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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000891092-03-001425.txt : 20030627
<SEC-HEADER>0000891092-03-001425.hdr.sgml : 20030627
<ACCEPTANCE-DATETIME>20030627144614
ACCESSION NUMBER:		0000891092-03-001425
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COCA COLA FEMSA SA DE CV
		CENTRAL INDEX KEY:			0000910631
		STANDARD INDUSTRIAL CLASSIFICATION:	BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12260
		FILM NUMBER:		03760780

	BUSINESS ADDRESS:	
		STREET 1:		GUILLERMO GONZALEZ CAMARENA NO. 600
		STREET 2:		COL. CENTRO DE CIUDAD SANTA FE
		CITY:			DELEGACION ALVARO OB
		STATE:			O5
		ZIP:			DF 01210
		BUSINESS PHONE:		5255335300

	MAIL ADDRESS:	
		STREET 1:		GUILLERMO GONZALEZ CAMARENA NO. 600
		STREET 2:		COL. CENTRO DE CIUDAD SANTA FE
		CITY:			DELEGACION ALVARO OB
		STATE:			O5
		ZIP:			DF 01210
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>e14932_20f.htm
<DESCRIPTION>FORM 20-F
<TEXT>
<html>
<head>
<title> Form 20-F </title>
</head>
<body>







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<TABLE WIDTH=600><TR><TD>
<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>
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<p><table width=600><tr><td  align=center><font size=3><B>UNITED STATES  <BR>SECURITIES AND
EXCHANGE COMMISSION  <BR>Washington, D.C. 20549</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=5><B>FORM 20-F</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=3><B>ANNUAL REPORT PURSUANT TO
SECTION 13  <BR>OF THE SECURITIES EXCHANGE ACT OF 1934</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>For the fiscal year ended
December 31, 2002</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Commission file number 1-12260</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><FONT SIZE="5"><B>Coca-Cola FEMSA, S.A. de C.V.</B> <BR><FONT SIZE="3">(Exact
name of registrant as specified in its charter)</FONT></FONT></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>Not Applicable</B><br>
      (Translation of registrant&#146;s name into English)</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>United Mexican States<br>
      </B> (Jurisdiction of incorporation or organization)</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Guillermo Gonz&aacute;lez
Camarena No. 600  <BR>Centro de Ciudad Santa F&eacute; <BR>01210 M&eacute;xico, D.F., M&eacute;xico </B><BR>
(Address of principal executive offices)</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Securities registered or to be registered
pursuant to Section 12(b) of the Act:</B></font></td></tr></table>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600>
  <TR align="center" valign="bottom">
    <TD WIDTH="261"> <B><FONT SIZE=2>Title of Each Class </font></B>
      <hr size="1" noshade width="125">
    </TD>
    <TD WIDTH="123">&nbsp;&nbsp;</TD>
    <TD WIDTH="216"> <B><FONT SIZE=2>Name of Each Exchange <br>
      on Which Registered </font></B>
      <hr size="1" noshade width="150">
    </TD>
  </TR>
  <TR align="left" valign="top">
    <TD WIDTH="261"> <FONT SIZE=2>American Depositary Shares, each representing
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp; 10 Series L Shares, without par value</font>
    </TD>
    <TD WIDTH="123">&nbsp;</TD>
    <TD valign="bottom" WIDTH="216"> <FONT SIZE=2> New York Stock Exchange, Inc.</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD WIDTH="261">&nbsp;</TD>
    <TD WIDTH="123">&nbsp;</TD>
    <TD WIDTH="216">&nbsp;</TD>
  </TR>
  <TR align="left" valign="top">
    <TD WIDTH="261"> <FONT SIZE=2>Series L Shares, without par value</FONT></TD>
    <TD WIDTH="123">&nbsp;</TD>
    <TD WIDTH="216"> <FONT SIZE=2>New York Stock Exchange, Inc. (not for trading,
      for listing purposes only)</FONT></TD>
  </TR>
  <TR align="left" valign="top">
    <TD WIDTH="261">&nbsp;</TD>
    <TD WIDTH="123">&nbsp;</TD>
    <TD WIDTH="216">&nbsp;</TD>
  </TR>
  <TR align="left" valign="top">
    <TD WIDTH="261"> <FONT SIZE=2>8.95% Notes due November&nbsp;1, 2006</FONT></TD>
    <TD WIDTH="123">&nbsp;</TD>
    <TD WIDTH="216"> <FONT SIZE=2>New York Stock Exchange, Inc.</FONT></TD>
  </TR>
</TABLE>

<p><table width=600><tr><td><font size=2><B>Securities registered or to be registered
pursuant to Section 12(g) of the Act:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Securities for which there is a reporting
obligation pursuant to Section 15(d)  of the Act:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>The number of outstanding shares of each
class of capital or common stock as of  December 31, 2002 was:</B></font></td></tr></table>

<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr align="left" valign="bottom">
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td>
      <p><font size="2">726,750,000</font>
    </td>
    <td>
      <p align="JUSTIFY"><font size="2">Series A Shares, without par value </font>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td><font size="2"></font></td>
    <td>
      <p><font size="2">427,500,000</font>
    </td>
    <td>
      <p><font size="2">Series D Shares, without par value </font>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td><font size="2"></font></td>
    <td>
      <p><font size="2">270,750,000</font>
    </td>
    <td>
      <p><font size="2">Series L Shares, without par value</font>
    </td>
  </tr>
</table>

<p><table width=600><tr><td><FONT SIZE="2"><B>Indicate by check mark whether the registrant:
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.</B></FONT></td></tr></table>

<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="20%" valign="TOP"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="20%" valign="bottom"><font size="2"> |X| &nbsp;&nbsp; Yes </font></td>
    <td width="10%" valign="bottom"><font size="2"> </font></td>
    <td width="10%" valign="bottom"><font size="2"> </font></td>
    <td width="40%" valign="bottom"><font size="2"> |<u>&nbsp;&nbsp;&nbsp;</u>| &nbsp;&nbsp;No </font>
    </td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2><B>Indicate by check mark which financial
statement item the registrant has elected  to follow.</B></font></td></tr></table>

<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr>
    <td width="20%" valign="TOP"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="20%" valign="bottom"><font size="2"> |<u>&nbsp;&nbsp;&nbsp;</u>|
      &nbsp;&nbsp; Item 17 </font></td>
    <td width="10%" valign="bottom"><font size="2"> </font></td>
    <td width="10%" valign="bottom"><font size="2"> </font></td>
    <td width="40%" valign="bottom"><font size="2"> |X| &nbsp;&nbsp;Item 18</font>
    </td>
  </tr>
</table>


<TABLE WIDTH=600><TR><TD>
<HR ALIGN=LEFT WIDTH=100% SIZE=1 noshade>
<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>
</TR></TABLE>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td  align=center><font size=2><B>TABLE OF CONTENTS</B></font></td></tr></table>

