Coca-Cola Enterprises Inc. Reports Third-Quarter 2008 Results

-- Excluding certain items, comparable third quarter EPS totals
46 cents reflecting the impact of continued weakness in North
America, growth in Europe and favorable tax rates.

-- CCE continues to accelerate work to create fundamental changes
in its North American operations through its own business
review and in conjunction with The Coca-Cola Company.

-- CCE now expects full-year 2008 diluted earnings per share in a
range of $1.25 to $1.29, excluding items affecting
comparability and including expected currency impact and
reduced funding from The Coca-Cola Company.
ATLANTA--(Business Wire)--
Coca-Cola Enterprises (NYSE: CCE) today reported third-quarter
2008 net income of $214 million, or 44 cents per diluted common share.
Excluding items affecting comparability, third-quarter 2008 net income
was $226 million or 46 cents per diluted common share.

The following table provides a reconciliation of reported and
comparable earnings per diluted share:

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Third Quarter First Nine Months
------------------------------------
2008 2007 2008 2007
------ ------ ------ ------

Reported (GAAP) $ 0.44 $ 0.55 $ (6.07) $ 1.14
Restructuring Charges 0.01 0.04 0.08 0.12
Franchise Impairment Charge - - 7.07 -
Gain on Asset Sale - (0.03) - (0.03)
Legal Settlement Accrual Reversal - - - (0.01)
Debt Extinguishment Costs - - - 0.01
Loss on Equity Securities - - - 0.02
Gain on Termination of
Distribution Agreement - (0.02) - (0.02)
Net Tax Items 0.01 (0.10) 0.02 (0.12)
------ -------- ------ -------
Comparable Net Earnings Per
Diluted Common Share(a) $ 0.46 $ 0.44 $ 1.10 $ 1.11
====== ======== ====== =======

(a) This non-GAAP financial information is provided to allow investors
to more clearly evaluate operating performance and business trends.
Management uses this information to review results excluding items
that are not necessarily indicative of ongoing results.
*T

The key factors influencing third quarter results include the
marketplace impact of a continued difficult North American economic
environment including declines in higher margin 20-ounce packages,
continued growth in Europe, increased fuel costs, and the
mark-to-market impact of fuel hedges. As a result, reported operating
income declined 4 1/2 percent in the third quarter, and comparable
operating income declined 2 percent. Currency translation contributed
approximately 1 cent to third quarter EPS results.

"Our performance remains below our expectations as we work through
a combination of significant marketplace challenges, including a
weakened North American economic environment, changing consumer
purchasing patterns, and the impact of volatile fuel costs," said John
F. Brock, chairman and chief executive officer. "We continue to move
forward with the fundamental business review that we announced at the
end of the second quarter, seeking solutions to structural issues in
our business as we work to renew profit growth as soon as possible. We
look forward to sharing additional details of our review and its
benefits with investors in December.

"We are taking the necessary steps within our Global Operating
Framework to achieve the higher levels of performance we believe CCE
can deliver," Mr. Brock said. "A key example is our recent agreement
for distribution of Monster energy drinks, the leading U.S. brand by
volume in this growth category. This agreement demonstrates solid
progress against our framework's first strategic objective - grow the
value of our brands."

Third quarter consolidated physical case bottle and can volume
increased 2 1/2 percent, net pricing per case grew 3 1/2 percent, and
cost of sales per case increased 6 percent. Both pricing and cost of
sales results exclude the effects of currency translations. Pages 11
through 15 of this release provide a reconciliation of reported and
comparable operating results.

THIRD QUARTER PERFORMANCE

In the third quarter, North American volume increased 1 1/2
percent, benefiting from the addition of glaceau, Fuze, and Campbell's
brands, and growth in key sparkling beverage brands, including
Coca-Cola classic, Coca-Cola Zero, and Sprite. Net pricing per case
grew 3 1/2 percent and cost of sales per case increased 7 1/2 percent.
Both pricing and costs were affected by the mix impact of increased
sales of higher cost purchased finished goods, while growth in costs
was also driven by higher commodity costs. Comparable operating
expenses grew 5 percent primarily reflecting increases in fuel costs
and the mark-to-market impact of fuel hedging.

