The Coca-Cola Company Reports First Quarter 2013 Results

  The Coca-Cola Company Reports First Quarter 2013 Results

                        Solid 4% global volume growth

                Global Trademark Coca-Cola volume growth of 3%

     Worldwide share gains advance in both sparkling and still beverages

First Quarter 2013 Highlights

  *Solid 4% first quarter global volume growth. Volume growth of 3% for
    Coca-Cola Americas and 5% for Coca-Cola International.
  *Global sparkling beverage volume grew 3%, led by brand Coca-Cola, up 3%,
    and global still beverage volume grew 6% in the first quarter.
  *First quarter reported net revenues declined 1%. Excluding the impact of
    currency and structural changes, net revenues grew 2% despite two fewer
    selling days in the quarter.
  *First quarter reported operating income declined 4% and comparable
    currency neutral operating income grew 5%, in line with our expectations
    and reflecting the impact of two fewer selling days in the quarter.
  *First quarter reported EPS was $0.39, down 13%, and comparable EPS was
    $0.46, up 5%, including a currency headwind of approximately 4%.
  *The Company announces implementation of a new partnership model in the
    United States.

Business Wire

ATLANTA -- April 16, 2013

The Coca-Cola Company today reported first quarter 2013 results. Muhtar Kent,
Chairman and Chief Executive Officer of The Coca-Cola Company said, “I am
pleased with our first quarter performance results, having once again
delivered solid growth against the backdrop of a still uncertain global
economy. Guided by our 2020 Vision, our roadmap for winning together with our
global system bottling partners, we enter 2013 and the fourth year of our
journey to 2020 focused and on track to reach our goals.

“Together, we are working to unlock value, to execute with excellence and to
keep winning volume and value share. We proudly serve more than 500 brands
through 23 million retail customer outlets each week, providing consumers a
wide array of choices in package sizes, sweeteners and beverages -- including
more than 800 low- and no-calorie options. Our focus each and every day is to
refresh the world, inspire moments of optimism and happiness, create value and
make a meaningful difference. I am proud of all we are achieving alongside our
customers, bottlers and other partners. Even so, we remain constructively
discontent as we seek to make the most of the vast growth opportunities we
continue to see around the world.”

PERFORMANCE HIGHLIGHTS

The Coca-Cola Company reported worldwide volume growth of 4% for the first
quarter, with 3% growth in Coca-Cola Americas and 5% growth in Coca-Cola
International. The Company reported solid volume growth in key developed
markets, including Germany (+3%), North America (+1%) and Japan (+1%). Europe
volume was even for the first quarter and a sequential improvement from fourth
quarter 2012, despite ongoing uncertain macroeconomic conditions and
unseasonably cold weather. The Company also delivered strong volume growth
during the quarter in key emerging markets, including Thailand (+18%), India
(+8%), Russia (+8%), Mexico (+3%) and Brazil (+3%). Our China business
delivered 1% volume growth in the quarter, a sequential improvement from
fourth quarter 2012, despite the economic slowdown and poor weather in the
quarter. Strong volume growth continued in countries with per capita
consumption of Company brands less than 150 eight-ounce servings per year,
with volume up 7% in the quarter overall, reflecting the strength of our
geographic portfolio, with our products sold in more than 200 countries
worldwide.

We grew value share in nonalcoholic ready-to-drink (NARTD) beverages for the
23^rd consecutive quarter and we maintained global volume share in the
quarter. Importantly, value share growth once again outperformed volume share.
Further, our immediate consumption (IC) volume grew 3% globally in the first
quarter, with sparkling IC volume up 2% and still IC volume up 3%, driven by
focused in-store activation efforts and continued cold-drink equipment
expansion, building on the 1.3 million units placed in 2012.

Worldwide sparkling beverage volume grew 3% for the quarter. We grew volume
and value share in global core sparkling beverages in the quarter, led once
again by brand Coca-Cola, as we activated our “Crazy for Good” marketing
campaign in many markets around the world and continued to offer consumers
relevant price and package size choices as well as promotions centered on
“Coke with Meals”. Worldwide brand Coca-Cola volume grew 3% for the quarter,
with growth across diverse markets, including Thailand (+38%), India (+30%),
Russia (+15%), China (+6%), Germany (+4%), Japan (+2%) and Brazil (+2%). In
addition, Fanta volume grew 6% and Sprite volume grew 5% for the quarter,
reflecting a balanced portfolio approach to growth across the core sparkling
beverage category. Growth was driven by innovation in sweeteners and packaging
and activation of global marketing campaigns in locally relevant ways such as
the Fanta "Play" campaign and the Sprite "Uncontainable Game" NBA partnership.

Worldwide still beverage volume grew 6% in the quarter, with volume growth
across most beverage categories, including ready-to-drink tea, juices and
juice drinks, packaged water, energy drinks and sports drinks. Excluding the
impact of acquired volume, primarily from the Aujan partnership in the Eurasia
and Africa Group, still beverage volume grew 4% in the quarter. We grew global
volume and value share in still beverages and realized volume and value share
gains in juices and juice drinks, ready-to-drink tea, and packaged water.

Ready-to-drink tea volume grew double digits in the quarter, with continued
strong performance of key brands such as Gold Peak and Honest Tea in North
America, Ayataka green tea in Japan and Fuze Tea, which we expanded across
multiple markets worldwide during the quarter. Juices and juice drinks volume
grew 9% in the quarter, with growth across all of our geographic operating
groups as we continue to introduce a common visual identity across our
portfolio of juice brands around the world. Energy drinks volume also grew 9%
in the quarter. Packaged water volume grew 1% in the quarter, as we
strengthened our focus on innovative and sustainable immediate consumption
packaging to grow value in the category.

Our two newest billion-dollar brands, I LOHAS single-serve water and Ayataka
premium green tea, both in Japan, grew 22% and 13%, respectively, in the
quarter, as we build on our strong history of brand innovation to capture
growth opportunities across beverage categories and occasions in this
important market. The Company now has 16 billion-dollar brands.

                      
OPERATING REVIEW
                                                                             
                         Three Months Ended March 29, 2013
                         % Favorable / (Unfavorable)
                                                                  Comparable

                                                                  Currency
                         Unit Case     Net          Operating
                                                            Neutral
                         Volume        Revenues     Income
                                                                  Operating

                                                                  Income
                                                           
Total Company            4           (1)        (4)           5
                                                           
Eurasia & Africa         15          9          6             13
Europe                   —           (2)        (2)           (1)
Latin America            4           4          3             9
North America            1           (1)        (24)          (3)
Pacific                  3           (4)        —             4
Bottling Investments     (6)         (3)        12            154
                                                                             

Eurasia & Africa

  *Our Eurasia and Africa Group's volume grew 15% in the quarter (up 11%
    excluding the benefit of acquired volume primarily from the Aujan
    partnership), cycling 7% volume growth in the prior year quarter. All
    business units in the group grew volume, led by the Middle East and North
    Africa region, up 30% (up 17% excluding the benefit of acquired volume
    primarily from the Aujan partnership). Reported net revenues for the
    quarter increased 9%, reflecting a 10% increase in concentrate sales and
    positive price/mix of 3%, partially offset by a 4% currency impact,
    leading to a comparable currency neutral net revenue increase of 13% in
    the quarter. After adjusting for unit case sales without concentrate sales
    equivalents and the effect of two fewer selling days in the quarter,
    concentrate sales in the quarter were slightly ahead of unit case sales.
    For the full year, we expect concentrate sales to be in line with unit
    case sales. Reported operating income increased 6% in the quarter.
    Comparable currency neutral operating income increased 13% in the quarter,
    driven by volume, pricing and product mix, partially offset by increased
    investments in the business.
  *During the quarter, Eurasia and Africa continued to focus on driving
    executional capabilities in the marketplace, greater consumer choice in
    package and price options and integrated marketing campaigns such as
    “Crazy for Good” and “Coke with Meals”. Sparkling beverage volume grew 12%
    in the quarter, led by brand Coca-Cola, which also grew 12%. Sprite volume
    grew 15% and Fanta volume grew 10% in the quarter. Still beverage volume
    grew 26% in the quarter, including the benefit of acquired volume
    primarily from the Aujan partnership which added 15points of growth.
    Volume growth in Russia continued to be led by our sparkling beverage
    brands, including brand Coca-Cola, up 15%, Fanta, up 15% and Sprite, up
    7%. We gained share in NARTD beverages in Russia as well as in sparkling
    and still beverages, with the kickoff of a robust calendar of marketing
    activities related to the Sochi 2014 Winter Olympics and Torch Relay. The
    momentum behind our juice business in Russia continued in the quarter,
    with flagship brand Dobriy and premium brand Rich both up double digits.

