IR Overview - Updated For 2Q - 07.30 - Final With GNG PDF

INVESTOR OVERVIEW || THE COCA-COLA COMPANY
UPDATED FOR
SECOND QUARTER
2020
FORWARD-LOOKING STATEMENTS
This presentation may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,”
“intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain
risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and our present expectations or projections. These risks include, but are
not limited to, the negative impacts of the novel coronavirus (COVID-19) pandemic on our business; obesity and other health-related concerns; evolving consumer product and shopping preferences;
increased competition; water scarcity and poor quality; increased demand for food products and decreased agricultural productivity; product safety and quality concerns; perceived negative health
consequences of certain ingredients, such as non-nutritive sweeteners and biotechnology-derived substances, and of other substances present in our beverage products or packaging materials; an
inability to be successful in our innovation activities; an inability to protect our information systems against service interruption, misappropriation of data or breaches of security; failure to comply with
personal data protection and privacy laws; failure to digitize the Coca-Cola system; changes in the retail landscape or the loss of key retail or foodservice customers; an inability to expand operations in
emerging and developing markets; fluctuations in foreign currency exchange rates; interest rate increases; an inability to maintain good relationships with our bottling partners; a deterioration in our
bottling partners’ financial condition; increases in income tax rates, changes in income tax laws or unfavorable resolution of tax matters; increased or new indirect taxes in the United States and
throughout the world; an inability to successfully manage the possible negative consequences of our productivity initiatives; an inability to attract or retain a highly skilled and diverse workforce; increased
cost, disruption of supply or shortage of energy or fuel; increased cost, disruption of supply or shortage of ingredients, other raw materials, packaging materials, aluminum cans and other containers;
increasing concerns about the environmental impact of plastic bottles and other plastic packaging materials; changes in laws and regulations relating to beverage containers and packaging; significant
additional labeling or warning requirements or limitations on the marketing or sale of our products; unfavorable general economic conditions in the United States; unfavorable economic and political
conditions in international markets; litigation or legal proceedings; conducting business in markets with high-risk legal compliance environments; failure by our third-party service providers and business
partners to satisfactorily fulfill their commitments and responsibilities; failure to adequately protect, or disputes relating to, trademarks, formulae and other intellectual property rights; adverse weather
conditions; climate change and legal or regulatory responses thereto; damage to our brand image, corporate reputation and social license to operate from negative publicity, whether or not warranted,
concerning product safety or quality, workplace and human rights, obesity or other issues; changes in, or failure to comply with, the laws and regulations applicable to our products or our business
operations; changes in accounting standards; an inability to achieve our overall long-term growth objectives; deterioration of global credit market conditions; default by or failure of one or more of our
counterparty financial institutions; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages or labor unrest; future
impairment charges; multi-employer pension plan withdrawal liabilities in the future; an inability to successfully integrate and manage our company-owned or-controlled bottling operations or other
acquired businesses or brands; an inability to successfully manage our refranchising activities; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster
Beverage Corporation; global or regional catastrophic events; and other risks discussed in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2019 and
our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on forward-looking statements, which speak only at the date they
are made. We undertake no obligation to publicly update or revise any forward-looking statements..
RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

The following presentation includes certain "non-GAAP financial measures" as defined in Regulation G under the Securities Exchange Act of 1934. A schedule which reconciles our results as reported
under Generally Accepted Accounting Principles and the non-GAAP financial measures included in the following presentation is attached as an appendix hereto.
2
COVID-19 UPDATE
SYMPATHY FOR ALL THOSE AFFECTED BY THE PANDEMIC
A Resounding THANK YOU to…

• The Healthcare Community
• Our Employees
• Our Bottling Partners
• Our Customers
• All Who Are Working to Keep Us Safe
Grounded in Our Purpose to Refresh the World and Make a Difference 3

3
COVID-19 UPDATE
BUSINESS ENVIRONMENT & STRATEGIC ACTIONS UPDATE
▪ We used a combination of focus and flexibility to navigate through the second quarter.
▪ The trajectory of our business trends in the near term is closely linked to the size of our
away-from-home business in any given market, and the level of lockdowns in the market.
▪ We remain guided by our purpose, and we are clear on how we will emerge stronger
win more consumers, gain share, maintain strong system economics, strengthen our
impact across our stakeholders, and equip our organization to win in the future.
▪ We are accelerating our strategies across five priorities:

1) Portfolio prioritization 3) Strengthening RGM & execution capabilities
2) Disciplined innovation & increased 4) Enhancing system collaboration & capturing

marketing effectiveness and efficiency supply chain efficiencies
5) Continuing to evolve the organization
Click Here to Go to the Q2 2020 Update on the COVID-19 Situation in this Presentation
4
KEY THEMES FOR TODAY
COMPELLING OPPORTUNITY
PLATFORM TO ACCELERATE
CREATING, CAPTURING & DELIVERING VALUE
Q2 2020 UPDATE (COVID-19 SITUATION)
OPERATING OVERVIEW
5
COMPETING IN A GREAT INDUSTRY
Highly Diversified
Compelling Opportunity Outpaced Relative Growth with Strong Pricing Power
Hot & Cold Beverages Industry Industry Retail Value Growth % Sales($) by Channel
Retail Value 2016-2019 CAGR
Sparkling
Soft Drinks
NARTD 4.3% NARTD
Hot Bev.
Juice, Packaged Packaged

$1.6 Dairy &
Plant
Food
4.0%
Food
Trillion
Household Household
3.5%
Products Products
RTD Hydration
Tea/Coffee - 50 100
Energy
NRTD
Cold Modern Trade (e.g. Large Retailer)
Traditional (e.g. "Mom & Pop" Shops)
Eating & Drinking Out
Source: GlobalData and internal estimates. 6
We compete in a growing and vibrant industry

LONG-TERM GROWTH OPPORTUNITY

Developed Markets Developing & Emerging Markets
% of Volume Mix % of Volume Mix
Non-Commercial
30%
Alcohol
11%
Non-Commercial
Hot Beverages 69%
KO: 0.2% Share
12%
Cold Alcohol 3%
Beverages Hot Beverages
KO: 20% Share 11%
KO: 0.3% Share
47%
Cold Beverages
17% KO: 10% Share
1.5B POPULATION 6.1B POPULATION