"North American volume growth was strengthened by promotional
activity planned prior to our decision to implement a September price
increase," Mr. Brock said. "This price increase was a key first step
in our work to maintain margins and cover the impact of increasing
costs in our business and seek ways to return to profit growth as soon
as possible.

"Though this increase will limit our volume performance for the
near term, it is essential for two reasons. First, we must respond to
the ongoing high cost environment that we face as commodity cost
increases remain well above historical levels and continue to
contribute to margin erosion," Mr. Brock said. "Second, we believe the
long-term health of our company demands that we strengthen
profitability at all levels of the company, including the lower-margin
future consumption segment."

Total European volume in the third quarter grew 5 1/2 percent,
benefiting from strong marketplace execution and hurdling a prior year
weather-related decline of 3 percent. This improvement includes mid
single-digit growth in Great Britain, driven by a 7 1/2 percent
increase in our trademark Coca-Cola brands, and 6 percent growth in
continental Europe. On the continent, volume reflects strength in our
core Coca-Cola trademark brands and solid improvement in France as we
recover from a second quarter 2008 labor disruption. Net pricing per
case grew 2 1/2 percent and European cost of sales per case grew at a
rate of 2 percent.

"We continue to achieve important progress in Europe with strong
marketplace execution, the benefits of our three-cola strategy, and
the success of initiatives to drive improved efficiency and
effectiveness," Mr. Brock said. "Through the third quarter,
performance remains in-line with our expectations, though we continue
to monitor the marketplace and overall economic indicators closely."

FINANCIAL OUTLOOK

Management now expects comparable 2008 earnings per diluted common
share in a range of $1.25 to $1.29 and a decrease in full year
operating income of approximately 10 percent. This reflects low
double-digit operating income growth in Europe and a decline in North
America in a low 20 percent range. The company expects full year free
cash flow from operations less capital spending of approximately $600
million, with capital spending of approximately $1 billion. The
comparable effective tax rate for 2008 is expected to be approximately
24 percent to 25 percent.

This revised guidance excludes items affecting comparability,
excludes the fourth quarter impact of mark-to-market fuel hedging, and
includes expected currency translation impact. It also includes a $35
million reduction in funding from The Coca-Cola Company and a high
single-digit increase in North America concentrate costs, actions that
will significantly impact fourth quarter results.

"We are working with The Coca-Cola Company on ways to revitalize
primary areas of our North American business," Mr. Brock said. "We
anticipate achieving mutually beneficial solutions to key issues as we
develop long-range plans that will restore growth to North America and
drive meaningful benefit to CCE shareowners."

CONFERENCE CALL

CCE will host a conference call with analysts and investors today
at 10:00 a.m. EDT. The call can be accessed through the company's web
site at www.cokecce.com.

Coca-Cola Enterprises Inc. is the world's largest marketer,
distributor, and producer of bottle and can liquid nonalcoholic
refreshment. CCE sells approximately 80 percent of The Coca-Cola
Company's bottle and can volume in North America and is the sole
licensed bottler for products of The Coca-Cola Company in Belgium,
continental France, Great Britain, Luxembourg, Monaco, and the
Netherlands. For more information about our Company, please visit our
website at www.cokecce.com.

FORWARD-LOOKING STATEMENTS

Included in this news release are forward-looking management
comments and other statements that reflect management's current
outlook for future periods. As always, these expectations are based on
currently available competitive, financial, and economic data along
with our current operating plans and are subject to risks and
uncertainties that could cause actual results to differ materially
from the results contemplated by the forward-looking statements. The
forward-looking statements in this news release should be read in
conjunction with the risks and uncertainties discussed in our filings
with the Securities and Exchange Commission, including our most recent
annual report on Form 10-K and subsequent SEC filings.

