Bonaqua BonActive launched in. Hong Kong in April 2005 and is the first electrolyte replenishment and rehydration casual sports drink released under the.

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Shareowner Information Common StockThe Coca-Cola Company is one of 30 companies in the Dow Jones Industrial Average. Our common stock is listed on the New York Stock Exchange, the principal market for our common stock, traded under the ticker symbol KO. The stock is also traded on the Boston, Chicago, National, Paci˜c and Philadelphia stock exchanges.At year end, there were 2.37 billion shares outstanding and there were 330,419 shareowners of record. DividendsAt its February 2006 meeting, our Board of Directors increased our quarterly dividend to $0.31 per share, equivalent to an annual dividend of $1.24 per share. The Company has increased dividends in each of the last 44 years. The Coca-Cola Company normally pays dividends four times a year, usually on April 1, July 1, October 1 and December 15. The Company has paid 339 consecutive quarterly dividends, beginning in 1920. Dividend and Cash Investment PlanThe Dividend and Cash Investment Plan permits shareowners of record to reinvest dividends from Company stock in shares of The Coca-Cola Company. The Plan provides a convenient, economi -cal and systematic method of acquiring additional shares of our common stock. All shareowners of record are eligible to participate. Shareowners also may purchase Company stock through voluntary cash investments of up to $125,000 per year. At year end, 74 percent of the Company™s shareowners of record were participants in the Plan. In 2005, shareowners invested $43.0 million in dividends and $22.4 million in cash in the Plan. If your shares are held in street name by your broker and you are interested in participating in the Dividend and Cash Investment Plan, you may have your broker transfer the shares electronically to Computershare Trust Company, N.A., through the Direct Registration System.For more details on the Dividend and Cash Investment Plan, please contact the Plan Administrator, Computershare, or visit the investor section of our Company™s Web site,, for more information. Shareowner Account AssistanceFor address changes, dividend checks, direct deposit of dividends, account consolidation, registration changes, lost stock certi˜cates, stock holdings and information about the Dividend and Cash Investment Plan, please contact:Registrar and Transfer Agent Computershare Trust Company, N.A. P.O. Box 43070 Providence, RI 02940-3070U.S. toll-free: (888) COKESHR (265-3747) or (781) 575-2725 For the hearing impaired: (800) 490-1493 or (781) 575-2692 Email: cocacola@computershare.comInternet: Shareowner Internet Account Access Shareowners of record may access their accounts via the Internet to obtain their share balance, conduct secure transactions, request print-able forms and view the current market value of their investment as well as historical stock prices. To log on to this secure site and request your initial password, go to If you are a registered shareowner and wish to receive future materials regarding our Annual Meeting of Shareowners via email instead of postal mail, please go to and com -plete the online form. As a thank you, The Coca-Cola Company and American Forests® will plant a tree on your behalf at no cost to you.Corporate Of˜cesThe Coca-Cola Company One Coca-Cola Plaza Atlanta, Georgia 30313 (404) 676-2121 Institutional Investor Inquiries(404) 676-5766Information Resources Internet Our Web site,, offers information about our ˜nancial performance, news about the Company and brand experiences.PublicationsThe Company™s Annual Report on Form 10-K, Proxy Statement, Annual Review, Form 10-Q reports and other publications covering our citizenship, environmental and workplace principles are available free of charge upon request from our Industry and Consumer Affairs Department at the Company™s corporate address, listed above. They also can be accessed at HotlineThe Company™s hotline, (800) INVSTKO (468-7856), offers taped highlights from the most recent quarter and may be used to request the most up-to-date quarterly results news release. Audio Annual ReviewAn audiocassette or compact disc version of this report is available without charge as a service to the visually impaired. To receive a copy, please contact our Industry and Consumer Affairs Department at (800) 438-2653.Duplicate MailingsIf you are a shareowner of record and are receiving multiple copies of our Annual Report on Form 10-K and Annual Review, you can reduce the number of copies mailed to your address by contacting Computershare at (888) COKESHR (265-3747). For more information about The Coca-Cola Company, our beliefs and policies, and additional stories about our operations in more than 200 countries, please visit us at An online version of this publication as well as our Annual Report on Form 10-K can be found at © 2006 The Coca-Cola CompanyDesign: MethodologieExecutive Photography: Eric Myer, Walter Smith Location Photography: Walter Smith, Michael Warren Product Photography: Dan Langley Publisher: Company Image CommunicationsYou may know The Coca-Cola Company as the largest beverage company with the most extensive distribution system in the world. You may know us simply as Coca-ColaŠthe world™s most valuable brand and a global icon. But we are so much more. We are a nonalcoholic beverage company with an ever- expanding portfolio of choices to meet consumer needs. We are a global citizen committed to making a difference on the planet. We are operating with renewed vigor to increase pro˜tability and to strengthen relationships with our business partners. And we are passionately working, along with our bottling partners, to ensure the sustainable growth of our business. Let us introduce you to The Coca-Cola Company you may not know.