(~20% of the World) (~80% of the World)
7
Source: Internal estimates. Note: Industry growth for nonalcoholic ready-to-drink excludes white milk and bulk water.
An industry that is not just attractive today but has long-term growth opportunity
BUILDING ON SOLID FOUNDATIONS WITH GREAT POTENTIAL TO GROW
Diversifying Revenue Strong Global Position... Pervasive Distribution

2019 Revenue Composition #1 Value Share Position in Global NARTD
Sparkling Juice, Dairy Tea &

Soft Drinks & Plant
Hydration
Coffee*
Energy** ~$7 Billion
Juice, System Capex***
Dairy & #1 #1 #1 #1 #2
Plant
Hydration
> 20 Channels
Sparkling 24
Soft
Drinks Tea &
Coffee
30M Customer
…Long Runway at the Market Level Outlets
Other Leadership Position at the Market Level Where We Play
16M Cold-Drink
Assets
Challenger/ Explorer Position

• Tea & coffee includes ready-to-drink beverages only
** Energy brands are owned by Monster Beverage Corporation, in which TCCC has a minority investment.
*** 2018 data
Note: The leadership position donut charts represent the percentage of markets where we have a leadership position in the markets in which we play for that category cluster 8
Source: GlobalData and internal estimates
Leadership position at the market level drives outsized pricing power and margin expansion
NAVIGATING A DYNAMIC AND EVOLVING LANDSCAPE
Big Data & Advanced Global Consumer

Personalization Consciousness
Analytics Demographics
1
2 3
D2C and Competitor Single-Use

Ingredients eCommerce Speed to Market Plastic Aversion
9
We are recognizing key consumer and competitive trends and adapting to capture opportunity
AS WE MOVED PAST OUR TRANSFORMATION, WE ENTERED THE YEAR

WITH SOLID MOMENTUM
Growing the Topline Generating Cash Flow Strategy Driving Results

Organic Revenues* Free Cash Flow ($ Bn)** Key Highlights
Completed
6% 8.4 Refranchising Efforts
5%
Updated Incentive
6.1 Structure
5.3
3% Cultural
Overhaul
Consumer-Centric
Portfolio Approach
Achieved Key
2017 2018 2019 2017 2018 2019 Objectives in 2019
* Non-GAAP
** Non-GAAP. Free Cash Flow = Cash from operations minus capital expenditures 10
SETTING US UP FOR THE NEXT PHASE OF GROWTH
Coming From… …Going To
FOCUS Volume-Centric Value-Centric
BUSINESS MODEL Core + Bottling Core
ORGANIZATION Geographic Networked
11
We are leveraging our past to build for the future

OPERATING OVERVIEW
12
Click Here to Read Purpose Statement
REFRESH THE WORLD. MAKE A DIFFERENCE.
GROWTH MINDSET
GROWTH MINDSET
13
FRAMEWORK FOR BUILDING A BRAND PORTFOLIO
Brand Building
Innovation / M&A
CONSUMER
Execution
Revenue Growth
Management
14
Our road to success centers around these four areas and while we are
making progress in each, we are far from a “perfect 10” in any of the areas
REFRESHING OUR BRAND-BUILDING CAPABILITIES
Enduring Principles Brilliant Basics New Engagement Models
Interruption Experiences
Leveraging Creative Ideas and Ecosystems
Human Clear Occasions
Centricity and Channels
Packaging POS
Competitive
Insights-Based
Price/Pack
(Purpose-Driven)
Architecture
Brands
and Execution
Assets Social/Influencers
Superior Tasting
Products Behavioral Metric
Weekly+ Drinkers
Data Technology
15
Leveraging digital capabilities with an eye on consumer needs

CONSUMER-CENTRIC INNOVATION
Ten Innovation Spaces Defined Metrics & Routines Driving Results
Next EMC
Ambidextrous Culture
23%
Experience
Internet
of Thirst
System Leadership Reviews
% of 2019 Gross
Beauty Profit Delivered by
Innovation Scorecard Innovations
CONSUMER Seniors
(Lagging and Leading Indicators) Launched in Past 3
Years
600+
Performance Plastics Benchmarking Versus
& Ultra-Energy Peer Companies
Zombies Killed in 2019

Functional Craft &
Customization
Sweeteners (Premiumization)
Balanced Portfolio Approach
& Sweetness (Leader/Challenger/Explorer)
(Ins/Outs)
16
Innovating for the present while keeping the runway clear for tomorrow’s leader brands
WE ARE BUILDING A WORLD-CLASS COFFEE PLATFORM THROUGH THE

ACQUISITION OF COSTA
Multiple Revenue Streams
Proud to Ready-to-
Stores Express Packaged
Serve Drink
Full retail offer ‘Bean & machine’ Self-Serve Coffee for at-
showcasing hand- to support barista-quality Ready-to-drink
home consumer
crafted coffee customers’ food coffee, on-the-go coffee
occasions
& bev offer
Served /
Barista-Made Self-Serve Self-Serve Brew at Home Grab & Go
Serving Multiple Occasions
17
Opportunities for expansion by capitalizing on multiple platforms to serve multiple occasions

MOVING WITH SPEED TO ACCELERATE THE COSTA BUSINESS
Proud to Serve Express Ready-to-Drink
• Serving Costa coffee within • Freshly ground beans, real • Large, fast-growing category
customers’ concepts steamed milk, barista-quality
beverage
• Coffee forward concept (less
• Over 2,500 locations today in the milk and sugar)
U.K. • Over 10,000 machines today
• Launched in Great Britain in
• Large opportunity to support • Looking to accelerate this June 2019; achieving a 6%*
existing food & beverage platform in additional markets in value share in Great Britain
customers with coffee solutions 2020 within the category
* - Value share for 2019 18
Plan to launch Costa in 20 new markets in 2020 with strong alignment with bottling partners
REVENUE GROWTH MANAGEMENT IS A RENEWED PHILOSOPHY ON

SYSTEM-WIDE VALUE CREATION
Old Mindset New Mindset Defined Strategy
Consumer
Volume Behavior Value Behavior (Profit & ROIC) Premiumization
(Categories /
Brands / Packs)
Leverages Momentum Step-Change in Growth Trend

Shopper
Brand
Stratification
One-Off, Annual Plan Multi-Year System Strategy Based on
vs.
Elasticity
Operational Initiatives Strategic Initiatives to Drive

