News Release

THE COCA-COLA COMPANY REPORTS SECOND QUARTER AND HALF YEAR 2008 RESULTS

• Second quarter EPS of $0.61; and $1.01 after considering items impacting comparability, an increase of 19 percent.



• Second quarter net revenue growth of 17 percent.



• Worldwide unit case volume increased 3 percent in the quarter, led by 5 percent growth in International while maintaining unit case volume in North America in a difficult operating environment.



• Operating income up 18 percent on a reported basis in the quarter; increased 20 percent after considering items impacting comparability.



• $400 to $500 million of annualized savings targeted by year-end 2011 from productivity initiatives.

ATLANTA, July 17, 2008  --  The Coca-Cola Company today reported second quarter earnings per share of $0.61, a decrease of 24 percent versus the prior year on a reported basis, and $1.01 after considering items impacting comparability, an increase of 19 percent. Earnings per share for the quarter included a net charge of $0.40 per share primarily related to a non-cash impairment charge at Coca-Cola Enterprises Inc. ("CCE"), an equity investee. Earnings per share for the second quarter of 2007 were $0.80 and included a net charge of $0.05 per share, primarily related to restructuring charges and a non-cash impairment charge at an equity investee.

"Our results in the quarter underscore our ability to continue delivering volume growth and double-digit comparable earnings per share growth, despite the combined impacts of several one-off events and a more challenging economic environment," said Neville Isdell, chairman of the Board, The Coca-Cola Company. "We continue to manage the business for the long term by investing in brand building and innovation with an unrelenting focus on improving our effectiveness and efficiency. We have made significant progress since the turnaround began in 2004 and I am confident going forward under Muhtar’s leadership that the business will continue to be managed by investing for long-term sustainable growth and value."

President and Chief Executive Officer Muhtar Kent said, "Our second quarter performance demonstrates our ability to leverage the strengths of our system to achieve balanced growth. Our results were once again led by our international operations, which delivered 5 percent unit case volume growth, and we maintained volume in North America despite significant challenges. Latin America continues to be a key contributor to our results, along with solid performance in many of our emerging markets including China, Turkey, India, Eastern Europe, Southern Eurasia, North and West Africa and the Middle East. We have accelerated our global volume and value share gains as consumers connect with our brands and our system executes in the marketplace.

"We are clearly operating in a more challenging macroeconomic environment. A strength of our system is the ability to work with our bottling partners and customers to understand the local factors impacting consumer behavior, adjust our plans where appropriate, while continuing to invest and build share for the long term. Both the fundamentals of our business and the strength of our brands remain solid. Through our focus on superior execution and driving productivity, I remain confident we are building a stronger Coca-Cola system for the future."