-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 I3BYgERTCDNWBYh9WgmE8YZTYZpR28qQLxP/sXJbSiwr+z2dRBcBeinO+xK1wmvo
 2fUFuKP0jkJAf1bpXjukMg==

<SEC-DOCUMENT>0000903423-07-000649.txt : 20070629
<SEC-HEADER>0000903423-07-000649.hdr.sgml : 20070629
<ACCEPTANCE-DATETIME>20070629122348
ACCESSION NUMBER:		0000903423-07-000649
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070629
FILED AS OF DATE:		20070629
DATE AS OF CHANGE:		20070629

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
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-08752
		FILM NUMBER:		07949410

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
		BUSINESS PHONE:		5283286000

	MAIL ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>femsa-6k_0628.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "Best Practices in C">


<HTML>
<HEAD>
   <TITLE>Best Practices in C -- Converted by SECPublisher 2.1.1.6, created by BCL Technologies Inc., for SEC Filing</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY bgcolor="#ffffff">
<div align="right">
  <p align="center" style="margin-bottom: 0px"><FONT
face="Times New Roman" size=4><B>UNITED STATES </B></FONT></p>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=4><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Washington, D.C. 20549 </B></FONT></P>
  <P style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=4><B>FORM 6-K </B></FONT></P>
  <P align="center"><FONT size=4 face="serif">Report of Foreign Private Issuer </FONT><BR>
      <FONT size=4 face="serif">Pursuant to Rule 13a-16 or 15d-16</FONT>      <FONT size=4 face="serif">Under</FONT><BR>
  <FONT size=4 face="serif">The Securities Exchange Act of 1934 </FONT>  </P>
  <P align="center"> <FONT face="serif">For the month of June 2007 </FONT></P>
  <P align="center" style="margin-bottom: 0px"><FONT
face="Times New Roman" size=5><B>Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V. </B></FONT></P>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; font-style: italic;" align=center><FONT
face="Times New Roman" size=2>(Exact Name of Registrant as Specified in Its Charter) </FONT></P>
  <P style="MARGIN-TOP: 0px; FONT-SIZE: 12px; MARGIN-BOTTOM: 0px">&nbsp;</P>
  <P align="center" style="MARGIN-TOP: 0px; FONT-SIZE: 12px; MARGIN-BOTTOM: 0px"><FONT
face="Times New Roman" size=3><B>Mexican Economic Development, Inc. </B></FONT></P>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; font-style: italic;" align=center><FONT
face="Times New Roman" size=2>(Translation of Registrant's Name into English) </FONT></P>
  <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=2><B><br>
  </B></FONT></P>
  <div align="center">
    <P style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>General Anaya No.&nbsp;601 Pte. </B></FONT></P>
    <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Colonia Bella Vista </B></FONT></P>
    <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align=center><FONT
face="Times New Roman" size=3><B>Monterrey, NL 64410 Mexico </B></FONT></P>
    <P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; font-style: italic;" align=center><FONT
face="Times New Roman" size=2>(Address of Principal Executive Offices) </FONT></P>
    <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=2 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 <br>
  Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) </FONT></P>
  <div align="center"><FONT size=2 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 style='page-break-before:always'></p>
    <p align="left"><img src="femsa1-logo.jpg" width="162" height="41"></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;line-height: 150%;'><b><font face="Arial" size=2>May 31<sup>st</sup>, 2007</font></b></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:center;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:center;'><U><B><font FACE="ARIAL" SIZE=2>REPORT ON THE APPLICATION OF THE BEST BUSINESS PRACTICES CODE</font></B></U></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:center;'><font face="Arial" size=1>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:center;'><b><font face="Arial" size=2>QUESTIONNAIRE ON ISSUER&#146;S CORPORATE GOVERNANCE</font></b></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=1>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><B><font FACE="ARIAL" SIZE=2>BOARD OF DIRECTORS</font></B></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; margin-left:8.33%; text-indent:-5%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; margin-left:8.33%; text-indent:-5%;text-align:justify;'><b><font face="Arial" size=2>i) On the Functions of the Board of Directors (Principle 1)</font></b></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0%;text-align:justify;'><font face="Arial" size=2>Pursuant to Article 24 of the corporate bylaws of Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. (&#147;FEMSA&#148;), the management and administration of corporate affairs is entrusted to a board of directors.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0%;text-align:justify;'><font face="Arial" size=2>According to the bylaws, the Board of Directors has the following authorities, among others: </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(a) To manage the company&#146;s business and assets; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(b) To perform acts of dominion with respect to the company&#146;s chattel and real estate, as well as its real and personal rights;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(c) To represent the company before all types of authorities;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(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 style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(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 style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(f) To elect, name and remove, with the prior opinion of the appropriate committee, the general director and determine his total compensation, as well as the policies for the designation and compensation of other relevant executives;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(g) 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>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(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 style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>(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. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:8.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0%;text-align:justify;'><font face="Arial" size=2>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 to security issuers, issued by the National Securities and Banking Commission, published in the Mexican Gazette of the Federation as of March 19, 2003 and its respective modifications), pretend to execute with related persons or that involve compromising their wealth. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>1</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41"><br>