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COCA-COLA ENTERPRISES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions, Except Per Share Data)

Third Quarter
------------------------
2008(a) 2007(b) Change
-------- -------- ------
Net Operating Revenues $ 5,743 $ 5,405 6.5%
Cost of Sales 3,627 3,342 8.5%
-------- --------
Gross Profit 2,116 2,063 2.5%
Selling, Delivery, and Administrative
Expenses 1,686 1,613 4.5%
-------- --------
Operating Income 430 450
Interest Expense, Net 144 155
Other Nonoperating (Expense) Income, Net (11) 9
-------- --------
Income Before Income Taxes 275 304
Income Tax Expense 61 36
-------- --------
Net Income $ 214 $ 268
======== ========
Basic Weighted Average Common Shares
Outstanding 485 481
======== ========
Basic Net Earnings Per Share(c) $ 0.44 $ 0.56
======== ========
Diluted Weighted Average Common Shares
Outstanding 488 488
======== ========
Diluted Net Earnings Per Share(c) $ 0.44 $ 0.55
======== ========

(a) Third-quarter 2008 net income includes net unfavorable items
totaling $12 million, or 2 cents per diluted common share. See page
11 of this earnings release for a list of these items.

(b) Third-quarter 2007 net income includes net favorable items
totaling $55 million, or 11 cents per diluted common share. See page
11 of this earnings release for a list of these items.

(c) Per share data calculated prior to rounding to millions.
*T

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COCA-COLA ENTERPRISES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; In Millions, Except Per Share Data)

First Nine Months
------------------------
2008(a) 2007(b) Change
-------- -------- ------
Net Operating Revenues $16,570 $15,637 6%
Cost of Sales 10,466 9,656 8.5%
-------- --------
Gross Profit 6,104 5,981 2%
Selling, Delivery, and Administrative
Expenses 5,015 4,820 4%
Franchise Impairment Charge 5,279 -
-------- --------
Operating (Loss) Income (4,190) 1,161
Interest Expense, Net 434 467
Other Nonoperating Expense, Net (8) (3)
-------- --------
(Loss) Income Before Income Taxes (4,632) 691
Income Tax (Benefit) Expense (1,688) 138
-------- --------
Net (Loss) Income $(2,944) $ 553
======== ========
Basic Weighted Average Common Shares
Outstanding 485 480
======== ========
Basic Net (Loss) Earnings Per Share(c) $ (6.07) $ 1.15
======== ========
Diluted Weighted Average Common Shares
Outstanding 485 485
======== ========
Diluted Net (Loss) Earnings Per Share(c) $ (6.07) $ 1.14
======== ========

(a) First nine months of 2008 net loss includes net unfavorable items
totaling $3.5 billion, or $7.17 per common share. See page 12 of this
earnings release for a list of these items.

(b) First nine months of 2007 net income includes net favorable items
totaling $16 million, or 3 cents per diluted common share. See page
12 of this earnings release for a list of these items.

(c) Per share data calculated prior to rounding to millions.
*T

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COCA-COLA ENTERPRISES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; In Millions)

September 26, December 31,
2008 2007
------------- ------------
ASSETS
Current:
Cash and cash equivalents $ 383 $ 170
Trade accounts receivable, net 2,509 2,217
Amounts receivable from The Coca-Cola
Company 179 144
Inventories 1,092 924
Current deferred income tax assets 159 206
Prepaid expenses and other current
assets 458 431
------------- ------------
Total Current Assets 4,780 4,092
Property, plant, and equipment, net 6,510 6,762
Goodwill 604 606
Franchise license intangible assets, net 6,254 11,767
Other noncurrent assets, net 890 819
------------- ------------
$ 19,038 $ 24,046
============= ============
LIABILITIES AND SHAREOWNERS' EQUITY
Current:
Accounts payable and accrued expenses $ 2,927 $ 2,924
Amounts payable to The Coca-Cola
Company 425 369
Deferred cash receipts from The Coca-
Cola Company 41 48
Current portion of debt 2,888 2,002
------------- ------------
Total Current Liabilities 6,281 5,343
Debt, less current portion 6,504 7,391
Other long-term obligations 1,377 1,309
Deferred cash receipts from The Coca-Cola
Company, less current 84 124
Long-term deferred income tax liabilities 2,265 4,190
Shareowners' equity 2,527 5,689
------------- ------------
$ 19,038 $ 24,046
============= ============
*T

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COCA-COLA ENTERPRISES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; In Millions)

