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<SEC-DOCUMENT>0000903423-05-000292.txt : 20050411
<SEC-HEADER>0000903423-05-000292.hdr.sgml : 20050411
<ACCEPTANCE-DATETIME>20050411140252
ACCESSION NUMBER:		0000903423-05-000292
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050411
FILED AS OF DATE:		20050411
DATE AS OF CHANGE:		20050411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICAN ECONOMIC DEVELOPMENT INC
		CENTRAL INDEX KEY:			0001061736
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-08752
		FILM NUMBER:		05743629

	BUSINESS ADDRESS:	
		STREET 1:		CUAUHTEMOC 400 SUR APERTADO POSTAL 2001
		STREET 2:		COLONIA VELLA VISTA
		CITY:			MONTERREY NL
		STATE:			O5
		ZIP:			00000
		BUSINESS PHONE:		5283286000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>femsa-6k_0407.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "Best Practices in C">


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   <TITLE>Best Practices in C -- Converted by SECPublisher 2.1.1.6, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<div align="right">
  <p align="left">&nbsp;</p>
  <P align="center"><B><FONT size=5 face="serif">FORM 6-K </FONT></B></P>
  <P align="center"> <B><FONT size=5 face="serif">Securities and Exchange Commission</FONT></B></P>
  <p align="center"><FONT size=4 face="serif">Washington, D.C. 20549</FONT></p>
  <p align="center"> <FONT size=4 face="serif">Report of Foreign Issuer </FONT><BR>
      <FONT size=4 face="serif">Pursuant to Rule 13a-16 or 15d-16</FONT><BR>
      <FONT size=4 face="serif">of the </FONT><BR>
      <FONT size=4 face="serif">Securities Exchange Act of 1934 </FONT><BR>
  </p>
  <P align="center"> <FONT face="serif">For the month of April 2005 </FONT></P>
  <P align="center"> <B><FONT size=5 face="serif">FOMENTO ECON&Oacute;MICO MEXICANO, S.A. DE C.V.<br>
  </FONT></B><FONT size=1 face="serif">(Exact name of Registrant as specified in its charter) </FONT></P>
  <P align="center"> <B><FONT size=5 face="serif">Mexican Economic Development, Inc. <br>
  </FONT></B><FONT size=1 face="serif">(Translation of Registrant&#146;s name into English) </FONT></P>
  <div align="center"><FONT face="serif">General Anaya No. 601 Pte. </FONT><BR>
      <FONT face="serif">Colonia Bella Vista </FONT><BR>
      <FONT face="serif">Monterrey, Nuevo Le&oacute;n 64410</FONT><BR>
      <FONT face="serif">M&eacute;xico </FONT><BR>
      <FONT size=1 face="serif">(Address of principal office) </FONT><BR>
  </div>
  <P align="center"> <FONT face="serif">(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) </FONT></P>
  <div align="center"><FONT size=1 face="serif">(Check One) Form 20-F &nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp; Form 40-F</FONT> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></div>
  <P align="center"> <FONT face="serif">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): __ </FONT></P>
  <P align="center"><FONT face="serif">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT><FONT face="serif">__</FONT><FONT face="serif"> </FONT></P>
  <P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) </FONT></P>
  <div align="center"><FONT size=1 face="serif">(Check One) Yes <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> No <u>&nbsp;&nbsp;&nbsp;&nbsp;x&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></div>
  <P align="center"> <FONT face="serif">(If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .) </FONT></P>
  <HR noshade align="center" width="100%" size=2>
  <p align="left"><img src="femsa-logo.jpg" width="188" height="54"></p>
  <p><B><FONT size=2 face="sans-serif">March 28, 2005</FONT></B></p>
</div>
<P align="center">
<B><U><FONT size=2 face="sans-serif">REPORT ON THE APPLICATION OF THE BEST BUSINESS PRACTICES CODE</FONT></U></B><B><FONT size=2 face="sans-serif"> </FONT></B></P>
<P align="center">
<B><FONT size=2 face="sans-serif">QUESTIONNAIRE ON ISSUER&#146;S CORPORATE GOVERNANCE </FONT></B></P>
<B><FONT size=2 face="sans-serif">BOARD OF DIRECTORS</FONT></B><BR>
<P>
<B><FONT size=2 face="sans-serif">i) On the Functions of the Board of Directors (Principle 1) </FONT></B></P>
<blockquote>
  <p>
    <FONT size=2 face="sans-serif">Pursuant to Article 24 of the corporate bylaws of Fomento Econ&oacute;mico Mexicano, S.A. de C.V. (&#147;FEMSA&#148;), the management and administration of corporate affairs is entrusted to a board of directors.
  </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">According to the bylaws, the board of directors has the following authorities, among others:</FONT></p>
  <p><FONT size=2 face="sans-serif">(a)</FONT> <FONT size=2 face="sans-serif">To manage the company&#146;s business and assets;</FONT> </p>
  <p> <FONT size=2 face="sans-serif">(b)</FONT> <FONT size=2 face="sans-serif">To perform acts of dominion with respect to the company&#146;s chattel and real estate, as well as its </FONT><FONT size=2 face="sans-serif">real and personal rights;</FONT></p>
  <p><FONT size=2 face="sans-serif">(c) To represent the company before all types of administrative or judicial authorities, whether federal, state or municipal, as well as before labor authorities or authorities of any other nature or before arbiters or
  friendly arbitrators; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(d) To grant, sign, guarantee and endorse credit instruments in behalf of the company, to issue obligations with or without a specific real guarantee; to contribute the company&#146;s chattel and real estate to other
  companies and to subscribe to shares or take positions or an interest in other companies; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(e) To make the company a joint and several debtor and to grant guarantees, sureties or any other type of payment guarantee, with respect to contracted obligations or securities issued or accepted by the company or by
  third parties; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(f) To name the general director and, at his proposal, name such officials as he deems necessary, assigning their respective obligations and designating such committees as he deems appropriate, indicating their
