In 2004, worldwide unit case volume increased 2 percent, led by strong unit case volume growth in Argentina, Brazil, China, Russia, South Africa and Turkey. Partially offsetting these trends were unit case volume declines in Germany, Nigeria and the Philippines.

Revenues increased 4 percent to $22.0 billion versus the prior year. Positive volume, pricing and currency trends were offset by mix and structural changes primarily due to the creation of a supply chain management company in Japan in the fourth quarter of 2003. Operating Income for the full year increased 9 percent to $5.7 billion, reflecting the impact of the operating charges in 2003 and 2004 and

positive currency benefits, offset by poor performance in certain key markets, higher corporate expenses and continuing investments in marketing and innovation.

To better meet the changing tastes and demands of consumers, we launched several new products during 2004. Examples include Coca-Cola C2 in Japan and North America; diet Coke with lime in Australia, New Zealand and North America; Minute Maid light brand extensions in the United States; and variations of Fanta light in multiple countries. And in New Zealand, we introduced Aqua Shot, a new active water with a refreshing shot of fruit flavor and a boost of essential vitamins.