  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0%;text-align:justify;'><font face="Arial" size=2>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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; margin-left:8.33%; text-indent:-5%;text-align:justify;'><b><font face="Arial" size=2>ii) On the Structure of the Board of Directors (Principles 10, 11 and 14)</font></b></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>Directors shall hold office for one year, but in accordance with the Mexican Securities Law and our bylaws they shall continue in office even when the term for which they were designated has concluded or as a result of resignation, up to a term of 30 days, 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>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 style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>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 for a term of 30 days 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 meetin
g of shareholders or the Board of Directors.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>On the date of this report, the general meeting of shareholders had not deemed it necessary to establish this executive committee.</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>However, there are three (3) committees of the Board of Directors which support the Board in its functions: Audit, Corporate Practices 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 style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>2</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:1pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> </p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom: solid black .75pt;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font><b><font face="Arial" size=2>On the Membership of the Board of Directors</font></b></p>
        </td>
        <td width="5%" valign=bottom style='border:solid black .75pt; padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>1)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the board of directors comprised of no fewer than five and no more than fifteen principal directors? (Principle 2)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>The Board of Directors is comprised of 19 members, of which 14 are of Series &#147;B&#148; and 5 are of Series &#147;D&#148;.</font></p>
        <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>2)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the company have only principal directors? (Principle 3)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>All members of the Board of Directors have their specific alternate director. </font></p>
        <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>3)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Can the alternate directors only replace a preestablished principal director? (Principle 3) </font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>4)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>If appropriate, does the principal director suggest to the board of directors who should be designated as his respective alternate? (Principle 3)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>5)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do the independent and equity directors, as a whole, constitute at least 40% of the board of directors? (Principle 7)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>6)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do the independent directors represent at least 20% of all the directors? (Principle 7)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>7)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the annual report presented by the board of directors mention which directors are independent and which are equity? (Principle 8)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent:0in;text-align:left;margin-top:0pt;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>The report identifies directors that are independent. </font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>8)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the annual report indicate the category to which the equity directors belong? (Principle 8)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:0in;margin-bottom:0in;line-height:normal'><font face="Arial" size=2>9)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the annual report indicate the principal business activities of each director as of the date of the report? (Principle 9)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0pt;text-indent: 0in;text-align:justify;margin-top:0pt;margin-bottom:0in;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=1>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>3</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> </p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font><b><font face="Arial" size=2>On the Structure of the Board of Directors</font></b></p>
        </td>
        <td width="5%" valign=bottom style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>10)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the board of directors perform the compensation and evaluation, audit and planning and finance functions? (Principle 10)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>11)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Are the intermediate bodies only comprised of principal directors? (Principle 12)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>In the Planning and Finance Committee one related alternate director participates. In the Audit Committee two independent alternate directors participate In addition, there is a Technical Secretary on each committee, who is the Company employee in charge of the area for which the respective committee is responsible.</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>12)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is each intermediate body comprised of at least 3 members and at most 7? (Principle 13)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>13)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>&nbsp;Does each independent director, besides performing his functions on the Board, participate on at least one of the intermediate bodies? (Principle 16)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>All independent directors participate in intermediate bodies.