<SEC-DOCUMENT>0001214659-25-004776.txt : 20250326
<SEC-HEADER>0001214659-25-004776.hdr.sgml : 20250326
<ACCEPTANCE-DATETIME>20250325204146
ACCESSION NUMBER:		0001214659-25-004776
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250326
DATE AS OF CHANGE:		20250325
EFFECTIVENESS DATE:		20250326

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA CO
		CENTRAL INDEX KEY:			0000021344
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				580628465
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02217
		FILM NUMBER:		25769804

	BUSINESS ADDRESS:	
		STREET 1:		ONE COCA COLA PLAZA
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30313
		BUSINESS PHONE:		404-676-2121

	MAIL ADDRESS:	
		STREET 1:		ONE COCA COLA PLAZA
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30313

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
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<FILENAME>z325250px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Notice of Exempt Solicitation Pursuant to Rule
14a-103</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of Registrant: Coca-Cola Co (KO)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of person relying on exemption: As You Sow<sup>&reg;</sup></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Address of persons relying on exemption: 11461
San Pablo Ave, Suite 400, El Cerrito, CA 94530</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;As You Sow<sup>&reg;</sup> does not beneficially own more than $5
million of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo
    Ave. Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>El Cerrito,
                                    CA 94530</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE
1992</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Coca-Cola Co (KO)<BR>
Vote Yes: Item #8 &ndash; Report on Alignment of Stated Corporate Values with Political and Electioneering Expenditures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: April 30, 2025 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONTACT: Andrew Behar | abehar@asyousow.org</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>THE RESOLUTION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESOLVED</B>: Shareholders request that the Coca-Cola Board of Directors
prepare and publish a report at least six months prior to the next Annual General Meeting, at reasonable expense, analyzing the negative
impacts to brand image, culture, customer base, and shareholder value of associating our brand with politically divisive events that contravene
our publicly stated goals and public commitments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPORTING STATEMENT:&nbsp;</B>Shareholders recommend, at Board
and management discretion, that the report outline policies that can be put in place to avoid such risks in the future.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>SUMMARY </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola makes significant political expenditures, many of which support
causes at odds with Coca-Cola&rsquo;s stated values and policies or are in conflict with its operational needs. For example, in 2024,
Coca-Cola sponsored the Canada Strong and Free event on September 21, 2024. The event&rsquo;s keynote speaker was Christopher Rufo&mdash;a
leading architect of fear-based culture wars. Sponsoring a conference with such a controversial keynote speaker directly contradicts Coca-Cola&rsquo;s
publicly stated commitments to diversity, equity, and inclusion (DEI).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite significant concern and controversy raised by this political
expenditure, Coca-Cola&rsquo;s Board has not provided investors with sufficient assurance that it has oversight systems in place to identify
or address incongruencies between the Company&rsquo;s political giving and its strategic goals. Failure to monitor, assess, and mitigate
such conflicts can pose significant risk to corporate reputation, brand, and market share by leaving companies vulnerable to charges of
hypocrisy or indifference to their impacts on communities, employees, and the environment. This proposal seeks to safeguard Coca-Cola&rsquo;s
brand integrity, mitigate reputational risks, and ensure alignment between corporate values and political engagements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>RATIONALE FOR A YES
VOTE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><FONT STYLE="font-size: 11pt"><B>Coca-Cola's political expenditures conflict with Coca-Cola&rsquo;s organizational goals, values,
and operational needs.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><FONT STYLE="font-size: 11pt"><B>Conflicts between Coca-Cola&rsquo;s stated values and its political expenditures can generate significant
risk to the Company and its investors.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
                                            Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B">Coca-Cola Co | Report on Brand Image Impacts</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>DISCUSSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><FONT STYLE="font-size: 11pt"><B>Coca-Cola's political expenditures conflict with Coca-Cola&rsquo;s organizational goals, values,
and operational needs.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola makes significant political expenditures, many of which support
causes at odds with Coca-Cola&rsquo;s stated values and policies or are in conflict with its operational needs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">For example, Coca-Cola&rsquo;s DEI webpage is titled: &ldquo;Creating
a culture of diversity, equity and inclusion.&rdquo; It continues:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;Diversity, equity and inclusion are at the heart of
our values and our growth strategy and play an important part in our company's success. We leverage the remarkable diversity of people
across the world to achieve our purpose of refreshing the world and making a difference. Our aspiration is not only to reflect the diversity
