<SEC-DOCUMENT>0001214659-25-005240.txt : 20250402
<SEC-HEADER>0001214659-25-005240.hdr.sgml : 20250402
<ACCEPTANCE-DATETIME>20250402113344
ACCESSION NUMBER:		0001214659-25-005240
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250402
DATE AS OF CHANGE:		20250402
EFFECTIVENESS DATE:		20250402

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:		25802799

	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:			Trinity Health Corp
		CENTRAL INDEX KEY:			0001769794
		ORGANIZATION NAME:           	
		EIN:				351443425

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		30555 VICTOR PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152
		BUSINESS PHONE:		734-343-0916

	MAIL ADDRESS:	
		STREET 1:		30555 VICTOR PARKWAY
		CITY:			LIVONIA
		STATE:			MI
		ZIP:			48152
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o42250px14a6g.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REGISTRANT: The Coca-Cola Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF PERSON RELYING ON EXEMPTION: Trinity Health</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ADDRESS OF PERSON RELYING ON EXEMPTION: 20555 Victor Pkwy, Livonia,
MI 48152</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 2, 2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To The Coca-Cola Company Stockholders:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trinity Health urges stockholders to vote FOR Item 4 (the &#8220;Proposal&#8221;)
at The Coca-Cola Company&#8217;s (&#8220;Coca-Cola&#8217;s&#8221; or the &#8220;Company&#8217;s&#8221;) annual stockholder meeting on
April 30, 2025. The Proposal was filed by CommonSpirit Health, along with co-filers including the Mission Oblates of Mary Immaculate,
Northwest Women Investment Trust, PeaceHealth, Sisters of St. Joseph of Peace (WA), School Sisters of Notre Dame Collaborative Investment
Fund, Benedictine Sisters of Mount St. Scholastica, Congregation of Benedictine Sisters (Boerne TX), and Trinity Health (together, the
&#8220;Proponents'').</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal asks Coca-Cola's Board of Directors to issue a third party
assessment, at reasonable expense and excluding proprietary information, on the Company&#8217;s efforts to assess and mitigate potential
health harms associated with the use of non-sugar sweeteners (&#8220;NSSs&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The report should cover how the Company evaluates potential health
impacts of NSSs in its products, including governmental and other safety authorities/experts relied upon for NSS guidance, and the Company&#8217;s
affiliation with and/or financial support of researchers/research institutions, international agencies, or reporting/regulatory bodies
studying or making health or safety recommendations about NSSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>The report requested by the Proposal would:</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#9679;</TD><TD>Inform shareholders about the extent to which Coca-Cola is monitoring unbiased, current and relevant science emerging around the health
impacts of NSSs used in Coca-Cola&#8217;s products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#9679;</TD><TD>Give shareholders information about whether Coca-Cola is taking adequate steps to evaluate its scientific sources, including monitoring
for potential bias in studies undertaken and/or funded by organizations with an interest in obtaining a particular research outcome;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#9679;</TD><TD>Bolster shareholder confidence regarding the Company&#8217;s governance and risk management structures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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">&#9679;</TD><TD>Demonstrate leadership in corporate accountability and oversight of food additive health harms.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The third party assessment will provide the Company with an unbiased
perspective on the adequacy of its efforts to monitor emerging science that can better prepare Coca-Cola to pivot, if necessary, to safer
alternatives. Further, the third party assessment can provide a level of transparency that could raise the reputation of Coca-Cola within
the food and beverage sector as well as among general consumers and the Company&#8217;s shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company Self-selects Science, Funds What it Relies On, and Uses
Outdated Governmental Regulation as the Bar for Excellence</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola states on its website that research on NSSs is &#8220;performed
through contract research organizations, consortiums, trade associations, independent third parties, NGOs, or direct engagement with scientific
experts,&#8221; and says it &#8220;has directly funded, either partially or fully [funded], or authored&#8221; over 70 studies it discloses
on its website.<SUP>1</SUP> There is reason to be skeptical, however, about research that has been so closely associated with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A journal article published in PLOS One (2020) found that approximately
13% of research articles published in the top 10 most-referenced nutrition journals were food industry backed, and 56% of those articles
were favorable to the industry in their findings.<SUP>2</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This same article found &#8220;documented instances where Coca-Cola