Nine Months Ended
---------------------------
September 26, September 28,
2008 2007
------------- -------------
Cash Flows From Operating Activities
------------------------------------------
Net (loss) income $(2,944) $ 553
Adjustments to reconcile net (loss) income
to net cash derived from operating
activities:
Depreciation and amortization 787 784
Franchise impairment charge 5,279 -
Share-based compensation expense 33 28
Deferred funding income from The Coca-
Cola Company, net of cash received (47) (49)
Deferred income tax expense (1,804) 45
Pension and other postretirement
expense less than contributions (8) (47)
Net changes in assets and liabilities,
net of acquisition amounts (335) (368)
------------- -------------
Net cash derived from operating activities 961 946
------------- -------------
Cash Flows From Investing Activities
------------------------------------------
Capital asset investments (745) (633)
Capital asset disposals 7 56
Other investing activities (4) (9)
------------- -------------
Net cash used in investing activities (742) (586)
------------- -------------
Cash Flows From Financing Activities
------------------------------------------
Decrease in commercial paper, net (247) (328)
Issuances of debt 1,090 1,354
Payments on debt (761) (1,458)
Dividend payments on common stock (102) (87)
Exercise of employee share options 18 88
Other financing activities 2 12
------------- -------------
Net cash used in financing activities - (419)
------------- -------------
Net effect of exchange rate changes on
cash and cash equivalents (6) 5
------------- -------------
Net Change In Cash and Cash Equivalents 213 (54)
Cash and Cash Equivalents at Beginning of
Period 170 184
------------- -------------
Cash and Cash Equivalents at End of Period $ 383 $ 130
============= =============
*T

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COCA-COLA ENTERPRISES INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited; In millions, except per share data which is calculated
prior to rounding)

-------------------------------------
Reconciliation of Income(a) Third-Quarter 2008
----------------------------------------------------------------------
Items Impacting
Comparability
-------------------------
Gain on
Reported Restructuring Asset
(GAAP) Charges Sale
-------------------------------------
Net Operating Revenues $ 5,743 $ - $ -
Cost of Sales 3,627 - -
-------------------------------------
Gross Profit 2,116 - -
Selling, Delivery, and
Administrative Expenses 1,686 (19) -
-------------------------------------
Operating Income 430 19 -
Interest Expense, Net 144 - -
Other Nonoperating Expense, Net (11) - -
-------------------------------------
Income Before Income Taxes 275 19 -
Income Tax Expense 61 11 -
-------------------------------------
Net Income $ 214 $ 8 $ -
=====================================
Diluted Net Earnings Per Common
Share $ 0.44 $ 0.01 $ -
=====================================

-------------------------------------------
Reconciliation of Income(a) Third-Quarter 2008
----------------------------------------------------------------------
Items Impacting Comparability
-------------------------------
Gain on
Termination of
Distribution Comparable
Agreement Net Tax Items (non-GAAP)
-------------------------------------------
Net Operating Revenues $ - $ - $ 5,743
Cost of Sales - - 3,627
-------------------------------------------
Gross Profit - - 2,116
Selling, Delivery, and
Administrative Expenses - - 1,667
-------------------------------------------
Operating Income - - 449
Interest Expense, Net - - 144
Other Nonoperating Expense,
Net - - (11)
-------------------------------------------
Income Before Income Taxes - - 294
Income Tax Expense - (4) 68
-------------------------------------------
Net Income $ - $ 4 $ 226
===========================================
Diluted Net Earnings Per
Common Share $ - $ 0.01 $ 0.46
===========================================

-------------------------------------
Reconciliation of Income(a) Third-Quarter 2007
----------------------------------------------------------------------
Items Impacting
Comparability
-------------------------
Reported Restructuring Gain on
(GAAP) Charges Asset Sale
-------------------------------------
Net Operating Revenues $ 5,405 $ - $ -
Cost of Sales 3,342 - -
-------------------------------------
Gross Profit 2,063 - -
Selling, Delivery, and
Administrative Expenses 1,613 (28) 20
-------------------------------------
Operating Income 450 28 (20)
Interest Expense, Net 155 - -
Other Nonoperating Income, Net 9 - -
-------------------------------------
Income Before Income Taxes 304 28 (20)
Income Tax Expense 36 10 (6)
-------------------------------------
Net Income $ 268 $ 18 $ (14)
=====================================
Diluted Net Earnings Per Common
Share $ 0.55 $ 0.04 $(0.03)
=====================================