of the markets we serve, but also to lead and advocate for a better shared future.&rdquo;<SUP>1</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola&rsquo;s sponsorship of politically divisive events is incongruous
with these statements. In September 2024, Coca-Cola sponsored the Canada Strong and Free event,<SUP>2</SUP> in which the keynote speaker
was Christopher Rufo&mdash;a leading architect of fear-based culture wars and an anti-DEI activist.<SUP>3,4,5</SUP> Rufo has explicitly
outlined his strategy of using cultural flashpoints to stoke fear and manipulate public discourse for political gain.<SUP>6,7 </SUP>This
sponsorship directly contradicts Coca-Cola&rsquo;s publicly stated commitments to DEI while also causing controversy.<SUP>8 </SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Rufo himself has admitted that he manufactures controversies to drive
political outcomes. As he stated in an interview, &quot;We have successfully frozen their brand&mdash;&lsquo;critical race theory&rsquo;&mdash;into
the public conversation and are steadily driving up negative perceptions.&quot;<SUP>9</SUP> Further, Rufo has described his goal as &ldquo;laying
siege to institutions,&rdquo; stating, &quot;[t]o get to universal school choice, you really need to operate from a premise of universal
public school distrust.&rdquo;<SUP>10,11</SUP> Coca-Cola&rsquo;s support for an event featuring a figure intent on dismantling social
institutions is fundamentally misaligned with the Company&rsquo;s stated goals and values related to DEI, and civil rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.coca-colacompany.com/social/diversity-and-inclusion</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>2</SUP></FONT> <FONT STYLE="font-size: 9pt">https://canadastrongandfree.network/date/canada-strong-and-free-regional-networking-conference-2024/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>3</SUP></FONT> <FONT STYLE="font-size: 9pt">https://christopherrufo.com/p/the-dei-regime</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>4</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.pbs.org/newshour/education/colleges-cut-ties-with-the-phd-project-a-nonprofit-targeted-by-trump-administration-over-dei</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>5</SUP></FONT> <FONT STYLE="font-size: 9pt">https://christopherrufo.com/p/how-to-stop-dei</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>6</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.vox.com/23811277/christopher-rufo-culture-wars-ron-desantis-florida-critical-race-theory-anti-wokeness</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>7</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.newyorker.com/news/annals-of-inquiry/how-a-conservative-activist-invented-the-conflict-over-critical-race-theory</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>8</SUP></FONT> <FONT STYLE="font-size: 9pt"><I>See
discussion of Canada Strong sponsorship:</I> https://www.forbes.com/sites/michaelposner/2024/09/12/why-us-corporations-need-to-promote-greater-workplace-diversity/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>9</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.newyorker.com/news/annals-of-inquiry/how-a-conservative-activist-invented-the-conflict-over-critical-race-theory</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>10</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.vox.com/23811277/christopher-rufo-culture-wars-ron-desantis-florida-critical-race-theory-anti-wokeness</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>11</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.nytimes.com/2023/09/11/books/review/cara-fitzpatrick-death-of-public-school.html</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
                                            Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B">Coca-Cola Co | Report on Brand Image Impacts</P>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><FONT STYLE="font-size: 11pt"><B>Conflicts between Coca-Cola&rsquo;s stated values and its Political Expenditures can generate significant
risk to the Company and its Investors. </B></FONT></TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite significant concern and controversy about its political expenditures,
Coca-Cola&rsquo;s Board has not provided investors with sufficient assurance that it has oversight systems in place to identify or address
incongruencies between the Company&rsquo;s political giving and its strategic goals. Failure to monitor, assess, and mitigate such conflicts
can pose significant risk to corporate reputation, brand, and market share by leaving companies vulnerable to charges of hypocrisy or
indifference to their impacts on communities, employees, and the environment. In fact, this decision has generated controversy with the
public.<SUP>12</SUP> While intangible, reputation matters. A survey of 2,200 global executives worldwide in 2021 found that, on average,
global executives attribute 63% of their company&rsquo;s market value to their company&rsquo;s overall reputation.<SUP>13</SUP></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola must consider that brands seen as enablers of divisive figures
often suffer financial consequences. Recent corporate missteps regarding political affiliations have led to widespread boycotts and PR
crises. Companies such as Target and Bud Light have faced significant backlash for inconsistent political stances, demonstrating the volatility
of consumer sentiment when brands appear to contradict their own stated values. Costco, Apple, and John Deere recently had 98% shareholder
votes supporting the company management to continue current DEI policies and practices.<SUP>14</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Walt Disney Company&rsquo;s experience with anti-LGBTQIA+ legislation
in Florida provides a striking example of this dynamic. Disney had made political contributions to the sponsors of the Parental Rights
in Education Act, commonly known as the &ldquo;Don&rsquo;t Say Gay&rdquo; law. A controversy ensued and disappointed consumers turned