Channel/Customer
to Drive Volume Revenue > Transactions > Volume
Geographic &
Channel
Segmentation
19
Developing price/pack architectures that are appropriate to consumer & customer needs
REVENUE GROWTH MANAGEMENT IS DYNAMIC AND EVOLVING
Developed Markets Developing / Emerging Markets

North America Example ~ 2x Romania Example
System Gross Profit
(compared to 12 oz. packs) 19%
System Revenue Growth
~40%
Sleek Can (compared to 11% for
Single-serve pack traditional multi-serve)
Less Volume
vs.
(compared to 12 oz. can) vs.
+2pp
Shift in Volume Mix
Double-Digit (into single-serve packs)
Traditional Glass Bottle
Volume Growth
Traditional 12 oz. Mini can (7.5 oz.) Multi-serve Single-serve pack
+1.3pp
(ahead of 12 oz. packs)
Consumer Proposition Consumer Proposition

Value Share Gains
-
-
Only 90 calories
38% less sugar
+2pp -
-
Convenient “on-the-go”
Lasting refreshment (carbonation)
(driven by single-serve packs)
- Permissibility “back into the home”

Transaction Growth - Premium look & feel
(ahead of unit case
- Refreshing “treat” (less liquid) growth for Brand Coke) - Tailoring to more consumers (bifurcation of growth)
RGM Strategy Is a Natural Headwind to Unit Case Growth, RGM Strategy Is Not Only a Developed Market Initiative
but Is More than Offset by Price/Mix Accretion but Is Expanding Around the World
Note: Data represents 2018 performance and is based on internal estimates. 20
RGM 2.0 pilot rollout in 7 markets resulted in 6x ROI

REVENUE GROWTH MANAGEMENT – SCALING GLOBALLY
Turning Data into Insights… …Insights into Actions

IT Framework to Support Markets ~300 Market-Specific Initiatives
BUILDING CAPABILITIES SCALING GLOBALLY
2016 2017 2018 2019 2020 2021+

• Capability Assessment • RGM 2.0 Initial • +25 Market Rollout • +15 Market Rollout • +14 Market Rollout
• RGM 2.0 Pilot Rollout • RGM Playbook Launched • Pilot RGM to RTM Strategy
• System Alignment • V2.0 Capability
Development Assessment
21
Building capabilities to strengthen our competitive edge in making better, faster & effective decisions
EXECUTION STARTS WITH ALIGNED AND ENGAGED PARTNERS

Case Study of North America Refranchising
International Bottlers Legacy Bottlers New Bottlers

Expanding Scaling Accelerating
SSD Transaction Packs Outpaced NARTD Growth Net Sales Revenue CAGR* —
Volume CAGR* 16% 3rd Consecutive Year 2x Industry
>50% SSD Share

New $250M Facility 9K New Outlets Added
+1.1 Points vs. ‘18
Global Execution Leading Bottler in U.S. Multi-Use Facility with

Cup Winner Execution Index E-Comm Partnerships
* 3 year CAGR (2016-2019)

Note: System investment is over three years 22
The system has invested ~$750M to support our innovation and RGM agenda
CREATING VALUE WITH OUR CUSTOMERS
Consumer-Driven Category Strategies… …Driving Growth for Our Customers

Case Study Example of Leading Incremental Retail Value ($M) Growth
Retailer in Europe in Western Europe
462
Incremental Transactions
per Week 100,000+
Net Sales Revenue +82% 198

162
per Case vs. Average 137
107
Customer Margin 2.5x Coca-Cola CPG Peer 1 CPG Peer 2 CPG Peer 3 CPG Peer 4
vs. Average System
Source: Nielsen Strategic Planner Nov19 YTD. Countries included: SP, GE, GB, FR, BE, NL, SE and NO. 23
Utilizing power of consumer-centric collaboration to generate value for our customers

NOTE: 2018 [data source] top 40 markets
DISCIPLINED APPROACH IS DRIVING RESULTS
Consumer-Centric Strategy 2019 Global Trademark Coca-Cola
Brand
Building
Innovation /
+6% Revenue* ✓
M&A
+4% Transactions
✓
CONSUMER
+3% Volume ✓
Execution
Revenue Growth
Management
-3% Sugar
✓
* Retail value 24
Trademark Coca-Cola is gaining share within the NARTD beverage industry

START WITH FACTS, BASED IN SCIENCE
Water Carbon Waste
Share of Carbon Reduction Make Packaging Part of a

Be Water Balanced,
Needed to Achieve Paris Circular Economy, with a Focus
STRATEGY Improving Water Security
Agreement's Climate on 100% Collection Rates and
Where Needed Most
Change Goals an Increase in Recycling
Make Our Packaging 100%

Replenish 100%+ of Water Recyclable by 2025
Used Annually Reduce Carbon Emissions 100% Package Collection
GOALS 25% Increase in Water by 25% by 2030 and Recycle Rate by 2030
(2015 Base Year)
Use Efficiency by 2020
(2010 Base Year) Use 50% Recycled Material
in Our Packaging by 2030
25
We use our leadership to be part of the solution and to achieve positive change in the world
DRIVING GROWTH WHILE DOING BUSINESS THE RIGHT WAY
Goals and Progress
WATER WASTE SUGAR CLIMATE

REPLENISH 100%+ 100% BOTTLE/CAN REDUCTION REDUCE CARBON
OF WATER USED COLLECTION BY CHANGE RECIPES, EMISSIONS BY
ANNUALLY 2030 SMALL PACKS, 25% BY 2030
BROADER PORTFOLIO (2015 Base Year)
Water neutral since 60% collection rate in 350,000 tons of sugar

2015 2019 N/A (see Note)
removed in 2019
WOMEN HUMAN AGRICULTURE

5 MILLION 100% OF KEY
ECONOMICALLY RIGHTS INGREDIENTS
EMPOWERED BY RESPECT & SUSTAINABLY
2020 PROTECT RIGHTS SOURCED BY 2020
4.6 million women 27,500+ human rights 54% of ingredients
economically compliance audits sustainably sourced in
empowered to date performed to date 2019
26
Source: The Coca-Cola Company 2019 Business & Sustainability Report

Note: This goal was adopted in January 2020 so no progress has been tracked against it yet
CIRCULAR ECONOMY SOLVES FOR ZERO WASTE AND LOWER CARBON

FOOTPRINT
Plastic Spectrum Destination
Types Solution
HIGH-VALUE
1 PLASTIC
Clear PET
Bottles
Circular Economy
Make
1
Colored PET Innovation / 4 2

