THE COCA-COLA COMPANY AND SUBSIDIARIES Reconciliation of GAAP and Non-GAAP Financial Measures

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1 ITEMS IMPACTING COMPARABILITY Asset Impairments and Restructuring Asset Impairments During the three months and year ended December 31, 2011, the Company recorded charges of $17 million due to other-than-temporary impairments of certain available-for-sale securities. In addition, during the year ended December 31, 2011, the Company recorded impairment charges of $41 million due to the impairment of an investment in an entity accounted for under the equity method of accounting. These impairment charges were recorded in other income (loss) net. Restructuring THE COCA-COLA COMPANY AND SUBSIDIARIES The Company reports its financial results in accordance with accounting principles generally accepted in the United States ( GAAP or referred to herein as reported ). However, management believes that certain non-gaap financial measures provide users with additional meaningful financial information that should be considered when assessing our ongoing performance. Management also uses these non-gaap financial measures in making financial, operating and planning decisions and in evaluating the Company's performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company s reported results prepared in accordance with GAAP. Our non-gaap financial information does not represent a comprehensive basis of accounting. The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within GAAP. Therefore, our non-gaap financial information may not be comparable to similarly titled measures reported by other companies. We determine which items to consider as "items impacting comparability" based on how management views our business, makes financial, operating and planning decisions and evaluates the Company's ongoing performance. Items such as structural changes (acquisitions and divestitures), charges, gains and accounting changes which are viewed by management as impacting only the current period or the comparable period, but not both, or as relating to different and unrelated underlying activities or events across comparable periods, are generally considered "items impacting comparability". In addition, we provide the impact that changes in foreign currency exchange rates had on our financial results ("currency neutral"). During the three months and year ended December 31, 2010, the Company recorded charges of $15 million and $41 million, respectively, related to other-than-temporary impairments of available-for-sale securities and an equity method investment. These impairment charges were recorded in other income (loss) net. During the three months and year ended December 31, 2011, the Company recorded charges of $40 million and $119 million, respectively, due to certain restructuring activities. During the three months and year ended December 31, 2010, the Company recorded charges of $85 million and $153 million, respectively, due to certain restructuring activities, charitable donations and other distribution charges related to our bottling activities in Eurasia. The restructuring activities were related to costs associated with the integration of our German bottling and distribution operations and other restructuring initiatives outside the scope of our productivity initiatives and the integration of CCE's former North America business. These charges were recorded in other operating charges. See the discussion of our productivity initiatives and CCE integration costs below. During the three months ended December 31, 2011, and December 31, 2010, the Company recorded charges of $80 million and $56 million, respectively, related to our productivity initiatives. During the years ended December 31, 2011, and December 31, 2010, the Company recorded charges of $156 million and $190 million, respectively, related to our productivity initiatives. These productivity initiatives began in 2008 and concluded during the fourth quarter of These initiatives were focused on providing additional flexibility to invest for growth and impacted a number of areas, including aggressively managing operating supported by lean techniques; redesigning key processes to drive standardization and effectiveness; better leveraging our size and scale; and driving savings in indirect costs. The Company incurred total pretax of $508 million related to these productivity initiatives since they commenced. This program delivered annualized savings of over $500 million beginning in 2011, exceeding the upper end of our original savings target of $400 to $500 million. During the three months and year ended December 31, 2011, the Company recorded charges of $13 million and $53 million, respectively, in equity income (loss) net. These charges primarily represent the Company s proportionate share of asset impairments and restructuring charges recorded by certain of our equity method investees. During the three months ended December 31, 2010, the Company recorded a net charge of $11 million in equity income (loss) net. This net charge was primarily attributable to the Company's proportionate share of restructuring charges recorded by certain of our equity method investees. During the year ended December 31, 2010, the Company recorded a net charge of $66 million in equity income (loss) net. This net charge was primarily attributable to the Company's proportionate share of unusual tax charges, asset impairments, restructuring charges and transaction costs recorded by certain of our equity method investees, which were partially offset by our proportionate share of a foreign currency remeasurement gain recorded by an equity method investee. The components of the net charge were individually insignificant.