maintained control over study data and the disclosure of results for research it funded. Some research agreements between the company
and their contracted researchers stated that Coca-Cola had the ultimate choice regarding publication of research findings that Coca-Cola
had tried to influence.&#8221;<SUP>2 </SUP> A journal article in Public Health Nutrition reported that &#8220;publications resulting from
Coca-Cola- and Mars-sponsored research appear to skew the evidence towards solutions that favour industry interests by focusing on food
components that can be manipulated and marketed by food companies.&#8221;<SUP>3</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola touts objectivity and transparency, but includes clauses
that still call into question the Company&#8217;s influence over research it funds. For example: &#8220;Researchers are expected to generate
an appropriately phrased hypothesis and to conduct research that will answer relevant questions.&#8221;<SUP>4</SUP> This language suggests
that Coca-Cola has the power to define what is &#8220;appropriate&#8221; and &#8220;relevant&#8221; in research.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.coca-colacompany.com/policies-and-practices/transparency#no-calorie</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0243144#pone.0243144.ref045</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://pmc.ncbi.nlm.nih.gov/articles/PMC10260999/#</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.coca-colacompany.com/policies-and-practices/transparency#scientificResearch</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While companies must abide by regulatory standards, the science governments
themselves are following gives rise to concern. The U.S. Food and Drug Administration (FDA), for example, last reviewed the safety of
Aspartame in 1996.<SUP>5</SUP> The European Food Safety Authority&#8217;s most recent review of Aspartame was in 2013,<SUP>6</SUP> and
Health Canada appears to have last reviewed Aspartame in 1981,<SUP>7</SUP> subsequently relying on other global or country specific regulatory
bodies to determine safety. Given that science on health impacts of NSSs has progressed significantly in decades between these governmental
reviews and current day, it is reasonable to expect that Coca-Cola would follow more recent science versus relying on aged reviews from
regulatory bodies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulatory bodies are often behind in identifying and reacting to emerging
science. For example, trans fats were officially banned in the U.S. by the FDA in 2015.<SUP>8</SUP> However, enough scientific evidence
was emerging a decade or so before the early 2000s that consumers were beginning to self monitor their intake of trans fats. While it
took the FDA another 10 or so years to come to the conclusion that trans fats were harmful to health, consumers were relying on science
that had already clearly linked trans fats with heart disease. It is not unreasonable to think that food and beverage companies may suffer
a similar scenario.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company Claims Health Benefits that Are Incorrect or Misleading</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola asserts in its Statement of Opposition, &#8220;When consumed
as part of a healthy diet and lifestyle, sugar alternatives can help consumers meet public health recommendations to reduce added sugars
and serve as a tool to control calories and manage body weight. Sugar alternatives also play a key role in offering dietary choices to
people living with diabetes.&#8221;<SUP>9</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In making this assertion, Coca-Cola fails to mention that in 2023 the
World Health Organization (WHO) recommended &#8220;against the use of non-sugar sweeteners (NSS) to control body weight or reduce the
risk of noncommunicable diseases (NCDs), like diabetes.&#8221;<SUP>10</SUP> WHO goes on to say that the &#8220;use of NSS does not confer
any long-term benefit in reducing body fat in adults or children. Results of the review also suggest that there may be potential undesirable
effects from long-term use of NSS, such as an increased risk of type 2 diabetes, cardiovascular diseases, and mortality in adults.&#8221;<SUP>10
</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A July 2023 study in Diabetes Care, a journal of the American Diabetes
Association, agrees with WHO&#8217;s assertion, saying that its &#8220;findings of positive associations between artificial sweetener
intakes and increased T2D [Type 2 Diabetes] risk strengthen the evidence that these additives may not be safe sugar alternatives.&#8221;<SUP>11</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.ewg.org/news-insights/news/2023/11/use-sweeteners-exploding-despite-regulatory-vacuum?auHash=NbeIqcDWytbX_vYHjXizCeJygwOusJWPdl6ZgAIhkBw</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.efsa.europa.eu/en/topics/topic/aspartame</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.canada.ca/en/health-canada/services/food-nutrition/food-safety/food-additives/sugar-substitutes/aspartame-artificial-sweeteners.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.hsph.harvard.edu/news/hsph-in-the-news/us-bans-artificial-trans-fats/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://investors.coca-colacompany.com/filings-reports/proxy-statements/content/0001558370-24-003468/0001558370-24-003468.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.who.int/news/item/15-05-2023-who-advises-not-to-use-non-sugar-sweeteners-for-weight-control-in-newly-released-guideline</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://diabetesjournals.org/care/article/46/9/1681/153434/Artificial-Sweeteners-and-Risk-of-Type-2-Diabetes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola asserts that &#8220;sugar alternatives also play a key role
