Our business can only be as healthy as the local communities where we operate. This is why we partner with governmental and nongovernmental organizations, as well as community leaders, to develop and implement initiatives that help build sustainable communities. We are focused especially on water, which represents a critical resource for the sustainability of our business and the communities in which we operate. We also use our system's extensive distribution network to provide disaster relief, raise awareness of HIV/AIDS and sponsor educational and physical fitness programs that make a positive difference.

Accountability goes beyond the Company's finances. In today's world, earning trust requires more than just attention to sales reports and balance sheets. Conducting business responsibly is just as important as conducting it profitably. We are making sure this reality is ingrained in our Company's culture and plans for future growth.

In 2006, for the first time in our history, every function and every operating group implemented business plans with specific, quantifiable corporate responsibility objectives alongside unit case volume, profitability and other business goals. Our most prestigious and coveted divisional award—the Woodruff Cup—was won by our Iberian Division (Portugal and Spain) based on outstanding performance in 2006 across the five Ps of our Manifesto for Growth: people, portfolio, partners, planet and profit.

In Closing

I am proud of what we achieved in 2006. We are not satisfied, however. There will always be room to grow and improve. We have much work to do, but I believe our business is well positioned to grow sustainably and profitably.

I am grateful to our shareowners who have shown faith in us as we have worked to turn our business around. I thank our Board of Directors for their continued wise counsel and guidance. Our local bottling and business partners have worked tirelessly to continue bringing the optimism and promise of Coca-Cola to all of the communities we are privileged to serve. Our associates everywhere continue to be dedicated stewards of the most valuable brand in the world. And our consumers? They inspire us every day.

Thank you for your continued support.

Sincerely,

E. Neville Isdell | Chairman and Chief Executive Officer
February 15, 2007