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We™re paying attention to what the world wants to drink. We™re proud to say that we market four of the top-˜ve soft drinks in the world and rank No. 1 in sales of carbonated soft drinks globally. Did you know that globally we also rank No. 1 in juice and juice drinks, No. 2 in sports drinks and No. 3 in bottled water? 2005 Annual Review 1

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We believe in creating beverages for life. In the past two years, we have expanded our portfolio of beverages that provide vitamins, nutrients and other bene˜cial ingredients. We now have more than 400 brands that include nearly 2,400 beverage products.2 The Coca-Cola Company

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We believe in preserving and protecting water resources. Protecting and improving access to and the availability of water remains one of our long-term goals. We partner with many organizations, governments and local com -munities to develop and implement sustainable water initiatives around the world.We are committed to supporting our communities. The Coca-Cola system (the Company and our bottling partners) has a compre -hensive HIV/AIDS health care program in Africa, covering nearly 60,000 employees, their spouses and their children. We have also reached millions of people in Africa through our HIV/AIDS community awareness programs. 2005 Annual Review 3

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We are a part of local businesses around the world. The Coca-Cola system™s customers are the grocers, retailers, street vendors and store owners who sell our products to our consumers. We have millions of these partners in the more than 200 countries where we operate.4 The Coca-Cola Company

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In 2005, we took a great step forward in strengthening The Coca-Cola Company. We built on our formidable assets: our brands, ˜nancial strength, unrivaled distribution system and our people. And we have made progress toward sustainable growth. We sharpened our focus on what the world wants to drink and why, and we continued our efforts with local leaders to support communities around the world. We have a lot of good news to share, and we™re just getting started. We™re The Coca-Cola Company it™s nice to meet you.

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E. Neville IsdellChairman and Chief Executive Of˜cerDear Fellow Shareowner:As I write to you today, I am pleased with the progress we made in 2005 toward our goal of delivering consistent, sus-tainable growth. In 2005, both pro˜ts and unit case volume reached a record high, and our employee morale improved. Our Manifesto for Growth has set our strategic road map, and the engagement of our people has given us a solid start. Sustainable growth is how The Coca-Cola Company will regain its position as the beverage provider of choice for consumers, the employer of choice for our people, the partner of choice for our customers and the investment of choice for our shareowners. We understand the unspoken agreement between our Company and those who choose to purchase and consume our products every day around the world. We understand our responsi -bilities as an engaged citizen of the world. We believe we lead a system that creates value and makes a positive difference everywhere it does business. Taken as a whole, the Coca-Cola systemŠcomprising The Coca-Cola Company and our bottling partnersŠis one of the largest consumer products enterprises in the world, with hundreds of thousands of employees and an estimated $80 billion in revenue.My priority in 2005 was to continue building on this unrivaled foundation to deliver long-term sustainable growth while being mindful of our short-term commitments. Our work is far from ˜nished, but as we™ve moved from words to deeds and from plans to actions, the initial impact of our efforts shows clearly in our 2005 results.In 2005, our Company earned $2.04 per share, an increase of $0.04Š2 percentŠover 2004. Volume grew 4 percent to 20.6 billion unit cases, and net operating revenues grew 6 percent to $23.1 billion. Through Our Manifesto for Growth, we identi˜ed strategic corridors for expansion to complement our core carbonated soft-drink business. We more effectively integrated marketing, strategy and innova-tion while reinvesting an incremental $400 million in those capabilities. And we introduced new productsŠcapturing greater shareŠin juice and juice drinks, water, energy drinks and sports drinks. 2005 Annual Review 7