</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>14)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the intermediate body in charge of the audit function presided by an independent director? (Principle 17)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>On the Operation of the Board of Directors</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>15)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the board of directors meet at least 4 times per year? (Principle 18) </font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>16)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is at least one of the meetings of the board of directors dedicated to defining the company&#146;s long- and medium-term strategies? (Principle 18)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>17)</font><font size=2>&nbsp;&nbsp;</font><font face="Arial" size=2>&nbsp;Can a meeting of the board be called with agreement from at least 25% of the directors? (Principle 19)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>18)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do directors access to all the relevant information at least 5 business days before a meeting? (Principle 20)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>Except matters of extreme confidentiality or to be dealt during a special meeting.</font></p>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>4</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>19)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>* Is there an existing mechanism that ensures that directors can evaluate matters on strategic affairs, even when they don&#146;t receive the necessary information at least 5 business days in advance? (Principle 20)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>Members of the Board may request all the information they need to be able to discuss, evaluate and make decisions during the meeting.</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>20)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>* Are new directors inducted by explaining to them their responsibilities and the company&#146;s position? (Principle 21)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>A new director receives complete information on the company&#146;s position, annual reports from prior fiscal years, and meetings are scheduled for him with senior management, who detail the Company&#146;s position and answer any of the director&#146;s questions.</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>On the Duties of Directors</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>21)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do directors communicate to the chairman and the secretary of the board of directors any conflict of interest that might imply that they must refrain from voting and do they in effect refrain from participating in the corresponding deliberations? (Principle 22)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>22)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do directors use the company&#146;s assets and services only for the performance of its corporate objective? (Principle 23)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>23)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>If appropriate, are clear policies defined for when directors exceptionally use the company&#146;s assets for personal matters? (Principle 23)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>24)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>* Do directors dedicate time to their functions by attending at least 70% of the meetings to which they are called? (Principle 24)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>With respect to the regular meetings held during the 2006 fiscal year, the average attendance by directors was 80%. If we consider the attendance of alternate directors at meetings, average attendance was 94.70%.</font></p>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>5</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>25)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do directors keep the corporate matters of which they gain knowledge through the meetings they attend in strict confidence? (Principle 25)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>The Company has no evidence otherwise. Also, the Secretary of the Board periodically reminds directors of the scope of this confidentiality obligation.</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.5pt;text-indent:-22.5pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>26)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do principal directors and alternate directors keep each other informed of the matters dealt with in meetings of the board? (Principle 26)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>27)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the board of directors have support through opinions, recommendations and guidance derived from the analysis of the company&#146;s performance? (Principle 27)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>The Board of Directors supports itself through investment banks, financial engineering firms and outside counsel for decision-making, when it so deems appropriate or necessary according to the specific circumstances.</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=1>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>6</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> <B><font FACE="ARIAL" SIZE=2>COMPENSATION AND EVALUATION FUNCTION</font></B></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="3%" valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:5.05pt'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>iii)</font></b></p></td>