Europe

  *Our Europe Group's volume was even in the quarter, cycling 1% growth in
    the prior year quarter, and a sequential improvement from fourth quarter
    2012. The quarter was marked by poor weather, especially in March, as well
    as ongoing weakness in consumer confidence and spending across the region.
    Reported net revenues declined 2% in the quarter, reflecting a 2% decline
    in concentrate sales, even price/mix and minimal impact from currency,
    leading to a comparable currency neutral net revenue decline of 2%. After
    adjusting for the effect of two fewer selling days in the quarter,
    concentrate sales were in line with unit case sales. For the full year, we
    expect concentrate sales to be in line with unit case sales. Reported
    operating income declined 2% in the quarter. Comparable currency neutral
    operating income declined 1% in the quarter, reflecting the impact of two
    fewer selling days in the quarter, partially offset by efficient expense
    management and the timing of operating expenses.
  *During the quarter, the Europe Group grew volume and value share in total
    NARTD beverages as well as in sparkling beverages, juices and juice drinks
    and energy drinks despite continued weak consumer confidence and
    competitive pricing. In addition, we gained share in ready-to-drink tea.
    During the quarter, we launched the “Coming Together” and “Be OK”
    advertising campaigns in Great Britain with plans for further expansion
    across other European markets in the second quarter. Great Britain
    returned to volume growth in the quarter, with volume and value share
    gains in NARTD beverages as well as in both sparkling and still beverages,
    led by volume growth in sparkling beverages and in Trademark Coca-Cola in
    particular. Germany volume grew 3% in the quarter, cycling 3% growth in
    the prior year quarter. Germany gained both volume and value share in
    NARTD beverages during the quarter, driven by strong integrated marketing
    campaigns such as the "Arctic Home" polar bear campaign, solid execution
    in the marketplace and customer distribution gains. Volume in the Central
    and Southern Europe and Iberia regions declined low single digits in the
    quarter, with both cycling volume growth in the prior year quarter.

Latin America

  *Our Latin America Group's volume grew 4% in the quarter, cycling 5% growth
    in the prior year quarter. All business units in Latin America grew volume
    in the quarter, with 11% growth in the Latin Center region and 3% growth
    each in Mexico, Brazil and the South Latin region. Reported net revenues
    for the quarter increased 4%, reflecting concentrate sales growth of 2%
    and positive price/mix of 8%, partially offset by a currency impact of 5%
    and a 1% impact related to structural changes, leading to a 9% increase in
    comparable currency neutral net revenues. After adjusting for unit case
    sales without concentrate sales equivalents and the effect of two fewer
    selling days in the quarter, concentrate sales were in line with unit case
    sales. For the full year, we expect concentrate sales to be in line with
    unit case sales. Reported operating income increased 3% in the quarter,
    with comparable currency neutral operating income up 9%, primarily
    reflecting solid volume growth and favorable pricing across all business
    units in the group, partially offset by the impact of two fewer selling
    days in the quarter as well as continued investment in the business.
  *During the quarter, the Latin America Group gained volume and value share
    in NARTD beverages as well as in both sparkling and still beverages. This
    performance was driven by strong activation of brand and category
    advertising such as “Crazy for Good” and “140 Calories”, launched in
    Brazil, Mexico and Colombia, as well as investments in cold-drink
    equipment and continued segmentation across multiple price points and
    package sizes. Sparkling beverage volume was up 2% in the quarter, with a
    strong focus on growing our portfolio of flavored sparkling brands. Brand
    Coca-Cola volume grew 2% in the quarter while both Fanta and Sprite were
    up 5%. Still beverage volume grew 11% in the quarter, driven by
    ready-to-drink tea, up double digits as a result of the continued
    expansion of Fuze Tea, as well as 19% growth in sports drinks, 8% growth
    in packaged water and 6% growth in juices and juice drinks. Both Mexico
    and Brazil grew volume and value share in the quarter in NARTD beverages,
    with a continued focus on both single-serve and returnable packaging.

North America

  *Our North America Group's volume grew 1% in the quarter, cycling 2% growth
    in the prior year quarter. Reported and comparable currency neutral net
    revenues for the quarter declined 1%, reflecting positive price/mix of 2%
    offset by the “as reported” volume decline of 2%, which includes the
    impact of two fewer selling days in the quarter as well as a 1%
    unfavorable impact from structural changes. After adjusting for the effect
    of two fewer selling days in the quarter, unit case volume is broadly in
    line with “as reported” volume, and for the full year we expect them to be
    in line. First quarter reported operating income declined 24%, which
    includes the effect of items impacting comparability, principally costs
    related to our previously announced productivity and reinvestment program.
    Comparable currency neutral operating income declined 3% in the quarter,
    primarily reflecting the impact of two fewer selling days in the quarter.
    Excluding the impact of two fewer selling days in the quarter, we estimate
    that comparable currency neutral operating income would have grown.
  *During the quarter, North America gained volume and value share in NARTD
    beverages as we continue to build strong value-creating brands, improve
    customer service and enhance system capabilities. In addition, we gained
    volume and value share in both sparkling and still beverages. Sparkling
    beverage volume declined 1% in the quarter with solid sparkling beverage
    price/mix growth of 3%. Brand Coca-Cola grew slightly in the quarter with
    double-digit volume growth in package options such as the 7.5 ounce
    mini-can and the 1.25 liter PET bottle as we expanded availability.
    Coca-Cola Zero volume grew 3% in the quarter with strong activation around
    NCAA March Madness. Still beverage volume grew 6% in the quarter, led by
    continued strong growth in our ready-to-drink tea portfolio of Gold Peak,
    Honest Tea and Fuze. Our portfolio of juice and juice drink brands grew
    volume 3% in the quarter, with the Simply trademark up 9%, driven by the
    launch of Simply Orange with Banana, Simply Orange with Tangerine and
    Simply Lemonade with Blueberry as well as growth in single-serve
    packaging. In packaged water, our share declined slightly as Dasani
    maintained a price premium over other major competitors, supported by our
    innovative PlantBottle PET packaging. In sports drinks, Powerade
    maintained value share with a decline in volume share in the face of
    aggressive competitive pricing in the category.
  *Today, The Coca-Cola Company is announcing that it has taken a significant
    step toward its 2020 Vision by commencing implementation of a 21^st
    century beverage partnership model in the United States. Under the new
    model, The Coca-Cola Company and five U.S. bottlers have agreed in
    principle to take the next step in creating a stronger U.S. business model
    through the granting of new, expanded territories. The five bottlers are
    Coca-Cola Bottling Co. Consolidated, Coca-Cola Bottling Company United,
    Inc., Swire Coca-Cola USA, Coca-Cola Bottling Company High Country and
    Corinth Coca-Cola Bottling Works, Inc. Depending on the situation,
    transactions might include an outright territory sale, a territory swap,
    or a sub-bottling arrangement (under which the bottler would make ongoing
    payments in exchange for exclusive territory operating rights). These new
    territories will include some of the largest cities in the geographies
    that border these bottlers' existing territories, allowing each bottler to
    better service local customers and provide more efficient execution. The
    transactions announced today are subject to the parties reaching
    definitive agreements by the end of 2013, with closings expected during
    2014.