<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466">&nbsp;</td>
    <td width="11">&nbsp;</td>
    <td align="center" valign="bottom" width="42"><b><font size="1">Page</font></b></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Introduction</font></td>
    <td width="11">&nbsp;&nbsp;</td>
    <td align="center" valign="bottom" width="42"><b></b></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 1.</font></td>
    <td width="466"><font size=2>Not Applicable</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">3</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 2.</font></td>
    <td width="466"><font size=2>Not Applicable</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">3</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 3. </font></td>
    <td width="466"><font size=2>Key Information</font><a href="#_Toc44193376"></a></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">4</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Selected Financial Data</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">4</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Dividends and Dividend Policy</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">6</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466" nowrap><font size="2">Exchange Rate Information</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">6</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Risk Factors</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">8</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 4.</font></td>
    <td width="466"><font size=2>Information on the Company</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">15</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>The Company</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">15</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Regulation</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">32</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Bottler Agreements</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">34</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Description of Property, Plant and Equipment</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">36</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Significant Subsidiaries</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">37</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 5.</font></td>
    <td width="466"><font size=2>Operating and Financial Review and Prospects</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">39</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 6.</font></td>
    <td width="466"><font size=2>Directors, Senior Management and Employees</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">57</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2></font><font size=2>Item 7.</font></td>
    <td width="466"><font size=2>Major Shareholders and Related Party Transactions</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">66</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Major Shareholders</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">66</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Related Party Transactions</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">69</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 8.</font></td>
    <td width="466"><font size=2>Financial Information</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">71</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Consolidated Statements and Other Financial Information</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">71</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 9. </font></td>
    <td width="466"><font size=2>The Offer and Listing</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">72</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Trading Markets</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">72</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Trading on the Mexican Stock Exchange</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">74</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 10. </font></td>
    <td width="466"><font size=2>Additional Information</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">75</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Bylaws</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">75</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Material Contracts</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">81</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Exchange Controls</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">82</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Taxation</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">83</font></td>
  </tr>
  <tr>
    <td width="81">&nbsp;</td>
    <td width="466"><font size=2>Documents on Display</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">88</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 11.</font></td>
    <td width="466"><font size=2>Quantitative and Qualitative Disclosures about
      Market Risk</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">89</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Items 12-14.</font></td>
    <td width="466"><font size=2>Not Applicable</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">91</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 15.</font></td>
    <td width="466"><font size=2>Controls and Procedures</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">91</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Items 16-17.</font></td>
    <td width="466"><font size=2>Not Applicable</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">91</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 18. </font></td>
    <td width="466"><font size=2>Financial Statements</font><a href="#_Toc44193422"></a></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">91</font></td>
  </tr>
  <tr>
    <td width="81"><font size=2>Item 19.</font></td>
    <td width="466"><font size=2>Exhibits</font></td>
    <td width="11">&nbsp;</td>
    <td width="42" align="center" valign="bottom"><font size="2">91</font></td>
  </tr>
</table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
i</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>INTRODUCTION</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>References</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the context
otherwise requires, the terms &#147;Coca-Cola FEMSA,&#148;  &#147;our company,&#148;
&#147;we,&#148; &#147;us&#148; and &#147;our&#148; are used in this annual report to
refer to  Coca-Cola FEMSA, S.A. de C.V. and our subsidiaries on a consolidated basis. We
acquired Panamerican Beverages, Inc., referred to in this annual report as  Panamco, on
May 6, 2003. Unless otherwise specified, Panamco is not reflected in  the financial or
other information presented in this annual report, as it will  only be reflected in our
consolidated financial statements for periods ending  after May 1, 2003.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References herein to &#147;U.S.
      dollars,&#148; &#147;U.S.$,&#148; &#147;dollars&#148; or &#147;$&#148; are
      to the lawful currency of the United States. References herein to &#147;Mexican
      pesos,&#148; &#147;pesos&#148; or &#147;Ps.&#148; are to the lawful currency
      of Mexico. References herein to &#147;Argentine pesos&#148; or &#147;A$&#148;
      are to the lawful currency of Argentina. References herein to &#147;Colombian
      pesos&#148; or &#147;Cps.&#148; are to the lawful currency of Colombia.
      The term &#147;billion&#148; as used in this annual report means one thousand
      million. Certain amounts in this annual report may not total due to rounding.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Soft
drink&#148; as used in this annual report refers generally to  non-alcoholic beverages,
including those carbonated or containing natural or  artificial flavored soft drinks and
sweeteners. The term &#147;unit case&#148; refers to  192 ounces of finished beverage
product (24 eight-ounce servings) and, when  applied to fountain syrup, powders and
concentrate, refers to the volume of  fountain syrup, powders and concentrate that is
required to produce 192 ounces  of finished beverage product.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Financial Statements and U.S. GAAP</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report
includes (under Item 18) our audited consolidated  balance sheets as of December 31, 2002
and 2001 and the related consolidated  statements of income, changes in stockholders&#146;
equity and changes in financial  position for the years ended December 31, 2002, 2001 and
2000. We publish our  financial statements in Mexican pesos and prepare such financial
statements in  accordance with Mexican GAAP. Mexican GAAP differs in certain significant
respects from U.S. GAAP. Notes 22 and 23 to our consolidated financial  statements
provide a description of the principal differences between Mexican  GAAP and U.S. GAAP as
they relate to our company and a reconciliation to U.S.  GAAP of net income and
stockholders&#146; equity.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Mexican GAAP, in our financial statements and the selected  financial information set
forth in this annual report:</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>nonmonetary
assets (including property, plant and equipment of local origin)  and stockholders&#146;
equity are restated for inflation based on the  local consumer price index; property,
plant and equipment of  foreign origin are restated based on the exchange rate and
inflation in the country of origin and converted into Mexican  pesos using the prevailing
exchange rate at the balance sheet  date;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>gains
and  losses in purchasing power from holding monetary liabilities or assets are
recognized in income; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>all
financial statements are restated in constant pesos as of December 31, 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The effect of inflation accounting under Mexican
GAAP has not been reversed in  the reconciliation to U.S. GAAP of net income and
stockholders&#146; equity.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola FEMSA de
Buenos Aires S.A., referred to in this annual report  as Coca-Cola FEMSA de Buenos Aires
or KOFBA, our wholly owned Argentine  subsidiary, maintains its financial records in
Argentine pesos, which are  translated into Mexican pesos for purposes of consolidation.
In order to  consolidate financial information for Coca-Cola FEMSA de Buenos Aires with
our  other financial information for a particular period, we translate such  subsidiary&#146;s
information using the product of the U.S. dollar/Argentine peso  exchange rate and the
Mexican peso/U.S. dollar exchange rate, in each case as in  effect at the end of such
period. We restate KOFBA&#146;s financial information for  prior periods by applying the
Argentine consumer price index and </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 3; page: 3" -->
<p><table width=600><tr><td><font size=2>then translate  such restated information using
the exchange rate in effect at the end of the  most recent completed period for which
financial results are being reported.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Currency Translations</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report
contains translations of certain peso amounts into  U.S. dollars at specified rates
solely for the convenience of the reader. These  translations should not be construed as
representations that the peso amounts  actually represent such U.S. dollar amounts or
could be converted into U.S.  dollars at the rate indicated. Unless otherwise indicated,
such U.S. dollar  amounts have been translated from pesos at an exchange rate of
Ps.10.459 to  U.S.$1.00, the exchange rate quoted by dealers to us for the settlement of
obligations in foreign currencies on December 31, 2002. On December 31, 2002 and  on June
13, 2003, the noon buying rates for pesos as published by the Federal  Reserve Bank of
New York were Ps.10.43 to U.S.$1.00 and Ps. 10.60 to U.S.$1.00,  respectively. See
&#147;Item 3. Key Information&#151;Exchange Rate Information&#148; for  information regarding
exchange rates since January 1, 1998.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Sources</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain
information contained in this annual report has been computed based upon statistics
prepared by Mexico&#146;s <I>Instituto Nacional de Estad&iacute;stica, Geograf&iacute;a e Inform&aacute;tica</I>
(the National Institute of Statistics, Geography and Information), <I>Instituto Nacional de
Estad&iacute;sticas y Censos de Argentina</I> (the National Institute of Statistics and
Census of Argentina), the Federal Reserve Bank of New York, Banco de M&eacute;xico,
<I>Comisi&oacute;n Nacional Bancaria y de Valores</I> (the National Banking and Securities
Commission or the CNBV), and upon our estimates.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Forward-Looking Information</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report
contains words such as &#147;believe,&#148; &#147;expect,&#148;  &#147;anticipate&#148;
and similar expressions that identify forward-looking statements.  Use of such words
reflects our views about future events and financial  performance. Actual results could
differ materially from those projected in such  forward-looking statements as a result of
various factors that may be beyond our  control, including, but not limited to, effects
on our company from changes in  our relationship with The Coca-Cola Company, movements in
the prices of raw  materials, competition, significant developments in the economic or
political  conditions in Latin America, particularly in Mexico, or changes in our
regulatory environment. We have recently consummated the acquisition of, and are
beginning the process of integrating, Panamco, which exposes us to a variety of  new
risks and challenges. Accordingly, we caution readers not to place undue  reliance on
these forward-looking statements. In any event, these statements  speak only as of their
respective dates, and we undertake no obligation to  update or revise any of them,
whether as a result of new information, future  events or otherwise.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 4; page: 4" -->





<p><table width=600><tr><td><font size=2><B>Item 1.  Not Applicable</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Item 2.  Not Applicable</B></font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 5; page: 5" -->





<p><table width=600><tr><td><font size=2><B>Item 3.  Key Information</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>SELECTED FINANCIAL DATA</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This annual report
includes (under Item 18) our audited consolidated  balance sheets as of December 31, 2002
and 2001 and the related consolidated  statements of income, changes in stockholders&#146;
equity and changes in financial  position for the years ended December 31, 2002, 2001 and
2000. Our consolidated  financial statements are prepared in accordance with Mexican
GAAP. Mexican GAAP  differs in certain significant respects from U.S. GAAP. Notes 22 and
23 to our  consolidated financial statements provide a description of the principal
differences between Mexican GAAP and U.S. GAAP as they relate to us, together  with a
reconciliation to U.S. GAAP of net income, shareholders&#146; equity and  certain other
selected financial data.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Mexican GAAP, in our financial statements and the selected  financial information set
forth below:</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>nonmonetary
assets (including plant, property and equipment of  local origin) and stockholders&#146;
equity are restated for inflation  based on the local consumer price index; property,
plant and  equipment of foreign origin are restated based on the exchange  rate and
inflation in the country of origin and converted into  Mexican pesos using the prevailing
exchange rate at the balance  sheet date;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>gains
and  losses in purchasing power from holding monetary liabilities or assets are
recognized in income; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>all
financial statements are restated in constant pesos as of December 31, 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The effect of inflation accounting under Mexican
GAAP has not been reversed in  the reconciliation to U.S. GAAP of net income and
stockholders&#146; equity. See Note  22 to the consolidated financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to
consolidate financial information for Coca-Cola FEMSA de  Buenos Aires with our other
financial information for a particular period, we  translate such subsidiary&#146;s
information using the product of the U.S.  dollar/Argentine peso exchange rate and the
Mexican peso/U.S. dollar exchange  rate, in each case as in effect at the end of such
period. We restate Coca-Cola  FEMSA de Buenos Aires&#146; financial information for prior
periods by applying the  Argentine consumer price index and then translate such restated
information  using the exchange rate in effect at the end of the most recent completed
period  for which financial results are being reported.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2003, we
acquired Panamco. Panamco is not reflected in our  consolidated financial statements
presented in this annual report.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 6; page: 6" -->





<p><table width=600><tr><td><font size=2>The following table presents selected financial
information of our  company. This information should be read in conjunction with, and is
qualified  in its entirety by reference to, our consolidated financial statements,
including the notes thereto. The selected financial information contained herein  is
presented on a consolidated basis, and is not necessarily indicative of our  financial
position or results of operations at or for any future date or period.</font></td></tr></table>

