Coca Cola : Investor Overview - Updated for Fourth Quarter 2020

INVESTOR OVERVIEW || THE COCA-COLA COMPANY

UPDATED FOR FOURTH 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 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 realize the economic benefits for our reorganization and related reduction in workforce; 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, 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 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; unfavorable outcome of 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 Securities and Exchange Commission (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 and other reports, 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 2021 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 2021 projected organic revenues (non-GAAP) to full year 2021 projected reported net revenues, full year 2021 projected underlying effective tax rate (non-GAAP) to full year 2021 projected reported effective tax rate or full year 2021 projected comparable EPS (non-GAAP) to full year 2021 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates; the exact timing and amount of acquisitions, divestitures and/or structural changes; and the exact timing and amount of comparability items throughout 2021. The unavailable information could have a significant impact on our full year 2021 reported financial results.

2

KEY THEMES FOR TODAY

PROGRESS ON EMERGING STRONGER

ACCELERATORS FOR GROWTH

DRIVERS OF SUSTAINABLE VALUE CREATION

OPERATING OVERVIEW

3

TOOK ACTION TO ACCELERATE OUR TRANSFORMATION

Guided by our Purpose

Rooted in our Strategy

Key Objectives

TOPLINE

Win

More Consumers

Gain

Market Share

RETURNS

Strong

System Economics

Strengthen

Stakeholder Impact

Equip the

Organization to Win

4

ENCOURAGED BY THE PROGRESS WE MADE DURING 2020

Key Objectives

Win

More ConsumersGain

Market ShareStrong

System Economics

Strengthen Stakeholder Impact

Equip the Organization to Win

* Based on data collected from a selection of 18 of top 40 markets ** Comparable (Non-GAAP)

*** Non-GAAP; Free Cash Flow = Cash from operations minus capital expenditures

Key Priorities

1 Optimized portfolio of strong global, regional and scaled local brands

• 2 Disciplined innovation framework and increased marketing effectiveness

• 3 Stepped-up RGM and execution capabilities

• 4 Enhance our system collaboration and capture supply chain efficiencies

• 5 Evolve the organization and invest in new capabilities

Key Wins

✓ Increased consumer base in ~35%* of markets during the year

✓ Revenue per innovation was 1.5x versus 2019

✓

Gained underlying market share in both at-home and away-from-home channels ✓ Operationally strong bottling system with solid system alignment

✓

✓

Improved 2 points on water stress score in MSCI ratings update and achieved "A-" score on CDP ranking

Expanded Operating Margin** by ~170 bps and grew Free Cash Flow*** by 3%

5

OPTIMIZED BRAND PORTFOLIO WILL DRIVE QUALITY LEADERSHIP

Optimized Brand Portfolio

~400

~200

1MASTER BRANDS

MASTER BRANDS

2Eliminated & Transitioned Brands represented~2% Volume

~1% Revenue

Note: 2019 data

Strategic Rationale

• ▪ Focus investments against the best opportunities to win in the marketplace

• ▪ Address critical

  Age Cohorts, Need States and Drinking Moments

• ▪ Target country/category combinations with greatest share and topline opportunity

Note: The two outer donut charts represent the split of brands in terms of 2019 retail value. The innermost donut represents the split in terms of number of brands.

6

NETWORKED ORGANIZATION TO FUEL TOP-TIER GROWTH

SCALEINTIMACY

R&D Center

7

KEY THEMES FOR TODAY

PROGRESS ON EMERGING STRONGER

ACCELERATORS FOR GROWTH

DRIVERS OF SUSTAINABLE VALUE CREATION

OPERATING OVERVIEW

8

UNPARALLELED STRENGTH TO SEIZE LONG-TERM GROWTH OPPORTUNITY

Long-Term Growth Opportunity

Loved Brands

Pervasive Distribution

Source: GlobalData and internal estimates

Diversified and Optimized Brand Portfolio

Strong Global Value Share - #1 Position in 4 out of 5 CategoriesFocused on the Core + Experimenting in Adjacencies

Source for value share positions: Euromonitor

~$8 Billion System Capex*

> 20 Channels

30M Customer Outlets*

16M Cold-Drink Assets*

* Data points are for 2019

9

WHAT WE DO BEST: WORLD-CLASS MARKETING

Networked Way of Working & Culture

Human Insights

Effective Marketing

EFFECTIVE MARKETING

Superior Products Innovation / R&D

Consumer Journey	Brand Bundle
Engagement	Occasions, Design,
Assets, Experiences,	Package & Price
Media, Digital, Retail