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Unit Case Volume (in billions)Net Operating Revenues (in millions)200319.4200419.8200520.62003$20,8572004$21,7422005$23,104Platform for Sustainable Growth: In my letter to you a year ago, I identi˜ed six areas of focus required to accelerate sustainable growth. We made meaningful progress in each of these areas in 2005.Build on our fundamental strengths: To help improve execution around the world, the Company revised its orga-nizational structure in March 2005, creating the East, South Asia and Paci˜c Rim Group; the European Union Group; and the North Asia, Eurasia and Middle East Group. On February 1, 2006, we appointed Muhtar Kent as president, Coca-Cola International, to manage our business outside of North America. The leaders of our international operations reporting to Muhtar are Alex Cummings, Africa; Glenn Jordan, East, South Asia and Paci˜c Rim; Dominique Reiniche, European Union; and José Octavio Reyes, Latin America. Don Knauss continues to report to me and to lead our North America Group. Muhtar also leads the North Asia, Eurasia and Middle East Group. This strong leadership teamŠtogether with a new orga-nizational structureŠincreases our ability to monitor and ˜ne-tune execution in individual markets. These operating group leaders are members of our Executive Committee, which is composed of 15 leaders with 264 years of combined Coca-Cola system experienceŠa very real expression of our commitment to talent development within our system.Under the leadership of Sandy Douglas, our chief customer of˜cer, we are working with our worldwide bottling system to signi˜cantly improve our ability to create value with and for our customers. Our new collaborative customer relation-ship process has been re˜ned in three lead marketsŠJapan, Mexico and SwitzerlandŠand is now being implemented with key customers in other markets around the world. In an increasingly complex retail environment, we are working together with our customers to improve shopper marketing and supply chain collaboration and to accelerate innovation in order to provide superior beverage selections to every consumer on every shopping trip. Generate new avenues for growth through core brands, with a focus on diet and light products: Last year, we continued to see strong results for carbonated soft drinks, led by our core brandsŠCoca-Cola, Diet Coke, Sprite and Fanta. Coca-Cola, the world™s best-loved soft drink, grew 2 percent in unit case volume in 2005, the highest rate of growth in ˜ve years. We also introduced several new Trademark Coca-Cola diet and light products, including Diet Coke Sweetened with Splenda and Coca-Cola Zero in North America. By the end of 2005, Coca-Cola Zero approached a 1 percent share in supermarketsŠa signi˜cant accomplishment for a new beverageŠand I believe the product will be among the North America Group™s top- 10 carbonated soft-drink brands in 2006. In North America, we relaunched FrescaŠwith new ˚avors, graphics and packagingŠdriving unit case volume growth of 16 percent in the last quarter of 2005. Diet Sprite Zero/Sprite Zero also posted impressive unit case volume gains, increasing 16 percent globally. As we began 2006, we launched Black Cherry Vanilla Coca-Cola and Diet Black Cherry Vanilla Coca-Cola in North America, putting Vanilla Coke and Diet Vanilla Coke on hiatus as we cycle in new products and effectively manage shelf space. In 2006 , we continue our focus on diet and light products to capitalize on the strong 4 percent unit case volume growth we had in 2005 . Continue to expand into other pro˜table segments of the nonalcoholic beverage industry: Globally, our Company signi˜cantly outperformed the market in juice and juice drinks and sports drinks, capturing more than one-third of the worldwide growth in juice and juice drinks and more than half of the growth in sports drinks. We are the largest juice and juice drink company in the world: Minute Maid is available in 80 countries and unit case volume grew 11 percent in 2005, with share improve-ment in a number of key markets driven by products such as Minute Maid Premium Heart Wise and Minute Maid Premium Kids+. And in Nigeria, our Five Alive juice brand unit case volume grew 47 percent in 2005.8 The Coca-Cola Company