<br>
<table 0 cellspacing=0 cellpadding=0 width=640 border="0">
  <tr valign="bottom">
    <td width="190">&nbsp;</td>
    <td colspan="14" align="center"><b><font size="2">At or for the Year ended
      December&nbsp;31, </font></b></td>
  </tr>
  <tr valign="bottom">
    <td width="190"> </td>
    <td align="center" colspan="14">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="190">&nbsp;</td>
    <td align="center" width="56"><b><font size="2">2002<sup><font size="1">(1)</font></sup></font></b></td>
    <td align="center" width="25">&nbsp;</td>
    <td colspan=2 align="center"><b><font size="2">2002</font></b></td>
    <td align="center" width="28">&nbsp;</td>
    <td align="center" width="49"><b><font size="2">2001</font></b></td>
    <td align="center" width="29">&nbsp;</td>
    <td colspan=2 align="center"><b><font size="2">2000</font></b></td>
    <td align="center" width="28">&nbsp;</td>
    <td colspan=2 align="center"><b><font size="2">1999</font></b></td>
    <td align="center" width="36">&nbsp;</td>
    <td align="center" width="50"><b><font size="2">1998</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width="190">&nbsp;</td>
    <td align="center" colspan="14">
      <hr noshade size="1">
      <b><font size="2">(millions of U.S. dollars or constant Mexican pesos <br>
      at December 31, 2002, except per share data)</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"><b><font size=2><font size="2">Income Statement
      Data:</font></font></b></td>
    <td width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="49">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="36">&nbsp;</td>
    <td width="50">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"><b><font size=2><font size="2">Mexican GAAP</font></font></b></td>
    <td width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="49">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td colspan=2>&nbsp;</td>
    <td width="36">&nbsp;</td>
    <td width="50">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Net sales</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$1,672.4</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,491.5</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">16,612.3</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">15,968.5</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">14,232.0</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">13,404.2</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total revenues</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">1,684.7</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,620.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">16,729.5</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">16,035.4</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">14,275.4</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">13,470.2</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Cost of sales</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">777.4</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">8,130.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">7,737.8</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">7,773.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">7,412.2</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">7,305.5</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Gross profit</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">907.3</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">9,490.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">8,991.7</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">8,262.1</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">6,863.2</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">6,164.7</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Operating expenses</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">479.2</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">5,012.5</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">5,018.1</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">5,073.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">4,502.6</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">4,152.2</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Goodwill amortization</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">3.6</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">37.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">100.7</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">108.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">117.5</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">127.0</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Income from operations</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">424.5</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">4,440.2</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">3,872.9</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,080.2</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,243.1</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">1,885.5</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Net income</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">245.2</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,564.2</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">2,202.3</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,358.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,003.3</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">693.5</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190">&nbsp; </td>
    <td align="right" width="56">&nbsp; </td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td height=23 align="left" width="190"> <font size=2> <font size="2">Income
      per share<sup><font size="1">(2)</font></sup></font></font></td>
    <td height=23 align="right" width="56"> <font size=2> <font size="2">0.17</font></font></td>
    <td height=23 align="right" width="25">&nbsp;</td>
    <td colspan=2 height=23 align="right"> <font size=2> <font size="2">1.80</font></font></td>
    <td height=23 align="right" width="28">&nbsp;</td>
    <td height=23 align="right" width="49"> <font size=2> <font size="2">1.55</font></font></td>
    <td height=23 align="right" width="29">&nbsp;</td>
    <td colspan=2 height=23 align="right"> <font size=2> <font size="2">0.95</font></font></td>
    <td height=23 align="right" width="28">&nbsp;</td>
    <td colspan=2 height=23 align="right"> <font size=2> <font size="2">0.70</font></font></td>
    <td height=23 align="right" width="36">&nbsp;</td>
    <td height=23 align="right" width="50"> <font size=2> <font size="2">0.49</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190">&nbsp;</td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">U.S. GAAP</font></font></b></td>
    <td align="right" width="56">&nbsp; </td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Net sales</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$1,672.4</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,491.5</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">18,322.1</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">18,210.5</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,012.6</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">17,040.2</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total revenues</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">1,684.7</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,620.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">18,501.6</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">18,302.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">17,075.4</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">17,189.8</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Income from operations
      <sup><font size="1">(3)</font></sup></font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">403.5</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">4,220.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">3,790.3</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,152.1</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,328.5</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">2,029.5</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Net income</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">241.3</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,524.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">2,300.5</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,543.3</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,177.0</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">619.5</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Income per share</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">0.17</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1.82</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">1.61</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1.08</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">0.83</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">0.43</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190">&nbsp;</td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp;</td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp;</td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">Balance Sheet
      Data:</font></font></b></td>
    <td align="right" width="56">&nbsp; </td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">Mexican GAAP</font></font></b></td>
    <td align="right" width="56">&nbsp; </td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total assets</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$1,546.3</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">16,172.5</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">14,260.4</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">12,107.0</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">11,279.5</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">11,539.4</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Long-term debt</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">303.1</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,169.8</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">2,949.4</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,235.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,445.8</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">4,040.3</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Capital stock</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">226.6</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,369.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">2,369.6</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,369.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">2,369.6</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">2,369.6</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total stockholders&#146;
      equity</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">872.3</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">9,123.9</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">7,680.0</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">5,415.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">5,186.4</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">4,546.8</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">U.S. GAAP</font></font></b></td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total assets</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$1,577.4</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">16,498.1</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">15,161.4</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">14,554.4</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">13,808.8</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">14,548.1</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Long-term debt</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">303.1</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,169.8</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">2,949.3</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,239.7</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">3,455.9</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">4,077.8</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Total stockholders&#146;
      equity</font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">854.7</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">8,939.0</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">7,894.3</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">7,156.5</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">6,080.1</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">5,548.7</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190">&nbsp; </td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">Other Data:</font></font></b></td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">Mexican GAAP</font></font></b></td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Depreciation<sup><font size="1">(4)</font></sup></font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$ &nbsp;&nbsp;&nbsp;49.8</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">520.9</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">594.6</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">650.7</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">545.9</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">414.7</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Capital expenditures<sup><font size="1">(5)</font></sup></font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">128.2</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,340.9</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">826.2</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">920.6</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">966.8</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">1,725.6</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190">&nbsp; </td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <b><font size=2> <font size="2">U.S. GAAP</font></font></b></td>
    <td align="right" width="56">&nbsp;</td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49">&nbsp; </td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right">&nbsp; </td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50">&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Depreciation<sup><font size="1">(4)</font></sup></font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">$ &nbsp;&nbsp;&nbsp;51.1</font></font></td>
    <td align="right" width="25"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">534.6</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps</font></font></td>
    <td align="right" width="49"> <font size=2> <font size="2">.688.7</font></font></td>
    <td align="right" width="29"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">778.2</font></font></td>
    <td align="right" width="28"><font size=2><font size="2">Ps.</font></font></td>
    <td colspan=2 align="right"> <font size=2> <font size="2">683.6</font></font></td>
    <td align="right" width="36"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" width="50"> <font size=2> <font size="2">557.4</font></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="190"> <font size=2> <font size="2">Capital expenditures<font size="1"><sup>(5)</sup></font></font></font></td>
    <td align="right" width="56"> <font size=2> <font size="2">128.2</font></font></td>
    <td align="right" width="25">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,340.9</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td align="right" width="49"> <font size=2> <font size="2">963.4</font></font></td>
    <td align="right" width="29">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">993.2</font></font></td>
    <td align="right" width="28">&nbsp;</td>
    <td colspan=2 align="right"> <font size=2> <font size="2">1,051.8</font></font></td>
    <td align="right" width="36">&nbsp;</td>
    <td align="right" width="50"> <font size=2> <font size="2">1,929.0</font></font></td>
  </tr>
</table>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>


<table width=600>
  <tr>
    <td width=4% valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="1"> Translation to U.S. dollar amounts at an exchange
      rate of Ps.10.459 to U.S.$1.00 solely for the convenience of the reader.</font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="1"> (2) </font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">Computed on the basis of 1,425 million shares
      outstanding after giving effect to the 3 to 1 stock split effected on January
      9, 1998.</font></td>
  </tr>
</table>

<table width=600><tr><td width=4% valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> We
include employee profit sharing as part of income from operations for  purposes of U.S.
GAAP. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(4) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Excludes
breakage of bottles and cases (Ps.192.1  million in 2002), goodwill amortization and
impairment  (Ps.439.2 million in 2002) and amortization of deferred charges and pension
and seniority premiums (Ps.287.9 million in 2002). See the consolidated  statements of
changes in financial position included in our consolidated  financial statements.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(5) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Includes
retirements of property, plant and equipment.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2><B>Dividends and Dividend Policy</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below
sets forth the nominal amount of dividends declared and  paid per share each year in
pesos and translated into U.S. dollars at the  indicated exchange rate on each of the
respective payment dates.</font></td></tr></table>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=2 WIDTH=600>
  <TR valign="bottom" align="center">
    <TD WIDTH="32">&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH="169"> <B><FONT SIZE=2>Year </font></b>
      <hr size="1" noshade>
    </TD>
    <TD WIDTH="16">&nbsp;&nbsp;</TD>
    <TD WIDTH="178"> <B><FONT SIZE=2>Pesos per Share <br>
      (nominal) </font></B>
      <hr size="1" noshade>
    </TD>
    <TD WIDTH="17">&nbsp;&nbsp;</TD>
    <TD WIDTH="164"> <B><FONT SIZE=2>U.S. dollars per <br>
      Share </font></B>
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="32">&nbsp;</TD>
    <TD WIDTH="169"> <FONT SIZE=2>1998</FONT></TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD align="center" WIDTH="178"> <FONT SIZE=2>0.096</FONT></TD>
    <TD align="center" WIDTH="17">&nbsp;</TD>
    <TD align="center" WIDTH="164"> <FONT SIZE=2>0.011</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="32">&nbsp;</TD>
    <TD WIDTH="169"> <FONT SIZE=2>1999</FONT></TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD align="center" WIDTH="178"> <FONT SIZE=2>0.123</FONT></TD>
    <TD align="center" WIDTH="17">&nbsp;</TD>
    <TD align="center" WIDTH="164"> <FONT SIZE=2>0.013</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="32">&nbsp;</TD>
    <TD WIDTH="169"> <FONT SIZE=2>2000</FONT></TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD align="center" WIDTH="178"> <FONT SIZE=2>0.153</FONT></TD>
    <TD align="center" WIDTH="17">&nbsp;</TD>
    <TD align="center" WIDTH="164"> <FONT SIZE=2>0.015</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="32">&nbsp;</TD>
    <TD WIDTH="169"> <FONT SIZE=2>2001</FONT></TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD align="center" WIDTH="178"> <FONT SIZE=2>0.212</FONT></TD>
    <TD align="center" WIDTH="17">&nbsp;</TD>
    <TD align="center" WIDTH="164"> <FONT SIZE=2>0.023</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="32">&nbsp;</TD>
    <TD WIDTH="169"> <FONT SIZE=2>2002</FONT></TD>
    <TD WIDTH="16">&nbsp;</TD>
    <TD align="center" WIDTH="178"> <FONT SIZE=2>0.394</FONT></TD>
    <TD align="center" WIDTH="17">&nbsp;</TD>
    <TD align="center" WIDTH="164"> <FONT SIZE=2>0.042</FONT></TD>
  </TR>
</TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr></table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 2003, the
holders of our Series A Shares and our Series D  Shares decided that we will not
distribute dividends in 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The declaration,
amount and payment of dividends are subject to  approval by holders of all series of our
stock voting as a single class,  excluding the Series L Shares, generally upon the
recommendation of our board of  directors, and will depend upon our operating results,
financial condition,  capital requirements, general business conditions and the
requirements of  Mexican law. Accordingly, our historical dividend payments are not
necessarily  indicative of our future dividends.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Exchange Rate Information</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
tables set forth, for the periods indicated, the high,  low, average and period-end noon
buying rate of the Federal Reserve Bank of New  York, expressed in pesos per U.S. dollar.
The rates have not been restated in  constant currency units. All amounts are stated in
pesos.</font></td></tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD WIDTH="314"><font size="2"></font></TD>
    <TD COLSPAN=8 align="center"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Exchange Rate</font>
      </font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314">&nbsp;</TD>
    <TD align="center" colspan="8">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"><font size="2"></font></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">High</font>&nbsp;&nbsp;
      </font></B></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Low</font>
      </font></B></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Average<SUP><font size="1">(1)</font></SUP></font>
      </font></B></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Period End</font>
      </font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314">&nbsp;</TD>
    <TD align="right" colspan="8">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">1998</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">10.63</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P><font size="2">8.04</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">9.15</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P><font size="2">9.90</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">1999</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">10.60</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P><font size="2">9.24</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">9.56</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P><font size="2">9.48</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">2000</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">10.09</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P><font size="2">9.18</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">9.47</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P><font size="2">9.62</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">2001</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">9.97</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">8.95</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">9.34</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.16</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">2002</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">10.43</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P><font size="2">9.00</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">9.66</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P><font size="2">10.43</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" WIDTH="314"> <FONT SIZE=2>
      <P><font size="2">First Quarter 2003</font>
      </FONT></TD>
    <TD align="right" WIDTH="50"> <FONT SIZE=2>
      <P><font size="2">11.24</font>
      </FONT></TD>
    <TD align="right" WIDTH="27">&nbsp;</TD>
    <TD align="right" WIDTH="38"> <FONT SIZE=2>
      <P><font size="2">10.32</font>
      </FONT></TD>
    <TD align="right" WIDTH="26">&nbsp;</TD>
    <TD align="right" WIDTH="45"> <FONT SIZE=2>
      <P><font size="2">10.82</font>
      </FONT></TD>
    <TD align="right" WIDTH="28">&nbsp;</TD>
    <TD align="right" WIDTH="52"> <FONT SIZE=2>
      <P><font size="2">10.78</font>
      </FONT></TD>
    <TD align="right" WIDTH="20">&nbsp;</TD>
  </TR>
</TABLE>



