The Coca-Cola Company - CAGNY 2023 (With Segments)

CAGNY 2023
FEBRUARY 21, 2023
JAMES QUINCEY
CHAIRMAN & CEO
JOHN MURPHY
PRESIDENT & CFO
1
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, unfavorable economic and geopolitical conditions, including the direct or indirect negative impacts of
the conflict between Russia and Ukraine; increased competition; an inability to be successful in our innovation activities; changes in the retail landscape or the loss of key retail or
foodservice customers; an inability to expand business in emerging and developing markets; an inability to realize the economic benefits from our productivity initiatives; an inability to
attract or retain a highly skilled and diverse workforce; disruption of our supply chain, including increased commodity, raw material, packaging, energy, transportation and other input
costs; the negative impacts of, and continuing uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and the substance and pace of the post-
pandemic economic recovery; an inability to successfully integrate and manage our acquired businesses, brands or bottling operations or an inability realize a significant portion of the
anticipated benefits of our joint ventures or strategic relationships; failure by our third-party service providers and business partners to satisfactorily fulfill their commitments and
responsibilities; an inability to renew collective bargaining agreements on satisfactory terms, or we or our bottling partners experience strikes, work stoppages, labor shortages or
labor unrest; obesity and other health-related concerns; evolving consumer product and shopping preferences; 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; failure to digitalize the Coca-Cola system; 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; an inability to successfully manage new product launches; an inability to maintain good
relationships with our bottling partners; deterioration in our bottling partners’ financial condition; an inability to successfully manage our refranchising activities; increases in income
tax rates, changes in income tax laws or the unfavorable resolution of tax matters, including the outcome of our ongoing tax dispute or any related disputes with the U.S. Internal
Revenue Service (“IRS”); the possibility that the assumptions used to calculate our estimated aggregate incremental tax and interest liability related to the potential unfavorable
outcome of the ongoing tax dispute with the IRS could significantly change; increased or new indirect taxes; 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; litigation or legal proceedings; conducting business in
markets with high-risk legal compliance environments; failure to adequately protect, or disputes relating to, trademarks, formulas and other intellectual property rights; changes in, or
failure to comply with, the laws and regulations applicable to our products or our business operations; fluctuations in foreign currency exchange rates; interest rate increases; an
inability to achieve our overall long-term growth objectives; default by or failure of one or more of our counterparty financial institutions; impairment charges; an inability to protect our
information systems against service interruption, misappropriation of data or cybersecurity incidents; failure to comply with privacy and data protection laws; failure to achieve our
sustainability goals and targets or accurately report our progress due to operational, financial, legal and other risks, many of which are outside our control and are dependent on the
actions of our bottling partners and other third parties; increasing concerns about the environmental impact of plastic bottles and other packaging materials; water scarcity and poor
quality; increased demand for food products, decreased agricultural productivity and increased regulation of ingredient sourcing due diligence; climate change and legal or regulatory
responses thereto; adverse weather conditions; and other risks discussed in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-
K for the year ended December 31, 2021 and our subsequently filed Quarterly Reports on Form 10-Q, which filings are available from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are made. 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.
The 2023 outlook information provided in this presentation includes forward-looking non-GAAP financial measures, which management uses in measuring performance. The company
is not able to reconcile full year 2023 projected organic revenues (non-GAAP) to full year 2023 projected reported net revenues, full year 2023 projected comparable currency neutral
EPS (non-GAAP) to full year 2023 projected reported EPS, full year 2023 projected comparable EPS (non-GAAP) to full year 2023 projected reported EPS, or full year 2023 adjusted
free cash flow conversion ratio (non-GAAP) to the ratio of full year 2023 net cash provided by operating activities to full year 2023 net income attributable to shareowners without
unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the exact impact of changes in foreign currency exchange rates throughout 2023; the
exact timing and exact impact of acquisitions, divestitures and structural changes throughout 2023; and the exact timing and exact amount of items impacting comparability
throughout 2023.
2
KEY THEMES FOR TODAY
DELIVERING IN A DYNAMIC WORLD
PURSUING EXCELLENCE GLOBALLY
WINNING TOGETHER LOCALLY
COMPOUNDING QUALITY VALUE
3
CONSISTENT DELIVERY AMIDST DYNAMIC BACKDROP
Organic Revenue(a) Growth Comparable EPS(a)
$2.48
+6%
7% Last 5 Years Average $1.92 Last 5 Years
Average
2017 2022
Comparable Currency Neutral OI(a) Growth Free Cash Flow(a)
$9.5B
+14%
10% Last 5 Years Average
$5.3B
Last 5 Years
Average
2017 2022
Economic Conditions Competitive Landscape Consumer Preferences Geopolitics Environment