  authorities; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(g) To determine how the votes corresponding to the company&#146;s shares should be cast, in the meetings of shareholders in which the company is a shareholder or partner; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(h) To perform the meeting of shareholders&#146; resolutions and, in general, to perform such acts and operations as are necessary or appropriate for the purpose of the company except such as are expressly reserved by
  law or by the bylaws to the meeting of shareholders; </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(i) To approve transactions out of the ordinary course of business, and the transactions intended to be entered by the Company and its shareholders, or members of its management or with persons related with such
  management members; transactions involving the purchase or sale of ten percent or more of the assets of the Company; the issuance of guarantees for an amount exceeding thirty percent of the assets of the Company, or any other transaction different
  from the foregoing that represent more than one percent of the assets of the Company. The authority described in this paragraph shall not be subject to delegation. The members of the board of directors shall be responsible for the resolutions
  adopted in accordance to these guidelines, except for the provisions cases set forth in article 159 of the Mexican General Corporations Law </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">In addition, request the opinion of the Audit Committee and if applicable, to approve the operations that the Subsidiaries (which term is referred to in Article First of the General Provisions Applicable</FONT></p>
</blockquote>
<P align="right">
<FONT size=2 face="serif">1</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_2"></A>
<img src="femsa-logo.jpg" width="188" height="54"><blockquote>
  <p>
    <FONT size=2 face="sans-serif">to security issuers, issued by the National Securities and Banking Commission, published in the Mexican Gazette of the Federation as of March 19, 2003), pretend to execute with related persons or that involve
    compromising their wealth in terms of Article 14 Bis 3, fraction IV, subparagraph d) of the Securities and Exchange Act. </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">The authorities referred in this subparagraph are undelegable.  The board members shall be responsible for all the resolutions that they issue regarding the affairs referred in this subparagraph, except in the event
  established in article 159 (one hundred and fifty nine) of the Mexican General Corporations Law. </FONT></p>
  <p>
    <FONT size=2 face="sans-serif">(j) To grant and revoke such powers of attorney as it deems appropriate, with or without authorities of subrogation, and the Board may grant such authority as deemed appropriate from among those which the corporate
  bylaws grant to the board of directors. </FONT></p>
</blockquote>
<P>
<B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;ii)On the Structure of the Board of Directors (Principles 10, 11 and 14) </FONT></B></P>
<P>
<FONT size=2 face="sans-serif">The Board of Directors is comprised of 19 (nineteen) principal directors, of which 14 (fourteen) are of Series &#147;B&#148; and five (5) are of Series &#147;D&#148;. </FONT></P>
<P>
<FONT size=2 face="sans-serif">For the 2004 fiscal year, the Board of Directors is formed as follows: </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=1>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<U><FONT size=2 face="sans-serif">Series &#147;B&#148; Directors</FONT></U>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<U><FONT size=2 face="sans-serif">Category</FONT></U>&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Eugenio Garza Lag&uuml;era</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Honorary Lifetime Chairman</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Jos&eacute; Antonio Fern&aacute;ndez Carbajal</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Chairman</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Eva Garza Gonda de Fern&aacute;ndez</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Jos&eacute; Calder&oacute;n Rojas</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Consuelo Garza de Garza</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Max Michel Suberville</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Alberto Bailleres Gonz&aacute;lez</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Ricardo Guajardo Touch&eacute;</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Alfredo Livas Cant&uacute;</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Related</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Javier Fern&aacute;ndez Carbajal</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Related</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Roberto Servitje Sendra</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Related</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Carlos Salguero</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Mariana Garza Gonda de Trevino</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Equity</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Jose Manuel Canal Hernando</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<U><FONT size=2 face="sans-serif">Series &#147;D&#148; Directors</FONT></U>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Luis Tellez Kuenzler</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Lorenzo H. Zambrano</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Helmut Paul</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Alexis E. Rovzar</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Robert Denham</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>&nbsp;

