-----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,
 Q8hiQFpo6EkFaRHM7XbsEZa9jA0buBDACEI/iViW6FusLUJcBwq48e/mnOhuHHpf
 Ri9R9wlSdSE2yrS6ODmQWA==

<SEC-DOCUMENT>0000903423-09-000743.txt : 20091013
<SEC-HEADER>0000903423-09-000743.hdr.sgml : 20091012
<ACCEPTANCE-DATETIME>20090820193438
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-09-000743
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090820

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL ANAYA NO 601 PTE
		STREET 2:		COLONIA BELLA VISTA
		CITY:			MONTERREY, N.L.
		STATE:			O5
		ZIP:			64410
		BUSINESS PHONE:		528183286167

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:0pt; margin-top:9pt;text-align:center;'><font size=2>[Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. letterhead]</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:61.54%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:61.54%;text-align:left;'><font size=2>August 20, 2009</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr >
        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><U><font SIZE=2>VIA FACSIMILE AND EDGAR TRANSMISSION</font></U></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ms. Tia Jenkins</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Assistant Chief Accountant </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Office of Beverages, Apparel and Health Care Services</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Division of Corporation Finance</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Securities and Exchange Commission</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>100 F Street, N.E.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Washington, D.C.  20549</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="39%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  width="0%">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="21%" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Re:</font></p> </td>
        <td  colspan="3" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fomento Econ&#243;mico Mexicano, S.A.B. de C.V.</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Form 20-F for the Year Ended December 31, 2008</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><font size=2>Filed June 30, 2008</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'><u><font size=2>File No. 333-08752             </font></u><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:1.75in;text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:129.6%'>&nbsp;<u></u></p> </td> </tr>
    <tr>
        <td width="139" ></td>

        <td width="246" ></td>

        <td width="253" ></td>

        <td width="5" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:left;'><font size=2>Dear Ms. Jenkins:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>By letter dated August 10, 2009, the staff (the &#147;</font><u><font size=2>Staff</font></u><font size=2>&#148;) of the Securities and Exchange Commission (the &#147;</font><u><font size=2>Commission</font></u><font size=2>&#148;) provided comments on the annual report on Form 20-F (&#147;</font><u><font size=2>Form 20-F</font></u><font size=2>&#148;) filed on June 30, 2009 by Fomento Econ&#243;mico Mexicano, S.A.B. de C.V. (&#147;</font><U><font SIZE=2>FEMSA</font></U><font size=2>&#148;).  FEMSA is submitting today via EDGAR and facsimile responses to the Staff&#146;s comments.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>For convenience, we have reproduced below the Staff&#146;s comment and have provided a response immediately below the comment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Form 20-F for the Fiscal Year Ended December 31, 2008</font></u></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;'><u><font size=2>Notes to the Consolidated Financial Statements</font></u></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;'><u><font size=2>Note 26.  Differences Between Mexican FRS and U.S GAAP (F-48)</font></u></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:7.69%;text-align:left;'><i><font size=2>It appears that your disclosure in Note 2 (b) on F-10 that the criteria under Mexican FRS for determining an inflationary environment in when the </font></i><u><i><font size=2>cumulative</font></i></u><i><font size=2> inflation for the preceding three years is 26% of more.  This criteria appears to be inconsistent with the criteria under US GAAP, particularly for your subsidiaries in Nicaragua, Costa Rica and Argentina.  Per the guidance of paragraph 830-10-45-11 of the FASB&#146;s Accounting Standards Codification, an inflationary economy is one in which the </font></i><u><i><font size=2>cumulative</font></i></u><i><font size=2> inflation for the preceding three years is greater than 100%.  Please show us where you have presented the reconciling item for such difference, or tell us why such item is not necessary.</font></i></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>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse; '>
    <tr style='height:24.0pt'>
        <td width="213" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>1</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.4pt 0in 5.4pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<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>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Ms. Tia Jenkins, page 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>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>As disclosed in Note 2 b) of our consolidated financial statements, in accordance with Mexican FRS FEMSA recognizes inflation effects under MFRS B-10 &#147;Inflation Effects&#148; when the cumulative inflation of an economic environment of the three proceeding years is equal to or greater than 26%.  In 2008, inflationary economies in which FEMSA operates, according to Mexican FRS, are Venezuela, Nicaragua, Costa Rica and Argentina.  These operations are conducted through our subsidiary Coca-Cola FEMSA, S.A.B. de C.V. (&#147;KOF&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>While FEMSA consolidates KOF for purposes of Mexican FRS, FEMSA does not consolidate KOF for U.S. GAAP purposes in accordance with EITF 96-16 &#147;Investor&#146;s Accounting for an Investee When the Investor Has a Majority of the Voting Interest but the Minority Shareholder or Shareholders Have Certain Approval or Veto Rights&#148; as explained in Note 26 of our consolidated financial statements.  The stand-alone U.S. GAAP financial information of KOF is recognized in FEMSA through the equity method, which is disclosed as  &#147;Participation in Coca-Cola FEMSA&#148; in the Reconciliation of Net Income and in the Reconciliation of Stockholders&#146; Equity in Note 27 a) and b), respectively, of our consolidated financial statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>As a result, reconciliation of inflation effects for those countries that do not meet the inflation criteria according to paragraph </font><i><font size=2>830-10-45-11 of the FASB&#146;s Accounting Standards Codification</font></i><font size=2>, is explained in Note 26 of the Coca-Cola FEMSA&#146;s consolidated financial statements as follows:</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:7.69%;text-align:left;'><b><font size=1>a) Restatement of Prior Year Financial Statements:</font></b><font size=1> </font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:7.69%;text-align:left;'><font size=1>Under US GAAP, the Company applies the regulations of the Securities and Exchange Commission of the United States of America (&#147;SEC&#148;), which allowed to the Company to not reconcile prior years&#146; financial statements for inflation through December 31, 2007 because they were comprehensively restated in constant units of the reporting currency. </font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:7.69%;text-align:left;'><font size=1>Beginning on January 1, 2008, in accordance with NIF B-10, the Company discontinued inflationary accounting for subsidiaries that operate in non-inflationary economic environments. The cumulative effect of previously realized and unrealized results of holding non-monetary assets (RETANM) of previous periods was reclassified to retained earnings as described in Note 2 b). This reclassification does not result in a difference to reconcile for U.S. GAAP purposes since those amounts are ultimately recognized in the Company&#146;s financial statements. </font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; margin-left:7.69%;text-align:left;'><font size=1>Beginning in 2008, as a result of discontinuing inflationary accounting for subsidiaries that operate in non-inflationary economic environments, the financial statements are no longer considered to be presented in a reporting currency that comprehensively includes the effects of price level changes; therefore, the effects of inflation generated beginning in 2008 result in a difference to be reconciled for US GAAP purposes. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>The inflation effects reversed in the reconciliation of net income and stockholders equity of Mexican FRS to U.S. GAAP disclosed in Note 27 a) and b) of the consolidated financial statements of Coca-Cola FEMSA were Ps. 356 million and Ps. 2,153 million, respectively. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2><br>
</font></p>

