Dear Fellow Shareowners:

In 2011, I was honored
to represent The
Coca-Cola Company
all over the world, in
humble villages and
great, bustling cities.

Wherever I traveled, I spent time in stores, restaurants, shops and homes—the places where people buy and enjoy Coca-Cola. With every visit, I learned something new about our business: what we are doing well and what we can—and must—do even better.

Again and again, as I listened to consumers, customers, bottling partners, associates and shareowners like you, one thought kept coming back to me: I wish all of you could see this business the way I do.

That is quite a wish, I know. But, if you had been with me this past year, you would have experienced so many exciting and memorable moments in our ongoing story.

Coca-Cola turned 125 years young in 2011, and we celebrated by thanking all the people who, since 1886, have made Coca-Cola what it is today.

Even after three decades in our business, I was amazed and energized by the outpouring of affection for Coca-Cola. Had you been with me last May, as we turned our Atlanta headquarters building into an animated, 26-story “thank you” card, I am sure you would have felt something similar.

Late in the year, we moved our secret formula from a nearby Atlanta bank to a new vault at the World of Coca-Cola. Again, the world’s attention—and affection—turned to Coca-Cola. The intense interest in our anniversary and secret formula demonstrated the enduring power of our brands, which we continue to strengthen.

Around the world, our associates set us apart, rallying behind our 2020 Vision with focus and intensity.

In 2011, we focused on realizing our 2020 Vision—an aggressive but achievable systemwide plan for growth launched at the outset of 2010. How did our efforts measure up against the 6 Ps of our 2020 Vision? Let us take a look at each one: Profit, People, Portfolio, Partners, Planet and Productivity.

1. Profit. In 2011, we built strong momentum toward our 2020 goal of doubling our business over the course of this decade. In fact, across the first two years of our 2020 Vision, we met or exceeded our long-term growth targets.

In 2011, we increased sparkling volume 4 percent and still volume 8 percent. All told, we sold 26.7 billion unit cases, earning $46.5 billion in revenues. We delivered nearly 1 billion unit cases of incremental organic volume growth—the equivalent of adding another market the size of Japan to our business—and increased operating income by $1.7 billion to $10.2 billion.

We became a better competitor, gaining market share across the world in almost every nonalcoholic beverage category and increasing our total market share. Early in 2012, we announced our 50th consecutive annual dividend increase, raising our dividend 8.5 percent.

2. People. Around the world, our associates set us apart, rallying behind our 2020 Vision with focus and intensity. This was as true in Ireland, Russia and the United States, where I helped open new plants, as it was when I visited with associates in China, Indonesia, Japan and a dozen other countries.

At our headquarters, one associate selflessly donated a kidney to another. In Texas, a technician on a service call rushed to the aid of a college student struck crossing the street, saving her life. And a Venezuelan associate won five medals at the 2011 Special Olympics World Games in Greece.

Everywhere I went, I saw our people executing in the marketplace, delivering for our customers and achieving extraordinary things. In the wake of heartbreaking devastation in Japan and Thailand, our associates inspired us all with their strength, resilience and determination.

3. Portfolio. Coca-Cola and our other brands occupy a unique place in the hearts of people worldwide, and we did not take that position for granted in 2011. Instead, we sought out new and better ways to enhance our fans’ affection for our brands.

This effort took many forms, from making sure we had compelling marketing and effective merchandizing, to creating memorable moments of connection and fun, to participating in inspiring events.

Coca-Cola and our other brands occupy a unique place in the hearts of people worldwide, and we did not take that position for granted in 2011.

For 2011, we ramped up our efforts to win with Coca-Cola, the oxygen of our business. Brand Coca-Cola grew more than 3 percent for the year, adding 350 million incremental unit cases. We also invested in our 14 other billion dollar brands, including Minute Maid Pulpy, which grew 20 percent by volume in 2011.

And we introduced more consumers to the wonders of Coca-Cola Freestyle—the innovative new fountain dispenser that delivers more than 125 branded beverage choices with less environmental impact than our traditional equipment.

4. Partners. In 2011, our Company created tremendous economic value for those working with us to refresh a thirsty world. Along with our bottling partners, we became more integrated into the growth strategies of our more than 20 million customers, helping them grow and prosper and create jobs.

Working with our customers, we increased immediate consumption beverages by 4 percent through enhanced in-store activations and additional cold-drink equipment. In Latin America, a new retail design initiative is helping small traditional retailers increase foot traffic and create more passion points in their stores. In the United States, innovations such as Coca‑Cola Freestyle and our PlantBottle package helped generate greater sales and velocity for our partners.

5. Planet. We believe firmly in the power of partnerships among the “golden triangle” of business, government and civil society organizations, and we have seen good progress being made across a number of water, packaging, energy efficiency and community empowerment programs.

One such unique environmental partnership was a bold initiative we launched in 2011 with World Wildlife Fund in North America. Our Arctic Home program was designed to help raise awareness about the plight of polar bears while providing funding to support conservation efforts.

Another initiative that continued to gain traction last year was our bold and ambitious 5 BY 20 commitment to enable the empowerment of 5 million women entrepreneurs by 2020. By year-end 2012, we expect the program to reach 300,000 women. One such person is Preeti Gupta, a mother of three who has a small store in her home in rural India. With a solar-powered cooler from Coca‑Cola, she can now provide cold beverages to her customers and keep her lights on at night, enabling her children to have more time to study.

6. Productivity. In 2011, we successfully completed a four-year productivity program, realizing annualized savings of more than $500 million. Meanwhile, the integration of the North American operations of Coca-Cola Enterprises into our Company moved smoothly forward, opening up fresh pathways to growth.

For the future, I am convinced that some of our most important business breakthroughs will come at the intersection of sustainability and innovation. Last year, for example, we expanded our PlantBottle technology to more markets, increasing distribution of the up to 30 percent plant-based packaging and protecting our long-term cost competitiveness.

For the future, I am convinced that some of our most important business breakthroughs will come at the intersection of sustainability and innovation.

Looking ahead, we see vast opportunities for your Company. Across the more than 200 countries we serve, our hardworking and passionate teams are engaged in creating value in every possible way. For our consumers. For our customers. For our communities. And for you, our shareowners.

We know our business can only be as strong and sustainable as the communities we serve, and we continue to support the economic recovery in the United States and around the globe. For 2012 and beyond, we will keep striving to act as a responsible corporate citizen.

I also want you to know that I have never been more optimistic about Coca-Cola nor more proud of our people, who did a remarkable job, often in challenging and difficult circumstances. Even so, we remain constructively discontent. We know this is a journey. In fact, as we begin our next 125 years, we do so with a profound sense that we are just getting started.

On behalf of the incredibly hard-working 146,200 women and men of The Coca-Cola Company, please accept my sincerest gratitude for your investment. We appreciate your trust and confidence, we are dedicated to delivering on your behalf, and we could not be more proud—and humbled—to have the opportunity.

Thank you,

MUHTAR KENT
Chairman of the Board of Directors
and Chief Executive Officer
April 1, 2012