away from the brand.<SUP>15,16</SUP> The company then changed course on the legislation and Florida governor Ron DeSantis set out to punish
the company for now opposing the legislation.<SUP>17</SUP> It was two years before Disney and Florida ended its legal wrangling and the
fallout was contained. It is critical for investors that Coca-Cola avoid similar incidents.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Recent controversies surrounding corporate political spending have
demonstrated that consumers and investors demand greater accountability. According to a 2022 report by the Center for Political Accountability,
companies that align political spending with corporate values tend to have stronger financial performance and brand trust.<SUP>18</SUP>
Coca-Cola's lack of transparency on event sponsorships and political expenditures leaves it vulnerable to backlash and reputational harm.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>12</SUP></FONT> <FONT STYLE="font-size: 9pt">https://popular.info/p/major-corporations-sponsor-anti-woke</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>13</SUP></FONT> <FONT STYLE="font-size: 9pt">https://cms.webershandwick.com/wp-content/uploads/2023/02/The-State-of-Corporate-Reputation-in-2020_executive-summary_FINAL.pdf</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>14</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.asyousow.org/press-releases/2025/2/26/987-of-john-deere-amp-apple-shareholdersnbspreject-anti-diversity-proposals</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>15</SUP></FONT> <FONT STYLE="font-size: 9pt">https://twitter.com/abigaildisney/status/1500444182665703428?s=20&amp;t=lsV3fd_sMqvfOx1IDZLcBg</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>16</SUP></FONT> <FONT STYLE="font-size: 9pt">https://eu.usatoday.com/story/travel/experience/america/theme-parks/2022/03/10/disneys-company-florida-dont-say-gaybill-lgbtq-fans/9451149002/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>17</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.cbsnews.com/news/ron-desantis-disney-law-florida-state-control-dont-say-gay/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>18</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.politicalaccountability.net/wp-content/uploads/2022/10/2022-CPA-Zicklin-Index.pdf</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Indeed, Coca-Cola has already suffered damage to its brand reputation
due to the misalignment between its political expenditures and stated values. Leading up to the Canada Strong conference, a coalition
of shareholders, collectively managing over $63 billion in assets, raised concerns upon learning of Coca-Cola&rsquo;s sponsorship of the
Canada Strong event, stating this sponsorship &quot;associates our brand with divisiveness, homophobia, hate speech, and far-right radical
activism.&rdquo; Additionally, a Forbes article listed Coca-Cola as an event sponsor and highlighted how such sponsorships can contradict
corporate DEI commitments by supporting figures and narratives that demonize DEI initiatives.<SUP>19</SUP> Shortly after the Canada Strong
conference a 43-second video was posted to X, which questioned why Coca-Cola was associating itself with divisiveness and homophobia.<SUP>20,21,22</SUP></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Brand reputation is one of Coca-Cola&rsquo;s most valuable assets,
and any erosion in public trust can have significant financial implications due to changes in consumer purchasing behavior. A study by
Edelman found that nearly 64% of global consumers make purchasing decisions based on belief-driven choices, demonstrating the importance
of maintaining a socially responsible brand image.<SUP>23</SUP> The cognitive dissonance between Coca-Cola's publicly stated values and
its political expenditures can alienate loyal customers who expect the Company to uphold its commitments to inclusion and social responsibility.
Polling data consistently indicates that younger consumers, particularly Millennials and Gen Zs, prioritize corporate social responsibility
in their purchasing decisions.<SUP>24</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company's refusal to acknowledge the risks associated with sponsorship
decisions like Canada Strong raises concerns about broader governance and oversight issues. Without a report analyzing these risks, shareholders
are left in the dark regarding how Coca-Cola evaluates the impact of its political engagements on brand perception and long-term financial
health.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>19</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.forbes.com/sites/michaelposner/2024/09/12/why-us-corporations-need-to-promote-greater-workplace-diversity/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>20</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.asyousow.org/press-releases/2024/9/13/coca-cola-mastercard-meta-and-doordashs-sponsorship-of-conference</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>21</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.forbes.com/sites/michaelposner/2024/09/12/why-us-corporations-need-to-promote-greater-workplace-diversity/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>22</SUP></FONT> <FONT STYLE="font-size: 9pt">https://x.com/ccbecker271/status/1834674684010303832</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>23</SUP></FONT> <FONT STYLE="font-size: 9pt">https://www.edelman.com/earned-brand</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>24</SUP></FONT> <FONT STYLE="font-size: 9pt">https://doublethedonation.com/csr-statistics/</FONT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, Coca-Cola's failure to align its corporate values with its
political expenditures can harm its talent retention and recruitment, as top employees are increasingly considering corporate social values
in their employment decisions. The modern workforce is highly attuned to corporate values, and alignment with figures like Rufo could
dissuade top talent from joining or staying with Coca-Cola. A 2024 Deloitte study found that 44% of Gen Zs and 40% of Millennials have