	</TD>
	<TD width=16% nowrap align=left>
<FONT size=2 face="sans-serif">Independent</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Secretary:</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Alfredo Livas Cant&uacute;</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Alternate Secretary:</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Carlos E. Aldrete Ancira</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=22% nowrap align=left>
<FONT size=2 face="sans-serif">Statutory Auditor</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Ernesto Gonzalez Davila</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=37% nowrap align=left>
<FONT size=2 face="sans-serif">Alternate Statutory Auditor:</FONT>&nbsp;
	</TD>
	<TD width=41% nowrap align=left>
<FONT size=2 face="sans-serif">Ernesto Cruz Velazquez de Leon</FONT>&nbsp;
	</TD>
	<TD width=16% nowrap align=left>&nbsp;

	</TD>
</TR>
</TABLE>
<BR>
<P>
<FONT size=2 face="sans-serif">The corporate bylaws indicate that shareholders may elect alternates to cover the absences of specific members of the Board, in accordance to applicable law.</FONT></P>
<P>
<FONT size=2 face="sans-serif">Directors shall hold office for one year, but they shall continue in office even when the term for which they were designated has concluded, until designations are made and the persons who are named to replace them are
present to perform them. The members of the board of directors shall receive annually such remuneration as the regular general meeting of shareholders designates for them. </FONT></P>
<P align="right">
<FONT size=2 face="serif">2</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_3"></A>
<img src="femsa-logo.jpg" width="188" height="54"><P>
<FONT size=2 face="sans-serif">The board shall meet at least once every three months. The regular annual meeting of shareholders that named it or the board of directors in its first meeting, immediately after such meeting of shareholders, shall name
a chairman from among the directors designated by Series &#147;B&#148;, and it may also name a vice president. Likewise, it shall name the secretary and its alternate, with the understanding that the latter two need not be directors. The board of
directors shall also name the persons who occupy the other positions created for the proper performance of its functions. The chairman shall also be the chairman of meetings of shareholders and shall be replaced in his duties, in case of absence, by
the vice president, and in his absence by the other Series &#147;B&#148; directors, in the order of their designation. </FONT></P>
<P>
<FONT size=2 face="sans-serif">FEMSA&#146;s corporate bylaws stipulate the possibility of the existence of an executive committee which shall be comprised of an odd number of members of the board of directors or such alternates as they determine,
which shall invariably be established and act as a delegated body of the board of directors. The regular meeting of shareholders or the board of directors may also name, if any principal member is absent, an alternate for each member of the
executive committee. The members of the executive committee shall hold office for one year, unless they are relieved by the regular general meeting of shareholders or by the board of directors but, in any case, they shall continue in office until
new designations are made and the persons named to replace them take possession of their position; they may be reelected and shall receive such remuneration as is determined by the regular general meeting of shareholders or the board of directors.
</FONT></P>
<P>
<FONT size=2 face="sans-serif">On the date of this report, the general meeting of shareholders had not deemed it necessary to establish this executive committee. </FONT></P>
<P>
<FONT size=2 face="sans-serif">However, there are three (3) committees of the board of directors which support the board in its functions: Evaluation and Compensation, Audit and Finance and Planning. The committees may meet when they deem
appropriate, and obligatorily before each regular meeting of the board of directors. Members of FEMSA&#146;s senior management responsible for the committee&#146;s areas of influence are invited to participate in committee meetings. Each committee
has a Chairman and a Secretary, and minutes of each meeting are kept for committees which have resolutions approved. </FONT></P>
<P align="right">
<FONT size=2 face="serif">3</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_4"></A>
<img src="femsa-logo.jpg" width="188" height="54"><TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left valign="bottom" nowrap>&nbsp;</TD>
  <TD align=left valign="baseline">&nbsp;</TD>
  <TD align=left valign="baseline"><hr size="1"></TD>
  <TD align=left valign="baseline"><hr size="1"></TD>
  <TD align=left valign="baseline"><hr size="1"></TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan=2 align=left nowrap><B><FONT size=2 face="sans-serif">On the membership
of the Board of Directors</FONT></B>&nbsp; </TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">1)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the Board of Directors comprised of no fewer than five and no more</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">The Board of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">than fifteen principal directors? (Principle 2)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">directors is</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">comprised of 19</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">members, of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">which 14 are of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Series &#147;B&#148; and 5</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">are of Series &#147;D&#148;.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=5><hr size="1">