2 During the three months ended December 31, 2011, the Company recorded charges of $145 million, primarily due to the integration of CCE's former North America business. During the three months ended December 31, 2010, the Company recorded a net gain of $4,837 million, primarily due to a $4,978 million gain on the remeasurement of our equity investment in CCE to fair value upon our acquisition of CCE's former North America business. The Company also recorded a gain of $597 million related to the sale of our Norwegian and Swedish bottling operations to CCE. These gains were partially offset by the following charges related to our acquisition of CCE's former North America business: (a) $265 million due to the Company's write-off of our investment in infrastructure programs with CCE; (b) $144 million due to the integration of CCE's former North America business and related transaction costs; (c) $74 million due to the acceleration of expense associated with certain share-based replacement awards; (d) $20 million due to the amortization of favorable supply contracts; and (e) $235 million due to the elimination of gross profit in inventory on intercompany sales and an inventory fair value adjustment. Prior to the acquisition, we recognized the profit associated with concentrate sales when the concentrate was sold to CCE, excluding the portion that was deemed to be intercompany due to our previous ownership interest in CCE. However, subsequent to the acquisition, the Company will not recognize the profit associated with concentrate sold to CCE's former North America business until the finished beverage products made from those concentrates are sold. During the year ended December 31, 2011, the Company recorded charges of $386 million, primarily due to the integration of CCE's former North America business. These charges include $19 million related to the amortization of favorable supply contracts acquired in connection with our acquisition of CCE's former North America business as well as $5 million related to the finalization of working capital adjustments in connection with the sale of our Norwegian and Swedish bottling operations to CCE. The charge related to the finalization of working capital adjustments reduced the amount of the transaction gain the Company previously recorded on the sale during the fourth quarter of During the year ended December 31, 2010, the Company recorded a net gain of $4,765 million, primarily due to a $4,978 million gain on the remeasurement of our equity investment in CCE to fair value upon our acquisition of CCE's former North America business. The Company also recorded a gain of $597 million related to the sale of our Norwegian and Swedish bottling operations to CCE. These gains were partially offset by the following charges related to our acquisition of CCE's former North America business: (a) $265 million due to the Company's write-off of our investment in infrastructure programs with CCE; (b) $216 million due to the integration of CCE's former North America business and related transaction costs; (c) $74 million due to the acceleration of expense associated with certain share-based replacement awards; (d) $20 million due to the amortization of favorable supply contracts; and (e) $235 million due to the elimination of gross profit in inventory on intercompany sales and an inventory fair value adjustment. Prior to the acquisition, we recognized the profit associated with concentrate sales when the concentrate was sold to CCE, excluding the portion that was deemed to be intercompany due to our previous ownership interest in CCE. However, subsequent to the acquisition, the Company will not recognize the profit associated with concentrate sold to CCE's former North America business until the finished beverage products made from those concentrates are sold. The Company has incurred total pretax of $493 million related to this integration initiative since it commenced in the second quarter of The costs associated with this initiative were primarily related to the development and design of our future operating framework for our North America operating segment. During the three months and year ended December 31, 2011, the Company recognized a net gain of $122 million, primarily due to gains associated with an equity method investee issuing additional common shares of its own stock at a per share amount greater than the carrying value of the Company s per share investment. Accordingly, the Company is required to treat these types of transactions as if the Company sold a proportionate share of its investment in the equity method investee. The gains recognized during the three months ended December 31, 2011, were partially offset by charges associated with certain of the Company's equity method investments in Japan. The Company recorded this net gain in other income (loss) net. During the year ended December 31, 2011, the Company also recognized a net gain of $417 million, primarily due to the merger of Arca and Contal, two bottling partners headquartered in Mexico, into a combined entity named Arca Continental ("Arca Contal"). Prior to this transaction, the Company held an investment in Contal that we accounted for under the equity method of accounting. The merger of the two companies was a non-cash transaction that resulted in Contal shareholders trading their existing Contal shares for new shares in Arca Contal at a specified exchange rate. Subsequent to this transaction, the Company holds an investment in Arca Contal that we account for as an available-for-sale security. The Company also recorded charges of $35 million related to costs associated with the merger of Arca and Contal during the year ended December 31, In addition, the Company recognized a gain of $102 million during the year ended December 31, 2011, as a result of the sale of our investment in Embonor, a bottling partner with operations primarily in Chile. Prior to this transaction, the Company accounted for our investment in Embonor under the equity method of accounting. During the year ended December 31, 2010, the Company recognized a gain of $23 million due to the sale of 50 percent of our investment in Leão Junior, S.A., a Brazilian tea company. During the three months ended December 31, 2011, and December 31, 2010, the Company recorded a net tax benefit of $22 million and a net tax charge of $254 million, respectively, related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. During the years ended December 31, 2011, and December 31, 2010, the Company recorded a net tax benefit of $7 million and a net tax charge of $282 million, respectively, related to amounts required to be recorded for changes to our uncertain tax positions, including interest and penalties. In addition, during the year ended December 31, 2010, the Company recorded a tax charge of $14 million related to new legislation that changed the tax treatment of Medicare Part D subsidies.