--------------------------------------
Reconciliation of Income(a) Third-Quarter 2007
----------------------------------------------------------------------
Items Impacting
Comparability
--------------------------
Gain on
Termination
of
Distribution Net Tax Comparable
Agreement Items (non-GAAP)
--------------------------------------
Net Operating Revenues $ - $ - $ 5,405
Cost of Sales - - 3,342
--------------------------------------
Gross Profit - - 2,063
Selling, Delivery, and
Administrative Expenses - - 1,605
--------------------------------------
Operating Income - - 458
Interest Expense, Net - - 155
Other Nonoperating Income, Net (12) - (3)
--------------------------------------
Income Before Income Taxes (12) - 300
Income Tax Expense (4) 51 87
--------------------------------------
Net Income $ (8) $ (51) $ 213
======================================
Diluted Net Earnings Per Common
Share $ (0.02) $ (0.10) $ 0.44
======================================

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items
that are not necessarily indicative of our ongoing results.
*T

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*T
COCA-COLA ENTERPRISES INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited; In millions, except per share data which is calculated
prior to rounding)

--------------------------------------------------
Reconciliation of
Income(a) First Nine-Months 2008
----------------------------------------------------------------------
Items Impacting Comparability
--------------------------------------------
Legal Gain
Franchise Settlement on
ReportedRestructuring Impairment Accrual Asset
(GAAP) Charges Charge Reversal Sale
--------------------------------------------------
Net Operating
Revenues $16,570 $ - $ - $- $-
Cost of Sales 10,466 - - - -
--------------------------------------------------
Gross Profit 6,104 - - - -
Selling, Delivery,
and Admini-
strative Expenses 5,015 (68) - - -
Franchise
Impairment Charge 5,279 - (5,279) - -
--------------------------------------------------
Operating (Loss)
Income (4,190) 68 5,279 - -
Interest Expense,
Net 434 - - - -
Other Nonoperating
Expense, Net (8) - - - -
--------------------------------------------------
(Loss) Income
Before Income
Taxes (4,632) 68 5,279 - -
Income Tax
(Benefit) Expense (1,688) 27 1,847 - -
--------------------------------------------------
Net (Loss) Income $(2,944) $ 41 $ 3,432 $- $-
==================================================
Diluted Net (Loss)
Earnings Per
Common Share $ (6.07) $0.08 $ 7.07 $- $-
==================================================

--------------------------------------------------------
Reconciliation
of Income(a) First Nine-Months 2008
----------------------------------------------------------------------
Items Impacting Comparability
----------------------------------------------
Gain on
Termination
Debt Loss on of Net Comparable
Extinguishment Equity Distribution Tax (non-
Cost Securities Agreement Items GAAP)
--------------------------------------------------------
Net Operating
Revenues $- $ -$- $ - $16,570
Cost of Sales - - - - 10,466
--------------------------------------------------------
Gross Profit - - - - 6,104
Selling,
Delivery, and
Admini-
strative
Expenses - - - - 4,947
Franchise
Impairment
Charge - - - - -
--------------------------------------------------------
Operating
(Loss) Income - - - - 1,157
Interest
Expense, Net - - - - 434
Other
Nonoperating
Expense, Net - - - - (8)
--------------------------------------------------------
(Loss) Income
Before Income
Taxes - - - - 715
Income Tax
(Benefit)
Expense - - - (11) 175
--------------------------------------------------------
Net (Loss)
Income $- $ -$- $ 11 $ 540
========================================================
Diluted Net
(Loss)
Earnings Per
Common Share $- $ -$- $0.02 $ 1.10
========================================================

--------------------------------------------
Reconciliation of
Income(a) First Nine-Months 2007
----------------------------------------------------------------------
Items Impacting Comparability
------------------------------------
Legal
Franchise Settlement
ReportedRestructuring Impairment Accrual
(GAAP) Charges Charge Reversal
--------------------------------------------
Net Operating
Revenues $15,637 $ - $- $ -
Cost of Sales 9,656 - - -
--------------------------------------------
Gross Profit 5,981 - - -
Selling,
Delivery, and
Administrative
Expenses 4,820 (89) - 8
--------------------------------------------
Operating Income 1,161 89 - (8)
Interest Expense,
Net 467 - - 5
Other
Nonoperating
Expense, Net (3) - - -
--------------------------------------------
Income Before
Income Taxes 691 89 - (13)
Income Tax
Expense 138 32 - (5)
--------------------------------------------
Net Income $ 553 $ 57 $- $ (8)
============================================
Diluted Net
Earnings Per
Common Share $ 1.14 $0.12 $- $(0.01)
============================================