	</TD>
  </TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">2)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the Company have only principal directors? (Principle 3)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">All members of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the Board of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Directors have</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">their specific</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">alternate director.</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">3)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Can the alternate directors only replace a preestablished principal</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">director? (Principle 3)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">4)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">If appropriate, does the principal director suggest to the Board of</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Directors who should be designated as his respective alternate?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 3)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">5)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do the independent and equity directors, as a whole, constitute at</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">least 40% of the Board of Directors? (Principle 7)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">6)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do the independent directors represent at least 20% of all the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">directors? (Principle 7)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">7)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the annual report presented by the Board of Directors mention</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">which directors are independent and which are equity? (Principle 8)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">8)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the annual report indicate the category to which the equity</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">directors belong? (Principle 8)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">9)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the annual report indicate the principal business activities of</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">each director as of the date of the report? (Principle 9)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD colspan=5><hr size="1">
  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">4</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_5"></A><img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=67% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On the Structure of the Board of Directors</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">10)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the Board of Directors perform the Compensation and</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Evaluation, Audit and Planning and Finance Functions? (Principle 10)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">11)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Are the intermediate bodies only comprised of principal directors?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">In the Evaluation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 12)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Compensation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Committee, Mr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Arturo Fernandez</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">participates</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">(independent</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">alternate</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">director). In</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">addition, there is</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">a Technical</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Secretary on</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">each committee,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">who is the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Company</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">employee in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">charge of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">area for which the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">respective</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">committee is</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">responsible.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">12)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is each intermediate body comprised of at least 3 members and at</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">most 7? (Principle 13)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">13)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does each independent director, besides performing his functions on</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">the Board, participate on at least one of the intermediate bodies?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 16)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">14)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the intermediate body in charge of the Audit function presided by an</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">independent director? (Principle 17)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
      <HR noshade size=1>
	</TD>
	<TD>
      <HR noshade size=1>
	</TD>
	<TD width="15%">
      <HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
    <TD><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=67% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On the Operation of the Board of Directors</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>
<B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">15)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the Board of Directors meet at least 4 times per year? (Principle</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">18)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">16)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is at least one of the meetings of the Board of Directors dedicated to</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">defining the company&#146;s long- and medium-term strategies? (Principle</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">18)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=1 face="sans-serif">. </FONT><FONT size=2 face="sans-serif">17)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Can a meeting of the Board be called with agreement from at least</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">25% of the directors? (Principle 19)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">18)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do directors access to all the relevant information at least 5 business</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Except matters of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">days before a meeting? (Principle 20)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">extreme</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">confidentiality or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">to be dealt during</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">a special meeting</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">5</FONT></P>

<HR noshade align="center" width="100%" size=2>


<A name="page_6"></A>
<img src="femsa-logo.jpg" width="188" height="54"><br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">19)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">* Is there an existing mechanism that ensures that directors can</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Members of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">evaluate matters on strategic affairs, even when they don&#146;t receive the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">board may</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">necessary information at least 5 business days in advance? (Principle</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">request all the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">20)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">information they</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">need to be able to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">discuss, evaluate</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and make</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">decisions during</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the meeting.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">20)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">* Are new directors inducted by explaining to them their</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">A new director</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">responsibilities and the company&#146;s position? (Principle 21)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">receives complete</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">information on the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">company&#146;s</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">position, annual</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">reports from prior</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">fiscal years, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">meetings are</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">scheduled for him</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">with senior</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">management,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">who detail the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">company&#146;s</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">position and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">answer any of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">director&#146;s</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">questions.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
      <HR noshade size=1>
	</TD>
	<TD>
      <HR noshade size=1>
	</TD>
	<TD width="15%">
      <HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD nowrap colspan=2 align=left>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
  <TD nowrap align=left><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=66% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On the Duties of Directors</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
	</TD>
	<TD width=4% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=left>
<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">21)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do directors communicate to the Chairman and the Secretary of the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Board of Directors any conflict of interest that might imply that they</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">must refrain from voting and do they in effect refrain from participating</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">in the corresponding deliberations? (Principle 22)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">22)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do directors use the company&#146;s assets and services only for the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">performance of its corporate objective? (Principle 23)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">23)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">If appropriate, are clear policies defined for when directors</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">exceptionally use the company&#146;s assets for personal matters?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 23)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">24)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">* Do directors dedicate time to their functions by attending at least</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">With respect to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">70% of the meetings to which they are called? (Principle 24)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the regular</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">meetings held</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">during the 2004</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">fiscal year, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">average</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">attendance by</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">directors was</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">81.58%. If we</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">consider the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">attendance of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">alternate directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">at meetings,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">average</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">attendance was</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">98.69%</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">6</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_7"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
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  </TR>
<TR valign="bottom">
	<TD width=4% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">25)</FONT>&nbsp;
      </div></TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">Do directors keep the corporate matters of which they gain knowledge</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=right><div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp; </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">The Company</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">through the meetings they attend in strict confidence? (Principle 25)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">has no evidence</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">otherwise. Also,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the Secretary of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the Board</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">periodically</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">reminds directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">of the scope of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">this confidentiality</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">obligation.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="71%">
<HR noshade size=1>
	</TD>
	<TD width="5%"><HR noshade size=1></TD>
	<TD width="5%"><HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">26)</FONT>&nbsp;
      </div></TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">Do principal directors and alternate directors keep each other</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=right><div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp; </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">informed of the matters dealt with in meetings of the board? (Principle</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">26)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">27)</FONT>&nbsp;
      </div></TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">Does the Board of Directors have support through opinions,</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=right><div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp; </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">The Board of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">recommendations and guidance derived from the analysis of the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Directors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>
<FONT size=2 face="sans-serif">company&#146;s performance? (Principle 27)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">supports itself</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">through</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">investment banks,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">engineering firms</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and outside</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">counsel for</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">decision-making,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">when it so deems</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">appropriate or</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">necessary</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">according to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">specific</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=71% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">circumstances.</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1></TD>
  <TD><HR noshade size=1>
  </TD>
  <TD><HR noshade size=1>
  </TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">7</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_8"></A>

