DEAR FELLOW SHAREOWNER:

My focus in the past eight months has been to put in place the steps required to build the long-term health of the Company. However, with 2 percent unit case volume growth, it is clear that The Coca-Cola Company did not perform up to expectations in 2004. A detailed analysis confirmed that the Company’s execution was not as effective as it must be, and that a course correction is required to achieve sustainable, long-term growth and value for our shareowners. To improve our ability to realize our potential, the Company has begun to invest additional resources and energy in our brands, programs and people.

Building on Our Strengths
Our goal is to build upon The Coca-Cola Company’s formidable assets—our brands, financial strength, unrivaled distribution system and the strong commitment of our management and employees worldwide—to become more competitive. In so doing, growth will be accelerated in a way that creates value for our shareowners and renewed enthusiasm among our people. The Company is focusing all of its efforts on achieving these results. In the pages that follow, you can read about some of the initiatives already underway, as well as some very early indicators of our progress.