unit case volume profitability and efficiency around the world. Using best practices from Argentina, Brazil and other system models, we refined and improved our revenue growth strategy and trained thousands of managers on its implementation. This strategy has improved our operations in South Africa, for example, contributing to unit case volume growth of 8 percent in 2005.

Our Role in Communities: In addition to advancing profitability and identifying growth opportunities throughout our system, we aspire to be the world's most respected company. Creating sustainable growth for our system allows us to stimulate economic growth, to strengthen the communities where we do business, and to protect and preserve the planet for future generations. Good corporate citizenship has been an integral part of who we are for 120 years now, and it will be even more important going forward.

Last year, we continued our efforts through our Company's 18 local foundations and one global organization--The Coca-Cola Foundation--to fund initiatives in the countries where we operate, including the reconstruction of schools in Indonesia; Thailand's new e-Community Learning Center; and HIV/AIDS education and awareness programs in Africa. Also last year, our system donated more than $15 million to the International Red Cross, CARE and other agencies for disaster relief efforts around the world, including the areas affected by Hurricane Katrina, the tsunami in 2004 and the Pakistan earthquake, among others. In those crisis situations, we donated hundreds of thousands of cases of water, juice and juice drinks, and other beverages for victims and relief workers.

Conclusion: In 2006, we will continue to accelerate the growth that enables us to make a positive difference in the world by refreshing people every day and inspiring them with the optimism of our brands, the actions of our Company and the spirit of our people. We will actively protect and enhance the reputation of The Coca-Cola Company and our brand image. We will continue an expansion of our portfolio that anticipates and satisfies our consumers' preferences and needs around the world.

I want to thank the many people who contributed to our success last year--our system's employees and alumni; our bottling partners, customers and suppliers; and our consumers. I also want to thank our Directors who will not stand for re-election to our Board in April 2006. Warren Buffett, Maria Elena Lagomasino and Pedro Reinhard have been astute leaders and trusted friends of the Company during their tenure as Directors. In particular, I would like to express my appreciation to Warren for his 17 years of service to our Company. We are proud of his association with us and Berkshire Hathaway's long and continuing stake in our Company. We will miss the wise counsel and advice they have contributed over the years.

And, of course, I want to express my deepest appreciation to you, our shareowners. You have kept faith in us, believing in our tremendous opportunity for future growth and our ability to realize that opportunity. We are working hard to repay that trust and to reward you for your investment.

While we take pride in what we have accomplished to date, we recognize that our efforts have not yet been evidenced in total shareowner return. However, the path we are on to sustainable growth is the only way to build value for shareowners over time. There is much more to do, but I believe we are worthy of your trust because of the significant progress we have made.

Sincerely,

E. Neville Isdell
Chairman and Chief Executive Officer