  <B><FONT size=2 face="sans-serif"><img src="femsa-logo.jpg" width="188" height="54"></FONT></B></p>
<p><B><FONT size=2 face="sans-serif">COMPENSATION AND EVALUATION FUNCTION</FONT></B></p>
<p><B><FONT size=2 face="sans-serif">iii) On the Evaluation and Compensation Function (Principle 28)</FONT></B></p>
<P>
<FONT size=2 face="sans-serif">The Compensation and Evaluation Committee is responsible for suggesting procedures to the Board of Directors to name the director general and other senior managers; for proposing the criteria for the evaluation of the
director general and senior management; for analyzing and presenting to the board of directors the proposal prepared by the director general with respect to the structure and level of compensation for directors considered &#147;key&#148; to the
company. This Committee shall be comprised of the following members of the board of directors: Lorenzo H. Zambrano (independent director and chairman of the committee), Carlos Salguero (independent director), Roberto Servitje Sendra (related
director) y Max Michel Suberville (equity director) and Arturo Fernandez Perez (alternate independent director). The technical secretary is Alfonso Garza Garza, FEMSA&#146;s Executive Vice-President of Human Resources. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
  <TD nowrap align=center><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left nowrap>
<B><FONT size=2 face="sans-serif">On</FONT></B>&nbsp;<B><FONT size=2 face="sans-serif">the Operation of the body that performs the Evaluation</FONT></B>&nbsp;<B><FONT size=2 face="sans-serif">and</FONT></B>
	</TD>
	<TD width=5% nowrap align=center>
      <div align="left"><B><FONT size=2 face="sans-serif"> YES</FONT></B>&nbsp;
      </div></TD>
	<TD width=5% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=right>
<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">Compensation Function</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">28)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
 &nbsp;<FONT size=2 face="sans-serif">Does the intermediate body that performs the Evaluation and</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=center>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
 &nbsp;<FONT size=2 face="sans-serif">Compensation functions review the hiring conditions of senior</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
 &nbsp;<FONT size=2 face="sans-serif">executives and do the likely payments for severance from the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% align=left nowrap>
 &nbsp;<FONT size=2 face="sans-serif">company, meet the guidelines approved by the Board of Directors?</FONT>&nbsp;
	</TD>
	<TD width=5% align=left nowrap>&nbsp;</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
 &nbsp;<FONT size=2 face="sans-serif">(Principle 29)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<FONT size=2 face="serif">8</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_9"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD><HR noshade size=1>
    </TD>
  </TR>
<TR valign="bottom">
	<TD width=4% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">29)</FONT>&nbsp;
      </div></TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Are the structure and the policies used to determine directors&#146; and</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">With respect to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">officers&#146; packages disclosed? (Principle 30)</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">members of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">board of directors,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the annual</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">meeting of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">shareholders</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">authorizes the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">annual</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">compensation to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">be paid to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">directors, and this</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">information is</FONT>&nbsp;
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">public. With</FONT>&nbsp;
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">respect to the</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">compensation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">paid to officers,</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the Board of</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Directors handles</FONT>&nbsp;
	</TD>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">this information</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">on a confidential</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">basis. However,</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the annual reports</FONT>&nbsp;
	</TD>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

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	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">presented to the</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">regulatory</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">authorities of the</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">United States and</FONT>&nbsp;
	</TD>
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Mexico describe</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">executive stock</FONT>&nbsp;
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">incentive plans,</FONT>&nbsp;
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	</TD>
	<TD width=70% nowrap align=left>&nbsp;

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	<TD width=5%>&nbsp;
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	<TD width=5% nowrap align=left>&nbsp;

	</TD>
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<FONT size=2 face="sans-serif">and the overall</FONT>&nbsp;
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	</TD>
	<TD width=70% nowrap align=left>&nbsp;

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	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
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<FONT size=2 face="sans-serif">amount of</FONT>&nbsp;
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	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">compensation</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">paid to senior</FONT>&nbsp;
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<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
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	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">officers.</FONT>&nbsp;
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</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">9</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_10"></A><img src="femsa-logo.jpg" width="188" height="54"></p>
<p>

