Investor Overview - Updated for Third Quarter 2021

INVESTOR OVERVIEW || THE COCA-COLA COMPANY

UPDATED FOR

THIRD QUARTER 2021

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, and continuing uncertainties associated with the scope, severity and duration of the global COVID-19 pandemic and any resurgences of the pandemic, including
the number of people contracting the virus, the impact of shelter-in-place and social distancing requirements, the impact of governmental actions across the globe to contain the virus, vaccine availability,
rates of vaccination, the effectiveness of vaccines against existing and new variants of the virus, governmental or other vaccine mandates and potential associated business and supply chain disruptions,
and the substance and pace of the post-pandemic economic recovery; an inability to realize the economic benefits from our productivity initiatives, including our reorganization and related strategic
realignment initiatives; an inability to attract or retain a highly skilled and diverse workforce; increased competition; 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; 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 operations in emerging and developing markets; 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; an inability to successfully manage new product launches; 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; 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 maintain good relationships with our bottling
partners; deterioration in our bottling partners' financial condition; an inability to successfully integrate and manage consolidated bottling operations or other acquired businesses or brands; 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 in the United States and throughout the world; 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, formulae 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; unfavorable general
economic conditions in the United States and international markets; 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; failure to realize a significant portion of the anticipated benefits of our strategic relationship with Monster Beverage Corporation; 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; failure by
our third-party service providers and business partners to satisfactorily fulfill their commitments and responsibilities; increasing concerns about the environmental impact of plastic bottles and other plastic
packaging materials; water scarcity and poor quality; increased demand for food products and decreased agricultural productivity; climate change and legal or regulatory responses thereto; adverse
weather conditions; 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, 2020
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 2021 outlook information provided in this presentation includes forward-lookingnon-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, full year 2021 projected comparable EPS (non-GAAP) to full year 2021 projected reported EPS or full year 2022 projected comparable cost of goods sold (non-
GAAP) to full year 2022 projected reported cost of goods sold 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 items impacting comparability throughout 2021.	2
The unavailable information could have a significant impact on our full year 2021 and full year 2022 reported financial results.

KEY THEMES FOR TODAY

PROGRESS ON EMERGING STRONGER

ACCELERATORS FOR GROWTH

DRIVERS OF SUSTAINABLE VALUE CREATION

OPERATING OVERVIEW

3

PROGRESS ON EMERGING STRONGER

TOOK ACTION TO ACCELERATE OUR TRANSFORMATION

Guided by our Purpose		Rooted in our Strategy

TOPLINE

RETURNS

Key Objectives

Win

More Consumers

Gain

Market Share

Strong

System Economics

Strengthen

Stakeholder Impact

Equip the

Organization to Win

4

PROGRESS ON EMERGING STRONGER

ENCOURAGED BY THE PROGRESS WE MADE DURING 2020

Key Objectives

Win

More Consumers

Gain

Market Share

Strong

System Economics

Strengthen

Stakeholder Impact

Equip the

Organization to Win

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%

* 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	5