        <td  valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>On the Evaluation and Compensation Function (Principle 28)</font></b></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0%;text-align:justify;'><font face="Arial" size=2>The Corporate Practices 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. </font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top nowrap style='border-bottom:solid black .75pt; padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><b><font face="Arial" size=2>On the Operation of the Body that performs the Evaluation and Compensation Functions</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font face="Arial" size=2>28)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body that performs the evaluation and compensation functions review the hiring conditions of senior executives and do the likely payments for severance from the company, meet the guidelines approved by the Board of Directors? (Principle 29)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font face="Arial" size=2>29)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Are the structure and the policies used to determine directors&#146; and officers&#146; packages disclosed? (Principle 30) </font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font face="Arial" size=2>With respect to members of the Board of Directors, the annual meeting of shareholders authorizes the annual compensation to be paid to directors, and this information is public. With respect to the compensation paid to officers, the Board of Directors handles this information on a confidential basis. However, the annual reports presented to authorities of Mexico and the United States describe executive stock incentive plans, and the overall amount of compensation paid to senior officers.</font></p>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>7</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> <B><font FACE="ARIAL" SIZE=2>AUDIT FUNCTION</font></B></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="3%" valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:5.05pt'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>iv)</font></b></p></td>
        <td  valign=top style='padding:0in 0in 5.05pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>On the Audit Function (Principles 31, 37, 38, 40)</font></b></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font face="Arial" size=2>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. </font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><b><font face="Arial" size=2>On the Selection of Auditors</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>30)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the income of the external auditor as well as from any other external review, derived from performing the company&#146;s audit, represent a percentage less than or equal to 20% of the total income of the offices in charge? (Principle 32)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>31)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the rotation of the partner who audits the company occur at least once every 6 years? (Principle 33)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>32)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the person who signs the audit report of the company&#146;s annual statements different from the one who acts as statutory auditor? (Principle 34)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>N/A</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>The Company no longer has Statutory Auditor in accordance with the new regulations of the Mexican Securities Law and its bylaws.</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>33)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is information given in the Annual Report on the professional profile of the company&#146;s statutory auditor? (Principle 35)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>N/A</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>The Company no longer has Statutory Auditor in accordance with the new regulations of the Mexican Securities Law and its bylaws.</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><b><font face="Arial" size=2>On Financial Reporting</font></b></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>34)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the company have an internal audit department? (Principle 36)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>35)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of performing the audit function submit the accounting policies for approval by the Board of Directors? (Principle 37)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>36)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the audit function ensure that the intermediate public financial information is prepared pursuant to the same principles, criteria and practices as the annual reports will be prepared with? (Principle 39)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><b><font face="Arial" size=2>On Internal Controls</font></b></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>37)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does an internal control system exist? (Principle 41)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>38)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Are the general guidelines for the internal control system submitted for approval by the board of directors? (Principle 41)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>8</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>39)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the audit function evaluates and issues an opinion on the effectiveness of the internal control system? (Principle 42)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>Representatives of internal and external audit interact with the Audit Committee to verify the effectiveness of the internal control system. Periodic reports are prepared which are sent to members of the Committee in reasonable advance time before the meeting.</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font face="Arial" size=2>40)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Do the external auditors validate the effectiveness of the internal control system and issue a report on those controls? (Principle 43)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:118.8%'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>9</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> </p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Compliance Review</font></b></p></td>
        <td width="5%" valign=bottom style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=bottom style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>41)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the audit function verify that controls exist that allow a determination of whether the company complies with the stipulations that are applicable to it and report such to the board of directors? (Principle 44)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>42)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the compliance review of all applicable stipulations performed at least once per year? (Principle 44)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>43)</font><font size=2>&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the board of directors informed periodically about its legal situation? (Principle 45)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>10</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:5.05pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> </p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><B><font FACE="ARIAL" SIZE=2>FINANCE AND PLANNING FUNCTION</font></B></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="3%" valign=top style='padding:0in 0in 2.0pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom:2.0pt'><font size=1>&nbsp;</font></p></td>