  <B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT FUNCTION</FONT></B></p>
<p><B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv) On the Audit Function (Principles 31, 37, 38, 40)</FONT></B></p>
<P>
<FONT size=2 face="sans-serif">The Audit Committee&#146;s responsibilities include recommending to the Board of Directors the candidates for FEMSA&#146;s external auditors; for assuring their independence and objectivity; for recommending the
procedures for preparing the financial information, its review and the processes required for its dissemination; for verifying that the mechanisms essential to assuring the company&#146;s compliance with the stipulations of the corporate bylaws are
implemented. This committee is comprised of Alexis E. Rovzar de la Torre (independent director and Chairman of the Committee), Jose Manuel Canal Hernando (independent director) and Helmut Paul (independent director).  The technical secretary is Jose
Gonzalez Ornelas (alternate related director). It is worth to mention, that according to the applicable laws of the United States of America, Mr. Jose Manuel Canal Hernando performs as financial expert in the Audit Committee of FEMSA. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD nowrap colspan=2 align=left>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On the Selection of Auditors</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
	</TD>
	<TD width=15% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">30)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the income of the external auditor as well as from any other</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">external review, derived from performing the company&#146;s audit,</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">represent a percentage less than or equal to 20% of the total income</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">of the offices in charge? (Principle 32)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">31)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the rotation of the partner who audits the company occur at least</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">once every 6 years? (Principle 33)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">32)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the person who signs the audit report of the company&#146;s annual</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">statements different from the one who acts as Statutory Auditor?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 34)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">33)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is information given in the Annual Report on the professional profile of</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">the company&#146;s statutory auditor? (Principle 35)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On Financial Reporting</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">34)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the company have an internal audit department? (Principle 36)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">35)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of performing the Audit function</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">submit the accounting policies for approval by the Board of Directors?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 37)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">36)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Audit function ensure that</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">the intermediate public financial information is prepared pursuant to</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">the same principles, criteria and practices as the annual reports will be</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">prepared with? (Principle 39)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">On Internal Controls</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">37)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does an internal control system exist? (Principle 41)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">38)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Are the general guidelines for the internal control system submitted for</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">approval by the Board of Directors? (Principle 41)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">10</FONT></P>

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<p><A name="page_11"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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	<TD width=4% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">39)</FONT>&nbsp;
      </div></TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Audit function evaluates</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp;
      </div></TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Representatives</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">and issues an opinion on the effectiveness of the internal control</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">of internal audit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">system? (Principle 42)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">interact with the</FONT>&nbsp;
	</TD>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">audit Committee</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and with external</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">auditors to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">analyze the</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">effectiveness of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the internal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">control system.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Periodic reports</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">are prepared</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">which are sent to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">members of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">committee in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">reasonable</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">advance time</FONT>&nbsp;
	</TD>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">before the</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">meeting.</FONT>&nbsp;
	</TD>
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<HR noshade size=1>
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	<TD width="5%">
<HR noshade size=1>
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	<TD width="5%"><HR noshade size=1>
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	<TD width="15%">
<HR noshade size=1>
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</TR>
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<BR>
<P align="right">
<FONT size=2 face="serif">11</FONT></P>

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<p><A name="page_12"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=1>
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	<TD width=4% nowrap align=left>
      <div align="left"><FONT size=2 face="sans-serif">40)</FONT>&nbsp;
      </div></TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Do the external auditors validate the effectiveness of the internal</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=right>
      <div align="left"><FONT size=2 face="sans-serif">X</FONT>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">FEMSA does not</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">control system and issue a report on those controls? (Principle 43)</FONT>&nbsp;
	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">need to, and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">external auditors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">have not been</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">contracted to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">elaborate an audit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">on our internal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">control. The audit</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">includes</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">inspections based</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">on selective</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">proof, from the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">evidence that</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">supports figures</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and disclosures</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">on the financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">statements;</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">likewise, it</FONT>&nbsp;
	</TD>
</TR>
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	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">includes the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">evaluation of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">accounting</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">principles used,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the significant</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">estimations made</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">by the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">administration,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">presentation of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">financial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">statements taken</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">jointly, but at</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">closing of fiscal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">year 2004, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">external auditors</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">did not give an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">opinion about</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">FEMSA&#146;s internal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">control. External</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">auditors will make</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">an inspection and</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">a report on the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">effectiveness of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the internal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">control system,</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">until the fiscal</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">year 2006 with</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the application of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">section 404 of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">U.S. Sarbanes</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5%>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Oxley Act.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD width="5%"><HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
<FONT size=2 face="serif">12</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_13"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>
      <div align="left"><B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
      </div></TD>
	<TD width=5% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=70% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">Compliance Review</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">41)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Audit function verify that</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">controls exist that allow a determination of whether the company</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">complies with the stipulations that are applicable to it and report such</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">to the Board of Directors? (Principle 44)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">42)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the compliance review of all applicable stipulations performed at</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">least once per year? (Principle 44)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">43)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the Board of Directors informed periodically about its legal</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">situation? (Principle 45)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="right">
<FONT size=2 face="serif">13</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_14"></A>