One Network, One Global Campaign

Immersive Experiences Across Media

Gen-Z Centric

Insights

Scaling Up

ZeroOccasion-Based

Marketing

TARGETED RESOURCE ALLOCATION

STEP CHANGE

IN MARKETING

EFFECTIVENESS

AND

EFFICIENCY

BIG BETS + EXPERIMENTATION DRIVE SUSTAINABLE INNOVATION

Delivering on

Innovation Lenses 1 of 3 Objectives

Intimacy

Scale

Challenger / Explorer

Leader

Cost Driven / Tech Driven

Consumer

Driven

Global

Significantly increase

1New Drinkers

(Weekly+)Significantly increase the 2Frequency of existing drinkersSignificantly increase the Value of each 3existing transaction

2021 Innovation Pipeline

BIG BETS

INTELLIGENT EXPERIMENTATION

+~40%

New Projects vs. 2020

45%

Value from big bets projects

(25% of total projects)

+~20%

(if no additional drinkers / frequency)

Base

Incremental GP Contribution vs. 2020

Incremental GP

Contribution

BUILDING A WORLD-CLASS COFFEE PLATFORM THROUGH COSTA

Multiple Revenue Streams

Barista-Made Served / Self-Serve Self-Serve

Brew at Home

Grab & Go

Serving Multiple Occasions

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

DIGITAL IS INTEGRAL TO EVERYTHING WE DO

REVENUE GROWTH MANAGEMENT IS A RENEWED PHILOSOPHY ON SYSTEM-WIDE VALUE CREATION

Old Mindset

Volume BehaviorLeverages MomentumOne-Off, Annual PlanOperational Initiatives to Drive Volume

New Mindset

Value Behavior (Profit & ROIC)Step-Change in Growth TrendMulti-Year System StrategyStrategic Initiatives to Drive Revenue > Transactions > Volume

Defined Strategy

Consumer

Premiumization

(Categories / Brands / Packs)

Shopper

Brand Stratification

vs.

Based on Elasticity

Channel/Customer

Geographic &

Channel

Segmentation

Developing price/pack architectures that are appropriate to consumer & customer needs

REVENUE GROWTH MANAGEMENT IS DYNAMIC AND EVOLVING

Developed Markets

North America Example

vs.

Traditional 12 oz.

Mini can (7.5 oz.)

Consumer Proposition

• - Only 90 calories

• - 38% less sugar

  Double-Digit

  Volume Growth

  (ahead of 12 oz. packs)

  +2pp

• - Permissibility "back into the home"

• - Refreshing "treat" (less liquid)

~ 2x

System Gross Profit

(compared to 12 oz. packs)

~40%

Less Volume

(compared to 12 oz. can)

Transaction Growth

(ahead of unit case growth for Brand Coke)

RGM Strategy Is a Natural Headwind to Unit Case Growth, but Is More than Offset by Price/Mix Accretion

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

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

REVENUE GROWTH MANAGEMENT - SCALING GLOBALLY

Turning Data into Insights…

IT Framework to Support Markets

…Insights into Actions

~300 Market-Specific Initiatives

2016

2017

• • Capability Assessment

• • RGM 2.0 Pilot

• • System Alignment

• • RGM 2.0 Initial Rollout

2018

• • +25 Market Rollout

2019

• • +15 Market Rollout

• • RGM Playbook Launched

2020

• • +14 Market Rollout

  2021+

• • Pilot RGM to RTM Strategy

• • V2.0 Capability Development Assessment

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

Expanding

SSD Transaction Packs

Volume CAGR* 16%

Legacy Bottlers

Scaling

Outpaced NARTD Growth

3rd Consecutive Year

New Bottlers Accelerating

Net Sales Revenue CAGR* -

2x Industry

New $250M Facility

9K New Outlets Added

>50% SSD Share +1.1 Points vs. '18

Global Execution

Cup Winner

Leading Bottler in U.S.

Execution Index

Multi-Use Facility with E-Comm Partnerships

The system has invested ~$750M to support our innovation and RGM agenda

* 3-year CAGR (2016-2019)

Note: System investment is over three years

CREATING VALUE WITH OUT CUSTOMERS

Consumer-Driven Category Strategies…

Case Study Example of Leading

Retailer in Europe

…Driving Growth for Our Customers

Incremental Retail Value ($M) Growth

462

in Western Europe

Incremental Transactions per Week

100,000+

Net Sales Revenue per Case

Customer Margin

+82%

vs. Average

2.5x

vs. Average

Coca-Cola

System

198

162

CPG Peer 1

137

107

CPG Peer 2 CPG Peer 3 CPG Peer 4

Utilizing power of consumer-centric collaboration to generate value for our customers

Source: Nielsen Strategic Planner Nov19 YTD. Countries included: SP, GE, GB, FR, BE, NL, SE and NO.