-------------------------------------------------------
Reconciliation
of Income(a) First Nine-Months 2007
----------------------------------------------------------------------
Items Impacting Comparability
-------------------------------------------------------
Gain on
Termination
Gain on Debt Loss on of
Asset Extinguishment Equity DistributionNet Tax
Sale Cost Securities Agreement Items
-------------------------------------------------------
Net Operating
Revenues $ - $ - $ -$ - $ -
Cost of Sales - - - - -
-------------------------------------------------------
Gross Profit - - - - -
Selling,
Delivery, and
Administrative
Expenses 20 - - - -
-------------------------------------------------------
Operating
Income (20) - - - -
Interest
Expense, Net - (5) - - -
Other
Nonoperating
Expense, Net - - 14 (12) -
-------------------------------------------------------
Income Before
Income Taxes (20) 5 14 (12) -
Income Tax
Expense (6) 2 4 (4) 56
-------------------------------------------------------
Net Income $ (14) $ 3 $ 10$ (8) $ (56)
=======================================================
Diluted Net
Earnings Per
Common Share $(0.03) $ 0.01 $ 0.02$ (0.02) $(0.12)
=======================================================

-----------
Reconciliation of Income(a) First Nine-
Months
2007
----------------------------------------------------------------------
Comparable
- (non-
GAAP)
-----------
Net Operating Revenues $15,637
Cost of Sales 9,656
-----------
Gross Profit 5,981
Selling, Delivery, and Administrative Expenses 4,759
-----------
Operating Income 1,222
Interest Expense, Net 467
Other Nonoperating Expense, Net (1)
-----------
Income Before Income Taxes 754
Income Tax Expense 217
-----------
Net Income $ 537
===========
Diluted Net Earnings Per Common Share $ 1.11
===========

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items
that are not necessarily indicative of our ongoing results.

*T

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COCA-COLA ENTERPRISES INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited; In millions, except per share data which is calculated
prior to rounding)

-----------------------------------------
Third-Quarter 2008
-----------------------------------------
Items Impacting
Comparability
-------------------
Reconciliation of Segment Gain
Income(a) on Comparable
Reported Restructuring Asset (non-
(GAAP) Charges Sale GAAP)
----------------------------------------------------------------------
North America $ 273 $ (5) $ - $ 268
Europe 265 4 - 269
Corporate (108) 20 - (88)
----------------------------------------------------------------------
Operating Income $ 430 $ 19 $ - $ 449
======================================================================

-----------------------------------------
Third-Quarter 2007
-----------------------------------------
Items Impacting
Comparability
-------------------
Reconciliation of Segment Gain
Income(a) on Comparable
Reported Restructuring Asset (non-
(GAAP) Charges Sale GAAP)
----------------------------------------------------------------------
North America $ 344 $ 19 $(20) $ 343
Europe 215 3 - 218
Corporate (109) 6 - (103)
----------------------------------------------------------------------
Operating Income $ 450 $ 28 $(20) $ 458
======================================================================

Third Quarter
-------------------------
Segment Revenue 2008 2007
---------------------------------------- -------------
North America $ 3,983 $ 3,813
Europe 1,760 1,592
----------- -------------
Net Operating Revenues $ 5,743 $ 5,405
=========== =============

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items
that are not necessarily indicative of our ongoing results.
*T

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*T
COCA-COLA ENTERPRISES INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited; In millions, except per share data which is calculated
prior to rounding)

----------------------------------
First Nine-Months 2008
----------------------------------
Items Impacting
Comparability
-------------------------
Reconciliation of Segment Income(a) Franchise
Reported Restructuring Impairment
(GAAP) Charges Charge
----------------------------------------------------------------------
North America $(4,568) $30 $5,279
Europe 723 9 -
Corporate (345) 29 -
----------------------------------------------------------------------
Operating (Loss) Income $(4,190) $68 $5,279
======================================================================