  <B><FONT size=2 face="sans-serif">&nbsp;<img src="femsa-logo.jpg" width="188" height="54"></FONT></B></p>
<p><B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCE AND PLANNING FUNCTION</FONT></B></p>
<p><B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) On the Finance and Planning Function (see section IV, Principle 46)</FONT></B></p>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="sans-serif">The Finance and Planning Committee is responsible for evaluating the investment policies proposed by the director general and for obtaining approval from the board of directors for those
policies; for evaluating and, if necessary, suggesting financing policies proposed by the director general; for evaluating and, if necessary, suggesting the general guidelines for improving FEMSA&#146;s strategic planning; for providing an opinion
on the premises of the annual budget and for obtaining approval from the board of directors; for assuring the implementation of the budget and the strategic plan; for identifying the risk factors to which FEMSA is exposed, as well as the evaluation
of its administrative policies. This committee is comprised of: Ricardo Guajardo Touche (independent director and chairman of the committee), Luis Tellez (independent director), Robert E. Denham (independent director), Alfredo Livas Cantu (related
director) and Javier Fernandez Carbajal (related director). The technical secretary is Federico Reyes Garcia (alternate related director and Director of Finance and Corporate Development of FEMSA) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD nowrap colspan=2 align=left>&nbsp;</TD>
  <TD nowrap align=left><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
  <TD nowrap align=right><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap colspan=2 align=left>
      <div align="left"><B><FONT size=2 face="sans-serif">On the Organization of the intermediate body in charge of the Finance</FONT></B>&nbsp;
      </div></TD>
	<TD width=5% nowrap align=left>
      <div align="left"><B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
      </div></TD>
	<TD width=5% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=71% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">and Planning function</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">44)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Finance and Planning</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">function issues an evaluation on the viability of the company&#146;s</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">principal financial investments and transactions? (Principle 47)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">45)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Finance and Planning</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">functions periodically evaluates the company&#146;s strategic position as</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">stipulated in the strategic plan? (Principle 48)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">46)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Finance and Planning act</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">in support of the Board by monitoring the consistency of the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">company&#146;s investment and finance policies with its strategic vision?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 49)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">47)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Does the intermediate body in charge of the Finance and Planning</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">functions support the Board by reviewing the company&#146;s financial</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">projections assuring their consistency with the company&#146;s strategic</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">plan? (Principle 50)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P>
<B><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi) Optional Question </FONT></B></P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align="right">
<FONT size=2 face="serif">14</FONT></P>

<HR noshade align="center" width="100%" size=2>


<p><A name="page_15"></A>
  <img src="femsa-logo.jpg" width="188" height="54"></p>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
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	<TD width=67% nowrap colspan=2 align=left>&nbsp;</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
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  <TD width=67% colspan=2 align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="sans-serif">QUESTIONNAIRE ON THE GENERAL MEETING OF SHAREHOLDERS</FONT></B>&nbsp; </TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
  <TD width=67% colspan=2 align=left valign="bottom" nowrap>&nbsp; &nbsp;&nbsp;<B><FONT size=2 face="sans-serif">SHAREHOLDERS RIGHTS</FONT></B>&nbsp; </TD>
	<TD>&nbsp;
	</TD>
	<TD width="5%">&nbsp;
	</TD>
	<TD width="15%">&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD>&nbsp;</TD>
    <TD><HR noshade size=1></TD>
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<TR valign="bottom">
	<TD width=67% nowrap colspan=2 align=left>
<B><FONT size=2 face="sans-serif">i) On Reporting and the Order of the Day at Meetings of Shareholders</FONT></B>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
      <div align="left"><B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
      </div></TD>
	<TD width=5% nowrap align=right>
      <div align="left"><B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
      </div></TD>
	<TD width=15% nowrap align=left>
      <div align="left"><B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR>
	<TD colspan=2>
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">1)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Was the &#147;Miscellaneous Items&#148; entry removed from the Order of the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Day for Meetings of Shareholders&#146;? (Principle 51)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">2)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Was the grouping of matters related to different subjects in one single</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">point of the Order of the Day avoided? (Principle 51)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">3)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is all the information on each point of the order of the day of the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">The information is</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Meeting of Shareholders available 15 days in advance? (Principle 52)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">available with the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">required lead time</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">in accordance to</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the provisions of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">the General</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Commercial</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Companies Law</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">and Securities</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Market Law.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">4)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Are shareholders provided with any form that contains detailed</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">The Company</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">information and possible voting alternatives on the matters listed in the</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">prepares those</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">order of the day, so that they can give instructions to their proxies?</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">proxy forms in</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">(Principle 53)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">accordance to the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">provisions of the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Securities Market</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>
<FONT size=2 face="sans-serif">Law.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>
<FONT size=2 face="sans-serif">5)</FONT>&nbsp;
	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">Is the proposed composition of the Board of Directors, accompanied</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>
<FONT size=2 face="sans-serif">X</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">by information related to the professional profiles of the candidates,</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=4% nowrap align=left>&nbsp;

	</TD>
	<TD width=70% nowrap align=left>
<FONT size=2 face="sans-serif">included among the information given to shareholders? (Principle 54)</FONT>&nbsp;
	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=5% nowrap align=left>&nbsp;

