Coca-Cola (ticker symbol KO on NYSE)

STANDARDIZED BALANCE SHEET AND INCOME STATEMENT (millions)

BALANCE SHEET 12/31/2006 12/31/2007 12/31/2008

ASSETS
Cash and Marketable Securities 2,590.00 4,308.00 4,979.00
+ Accounts Receivable 2,587.00 3,317.00 3,090.00
+ Inventory 1,641.00 2,220.00 2,187.00
+ Other Current Assets 1,623.00 2,260.00 1,920.00
= Total Current Assets 8,441.00 12,105.00 12,176.00

Long-Term Tangible Assets 9,436.00 11,102.00 9,976.00

+ Long-Term Intangible Assets 5,135.00 12,219.00 12,505.00
+ Other Long-Term Assets 6,783.00 7,777.00 5,779.00
= Total Long-Term Assets 21,354.00 31,098.00 28,260.00
TOTAL ASSETS 29,795.00 43,203.00 40,436.00

LIABILITIES
Accounts Payable 929.00 1,380.00 1,370.00
+ Short-Term Debt 3,268.00 6,052.00 6,531.00
+ Other Current Liabilities 4,693.00 5,793.00 5,087.00
= Total Current Liabilities 8,890.00 13,225.00 12,988.00

Long Term Debt 1,314.00 3,277.00 2,781.00

+ Deferred Taxes 440.00 1,824.00 794.00
+ Other Long-Term Liabilities 2,231.00 3,133.00 3,401.00
= Total Long-Term Liabilities 3,985.00 8,234.00 6,976.00
TOTAL LIABILITIES 12,875.00 21,459.00 19,964.00

Minority Interest (NOTE A) 0.00 0.00 0.00

SHAREHOLDERS' EQUITY
Preferred Stock 0.00 0.00 0.00
+ Common Shareholder's Equity 16,920.00 21,744.00 20,472.00
= Total Shareholder's Equity 16,920.00 21,744.00 20,472.00
TOTAL LIABILITIES & EQUITY 29,795.00 43,203.00 40,436.00

Common Shares Outstanding at Fiscal Year End 2,318.00 2,318.00 2,312.00

INCOME STATEMENT 12/31/2006 12/31/2007 12/31/2008

Sales 24,088.00 28,857.00 31,944.00

- Cost of Goods Sold 7,222.00 9,229.00 10,146.00
= Gross Profit 16,866.00 19,628.00 21,798.00
- SG&A 9,431.00 10,945.00 11,774.00
- Other Operating Expenses 938.00 1,163.00 1,283.00
= Operating Income 6,497.00 7,520.00 8,741.00
Investment Income 0.00 0.00 0.00
Other Income, net of Other Expense 6.00 -95.00 -1,923.00
Other Income 195.00 173.00 53.00
Other Expense 189.00 268.00 1,976.00
- Net Interest Expense (Income) 27.00 220.00 105.00
Interest Income 193.00 236.00 333.00
Interest Expense 220.00 456.00 438.00
- Minority Interest (NOTE A) 0.00 0.00 0.00
= Pretax Income 6,476.00 7,205.00 6,713.00
- Tax Expense 1,498.00 1,892.00 1,632.00
+ Unusual Gains, Net of Unusual Losses 102.00 668.00 726.00
= Net Income 5,080.00 5,981.00 5,807.00
- Preferred Dividends 0.00 0.00 0.00
= Net Income to Common 5,080.00 5,981.00 5,807.00

NOTE A: "Minority interest" is now called "non-controlling interest."

 FORECAST ASSUMPTIONS

Cost of Capital Parameters

12/31/2009 12/31/2010
Market Risk Premium 5.00%
9,409.00 11,511.00 Risk Free Rate 3.00%
3,758.00 4,430.00 Tax Rate 35.00%
2,354.00 2,650.00 Cost of Debt 4.50%
2,030.00 2,988.00 Common Equity Beta 0.60
17,551.00 21,579.00

11,441.00 16,672.00
12,828.00 26,909.00
6,755.00 7,663.00
31,024.00 51,244.00
48,575.00 72,823.00

1,410.00 1,887.00
6,800.00 9,376.00
5,511.00 7,245.00
13,721.00 18,508.00

5,059.00 14,041.00
1,484.00 4,163.00
2,965.00 4,794.00
9,508.00 22,998.00
23,229.00 41,506.00

547.00 314.00

0.00 0.00
24,799.00 31,003.00
24,799.00 31,003.00
48,575.00 72,823.00

2,303.00 2,292.00

12/31/2009 12/31/2010

31,006.00 35,200.00
9,864.00 11,234.00
21,142.00 23,966.00
11,381.00 13,179.00
1,343.00 1,703.00
8,418.00 9,084.00
0.00 0.00
-161.00 4,425.00
92.00 5,312.00
253.00 887.00
92.00 291.00
249.00 317.00
341.00 608.00
82.00 50.00
8,083.00 13,168.00
2,040.00 2,384.00
781.00 1,025.00
6,824.00 11,809.00
0.00 0.00
6,824.00 11,809.00
Financial Projections 2011 2012 2013 (Terminal)

Sales Growth Rate 10.00% 8.00% 3.00%

NOPAT / Sales 20.00% 20.00% 15.00%
Beg. Net Working Capital / Sales 3.00% 3.00%
Beg. Net Long-Term Assets / Sales 105.00% 100.00%

Net Debt / Book Value of Net Capital 27.75% 27.75% 27.75%

Preferred Equity / Book Value of Net Capital 0.00% 0.00% 0.00%
Shareholders' Equity / Book Value of Net Cap 72.25% 72.25% 72.25%
 Coca-Cola (ticker symbol KO on NYSE)

STANDARDIZED BALANCE SHEET AND INCOME STATEMENT (millions)