<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Average
month-end rates.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 8; page: 8" -->






<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600 border="0">
  <TR valign="bottom">
    <TD WIDTH="1">&nbsp;</TD>
    <TD WIDTH="28">&nbsp;</TD>
    <TD WIDTH="410">&nbsp;</TD>
    <TD colspan="6" align="center"><font size="2"><b>Exchange Rate</b></font></TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="1">&nbsp;</TD>
    <TD WIDTH="28">&nbsp;</TD>
    <TD WIDTH="410">&nbsp;</TD>
    <TD align="center" colspan="6">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="1">&nbsp;</TD>
    <TD WIDTH="28">&nbsp;</TD>
    <TD WIDTH="410"><font size="2"></font></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">High</font>
      </font></B></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Low</font>
      </font></B></TD>
    <TD align="center" colspan="2"> <B><FONT SIZE=2>
      <P><font size="2">Period End</font>
      </font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" colspan="3">&nbsp;</TD>
    <TD colspan="6">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" colspan="3"> <FONT SIZE=2>
      <P><font size="2">2002:</font>
      </FONT></TD>
    <TD WIDTH="39"><font size="2"></font></TD>
    <TD WIDTH="13">&nbsp;</TD>
    <TD WIDTH="35"><font size="2"></font></TD>
    <TD WIDTH="11">&nbsp;</TD>
    <TD WIDTH="44"><font size="2"></font></TD>
    <TD WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">January&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.25</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.09</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.15</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">February&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.17</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.05</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.13</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">March</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.11</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.00</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.00</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">April&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.37</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.00</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.38</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">May&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.71</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.22</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.65</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">June&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.98</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.60</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.98</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">July&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.97</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.61</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.80</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">August&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.96</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.74</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">9.92</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">September&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.35</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.96</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.21</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">October&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.22</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">9.95</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.15</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">November&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.34</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.09</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.15</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">December&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.43</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.10</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.43</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="39">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" colspan="3"> <FONT SIZE=2>
      <P><font size="2">2003:</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="39">
      <P></P>
    </TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35">
      <P></P>
    </TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44">
      <P></P>
    </TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">January&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.98</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.32</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.90</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">February&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">11.06</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.77</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">11.03</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">March&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">11.24</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.66</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.78</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">April&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.77</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.31</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.31</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">May&nbsp;</font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.42</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.11</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.34</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=16 align="left" WIDTH="1">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="28">&nbsp;</TD>
    <TD HEIGHT=16 align="left" WIDTH="410"> <FONT SIZE=2>
      <P><font size="2">June<font size="1">&nbsp;<SUP>(1)</SUP> </font></font>
      </font> </TD>
    <TD HEIGHT=16 align="right" WIDTH="39"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.74</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="13">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="35"> <FONT SIZE=2>
      <P ALIGN="right"><font size="2">10.24</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="11">&nbsp;</TD>
    <TD HEIGHT=16 align="right" WIDTH="44"> <FONT SIZE=2>
      <P><font size="2">10.60</font>
      </FONT></TD>
    <TD HEIGHT=16 align="right" WIDTH="19">&nbsp;</TD>
  </TR>
</TABLE>