(a) Non-GAAP 4
OUR BUSINESS IS BUILT ON A SIMPLE PURPOSE
5
SIGNIFICANT HEADROOM FOR GROWTH
Developed Markets Developing & Emerging Markets
2030 Population
Increase
Non-Commercial
Consumer(a)
Non-TCCC
Consumer
TCCC
Consumer(b)
= 10 million people
Note: Data represents internal estimates of top 37 markets

(a) Represents population that does not consume commercial beverages
(b) Represents Weekly+ drinkers 6
EXPANDING OPPORTUNITIES
2017 Total 2022 Total Expected Category Growth
Addressable Market(a) Addressable Market(a) 2023-2026 Industry CAGRs
Sparkling
4-5% Soft Drinks
Juice, Value-Added
4-5% Dairy & Plant-
Based Beverages
~$650 ~$1.3 Water, Sports,

5-6%
Billion Trillion Coffee & Tea(b)
7-9% Energy
5-6% Hot Beverages

Colas WSCT(b) Hot Beverages Emerging(c)
Sparkling Flavors Energy
JDP 8-10% Emerging(c)
(a) Retail value of categories where TCCC strategically participates

(b) Excludes Hot Beverages
(c) Emerging category represents Alcohol Ready-to-Drink Beverages
Source for industry retail value and expected category growth is internal estimates 7
WE ARE WELL POSITIONED TO CREATE VALUE
Portfolio Strategy Structure
Center
Functions
$
Platform Global Operating
Services Categories Units
R&D Center
System Partners
~200 ~950 ~30M ~2.2B

Bottling Production Customer Retail Servings
Partners Facilities Outlets Per Day
8
AND WE CONTINUE TO INVEST FOR THE FUTURE
Portfolio Strategic Capabilities Culture
Supporting our loved brands Investing in key enablers Investing in our people
and investing to capture to spin the flywheel faster to support future growth
every consumption occasion
Share position 2022 TCCC digital +7% Proud to work

#1 globally in NARTD $1B+ spend vs 2018 at TCCC
2022 system capital +8% Empowered to make

26 Billion-dollar brands $7B+ expenditures vs 2019 decisions(a)
Value share gain System investment +6% Have opportunities

+2pts vs 2017 ~$1B in CDE during 2022 vs 2018 to learn and grow
(a) New metric in 2019 9

10
RELENTLESS CONSUMER CENTRICITY
Human insights shaping consumer trends…
Virtual Functional
Interaction Benefits
Sustainability Wellness Premiumization & Shifting

Consciousness Recharge Affordability Demographics
…using data and analytics to create personal experiences

11
RAISING THE BAR IN MARKETING
Personalized Pioneering
Passion Points Partnerships
Experiences With AI
Endorsements + Instantly Create, Tailor

Music + Gaming + Sports Meals + Screen Time
Collaborations & Test Creative Content
Optimized end-to-end experiences reaching the consumer with speed and effectiveness
over
3-6 +9%
50% Months
Digital as a % of Faster Idea 2022 Gross Profit per $1

Total Media Spend(a) to Execution(a) of Advertising Spend(b)
(a) Internal estimates for 2023
(b) Change since 2019 12
RAISING THE BAR IN INNOVATION
Leveraging design thinking and the power of the network…
Premiumization & Wellness Sustainability

Virtual Functional
Affordability Recharge Consciousness
Interaction Benefits
…across products, packages, equipment and processes
2x +12%
~25%
2019 2022 2019 2022

