Dear Fellow Shareowner:

As I write to you today, I am pleased with the progress we made in 2005 toward our goal of delivering consistent, sustainable growth. In 2005, both profits 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 responsibilities 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 system--comprising The Coca-Cola Company and our bottling partners--is 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 finished, 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 $0.04--2 percent--over 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 identified strategic corridors for expansion to complement our core carbonated soft-drink business. We more effectively integrated marketing, strategy and innovation while reinvesting an incremental $400 million in those capabilities. And we introduced new products--capturing greater share--in juice and juice drinks, water, energy drinks and sports drinks.