----------------------------
First Nine-Months 2008
----------------------------
Items Impacting
Comparability
------------------
Reconciliation of Segment Income(a) Gain Legal
on SettlementComparable
Asset Accrual (non-
Sale Reversal GAAP)
----------------------------------------------------------------------
North America $- $- $ 741
Europe - - 732
Corporate - - (316)
----------------------------------------------------------------------
Operating (Loss) Income $- $- $1,157
======================================================================

----------------------------------
First Nine-Months 2007
----------------------------------
Items Impacting
Comparability
-------------------------
Reconciliation of Segment Income(a) Franchise
Reported Restructuring Impairment
(GAAP) Charges Charge
----------------------------------------------------------------------
North America $ 881 $68 $-
Europe 607 8 -
Corporate (327) 13 -
----------------------------------------------------------------------
Operating Income $1,161 $89 $-
======================================================================

----------------------------
First Nine-Months 2007
----------------------------
Items Impacting
Comparability
------------------
Reconciliation of Segment Income(a) Gain Legal
on SettlementComparable
Asset Accrual (non-
Sale Reversal GAAP)
----------------------------------------------------------------------
North America $(20) $ - $ 929
Europe - - 615
Corporate - (8) (322)
----------------------------------------------------------------------
Operating Income $(20) $(8) $1,222
======================================================================

First Nine
Months
----------------
Segment Revenue 2008 2007
---------------------------------------------------------- -------
North America $11,372 $10,979
Europe 5,198 4,658
-------- -------
Net Operating Revenues $16,570 $15,637
======== =======

(a) These non-GAAP measures are provided to allow investors to more
clearly evaluate our operating performance and business trends.
Management uses this information to review results excluding items
that are not necessarily indicative of our ongoing results.
*T

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*T
COCA-COLA ENTERPRISES INC.
RECONCILIATION OF NON-GAAP MEASURES

-----------------------------------
Third-Quarter 2008 Change Versus
Third-Quarter 2007
-----------------------------------
North
America Europe Consolidated
---------- ------------------------
Net Revenues Per Case
--------------------------------
Change in Net Revenues per Case 3.0% 5.0% 3.5%
Impact of Excluding Post Mix,
Non-Trade, and Other 0.5% 0.0% 0.5%
-----------------------------------
Bottle and Can Net Pricing Per
Case(a) 3.5% 5.0% 4.0%
Impact of Currency Exchange
Rate Changes 0.0% (2.5)% (0.5)%
-----------------------------------
Currency-Neutral Bottle and Can
Net Pricing per Case(b) 3.5% 2.5% 3.5%

Cost of Sales Per Case
--------------------------------
Change in Cost of Sales per Case 6.5% 4.5% 6.0%
Impact of Excluding Bottle and
Can Marketing Credits and
Jumpstart Funding (0.5)% 0.0% 0.0%
Impact of Excluding Post Mix,
Non-Trade, and Other 1.5% 0.5% 1.0%
-----------------------------------
Bottle and Can Cost of Sales Per
Case(c) 7.5% 5.0% 7.0%
Impact of Currency Exchange
Rate Changes 0.0% (3.0)% (1.0)%
-----------------------------------
Currency-Neutral Bottle and Can
Cost of Sales per Case(b) 7.5% 2.0% 6.0%

Physical Case Bottle and Can
Volume
--------------------------------
Change in Volume 1.5% 5.5% 2.5%
Impact of Selling Day Shift n/a n/a n/a
-----------------------------------
Comparable Bottle and Can
Volume(d) 1.5% 5.5% 2.5%
-----------------------------------

-----------------------------------
First Nine-Months 2008 Change
Versus First Nine-Months 2007
-----------------------------------
North America Europe Consolidated
-----------------------------------
Net Revenues Per Case
-----------------------------------
Change in Net Revenues per Case 4.0% 8.5% 5.5%
Impact of Excluding Post Mix,
Non-Trade, and Other 0.5% 0.5% 0.5%
-----------------------------------
Bottle and Can Net Pricing Per
Case(a) 4.5% 9.0% 6.0%
Impact of Currency Exchange Rate
Changes (0.5)% (7.0)% (2.5)%
-----------------------------------
Currency-Neutral Bottle and Can
Net Pricing per Case(b) 4.0% 2.0% 3.5%