<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Ms. Tia Jenkins, page 3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2></font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:6pt; margin-top:0pt;text-align:center;'><font size=2>*  *  *</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="80%" style=' border-collapse:collapse'>
    <tr>
        <td width="100%" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p  style='margin-bottom:0in; text-indent:0in'><font size=2>As requested by the Staff, FEMSA makes the following acknowledgments:  </font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>FEMSA is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p> </td> </tr></table>


<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>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr>
        <td width="7%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>FEMSA may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7.69%;text-align:left;'><font size=2>If you have any questions or require any additional information with respect to the above, please do not hesitate to contact the undersigned at (52) 81 8328 6010.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font><font size=2>&nbsp;</font><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:53.85%;text-align:left;'> <font size=2>Sincerely,</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:53.85%;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:53.85%;text-align:left;'><u><font size=2>/s/ Javier Astaburuaga Sanjines&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:53.85%;text-align:left;'><font size=2>Javier Astaburuaga Sanjines</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:53.85%;text-align:left;'><font size=2>Executive Vice-President of Finance <br>
and Strategic Development / Chief Financial Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%; text-indent:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:46.15%; text-indent:7.69%;text-align:left;'>&nbsp;</p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:3.85%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:3.85%;text-align:left;'><font size=2>cc:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:3.85%;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3.85%; text-indent:3.85%;text-align:left;'><font size=2>Duane McLaughlin</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:4.77%;text-align:left;'><i><font size=2>Cleary Gottlieb Steen &amp; Hamilton LLP</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%;text-align:left;'><font size=2>Victor Luis Soul&#233; Garcia</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7.69%; text-indent:4.77%;text-align:left;'><i><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;Mancera, S.C., A Member Practice of Ernst and Young Global</font></i></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>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse'>
    <tr style='height:24.0pt'>
        <td width="33%" valign=bottom style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:4.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="33%" valign=top style='padding:0in 5.75pt 0in 5.75pt; height:24.0pt'>
            <p style='margin-left:0pt;text-indent:151.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