MID-RANGE
2 PLASTIC
Bottles & Dirtier
Waste Streams
Enhanced
Recycling
Recycle Use
Multi-Layer
LOW-VALUE
3 PLASTIC
Packaging
(e.g. Juice Boxes)
Alternatives /
Eliminate
Dispose
27
Design || Collect || Partner

ACTING WITH A GROWTH MINDSET
Growth Behaviors Driving Cultural Transformation
Proud to be Part 91%

of the Company +7 vs. ‘18
Believe Culture is Changing 82%

for the Better* NA vs.’18
Sustainable Engagement**
76%
+2 vs. ‘18
* Introduced first time in 2019

** Sustainable Engagement describes the intensity of people’s connection to their organization, based on three core elements – Engagement, Enablement and Energy.
Note: 13,000 employees participated in the survey 28
Value how we work as much as what we achieve

OPERATING OVERVIEW
29
DRIVING KEY AREAS OF FOCUS AND MAXIMIZING RETURNS
Key Priorities 2019 Progress
Fourth Quarter 2019 Was 10th Consecutive Quarter

Topline Growth*
Within or Above Long-Term Target
Margins ~150bps Underlying Operating Margin** Expansion
Capital Allocation 38% Free Cash Flow** Growth ($8.4B)
Productivity Culture Delivered $600M of Productivity
* Denotes Organic Revenue (non-GAAP)

** Non-GAAP 30
These priorities are embedded into the performance routines of the organization
CONFIDENT IN OUR LONG-TERM TARGETS
Key Strengths Organic

Revenue* 4% to 6%
Global Leader in Growth Industry
Operating
Purpose-Driven Strategy Income** 6% to 8%
Disciplined Portfolio Growth Earnings
Per Share** 7% to 9%
Aligned and Engaged System
Free Adjusted Free
New Culture Positioned for Growth Cash Flow * 90% to 95

% Cash Flow
Conversion Ratio*
Confident in Achieving Our Long-Term Targets

* Non-GAAP
** Comparable currency neutral (non-GAAP)
Note: Adjusted free cash flow conversion ratio = FCF adjusted for pension contributions / GAAP net income adjusted for non-cash items impacting comparability 31
Our key strengths give us confidence in our ability to deliver consistent and sustainable performance
OUR CAPITAL ALLOCATION STRATEGY SUPPORTS OUR

LONG-TERM TARGETS
Cash from Operations
Investing for Growth Return to Shareowners
1 REINVEST IN THE BUSINESS 2 CONTINUE TO GROW THE DIVIDEND

Capital and Other Investments to Support Continue to Grow Dividend with a Target of 75%
the Growth Agenda Free Cash Flow* Payout Over Time
3 CONSUMER-CENTRIC M&A 4 NET SHARE REPURCHASE

Striking the Right Balance Between Strategic Return Excess Cash Over Time
Rationale, Financial Returns and Risk Profile
NET DEBT LEVERAGE* TARGET: 2 to 2.5x
* Non-GAAP 32
We have clear priorities to invest for growth and return cash to shareowners
LEVERAGING THE STRATEGY – INVESTING FOR GROWTH
Accelerating Topline Maximizing Returns
Brand Cash Flow

Building Generation
Innovation / Resource
M&A Allocation
$
Asset
Execution
Optimization
Revenue Growth Margin
Management Expansion
33
Leveraging the brand portfolio framework to drive profitability and maximize returns
BALANCED RESOURCE ALLOCATION FUELS A GROWTH & PRODUCTIVITY

CULTURE
Disciplined & Marketing Leveraging
Targeted Spending Optimization the Organization
Portfolio
(Leader, Challenger, Explorer)
$ Zero-Based
Work
The Network
Effect
Digital
Productivity
Best Practice Scaling

Activity Geography Aligned Sharing Ideas
(Channel, Customer, (Developed, System Spend
Market) Developing,
Emerging)
34
Dynamic and actively managed routines

SUSTAINABLE APPROACH TO MARGIN EXPANSION

Focus Areas Key Drivers Biggest Areas of Opportunity
Core Business Global Ventures Bottling
✓ ✓ ✓
TOPLINE
GROWTH • Pricing In-Line with Inflation
Revenue Growth
Management
• Optimizing Price/Pack Architecture
✓ ✓ ✓
• Lift, Shift & Scale Model
✓ ✓ ✓
MARGIN EXPANSION
Accelerating Topline Acceleration

Through Scale • Capturing Revenue Synergies
Through Costa Expansion ✓
Supply Chain
• System Procurement Advantage ✓ ✓ ✓
Synergies
• R&D Global Optimization
✓
• PET Light-Weighting Initiatives
✓ ✓
Marketing & Opex
• Driving the “L, C, E” Framework ✓
Optimization
• Warehouse Optimization
✓ ✓
PRODUCTIVITY
OPPORTUNITY
• Ongoing Productivity
✓ ✓ ✓
35
We remain focused on a number of levers that we can leverage to drive margin expansion
ASSET “RIGHT” MODEL – BUILT FOR THE FUTURE
Utilizing Our Assets… …Unlocking Value
Balance Sheet
Investments
• Sold the 711 5th Avenue Building in New York City
• Exited Non-Voting Minority Stake in Certain Bottlers
Company-Owned
Bottling Operations
• Solid Margin* Expansion in BIG in 2019 (~300bps)
• Refranchised a Portion of Indian Bottling Operations
36
* Comparable Operating Margin (non-GAAP)
Viewing asset optimization through a holistic lens

CASH FLOW GENERATION IS THE CATALYST FOR FUTURE GROWTH
Strong Focus on Adjusted Free

Cash Flow Conversion Ratio* Target Key Drivers
Capital • Optimal Levels of Capital Investments

Investments to Maximize ROI
96% 90% to 95%
73%
• Achieve Best-in-Class Payables
Working Capital and Receivables Benchmarks
Management
• Optimize Inventory Levels
• Refranchising and Restructuring Costs