BALANCE SHEET 12/31/2006 12/31/2007 12/31/2008

ASSETS
Cash and Marketable Securities 2,590.00 4,308.00 4,979.00
+ Accounts Receivable 2,587.00 3,317.00 3,090.00
+ Inventory 1,641.00 2,220.00 2,187.00
+ Other Current Assets 1,623.00 2,260.00 1,920.00
= Total Current Assets 8,441.00 12,105.00 12,176.00

Long-Term Tangible Assets 9,436.00 11,102.00 9,976.00

+ Long-Term Intangible Assets 5,135.00 12,219.00 12,505.00
+ Other Long-Term Assets 6,783.00 7,777.00 5,779.00
= Total Long-Term Assets 21,354.00 31,098.00 28,260.00
TOTAL ASSETS 29,795.00 43,203.00 40,436.00

LIABILITIES
Accounts Payable 929.00 1,380.00 1,370.00
+ Short-Term Debt 3,268.00 6,052.00 6,531.00
+ Other Current Liabilities 4,693.00 5,793.00 5,087.00
= Total Current Liabilities 8,890.00 13,225.00 12,988.00

Long Term Debt 1,314.00 3,277.00 2,781.00

+ Deferred Taxes 440.00 1,824.00 794.00
+ Other Long-Term Liabilities 2,231.00 3,133.00 3,401.00
= Total Long-Term Liabilities 3,985.00 8,234.00 6,976.00
TOTAL LIABILITIES 12,875.00 21,459.00 19,964.00

Minority Interest (NOTE A) 0.00 0.00 0.00

SHAREHOLDERS' EQUITY
Preferred Stock 0.00 0.00 0.00
+ Common Shareholder's Equity 16,920.00 21,744.00 20,472.00
= Total Shareholder's Equity 16,920.00 21,744.00 20,472.00
TOTAL LIABILITIES & EQUITY 29,795.00 43,203.00 40,436.00

Common Shares Outstanding at Fiscal Year End 2,318.00 2,318.00 2,312.00

Coca-Cola, Condensed Balance Sheet (in $ millions) As of

1-Jan-09
 Beginning Net Working Capital 740.00
Beginning Net Long-Term Assets 24,065.00
Net Operating Assets 24,805.00

Net Debt 4,333.00

Preferred Stock 0.00
Shareholders' Equity 20,472.00
Net Capital 24,805.00

INCOME STATEMENT 12/31/2006 12/31/2007 12/31/2008

Sales 24,088.00 28,857.00 31,944.00

Cost of Goods Sold 7,222.00 9,229.00 10,146.00
Gross Profit 16,866.00 19,628.00 21,798.00
SG&A 9,431.00 10,945.00 11,774.00
Other Operating Expenses 938.00 1,163.00 1,283.00
Operating Income 6,497.00 7,520.00 8,741.00
Investment Income 0.00 0.00 0.00
Other Income, net of Other Expense 6.00 -95.00 -1,923.00
Other Income 195.00 173.00 53.00
Other Expense 189.00 268.00 1,976.00
Net Interest Expense (Income) 27.00 220.00 105.00
Interest Income 193.00 236.00 333.00
Interest Expense 220.00 456.00 438.00
Minority Interest (NOTE A) 0.00 0.00 0.00
Pretax Income 6,476.00 7,205.00 6,713.00
Tax Expense 1,498.00 1,892.00 1,632.00
Unusual Gains, Net of Unusual Losses 102.00 668.00 726.00
Net Income 5,080.00 5,981.00 5,807.00
Preferred Dividends 0.00 0.00 0.00
Net Income to Common 5,080.00 5,981.00 5,807.00

NOTE A: "Minority interest" is now called "non-controlling interest."

Coca-Cola, Condensed Income Statement (in $ millions) As of

31-Dec-08

Sales 31,944.00

NOPAT 5,886.47
Net Interest Expense After Tax 79.47
Net Income 5,807.00
Less Preferred Dividends 0.00
Net Income to Common Shareholders 5,807.00
12/31/2009 12/31/2010

9,409.00 11,511.00
3,758.00 4,430.00
2,354.00 2,650.00
2,030.00 2,988.00
17,551.00 21,579.00

11,441.00 16,672.00
12,828.00 26,909.00
6,755.00 7,663.00
31,024.00 51,244.00
48,575.00 72,823.00

1,410.00 1,887.00
6,800.00 9,376.00
5,511.00 7,245.00
13,721.00 18,508.00

5,059.00 14,041.00
1,484.00 4,163.00
2,965.00 4,794.00
9,508.00 22,998.00
23,229.00 41,506.00

547.00 314.00

0.00 0.00
24,799.00 31,003.00
24,799.00 31,003.00
48,575.00 72,823.00

2,303.00 2,292.00

As of
1-Jan-10 1-Jan-11
 1,221.00 936.00
26,028.00 41,973.00
27,249.00 42,909.00

2,450.00 11,906.00
0.00 0.00
24,799.00 31,003.00
27,249.00 42,909.00

12/31/2009 12/31/2010

31,006.00 35,200.00
9,864.00 11,234.00
21,142.00 23,966.00
11,381.00 13,179.00
1,343.00 1,703.00
8,418.00 9,084.00
0.00 0.00
-161.00 4,425.00
92.00 5,312.00
253.00 887.00
92.00 291.00
249.00 317.00
341.00 608.00
82.00 50.00
8,083.00 13,168.00
2,040.00 2,384.00
781.00 1,025.00
6,824.00 11,809.00
0.00 0.00
6,824.00 11,809.00

As of
31-Dec-09 31-Dec-10

31,006.00 35,200.00

6,892.78 12,047.32
68.78 238.32
6,824.00 11,809.00
0.00 0.00
6,824.00 11,809.00