The Coca-Cola Company Investor Presentation — April 2021

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Q1 2021 MARGIN ANALYSIS

RECONCILIATION TO U.S. GAAP FINANCIAL INFORMATION

The following presentation includes certain "non -GAAP financial measures" as defined in Regulation G under the Securities Exchan ge Act of 1934. A schedule which reconciles our results as

reported under Generally Accepted Accounting Principles and the non -GAAP financial measures included in the following presentati on is attached as an appendix hereto.1Q20 GAAP Items

(Non-GAAP)Underlying Currency Acquisitions /

Comparability1Q21 GAAP60.8%~80bps

~(110bps) ~(10bps)~60bps 61.1%

~(100bps)KEY TAKEAWAYS

•Items impacting comparability

primarily relate to economic

•Underlying gross margin

contracted by ~(110 bps) driven by

negative channel and package mix

due to the coronavirus pandemic.

•The divestiture benefit to gross

margin was due to the

discontinuation of finished goods

business of Odwalla . Operating segment mix headwind of

~(40bps) is driven by relative

outperformance in our lower margin

finished goods BIG segment versus our

geographic operating segments

Note: Numbers may not add due to rounding. 2Q1 2021 MARGIN ANALYSIS

CONSOLIDATED GROSS MARGINNote: Numbers may not add due to rounding. 3Q1 2021 MARGIN ANALYSIS

CONSOLIDATED OPERATING MARGIN

(Non-GAAP)Underlying Currency Acquisitions /