Third-Party Verification and Assurance Statement

The Coca-Cola Company (‘the Company’) commissioned FIRA Sustainability BV (FIRA) to provide external assurance on its 2010/2011 Sustainability Report (further referred to as ‘the Report’). Our assurance statement provides readers of the Report with an independent opinion on the reliability of information, based on our assessment of the Report and underlying systems and evidence. This Statement is intended both for the general readers and for stakeholders who have a professional interest in the Company’s sustainability performance and challenges.

The Sustainability Report distinguishes between The Coca-Cola Company and the Coca-Cola system. The Coca-Cola system includes the Company and its bottling partners. Our engagement was designed to provide ‘Moderate Assurance’ on whether the information in the Report provides a reliable representation of the Company’s efforts and performance for the reporting year 2010-2011. Claims and quantitative data for the Coca-Cola system were also reviewed, as presented in the Report. Information from third parties such as NGO’s was not reviewed. Assurance activities performed by FIRA were aimed at determining the plausibility of claims. Evidence gathering is focused at the corporate level with limited sampling at the divisional and site-level (including system). The assurance process focused on reviewing data, the data collection process, data management, programs and the reliability of claims.

The Company’s report is published on http://www.thecoca-colacompany.com/sustainabilityreport. Web pages that are verified by FIRA read as follows: ‘The content of this web page has been assured by FIRA. Please click logo for assurance statement.’, followed by the FIRA logo. Featured stories and graphs are included in the assurance engagement; however, video messages are not included. The content of the Report and appropriate use of the FIRA brand is the responsibility of the Company’s management. As FIRA does not manage the website, contractual arrangements have been made to ensure FIRA involvement on any changes in website content.

FIRA conducted the verification process in accordance with international assurance standards. The Company applies its own sustainability performance reporting criteria, derived from the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI). FIRA reviewed The Coca-Cola Company data and claims against the Company’s reporting criteria and the GRI, including explanatory notes related to disclosed performance information. The content of the Report and the identification of material issues are the responsibility of the Company’s management. The FIRA audit team members have not been involved in the development of the Report nor have they been associated with The Coca-Cola Company’s sustainability programs, data collection, or information systems. FIRA ensures that our assurance team possessed the required competencies and adhered to the principles of auditing regarding ethical conduct, professional integrity, and independence.

The basis of our work consists of claims disclosed in the Report including associated information. To come to our conclusions we investigated the integrity of the internal processes, controls and underlying evidence made available to FIRA. We performed the following activities:

1. Review of materiality and stakeholder engagement on sustainability issues related to the Company to obtain information on relevant issues in the reporting period.
2. Review of the Company’s systems, processes and internal controls for collection and aggregation of quantitative and qualitative information in the Report at the corporate level, including an analytical review of aggregated data and a risk-based analysis of the data collected from individual locations. Metrics regarding replenishing claims and packaging data have only been reviewed at the corporate level; in-depth sampling has not been executed.
3. Local site visits at six sites to assess local systems and controls, and reliability of reported data for both Company and system sites.
4. In-depth review and application level check on the Report for The Coca-Cola Company’s performance according to the Global Reporting Initiative criteria.
5. Verifying claims and text presented in the Company’s report, including Company and system metric related claims, by collecting supporting evidence to determine the accuracy and suitability of each identified claim or assertion. This included interviews with corporate staff and follow-up work to clarify discrepancies in order to gain assurance on the accuracy of presented claims.

The Coca-Cola Company reports about initiatives and performance related to sustainability. Based on the work undertaken, we conclude that the claims and information portrayed in the Report are reliable and comply with GRI level B.

Note: Annual Report on Form 10-K related claims have not been reviewed by FIRA.

Our observations on the reported company’s performance are based upon our expertise combined with the GRI guidelines. The Coca-Cola Company Report shows significant progress in several areas. A stakeholder engagement process for this year’s report was initiated. Additionally, goals were set for material issues and progress is reported. By appointing a CSO, the Company’s sustainability strategy will become more focused and centralized.

• Stakeholder Engagement & Materiality: The Company has initiated stakeholder engagement specifically for this Report, in addition to their ongoing departmental stakeholder engagement to confirm materiality for reporting. Merging these engagement results will deepen the understanding of material issues supporting development of the Company’s sustainability strategy and the claims published.
• Report Balance: The Report touches on a large variety of complex topics.
  • The Company is becoming increasingly transparent as goals, short- and long–term, are disclosed, progress is reported and challenges are discussed.
  • As structure within stakeholder engagement is enhanced, balance within the Report will grow. Topics identified for more in-depth disclosure are (some of which were also requested by stakeholders): access to full product portfolio, including low-calorie beverages and activities to address malnutrition; disclose more information on how the Company is an excellent employer (benefits, training, human development and equal opportunity); explain how waste is turned into valuable resources (beyond packaging); and explain how the Company assures compliance with competition laws and international norms of behavior.
• Goals & Performances: For all sustainability sections goals are now reported and performance is reviewed. Some goals set in years past have already been achieved and have even been intensified. The Company is challenged to be more transparent on shifting goals, e.g. why goals have been intensified or why goals have not been attained, including which additional measures will be taken for goals that are not on track.
• Governance & Remuneration: We recommend that the Company grow incentive-based compensation (remuneration) on social and environmental performance for the board, senior managers and executives in accordance with the GRI.
• Human Rights Progress: Risk analysis has been renewed in cooperation with stakeholders resulting in new guidance. We commend the Company on their robust approach of human rights and labor practice, both within the Company and in the communities the Company serves.
• Data Collection: The Company uses a large number of KPIs for various reasons. Current KPIs in the Report have been selected based on availability. As materiality evolves over time and is further shaped by the stakeholder engagement process we recommend to review the selection of KPIs based on the material issues identified for next year’s report.
• Replenish & Packaging: As metrics regarding replenishing claims and packaging data have only been reviewed on the corporate level, we recommend the Company seek third-party validation. Calculations on replenishing claims are currently outsourced to a knowledge partner, enhancing the credibility of data. Third-party validation on both the methodology and the calculations would add credibility to this material issue. Third-party validation on packaging data should become possible as the product lifecycle management system is further refined.

Note: A separate Green House Gas statement is available for 2010.

On behalf of FIRA,

Ms. F.V.M. Schneider
Managing Director FIRA
November 16, 2011, The Netherlands