Contribution of Innovation to
2023 Gross Profit Growth Increasing Success Rate Gross Profit Per Launch
13
LEADING IN SUSTAINABILITY WITH COLLECTIVE ACTION
Reducing People &

Water Packaging Added Sugar Climate Communities
25% absolute GHG
100% collection Offering more
Replenish at least emissions reduction
Our Goal and 50% recycled choices and reducing 50% led by women
100% annually against 2015 baseline
content by 2030 added sugar globally by 2030
by 2030
61% collection Using our leverage

rate in 2021 29% of our global with our supply chain,
Our Progress Water neutral 39% women in senior
Over 40 markets 2022 unit case volume 150+ suppliers set
to Date since 2015
is low- or no-sugar or committed
leadership in 2021
in 100% rPET(a) (8 for
full local portfolio)(b) to set targets(b)
Committed Driving nature-based Industry-leading goal Growth of low- Increasing cooler

Linking goals
to Driving water solutions as part to have 25% of volume and no-calorie efficiency to progress
to executive
Industry of 2030 Water Security refillable / reusable beverages; smaller on science-based
compensation
Leadership Strategy by 2030 package choices targets
Partnering to Make the Greatest Impact
NGOs & Civil Society Groups Governments Industry & Peer Companies Across our System
(a) Markets where at least one product sold is in 100% recycled PET packaging, excluding cap and label
(b) As of February 2023 14
15
SPOTLIGHT ON BRAND BUILDING & INNOVATION
Driving Growth While Package Innovations
Reducing Added Sugar for a World Without Waste
Europe, KEELCLIP®
(a)
Zero Words
Middle East Campaign
Paperboard
Packaging
& Africa
Sprite Zero Sugar Activation Label-Less Bottle
Asia
Pacific
(a) KEELCLIP® is a registered trademark of Graphic Packaging International, LLC 16

SPOTLIGHT ON REVENUE GROWTH MANAGEMENT & EXECUTION
Driving Premiumization Excellence
and Maintaining Affordability in Execution
Insights-Led Innovation Meal Occasions
North +7% ✓
America
Basket incidence Gaining share in at-
vs 2019 home and away-from-
home channels vs 2019
1.25 Liter
Mixer Occasions Refillable Bottles
Latin 2.6M ✓
America
Customers using Transactions growth
B2B solutions outpacing volume(a)
(a) Comparison vs. 2019 17

SPOTLIGHT ON TOTAL BEVERAGE PORTFOLIO
Alcohol(a) Costa BODYARMOR fairlife Monster
Experiments Executing on Integrating with Delivering Strengthening

indicate the vision with intent to scale on a premium strategic
opportunity discipline proposition relationship(b)
27 3x 14% 8 ~4pts
Market/platform Unaided brand Consecutive years
Offerings Value share
combinations awareness in of double-digit
in the market gain since 2017
since acquisition North America volume growth
Various stages of development with strong opportunities to thrive
(a) Fresca Mixed is produced by Constellation Brands in the United States; Topo Chico Ranch Water Hard Seltzer is produced by Molson Coors in the United States
(b) TCCC has an equity investment in Monster Beverage Corporation 18
AN ALIGNED SYSTEM EXECUTING FOR GROWTH
Raising the Bar Synchronizing Demand Creation
in Integrated Execution and Demand Fulfillment Leveraging Scale
Winning vs the Competition
Expanding the Category ✓ Growth Driven
Building the Consumer Base

$1.8B
Creating value for our Customers
✓ Cooperation
Frameworks System-wide savings
on Cross-Enterprise
Expanding our Channel footprint Procurement(d)
Increasing market
Developing our Capabilities

Coverage
✓ Value Centric
+17M +$8B +1M

Households(a) Customer Coolers(c)
Retail Value(b)
(a) Kantar Household Panel; YTD Q3 2022 vs 2021
(b) Nielsen; moving annual total for November 2022 vs 2021
(c) Comparison vs 2017
(d) Savings over the past 5 years 19
20
Five-Year Cumulative Total Shareowner Return
$200
The Coca-Cola Company
175 Peer Group