Productivity Causing a Drag on Conversion
2018 2019 Long-Term Program Costs
Target • Will Reduce Going Forward
37
* Non-GAAP; adjusted free cash flow conversion ratio = FCF adjusted for pension contributions / GAAP net income adjusted for non-cash items impacting comparability
Pushing the enterprise to sustainably maximize Free Cash Flow and Returns 37
OPERATING OVERVIEW
38
38
PERFORMANCE WAS DRIVEN BY LOCAL MARKET DYNAMICS
Two Key Factors Sequential Improvement
Levels of
Lockdown
1 Level of Lockdown in any
Given Market
Unit Case Volume
2 Size of Away-From-Home
Business in that Market
April June
We Expect this Correlation to Continue in the Back Half of the Year 39

39
SHARE PERFORMANCE IMPACTED BY CHANNEL MIX
• Positive underlying performance driven by

strong share gains in at-home channels
• More than offset by negative channel mix

due to pressure in away-from-home
channels
Underlying Channel Mix

• As on-premise begins to rebound, expect Performance Pressure
to return to share growth
Seeing Sequential Improvements in the Monthly Trends 40

40
COMMITTED TO EMERGING STRONGER FROM THE CRISIS
Five Clear Objectives

WIN MORE GAIN MARKET STRONG
CONSUMERS SHARE SYSTEM
ECONOMICS
STRENGTHEN EQUIP THE

STAKEHOLDER ORGANIZATION
IMPACT TO WIN
Maintaining Focus and Flexibility to Successfully Manage Through the Crisis 41

41
UNCERTAINTY REMAINS, BUT OUR STRATEGY IS ESSENTIAL
1 Uncertainty of the
Macroeconomic Environment 2 ‘Beverages for Life’
Remains Essential
?
Commercial Beverage Industry Will
Remain Vibrant
✓ Consumer Remains at the Heart of

Everything We Do
✓
Consumers Will Continue to Spend
More and Demand Greater Choices
Driving the Need for a Broad, Strong Portfolio

✓ and a Powerful, Scaled Distribution System
Our Ambition Is to Return to Pre-COVID Levels Ahead of an Economic Recovery42

42
ACCELERATING THE STRATEGY ALREADY IN MOTION

Five Priorities
Optimized portfolio of strong global,

1
Topline
regional and scaled local brands
2 Disciplined innovation framework and

increased marketing effectiveness
3 Stepped-up RGM and execution

capabilities
Returns
4 Enhance our system collaboration and

capture supply chain efficiencies
5 Evolve the organization and invest in

new capabilities
43
SHARP FOCUS ON OPTIMIZING THE PORTFOLIO
<50% = ~98%
Global, Regional, Company Revenue
Local Brands
~400 MASTER
BRANDS
>50% = ~2%
Single-Country Company Revenue
Brands
Prioritizing Fewer “Bigger and Stronger” Brands, While Doing a Better Job Nurturing
“Smaller, Enduring” Brands 44
44
DISCIPLINED INNOVATION FRAMEWORK AND INCREASED

MARKETING EFFECTIVENESS & EFFICIENCY
Improvement Opportunities Way Forward
Innovation • Innovation increased ~150% since 2015

• Tail has increased along the way
Lead with Support with Only Critical
• Focus on scalable initiatives Global Bets Regional Plays Local Projects
• Set defined criteria for success All with Defined Set of Success Criteria
Marketing • Increased alignment with in-market activation

• Focus on scalable campaigns Continuous, Integrated with Bigger, Fewer,
Occasion-Based Commercial & Scaled Campaigns
• Increase occasion-based marketing Marketing Execution
• More robust, end-to-end digital strategy
Marketing from Prioritize Quality Challenge Every

Within & Reapply Over Quantity Dollar
Raising the Performance Bar Across Innovation & Marketing 45

45
DEPLOY OUR CAPABILITIES IN RGM AND EXECUTION –

ADAPT TO CHANGING CHANNEL DYNAMICS
Optimal Price/Pack Architecture Segmented & Surgical Approach
Revenue Growth
Management Occasion
Affordability & Premiumization Channel Market
Execution Capturing Omni-Channel Opportunity Scaling Winning Ideas

• Piloting D2C Platforms
• Scaling B2B2Home
• Accelerating Alternative
Routes-to-Market
24
• Partnering with Food

Aggregators Globally
46
COLLABORATION ACROSS THE SYSTEM HAS

BEEN PARAMOUNT
• Held global and regional system leadership

meetings with high engagement
• Will continue increased engagement and sharing

of best practices post-pandemic
• Unlocking opportunity for synergies across supply

chain and leveraging the collective global scale
Goal to Grow Faster Systemwide and Deliver Stronger Financials 47

47
ORGANIZATIONAL STRUCTURE FOLLOWS THE STRATEGY
• Focused on positioning the organization to win
• Acting with a growth mindset continues to be essential
• Moving toward a more networked model, improving our

agility and maximizing scale
• As the pandemic acts as a catalyst to accelerate our

strategy, our organization is moving faster into the future
Setting the Organization Up for Success as the Strategy Accelerates

48
SECOND QUARTER PERFORMANCE
Quarterly Results Key Headlines

Sequential improvement in volume during quarter
Unit Case Volume -16%

Lag in shipments due to cycling and bottler stock
rationalization from inventory build in Q1
-26%
Organic Revenues* (-4% Price/Mix, -22% CSEs)
Price/mix pressure largely driven by segment mix
Operating Income** -25% Gross margin pressure driven by volume declines

in capital-intensive businesses and channel mix
Comparable EPS* $0.42 Good amount of operating leverage through cost

management
* Non-GAAP 49
** Comparable currency neutral operating income (non-GAAP) 49
CURRENT 2020 OUTLOOK

• Unable to provide full year 2020 financial outlook
• Believe the Second Quarter will be the most impacted of the year
• Topline to continue to correlate to the level of mobility and the health of the away-from-
home channels
• Channel and package mix will continue to put pressure on gross margin
• Amount of operating leverage should moderate in the back half as we accelerate

marketing investments
• Continued de-leverage below-the-line due to year-over-year net interest expense

increase
• 3% to 4% currency headwind on comparable revenues* and high single-digit currency

headwind on comparable operating income* for full year
* Non-GAAP
Maintaining Flexibility on Investment Levels Based on Trajectory of Topline 50