turned down an employer based on their personal ethics or beliefs.<SUP>25</SUP> The study also found that 75% of Gen Zs and Millennials
consider a company's community involvement and societal impact to be a key factor when evaluating potential employers.<SUP>26</SUP> Studies
from organizations such as McKinsey &amp; Company have shown that inclusive corporate cultures lead to higher employee satisfaction and
better financial performance.<SUP>27</SUP></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>RESPONSE TO COCA-COLA
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Board&rsquo;s statement in opposition to the Proposal is unpersuasive.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Coca-Cola frames its opposition as a defense of &quot;open dialogue&quot;
and &quot;commitment to free speech.&quot;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This is a false equivalence. Rufo is not merely another conservative
speaker&mdash;he has openly championed using fear as a political tool, advocated for undermining public institutions, and promoted misinformation.<SUP>28,29</SUP>
Sponsoring events that platform figures like Rufo does not promote thoughtful discourse; rather, it legitimizes tactics that foster division
and erode democratic norms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">As Paul Matzko observes in his review of Rufo&rsquo;s book, <I>America&rsquo;s
Cultural Revolution: How the Radical Left Conquered Everything</I>, &quot;Christopher Rufo wants you to be afraid.&rdquo;<SUP>30</SUP>
Rufo&rsquo;s strategy is not to provide solutions but to escalate cultural conflicts in ways that stoke fear and division for political
advantage. By supporting a conference where Rufo is given a platform, Coca-Cola is lending credibility to this harmful strategy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The proposal does not seek to prevent Coca-Cola from engaging in
the public policy process.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Instead, it asks for transparency and accountability in ensuring that
corporate expenditures&mdash;including sponsorships&mdash;align with the Company&rsquo;s stated values. The requested report would provide
investors with necessary insights into whether Coca-Cola&rsquo;s political expenditures and sponsorship decisions might create financial
and reputational risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Corporations have a responsibility to ensure that their political spending
and affiliations reflect their publicly stated commitments. Failing to do so creates inconsistencies that erode consumer and investor
trust. Research has shown that companies with strong governance over political spending and corporate values tend to outperform those
with opaque or misaligned practices. This report would be a step toward ensuring that Coca-Cola&rsquo;s brand remains an asset rather
than a liability.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><B>&quot;We believe that sponsoring an
event does not equate to endorsing the opinions of every speak</B></FONT><B><FONT STYLE="font-size: 9pt">er.&rdquo;</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While we acknowledge Coca-Cola&rsquo;s position that sponsoring an
event does not necessarily equate to endorsing the opinion of every speaker, it is important to recognize that political spending and
sponsorship signals support, whether implicit or explicit, and can be perceived by employees, shareholders, and consumers, as aligning
Coca-Cola's stated values and with the values and messaging of the event and its speakers. In today&rsquo;s climate, where employees,
shareholders, and consumers expect corporate alignment between their publicly stated values and their actions, it is essential to ensure
that sponsorships do not inadvertently undermine a company&rsquo;s commitment to diversity, equity, and inclusion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.deloitte.com/global/en/issues/work/content/genz-millennialsurvey.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.deloitte.com/content/dam/assets-shared/docs/campaigns/2024/deloitte-2024-genz-millennial-survey.pdf?dlva=4</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://www.mckinsey.com/featured-insights/diversity-and-inclusion/diversity-matters-even-more-the-case-for-holistic-impact</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://reason.com/2023/07/21/how-chris-rufo-became-the-thing-he-hates/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://matzko.substack.com/p/chris-rufo-offers-no-good-answers</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://reason.com/2023/07/21/how-chris-rufo-became-the-thing-he-hates/</P>

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    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
                                            Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B">Coca-Cola Co | Report on Brand Image Impacts</P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; font-weight: normal"></FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00813B"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>CONCLUSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Investors have a fiduciary duty to ensure that Coca-Cola&rsquo;s actions
support long-term shareholder value. This proposal seeks to safeguard Coca-Cola&rsquo;s brand integrity, mitigate reputational risks,
and ensure alignment between corporate values and political engagements. The Board&rsquo;s opposition fails to acknowledge the material
risks associated with its current approach.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">By voting <B>FOR</B> this proposal, shareholders can send a strong
message that political expenditures and corporate sponsorships should be subject to oversight and alignment with the values that have
made Coca-Cola a globally trusted brand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal 8.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><I>For questions, please contact Andrew
Behar, As You Sow, </I></FONT><FONT STYLE="font-size: 10pt"><B>abehar@asyousow.org</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