(a)
S&P 500 Index

150
125
100
75
50
2017 2018 2019 2020 2021 2022
Note: Total Shareowner Return is stock price plus reinvested dividends and is based on a $100 investment on December 31, 2017 and assumes that dividends were reinvested on the day of issuance
(a) Peer Group is the Dow Jones Food & Beverage Total Return Index 21
All-Weather Strategy Increasing Agility Robust Long-Term Targets
Brand
Building
✓
Innovation / Scaled & Disciplined Organic
4% to 6%
M&A
Innovation Pipeline Revenues(a)
TOPLINE
✓
Data-Driven RGM Operating
Execution 6% to 8%
Revenue in the Marketplace Income(b)
Growth
Management
Cash Flow
Generation
✓
Resource
Targeted Resource Earnings
Allocation 7% to 9%
Allocation Per Share(b)
RETURNS
$
Asset
Optimization
Margin
Expansion
✓ System Alignment 90% to 95% Free Cash Flow(a)
Adjusted Free Cash Flow

(a) Non-GAAP
Conversion Ratio(a)
(b) Comparable currency neutral (non-GAAP) 22
WE START WITH THE TOPLINE
Drivers of Topline Sustainable Long-Term Growth
Volume Drivers Price/Mix Drivers Organic Revenue(a) Growth

vs Long-Term Target
Organic revenues (a) implied by long-

Recruitment Inflation term growth algorithm (mid-point)
Actual organic revenues(a)
Retention Channel Mix
Accessibility Product Mix
Affordability Package Mix
STRONG TOPLINE VALUE SHARE MARGIN SUSTAINABLE

GROWTH GAIN EXPANSION CASH FLOW GENERATION
(a) Non-GAAP 23
FOCUSING ON OPPORTUNITIES TO DRIVE MARGINS
Comparable Operating Margin(a)

Increasing Quality Leadership
28.7%
Trade Promotion Optimization

+2.2 pts
26.5%
“Future-Ready” Supply Chain
Marketing Effectiveness & Efficiency 2017 2022
Continuous Productivity Mindset ✓ Above LTGM algorithm(b)
Prudent Capital Investments

✓ Margins outperforming peers(c)
(a) Non-GAAP
(b) Last 5 years average organic revenue (non-GAAP) growth is 7% and last 5 years average comparable currency neutral operating income (non-GAAP) growth is 10%
(c) 2017 to 2021 comparable operating margin (non-GAAP) change has outperformed selected U.S. beverage and consumer goods peers 24
RAISING THE BAR IN RESOURCE ALLOCATION
Strategic Alignment Iterative Learning Data-Driven Approach
Enterprise Learn & Strategic

Adjust Prioritization
Selectively Build / Lead

Play Fix Growth
Opportunity
Deprioritize Sustain Momentum
Dynamic
Measure
Allocation
Operating Units Categories Ability to Win
Reinvesting to maximize effectiveness and efficiency
Grow Build/Fix and

Disciplined Growth Mitigate Volatility Bolder Decisions
Selectively Play Combos
25
MOVING TO A FIT-FOR-PURPOSE BALANCE SHEET
Optimization Viewed Bottling Investments
Through a Holistic Lens Net Revenue Contribution(a)
52%
Bottling Investments
-34 pts
18%
Fixed Asset Portfolio

2015 2022
ROIC(b) Evolution
Supply Chain Optimization 20.7%
+4 pts
16.7%
Acquisitions and
Capability Building
2015 2022
(a) Bottling Investments net revenues as a percentage of total Company net revenues
(b) ROIC (Return on Invested Capital) = Net Operating Profit After Tax (NOPAT) divided by two-year average of invested capital; ROIC is a non-GAAP financial measure 26
UNDERLYING FREE CASH FLOW REMAINS STRONG
Adjusted Free Cash Flow 2023 Free Cash Flow(b)
Conversion Ratio(a) Considerations
100%+ Underlying drivers Two discrete