Pacific

  *Our Pacific Group's volume grew 3% in the quarter, cycling 9% growth in
    the prior year quarter. Reported net revenues for the quarter declined 4%,
    reflecting concentrate sales growth of 4%, offset by a 4% decline in
    price/mix and a 4% currency impact, leading to comparable currency neutral
    net revenues that were even in the quarter. Concentrate sales growth in
    the quarter was impacted by the later timing of the Chinese New Year in
    2013. The unfavorable price/mix in the quarter was primarily a result of
    geographic mix as well as shifts in product and package mix within
    individual markets. For the full year, we expect concentrate sales to be
    in line with unit case sales. Reported operating income was even in the
    quarter, reflecting the impact of two fewer selling days in the quarter,
    as well as geographic mix. In addition, first quarter reported operating
    income reflects a 2% currency headwind. Comparable currency neutral
    operating income increased 4% in the quarter.
  *During the quarter, volume in both China and Japan grew 1%, cycling strong
    9% and 3% growth in the prior year quarter, respectively, and representing
    a sequential improvement from fourth quarter 2012. Volume growth in India
    was up high single digits, and South Korea and Thailand volume and share
    growth momentum continued in the quarter. In India, we gained volume and
    value share in NARTD beverages as well as in sparkling and still beverages
    in the quarter. India sparkling beverage volume growth in the quarter was
    led by brand Coca-Cola, up 30%, and driven by strong integrated marketing
    campaigns and continued expansion of packaging choices to consumers. Japan
    volume growth in the quarter was led by sparkling beverages, up 4%,
    supported by music-themed integrated marketing campaigns such as “Share a
    Coke and a Song” for brand Coca-Cola, up 2%, and the “Zero Limit” campaign
    for Coca-Cola Zero, up 11%. Our first quarter volume growth in China was
    impacted by the economic slowdown and poor weather. Despite this, during
    the quarter sparkling beverage volume grew 8% and juices and juice drinks
    volume grew 14% supported by our new “Sunshine” integrated marketing
    campaign and the launches of new Minute Maid Pulpy products. This growth
    was partially offset by a decline in packaged water volume as we cycled
    strong water growth from the prior year and focused on driving more
    profitable growth in packaged water through immediate consumption. As we
    look ahead to the remainder of 2013, we continue to expect China's
    economic slowdown to have a short-term effect on our industry and on our
    business, although we do expect to see some gradual improvement in
    consumer disposable income and, as a result, sequential improvement for
    our business as the year progresses.

Bottling Investments

  *Our Bottling Investments Group's volume grew 2% in the quarter on an “as
    reported” basis after adjusting for the net impact of structural changes,
    primarily the sale of a majority interest in our Philippine bottling
    operations to Coca-Cola FEMSA, which was completed in January 2013, and
    the acquisitions of the Vietnam, Cambodia and Guatemala bottling
    operations in 2012. Average daily sales volume, including the effect of
    these transactions, was down 6% in the quarter. The growth in “as
    reported” volume was primarily driven by India, Germany and Brazil, with
    volume and value share gains in NARTD beverages across these markets.
    Reported net revenues for the quarter declined 3%. This reflects the 2%
    growth in “as reported” volume and positive price/mix of 2%, offset by a
    currency impact of 2% and a 5% net impact due to the structural changes
    mentioned above. Comparable currency neutral net revenues declined 1% in
    the quarter, reflecting the impact of two fewer selling days in the
    quarter. Reported operating income in the quarter grew 12%. Comparable
    currency neutral operating income increased 154% in the quarter,
    reflecting an increase in revenues resulting from volume growth and
    positive pricing and mix in certain markets as well as a favorable impact
    from structural changes.

FINANCIAL REVIEW

First quarter reported net revenues declined 1%, with comparable net revenues
also down 1%. This reflects a 2% increase in concentrate sales, offset by a 1%
impact from structural changes and a 2% currency impact. The structural
changes primarily reflect the deconsolidation of the Philippine bottling
operations in 2013 and the acquisitions of the Vietnam, Cambodia and Guatemala
bottling operations in 2012. Excluding the impact of currency and structural
changes, net revenues grew 2% despite two fewer selling days in the quarter.
After adjusting for the effect of two fewer selling days in the quarter, unit
case sales were in line with concentrate sales. We achieved solid pricing
across key markets around the world leading to global NARTD value share growth
for the 23^rd consecutive quarter. Price/mix in the quarter was even, as the
benefit of positive pricing was offset by geographic mix, and as we cycled
positive 3% price/mix in the prior year quarter. Comparable currency neutral
net revenues grew 1% in the quarter. We anticipate that the Philippine
bottling transaction, together with the previously announced pending bottling
transaction in Brazil, will have a 3% structural impact on our full-year 2013
net revenues.

Reported cost of goods sold decreased 1% in the quarter, with comparable cost
of goods sold down 3%, reflecting a 2% increase in concentrate sales offset by
the impact of structural changes, primarily the deconsolidation of the
Philippine bottling operations in 2013. Currency reduced comparable cost of
goods sold in the quarter by 1%. Items impacting comparability in the quarter
primarily included net gains/losses on commodities hedging. We continue to
estimate full-year 2013 incremental commodity costs of approximately $100
million for sweeteners, juices, metals and PET compared to 2012, primarily
impacting North America and the Bottling Investments Group.

Reported and comparable SG&A expenses were both even in the quarter. Currency
reduced comparable SG&A expenses by 1% in the quarter. Despite the impact of
two fewer selling days in the quarter and continued investments in our brands,
we captured three points of operating expense leverage including the impact of
structural changes, principally the deconsolidation of the Philippine bottling
operations in 2013. In addition, operating expense leverage benefited from the
reversal of certain expenses related to our long-term incentive plans. A
portion of our stock-based compensation is based on multi-year performance
periods and includes the impact of currency, which we now estimate will be a
headwind of 2% on operating income for the full year. We continue to
anticipate that operating expense leverage will be even to slightly positive
for the full year.

First quarter reported operating income decreased 4%, with comparable currency
neutral operating income up 5%. Items impacting comparability reduced first
quarter 2013 operating income by $203 million. Items impacting comparability
reduced first quarter 2012 operating income by $55 million. Currency reduced
comparable operating income by 3% in the quarter. Including our hedge
positions, current spot rates and the cycling of our prior year rates, as well
as the Venezuelan devaluation announcement in February, we estimate currency
will have a  3% unfavorable impact on operating income for the second quarter
of 2013 and a 2% unfavorable impact for the full year. Further, we anticipate
that the Philippine bottling transaction, together with the previously
announced pending bottling transaction in Brazil, will have a 1% structural
impact on our full-year 2013 operating income, with this decline offset by a
corresponding improvement in equity income.

During the first quarter our net share repurchases totaled $1.1 billion. We
are targeting net share repurchases of $3.0 to $3.5 billion for the full year.

