• Chairman and CEO Doug Daft: "Throughout the quarter, we achieved share gains as our system successfully responded to and managed worldwide challenges and opportunities with flexibility, speed and professionalism."
  
  
• Worldwide unit case volume grew 4 percent in the first quarter.
  
  
• Reported earnings per share were $0.34 for the quarter, which included a net negative $0.03 per share impact from a charge related to streamlining initiatives and a gain from a litigation settlement.
  
  
• The Company expects strong cash flows to continue in the future. Cash from operations for the quarter was $599 million, including the impact of a $145 million contribution to the Company's U.S. pension plan.
  
  
• The Company repurchased 8.3 million shares of its common stock for $319 million during the first quarter and intends to repurchase approximately $1.5 billion of its stock in 2003. Dividend increased 10 percent in 2003, reflecting the 41st consecutive annual increase.

ATLANTA, April 16, 2003 - The Coca-Cola Company reported first quarter earnings per share of $0.34, compared to a net loss per share of $0.08 for the year-ago quarter. First quarter reported results included a net reduction of $0.03 per share related to the previously announced streamlining initiatives and a gain related to a litigation settlement. The prior year loss resulted from the adoption of SFAS No. 142 - "Goodwill and Other Intangible Assets," and other charges/gains. Worldwide unit case volume increased 4 percent in the first quarter, reflecting 3 percent volume growth in North America and 4 percent internationally.

The beverage industry has not been immune to the weak global macroeconomic environment that has impacted many business sectors. In addition to these factors, the beverage industry, including the Company, was adversely affected by short-term external factors, including a slowdown in "away from home" consumption caused by the war in Iraq, a lengthy national strike in Venezuela, a change in deposit laws in Germany, and a shift in the timing of the Easter holiday.

Doug Daft, chairman and chief executive officer, said, "The results of The Coca-Cola Company are always driven by the operational, financial and brand strengths of our entire system in our markets. Given the current volatile worldwide environment, our management team has continued to carefully monitor worldwide events and respond rapidly and effectively. We have enhanced productivity and cost efficiencies. We are also targeting our resources to the markets of greatest opportunity and stability, while taking all necessary steps to protect our business in more challenging markets.

"Throughout the quarter, we achieved share gains as our system successfully responded to and managed worldwide challenges and opportunities with flexibility, speed and professionalism. Looking ahead, we are confident our results will improve during the year as we move beyond the short-term external factors that impacted this quarter."

• First quarter 2003 reported results were $0.34 per share, which included a net reduction of $0.03 per share related to the previously announced streamlining initiatives and a gain related to a litigation settlement. Prior year first quarter results reflected a net loss of $0.08 per share, which included the net reduction of $0.42 per share reflecting the adoption of SFAS No. 142 - "Goodwill and Other Intangible Assets," and other charges/gains. The individual impact of these items on earnings per share is summarized as follows:

• Cash from operations for the quarter was $599 million, including the impact of a $145 million contribution to the Company's U.S. pension plan. The Company expects strong cash flows to continue in the future.
  
• The Company repurchased 8.3 million shares of its common stock for $319 million during the first quarter and intends to repurchase approximately $1.5 billion of its stock in 2003.
  
• The Company increased its dividend 10 percent in 2003, reflecting the 41st consecutive annual increase.

Operational Highlights

North America

• Unit case growth was 3 percent for the first quarter, driven by solid performance in the Retail Division, offset by a decline in the Foodservice and Hospitality Division.
  
• The overall industry growth was negatively impacted by the timing of the Easter holiday, poor weather conditions, and weaker traffic in restaurants, hotels and leisure channels. Despite these factors, the Coca-Cola system remained focused on local execution, resulting in growth that outpaced the total nonalcoholic ready-to-drink industry, including share position improvements in the major beverage categories.
  
• Results during the quarter were fueled by over 2 percent growth in Trademark Coca-Cola in the Retail Division, driven by innovation and strong performance from Vanilla Coke, diet Vanilla Coke, diet Coke and the continued expansion of the Fridge Pack.
  
• Noncarbonated beverages continued strong growth led by 22 percent growth in Dasani, 16 percent growth in Powerade and continued strong double-digit growth from Minute Maid Lemonades. Unit case volume also benefited from last year's strategic transactions involving Evian and the Danone water brands.

• Unit case volume increased 8 percent for the quarter, cycling 9 percent growth in the prior year first quarter.
  
• Strong performance was driven by double-digit growth in China, the Philippines, India and Thailand. Trademark Coca-Cola and Fanta continued to drive the growth in many key markets, along with strong performance of local brands such as Thums Up, Qoo and Kinley.
  
• In China, 21 percent growth in unit case volume was led by double-digit growth in Trademark Coca-Cola, Fanta and Sprite driven by highly successful Chinese New Year activities and several packaging initiatives. In addition, noncarbonated beverages continued to develop with the introduction of Nestea and the continued expansion of Qoo.
  