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In 2005, our partnership with Coca-Cola Hellenic Bottling Company S.A. allowed us to jointly purchase Multon, one of Russia™s leading juice providers, further strengthening our presence in an important emerging market. Our Company is the leader in sports drinks outside of North America. In 2005, Aquarius and POWERADE grew 25 percent and 22 percent worldwide, respectively, and we continued to innovate in both brands, transforming Aquarius beyond being considered only a sports drink choice in Spain and Japan and launching POWERADE Option, a low-calorie sports drink, in North America. POWERADE gained 2 share points in North America in 2005 and is now available in 76 countries.We also gained worldwide share in the water category in 2005, with Dasani unit case volume growing 29 percent from international expansion and ˚avor extensions as well as strong growth in North America. And the Coca-Cola system became the third-largest energy drink provider in the United States, launching Full Throttle in the ˜rst quarter of 2005. With the arrival of Tab Energy and Full Throttle Fury in the ˜rst quarter of 2006, I believe our momentum in this highly pro˜table category will continue to build. Expand our presence in immediate-consumption channels: Immediate-consumption unit case volume grew more than 3 percent in 2005. While this was a substantial improvement over 2004, it is still well below the long-term growth potential for the immediate-consumption channel. As a ˜rst step to better meeting that potential, we completed an occasion-based map and a global immediate-consumption strategy to target high-growth opportunities. Working with our bottling partners and suppliers, we also made progress on a new generation of equipment that will provide a more distinct immediate-consumption beverage experience. And we identi˜ed best practices from some of our best immediate- consumption marketsŠmerchandising from Ireland, product innovation from Mexico and routes-to-market from ChileŠ for worldwide standardization. As these initiatives continue to progress, I believe pro˜t and volume from immediate- consumption channels will continue to accelerate. Re-energize marketing and innovation: In 2005, we appointed Mary Minnick to lead our new Marketing, Strategy and Innovation (MSI) Group. Mary brings to the group considerable marketing and operating experience from her work in Asia, particularly Japan, one of the world™s most competitive and fastest-changing beverage markets. In 2005, the MSI Group led a comprehensive review of our marketing programs and identi˜ed key opportunities for growth. Work began on the new global campaign, fiThe Coke Side of Life,fl along with a new global digital platform, fiiCoke.fl The MSI Group also led development of the fiMake Every Drop Countfl communications platform, an integrated effort to educate consumers and opinion leaders on our portfolio, policies and community programs. Our messageŠmake the most of what you do and how you do itŠresonates in our efforts to promote health, well-being and quality of life through physical activity. Our commitment has been expressed again and again in the organizations and events to which we contribute and the activities we support. In 2005, we renewed our partnerships with the International Olympic Committee and the Fédération Inter -nationale de Football Association (FIFA ) through 2020 and 2022, respectively. And in cities and towns throughout Asia, Europe and North America, hundreds of thousands of boys and girls enjoyed Coca-ColaŒsponsored soccer clinics, tournaments and camps and the joy that comes from exercise and competition. We also continued our support of programs such as fiThai Kids on the Move,fl which includes classroom instruction and aerobics. More than 395,000 students have participated in this program in Thailand and have increased their daily activity and knowl-edge of the bene˜ts of exercise and nutrition.Drive increased ef˜ciency and effectiveness: Better ef˜ciency and effectiveness begins with the alignment of our system around shared goals and performance targets and depends on how well we collaborate with our bottling partners. Last year, we continued to work with our bottling partners to improve execution of our revenue growth strategy to increase 2005 Annual Review 9

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