in offering dietary choices to people living with diabetes.&#8221;<SUP>12</SUP> However, there is a difference between simply offering
choices and offering choices that are safe and supportive. According to an article in the journal Nutrients, artificial sweeteners (like
aspartame and ace-K used in Coke Zero) have &#8220;no effect on body weight or glycemic control&#8221; and they negatively impact glucose
and insulin absorption.<SUP>13</SUP> The same article found that &#8220;high artificial sweetener intake was associated with all-cause
mortality, cardiovascular risk, coronary artery disease risk, cerebrovascular risk, and cancer risk. The role of artificial sweeteners
in the treatment of diabetes and obesity should be reconsidered, and the replacement of sugar with artificial sweeteners in patients will
require the long-term tracking of not only intake but also changes in blood glucose and weight as well as future guidance based on gut
bacteria data.&#8221;<SUP>11 </SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola also touts the indirect health benefits of NSSs associated
with environmental health, as &#8220;non-sugar sweeteners help make food systems more sustainable by using fewer resources in their production.&#8221;<SUP>14</SUP>
Conserving resources obviously has forward-looking health benefits, especially as the world experiences diminishing natural resources.
However, there is growing evidence demonstrating the existence of significant pollutant harms associated with NSSs. Because the human
body does not process NSSs in the same way it processes sugars, the chemical substances remain undigested and are eliminated into the
wastewater where they remain too small to be filtered out as they pass through treatment plants.<SUP>15</SUP> This means that the ecosystem
health and human health are continually impacted. A 2021 study in the Journal of Environmental Public Health concluded: &#8220;The presence
of the ASs [artificial sweeteners] and their degradation products in aquatic systems is a new threat to aquatic life due to their presence
in significant concentration.&#8221;<SUP>16</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are concerned that Coca-Cola has cherry-picked the science it wishes
to follow and that it has not adequately researched health harms to the ecosystem, which in turn impacts human health in potentially irreversible
ways through the loss of or alteration to aquatic life.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company Seems Unaware of the Growing Body of Negative Research
and the Media Attention to the Potential Harmful Impacts of NSSs</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company largely admits that it follows global regulations and science
that it or its partners fund or influence.<SUP>1 </SUP>Therefore, it is understandable yet wholly unacceptable that Coca-Cola has not
yet publicly acknowledged concerns around the use of NSSs. There is a large body of science to follow when assessing these chemical sugar
substitutes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://investors.coca-colacompany.com/filings-reports/proxy-statements/content/0001558370-25-003056/0001558370-25-003056.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://pubmed.ncbi.nlm.nih.gov/36364710/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://investors.coca-colacompany.com/filings-reports/proxy-statements/content/0001558370-24-003468/0001558370-24-003468.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://magazine.scienceconnected.org/2022/12/artificial-sweeteners-affect-our-bodies-and-environment/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8060115/</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of note are the many highly respected research entities publishing
on the safety of NSSs, including JAMA,<SUP>17</SUP> American Heart Association,<SUP>18</SUP> Harvard Medical School,<SUP>19</SUP> Cedars-Sinai,<SUP>20</SUP>
Cleveland Clinic,<SUP>21</SUP> and more.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The sheer number of highly-visible media entities and highly-respected
research bodies reporting on the emerging science which calls into question the safety of NSSs should be an indicator that there is mounting
attention and concern over human health impacts.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Company Faces Headwinds as Several Countries Begin to Require
Warning Labels for NSSs, Particularly with Concerns for Use in Children</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mexico, Argentina and Colombia have already taken steps to warn the
public about the potential risks in NSS consumption, particularly focusing on consumption in children.<SUP>22</SUP> These precautionary
labels intend to guide consumers, mindful of the need to increase research on impacts for pregnant women, unborn children, and youth.