        <td width="5%" valign=top style='padding:0in 0in 2.0pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>v)</font></b></p></td>
        <td  valign=top style='padding:0in 0in 2.0pt 0in'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:97.2%'><b><font face="Arial" size=2>On the Finance and Planning Function (see section IV, Principle 46)</font></b></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:0%;text-align:justify;'><font face="Arial" size=2>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. </font></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top nowrap style='border-bottom:solid black .75pt; padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><b><font face="Arial" size=2>On the Organization of the Intermediate Body in Charge of the Finance and Planning Function</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>44)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the finance and planning function issues an evaluation on the viability of the company&#146;s principal financial investments and transactions? (Principle 47)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>45)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the finance and planning functions periodically evaluates the company&#146;s strategic position as stipulated in the strategic plan? (Principle 48)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>46)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the finance and planning act in support of the Board by monitoring the consistency of the company&#146;s investment and finance policies with its strategic vision? (Principle 49)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.25pt 0in 2.25pt'>
        <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>47)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the intermediate body in charge of the finance and planning functions support the board by reviewing the company&#146;s financial projections assuring their consistency with the company&#146;s strategic plan? (Principle 50)</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.25pt 0in 2.25pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><b><font face="Arial" size=2>vi) Optional Question</font></b></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>11</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> <B><font FACE="ARIAL" SIZE=2>QUESTIONNAIRE ON THE GENERAL MEETING OF SHAREHOLDERS</font></B></p>
  <p style=' margin-bottom:2pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><B><font FACE="ARIAL" SIZE=2>SHAREHOLDERS RIGHTS<br>
  </font></B></p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr >
        <td  nowrap colspan="3" valign=top style=' border-bottom:solid black .75pt;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>i) On Reporting and the Order of the Day at Meetings of Shareholders</font></b></p></td>
        <td width="5%" nowrap valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" nowrap valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" nowrap valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr >
        <td colspan="3" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>1)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Was the &#147;Miscellaneous Items&#148; entry removed from the order of the day for meetings of shareholders&#146;? (Principle 51)</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr >
        <td colspan="3" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>2)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Was the grouping of matters related to different subjects in one single point of the order of the day avoided? (Principle 51) </font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr >
        <td colspan="3" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>3)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is all the information on each point of the order of the day of the meeting of shareholders available 15 days in advance? (Principle 52)</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font face="Arial" size=2>The information is available with the required lead time in accordance to the provisions of the General Commercial Companies Law and Securities Market Law.</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:1.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr >
        <td colspan="3" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>4)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Are shareholders provided with any form that contains detailed information and possible voting alternatives on the matters listed in the order of the day, so that they can give instructions to their proxies? (Principle 53)</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>The Company prepares those proxy forms in accordance to the provisions of the Securities Market Law.</font></p>
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr >
        <td colspan="3" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt; '>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:2.0pt;line-height:normal'><font face="Arial" size=2>5)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Is the proposed composition of the board of directors, accompanied by information related to the professional profiles of the candidates, included among the information given to shareholders? (Principle 54) </font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" nowrap valign=top style='border-top:none; border-left:none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt;'>
          <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="87" ></td>
        <td width="15%" ></td>
        <td width="231" ></td>
        <td width="5%" ></td>
        <td width="5%" ></td>
        <td width="20%" ></td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:3pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>12</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <!-- EEDocs PBStart-->
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
  <!-- EEDocs PBEnd-->