remain the same: headwinds totaling
~$700 million:
Target Range: ✓ USD EPS growth
90% – 95% 89%
Discrete
1. Elevated
Headwinds transition tax
✓ Improve cash payment
conversion cycle
2. M&A transaction
✓ Prudent capital payments
spend
Last 3 Years 2022 2023
Average Outlook
Excluding discrete headwinds, implied 2023 free cash flow conversion ratio(a) is within target range
Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service
(a) Non-GAAP; Adjusted Free Cash Flow Conversion Ratio = Free cash flow adjusted for pension contributions (non-GAAP) / GAAP net income adjusted for noncash items impacting comparability
(b) Non-GAAP 27
DISCIPLINED CAPITAL MANAGEMENT
2023 Capital Allocation
• Priorities have not changed
CASH FROM
• Continue to prioritize reinvesting OPERATIONS
in our world-class brands
Investing for Growth Return to Shareowners

• 2023 is the 61st year of consecutive
dividend increases
1 2
Reinvest in the Business Continue to Grow the Dividend
• Ample financial flexibility
Outlook: ~$1.9 Billion Capex 5% Dividend Growth
• Do not expect ongoing U.S. income

tax dispute with the IRS to impact 3 4
our ability to deliver on 2023 Consumer-Centric M&A Net Share Repurchase
capital allocation agenda Further Growth and Build Capabilities Repurchase to Offset Dilution
• We will remain agile in a dynamic NET DEBT LEVERAGE(a) TARGET: 2.0x to 2.5x
external environment 2022 Net Debt Leverage(a): 1.8x
(a) Non-GAAP 28
2023 Outlook
Expanding the Sphere of What We Can Control 2023 Outlook
• Strong momentum across all operating segments

7% to 8% Organic Revenues(a)
• Continue to invest for the future
• Multiple levers to manage margins

Comparable
• Excluding discrete headwinds, implied 2023 free 7% to 9% Currency Neutral
cash flow conversion ratio(a) is within target range Earnings Per Share(a)
External Factors Impacting Outlook Comparable Earnings

4% to 5%
Per Share(a)
• Inflation and macroeconomic uncertainty
• Volatile interest rate and currency environment

~$9.5B Free Cash Flow(a)
Note: 2023 free cash flow (non-GAAP) outlook does not include any potential payments related to our ongoing tax litigation with the U.S. Internal Revenue Service
(a) Non-GAAP 29
KEY TAKEAWAYS
TOPLINE
• Our business is built on a clear purpose
• We operate in an expanding industry with significant

headroom for growth
• We are keeping consumers at the center as we raise

the bar across our strategic flywheel
• We have a strong balance sheet and reliable cash flows

that give us increased flexibility
RETURNS
$ • We are confident in our ability to compound quality value

over the long term
30
31
Segment Overview
1
LATIN AMERICA
Market Landscape Key Bottlers
• ~525 million consumers
• 2022 TCCC net revenues(a): $4.9 billion (11% of total)
• 2022 TCCC operating income(a): $2.9 billion (23% of total)
2022 Total Addressable Market(b) Expected Category Growth
By Category By Channel 2023 to 2026 TCCC

Industry CAGRs Share(e)
Sparkling Soft
6%-7% >50%, +1%
Drinks
~35% Juice, Value-Added

6%-7% ~25%, +3%
~$100B Away From
Dairy & Plant-Based
Home Water, Sports,

7%-8% ~30%, +3%
Coffee & Tea(c)
Energy >10% ~35%, +23%
Colas Sparkling Flavors JDP WSCT(c) At Home Away From Home

Hot Beverages >10% <5%
Energy Hot Beverages Emerging(d)
(a) Comparable (Non-GAAP)

(b) Retail value of categories where TCCC strategically participates
(c) Excludes Hot Beverages
Emerging(d) >10% <5%
(d) Emerging category represents Alcohol Ready-to-Drink Beverages
(e) 2022 TCCC value share and change in value share since 2017
Source for consumers is UN population over the age of 12 and source for industry retail value and expected category growth is internal estimates 2
NORTH AMERICA
• ~320 million consumers