GUIDED BY OUR PURPOSE AND CREATING SHARED VALUE

Current Priorities

WATER

Current Goals

• • Replenish 100%+ water used annually

• • Focus on water-scarce regions

Actions

• • Adding the target to be 100%+ replenish in high stress areas

SUGAR

• • Reduce added sugar and package size

• • ~350k tons added sugar removed*

• • 29% volume low- or no-sugar*

• • 42% packages ≤250ml*

• • Make 100% of our packaging recyclable by 2025

  PACKAGING

• • Reduce virgin plastic by a cumulative 3 million

  metric tons by 2025

• • 100% package collection and recycle rate by 2030

• • Use 50% recycled material in our packaging by 2030

  • • 90-92% packaging recyclable**

  • • 60% package collection**

  • • 12% rPET in our packaging**

  CLIMATE

• • 25% absolute emissions reduction by 2030 (Science-Based Target)

• • Introducing ambition to be Net Zero Carbon by 2050

  • • "A-" 2020 CDP climate score

  DIVERSITY, EQUITY & INCLUSION

• • 50% women-led

• • Align U.S. representation to census data

• • 5by20: Empower 5 million women

* 2019 data ** Estimated; not assured by E&Y until April 2021 Business & Sustainability Report publication

• • 33% women in senior leadership

• • 5by20: 5+ million women empowered**

CIRCULAR ECONOMY SOLVES FOR ZERO WASTE AND LOWER CARBON FOOTPRINT

Plastic Spectrum

Destination

Design

Make 1

Recycle

Dispose

Use

||Collect

||Partner

ACTING WITH A GROWTH MINDSET

Value how we work as much as what we achieve

KEY THEMES FOR TODAY

PROGRESS ON EMERGING STRONGER

ACCELERATORS FOR GROWTH

DRIVERS OF SUSTAINABLE VALUE CREATION

OPERATING OVERVIEW

CONFIDENT IN OUR LONG-TERM TARGETS

TOPLINERETURNS

* Non-GAAP ** Comparable currency neutral (non-GAAP)

Long-Term Growth Targets

4% to 6%

Organic Revenue*

Operating

Income**

Earnings Per Share**Free Cash Flow*

Note: Adjusted free cash flow conversion ratio = free cash flow adjusted for pension contributions / GAAP net income adjusted for noncash items impacting comparability

6% to 8%

7% to 9%

90% to 95%

Adjusted Free Cash Flow

Conversion Ratio*

DRIVING ONGOING TOP-LINE GROWTH AT THE HIGH END OF OUR TARGET

Compelling Industry

Driving Accelerated Top-Line Growth

Strategic Initiatives

PopulationInflation

~4%

0 bps to +50 bps

1% to 2%

5% to 6%

Optimized Growth Portfolio

Scaled & Disciplined Innovation Pipeline

Disposable Income

(25 bps) to 0 bps

Effective Consumer-Centric Marketing

Accessibility

Data-Driven RGM in the Marketplace

Consumer Choice

Industry Retail Value

GrowthKO Category EmergingMixMarketsStrategic Initiatives

KO Long-Term Top-Line Growth

Targeted Resource Allocation

DRIVING TOP-LINE... WHILE EXPANDING UNDERLYING MARGIN

CONCENTRATE

FINISHED

GOODS

FOUNTAIN

COSTA

BOTTLINGINVESTMENTS

Mission

Grow and win in the core business with rapidly emerging new channelsScale platforms with unique competitive advantageOptimize away-from-home platforms for future growthDrive multi-platform coffee strategyCapitalize on market potential and inflect performance

Margin Levers (e.g.)

SG&A optimization through scale & digital productivityEvaluate asset-light business models;

Lift and shift capabilities and model to scaleTrade promotion optimization;

Supply Chain synergy through

System Procurement AdvantageRevenue synergies through expansion; Optimize fixed

SG&A costTrade promotion optimization; Fixed-cost productivity

BALANCED RESOURCE ALLOCATION FUELS A GROWTH & PRODUCTIVITY CULTURE

Disciplined & Targeted Spending

Portfolio

(Leader, Challenger, Explorer)

