THE COCA-COLA COMPANY AND SUBSIDIARIES

Consolidated Statements of Cash Flows

Year Ended December 31 (in millions)

2008

2007

2006

Operating Activities (details omitted)

Net cash provided by operating activities

$ 7,571

$ 7,150

$ 5,957

Investing Activities

Acquisitions and investments, principally beverage

and bottling companies and trademarks

(759)

(5,653)

(901)

Purchases of other investments

(240)

(99)

(82)

Proceeds from disposals of bottling companies

and other investments

479

448

640

Purchases of property, plant, and equipment

(1,968)

(1,648)

(1,407)

Proceeds from disposals of property, plant,

and equipment

129

239

112

Other investing activities

(4)

(6)

(62)

Net cash used in investing activities

(2,363)

(6,719)

(1,700)

Financing Activities

Issuances of debt

4,337

9,979

617

Payments of debt

(4,308)

(5,638)

(2,021)

Issuances of stock

586

1,619

148

Purchases of stock for treasury

(1,079)

(1,838)

(2,416)

Dividends

(3,521)

(3,149)

(2,911)

Net cash provided by (used in) financing activities

(3,985)

973

$ (6,583)

Effect of Exchange Rate Changes on

Cash and Cash Equivalents

(615)

249

65

Cash and Cash Equivalents

Net increase (decrease) during the year

608

1,653

(2,261)

Balance at beginning of the year

4,093

2,440

4,701

Balance at end of year

$ 4,701

$ 4,093

$ 2,440