Cost of Sales Per Case
-----------------------------------
Change in Cost of Sales per Case 7.0% 8.5% 8.0%
Impact of Excluding Bottle and
Can Marketing Credits and
Jumpstart Funding 0.0% 0.0% 0.0%
Impact of Excluding Post Mix,
Non-Trade, and Other 2.0% 0.5% 1.0%
-----------------------------------
Bottle and Can Cost of Sales Per
Case(c) 9.0% 9.0% 9.0%
Impact of Currency Exchange Rate
Changes (1.0)% (7.0)% (3.0)%
-----------------------------------
Currency-Neutral Bottle and Can
Cost of Sales per Case(b) 8.0% 2.0% 6.0%

Physical Case Bottle and Can Volume
-----------------------------------
Change in Volume (0.5)% 3.0% 0.5%
Impact of Selling Day Shift 0.5% 0.5% 0.5%
-----------------------------------
Comparable Bottle and Can Volume(d) 0.0% 3.5% 1.0%
-----------------------------------

First Nine Months
---------------------
Reconciliation of Free Cash Full-Year 2008
Flow (e) 2008 2007 Forecast
--------------------------- ------------ -------- -----------------
Net Cash From Operating
Activities $ 961 $ 946 $ 1,600 Approx
Less: Capital Asset
Investments (745) (633) (1,015)Approx
Add: Capital Asset
Disposals 7 56 15 Approx
------------ -------- -----------
Free Cash Flow $ 223 $ 369 Approx $600
============ ======== ===========

September December
26, 31,
Reconciliation of Net Debt
(f) 2008 2007
--------------------------- ------------ --------
Current Portion of Debt $2,888 $2,002
Debt, Less Current Portion 6,504 7,391
Less: Cash and Cash
Equivalents (383) (170)
------------ --------
Net Debt $9,009 $9,223
============ ========

Full-Year
Items Impacted Diluted 2008
Earnings Per Common Share Forecast
--------------------------- -------------

Restructuring Charges
(estimate) $0.12 to 0.15
Franchise Impairment Charge 7.07
Net Unfavorable Tax Items 0.02
-------------
Total Items Impacted
Diluted Earnings Per
Common Share $7.21 to 7.24
=============

(a)The non-GAAP financial measure "Bottle and Can Net Pricing per
Case" is used to more clearly evaluate bottle and can pricing
trends in the marketplace. The measure excludes the impact of
fountain gallon volume and other items that are not directly
associated with bottle and can pricing in the retail environment.
Our bottle and can sales accounted for approximately 91 percent of
our net revenue during the first nine months of 2008.

(b)The non-GAAP financial measures "Currency-Neutral Bottle and Can
Net Pricing per Case" and "Currency-Neutral Bottle and Can Cost of
Sales per Case" are used to separate the impact of currency
exchange rate changes on our operations.

(c)The non-GAAP financial measure "Bottle and Can Cost of Sales per
Case" is used to more clearly evaluate cost trends for bottle and
can products. The measure excludes the impact of fountain
ingredient costs as well as marketing credits and Jumpstart
funding, and allows investors to gain an understanding of the
change in bottle and can ingredient and packaging costs.

(d)"Comparable Bottle and Can Volume" excludes the impact of changes
in the number of selling days between periods. The measure is used
to analyze the performance of our business on a constant period
basis. There was one less selling day in the first nine months of
2008 versus the first nine months of 2007. There were the same
number of selling days in the third quarter of 2008 versus the
third quarter of 2007.

(e)The non-GAAP measure "Free Cash Flow" is provided to focus
management and investors on the cash available for debt reduction,
dividend distributions, share repurchase, and acquisition
opportunities.

(f)The non-GAAP measure "Net Debt" is used to more clearly evaluate
our capital structure and leverage.
*T

Coca-Cola Enterprises Inc.
Investor Relations
Thor Erickson, 770-989-3110
or
Media Relations
Laura Brightwell, 770-989-3023

Copyright Business Wire 2008