First quarter reported EPS was $0.39 and comparable EPS was $0.46. Items
impacting comparability reduced first quarter 2013 reported EPS by a net $0.07
and increased first quarter 2012 reported EPS by a net $0.01. In both periods,
these items included restructuring charges, costs related to global
productivity initiatives, gains/charges related to equity investees, net
gains/losses related to our economic hedges, primarily commodities, and
certain tax matters. Items impacting comparability in first quarter 2013 also
included charges related to the devaluation of the Venezuelan bolivar. Items
impacting comparability in first quarter 2012 also included charges related to
changes in the structure of Beverage Partners Worldwide (BPW) and charges
related to the supply of Brazilian orange juice.

First quarter cash from operations was $478 million, down 3%, primarily due to
the impact of two fewer selling days in the quarter, an unfavorable impact
from currency, and an increase in the use of working capital in preparation
for the peak season of our growing global business.

Effective Tax Rate

The reported effective tax rate for the quarter was 24.6%. The underlying
effective tax rate on operations for the first quarter was 23.5%. We expect
this rate to remain unchanged at least through 2014.

The variance between the reported rate and the underlying rate was due to the
tax effect of various items impacting comparability, separately disclosed in
this document in the Reconciliation of GAAP and Non-GAAP Financial Measures
schedule.

The underlying effective tax rate does not reflect the impact of significant
or unusual items and discrete events, which, if and when they occur, are
separately recognized in the appropriate period.

Items Impacting Prior Year Results

First quarter 2012 results included a net gain of $0.01 per share due to gains
related to equity investees, partially offset by restructuring charges, costs
related to global productivity initiatives, charges related to changes in the
structure of BPW and charges related to the supply of Brazilian orange juice.

NOTES

  *All references to growth rate percentages, share and cycling of growth
    rates compare the results of the period to those of the prior year
    comparable period.
  *“Concentrate sales” represents the amount of concentrates, syrups,
    beverage bases and powders sold by, or used in finished beverages sold by,
    the Company to its bottling partners or other customers.
  *“Sparkling beverages” means NARTD beverages with carbonation, including
    energy drinks and carbonated waters and flavored waters.
  *“Still beverages” means nonalcoholic beverages without carbonation,
    including noncarbonated waters, flavored waters and enhanced waters,
    juices and juice drinks, teas, coffees, sports drinks and noncarbonated
    energy drinks.
  *All references to volume and volume percentage changes indicate unit case
    volume, except for the reference to volume included in the explanation of
    net revenue growth for North America. All volume percentage changes,
    unless otherwise noted, are computed based on average daily sales. “Unit
    case” means a unit of measurement equal to 24 eight-ounce servings of
    finished beverage. “Unit case volume” means the number of unit cases (or
    unit case equivalents) of Company beverages directly or indirectly sold by
    the Company and its bottling partners to customers.
  *For both North America and Bottling Investments Group, net revenue growth
    attributable to volume reflects the increase in “as reported” volume,
    which is based on as reported sales rather than average daily sales and
    may include the impact of structural changes. For North America, this
    volume represents Coca-Cola Refreshments' unit case sales (which are
    equivalent to concentrate sales) plus concentrate sales to
    non-Company-owned bottling operations.
  *First quarter 2013 financial results were impacted by two fewer selling
    days, and fourth quarter 2013 financial results will be impacted by one
    additional selling day. Unit case volume results for the quarters are not
    impacted by the variance in selling days due to the average daily sales
    computation referenced above.
  *In January 2012, the Company announced that Beverage Partners Worldwide
    (BPW), our joint venture with Nestlé in the ready-to-drink tea category,
    will focus its geographic scope primarily in Europe and Canada. The joint
    venture was phased out in all other territories by the end of 2012, and
    the Company's agreement to distribute products in the United States
    terminated at the end of 2012. We have eliminated the BPW and Nestlé
    licensed volume and associated concentrate sales for the year ended
    December 31, 2012 in those countries impacted by these structural changes.
  *As previously announced, effective January 1, 2013, the Company
    transferred our India and South West Asia business unit from the Eurasia
    and Africa operating segment to the Pacific operating segment. The
    countries included in our India and South West Asia business unit include
    Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lanka. This change
    in organizational structure did not impact the other geographic operating
    segments, Bottling Investments or Corporate. The reclassified historical
    operating segment data reflecting the change in organizational structure
    was disclosed in a Form 8-K filed on March 21, 2013.
  *The Company reports its financial results in accordance with accounting
    principles generally accepted in the United States (GAAP). However,
    management believes that certain non-GAAP financial measures provide users
    with additional meaningful financial information that should be considered
    when assessing our ongoing performance. Management also uses these
    non-GAAP financial measures in making financial, operating and planning
    decisions and in evaluating the Company's performance. Non-GAAP financial
    measures should be viewed in addition to, and not as an alternative for,
    the Company's reported results prepared in accordance with GAAP. Our
    non-GAAP financial information does not represent a comprehensive basis of
    accounting.

CONFERENCE CALL

We are hosting a conference call with investors and analysts to discuss first
quarter 2013 results today, April 16, 2013 at 9:30 a.m. EDT. We invite
investors to listen to a live audiocast of the conference call at our website,
http://www.coca-colacompany.com in the “Investors” section. A replay in
downloadable MP3 format and transcript of the call will also be available
within 24 hours after the audiocast on our website. Further, the “Investors”
section of our website includes a reconciliation of non-GAAP financial
measures that may be used periodically by management when discussing our
financial results with investors and analysts to our results as reported under
GAAP.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(UNAUDITED)
(In millions except per share data)
                                                               
                            Three Months Ended
                            March 29,              March 30,           %
                            2013                   2012                Change
Net Operating               $   11,035             $  11,137           (1)
Revenues
Cost of goods sold        4,324               4,348            (1)
Gross Profit                6,711                  6,789               (1)
Selling, general
and administrative          4,182                  4,181               —
expenses
Other operating           121                 99               22
charges
Operating Income            2,408                  2,509               (4)
Interest income             116                    115                 1
Interest expense            102                    88                  16
Equity income               87                     140                 (38)
(loss) — net
Other income (loss)       (165         )       49               N/A
— net
Income Before               2,344                  2,725               (14)
Income Taxes
Income taxes              575                 658              (13)
Consolidated Net            1,769                  2,067               (14)
Income
Less: Net income
attributable to           18                  13               38
noncontrolling
interests
Net Income
Attributable to           $   1,751           $  2,054         (15)
Shareowners of The
Coca-Cola Company
Diluted Net Income        $   0.39            $  0.45          (13)
Per Share^1
Average Shares
Outstanding —             4,530               4,601            
Diluted^1
^1For the three months ended March 29, 2013, and March 30, 2012, basic net
income per share was $0.39 for 2013 and $0.45 for 2012 based on average shares
outstanding — basic of 4,455 for 2013 and 4,525 for 2012. Basic net income per
share and diluted net income per share are calculated based on net income
attributable to shareowners of The Coca-Cola Company.



THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(UNAUDITED)
(In millions except par value)
                                                             
                                                   March 29,      December 31,
                                                   2013           2012
ASSETS
Current Assets
Cash and cash equivalents                          $ 9,162        $  8,442
Short-term investments                           6,176       5,017      
Total Cash, Cash Equivalents and Short-Term      15,338      13,459     
Investments
Marketable securities                              3,090          3,092
Trade accounts receivable, less allowances of      5,007          4,759
$58 and $53, respectively
Inventories                                        3,607          3,264
Prepaid expenses and other assets                  3,294          2,781
Assets held for sale                             1,183       2,973      
Total Current Assets                             31,519      30,328     
Equity Method Investments                          9,850          9,216
Other Investments, Principally Bottling            1,227          1,232
Companies
Other Assets                                       3,922          3,585
Property, Plant and Equipment — Net                14,543         14,476
Trademarks With Indefinite Lives                   6,570          6,527
Bottlers' Franchise Rights With Indefinite         7,414          7,405
Lives
Goodwill                                           12,291         12,255
Other Intangible Assets                          1,114       1,150      
Total Assets                                     $ 88,450    $  86,174  
                                                                  
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses              $ 9,447        $  8,680
Loans and notes payable                            16,322         16,297
Current maturities of long-term debt               4,505          1,577
Accrued income taxes                               382            471
Liabilities held for sale                        446         796        
Total Current Liabilities                        31,102      27,821     
Long-Term Debt                                     14,291         14,736
Other Liabilities                                  4,949          5,468
Deferred Income Taxes                              5,214          4,981
The Coca-Cola Company Shareowners' Equity
Common stock, $0.25 par value; Authorized —
11,200 shares;Issued — 7,040 and 7,040 shares,     1,760          1,760
respectively
Capital surplus                                    11,664         11,379
Reinvested earnings                                58,549         58,045
Accumulated other comprehensive income (loss)      (3,211   )     (3,385     )
Treasury stock, at cost — 2,592 and 2,571        (36,282  )   (35,009    )
shares, respectively
Equity Attributable to Shareowners of The          32,480         32,790
Coca-Cola Company
Equity Attributable to Noncontrolling            414         378        
Interests
Total Equity                                     32,894      33,168     
Total Liabilities and Equity                     $ 88,450    $  86,174  


THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(UNAUDITED)
(In millions)
                                                                
                                                        Three Months Ended
                                                        March 29,   March 30,
                                                        2013        2012
Operating Activities
Consolidated net income                                 $ 1,769     $ 2,067
Depreciation and amortization                           473         447
Stock-based compensation expense                        47          77
Deferred income taxes                                   157         (103     )
Equity (income) loss — net of dividends                 (77     )   (133     )
Foreign currency adjustments                            184         (66      )
Significant (gains) losses on sales of assets — net     (1      )   (14      )
Other operating charges                                 74          63
Other items                                             36          1
Net change in operating assets and liabilities        (2,184  )  (1,846   )
Net cash provided by operating activities             478       493      
Investing Activities
Purchases of investments                                (3,506  )   (4,664   )
Proceeds from disposals of investments                  2,225       556
Acquisitions of businesses, equity method               (28     )   (120     )
investments and nonmarketable securities
Proceeds from disposals of businesses, equity           690         11
method investments and nonmarketable securities
Purchases of property, plant and equipment              (498    )   (592     )
Proceeds from disposals of property, plant and          35          27
equipment
Other investing activities                            (136    )  (101     )
Net cash provided by (used in) investing activities   (1,218  )  (4,883   )
Financing Activities
Issuances of debt                                       12,585      11,358
Payments of debt                                        (10,065 )   (8,835   )
Issuances of stock                                      417         436
Purchases of stock for treasury                         (1,523  )   (1,079   )
Dividends                                               —           —
Other financing activities                            21        42       
Net cash provided by (used in) financing activities   1,435     1,922    
Effect of Exchange Rate Changes on Cash and Cash      25        329      
Equivalents
Cash and Cash Equivalents
Net increase (decrease) during the period               720         (2,139   )
Balance at beginning of period                        8,442     12,803   
Balance at end of period                              $ 9,162   $ 10,664 


THE COCA-COLA COMPANY AND SUBSIDIARIES
Operating Segments
(UNAUDITED)
(In millions)

Three Months Ended
                                                                                                          
               Net Operating Revenues                       Operating Income (Loss)                    Income (Loss) Before Income Taxes
                March 29,        March 30,        % Fav. /     March 29,       March 30,       % Fav. /     March 29,       March 30,       % Fav. /
               2013           2012                      2013          2012                     2013          2012         
                                                   (Unfav.)                                     (Unfav.)                                     (Unfav.)
Eurasia &      $ 669          $ 615          9          $ 282         $ 266         6          $ 289         $ 266         9
Africa
Europe           1,177            1,204            (2  )        683             695             (2   )       694             708             (2    )
Latin            1,228            1,186            4            763             744             3            764             743             3
America
North            4,887            4,921            (1  )        341             451             (24  )       342             467             (27   )
America
Pacific          1,390            1,448            (4  )        602             602             —            604             601             —
Bottling         2,038            2,103            (3  )        39              35              12           109             169             (36   )
Investments
Corporate        44               30               45           (302    )       (284    )       (6   )       (458    )       (229    )       (100  )
Eliminations   (398     )    (370     )    (8  )     —           —           N/A       —           —           N/A
Consolidated   $ 11,035     $ 11,137     (1  )     $ 2,408     $ 2,509     (4   )    $ 2,344     $ 2,725     (14   )
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.

During the three months ended March29, 2013, the results of our operating
segments were impacted by the following items:

  *Intersegment revenues were $157 million for Europe, $71 million for Latin
    America, $4 million for North America, $146 million for Pacific and $20
    million for Bottling Investments.
  *Operating income (loss) and income (loss) before income taxes were reduced
    by $2 million for Eurasia and Africa, $82 million for North America, $8
    million for Pacific, $21 million for Bottling Investments and $10 million
    for Corporate due to charges related to the Company's productivity and
    reinvestment program as well as other restructuring initiatives.
  *Operating income (loss) and income (loss) before income taxes were
    increased by $3 million for North America due to the refinement of
    previously established accruals related to the loss or damage of certain
    fixed assets as a result of Hurricane Sandy.
  *Operating income (loss) and income (loss) before income taxes were reduced
    by $1 million for Corporate due to transaction costs associated with the
    pending merger of certain bottling partners.
  *Income (loss) before income taxes was reduced by $9 million for Bottling
    Investments and $140 million for Corporate due to the devaluation of the
    Venezuelan bolivar, including our proportionate share of the charge
    incurred by an equity method investee which has operations in Venezuela.
  *Income (loss) before income taxes was reduced by $30 million for Bottling
    Investments due to the Company’s proportionate share of unusual or
    infrequent items recorded by certain of our equity method investees.
  *Income (loss) before income taxes was increased by $1 million for
    Corporate due to an adjustment to the Company's loss on the sale of a
    controlling ownership interest in our previously consolidated Philippine
    bottling operations to Coca-Cola FEMSA, S.A.B. de C.V.

During the three months ended March30, 2012, the results of our operating
segments were impacted by the following items:

  *Intersegment revenues were $150 million for Europe, $59 million for Latin
    America, $4 million for North America, $138 million for Pacific and $19
    million for Bottling Investments.
  *Operating income (loss) and income (loss) before income taxes were reduced
    by $61 million for North America, $15 million for Bottling Investments and
    $3 million for Corporate due to charges related to the Company's
    productivity and reinvestment program as well as other restructuring
    initiatives. Operating income (loss) and income (loss) before income taxes
    were increased by $1 million for Europe due to the reversal of an accrual
    related to the Company's 2008–2011 productivity initiatives.
  *Operating income (loss) and income (loss) before income taxes were reduced
    by $20 million for North America due to changes in the Company's
    ready-to-drink tea strategy as a result of our U.S. license agreement with
    Nestlé S.A. ("Nestlé") terminating at the end of 2012.
  *Operating income (loss) and income (loss) before income taxes were reduced
    by $6 million for North America due to costs associated with the Company
    detecting residues of carbendazim, a fungicide that is not registered in
    the U.S. for use on citrus products, in orange juice imported from Brazil
    for distribution in the U.S.
  *Income (loss) before income taxes was reduced by $3 million for Corporate
    due to changes in the structure of Beverage Partners Worldwide ("BPW"),
    our 50/50 joint venture with Nestlé in the ready-to-drink tea category.
  *Income (loss) before income taxes was increased by a net $44 million for
    Bottling Investments due to the Company’s proportionate share of unusual
    or infrequent items recorded by certain of our equity method investees.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
The Company reports its financial results in accordance with accounting
principles generally accepted in the United States ("GAAP" or referred to
herein as "reported"). However, management believes that certain non-GAAP
financial measures provide users with additional meaningful financial
information that should be considered when assessing our ongoing performance.
Management also uses these non-GAAP financial measures in making financial,
operating and planning decisions and in evaluating the Company's performance.
Non-GAAP financial measures should be viewed in addition to, and not as an
alternative for, the Company’s reported results prepared in accordance with
GAAP. Our non-GAAP financial information does not represent a comprehensive
basis of accounting.