<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">From
the period beginning June 1, 2003 until June 13, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico has a free
foreign exchange market and, since December 1994, the  Mexican government has not
intervened to maintain value of the peso against the  U.S. dollar. The peso declined in
1998 as the foreign exchange markets  experienced volatility as a result of the financial
crises in Asia and Russia  and the financial turmoil in countries such as Brazil and
Venezuela. The peso  remained relatively stable from 1999 until the fall of 2001. In late
2001 and  early 2002, the peso appreciated considerably against the U.S. dollar and, more
strongly, against other foreign currencies. From the second quarter of 2002 and  until
March 2003, however, the peso depreciated in value. We can make no  assurance that the
Mexican government will maintain its current policies with  regard to the peso or that
the peso will not further depreciate significantly in  the future.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We pay all cash
dividends in pesos. As a result, exchange rate  fluctuations will affect the U.S. dollar
amounts received by holders of our  American Depository Shares, which represent 10 Series
L Shares, on conversion by  the depositary for our ADSs of cash dividends on the shares
represented by such  ADSs. Fluctuations in the exchange rate between the peso and the
U.S. dollar  have affected the U.S. dollar equivalent of the peso price of our shares on
the  Mexican Stock Exchange and, consequently, have also affected the market price of
our ADSs.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td  align=center><font size=2><B>RISK FACTORS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Risks Related to our Company</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Our business depends significantly on our
relationship with The Coca-Cola  Company.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately 98%
of our net sales in 2002 were derived from the  distribution of Coca-Cola trademark
beverages. We produce, market and distribute  Coca-Cola trademark beverages through
standard bottler agreements. These bottler  agreements with The Coca-Cola Company cover
all of our present territories.  Through its rights under the bottler agreements, The
Coca-Cola Company has the  ability to exercise substantial influence over the conduct of
our business. See  &#147;Item 4. Information on the Company&#151;Bottler Agreements.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bottler
agreements, The Coca-Cola Company may unilaterally  set the price for its concentrate.
Furthermore, in conjunction with The  Coca-Cola Company, we prepare a three-year general
business plan that is  submitted to our board of directors for approval. The Coca-Cola
Company may  require that we demonstrate our financial ability to meet our plans and may
terminate our rights to produce, market and distribute soft drinks in  territories with
respect to which such approval is withheld. We are prohibited  from bottling any soft
drink product without The Coca-Cola Company&#146;s authority  or consent. The Coca-Cola
Company has the exclusive right to import and export  Coca-Cola trademark beverages to
and from our territories. In addition, we may  not transfer control of our bottling
rights for a territory without the consent  of The Coca-Cola Company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are dependent
on The Coca-Cola Company to renew our bottler  agreements. The two bottler agreements
that cover our Mexican territories (other  than those acquired from Panamco) will each
expire in 2013 and the Buenos Aires  bottler agreement will expire in 2004. These bottler
agreements are  automatically renewable for additional ten-year terms, unless either
party gives  notice of its intention not to renew the agreement within a specified time
period. The bottler agreements covering Panamco&#146;s Mexican subsidiaries have a  ten-year
term ending in 2005, while the Panamco bottler agreements in Guatemala,  Nicaragua, Costa
Rica, Panama, Colombia, Venezuela and Brazil have five-year  terms. Our bottler
agreements, and therefore our right to distribute Coca-Cola  trademark beverages, are
subject to termination by The Coca-Cola Company in the  event of default by us or upon
expiration. No assurance can be given that our  bottler agreements will be renewed upon
the expiration of their respective  terms. Non-renewal of the bottler agreements would
have a material adverse  effect on our business, financial condition, prospects and
results of  operations. See &#147;Item 4. Information on the Company&#151;Bottler
Agreements.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>The Coca-Cola Company and FEMSA have
substantial influence on the conduct of our  business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cumulative
effect of our relationships with The Coca-Cola Company  and Fomento Econ&oacute;mico
Mexicano, S.A. de C.V., a Mexican beverage company  commonly known as FEMSA, gives each
of these corporations significant influence  on the conduct of our business and gives
them, together, the ability to control  our company. The Coca-Cola Company indirectly
owns 39.6% of our outstanding  capital stock, representing 46.4% of the voting rights in
our company. The  Coca-Cola Company is entitled to appoint four of our 18 directors and
certain of  our executive officers and, except under limited circumstances, has the power
to  veto significant decisions of our board of directors. FEMSA indirectly owns  45.7% of
our outstanding capital stock, representing 53.6% of the voting rights  in our company.
FEMSA is entitled to appoint 11 members of our board of  directors and certain of our
executive officers. The Coca-Cola Company and FEMSA  together, or FEMSA acting alone in
certain limited circumstances, thus have the  power to determine the outcome of all
actions requiring approval by our board of  directors, and FEMSA and The Coca-Cola
Company together, except in certain  limited situations, have the power to determine the
outcome of all actions  requiring approval of our shareholders. See &#147;Item 7. Major
Shareholders and  Related Party Transactions&#151;Major Shareholders&#151;The Shareholders
Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>We have incurred significant new indebtedness
as a result of the Panamco  acquisition.</I></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition
      of Panamco, we incurred approximately U.S.$2.5 billion of debt (including
      existing debt of Panamco). This new debt includes a bridge facility due
      in April 2004 in the amount of approximately U.S.$833 million. We now have
      significantly more indebtedness than we have had historically, and </font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>we have agreed to certain covenants that impose
restrictions on the conduct of our business. In connection with the refinancing  of the
bridge facility, we may be required to agree to additional restrictions  or less
favorable terms than we have obtained to date. The increase in debt may  reduce the
amount of cash otherwise available to us to invest in our business or  meet our
obligations and may prevent us in the future from obtaining additional  financing or
completing refinancings on terms favorable to us. Because we have  significant
indebtedness in U.S. dollars and our sales are in a number of  currencies other than U.S.
dollars, our ability to service our indebtedness may  be adversely affected by changes in
exchange rates or interest rates or in  economic conditions in the different countries in
which we now operate,  particularly Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>We may fail to realize the contemplated
benefits from integrating Panamco&#146;s  Mexican operations.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect to
realize benefits from the Panamco acquisition by  integrating the Mexican operations of
both companies. Our ability to realize any  benefits, however, depends on our success in
applying our operational practices  and integrating the organizational structures of the
two operations. We may fail  or be delayed in realizing any operational benefit from this
integration, and we  may need to invest significant capital and resources in the acquired
business or  incur other costs in order to achieve this integration.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Taxes on soft drinks could adversely affect
our business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our products are
subject to excise and value-added taxes in many of the  countries in which we operate.
The imposition of new taxes or increases in taxes  on our products may have a material
adverse effect on our business, prospects,  financial conditions and results of
operations. We can give no assurance that  any governmental authority in any country
where we operate will not impose or  increase any such taxes in the future.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Voluntary price restraints or statutory price
controls would limit our ability  to increase prices and may have an adverse effect on
our results.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voluntary price
restraints or statutory price controls in any of the  countries in which we operate may
have a material adverse effect on our  business, prospects, financial conditions and
results of operations. Although  Mexican bottlers have been free to set prices for
carbonated soft drinks without  governmental intervention since January 1996, such prices
were once subject to  statutory price controls and, later, to voluntary price restraints,
which  effectively limited our ability to increase prices in the Mexican market without
governmental consent. See &#147;Item 4. Information on the Company&#151;Regulation&#151;Price
Controls.&#148; We can give no assurance that governmental authorities in any country
where we operate will not impose voluntary price restraints or statutory price  controls.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Increases in the price of raw materials may
increase our cost of sales and may  adversely affect our results of operations.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use high
fructose corn syrup, referred to in this annual report as  HFCS, and sugar as sweeteners
in our products. In 2002, we converted our Mexican  bottling facilities to sugar-cane
based production following the imposition of a  20% excise tax on carbonated soft drinks
sweetened with HFCS. In addition, the  prices of certain materials used in the bottling
of our products, including  aluminum cans, plastic bottles, bottle closures (both steel
and plastic), other  packaging materials and HFCS, are quoted in U.S. dollars and
therefore may  increase if the U.S. dollar appreciates against the currency of any
country in  which we operate, particularly against the Mexican peso. See &#147;Item 4.
Information on the Company&#151;The Company&#151;Raw Materials.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases in the
price of raw materials, including increases that may  occur as a result of import duties,
import restrictions or fluctuations in  exchange rates, will increase our cost of sales
and adversely affect net  earnings to the extent we are unable to increase our sales
prices. We cannot  assure you that our raw materials prices will not increase in the
future.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>A water shortage could adversely affect our
business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Water is an
essential component of soft drinks. We obtain water from  various sources in our
territories, including springs, wells, rivers and  municipal water companies.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Mexico, we
purchase water from municipal water companies and pump  water from our own wells pursuant
to concessions granted by the Mexican  government. We obtain approximately 90% and 100%,
respectively, of the water  used in our soft drink production in the Valley of Mexico and
the Southeast of  Mexico Territory pursuant to these concessions, which the Mexican
government  granted based on studies of the existing and projected groundwater supply.
Our  existing water concessions may be terminated by the Mexican government under
certain circumstances. See &#147;Item 4. Information on the  Company&#151;Regulation&#151;Water
Supply Law.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot assure
you that water will be available in sufficient  quantities to meet our future production
needs, or that our concessions and  permits will not be terminated by governments in any
such territory or prove  sufficient to meet our water supply needs.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>A shortage of key materials used in the
production of our products could  adversely affect our business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
bottler agreements with The Coca-Cola Company, we are  required to purchase concentrate
exclusively from The Coca-Cola Company. In  addition, we must purchase other supplies,
including containers, closures,  cases, cartons and other packages and labels, only from
manufacturers approved  by The Coca-Cola Company. See &#147;Item 4. Information on the
Company&#151;The  Company&#151;Raw Materials.&#148; Access to these materials could be adversely
affected  by strikes, weather conditions, exchange controls, governmental controls, or
national emergency situations. Any shortage of these materials could adversely  affect
our business, results of operations, prospects, or financial condition.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Competition from other bottlers could
adversely affect our business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The beverage
industries in the Mexican and Buenos Aires Territories, as  well as in many of the
Panamco territories, are highly competitive. Our  principal competitor in the Mexican
Territories is The Pepsi Bottling Group,  referred to in this annual report as PBG, the
largest bottler worldwide of  PepsiCo, Inc. Our principal competitor in Buenos Aires is
Buenos Aires  Embotelladora S.A., referred to in this annual report as BAESA, a large
PepsiCo  bottler. Companhia de Bebidas das Amers, commonly referred to as AmBev, the
largest brewer in Latin America, has recently acquired an important stake of  BAESA. In
addition, in each of our territories we compete with various other  bottlers and
distributors of nationally and regionally advertised soft drinks.  We face increased
competition in many of our territories from producers of low  cost beverages, commonly
referred to as &#147;B&#148; brands. Our ability to maintain  existing prices or
implement price increases depends to a great extent on  competitive conditions and the
effect of such prices on sales volume. Price  discounting has been a means of maintaining
or increasing sales volume share in  our territories. This may have an adverse effect on
our results of operations.  Although we believe that we are well positioned to meet our
objective of  maintaining or increasing our sales volume at satisfactory price levels in
the  various territories in which we compete, competition is likely to continue or
intensify, particularly after the acquisitions of Pepsi Gemex, S.A. de C.V. by  PBG and
BAESA by AmBev. We can give no assurance that we can meet our objective  of increased
sales volume or that price discounting will not continue to have an  adverse effect on
our results of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>We now conduct business in countries
throughout Latin America in which we have  not previously operated and that present
different or greater country risk than  Mexico or Argentina.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the
Panamco acquisition, we have expanded our geographic  reach from Mexico and Argentina to
include Guatemala, Nicaragua, Costa Rica,  Panama, Colombia, Venezuela and Brazil. Many
of these countries present  different or greater country risk than Mexico and Argentina.
We have not  previously conducted business in Panamco&#146;s territories. We now face
competitive  pressures that are different than those we have historically faced. In
Brazil,  we compete against both AmBev, a Brazilian company with a portfolio of brands
that includes Pepsi and local brands with flavors such as guaran&aacute;, and
&#147;B&#148; brands or &#147;Tubainas,&#148; which are small, local producers of low
cost flavored  soft drinks that represent an important portion of the soft drink market.
In  addition, distribution and marketing practices in some of these territories  differ
from our historical practices. Several of Panamco&#146;s territories have a  lower level of
pre-sale as a percentage of total distribution than we are  accustomed to having in our
territories, and the product and presentation mix  varies from territory to territory
with customer preferences. We may have to  adapt our marketing and distribution
strategies to effectively compete. Our  inability to compete effectively may have an
adverse effect on our future  operating results.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
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<p><table width=600><tr><td><font size=2><I>Our compliance with environmental regulations
could result in material adverse  effects on our results of operations or financial
condition.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental laws
and regulations and their enforcement are becoming  increasingly more stringent in many
countries in Latin America. Such costs may  have a material adverse effect on our future
results of operations or financial  condition.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Risks Related to Our Controlling Shareholders
and Capital Structure</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>A significant percentage of our outstanding
capital stock and all of the voting  rights are held by FEMSA and The Coca-Cola Company,
which effectively control  the management of our company and whose interests may differ
from those of our  other shareholders.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola
Company indirectly owns 39.6% of our outstanding capital  stock, representing 46.4% of
the voting rights in our company, and FEMSA  indirectly owns 45.7% of our outstanding
capital stock, representing 53.6% of  the voting rights in our company. Consequently,
FEMSA acting alone or both The  Coca-Cola Company and FEMSA acting together have the
power to elect a majority  of the members of our board of directors and play a
significant or controlling  role in the outcome of substantially all matters to be
decided by our  shareholders. The interests of The Coca-Cola Company and FEMSA may differ
from  those of our other shareholders. See &#147;Item 7. Major Shareholders and Related
Party Transactions&#151;Major Shareholders&#148; and &#147;Item 10. Additional
Information&#151;Bylaws&#151;Voting Rights.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Holders of our Series L Shares have limited
voting rights.</I></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of our Series L Shares
      are entitled to vote only in limited circumstances. They generally may elect
      three of our 18 directors and are only entitled to vote on specific matters,
      such as changes in our corporate form, certain mergers involving our company
      and the cancellation of the registration of our shares. See &#147;Item 7.
      Major Shareholders and Related Party Transactions&#151;Major Shareholders&#148;
      and &#147;Item 10. Additional Information&#151;Bylaws&#151;Voting Rights.&#148;
      In addition, we can give no assurance that holders of our ADSs will receive
      notices of shareholder meetings from The Bank of New York, the depositary
      for our ADSs, with sufficient time to enable such holders to return voting
      instructions to the depositary in a timely manner. <br>
      <br>
      <i> Holders of our ADSs may not be able to participate in any future preemptive
      rights offerings and as a result may be subject to a dilution of equity
      interest.</i></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our shares are
traded on the New York Stock Exchange in the form of  ADSs. Under Mexican law, if we
issue new shares for cash as a part of a capital  increase, we must generally grant our
shareholders the right to purchase a  sufficient number of shares to maintain their
existing ownership percentage.  Rights to purchase shares in these circumstances are
known as preemptive rights.  We may not legally offer or sell shares to holders of our
ADSs in the United  States pursuant to any preemptive rights offering (or otherwise)
unless (i) we  file a registration statement with the U.S. Securities and Exchange
Commission,  with respect to that future issuance of shares or (ii) the offering
qualifies  for an exemption from the registration requirements of the U.S. Securities Act
of 1933. In addition, under current Mexican law, sales by the depositary of  preemptive
rights and distribution of the proceeds from such sales to ADS  holders are not possible.
See &#147;Item 10. Additional  Information&#151;Bylaws&#151;Preemptive Rights.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of any
future capital increase, we will evaluate the costs  and potential liabilities associated
with filing a registration statement with  the SEC, as well as the benefits of preemptive
rights to holders of our ADSs in  the United States and any other factors that we
consider important in  determining whether to file a registration statement. If we do not
file a  registration statement with the SEC, our ADS holders in the United States may
not be able to participate in any preemptive rights offering and their equity  interest
would be diluted proportionately.</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
11</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><I>It may be difficult to enforce civil
liabilities against us or our directors,  officers and controlling persons.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized
under the laws of Mexico, and most of our directors,  officers and controlling persons
reside outside the United States. In addition,  a substantial portion of our assets and
their assets are located in Mexico. As a  result, it may be difficult for investors to
effect service of process within  the United States on such persons or to enforce
judgments against them,  including in any action based on civil liabilities under the
U.S. federal  securities laws. There is doubt as to the enforceability against such
persons in  Mexico, whether in original actions or in actions to enforce judgments of
U.S.  courts, of liabilities based solely on the U.S. federal securities laws.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>The protections afforded to minority
shareholders in Mexico are different from  those in the United States.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law,
the protections afforded to minority shareholders  are different from those in the United
States. In particular, the law concerning  fiduciary duties of directors is not well
developed, there is no procedure for  class actions or shareholder derivative actions,
and there are different  procedural requirements for bringing shareholder lawsuits. As a
result, in  practice it may be more difficult for our minority shareholders to enforce
their  rights against us or our directors or controlling shareholders than it would be
for shareholders of a U.S. company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>We have significant transactions with
affiliates, particularly The Coca-Cola  Company and FEMSA, that create potential
conflicts of interest.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We engage in
transactions with subsidiaries of both FEMSA and The  Coca-Cola Company. Our transactions
with FEMSA include supply agreements under  which we purchase certain supplies and
equipment, a service agreement under  which a FEMSA subsidiary transports finished
products from our production  facilities to our distribution facilities in Mexico, and a
service agreement  under which a FEMSA subsidiary provides administrative services to our
company.  In addition, we have entered into cooperative marketing arrangements with The
Coca-Cola Company and FEMSA. See &#147;Item 7. Major Shareholders and Related Party
Transactions&#151;Related Party Transactions.&#148; Transactions with affiliates may  create
the potential for conflicts of interest.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Holders of ADSs are not entitled to attend
shareholders&#146; meetings, and they may  only vote through the depositary.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law,
a shareholder is required to deposit its shares with  a Mexican custodian in order to
attend a shareholders&#146; meeting. A holder of ADSs  will not be able to meet this
requirement, and accordingly is not entitled to  attend shareholders&#146; meetings. A holder
of ADSs is entitled to instruct the  depositary as to how to vote the shares represented
by ADSs, in accordance with  procedures provided for in the deposit agreement, but a
holder of ADSs will not  be able to vote its shares directly at a shareholders&#146; meeting
or to appoint a  proxy to do so.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Our bylaws restrict the ability of
non-Mexican shareholders to invoke the  protection of their governments with respect to
their rights as shareholders.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by
Mexican law, our bylaws provide that non-Mexican  shareholders shall be considered as
Mexican in respect of their ownership  interests in our company and shall be deemed to
have agreed not to invoke the  protection of their governments in certain circumstances.
Under this provision,  a non-Mexican shareholder is deemed to have agreed not to invoke