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="femsa1-logo.jpg" width="162" height="41">  </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:3pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'> </p>
  <div align=left>
    <table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
      <tr>
        <td width="70%" valign=top style='border-bottom:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><b><font face="Arial" size=2>ii) On Reporting and Communication between the Board of Directors and Shareholders</font></b></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>YES</font></B></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><B><font FACE="ARIAL" SIZE=2>NO</font></B></p></td>
        <td width="20%" valign=top style='border:solid black .75pt; border-left:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><b><font face="Arial" size=2>Comments</font></b></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>6)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the board of directors include in its annual report to the meeting of shareholders relevant aspects of the work of each intermediate body and the names of their members? (Principle 55)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p>
        <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>7)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Are the reports of each intermediate body presented to the board of directors available to shareholders with the material for the meeting of shareholders? (Principle 55)</font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>In compliance with the Securities Market Law and the General Corporations Law the reports from the Auditing Committee and the Corporate Practices Committee are presented for approval during the annual shareholders meeting.</font></p></td>
      </tr>
      <tr>
        <td width="70%" valign=top style='border-top:none;border-left: solid black .75pt;border-bottom:solid black .75pt;border-right: none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:22.3pt;text-indent:-22.3pt;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>8)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Arial" size=2>Does the company have policies, mechanisms and people responsible for reporting to shareholders and keeping channels of communications with shareholders and potential investors open? (Principle 56) </font></p></td>
        <td width="5%" valign=top style='border:solid black .75pt; border-top:none;padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font FACE="ARIAL" SIZE=2>X</font></p></td>
        <td width="5%" valign=top style='border-top:none;border-left:none; border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font size=1>&nbsp;</font></p></td>
        <td width="20%" valign=top style='border-top:none;border-left: none;border-bottom:solid black .75pt;border-right:solid black .75pt;  padding:0in 2.15pt 0in 2.15pt'>
          <p style='margin-left:0in;text-indent:0in;text-align:left;margin-top:1.0pt;margin-bottom:3.0pt;line-height:normal'><font face="Arial" size=2>The Company has a Shareholders Services department that reports directly to the Company&#146;s Finance Department. The Investor Relations section on FEMSA&#146;s Internet page (www. ri.femsa.com) contains wide financial information, press releases, and a business model, so that investors and analysts can have a clear view of the company&#146;s position.</font></p>
        </td>
      </tr>
    </table>
  </div>
  <p style=' margin-bottom:3pt; margin-top:0pt; text-indent:3.33%;text-align:justify;'><font face="Arial" size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>13</font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'>&nbsp;</p>
</div>
  <HR noshade align="center" width="100%" size="2">
  <p style='page-break-before:always'></p>
<p align="center"><B><FONT size="2" face="serif">SIGNATURES</FONT></B><BR>
</p>
<P> <FONT size="2" 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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD nowrap align=left><FONT size="2" face="serif">Date: June 29, 2007 </FONT></TD>
    <TD colspan="2"><FONT size="2" face="serif">Fomento Econ&oacute;mico Mexicano, S.A.B. de C.V.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD height="61" align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=53% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT size="2" face="serif">By:</FONT>&nbsp; </TD>
    <TD width=42% nowrap align=left> <u><FONT size="2" face="serif">/s/ JAVIER ASTABURUAGA SANJINES&nbsp;</FONT></u></TD>
  </TR>
  <TR valign="bottom">
    <TD width=53% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT face="serif">Name:</FONT>&nbsp; </TD>
    <TD width=42% nowrap align=left><FONT size="2" face="serif">Javier Astaburuaga Sanjines </FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=53% nowrap align=left>&nbsp;</TD>
    <TD width=5%><FONT face="serif">Title:</FONT>&nbsp; </TD>
    <TD width=42% nowrap align=left><FONT size="2" face="serif">Chief Financial Officer &nbsp; </FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=53% nowrap align=left>&nbsp;</TD>
    <TD width=5%>&nbsp;</TD>
    <TD width=42% nowrap align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=2>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>femsa1-logo.jpg
<TEXT>
begin 644 femsa1-logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-#AT5%A$8(Q\E)"(?(B$F
M*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_VP!#`0H+"PX-#AP0$!P[
M*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SO_P``1"``I`*(#`2(``A$!`Q$!_\0`'````P`#`0$!````````
M``````8'!`4(`P(!_\0`01```0,#`@,$!0@&"P```````0(#!``%$08'$B$Q
M$T%1@39A<7.R%!4B(W*1H<$R-T)2L>$6%R4S-%-B8Y/1\/_$`!D!``(#`0``
M``````````````$"``,$!?_$`"01``,``@$$`@(#```````````!`@,1(002
M,4$B81-Q,U&1_]T`!``H_]H`#`,!``(1`Q$`/P"A:RO5ST_`1<8B67&$K"'4
MK!R,]"*1IV[-Y@)"G(D4A0R@C/TJ=-R/0N7]I'Q"N?[NI1[,$D@=/524WLZ'
M3Q%8VVBU6C4&NKU:&;I"M]L4P\DJ0%.D*//'2ONQZNU'(U0FQWNV-P%O,K4R
MO!(4M(SR.<$8S6SVT]`+7[L_$:W\F-%ER&`X4]O&6'F\$<2>HS[#S%'1F=SM
MIR3VX[@7^W394-<:(IV(LI6`#S'B*P[-N9J/4%Y1:K="@E]:5*!<)2.0R>=+
M^OE*1J^Y%)(/%W>RL/:+]8<;W3OPFE3>S7<0L:K7.BB76_[@6B.I]VR1'VTC
M*E1U%>/+K61<-8W1G2ENU#&;CEF0A(?0H'*%GD<>K/*G9:TMH4M:@E*1DDGD
M!25N#$8@Z#DHB@!I4A+H`Z`J5DX]633/@S14U23GV+DG=2]QL\42*1C((S@B
MF/06X:-6//0I3*(\QH<20D\G$]^/6*A3K<IM#4ET*#4@$MDGDH`D'\17K9KK
M(L%[C7*,3QL+"L?O)[QYBE3>S5DPPY^*.F;S/^:[1)F@`EE&0#X]!4YG[G7J
M"O)BQ2TH92O!YBMWKC4#$K;]J="5VB9Y0&TCJ<\\>T'E43FOW!UIQN2I02@G
MZ'<#1I\B=/BEPW2Y+5M[KN9JZ;.9DL--IC(2I);SSR365JW6WS+"<=C%L!)X
M>T4,Y/@!2%LTIU`OZF02Z(@*/M?2Q^-*%ZN[UTC-LK42&B2!F@V]!QXH=TVO
M'H:5;FZM<'RV.'3%3R*S&RWGVX_.G/;[<25JJYNVR;&:0ZVP7DNMY`5@@$8\
MZT.@=S(%NM4>R7AGL6V1P(?0G*<?ZA^=.MITM9VM2-ZFL;C267V5H<0US0O.