ITEMS IMPACTING COMPARABILITY

The following information is provided to give qualitative and quantitative
information related to items impacting comparability. Items impacting
comparability are not defined terms within GAAP. Therefore, our non-GAAP
financial information may not be comparable to similarly titled measures
reported by other companies. We determine which items to consider as "items
impacting comparability" based on how management views our business; makes
financial, operating and planning decisions; and evaluates the Company's
ongoing performance. Items such as charges, gains and accounting changes which
are viewed by management as impacting only the current period or the
comparable period, but not both, or as relating to different and unrelated
underlying activities or events across comparable periods, are generally
considered "items impacting comparability". In addition, we provide the impact
that changes in foreign currency exchange rates had on our financial results
("currency neutral").

Asset Impairments and Restructuring

Restructuring

During the three months ended March 29, 2013, and March 30, 2012, the Company
recorded charges of $21 million and $15 million, respectively, in the line
item other operating charges. These charges were related to the integration of
our German bottling and distribution operations as well as other restructuring
initiatives outside the scope of the Company's productivity and reinvestment
program.

Productivity and Reinvestment

During the three months ended March 29, 2013, and March 30, 2012, the Company
recorded charges of $102 million and $64 million, respectively, in the line
item other operating charges. These charges were related to our productivity
and reinvestment program. This program will further enable our efforts to
strengthen our brands and reinvest our resources to drive long-term profitable
growth. The first component of this program is a global productivity
initiative focused around four primary areas: global supply chain
optimization; global marketing and innovation effectiveness; operating expense
leverage and operational excellence; and data and information technology
systems standardization.

The second component of our productivity and reinvestment program involves a
new integration initiative in North America related to our acquisition of
CCE's former North America business. The Company has identified incremental
synergies in North America, primarily in the area of our North American
product supply operations, which will better enable us to serve our customers
and consumers.

As a combined productivity and reinvestment program, the Company anticipates
generating annualized savings of $550 million to $650 million which will be
phased in over time. We expect to begin fully realizing the annual benefits of
these savings in 2015, the final year of the program.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Productivity Initiatives

During the three months ended March 30, 2012, the Company reversed charges of
$1 million in the line item other operating charges related to previously
established accruals associated with our 2008–2011 productivity initiatives.
These initiatives were focused on providing additional flexibility to invest
for growth and impacted a number of areas, including aggressively managing
operating expenses supported by lean techniques; redesigning key processes to
drive standardization and effectiveness; better leveraging our size and scale;
and driving savings in indirect costs.

Equity Investees

During the three months ended March 29, 2013, and March 30, 2012, the Company
recorded net charges of $30 million and net gains of $44 million,
respectively, in the line item equity income (loss) — net. These amounts
represent the Company’s proportionate share of unusual or infrequent items
recorded by certain of our equity method investees.

Transaction Gains

During the three months ended March 29, 2013, the Company recorded a charge of
$1 million related to transaction costs associated with the pending merger of
certain bottling partners. This charge was recorded in the line item other
operating charges. The Company also recorded a benefit of $1 million in the
line item other income (loss) — net related to an adjustment to the Company's
loss on the sale of a majority interest in our previously consolidated
Philippine bottling operations to Coca-Cola FEMSA, S.A.B. de C.V. in January
2013.

Certain Tax Matters

During the three months ended March 29, 2013, and March 30, 2012, the Company
recorded a net tax charge of $1 million and a net tax benefit of $8 million,
respectively, related to amounts required to be recorded for changes to our
uncertain tax positions, including interest and penalties. The net tax benefit
recorded during the three months ended March 30, 2012, also included the
impact of the reversal of certain valuation allowances.

Other Items

Impact of Natural Disasters

On October 29, 2012, Hurricane Sandy caused widespread flooding and wind
damage across the mid-Atlantic region of the United States, primarily in New
York and New Jersey. During the three months ended March 29, 2013, the Company
reversed charges of $3 million in the line item other operating charges due to
the refinement of previously established accruals related to the loss or
damage of certain fixed assets resulting from the hurricane.

Economic (Nondesignated) Hedges

The Company uses derivatives as economic hedges to mitigate the price risk
associated with the purchase of materials used in the manufacturing process as
well as the purchase of vehicle fuel. Although these derivatives were not
designated and/or did not qualify for hedge accounting, they are effective
economic hedges. The changes in fair values of these economic hedges are
immediately recognized into earnings.

The Company excludes the net impact of mark-to-market adjustments for
outstanding hedges and realized gains/losses for settled hedges from our
non-GAAP financial information until the period in which the underlying
exposure being hedged impacts our condensed consolidated statement of income.
We believe this adjustment provides meaningful information related to the
benefits of our economic hedging activities. During the three months ended
March 29, 2013, and March 30, 2012, the net impact of the Company's adjustment
related to our economic hedging activities described above resulted in an
increase of $82 million and a decrease of $49 million, respectively, to our
non-GAAP operating income.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
Other Items (continued)

Hyperinflationary Economies

During the three months ended March 29, 2013, the Company recorded a charge of
$149 million related to the devaluation of the Venezuelan bolivar, including
our proportionate share of the charge incurred by an equity method investee
which has operations in Venezuela. This charge was primarily recorded in the
line item other income (loss) — net with a portion recorded in the line item
equity income (loss) — net.

Beverage Partners Worldwide and License Agreement with Nestlé S.A.

During the three months ended March 30, 2012, the Company recorded charges of
$20 million due to changes in our ready-to-drink tea strategy as a result of
our U.S. license agreement with Nestlé S.A. ("Nestlé") terminating at the end
of 2012. In addition, the Company recorded charges of $3 million due to
changes in the structure of Beverage Partners Worldwide ("BPW"), our 50/50
joint venture with Nestlé in the ready-to-drink tea category.

Brazilian Orange Juice

In December 2011, the Company learned that orange juice being imported from
Brazil contained residues of carbendazim, a fungicide that is not registered
in the U.S. for use on citrus products. As a result, the Company began
purchasing additional supplies of Florida orange juice at a higher cost than
Brazilian orange juice. During the three months ended March 30, 2012, the
Company incurred charges of $6 million related to these events, including the
increased raw material costs.

