IMF

Fourth Quarter is on Track But Now Expect Stronger Currency Headwind

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• 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

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Year to date performance review – Kathy Waller

North America review – Sandy Douglas

Coca-Cola North America Strategy and Key Metrics

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CREATE

CustomerValue

BUILD

StrongValuableBrands

DRIVE

Capabilityto Sustain

and Repeat

Key Metrics

Incidence Revenue Transactions

Margin Growth Value Share

1 2 3

4 5

Improved Advertising and Strong Marketing Programs

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QUALITY AND QUANTITY STRONG PROGRAMS ACTIVATION

We are Executing a Refreshment Oriented Price / Package ArchitectureNielsen 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 pk500 mL

1.25L 2L7.5 oz8.5 oz 12 oz8 oz 8 pk12 oz

$ / Occasion

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Transaction

Core

% of Value

Consistent Performance and a Long Runway to Repeat

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Nielsen All Measured Channels | Brand Coca-Cola

ValueGrowth

2011 2013 2015 YTDOther

Transaction

Transaction

Core

12%

-2%

2011

10%

2015 YTD2012 2013

0%

12%15%

-1%

14%

2014

-2%0%Core

Transaction

10% 12% 14%

We Continue to Build a Scaled and More Profitable Stills Portfolio

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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%

We Have Transitioned or Signed Agreements for Territories Representing Over 30% of US Bottle/Can Volume

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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%

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 planningand 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

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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.

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~95% of U.S.

Product Supply System

Coca-Cola North America Strategy and Key Metrics

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CREATE

CustomerValue

BUILD

StrongValuableBrands

DRIVE

Capabilityto Sustain

and Repeat

Key Metrics

Incidence Revenue Transactions

Margin Growth Value Share

1 2 3

4 5

Q&A