50
TRANSLATING TOPLINE GROWTH INTO VALUE CREATION
1 Optimizing the Shape of the

P&L and Balance Sheet 2 Unlocking Opportunities to
Cultivate Efficient Growth
• Clear and defined mission, strategic drivers and • Moving with speed to optimize marketing spend
financial expectations for each business segment behind the growth portfolio and business
segment priorities
• Set objectives to improve margins and free cash
flow • Continuing to uncover cost saving opportunities
across the supply chain and operating expenses
• Leverage improved returns and invest what is
needed to fund continued growth • Opportunities to scale services and unlock
synergies
• Ensure balance sheet remains fit-for-purpose for
future need • Evolving the organization to follow the strategy,
which will drive better resource allocation
51
CLEAR CAPITAL ALLOCATION PRIORITIES AND

GOOD LIQUIDITY THROUGHOUT THE SYSTEM
Remain Steadfast in System Remains

Capital Allocation Priorities Financially Sound
1 REINVEST IN THE BUSINESS • We have a solid liquidity position and strong
Capital and Other Investments to Support balance sheet
the Growth Agenda
• ~80% of volume runs through our top 15
2 CONTINUE TO GROW THE DIVIDEND
large bottlers or Bottling Investments Group
Continue to Grow Dividend as a Function of Free
Cash Flow*, With 75% Payout Ratio Over Time • Our largest public bottlers are well-managed
companies with healthy balance sheets
3 CONSUMER-CENTRIC M&A
Striking the Right Balance Between Strategic
• Nearly all of our small/mid-sized bottlers are
Rationale, Financial Returns and Risk Profile in a stable position
4 NET SHARE REPURCHASE

• System is taking proactive steps on efficient
Return Excess Cash Over Time
working capital management, expenses and
capital
* Non-GAAP
52
52
IN SUMMARY
• Proud of the system as we continue to adjust and

accelerate our strategy
• The strength of the system and level of collaboration is

paramount
• Leveraging the crisis as a catalyst to accelerate the

business transformation already underway
• Clear objectives and plan on how we will emerge stronger
• Remain guided by our purpose – to Refresh the World and

Make a Difference
53
53
OPERATING OVERVIEW
54
54
OPERATING OVERVIEW
CONSOLIDATED GEOGRAPHIC OVERVIEW
Unit Case Volume Net Revenues* Operating Income*
Bottling
Bottling Investments
Asia Pacific North America Investments North America 3%
24% 18% 19% 31% Asia Pacific
20% North America
23%
Global
Global
Ventures
30.3 Asia Pacific
14%
$37.3 Ventures $10.4
3%
2%
Billion Billion Billion
Global
Europe, Ventures Latin
Latin America Europe,
Middle East 7% Europe,
America 20% Middle East
& Africa Latin Middle East
27% & Africa
29% America & Africa
11% 18% 31%
* Comparable (non-GAAP)
Note: Net revenues percentages were calculated excluding amounts for Corporate and Eliminations. Operating income percentages were calculated excluding Corporate expense. All numbers are 2019. 55
OPERATING OVERVIEW
EUROPE, MIDDLE EAST & AFRICA
Overview Business Unit Volume Mix & Key Bottlers

• ~130 markets – developed, developing, emerging
• ~2.2 billion consumers Western Europe

30% Central & Eastern
• $258 billion in industry retail value
Europe
Turkey, Caucasus & 22%
• KO NARTD value share ~23%
Central Asia
• KO revenue $7.1 billion 10%
• KO operating income $3.6 billion Middle East &

North Africa
19%
West Africa
Category Cluster Volume Mix 6%
Juice, Dairy &

Plant South & East Africa
13%
Hydration
Sparkling
Value Share Position
Soft Drinks
Tea & Coffee
Hydration Energy
Soft Drinks & Plant Coffee
Source for industry retail value is internal estimates, NARTD and NRTD Tea & Coffee, top 40 markets globally
#1 #3 #3 #6 #2
Source for value share position is Euromonitor
All numbers are 2019 56
Energy brands are owned by Monster Beverage Corporation in which TCCC has a minority investment.
OPERATING OVERVIEW Business Unit Volume Mix & Key Bottlers
LATIN AMERICA Mexico

47%
Overview
Latin Center
14%
• 39 markets – primarily developing and emerging
• ~650 million consumers

Brazil
• KO revenue $4.1 billion
22%
• KO operating income $2.4 billion
Category Cluster Volume Mix

Juice, Dairy &
Plant South Latin
17%
Hydration
Value Share Position (2019)
Sparkling
Soft Drinks Tea & Coffee
Hydration Energy
#1 #1 #1 #6 #2
OPERATING OVERVIEW
Business Unit Volume Mix & Key Bottlers
NORTH AMERICA
Overview
Canada
5%
• Flagship market, includes finished goods juice and
foodservice businesses
• 360+ million consumers
USA
95%
Sparkling
Soft Drinks
Juice, Dairy &
Plant
Hydration Energy
Hydration
#1 #1 #2 #6 #1
Tea & Coffee
OPERATING OVERVIEW Business Unit Volume Mix & Key Bottlers
ASIA PACIFIC Greater China &

Korea
43%
Japan
Overview 13%
• 32 markets – developed, developing, emerging
• 4.5+ billion consumers

India &
• $349 billion in industry retail value Southwest Asia ASEAN
16% 23%

Juice, Dairy & South Pacific
Plant Hydration
5%

Tea & Coffee
Sparkling Sparkling Juice, Dairy Tea &

Soft Drinks Hydration Energy
#1 #4 #1 #3 #4
OPERATING OVERVIEW
GLOBAL VENTURES
BUSINESS
• We created a new operating segment ECONOMICS
MODEL
to house the acquisition of Costa Ltd.
(closed in January 2019), as well as
other brands, acquisitions and Coffee Retail, Food
investments we feel we can scale Full P&L
Service, and RTD
globally
• Global Ventures includes Costa Distribution

coffee, Monster beverages, innocent Coordination Fees
juices and smoothies, and dogadan tea Agreements
• In terms of revenue, the majority of
Global Ventures consists of Costa Finished Goods
coffee followed by innocent. Together Full P&L
Juices & Smoothies
they are ~90% of total Global Ventures
revenue
NRTD Tea Full P&L
MONSTER is a trademark and product of Monster Beverage Corporation in which TCCC has a minority investment.
Scaling brands, acquisitions and investments;

identifying and nurturing future fast-growing opportunities 60
60
OPERATING OVERVIEW
BOTTLING INVESTMENTS GEOGRAPHIC FOOTPRINT
Canada
(Refranchising Completed)
USA China
(Refranchising Completed) (Refranchising Completed)
Guatemala
(Refranchising Completed)
Current Markets
Africa
Bangladesh
Cambodia
India
Malaysia
Myanmar
Nepal
Uruguay Oman
(Refranchising Completed) Philippines
Singapore
Sri Lanka
Vietnam
Note: Net revenues percentages were calculated using comparable net revenues (non-GAAP) excluding amounts for Corporate and Eliminations.
Bottling Investments Group comprised 19% of net revenues in 2019 vs. ~50% in 2015 61
61
62
THE COCA-COLA COMPANY AND SUBSIDIARIES
Reconciliation of GAAP and Non-GAAP Financial Measures
(UNAUDITED)
(In millions)
Net Operating Revenues:

Year Ended Year Ended Year Ended
December 31, 2019 December 31, 2018 December 31, 2017
Reported (GAAP) $ 37,266 $ 34,300 $ 36,212
Items Impacting Comparability:
Other Items 14 (9) 6
Comparable (Non-GAAP) $ 37,280 $ 34,291 $ 36,218

Reported (GAAP) $ 34,300 $ 36,212 $ 41,863
Other Items (9) 6 (9)
Comparable (Non-GAAP) $ 34,291 $ 36,218 $ 41,854

% Change — Reported (GAAP) 9 (5) (13)
% Currency Impact (4) (1) (1)
% Change — Currency Neutral (Non-GAAP) 13 (4) (13)
% Acquisitions, Divestitures and Structural Changes 7 (11) (16)
% Impact of Accounting Changes1 — 2 —
% Change — Organic Revenues (Non-GAAP) 6 5 3
Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.
1
Impact of adoption of new revenue recognition accounting standard
1
(UNAUDITED)
(In millions)
Free Cash Flow:

Net Cash Provided by Operating Activities (GAAP) $ 10,471 $ 7,627 $ 7,041
Purchases of Property, Plant and Equipment (GAAP) (2,054) (1,548) (1,750)
Free Cash Flow (Non-GAAP) $ 8,417 $ 6,079 $ 5,291
2
(UNAUDITED)
(In millions)

Three Months Ended Three Months Ended
September 29, 2017 December 31, 2017
Reported (GAAP) $ 9,078 $ 8,314
Other Items (15) —
Comparable (Non-GAAP) $ 9,063 $ 8,314

Reported (GAAP) $ 10,633 $ 9,409
Other Items (7) (34)

% Change — Reported (GAAP) (15) (12)
% Currency Impact 0 0
% Change — Currency Neutral (Non-GAAP) (14) (12)
% Acquisitions, Divestitures and Structural Changes (18) (18)
% Change — Organic Revenues (Non-GAAP) 4 6
3
(UNAUDITED)
(In millions)

Three Months Ended Three Months Ended Three Months Ended Three Months Ended
March 30, 2018 June 29, 2018 September 28, 2018 December 31, 2018
Reported (GAAP) $ 8,298 $ 9,421 $ 8,775 $ 7,806
Other Items (2) (24) 18 (1)
Comparable (Non-GAAP) $ 8,296 $ 9,397 $ 8,793 $ 7,805
Reported (GAAP) $ 9,118 $ 9,702 $ 9,078 $ 8,314
Other Items 14 7 (15) —
% Change — Reported (GAAP) (9) (3) (3) (6)
% Currency Impact 3 1 (4) (5)
% Change — Currency Neutral (Non-GAAP) (12) (4) 0 (1)
% Acquisitions, Divestitures and Structural Changes (20) (11) (7) (7)
% Impact of Accounting Changes 1 3 2 2 2
% Change — Organic Revenues (Non-GAAP) 5 5 6 4
1
Impact of adoption of new revenue recognition accounting standard
4
(UNAUDITED)
(In millions)

Reported (GAAP) $ 8,694 $ 9,997 $ 9,507 $ 9,068
Other Items 4 — (7) 17
Reported (GAAP) $ 8,298 $ 9,421 $ 8,775 $ 7,806
Other Items (2) (24) 18 (1)
% Change — Reported (GAAP) 5 6 8 16
% Currency Impact (7) (6) (3) (2)
% Change — Currency Neutral (Non-GAAP) 11 12 11 18
% Acquisitions, Divestitures and Structural Changes 5 6 6 12
% Change — Organic Revenues (Non-GAAP) 6 6 5 7
5
(UNAUDITED)
Operating Margin:
Year Ended Year Ended Basis Point
December 31, 2019 December 31, 2018 Growth (Decline)
Reported Operating Margin (GAAP) 27.07% 26.68% 39
Items Impacting Comparability (Non-GAAP) (0.85%) (2.15%)
Comparable Operating Margin (Non-GAAP) 27.92% 28.83% (91)
Comparable Currency Impact (Non-GAAP) (1.00%) 0.00%
Comparable Currency Neutral Operating Margin (Non-GAAP) 28.92% 28.83% 9
Impact of Acquisitions and Structural Changes on Comparable
Currency Neutral Operating Margin (Non-GAAP) (2.18%) (0.76%)
Underlying Operating Margin (Non-GAAP) 31.10% 29.59% 151
6
(UNAUDITED)
(In millions)
Free Cash Flow:

Year Ended Year Ended
December 31, 2019 December 31, 2018 % Change
Net Cash Provided by Operating Activities (GAAP) $ 10,471 $ 7,627 37
Purchases of Property, Plant and Equipment (GAAP) (2,054) (1,548) 33
Free Cash Flow (Non-GAAP) $ 8,417 $ 6,079 38
Note: Certain growth rates may not recalculate using the rounded dollar amounts provided.
7
(UNAUDITED)
Bottling Investments Operating Margin:

Year Ended Year Ended Basis Point
December 31, 2019 December 31, 2018 Growth
Reported Operating Margin (GAAP) 4.82% (2.90%) 772
Items Impacting Comparability (Non-GAAP) 0.74% (3.80%)
Comparable Operating Margin (Non-GAAP) 4.08% 0.90% 318
8
(UNAUDITED)
(In millions)
Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio:
Year Ended Year Ended
December 31, 2018 December 31, 2019
Net Cash Provided by Operating Activities $ 7,627 $ 10,471
Purchases of Property, Plant and Equipment (1,548) (2,054)
Free Cash Flow (Non-GAAP) 6,079 8,417
Plus: Cash Payments for Pension Plan Contributions — —
Adjusted Free Cash Flow (Non-GAAP) $ 6,079 $ 8,417
Net Income Attributable to Shareowners of The Coca-Cola Company $ 6,434 $ 8,920