3 Impact of Natural Disasters On March 11, 2011, a major earthquake struck off the coast of Japan, resulting in a tsunami that devastated the northern and eastern regions of the country. As a result of these events, the Company made a donation to the Coca-Cola Japan Reconstruction Fund which will help rebuild schools and community facilities across the impacted areas of the country. The Company recorded total charges of $84 million related to these events during the year ended December 31, These charges were primarily related to the Company s donation and assistance provided to certain bottling partners in the affected regions. During the three months ended December 31, 2011, the Company also recorded charges of $10 million as a result of the floods in Thailand that impacted the Company's supply chain operations in the region. Economic (Non-Designated) Hedges In 2010, the Company expanded certain commodity hedging programs as a result of our acquisition of CCE s former North America business. The Company uses derivatives as economic hedges to mitigate the price risk associated with the purchase of materials used in the manufacturing process as well as the purchase of vehicle fuel. Prior to our acquisition of CCE s former North America business, this economic hedging activity was not material. Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges. The changes in fair values of these economic hedges are immediately recognized into earnings. As a result of the expansion of our commodity hedging program, in the fourth quarter of 2010 we began to exclude the net impact of mark-to-market adjustments for outstanding hedges and realized gains/losses for settled hedges from our non-gaap financial information until the period in which the underlying exposure being hedged impacts our consolidated statements of income. We believe this adjustment provides meaningful information related to the benefits of our economic hedging activities. During the three months and year ended December 31, 2011, the net impact of the Company's adjustment related to our economic hedging activities described above resulted in an increase to our non-gaap operating income of $8 million and $111 million, respectively. During the three months and year ended December 31, 2010, the net impact of the Company's adjustment related to our economic hedging activities described above resulted in a decrease to our non-gaap operating income of $29 million. Repurchase, Extinguishment and/or Exchange of Long-Term Debt During the three months and year ended December 31, 2011, the Company extinguished a portion of our long-term debt that had a carrying value of $20 million and did not originally mature until This debt existed prior to the Company's acquisition of CCE's former North America business. The Company recorded a charge of $1 million in interest expense during the three months ended December 31, 2011, due to costs associated with the early extinguishment of debt. In addition, during the year ended December 31, 2011, the Company issued $2,979 million of long-term debt. The Company used $979 million of this newly issued debt and paid a premium of $208 million to exchange $1,022 million of existing long-term debt that was assumed in connection with our acquisition of CCE's former North America business. The remaining cash from the issuance was used to reduce the Company's outstanding commercial paper balance and exchange a certain amount of short-term debt. The Company recorded a charge of $5 million in interest expense during the year ended December 31, 2011, primarily due to transaction costs associated with the exchange of long-term debt. During the year ended December 31, 2011, the Company also repurchased long-term debt with a carrying value of $735 million that we assumed in connection with our acquisition of CCE's former North America business. The carrying value of the repurchased debt included $99 million in unamortized fair value adjustments recorded as part of our purchase accounting. The Company recorded a net charge of $3 million in interest expense during the year ended December 31, 2011, primarily due to the change in fair value from the date we assumed the debt until the date it was repurchased in addition to premiums paid to repurchase the debt. Hyperinflationary Economies During the first quarter of 2010, the Company recorded a charge of $103 million in other income (loss) net related to the remeasurement of our Venezuelan subsidiary s net assets. Subsequent to December 31, 2009, the Venezuelan government announced a currency devaluation, and Venezuela was determined to be a hyperinflationary economy. As a result of Venezuela being a hyperinflationary economy, our local subsidiary was required to use the U.S. dollar as its functional currency, and the remeasurement gains and losses were recognized in our condensed consolidated statement of income. Charges Related to Bottling Operations During the three months ended December 31, 2010, the Company recorded a charge of $7 million due to the donation of preferred shares in one of our equity method investees. This charge was recorded in other income (loss) net. Currency Neutral Management evaluates the operating performance of our Company and our international subsidiaries on a currency neutral basis. We determine our currency neutral operating results by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results by the current period actual exchange rates (that include the impact of current period currency hedging activities), to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the Company's financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period.