Marketing Optimization

Zero-Based

Work

Digital ProductivityAligned System Spend

Leveraging the Organization

The Network

EffectBest Practice

SharingScaling Ideas

Dynamic and actively managed routines

FOCUSED ON MAXIMIZING FREE CASH FLOW CONVERSION

Adjusted Free Cash Flow

Conversion Ratio* Target

Key Drivers

96%

73%

108%

Capital Investments

90% to 95%

• • Optimal Levels of Capital Investments to Maximize ROI

  • • Drive Continuous Improvement in Payables

    Working

    Capital Management

  • • Optimize Receivables ‒ AR Factoring

  Productivity Program Costs

  • • Minimize Nonrecurring Costs Going Forward

  2018

  2019

  2020

  Long-Term

  Target

  * Non-GAAP; adjusted free cash flow conversion ratio = free cash flow adjusted for pension contributions / GAAP net income adjusted for noncash items impacting comparability

  - Additional project evaluation and prioritization metrics

• ‒ Supply Chain

  Financing

TAX CONSIDERATIONS

We disagree with the U.S. Tax Court opinion and will vigorously defend our position.

Based on the technical and legal merits, including the unconstitutionality of the IRS' retroactive imposition of tax liability, we believe we will ultimately prevail in the litigation.

If the U.S. Tax Court opinion is ultimately upheld, along with an adverse ruling on pending issues:

• • We estimate ~$12 billion of aggregate incremental tax liability for all years up to and including 2020, including interest accrued through Dec. 31, 2020.

• • Applying the IRS' proposed transfer pricing methodology would increase our underlying effective tax rate* by ~3.5%.

Our intention is to be as transparent as possible throughout the process.

We continue to prioritize investing in the business to drive long-term growth, as well as supporting dividend growth for our shareowners.

OUR CAPITAL ALLOCATION STRATEGY SUPPORTS OUR GROWTH AMBITIONS

Continue to grow dividend as a function of free cash flow*, with 75% payout ratio over time

Continue to Grow the Dividend

NET DEBT LEVERAGE* TARGET: 2 to 2.5x

2021 OUTLOOK

2021 GUIDANCE

KEY PRIORITIES

Driving growth through consumer-centric optimized portfolio

Organic Revenue*

Comparable EPS*

Free Cash Flow**

High Single-Digit % Growth

High Single-Digit to

Low Double-Digit % Growth

At least $8.5 Billion

* Non-GAAP ** Non-GAAP; excluding any potential payments related to the ongoing tax litigation with the IRS Note: Free Cash Flow = Cash from operations minus capital expenditures

Brand building through effectiveness and efficiency

Strengthening bottling partnerships to enhance execution

Working as a networked organizationFocusing on free cash flow* generation

KEY THEMES FOR TODAY

PROGRESS ON EMERGING STRONGERACCELERATORS FOR GROWTHDRIVERS OF SUSTAINABLE VALUE CREATIONOPERATING OVERVIEW

32 32

CONSOLIDATED GEOGRAPHIC OVERVIEW

Unit Case Volume

Net Revenues*

Operating Income*

Bottling Investments 3%

* Comparable (non-GAAP)

** Global Ventures recorded a comparable operating loss (non-GAAP) in 2020

Note: Net revenues percentages were calculated excluding amounts for Corporate and Eliminations. Operating income percentages were calculated excluding Corporate expense. All numbers are 2020.

EUROPE, MIDDLE EAST & AFRICA

Overview

• • ~130 markets - developed, developing, emerging

• • ~2.8 billion consumers

• • $221 billion in industry retail value

• • KO NARTD value share ~22%

• • KO revenue* $6.1 billion

• • KO operating income* $3.3 billion

Category Volume Mix

Hydration, Sports,

Tea & CoffeeNutrition, Juice,

Dairy & Plant

Operating Unit Volume Mix & Key Bottlers

LATIN AMERICA

Overview

• • 39 markets - primarily developing and emerging

• • ~650 million consumers

• • $72 billion in industry retail value

• • KO NARTD value share ~43%

• • KO revenue* $3.5 billion

• • KO operating income* $2.1 billion

Category Volume Mix

Sparkling Flavors

Hydration, Sports,

Tea & CoffeeNutrition, Juice,

Dairy & Plant

Operating Unit Key Bottlers

Coca-Cola

NORTH AMERICA

Overview

• • Flagship market, includes finished goods juice and foodservice businesses

• • 370+ million consumers

• • $214 billion in industry retail value

• • KO NARTD value share ~28%

• • KO revenue* $11.5 billion

• • KO operating income* $2.5 billion

Category Volume Mix

Hydration, Sports, Tea &

CoffeeNutrition, Juice,

Dairy & Plant

Operating Unit Key Bottlers

ASIA PACIFIC

Overview

• • 32 markets - developed, developing, emerging

• • 4.0+ billion consumers

• • $281 billion in industry retail value

• • KO NARTD value share ~14%

• • KO revenue* $4.7 billion

• • KO operating income* $2.1 billion

Category Volume MixOperating Unit Volume Mix & Key Bottlers

Greater China &

GLOBAL VENTURES

• • We created a new operating segment to house the acquisition of Costa Ltd. (closed in January 2019), as well as other brands, acquisitions and investments we feel we can scale globally