Noncash Items Impacting Comparability:
Asset Impairments 925 773
Equity Investees 120 96
Transaction Gains/Losses 759 (463)
CCBA Unrecognized Depreciation and Amortization (170) (67)
Other Items 315 (148)
Certain Tax Matters (92) (331)
Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP) $ 8,291 $ 8,780
Cash Flow Conversion Ratio 1 119% 117%

Adjusted Free Cash Flow Conversion Ratio (Non-GAAP) 2 73% 96%
1
Cash flow conversion ratio is calculated by dividing net cash provided by operating activities by net income attributable to shareowners
of The Coca-Cola Company.
2
Adjusted free cash flow conversion ratio is calculated by dividing adjusted free cash flow by adjusted net income attributable to shareowners
of The Coca-Cola Company.
9
(UNAUDITED)
(In millions)

Three Months Ended
June 26, 2020
Reported (GAAP) $ 7,150
Other Items 25
Comparable (Non-GAAP) $ 7,175
Three Months Ended

June 28, 2019
Other Items —
Three Months Ended

June 26, 2020
% Change — Reported (GAAP) (28)
% Currency Impact (3)
% Change — Currency Neutral (Non-GAAP) (26)
% Acquisitions, Divestitures and Structural Changes 0
% Change — Organic Revenues (Non-GAAP) (26)
10
(UNAUDITED)
(In millions)
Operating Income:
June 26, 2020 June 28, 2019
Reported (GAAP) $ 1,981 $ 2,988
Asset Impairments 86 —
Productivity and Reinvestment 22 55
Transaction Gains/Losses 18 37
CCBA Unrecognized Depreciation and Amortization — (60)
Other Items 47 10
Three Months Ended

June 26, 2020
% Change — Reported (GAAP) (34)
% Currency Impact (5)
% Change — Currency Neutral (Non-GAAP) (29)
% Impact of Items Impacting Comparability (Non-GAAP) (5)

% Change — Comparable (Non-GAAP) (29)
% Comparable Currency Impact (Non-GAAP) (4)
% Change — Comparable Currency Neutral (Non-GAAP) (25)
11
(UNAUDITED)
(In millions)
Diluted Net Income Per Share:

Three Months Ended
June 26, 2020
Reported (GAAP) $ 0.41
Asset Impairments 0.02
Equity Investees 0.01
Other Items (0.03)
Comparable (Non-GAAP) $ 0.42
Note: Column does not add due to rounding.
12
(UNAUDITED)
(In millions)
Operating Income:
Year Ended
December 31, 2019
Asset Impairments 42
Productivity and Reinvestment 264
Transaction Gains/Losses 149
CCBA Unrecognized Depreciation and Amortization (148)
Other Items 16
13

IR Overview - Updated For 2Q - 07.30 - Final With GNG PDF

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INVESTOR OVERVIEW || THE COCA-COLA COMPANY

RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

SYMPATHY FOR ALL THOSE AFFECTED BY THE PANDEMIC

A Resounding THANK YOU to…

• Our Bottling Partners

• All Who Are Working to Keep Us Safe

Grounded in Our Purpose to Refresh the World and Make a Difference 3

BUSINESS ENVIRONMENT & STRATEGIC ACTIONS UPDATE

▪ We are accelerating our strategies across five priorities:

2) Disciplined innovation & increased 4) Enhancing system collaboration & capturing

5) Continuing to evolve the organization

CREATING, CAPTURING & DELIVERING VALUE

Q2 2020 UPDATE (COVID-19 SITUATION)

COMPETING IN A GREAT INDUSTRY

Juice, Packaged Packaged

Source: GlobalData and internal estimates. 6

We compete in a growing and vibrant industry

LONG-TERM GROWTH OPPORTUNITY

1.5B POPULATION 6.1B POPULATION

BUILDING ON SOLID FOUNDATIONS WITH GREAT POTENTIAL TO GROW

Diversifying Revenue Strong Global Position... Pervasive Distribution

Sparkling Juice, Dairy Tea &

Other Leadership Position at the Market Level Where We Play

Challenger/ Explorer Position

NAVIGATING A DYNAMIC AND EVOLVING LANDSCAPE

Big Data & Advanced Global Consumer

D2C and Competitor Single-Use

AS WE MOVED PAST OUR TRANSFORMATION, WE ENTERED THE YEAR

Growing the Topline Generating Cash Flow Strategy Driving Results

SETTING US UP FOR THE NEXT PHASE OF GROWTH

Coming From… …Going To

FOCUS Volume-Centric Value-Centric

BUSINESS MODEL Core + Bottling Core

ORGANIZATION Geographic Networked

We are leveraging our past to build for the future

CREATING, CAPTURING & DELIVERING VALUE

Q2 2020 UPDATE (COVID-19 SITUATION)

REFRESH THE WORLD. MAKE A DIFFERENCE.

FRAMEWORK FOR BUILDING A BRAND PORTFOLIO

REFRESHING OUR BRAND-BUILDING CAPABILITIES

Enduring Principles Brilliant Basics New Engagement Models

Leveraging digital capabilities with an eye on consumer needs

Ten Innovation Spaces Defined Metrics & Routines Driving Results

Zombies Killed in 2019

WE ARE BUILDING A WORLD-CLASS COFFEE PLATFORM THROUGH THE

Multiple Revenue Streams

Serving Multiple Occasions

Opportunities for expansion by capitalizing on multiple platforms to serve multiple occasions

MOVING WITH SPEED TO ACCELERATE THE COSTA BUSINESS

Proud to Serve Express Ready-to-Drink

* - Value share for 2019 18

REVENUE GROWTH MANAGEMENT IS A RENEWED PHILOSOPHY ON

Old Mindset New Mindset Defined Strategy

Leverages Momentum Step-Change in Growth Trend

Operational Initiatives Strategic Initiatives to Drive

REVENUE GROWTH MANAGEMENT IS DYNAMIC AND EVOLVING

Developed Markets Developing / Emerging Markets

Consumer Proposition Consumer Proposition

- Permissibility “back into the home”

Note: Data represents 2018 performance and is based on internal estimates. 20

RGM 2.0 pilot rollout in 7 markets resulted in 6x ROI

REVENUE GROWTH MANAGEMENT – SCALING GLOBALLY

Turning Data into Insights… …Insights into Actions