M#D8Z<QS%%%65K353K^AH4H(05J.`D9)I7TEJ]-^N-SMS_"B1%=*FP/VVCT/E
MW^T5G:MGF%95H0?K)![-/L[S]U1)R]/::UXW<V<@(*>T2/VD$<Q]U%OD7'A[
ML;K_``Z)HKPARV9\)F7'6%M/("T*'>#7O3&4****A!6W(]"Y?VD?$*Y^NW5%
M=`[D>A<K[2/B%<^71Q*EI"2"1UJNO)TNF_B?[*UHNWZR=T?!=M=WB,QB@EII
MQG)`R>IK)T^[JB#N,VG4:<IF1ELMN(.6U%/TACP/(\O73!MIZ`6OW9^(TR/1
MFI'9]J@*+2PX@_NJ'?3:,M9>6FB%Z_\`2ZY?;_*M+MXS<I&L66[3);C2BASA
M<<3Q`#A.>7LK<;AN);U;<BHXRO\`*L;:+]84;W3OPFE7DVV]8E^A[U';MQ1:
MGVDS8\YE:"%I82$+QZJ_=03%S]GHS[N0[PM(<!ZA23@_B*HZE)0DJ40E(&22
M>0I!UM)B3-O)DB"@)8<EY20>2SQX*AZB<FF:T9,=NJE:]BS!TS\_[-QW66^*
M7"=><;P.9'&>(?\`O"IDO'">+D4U?MIOU?Q,_P":]\9J7[F:9_H]J-U;".&'
M,RZUCHD_M)\C^!I6N-E^+)\ZAGSMC;GKYJR*ROB,2$?E"TGID=/QQ]U:Z^?W
MTSWJ_P")JI[-6'YNTNJYNHP[/7E)(Y\`Y#[SDU*K\XE,F6DGF75X'F:C7!9A
MONNOH<]BA_:%V'^TC^)K&W"VWG6^<]=;.PI^$XHK6VV,J:/?R\*R-C/\?=_<
MH_B:W&EMQV8,Y^SWU\]FEU7823SP,GZ*O^Z/&N3/\U=5/T1L+R2E8P?&G;:[
M54FS:E9MKKI,*<OLU-D\D+/Z*AX<^5,>X=EL-[2BZ6=R.'D9,EQK`2H=Q/KJ
M?:1@N7+7%MC1@58D)4HCN2DY)^X4%PR^GWXMTBD[C3;]-E/&T6]UV'`3PN/@
M9`5U5@=^.7W5(I+[TQ9>?65N>)\*ZK#+0;4V&TA"LY2!R.>M<\:^TVK3.IG6
M4)Q%?^M8/=PGJ/(U*7LKZ?*J^`[[,ZG[>([IZ4Y]8SER-D]4'JGR//SJJ5RM
M:+H_9+Q'N,11"V%A0QWCO%=.6BYQ[S:8UQC*"FI#86/5XCR--+,_41VULS:*
M**8SFHU39%:BL+]L1(^3J=*3VF,XP<U-SL6XHY-[23[K^=5^BAHLG)4K28OZ
M/T],TQ:1;'YR)3+9):(1PE.>H]E,%%%$1MM[9-]4;4.:CODFX_.P92\K(;[/
M/#6+9]HKA8K@F?;]0AF0@$!88!P",'K52HH:19^:_&Q"N.B-3W1DLRM7NK;4
M,%`:X0?(8K:7#1ORO0[&FF98:[)*!VW#G)2<DX]=--%32(\MO7T+.BM,3-)V
M]=O<GHE1BLK0.SX2@GKY5[ZQTNSJNRF$LA#J5!;3A'Z)[_PK?T5-"][[N[V>
M$*(S`@L0XZ0AIAM+:$CN`&!4NG;*O39CLA5[`[195@M=,G/C58HJ:).2I\"!
MH[;B;I"Z*EL79#S;J>!UM31'$G/MZUAZCV?C3I;DRSSC$<<45*:<!4C)\#U%
M4NBII#++:>TR+)V@U.[]0]=HZ&">>%*(/E3_`*,T#;='M*<:)D371AR0L<\>
M`\!351422)>:[X;"E_6&D(>K[:B-(6676E<33R1DI)ZCV'\J8**)6FT]HC_]
M13F<B]I_XOYTYZ,TG<]),&&;JB5"*BKLE-D%)/7A.>5-M%#2'>6FM,****)6
#?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