• In Japan, unit case volume declined 2 percent in the quarter, cycling 6 percent growth in the prior year first quarter. Solid growth in both January and February was offset by a sharp decline in industry trends during March. Despite the challenging economic environment, the Company continued to increase share during the quarter in the highly profitable tea, coffee and carbonated soft drink categories.
  
  Further, in Japan, the Company continues to drive industry leading performance through initiatives surrounding its core brands and margin enhancement opportunities through package innovation and a strong focus on accelerating growth in the profitable convenience store and vending channels. In addition, during March, the Company and several of its bottling partners announced plans to create a national supply chain management company to reduce costs through efficiency in procurement, production and logistics, and develop a flexible supply system that will respond to changes in consumer and customer needs, as well as improve customer service.

• Unit case volume increased 5 percent in the first quarter, led by strong growth in Mexico and improving trends in Argentina, partially offset by the general strike in Venezuela.
  
• In Venezuela, the Company's operations were shut down during the general strike that lasted throughout the month of January and most of February. As a result, operating income and equity income were negatively affected by the strike. Further, the situation reduced the Company's unit case growth rate for all of Latin America by more than 1 point in the first quarter. Full distribution was restored across all channels and outlets during the month of March and should continue for the remainder of the year.
  
• Mexico unit case volume grew 14 percent in the quarter driven by strong performance from Fanta and Lift, the continued expansion of the Company's noncarbonated beverage business, the launch of the Real campaign, and the introduction of several packaging initiatives to drive system profitability. In the fast-growing water category, the Company is benefiting from national marketing programs behind Ciel, the continued expansion of single-serve water packages, and the inclusion of the Risco water brand.
  
• In Argentina, unit case volume grew 7 percent in the first quarter, reflecting the Company's long-term strategy of investing in the country during last year's economic crisis. Further, as a result of a strong emphasis on refillable packages, brand Coca Cola share of sales has increased 2 points versus the prior year first quarter.

• Unit case volume in the first quarter declined 1 percent, cycling 8 percent growth in the first quarter of the prior year. While the Company had solid performance in many markets, first quarter results were negatively impacted by the timing of the Easter holiday, severe winter weather conditions in Eastern Europe, and declines in German volume resulting from the implementation of a deposit law on non-returnable packages.
  
• Overall results for the Group benefited from successful new products such as diet Coke with lemon, Vanilla Coke, and Sprite Ice Cube being introduced during the quarter. In addition, the Group's financial performance benefited from effective concentrate price and brand mix management as well as a diligent focus on the management of operating expenses.
  
• Unit case volume declined 10 percent in Germany during the quarter as a result of the short-term disruption caused by the implementation of a deposit law on non-returnable packages for beer, carbonated soft drinks and water. The unexpected change on January 1, 2003 resulted in major retailers delisting non-returnable packages. Further, consumers have begun to shift their consumption back to returnable packages and to other beverage categories that were not impacted by the deposit law.
  
  While this change in deposit laws is disruptive in the short-term, the Coca-Cola system remains extremely well placed to take advantage of the move by consumers back to returnable packaging. The Company is introducing several new packages and initiatives in the second quarter that are expected to lead to growth in Germany during the second half of the year.

• Unit case volume growth of 3 percent in the quarter, cycling 11 percent growth in the first quarter of 2002.
  
• The Southern and East Africa Division continues to generate solid growth while parts of North and West Africa have been negatively impacted by the challenging operating environment. Despite the environment across North Africa, the Company has gained share across the region.
  
• The Coca-Cola Real campaign has been introduced in South Africa and Nigeria and is currently being rolled out across the rest of Africa. As a result, in South Africa, Trademark Coca-Cola grew 5 percent in the quarter. In addition, the Company is continuing the introduction and expansion of juice and juice drinks and water in key markets.
  
• Throughout Africa, the Company continues to invest and focus on business fundamentals to drive profitable volume for the system. These initiatives include new cold outlet creation, improvements in market execution and availability and affordable packaging.

In North America, the Company is integrating the operations of its three separate North American business units -- Coca-Cola North America, Minute Maid, and Fountain. In Germany, Coca-Cola Erfrischungsgetraenke AG (CCEAG) is taking steps to improve its efficiency in sales, distribution and manufacturing.

These initiatives are proceeding as planned and resulted in a first quarter pre-tax charge of $159 million, or $0.04 per share after tax. As previously announced, the streamlining initiatives are expected to result in a full-year 2003 charge to earnings of approximately $400 million on a pre-tax basis. The remainder of the charge will be recorded throughout the rest of the year.

Separate from the streamlining charge, as a result of the above initiatives, the Company's financial results are expected to benefit by at least $50 million (pre-tax) in 2003 and at least $100 million (pre-tax) on an annualized basis beginning in 2004.

-- Financial Section Follows --

THE COCA-COLA COMPANY AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions)

Three Months Ended March 31,