4 (In millions except per share data) Three Months Ended December 31, 2011 After Considering Items Cost of goods sold Gross profit Gross margin Selling, general and Other operating charges Operating income Operating margin $11,040 $4,403 $6, % $4,411 $275 $1, % (40) (80) (145) 145 (3) (18) 15 7 (10) 18 $11,037 $4,385 $6, % $4,418 $- $2, % Three Months Ended December 31, 2010 After Considering Items Cost of goods sold Gross profit Gross margin Selling, general and Other operating charges Operating income Operating margin $10,494 $4,279 $6, % $4,511 $545 $1, % (85) (56) 56 - (255) 255 (74) (144) (18) - (260) 242 $10,498 $4,046 $6, % $4,437 $- $2, % Currency Neutral: Cost of goods sold Gross profit Selling, general and Other operating charges Operating income (2) % Currency Impact (1) 0 (1) 0 -- (5) % Change - Currency Neutral Reported (2) % Currency Impact After Considering Items Considering Items (1) 0 (1) 0 -- (3) Note: Certain columns may not add due to rounding. Reported currency neutral operating expense leverage for the three months ended December 31, 2011 is positive 66 percentage points, which is calculated by subtracting reported currency neutral gross profit growth of 8% from reported currency neutral operating income growth of 74%. Currency neutral operating expense leverage after considering items impacting comparability for the three months ended December 31, 2011 is positive 10 percentage points, which is calculated by subtracting currency neutral gross profit growth after considering items impacting comparability of 4% from currency neutral operating income growth after considering items impacting comparability of 14%.

5 (In millions except per share data) Three Months Ended December 31, 2011 After Considering Items Interest expense Equity income Other income Income before income taxes Income taxes Effective tax rate Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (1) $104 $155 $82 $2,211 $ % $1,654 $ (122) (122) (84) (38) (0.02) (22) (0.01) (1) $103 $168 ($23) $2,403 $ % $1,818 $0.79 Three Months Ended December 31, 2010 After Considering Items Interest expense Equity income Other income Income before income taxes Income taxes Effective tax rate Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (2) $487 $178 $5,294 $6,241 $ % $5,771 $ (5,310) (4,837) 39 (4,876) (2.08) (254) (342) $145 $189 $6 $2,162 $ % $1,684 $0.72 Interest expense Equity income Other income Income before income taxes Income taxes Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (79) (13) -- (65) 18 (71) (71) (29) (11) Note: Certain columns may not add due to rounding. (1) 2,306 million average shares outstanding - diluted (2) 2,349 million average shares outstanding - diluted

6 (In millions except per share data) Year Ended December 31, 2011 Cost of goods sold Gross profit Gross margin Selling, general and Other operating charges Operating income Operating margin $46,542 $18,216 $28, % $17,440 $732 $10, % After Considering Items (119) (156) (19) 19 - (362) (35) (110) 122 (23) (60) 205 $46,554 $18,087 $28, % $17,417 $- $11, % Year Ended December 31, 2010 After Considering Items Cost of goods sold Gross profit Gross margin Selling, general and Other operating charges Operating income Operating margin $35,119 $12,693 $22, % $13,158 $819 $8, % (153) (190) (255) 255 (74) (216) (18) - (260) 242 $35,123 $12,460 $22, % $13,084 $- $9, % Currency Neutral: Cost of goods sold Gross profit Selling, general and Other operating charges Operating income % Currency Impact % Change - Currency Neutral Reported % Currency Impact After Considering Items Considering Items Note: Certain columns may not add due to rounding. Reported currency neutral operating expense leverage for the year ended December 31, 2011 is negative 7 percentage points, which is calculated by subtracting reported currency neutral gross profit growth of 23% from reported currency neutral operating income growth of 16%. Currency neutral operating expense leverage after considering items impacting comparability for the year ended December 31, 2011 is negative 11 percentage points, which is calculated by subtracting currency neutral gross profit growth after considering items impacting comparability of 23% from currency neutral operating income growth after considering items impacting comparability of 12%.