Currency Neutral

Management evaluates the operating performance of our Company and our
international subsidiaries on a currency neutral basis. We determine our
currency neutral operating results by dividing or multiplying, as appropriate,
our current period actual U.S. dollar operating results by the current period
actual exchange rates (that include the impact of current period currency
hedging activities), to derive our current period local currency operating
results. We then multiply or divide, as appropriate, the derived current
period local currency operating results by the foreign currency exchange rates
(that also include the impact of the comparable prior period currency hedging
activities) used to translate the Company's financial statements in the
comparable prior year period to determine what the current period U.S. dollar
operating results would have been if the foreign currency exchange rates had
not changed from the comparable prior year period.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
                                                                                                      
                              Three Months Ended March 29, 2013
                                                                              Selling,
                              Net          Cost of                            general          Other
                                                       Gross       Gross                                   Operating   Operating
                              operating   goods                           and             operating            
                                                       profit      margin                                  income      margin
                              revenues     sold                               administrative   charges

                                                                              expenses
Reported (GAAP)               $ 11,035    $ 4,324    $ 6,711    60.8 %    $   4,182       $  121     $ 2,408    21.8   %
Items Impacting
Comparability:
Asset                         —            —           —                      —                (21     )   21
Impairments/Restructuring
Productivity &                —            —           —                      —                (102    )   102
Reinvestment
Productivity Initiatives      —            —           —                      —                —           —
Equity Investees              —            —           —                      —                —           —
Transaction Gains             —            —           —                      —                (1      )   1
Certain Tax Matters           —            —           —                      —                —           —
Other Items                   4           (75     )   79                    (3          )    3          79      
After Considering Items       $ 11,039   $ 4,249   $ 6,790   61.5 %   $   4,179      $  —      $ 2,611   23.7   %
(Non-GAAP)
                                                                                                                       
                              Three Months Ended March 30, 2012
                                                                              Selling,
                              Net          Cost of                            general          Other
                                                       Gross       Gross                                   Operating   Operating
                              operating   goods                           and             operating            
                                                       profit      margin                                  income      margin
                              revenues     sold                               administrative   charges

                                                                              expenses
Reported (GAAP)               $ 11,137     $ 4,348     $ 6,789     61.0 %     $   4,181        $  99       $ 2,509     22.5   %
Items Impacting
Comparability:
Asset                         —            —           —                      —                (15     )   15
Impairments/Restructuring
Productivity &                —            —           —                      —                (64     )   64
Reinvestment
Productivity Initiatives      —            —           —                      —                1           (1      )
Equity Investees              —            —           —                      —                —           —
Transaction Gains             —            —           —                      —                —           —
Certain Tax Matters           —            —           —                      —                —           —
Other Items                   2           30         (28     )              16              (21     )   (23     )
After Considering Items       $ 11,139   $ 4,378   $ 6,761   60.7 %   $   4,197      $  —      $ 2,564   23.0   %
(Non-GAAP)
                                                                                                                       
Currency Neutral:                                                                                 
                                                                              Selling,
                              Net          Cost of                            general          Other
                                                       Gross                                               Operating
                              operating   goods                             and             operating 
                                                       profit                                              income
                              revenues     sold                               administrative   charges

                                                                              expenses
% Change — Reported           (1)         (1)         (1)                    —                22          (4)
(GAAP)
% Currency Impact             (2)          (1)         (2)                    (1)              N/A         (3)
% Change — Currency           1           1          1                      1               N/A        (1)
Neutral Reported
                                                                                                  
% Change — After
Considering Items             (1)          (3)         —                      —                N/A         2
(Non-GAAP)
% Currency Impact After
Considering Items             (2)          (1)         (2)                    (1)              N/A         (3)
(Non-GAAP)
% Change — Currency
Neutral After Considering     1           (1)        2                      —               N/A        5
Items (Non-GAAP)
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar
amounts provided.
                                                                                                                       
Reported currency neutral operating expense leverage for the three months ended March 29, 2013, is negative 2
percentage points, which is calculated by subtracting reported currency neutral gross profit growth of 1% from         
reported currency neutral operating income growth of negative 1%. Currency neutral operating expense leverage after
considering items impacting comparability for the three months ended March 29, 2013, is positive 3 percentage          
points, which is calculated by subtracting currency neutral gross profit growth after considering items impacting
comparability of 2% from currency neutral operating income growth after considering items impacting comparability of   
5%.


THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions except per share data)
                                                                                                           
                              Three Months Ended March 29, 2013
                                                                                                                  Net income
                                                                                                                                   Diluted
                              Equity      Other        Income                                  Net income         attributable
                                                                                                                  to               net
                              income      income       before        Income      Effective     attributable
                                                                                     to               shareowners    income
                              (loss)      (loss) —     income        taxes       tax rate                         of
                              —                                                                noncontrolling                      per
                                          net          taxes                                                      The
                              net                                                              interests          Coca-Cola        share^1

                                                                                                                  Company
Reported (GAAP)               $ 87      $ (165 )   $ 2,344     $ 575     24.6  %     $    18          $  1,751       0.39
Items Impacting
Comparability:
Asset                         —           —            21            —                         —                  21               —
Impairments/Restructuring
Productivity &                —           —            102           40                        —                  62               0.01
Reinvestment
Productivity Initiatives      —           —            —             —                         —                  —                —
Equity Investees              30          —            30            3                         —                  27               0.01
Transaction Gains             —           (1     )     —             (4    )                   —                  4                —
Certain Tax Matters           —           —            —             (1    )                   —                  1                —
Other Items                   9          140         228          28                       —                 200             0.04  
After Considering Items       $ 126    $ (26  )   $ 2,725    $ 641    23.5  %    $    18         $  2,066      0.46  
(Non-GAAP)
                                                                                               
                              Three Months Ended March 30, 2012
                                                                                                                  Net income
                                                                                                                                   Diluted
                              Equity      Other        Income                                  Net income         attributable
                                                                                                                  to               net
                              income      income       before        Income      Effective     attributable
                                                                                     to               shareowners    income
                              (loss)      (loss) —     income        taxes       tax rate                         of
                              —                                                                noncontrolling                      per
                                          net          taxes                                                      The
                              net                                                              interests          Coca-Cola        share^2

                                                                                                                  Company
Reported (GAAP)               $ 140       $ 49         $ 2,725       $ 658       24.1  %       $    13            $  2,054         0.45
Items Impacting
Comparability:
Asset                         —           —            15            —                         —                  15               —
Impairments/Restructuring
Productivity &                —           —            64            24                        —                  40               0.01
Reinvestment
Productivity Initiatives      —           —            (1      )     —                         —                  (1        )      —
Equity Investees              (44   )     —            (44     )     (4    )                   —                  (40       )      (0.01 )
Transaction Gains             —           —            —             —                         —                  —                —
Certain Tax Matters           —           —            —             8                         —                  (8        )      —
Other Items                   3          —           (20     )     (7    )                   (1         )       (12       )      —     
After Considering Items       $ 99     $ 49      $ 2,739    $ 679    24.8  %    $    12         $  2,048      0.44  
(Non-GAAP)
                                                                                                             
                                                                                                                  Net income
                                                                                                                                   Diluted
                              Equity      Other        Income                                  Net income         attributable
                                                                                                                  to               net
                              income      income       before        Income                    attributable
                                                                                   to               shareowners    income
                              (loss)      (loss) —     income        taxes                                        of
                              —                                                                noncontrolling                      per
                                          net          taxes                                                      The
                              net                                                              interests          Coca-Cola        share

                                                                                                                  Company
% Change — Reported           (38)        N/A          (14)          (13)                      38                 (15)             (13)
(GAAP)
% Change — After
Considering Items             27        N/A        (1)         (6)                 50               1              5

(Non-GAAP)
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

^1 4,530 million average shares outstanding — diluted
^2 4,601 million average shares outstanding — diluted

                           
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
                                                                                                           
Operating Income (Loss)                
by Segment:
                                                                                                   