the protection  of his own government by asking such government to interpose a diplomatic
claim  against the Mexican government with respect to the shareholder&#146;s rights as a
shareholder, but is not deemed to have waived any other rights it may have,  including
any rights under the U.S. securities laws, with respect to its  investment in our
company. If you invoke such governmental protection in  violation of this agreement, your
shares could be forfeited to the Mexican  government.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Developments in other emerging market
countries may affect prices of our ADSs.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is the case
with respect to securities of issuers from other  emerging markets, the market value of
securities of Mexican companies is, to  varying degrees, affected by economic and market
conditions in other emerging  market countries. Although economic conditions in such
countries may differ  significantly from economic conditions in Mexico, investors&#146;
reactions to  developments in any of these other countries may have an </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
12</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>adverse effect on the  market value of
securities of Mexican issuers. In recent years, prices of both  Mexican debt securities
and Mexican equity securities dropped substantially as a  result of developments in
Russia, Asia and Brazil. There can be no assurance  that the market value of the ADSs and
Series L Shares would not be adversely  affected by events elsewhere, especially in
emerging market countries.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Exchange rate fluctuations may affect the
value of our securities.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluctuations in
the exchange rate between the peso and the U.S. dollar  will affect the U.S. dollar value
of an investment in our equity securities and  of dividend and other distribution
payments on those securities. See &#147;&#151;Key  Information&#151;Exchange Rates.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Risks Related to Mexico and other Countries
in which We Operate</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Adverse economic conditions in Mexico may
adversely affect our financial  condition and results of operations.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Mexican
corporation, and our Mexican operations are our single  most important geographic
division. As a result, our business may be  significantly affected by the general
condition of the Mexican economy and/or  the rate of inflation.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico has
experienced a prolonged period of slow growth since 2001  primarily as a result of the
downturn in the U.S. economy. In 2001, Mexico&#146;s  gross domestic product, or GDP,
contracted by 0.3%, while inflation reached  4.4%. In 2002, GDP grew by 0.9% and
inflation reached 5.7%. For 2003, the  Mexican government has estimated that GDP growth
will be 3.0% and inflation is  expected to be 3.0%, though these estimates may not prove
to be accurate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Mexican
economy falls into a recession or if inflation and  interest rates increase
significantly, demand for soft drink beverages may  decrease as consumers find it more
difficult to pay for our products or demand  may shift to lower margin products or lower
margin presentations. Because a  large percentage of our costs are fixed costs, we may
not be able to preserve  our profit margins by reducing costs and expenses and our
profits margins may  suffer as a result. This could have a material adverse effect on our
financial  condition and results of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Depreciation of the peso relative to the U.S.
dollar could adversely affect our financial condition and results  of operations.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Declines in the
value of the peso relative to other currencies, in  particular the U.S. dollar, increase
our interest costs in pesos relative to our  indebtedness and result in foreign exchange
losses that could adversely affect  our ability to meet our interest and principal
obligations under our  indebtedness. As of December 31, 2002, all of our indebtedness was
denominated  in U.S. dollars, and we may in the future incur additional
non-peso-denominated  indebtedness. The value of the peso has been subject to significant
fluctuations  with respect to the U.S. dollar in the past and may be subject to
significant  fluctuations in the future. For example, from January 1, 1995 to March 31,
1996,  the Mexican peso depreciated 50.8% to Ps.7.5375 per U.S. dollar and fluctuated
from a high, relative to the U.S. dollar, of Ps.5.00 to a low, relative to the  U.S.
dollar, of Ps.8.14. In 2002 and the beginning of 2003, the peso  significantly fluctuated
in value relative to the U.S. dollar from Ps.9.0 to  Ps.11.24.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore,
severe devaluation or depreciation of the peso may also  result in disruption of the
international foreign exchange markets and may limit  our ability to transfer or to
convert pesos into U.S. dollars and other  currencies for the purpose of making timely
payments of interest and principal  on our indebtedness.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Mexican
government does not currently restrict, and for many  years has not restricted, the right
or ability of Mexican or foreign persons or  entities to convert pesos into U.S. dollars
or to transfer other currencies out  of Mexico, the government could institute
restrictive exchange rate policies in  the future. To the extent that there are currency
fluctuations, they are likely  to continue to have an effect on our financial condition,
results of operations  and cash flows in future periods.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
13</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td><font size=2><I>Political events in Mexico could affect
Mexican economic policy and our  operations.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican political
events may also significantly affect our operations  and the performance of Mexican
securities, including our securities. In the  Mexican national elections held on July 2,
2000, Vicente Fox of the Partido  Acci&oacute;n Nacional (National Action Party) or PAN
won the presidency. His  victory ended more than 70 years of presidential rule by the
Partido  Revolucionario Institucional (Institutional Revolutionary Party) or PRI. Neither
the PRI nor the PAN succeeded in securing a majority in the Mexican Congress or  Senate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President Fox
assumed office on December 1, 2000. While the transition  from the previous
administration was smooth, President Fox has since encountered  strong opposition to some
of his proposed reforms in both Congress and the  Senate, where opposition parties such
as the PRI and the Partido de la  Revoluci&oacute;n Democratica (Democratic Revolution
Party), or PRD, have  frequently joined forces to block PAN initiatives. Such legislative
gridlock  could slow down the progress of reforms in Mexico and could have a material
adverse effect on our business, financial condition, prospects and results of  operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Developments in Argentina may adversely
affect our business.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years,
Argentina has faced significant economic and political  instability, including a
contracting economy, a drastic currency devaluation,  high unemployment, the introduction
of exchange controls and social unrest.  After a series of failed governments, Nestor
Kischner was appointed president of  Argentina in May 2003. It is premature to predict
the way in which the new  government will seek to address the economic crisis. The
Argentine crisis has  had, and continues to have, a material adverse effect on our
operations. We have  experienced declining net sales in Argentina since 1998. In 2001, we
recognized  a loss generated by the devaluation of the Argentine peso against the U.S.
dollar against our original investment in Argentina, and in 2002 we impaired a
substantial portion of the goodwill generated by the acquisition of our  Argentine
operations. We can give no assurance that future developments in the  Argentine economic
policies and political environment will not have a material  adverse effect on our
business, financial condition, prospects and results of  operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>We now conduct business in countries
throughout Latin America in which we have  not previously operated and that present
different or greater country risk than  Mexico or Argentina.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the
Panamco acquisition, we have expanded our geographic  reach from Mexico and Argentina to
include Guatemala, Nicaragua, Costa Rica,  Panama, Colombia, Venezuela and Brazil. Many
of these countries present  different or greater country risk than Mexico or Argentina.
Panamco&#146;s operating  results in recent years have been adversely affected by
deteriorating  macroeconomic and political conditions in some of these countries,
particularly  in Venezuela where a national labor strike effectively halted production
and  distribution during the months of December 2002 and January 2003. Our future
results may be significantly affected by the general economic and financial  conditions
in the countries where we operate, by the devaluation of the local  currency, inflation
and high interest rates, or by political developments or  changes in law. In addition,
some of these countries may impose exchange  controls that could impact our ability to
purchase raw materials in foreign  currencies and the ability of the subsidiaries in
these countries to remit  dividends abroad or make payments other than in local
currencies, as is  currently the case in Venezuela under regulations imposed in January
2003.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
14</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2><B>Item 4.  Information on the Company</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>THE COMPANY</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are the largest
Coca-Cola bottler in Latin America, representing  approximately 40% of Coca-Cola volumes
in Latin America, and the second largest  bottler of Coca-Cola products in the world, as
measured by sales volume in unit  cases sold in 2002. We operate in Mexico (a substantial
part of central Mexico,  including Mexico City and Southeast Mexico), Guatemala
(Guatemala City and  surrounding areas), Nicaragua (nationwide), Costa Rica (nationwide),
Panama  (nationwide), Colombia (most of the country), Venezuela (nationwide), Brazil
(greater S&atilde;o Paulo, Campinas, Santos and part of Mato Grosso do Sul) and
Argentina (Federal Capital and surrounding areas, referred to in this annual  report, as
Gran Buenos Aires).</font></td></tr></table>
<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal
shareholder is Compa&#241;&iacute;a Internacional de  Bebidas, S.A. de C.V., referred
to in this annual report as CIBSA, a wholly  owned subsidiary of FEMSA. FEMSA traces its
origins to Cervecer&iacute;a  Cuauht&eacute;moc, Mexico&#146;s first brewery, which was
founded in 1890 by four  Monterrey businessmen, Isaac Garza, Francisco G. Sada, Jos&eacute; A.
Muguerza,  and Jos&eacute; M. Schneider. FEMSA is still controlled by descendants of the
founders of Cervecer&iacute;a Cuauht&eacute;moc.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were established in October
      30, 1991 as a <i>sociedad an&oacute;nima de capital variable</i> organized
      under the laws of Mexico. Our principal executive offices are located at
      Guillermo Gonz&aacute;lez Camarena No. 600, Col. Centro de Ciudad Santa
      F&eacute;, Delegaci&oacute;n &Aacute;lvaro Obreg&oacute;n, M&eacute;xico,
      D.F., 01210, M&eacute;xico. Our telephone number at this location is (52-55)
      5081-5100. Our website is <u>http://www.cocacola-femsa.com.mx.</u></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Corporate History</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1979, Grupo
Industrial Emprex, S.A. de C.V., referred to in this  annual report as Emprex, acquired
certain soft drink bottling subsidiaries that  are now a part of our company. At that
time, the acquired subsidiaries had  thirteen Mexican distribution centers operating 701
distribution routes, and  production capacity of the acquired subsidiaries was 83 million
physical cases.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October 1991,
Emprex transferred the shares of its operating  subsidiaries engaged in the soft drink
business, not including sparkling water  operations, to FEMSA Refrescos, S.A. de C.V.,
the subholding company that became  our company. A portion of Emprex&#146;s shares was
contributed to the sub-holding  company and the remaining shares were sold to the
sub-holding company in  exchange for a note payable to Emprex.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective May
1993, Impulsora de Mercados, S.A. de C.V., referred to in  this annual report as
Impulsora, a wholly owned subsidiary of Emprex, made a  contribution of capital of
Ps.645.7 million (in nominal 1993 pesos,  approximately U.S.$206.5 million) to our
company in return for 90,250,000 Series  L Shares (before the 3 to 1 split effected on
January 9, 1998). Emprex made an  additional contribution of capital in the amount of
Ps.11.6 million (in nominal  1993 pesos, approximately U.S.$3.7 million) in exchange for
11,128,980 Series A  Shares (before the 3 to 1 split effected on January 9, 1998) as of
that date. We  used the proceeds of these transactions to retire a portion of our
outstanding  debt obligations to Emprex, as well as the debt owed by our subsidiaries to
Emprex.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with
our goals of maximizing long-term profitability and  growth and enhancing our competitive
position, Emprex agreed to the subscription  of 30% of our capital stock by The Inmex
Corporation, referred to in this annual  report as Inmex, an indirect subsidiary of The
Coca-Cola Company. In June, 1993,  Inmex subscribed to 142,500,000 Series D Shares
(before the 3 to 1 split  effected on January 9, 1998) for $195 million. We repaid the
remainder of our  debt obligations to Emprex in June 1993 with the proceeds of this
transaction.  See &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Major
Shareholders&#151;The Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September 1993,
we listed our Series L Shares on the Mexican Stock  Exchange and our ADSs on The New York
Stock Exchange, Inc. and Impulsora sold  its Series L shares to the public.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a series of
transactions between 1994 and 1997, we acquired 100% of  KOFBA from The Coca-Cola Export
Corporation, a subsidiary of The Coca-Cola  Company. We expanded our Argentine operations
in </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
15</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>February 1996 when we acquired  the former San
Isidro Refrescos S.A. territories, including certain properties  of Refrescos del Norte
S.A. In 1998, in conjunction with this transaction, we  began servicing all the accounts
of Refrescos del Norte. Through these  transactions, we expanded our Argentine operations
to include the San Isidro and  Pilar areas in a region contiguous to our Buenos Aires
Territory.</font></td></tr></table>
<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expanded our
Mexican operations in November 1997 by acquiring 100%  of the capital stock of
Embotelladora de Soconusco, S.A. de C.V., known as the  Tapachula Franchise, a bottler in
the Tapachula area of the state of Chiapas in  Southern Mexico. With this acquisition, we
service the entire state of Chiapas.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBSA was created in July 2002
      as a result of a spin-off (an <i>escisi&oacute;n</i> under Mexican law)
      of Emprex, in which CIBSA was created as a new company whose sole asset
      is Emprex&#146;s equity interest in Coca-Cola FEMSA.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 22,
2002, we signed an agreement to acquire Panamco and the  acquisition was completed on May
6, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise
specified, Panamco is not reflected in the financial  or other information presented in
this annual report as it will only be  reflected in our financial statements for periods
ending after May 1, 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>The Panamco Acquisition</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2003, we
completed the acquisition of Panamco, then the  largest soft drink bottler in Latin
America and one of the three largest  bottlers of Coca-Cola products in the world, as
measured by sales volume in unit  cases sold in 2002. Panamco is now our wholly-owned
subsidiary. Panamco produces  and distributes Coca-Cola trademark beverages in its
bottling territories in  Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia,
Venezuela and  Brazil, along with bottled water, beer and other beverages in some of
these  territories. In 2002, Panamco reported net sales of U.S.$2,357.9 million,
operating income of U.S.$131.2 million and net income of U.S.$33.2 million,  under U.S.
GAAP. Panamco sold approximately 1,228.1 million unit cases in 2002.  Additional
information regarding Panamco&#146;s operations and recent performance can  be found in its
annual report filed with the SEC on Form 10-K on March 28, 2003  and its quarterly report
filed with the SEC on Form 10-Q on May 6, 2003. Such  reports do not constitute part of
this annual report and are not incorporated by  reference into this annual report.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Panamco
acquisition significantly increases the geographic  diversity of our operations, although
the Mexican operations of both companies  represent by far the largest single portion of
our business, representing 53% of  the combined volume for the two companies in 2002.
This geographic  diversification will present significant new challenges as we will be
conducting  business in territories where we have not previously operated and will expose
us  to new economic, political, currency exchange and other risks.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Integration.</I></B> We
are currently planning and taking certain initial steps towards the integration of
Panamco&#146;s operations with ours. Our primary objective is to achieve complete integration
in the operations and management of the two companies&#146; Mexican operations, which we
believe complement each other in numerous areas, with the goal of realizing important
synergies in distribution, back-office operations, manufacturing and procurement,
including through the closure and integration of facilities and headcount reductions. We
have begun the process of closing Panamco&#146;s executive offices in Miami, Florida. We will
maintain our corporate headquarters in Mexico City, and will have divisional
headquarters in the following three regions:</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Mexico
with divisional headquarters in Mexico City,</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Latin
Centro (covering territories in Guatemala, Nicaragua, Costa Rica, Panama, Venezuela, and
Colombia) with divisional headquarters in San Jos&eacute;, Costa Rica, and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Mercosur
(covering territories in Brazil and Argentina) with divisional headquarters in Sao Paulo,
Brazil.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
16</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>We are in the process of evaluating the
operations and strategies of our new  businesses outside Mexico, and we have begun to
replicate some of our management  practices and systems throughout our new territories.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Acquisition Cost.</I></B>
The cost of the acquisition was approximately U.S.$3.7 billion. The acquisition was
financed as follows:</FONT></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>U.S.$1,978
million of new debt (including approximately  U.S.$373 million used to refinance existing
Panamco  indebtedness),</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>U.S.$260
million from a capital investment by FEMSA through CIBSA,</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>U.S.$674
million notional amount of our Series D shares issued to subsidiaries of The Coca-Cola
Company,</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>U.S.$285
million in cash, and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>U.S.$512
million of assumed debt.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the
Company incurred other costs and expenses related to  the transaction, which it has been
paying with cash on hand.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the
acquisition, all shareholders of Panamco, other than The  Coca-Cola Company and its
subsidiaries, received cash in exchange for their  shares. The Coca-Cola Company and its
subsidiaries received Series D shares in  exchange for their equity interest in Panamco
of approximately 25%. This  increased The Coca-Cola Company&#146;s beneficial ownership of our
total share  capital from 30% to 39.6% and its beneficial ownership of our voting share
capital from 37% to 46.4%.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Coca-Cola
Memorandum.</I></B> In connection with the signing of the agreement for the acquisition of
Panamco, The Coca-Cola Company and FEMSA memorialized certain understandings primarily
relating to operational and business issues that affect us following the completion of
the acquisition. The terms are as follows:</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
current stockholder arrangements between FEMSA and The Coca-Cola Company will continue in
place.  See  &#147;Item 7. Major Shareholders and Related Party Transactions&#151;The
Shareholders Agreement.&#148;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>FEMSA
will continue to consolidate our financial results.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
Coca-Cola Company and FEMSA will continue to discuss in good faith the  possibility of
implementing changes to our capital structure in the future.</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>There
will be no changes in concentrate incidence pricing or marketing  support by The
Coca-Cola Company during the first year of operations  following the acquisition. After
such time, The Coca-Cola Company will have  complete discretion to implement any changes
with respect to these matters,  but any decision in this regard will be discussed with us
and will take our  operating condition into consideration.</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
Coca-Cola Company may require the establishment of a different  long-term strategy for
Brazil. If, after taking into account our  performance in Brazil, The Coca-Cola Company
does not consider us to be  part of this long-term strategic solution for Brazil, then we
will sell our  Brazilian franchise to The Coca-Cola Company or its designee at fair
market  value. Fair market value would be determined by independent investment  bankers
retained by each party at their own expense pursuant to specified  procedures.</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>FEMSA,
The Coca-Cola Company and we will meet to discuss the optimal Latin  America territorial
configuration for the Coca-Cola bottling system. During  this meeting, we will consider
all possible combinations and any asset swap  transactions that may arise from these
discussions. In addition, we will  entertain any potential combination as long as it is
strategically sound  and done at fair market value.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
17</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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<p>&nbsp;
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>We
would like to keep open strategic alternatives that relate to the  integration of
carbonated soft drinks and beer. The Coca-Cola Company,  FEMSA, and us would explore
these alternatives on a market-by-market basis  at the appropriate time.</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
Coca-Cola Company will sell to CIBSA, FEMSA&#146;s subsidiary that holds  shares of us, upon
CIBSA&#146;s request, sufficient shares to permit CIBSA to  beneficially own 51% of our
outstanding capital stock (assuming that CIBSA  does not sell any shares and that there
are no issuances of our stock other  than as contemplated by the acquisition). This
understanding will be in  place until May 2006. In this proposed sale, CIBSA would pay
the higher of:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%>&nbsp;&nbsp;&nbsp;</td>
    <td width=93%><font size=2>the prevailing market price per share at the time
      of the sale, and</font></td>
  </tr>
  <tr>
    <td width=3%></td>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>the sum of U.S.$2.216 per share plus The Coca-Cola
      Company&#146;s carrying costs.</font></td>
  </tr>
</table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>We
may be entering some markets where significant infrastructure investment  may be
required. The Coca-Cola Company and FEMSA will conduct a joint study  that will outline
strategies for these markets, as well as the investment  levels required to execute these
strategies. Subsequently, it is intended  that FEMSA and The Coca-Cola Company will reach
agreement on the level of  funding to be provided by each of the partners. The parties
intend that  this allocation of funding responsibilities would not be overly burdensome
for either partner.</font></td></tr></table>