7 (In millions except per share data) Year Ended December 31, 2011 After Considering Items Interest expense Equity income Other income Income before income taxes Income taxes Effective tax rate Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (1) $417 $690 $529 $11,439 $2, % $8,572 $ (641) (606) (289) (317) (0.14) (7) - (9) $408 $743 ($49) $11,819 $2, % $8,932 $3.84 Year Ended December 31, 2010 After Considering Items Interest expense Equity income Other income Income before income taxes Income taxes Effective tax rate Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (2) $733 $1,025 $5,185 $14,243 $2, % $11,809 $ (5,310) (4,765) 49 (4,814) (2.06) - - (23) (23) (10) (13) (0.01) (296) (342) $391 $1,091 $3 $10,599 $2, % $8,143 $3.49 Interest expense Equity income Other income Income before income taxes Income taxes Net income attributable to shareowners of The Coca-Cola Company Diluted net income per share (43) (33) -- (20) 18 (27) (27) 4 (32) Note: Certain columns may not add due to rounding. (1) 2,323 million average shares outstanding - diluted (2) 2,333 million average shares outstanding - diluted

8 Operating Income (Loss) by Segment: THE COCA-COLA COMPANY AND SUBSIDIARIES (In millions) Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated $231 $593 $652 $498 $382 $35 ($440) $1,951 Three Months Ended December 31, (2) After Considering Items $234 $613 $653 $641 $383 $80 ($370) $2,234 Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated $199 $585 $610 $85 $390 $6 ($716) $1,159 Three Months Ended December 31, (28) After Considering Items $202 $592 $610 $511 $399 $72 ($371) $2,015 Currency Neutral Operating Income (Loss) by Segment: Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated (2) % Currency Impact (8) (1) (5) 0 0 (75) 0 (5) % Change - Currency Neutral Reported (2) % Currency Impact After Considering Items Considering Items (4) (8) (1) (5) 0 0 (6) (2) (3) (3) Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

9 Operating Income (Loss) by Segment: THE COCA-COLA COMPANY AND SUBSIDIARIES (In millions) Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated $1,091 $3,090 $2,815 $2,318 $2,151 $224 ($1,535) $10,154 Year Ended December 31, (3) 205 After Considering Items $1,103 $3,115 $2,819 $2,819 $2,237 $331 ($1,374) $11,050 Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated $980 $2,976 $2,405 $1,520 $2,048 $227 ($1,707) $8,449 Year Ended December 31, (28) After Considering Items $987 $3,026 $2,405 $1,954 $2,070 $349 ($1,212) $9,579 Currency Neutral Operating Income (Loss) by Segment: Eurasia & Africa Europe Latin America North America Pacific Bottling Investments Corporate Consolidated (1) % Currency Impact (1) % Change - Currency Neutral Reported (2) (9) 9 16 % Currency Impact After Considering Items Considering Items (5) (13) 15 (1) (11) (13) 12 Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

10 (In millions) Bottling Investments Segment Information: Three Months Ended December 31, 2011 Selling, general and Operating income $1,977 $639 $ After Considering Items $1,977 $639 $80 Three Months Ended December 31, 2010 Selling, general and Operating income $1,860 $638 $ After Considering Items $1,860 $638 $72 Currency Neutral and Structural for Bottling Investments: Selling, general and Operating income % Currency Impact % Change - Currency Neutral Reported % Change - Structural Impact % Change - Currency Neutral Reported and Adjusted for Structural Items (1) (1) (75) % Currency Impact After Considering Items Considering Items % Structural Impact After Considering Items Considering Items and Adjusted for Structural Items (1) (1) (6) Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

11 (In millions) Bottling Investments Segment Information: Year Ended December 31, 2011 Selling, general and Operating income $8,591 $2,651 $ After Considering Items $8,591 $2,651 $331 Year Ended December 31, 2010 Selling, general and Operating income $8,313 $2,660 $ After Considering Items $8,313 $2,660 $349 Currency Neutral and Structural for Bottling Investments: Selling, general and Operating income % Currency Impact % Change - Currency Neutral Reported % Change - Structural Impact % Change - Currency Neutral Reported and Adjusted for Structural Items 3 0 (1) (1) (5) (9) (8) (8) (33) % Currency Impact After Considering Items Considering Items % Structural Impact After Considering Items Considering Items and Adjusted for Structural Items 3 0 (5) (1) (5) (11) (8) (8) (18) Note: Certain columns may not add due to rounding. Certain growth rates may not recalculate using the rounded dollar amounts provided.

12 (In millions) Consolidated Cash from Operations: Year Ended December 31, 2011 Year Ended December 31, 2010 Net Cash Provided by Operating Activities Net Cash Provided by Operating Activities $9,474 $9,532 Cash Payments Related to Pension Plan Contributions After Considering Items $10,243 $9,532 Net Cash Provided by Operating Activities (1) 7