                              Three Months Ended March 29, 2013
                              Eurasia                 Latin       North                   Bottling
                              &         Europe                        Pacific                 Corporate   Consolidated
                                                      America     America                 Investments
                              Africa
Reported (GAAP)               $ 282       $ 683       $ 763       $ 341       $ 602       $   39          $  (302 )     $  2,408
Items Impacting
Comparability:
Asset                         —           —           —           —           —           21              —             21
Impairments/Restructuring
Productivity &                2           —           —           82          8           —               10            102
Reinvestment
Productivity Initiatives      —           —           —           —           —           —               —             —
Transaction Gains             —           —           —           —           —           —               1             1
Other Items                   —          —          —          68         —          8              3            79        
After Considering Items       $ 284    $ 683    $ 763    $ 491    $ 610    $   68       $  (288 )   $  2,611  
(Non-GAAP)
                                                                                                                        
                              Three Months Ended March 30, 2012
                              Eurasia                 Latin       North                   Bottling
                              &          Europe                           Pacific                   Corporate    Consolidated
                                                      America     America                 Investments
                              Africa
Reported (GAAP)               $ 266       $ 695       $ 744       $ 451       $ 602       $   35          $  (284 )     $  2,509
Items Impacting
Comparability:
Asset                         —           —           —           —           —           15              —             15
Impairments/Restructuring
Productivity &                —           —           —           61          —           —               3             64
Reinvestment
Productivity Initiatives      —           (1    )     —           —           —           —               —             (1        )
Transaction Gains             —           —           —           —           —           —               —             —
Other Items                   —          —          —          (5    )     —          (20      )      2            (23       )
After Considering Items       $ 266    $ 694    $ 744    $ 507    $ 602    $   30       $  (279 )   $  2,564  
(Non-GAAP)
                                                                                                                        
Currency Neutral Operating Income (Loss) by
Segment:
                                                                                                   
                              Eurasia                 Latin       North                   Bottling
                              &         Europe                        Pacific                 Corporate   Consolidated
                                                      America     America                 Investments
                              Africa
% Change — Reported           6           (2)         3           (24)        —           12              (6)           (4)
(GAAP)
% Currency Impact             (6)         (1)         (6)         —           (2)         (22)            4             (3)
% Change — Currency           12        (1)       9         (24)      2         34            (10)        (1)
Neutral Reported
                                                                                                   
% Change — After
Considering Items             7           (2)         3           (3)         1           128             (3)           2
(Non-GAAP)
% Currency Impact After
Considering Items             (6)         (1)         (6)         —           (2)         (26)            5             (3)
(Non-GAAP)
% Change — Currency
Neutral After Considering     13        (1)       9         (3)       4         154           (7)         5
Items (Non-GAAP)
Note: Certain columns may not add due to rounding.Certain growth rates may not recalculate using the rounded dollar amounts
provided.

                               
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
                                                         
Purchases and Issuances of
Stock:
                                                          
                                   Three Months Ended       Three Months Ended
                                                          
                                   March 29, 2013           March 30, 2012
Reported (GAAP)
Issuances of Stock                 $      417               $     436
Purchases of Stock for             (1,523             )    (1,079        )
Treasury
Net Change in Stock Issuance       16                       122
Receivables^1
Net Change in Treasury Stock       11                       (324          )
Payables^2
Net Treasury Share Repurchases     $      (1,079      )   $     (845    )
(Non-GAAP)
^1 Represents the net change in receivables related to employee stock options
exercised but not settled prior to the end of the quarter.
^2 Represents the net change in payables for treasury shares repurchased but
not settled prior to the end of the quarter.
                                                                          
Currency Neutral and
Structural Net Operating
Revenues:
                                  
                                   Three Months Ended
                                                       
                                   March 29, 2013
                                   Net Operating
                                                       
                                   Revenues
% Change — Reported (GAAP)         (1)                  
% Currency Impact                  (2)                  
% Change — Currency Neutral        1                    
Reported
% Structural Impact                (1)                  
% Change — Currency Neutral
Reported and Adjusted for         2                    
Structural Items
                                                                        
% Change — After Considering       (1)                  
Items (Non-GAAP)
% Currency Impact After            (2)                  
Considering Items (Non-GAAP)
% Change — Currency Neutral
After Considering Items            1                    
(Non-GAAP)
% Structural Impact After          (1)                  
Considering Items (Non-GAAP)
% Change — Currency Neutral
After Considering Items and       2                    
Adjusted for Structural Items
(Non-GAAP)
Note:Certain columns may not add due to rounding.

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is the world's largest beverage company,
refreshing consumers with more than 500 sparkling and still brands. Led by
Coca-Cola, the world's most valuable brand, our Company's portfolio features
16 billion-dollar brands including Diet Coke, Fanta, Sprite, Coca-Cola Zero,
vitaminwater, Powerade, Minute Maid, Simply, Georgia and Del Valle. Globally,
we are the No. 1 provider of sparkling beverages, ready-to-drink coffees, and
juices and juice drinks. Through the world's largest beverage distribution
system, consumers in more than 200 countries enjoy our beverages at a rate of
more than 1.8 billion servings a day. With an enduring commitment to building
sustainable communities, our Company is focused on initiatives that reduce our
environmental footprint, support active, healthy living, create a safe,
inclusive work environment for our associates, and enhance the economic
development of the communities where we operate. Together with our bottling
partners, we rank among the world's top 10 private employers with more than
700,000 system employees. For more information, please visit
www.coca-colacompany.com, follow us on Twitter at twitter.com/CocaColaCo or
visit our blog at www.coca-colablog.com.

Forward-Looking Statements

This press release 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 and other health concerns; scarcity and quality of water; changes
in the nonalcoholic beverages business environment, including changes in
consumer preferences based on health and nutrition considerations and obesity
concerns, shifting consumer tastes and needs, changes in lifestyles and
competitive product and pricing pressures; risks related to the assets
acquired and liabilities assumed in the acquisition, as well as the
integration, of Coca-Cola Enterprises Inc.'s former North America business;
continuing uncertainty in the credit and equity market conditions; increased
competition; our ability to expand our operations in developing and emerging
markets; foreign currency exchange rate fluctuations; increases in interest
rates; our ability to maintain good relationships with our bottling partners;
the financial condition of our bottling partners; increases in income tax
rates or changes in income tax laws; increases in indirect taxes or new
indirect taxes; our ability and the ability of our bottling partners to
maintain good labor relations, including the ability to renew collective
bargaining agreements on satisfactory terms and avoid strikes, work stoppages
or labor unrest; increase in the cost, disruption of supply or shortage of
energy; increase in cost, disruption of supply or shortage of ingredients or
packaging materials; changes in laws and regulations relating to beverage
containers and packaging, including container deposit, recycling, eco-tax
and/or product stewardship laws or regulations; adoption of significant
additional labeling or warning requirements; unfavorable general economic
conditions in the United States or other major markets; unfavorable economic
and political conditions in international markets, including civil unrest and
product boycotts; litigation uncertainties; adverse weather conditions; our
ability to maintain brand image and corporate reputation as well as other
product issues such as product recalls; changes in, or our failure to comply
with, laws and regulations applicable to our products or our business
operations; changes in accounting standards and taxation requirements; our
ability to achieve overall long-term goals; our ability to protect our
information technology infrastructure; additional impairment charges; our
ability to successfully manage Company-owned or controlled bottling
operations; the impact of climate change on our business; 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, 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.

Contact:

The Coca-Cola Company
Investors and Analysts:
Jackson Kelly,  +01 404-676-7563
or
Media:
Kent Landers,  +01 404-676-2683