<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Subject
to the execution and delivery of mutually satisfactory definitive  agreements, The
Coca-Cola Company intends to grant us a stand-by line of  credit in the principal amount
of U.S.$250 million. The purpose of this  line of credit would be to support investments
that we may need to make  during economically difficult periods prior to the third
anniversary of the  completion of the acquisition. We are currently in the process of
negotiating definitive documentation for this facility.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Business Strategy</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the
acquisition of Panamco, we are now the largest bottler of  Coca-Cola trademark beverages
in Latin America.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to provide
our shareholders with an attractive return on their  investment by increasing our
profitability. The key factors in achieving  profitability are increasing the sales
volume of our products at a competitive  price while improving operational efficiencies
by implementing the best  practices throughout our company. To achieve these goals we
continue our efforts  in:</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>implementing
marketing strategies and programs designed to increase consumer demand for our products,</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>replicating
our successful practices throughout the whole value chain within the territories
recently acquired,</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>expanding
and enhancing presentation and brand portfolios in order to meet consumer demand and to
promote  market presence growth,</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>rationalizing
bottling capacity to increase the utilization of existing assets,</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>streamlining
production and distribution processes for improved operating efficiencies,</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>integrating
operations through advanced information technology, and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>enhancing
the quality of management at all levels.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to
increase per capita consumption of soft drinks in the  territories in which we operate.
To that end, our marketing teams continuously  develop sales strategies tailored to the
different characteristics of our  various territories and channels. We continue to
develop our product portfolio  to better meet market demand and maintain our overall
profitability. To  stimulate and respond to consumer demand, we continue to introduce new
products  and </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
18</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>new presentations. See &#147;&#151;The Company&#151;Our
Products.&#148; We also seek to  increase placement of refrigeration equipment, including
promotional displays,  through the strategic placement of such equipment in retail
outlets in order to  showcase and promote our products. In addition, because we view our
relationship  with The Coca-Cola Company as integral to our business strategy, we use
market  information systems and strategies developed with The Coca-Cola Company to
improve our coordination with the worldwide marketing efforts of The Coca-Cola  Company.
See &#147;&#151;Marketing&#151;Channel Marketing.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We seek to
rationalize our distribution capacity to improve the  efficiency of our operations. We
have closed several under-utilized centers and  shifted distribution activities to other
existing facilities. See &#147;&#151;Description  of Property, Plant and Equipment.&#148;
Our capital expenditure program includes  investments in production and distribution
facilities, information systems,  bottles, cases and coolers. We believe that this
program will allow us to  maintain the capacity and flexibility to create and respond to
consumer demand  for non-alcoholic beverages. In 2002, our capital expenditure program
reached  Ps.1,340.9 million (approximately U.S.$128.2 million), a 28.7% increase over
2001. See &#147;Item 5&#151;Capital Expenditures.&#148; In each of our facilities, we
seek to  increase productivity through infrastructure and process reengineering for
improved asset utilization.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our
plan to increase sales volume, we acquired Panamco on  May 6, 2003. Panamco produces and
distributes trademark beverages of The  Coca-Cola Company in its bottling territories in
Mexico, Guatemala, Nicaragua,  Costa Rica, Panama, Colombia, Venezuela and Brazil, along
with bottled water,  beer and other beverages in some of these territories. We are in the
process of  integrating Panamco&#146;s operations with ours and evaluating the operations and
strategies of Panamco&#146;s businesses. See &#147;&#151;The Panamco Acquisition.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, we focus
on management quality as a key element of our growth  strategies and remain committed to
fostering the development of quality  management at all levels. Both FEMSA and The
Coca-Cola Company provide us with  managerial experience and depth. To build upon these
skills, we also offer  management training programs and programs designed to enhance our
executives&#146;  abilities.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Our Markets</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, our subsidiaries operated in three  geographically defined territories:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2><i>Valley of Mexico Territory</i>: Comprised of
      the Mexico City metropolitan area, including a substantial portion of the
      adjacent State of Mexico.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2><i>Southeast of Mexico Territory</i>: Comprised
      of the States of Tabasco and Chiapas and portions of the States of Oaxaca
      and Veracruz.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2><i>Buenos Aires Territory</i>: Comprised of the
      Federal District of Buenos Aires, Argentina and a significant part of the
      Gran Buenos Aires metropolitan area.</font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
19</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 10; page: 10" -->






