Forward-Looking Statements

Included in this presentation are forward-looking management

comments and other statements that reflect management’s current

outlook for future periods. As always, these expectations are based on

currently available competitive, financial, and economic data along

with our current operating plans and are subject to risks and

uncertainties that could cause actual results to differ materially from

the results contemplated by the forward-looking statements. The

forward-looking statements in this news release should be read in

conjunction with the risks and uncertainties discussed in our filings with

the Securities and Exchange Commission, including our most recent

annual report on Form 10-K and subsequent SEC filings.

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Agenda

4

North America – Restoring Growth

Europe – Delivering Growth

Financial Overview

Summary

120-Day Initiative

Our 120-Day Review Is Complete – We Have Accomplished The Objectives Stated In July

• Accelerate and expand the scope and pace of change

• Focus on supply chain, operations, price-package architecture

• Put into motion essential changes required to drive long-term profitable growth in North America (NA)

• Work with The Coca-Cola Company (TCCC) to improve the long-term outlook for our NA business through a continuous stream of value creating initiatives

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Our Vision and Global Operating Framework

Be the Best Beverage Sales and Customer Service Company

DRIVE CONSISTENT DRIVE CONSISTENT LONGLONG--TERM TERM PROFITABLE GROWTHPROFITABLE GROWTH

VISION

• #1 or strong #2 • Most valued supplier• Winning and

inclusive culture

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Key North American 120-Day Actions

New integrated supply chain initiative

New price/package architecture

New incidence-based economic model

Reorganization of our operations

Identified additional areas of opportunities

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Outlook for 2008 and 2009

• Execute against our three strategic priorities

• Deliver 2008 EPS of $1.28 - $1.31(comparable)

• Deliver 2009 mid single-digit EPS growth (comparable, currency neutral)

• Long-term objectives are challenging, but attainable

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Agenda

120-Day Initiative

North America – Restoring Growth

Europe – Delivering Growth

Financial Overview

Summary9

Outlook

• Challenging economic environment

• Employees committed to winning in the marketplace

• Improved alignment with TCCC

• Improved commodity cost outlook

North America

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Restoring Growth

• Reduce, Reallocate, Recruit, and Reenergize

• Revitalize sparkling beverages

• Accelerate still beverage growth

• Win in on-premise

• Improve execution

• Focus on expense control

North America

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Brand Initiatives

SPARKLING STILL

North America

Red Black Silver

Sprite and Fanta

Grow Energy

Marketing Activation

glacéau

PowerAde

Water

Teas & Juices

SPARKLING STILL

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MULTI-SERVE SINGLE-SERVE

Price / Package North America

• Diversified can packs

• Big bottle shrink multi-pack

• New pricing strategy

• 2 Liter contour bottle

• Package diversification

• “Entry priced” package

• Expand aluminum bottles in targeted locations

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System Supply Chain Integration North America

VISION

OBJECTIVEEfficiently deliver products to the customer on time and in full

An integrated supply network of people and assets in NA that is a strategic asset to the Coca-Cola System, enabling brand-building and our customer growth agenda

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System Supply Chain Integration

• Supply chain as a strategic asset

• Integrated approach to common activities

• Enable growth while reducing waste and inefficiency

• Optimize quality, flexibility, and service

North America

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New Incidence-based Economic Model

• More closely aligns TCCC and CCE

• Simplifies economic relationship by netting funding

• More aligned annual planning process

• 2009 is a transition year

U.S.

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Key Takeaways – North America 2009

• Focused on sparkling beverage revitalization• Be the fastest growing still beverage

company• Drive productivity to invest in growth and

capability• Strengthened partnership with TCCC focused

on volume and profit growth• Win in the marketplace

North America

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Coca-Cola North America – Strategic Goals

• Revitalize and grow sparkling beverages

• Lead profitable growth in still beverages

• Develop best-in-class commercial and customer service capabilities

• Drive productivity in everything we do

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North America

Agenda

120-Day Initiative

North America – Restoring Growth

Europe – Delivering Growth

Financial Overview

Summary20

Business Environment

• Solid 2008 performance

• Acknowledged view of the headwinds in Europe

• Declining GDP and recessionary trends

• Consumers changing spending habits

• Retailers increasing focus on price/value

Europe

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Delivering Growth

• Business is profitable and balanced• Significant room for growth in Europe• Clear plan for 2009

– Strengthen sparkling beverages

– Grow still beverages

– Drive efficiencies, leveraging our European scale

• Systematic approach to transformation

Europe

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Focused on Four Portfolio Growth Strategies

Europe

Accelerate Three Cola

momentum

Step-changepresence in sports and energy drinks

Build on a winning still juice drink

portfolio

Increase presence in water

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Key Takeaways – Europe 2009

• Build from a 2008 plan that is working in a challenging business environment

• Continue to drive growth profitably

• Extend presence in underdeveloped channels

• Systematic approach to transformation

• Invest to sustain growth while tightly managing expenses

Europe

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Corporate Responsibility and Sustainability (CRS)

Energy Conservation/

Climate Change

Water Stewardship

Sustainable Packaging/

Recycling

Product Portfolio/ Well-Being

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Diverse & Inclusive Culture

• Most talented, skilled team in the industry

• Proven ability to seize new ideas

• Driving new cost management initiatives forward

• Possess a driving will to win in the marketplace

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Agenda

120-Day Initiative

North America – Restoring Growth

Europe – Delivering Growth

Financial Overview

Summary27

Outlook for 2008*

Full Year Earnings Per Share $1.28 to $1.31

GROWTH RATESNorth America

Volume decline low single-digits Price per case mid single-digitsCost per case high single-digits

* Excludes items impacting comparability

Europe Volume low single-digitsPrice per case low single-digitsCost per case low single-digits

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Commodities

• YOY growth has not been in-line with historical expectations of 2% to 3%

• Volatility has increased

• Recent declines will be weighted to 2H09

• Continued focus on using less and recycling more

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Debt / Liquidity

• Cash flow and capital resources cover funding needs – Raised ~$500M in commercial paper in 4Q

– Raised $1B in term debt in 4Q

– Revolving 5 year credit facility of $2.5 billion

• Year end cash balance will be ~$400M • ~$400M maturing in 1H09

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Other Key Financial Considerations

• Capital spend

• Free cash flow

• Foreign currency headwinds

• Capital structure / share repurchase

• Pension

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Outlook for 2009*

* Currency neutral and excludes items impacting comparability

NORTH AMERICA Growth Rates

Revenue mid single-digits

Cost per Case approximately 10%

EUROPE Growth Rates

Revenue mid single-digits

Cost per Case low single-digits

CCE Growth Rates

Revenue Growth mid single-digits

EPS Growth mid single-digits

Free Cash Flow > $650 million

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Long-Term Growth Objectives

Revenue Growth:4%-5%

Operating Income Growth:5%-6%

EPS Growth:High Single-Digits

ROIC Improvement:≥

20 bps/yr

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Agenda

120-Day Initiative

North America – Restoring Growth

Europe – Delivering Growth

Financial Overview

Summary34

Key Takeaways

• Business environment is challenging

• CCE is executing against strategic priorities

• Our 120-day business review has accelerated plans to restore sustained, profitable growth and improved our alignment with TCCC

• 2008 EPS of $1.28 - $1.31 (comparable)

• 2009 mid single-digit EPS growth (comparable, currency neutral)

• Long-term objectives challenging, but attainable

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