	</TD>
	<TD width=15% nowrap align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD width="4%">
<HR noshade size=1>
	</TD>
	<TD width="70%">
<HR noshade size=1>
	</TD>
	<TD>
<HR noshade size=1>
	</TD>
	<TD width="5%">
<HR noshade size=1>
	</TD>
	<TD width="15%">
<HR noshade size=1>
	</TD>
</TR>
</TABLE>
<BR>
<P align="right">
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<p><A name="page_16"></A>
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<B><FONT size=2 face="sans-serif">ii) On Reporting and Communication between the Board of Directors</FONT></B>&nbsp;
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<B><FONT size=2 face="sans-serif">YES</FONT></B>&nbsp;
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<B><FONT size=2 face="sans-serif">NO</FONT></B>&nbsp;
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<B><FONT size=2 face="sans-serif">Comments</FONT></B>&nbsp;
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<B><FONT size=2 face="sans-serif">and Shareholders</FONT></B>&nbsp;
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<FONT size=2 face="sans-serif">6)</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Does the Board of Directors include in its annual report to the Meeting</FONT>&nbsp;
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<FONT size=2 face="sans-serif">of Shareholders relevant aspects of the work of each intermediate</FONT>&nbsp;
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<FONT size=2 face="sans-serif">body and the names of their members? (Principle 55)</FONT>&nbsp;
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<FONT size=2 face="sans-serif">7)</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Are the reports of each intermediate body presented to the Board of</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Only the report of</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Directors available to shareholders with the material for the Meeting of</FONT>&nbsp;
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	<TD width=5% nowrap align=left>&nbsp;

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<FONT size=2 face="sans-serif">the Auditing</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

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<FONT size=2 face="sans-serif">Shareholders? (Principle 55)</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Committee is</FONT>&nbsp;
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<FONT size=2 face="sans-serif">presented for</FONT>&nbsp;
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<FONT size=2 face="sans-serif">approval during</FONT>&nbsp;
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<FONT size=2 face="sans-serif">the annual</FONT>&nbsp;
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<FONT size=2 face="sans-serif">shareholders</FONT>&nbsp;
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	<TD width=4% nowrap align=left>&nbsp;

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<FONT size=2 face="sans-serif">meeting in</FONT>&nbsp;
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<FONT size=2 face="sans-serif">accordance to the</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Securities Market</FONT>&nbsp;
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<FONT size=2 face="sans-serif">Law.</FONT>&nbsp;
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  <TD width=4% align=left nowrap><FONT size=2 face="sans-serif">8)</FONT>&nbsp; </TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">Does the company have policies, mechanisms and people responsible</FONT>&nbsp; </TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">X</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">The Company</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">for reporting to shareholders and keeping channels of communications</FONT>&nbsp; </TD>
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  <TD width=4% align=left nowrap>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">with shareholders and potential investors open? (Principle 56)</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">Shareholders</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">department that</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">reports directly to</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">the Company&#146;s</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">Finance</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">Department. The</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">Investor Relations</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">section on</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">FEMSA&#146;s Internet</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">page (www.</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">ri.femsa.com)</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">contains wide</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">financial</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">information, press</FONT>&nbsp; </TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">releases, and a</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">business model,</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">so that investors</FONT>&nbsp; </TD>
</TR>
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  <TD width=4% align=left nowrap>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">and analysts can</FONT>&nbsp; </TD>
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  <TD width=4% align=left nowrap>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">have a clear view</FONT>&nbsp; </TD>
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  <TD width=4% align=left nowrap>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left><FONT size=2 face="sans-serif">of the company&#146;s</FONT>&nbsp; </TD>
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  <TD nowrap align=left>&nbsp;</TD>
  <TD nowrap align=left>&nbsp;</TD>
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  <TD nowrap align=left><FONT size=2 face="sans-serif">position.</FONT>&nbsp; </TD>
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<FONT size=2 face="serif">16</FONT></P>

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<p align="center"><B><FONT face="serif">SIGNATURES</FONT></B><BR>
</p>
<P> <FONT face="serif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>
<BR>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD nowrap align=left><FONT face="serif">Date: April 11, 2005</FONT></TD>
    <TD colspan="3"><FONT face="serif">Fomento Econ&oacute;mico Mexicano, S.A. de C.V.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD height="61" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=right>&nbsp;</TD>
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT face="serif">By:</FONT>&nbsp; </TD>
    <TD width=3% nowrap align=right><div align="left"><FONT face="serif">/s/</FONT>&nbsp; </div></TD>
    <TD width=41% nowrap align=left><FONT face="serif">Federico Reyes</FONT>&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="2"><hr align="left" width="300" size="1"></TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT face="serif">Name:</FONT>&nbsp; </TD>
    <TD width=3% nowrap align=left>&nbsp;</TD>
    <TD width=41% nowrap align=left><FONT face="serif">Federico Reyes</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT face="serif">Title:</FONT>&nbsp; </TD>
    <TD width=3% nowrap align=left>&nbsp;</TD>
    <TD width=41% nowrap align=left><FONT face="serif">Executive Vice President of</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=51% nowrap align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=3% nowrap align=left>&nbsp;</TD>
    <TD width=41% nowrap align=left><FONT face="serif">Finance and Planning</FONT>&nbsp; </TD>
  </TR>
</TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
