PRESS RELEASE, DATED NOVEMBER 11, 2004, RE, COMPANY PRIORITIES AND LONG-TERM GROWTH RATE

EXHIBIT 99.1

THE COCA-COLA COMPANY

NEWS
RELEASE

FOR IMMEDIATE RELEASE


Media Relations Department
P.O. Box 1734, Atlanta, GA 30301
Telephone (404)676-2121






CONTACT: Media: Ben Deutsch
(404) 676-2683

Investors: Ann Taylor
(404) 676-5383


THE COCA-COLA COMPANY UPDATES LONG-TERM FINANCIAL TARGETS
AND OUTLINES INITIAL OPERATIONAL ACTIONS
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- Long-term financial growth rate objectives include volume growth of
three to four percent, operating income growth of six to eight percent
and earnings per share growth in the high single-digits.

- Permanent step up in annual marketing and innovation investments of
$350 - $400 million beginning in 2005.

- Continued weak performance in certain key markets expected in 2005 as
operational issues are addressed.


ATLANTA, Nov. 11, 2004 - At a meeting with the financial community to be
held later today, The Coca-Cola Company's chairman and chief executive officer
Neville Isdell and members of senior management will discuss the findings from
an initial strategic and operational review and an assessment of the Company's
opportunities and challenges.

Mr. Isdell commented, "When I returned to The Coca-Cola Company, I did so
determined to help lead the greatest company I know to ever higher levels of
profitable growth, and fully utilize all of our core assets - including our
world-leading brands, our unparalleled distribution system and our strong cash
flow. At the outset, I recognized that meeting this objective would require a
relentless focus on execution as well as the

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patience to get the basics right. Following our strategic and tactical review,
we are now prepared to commit to key targets and launch our initial corrective
steps to assure that we realize our potential."

Specifically, Mr. Isdell will outline in the meeting the Company's initial
operational actions focused on: reestablishing marketing leadership; unleashing
the potential of the Coca-Cola system; executing with excellence worldwide; and
revitalizing the organization.


Increased Investments
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To realize the full potential of its brands and generate sustainable growth
rates, Mr. Isdell has concluded that the Company needs to increase annual
investment levels on a permanent basis. The review has resulted in a decision
for a permanent increase in marketing and innovation expenses of $350 - $400
million. A major portion of the investment will fund media behind core brands
globally and support emerging high-growth market opportunities and the
innovation pipeline. A second portion will go to programs to develop
organizational capabilities, including revenue growth management, innovation
capabilities, and training and development to rebuild the Company's bench
strength.


Long-Term Financial Growth Rate Targets
- ---------------------------------------

Based on historical and forecasted Company and industry trends as well as
reviews of the operating business plans, Mr. Isdell has established new
long-term financial growth rate objectives. The new targets are not a projection
or forecast for any given time period.

The Company's revised annual volume target is three to four percent growth
over time. As will be detailed further in today's meeting, the Company is
targeting annual operating income growth of six to eight percent and earnings
per share growth in the high single digits. "As we have assessed our future
growth opportunities, we believe we have outlined realistic and achievable
financial growth targets over time. We believe that once we take the necessary
steps to get back on our path to growth, our Company will be well positioned to
reach these targets," concluded Mr. Isdell.

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Outlook
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Beyond 2004, the Company's policy of not providing specific annual or
quarterly earnings per share guidance will continue. However, the Company will
still provide perspectives on key trends and business conditions that are
important to understanding its business performance including perspectives for
2005.

Based on Mr. Isdell's initial assessment from the business planning
process and the work from the projects mentioned above, the Company does not
regard its long-term growth rate targets as being applicable in 2005. The
following factors should be considered in a review of the Company's outlook for
2005:

- 2004 Results - Guidance for 2004 earnings per share provided on
October 21, 2004, has not changed.

- Challenges in Key Markets - The Company expects continuing weak
results in certain key markets to persist into 2005 as it begins to
address operational issues. These markets include North America,
Germany and the Philippines.

- Increased Investments - As stated above, the Company expects a
permanent step up in its annual level of marketing and innovation
investments of $350 - $400 million in 2005.

- Currency - Currencies are expected to have a slightly positive impact
on results in 2005. However, the Company will decide during 2005
whether to reinvest any positive currency benefits once those benefits
have been realized.


Investor Discussion
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The Company will host a discussion with investors and financial analysts
today, November 11, 2004, at approximately 9:00 a.m. (EST). The Company invites
investors to listen to the live audiocast of the discussion at the Company's
website, www.coca-cola.com in the "investors" section.

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The Coca-Cola Company
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The Coca-Cola Company is the world's largest beverage company. Along with
Coca-Cola, recognized as the world's best-known brand, The Coca-Cola Company
markets four of the world's top five soft drink brands, including diet Coke,
Fanta and Sprite, and a wide range of other beverages, including diet and light
soft drinks, waters, juices and juice drinks, teas, coffees and sports drinks.
Through the world's largest distribution system, consumers in more than 200
countries enjoy the Company's beverages at a rate exceeding 1 billion servings
each day. For more information about The Coca-Cola Company, please visit our
website at www.coca-cola.com.


Forward-Looking Statements
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This press release may contain statements, estimates or projections that
constitute "forward-looking statements" as defined under U.S. federal securities
laws. Generally, the words "believe," "expect," "intend," "estimate,"
"anticipate," "project," "will" and similar expressions identify forward-looking
statements, which generally are not historical in nature. Forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from The Coca-Cola Company's historical
experience and our present expectations or projections. These risks include, but
are not limited to, changes in economic and political conditions; changes in the
non-alcoholic beverages business environment, including actions of competitors
and changes in consumer preferences; foreign currency and interest rate
fluctuations; adverse weather conditions; regulatory and legal changes; the
effectiveness of our advertising and marketing programs; fluctuations in the
cost and availability of raw materials or necessary services; our ability to
avoid production output disruptions; our ability to achieve earnings forecasts;
our ability to effectively align ourselves with our bottling system; our ability
to penetrate developing and emerging markets; litigation uncertainties; product
boycotts; and other risks discussed in our Company's filings with the Securities
and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K,
which filings are available from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they are made. The
Coca-Cola Company undertakes no obligation to publicly update or revise any
forward-looking statements.


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