• • Global Ventures includes Costa coffee, Monster beverages, innocent juices and smoothies, and dogadan tea

• • In terms of revenue, the majority of Global Ventures consists of Costa coffee followed by innocent. Together they are ~90% of total Global Ventures revenue

BUSINESS MODELECONOMICS
	Coffee Retail, Food Service, and RTDFull P&LDistribution Coordination AgreementsFeesFinished Goods Juices & SmoothiesFull P&LNRTD Tea Full P&L

MONSTER is a trademark and product of Monster Beverage Corporation in which TCCC has a minority investment.

BOTTLING INVESTMENTS GEOGRAPHIC FOOTPRINT

Current Markets

Africa

Bangladesh

Cambodia

India

Malaysia

Myanmar

Nepal

Oman

Philippines

Singapore

Sri Lanka

Vietnam

Bottling Investments Group comprised 18% of net revenues in 2020 vs. ~50% in 2015

Note: Net revenues percentages were calculated using comparable net revenues (non-GAAP) excluding amounts for Corporate and Eliminations.

(UNAUDITED)

Operating Margin:

Reported Operating Margin (GAAP)

Items Impacting Comparability (Non-GAAP)

Comparable Operating Margin (Non-GAAP)

Year Ended December 31, 2020	Year Ended December 31, 2019	Basis Point Growth
27.25% (2.36%) 29.61%	27.07% (0.85%) 27.92%	18 169

1

#

(In millions)

Free Cash Flow:

Net Cash Provided by Operating Activities (GAAP) Purchases of Property, Plant and Equipment (GAAP)

Free Cash Flow (Non-GAAP)

Year Ended December 31, 2020	Year Ended December 31, 2019	% Change
$ 9,844 (1,177) $ 8,667	$ 10,471 (2,054) $ 8,417	(6) (43) 3

Note: 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)

Free Cash Flow and Adjusted Free Cash Flow Conversion Ratio:

Net Cash Provided by Operating Activities 7,627 Purchases of Property, Plant and Equipment

Free Cash Flow (Non-GAAP)

Plus: Cash Payments for Pension Plan Contributions Adjusted Free Cash Flow (Non-GAAP)

Net Income Attributable to Shareowners of The Coca-Cola Company Noncash Items Impacting Comparability:

Asset Impairments

Equity Investees Transaction Gains/Losses

CCBA Unrecognized Depreciation and Amortization Other Items

Certain Tax Matters

Adjusted Net Income Attributable to Shareowners of The Coca-Cola Company (Non-GAAP)

Cash Flow Conversion Ratio 1

Adjusted Free Cash Flow Conversion Ratio (Non-GAAP) 2

Year Ended December 31, 2018	Year Ended December 31, 2019	Year Ended December 31, 2020
$ 7,627 (1,548) 6,079 - $ 6,079 $ 6,434	$ 10,471 (2,054) 8,417 - $ 8,417 $ 8,920	$ 9,844 (1,177) 8,667 - $ 8,667 $ 7,747
925 120 759 (170) 315 (92) $ 8,291 119% 73%	773 96 (463) (67) (148) (331) $ 8,780 117% 96%	493 216 (933) - $ 291 207 8,021 127% 108%

• 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 free cash flow by adjusted net income attributable to shareowners of The Coca-Cola Company.

3

#

Projected 2021 Free Cash Flow (Non-GAAP) (In Billions):

Net Cash Provided by Operating Activities (GAAP)	$	10.0
Purchases of Property, Plant and Equipment (GAAP)	(1.5)
Free Cash Flow (Non-GAAP)	$	8.5

#

Net Operating Revenues:

Year Ended
December 31, 2020
Reported (GAAP)	$	33,014
Items Impacting Comparability:
Other Items	(15)
Comparable (Non-GAAP)	$	32,999

Operating Income:

Year Ended
December 31, 2020
Reported (GAAP)	$	8,997
Items Impacting Comparability:
Asset Impairments	238
Strategic Realignment	413
Productivity and Reinvestment	99
Transaction Gains/Losses	51
Other Items	(28)
Comparable (Non-GAAP)	$	9,770