Sparkling Soft
2%-3% ~50%, +1%
Drinks

2%-3% ~20%, +1%
~$350B Away From
Dairy & Plant-Based
Home Water, Sports,

4%-5% ~20%, 0%
Coffee & Tea(c)
Energy 7%-9% ~40%, +3%

Hot Beverages 4%-5% ~5%, 0%

Emerging(d) 8%-9% ~5%, +3%
ASIA PACIFIC
• ~3.3 billion consumers

Sparkling Soft
5%-6% >50%, +3%
Drinks

3%-4% ~5%, 0%
~$475B Away From
Dairy & Plant-Based
Home Water, Sports,

3%-4% ~10%, -1%
Coffee & Tea(c)
Energy >10% ~5%, +1%

Hot Beverages 4%-5% <5%

Emerging(d) 6%-7% <5%
EUROPE, MIDDLE EAST & AFRICA
• ~2.1 billion consumers

Sparkling Soft
5%-6% >50%, +2%
Drinks

4%-5% ~10%, +3%
~$350B Away From
Dairy & Plant-Based
Home Water, Sports,

6%-7% ~10%, 0%
Coffee & Tea(c)
Energy 8%-10% ~20%, +7%

Hot Beverages 6%-7% ~2%, +2%

Emerging(d) 8%-10% <5%

The Coca-Cola Company - CAGNY 2023 (With Segments)

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CAGNY 2023

FEBRUARY 21, 2023

RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

DELIVERING IN A DYNAMIC WORLD

PURSUING EXCELLENCE GLOBALLY

WINNING TOGETHER LOCALLY

COMPOUNDING QUALITY VALUE

Comparable Currency Neutral OI(a) Growth Free Cash Flow(a)

Economic Conditions Competitive Landscape Consumer Preferences Geopolitics Environment

Note: Data represents internal estimates of top 37 markets

~$650 ~$1.3 Water, Sports,

5-6% Hot Beverages

(a) Retail value of categories where TCCC strategically participates

~200 ~950 ~30M ~2.2B

Share position 2022 TCCC digital +7% Proud to work

2022 system capital +8% Empowered to make

Value share gain System investment +6% Have opportunities

(a) New metric in 2019 9

DELIVERING IN A DYNAMIC WORLD

PURSUING EXCELLENCE GLOBALLY

WINNING TOGETHER LOCALLY

COMPOUNDING QUALITY VALUE

Human insights shaping consumer trends…

Sustainability Wellness Premiumization & Shifting

…using data and analytics to create personal experiences

Endorsements + Instantly Create, Tailor

Digital as a % of Faster Idea 2022 Gross Profit per $1

Leveraging design thinking and the power of the network…

Premiumization & Wellness Sustainability

…across products, packages, equipment and processes

2019 2022 2019 2022

Reducing People &

61% collection Using our leverage

Committed Driving nature-based Industry-leading goal Growth of low- Increasing cooler

Partnering to Make the Greatest Impact

DELIVERING IN A DYNAMIC WORLD

PURSUING EXCELLENCE GLOBALLY

WINNING TOGETHER LOCALLY

COMPOUNDING QUALITY VALUE

Sprite Zero Sugar Activation Label-Less Bottle

(a) KEELCLIP® is a registered trademark of Graphic Packaging International, LLC 16

Insights-Led Innovation Meal Occasions

Mixer Occasions Refillable Bottles

(a) Comparison vs. 2019 17

Alcohol(a) Costa BODYARMOR fairlife Monster

Experiments Executing on Integrating with Delivering Strengthening

Various stages of development with strong opportunities to thrive

Winning vs the Competition

Expanding the Category ✓ Growth Driven

Building the Consumer Base

Developing our Capabilities

+17M +$8B +1M

DELIVERING IN A DYNAMIC WORLD

PURSUING EXCELLENCE GLOBALLY

WINNING TOGETHER LOCALLY

COMPOUNDING QUALITY VALUE

175 Peer Group

S&P 500 Index

Adjusted Free Cash Flow

Volume Drivers Price/Mix Drivers Organic Revenue(a) Growth

Organic revenues (a) implied by long-

Actual organic revenues(a)

Retention Channel Mix