Mexico not only requires these warning labels, it further bans health-related claims and prevents child-focused marketing.<SUP>23</SUP>
South Africa has made NSS labeling mandatory starting in 2025.<SUP>24</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The move to require NSS precautionary labeling in these countries demonstrates
that some government and/or regulatory bodies are following the broader science regarding non sugar/non nutritive sweeteners. These regulatory
agencies find enough compelling evidence to believe their citizens need additional information, to allow consumers to investigate and
understand potential health harms. The assessment the Proposal requests will provide shareholders and Coca-Cola with objective analysis
that can inform the Company&#8217;s future direction in the use of NSS, potentially demonstrating an opportunity to implement warning
labels and/or transition to safer NSSs. The requested report may, on the other hand, provide Coca-Cola with transparency that supports
its claims around the science it relies on to evaluate these NSS products. It is, in effect, a win either way as it will serve to inform
a path to mitigate risk or it will bolster Coca-Cola&#8217;s scientific claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://jamanetwork.com/journals/jama/fullarticle/2806276</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.ahajournals.org/doi/10.1161/CIRCEP.124.012761</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.health.harvard.edu/blog/artificial-sweeteners-sugar-free-but-at-what-cost-201207165030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://www.cedars-sinai.org/newsroom/research-alert-artificial-sweeteners-significantly-alter-the-small-bowel-microbiome/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://newsroom.clevelandclinic.org/2024/08/12/sugar-substitute-poses-health-risks-research-finds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.worldobesity.org/news/new-who-guideline-advises-not-to-use-non-sugar-sweeteners-for-weight-control</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.khlaw.com/insights/could-mexicos-new-warning-labels-trigger-labeling-laws-elsewhere</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://foodcomplianceinternational.com/industry-insight/news/3135-warning-labels-on-unhealthy-foods-mandatory-by-2025</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary Statement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With several countries sounding the warning alarm on NSSs, requiring
precautionary labeling for consumers, and with emerging science that undermines health claims for NSSs, we believe it would be prudent
for Coca-Cola to turn to additional external and unsponsored forms of research to ensure its products do not harm health. The Company&#8217;s
ongoing references to the beneficial use of NSS products in the management of diabetes are particularly concerning given that there is
no evidence NSS contributes to long-term weight loss, and new evidence that actually demonstrates gut biome changes that can in fact increase
weight gain and insulin resistance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe U.S. food and beverage companies may be under heightened
scrutiny, considering recent leadership changes within the U.S. Department of Health and Human Services. There is a public policy rallying
cry to Make America Healthy Again, and one of the focus areas is around the additives and chemicals within our food supply. Recently,
HHS leadership compared aspartame (found in Coke Zero) to glyphosate (the active and deadly chemical in Round-Up weed killer) and perfluorooctanoic
acids, which are known as &#8220;forever chemicals.&#8221;<SUP>25</SUP> So, while the FDA may not have recently reviewed some NSSs like
aspartame, it&#8217;s not unrealistic to think they might be compelled to review them soon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Coca-Cola has the opportunity to position itself as a leader in the
development of safer, healthier products for their consumers. Coca-Cola states that &#8220;Our vision is to craft the brands and choice
of drinks that people love, to refresh them in body &amp; spirit.&#8221;<SUP>26</SUP> If the Company is indeed concerned with the &#8220;body
&amp; spirit&#8221; of its consumers, we believe the responsible path is one that seeks transparent assessment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Proponents urge your support for this proposal.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://nypost.com/2024/11/15/us-news/how-rfk-jr-would-change-mcdonalds-and-trumps-diet/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.coca-colacompany.com/about-us/purpose-and-vision</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not seek authority to act as any shareholder&#8217;s
proxy, and no shareholder should send their proxy card to any of the Proponents. Vote your proxies as instructed in Coca-Cola&#8217;s
proxy materials.</P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
