CFO Message

Coca-Cola Enterprises made significant progress in 2009 in returning to the performance levels of which this business is capable. This success has been driven by a combination of operating and marketplace strategies that have built on the value of our brands, created substantial operating savings, and, at the
same time, allowed us to reinvest appropriately for the future.

In 2009, CCE generated record comparable* earnings of $1.60 per diluted share, including a negative currency impact of approximately 15 cents. We also achieved strong free cash flow* of $872 million, including incremental pension contributions of approximately $300 million.

These results represent outstanding progress, particularly when coupled with our strong cash position of approximately $1 billion, creating our strongest balance sheet ever. For the past several years we have focused the use of our free cash flow on debt reduction, a strategy that has reduced net debt to less
than $8 billion as of the end of 2009.

With positive results in 2009, a solid outlook for continued growth in 2010, and a strong balance sheet, we are well-positioned to diversify our use of cash and begin to return additional funds to shareowners. We expect to have more than $3 billion available over the next three years for a combination of share repurchase, debt reduction, increased dividends, or possible acquisitions. In fact, we have announced plans to repurchase up to $600 million of our common stock by the end of 2010. We may adjust this program based on economic conditions or acquisition opportunities. We also expect to continue consistently increasing our dividend.

Overall, we are encouraged by our success in 2009. We believe that despite the economic and operating challenges that lie ahead, we will deliver ongoing success and meet the long-term goals we have in place.

*Please refer to financials link for reconciliation of comparable information.

Net Debt $ in Billons