<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Valley of
Mexico Territory and the Southeast of Mexico Territory  together compose our Mexican
Territories. The following maps show the locations  of our territories at December 31,
2002.</font></td></tr></table>

<p><table width=600>
  <tr>
    <td height="4">
      <center>
        <p><font size=2><b>Mexican Territories</b></font></p>
        <p><img src="mexico-terr.gif" width="470" height="331"> </p>
      </center>
    </td>
  </tr>
</table>
<p>
<p>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><b>Valley of Mexico</b></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Production Assets </u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Plants</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">4</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Lines</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">21</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Routes</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">1,083</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Centers</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">15</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><U>Capacity (MM Unit Cases) </u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Installed</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">598.0</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">% Utilized</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">63</font></td>
    <td align="LEFT"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Mix of Presentation (%)</u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Returnable</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">33.7</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Non Returnable</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">64.0</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Fountain syrup</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">2.3</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><b>Southeast of Mexico</b></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Production Assets</u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Plants</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">4</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Lines</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">7</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Routes</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">403</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Centers</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">38</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Capacity (MM Unit Cases)</u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Installed</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">142.3</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">% Utilized</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">73</font></td>
    <td align="LEFT"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Mix of Presentation (%)</u></font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Returnable</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">43.7</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Non Returnable</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">55.6</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Fountain syrup</font></td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT"><font size="2">0.7</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
20</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td  align=center>
      <p><font size=2><B>Buenos Aires Territory</B></font></p>
      <p><img src="buenosaires-terr.gif" width="165" height="359"></p>
    </td></tr></table>

<br>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"></th>
    <th colspan="2"></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><b>Buenos Aires</b></font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Production Assets </u></font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Plants</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Production Lines</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">8</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Routes</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">201</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Distribution Centers</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Capacity (MM Unit Cases)</u></font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Installed</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">207</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">% Utilized</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">56</font></td>
    <td align="LEFT"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp; </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"><u>Mix of Presentation (%) </u></font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Returnable</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">12.4</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Non Returnable</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">82.9</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Fountain syrup</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">4.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
characteristics of these three territories are very diverse. The  Valley of Mexico
Territory is densely populated and has a large number of  competing soft drink brands and
higher per capita income than the Southeast of  Mexico Territory. The Southeast of Mexico
Territory is a large and mountainous  area with lower population density, lower per
capita income, and lower per  capita consumption of soft drink products compared with the
Valley of Mexico.  The Buenos Aires Territory is densely populated and has lower per
capita  consumption of soft drink products as compared with the Mexican Territories. Per
capita income has been negatively affected by macroeconomic conditions in  Argentina.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the
acquisition of Panamco, we have extended our geographic reach  to include markets in
Guatemala, Nicaragua, Costa Rica, Panama, Colombia,  Venezuela and Brazil and have
further expanded our current market presence in  Mexico.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
21</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 12; page: 12" -->








<p><table width=600><tr><td><font size=2><B>Our Products</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, our subsidiaries produced, marketed and  distributed the following Coca-Cola and
Mundet trademark beverages:</font></td></tr></table>

<TABLE CELLSPACING=0 BORDER=0 WIDTH=600 cellpadding="0">
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <B><U><FONT SIZE=2> Mexican Territories</font></u></B></TD>
    <TD WIDTH="40%"> <B><U><FONT SIZE=2> Buenos Aires Territory&nbsp;</font></u></B></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I><FONT SIZE=2> Coca-Cola</font></I></TD>
    <TD WIDTH="40%"> <I><FONT SIZE=2> Coca-Cola&nbsp;</font></I></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Coca-Cola light</i><SUP><font size="1">(1)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Coca-Cola light</i><SUP><font size="1">(1)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I><FONT SIZE=2> Sprite</font></I></TD>
    <TD WIDTH="40%"> <I><FONT SIZE=2> Sprite&nbsp;</font></I></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Sprite light</i><SUP><font size="1">(2)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Sprite light</i><SUP><font size="1">(2)&nbsp;</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I><FONT SIZE=2> Fanta</font></I></TD>
    <TD WIDTH="40%"> <I><FONT SIZE=2> Fanta&nbsp;</font></I></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Fresca</i><SUP><font size="1">(3)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Quatro</i><SUP><font size="1">(4)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Lift</i><SUP><font size="1">(5)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I><FONT SIZE=2> Kin&nbsp;</font></I></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Delaware Punch</i><SUP><font size="1">(6)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Ta&iacute;</i><SUP><font size="1">(8)</font></SUP></font>
    </TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Ciel</i><SUP><font size="1">(7)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Schweppes</i><SUP><font size="1">(9)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Beat</i><SUP><font size="1">(9)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Hi-C</i><SUP><font size="1">(10)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Senzao</i><SUP><font size="1">(12)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Crush</i><SUP><font size="1">(11)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Ciel Mineralizada</i><SUP><font size="1">(13)</font></SUP></font></TD>
    <TD WIDTH="40%"> <I></I> <FONT SIZE=2><I>Black Fire</i><SUP><font size="1">(13)</font></SUP></font></TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Powerade</i><SUP><font size="1">(14)</font></SUP></font></TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Sidral Mundet</i><SUP><font size="1">(15)</font></SUP></font></TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Sidral Mundet light</i><SUP><font size="1">
      (15)</font></SUP></font></TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Prisco</i><SUP><font size="1">(15)</font></SUP></font></TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Mickey Aventuras</i><SUP><font size="1">(16)</font></sup></font>
    </TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Kin Light</i></font><font size="1"><SUP>(17)</sup></font>
    </TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
  <TR align="left" valign="bottom">
    <TD WIDTH="60%"> <I></I> <FONT SIZE=2><I>Nestea</i><SUP><font size="1">(18)</font></sup></font>
    </TD>
    <TD WIDTH="40%">&nbsp;</TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in October 1997 as a replacement for diet Coke. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Introduced
in February 1999 as a replacement for diet Sprite. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Introduced
in September 1994.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(4) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in December 1994.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(5) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in May 1995; a new flavor &#147;Green Apple&#148; was launched in  December 2002. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(6) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in March 1996. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(7) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in 1997.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(8) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in June 2000.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(9) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in November 2000 as an energetic drink and re-launched  as a CSD with a new flavor in
September 2002.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(10) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in December 2000. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(11) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in February 2001.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(12) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in April 2001. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(13) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in March 2001. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(14) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Introduced
in September 2001.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(15) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Incorporated
into our brand portfolio in December 2001. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(16) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Introduced
in April 2002. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(17) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in June 2002.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(18) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Introduced
in August 2002.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our single most
important brand is <I>Coca-Cola</I>, which accounted for 71.1% of the total consolidated sales
volume in 2002. <I>Sprite, Fanta</I> and <I>Lift</I>, our next largest brands in consecutive order,
accounted for 4.3%, 4.1% and 4.1%, respectively, of the sales volume in 2002.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell Coca-Cola
trademark beverages in containers authorized by The  Coca-Cola Company, which consist of
a variety of returnable and non-returnable  presentations in the forms of glass bottles,
cans, and plastic bottles made of  polyethylene terephtalate, referred to in this annual
report as PET. In  addition, we sell some Coca-Cola trademark beverage syrups in
containers  designed for soda fountain use, which we refer to as fountain containers.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
22</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 13; page: 13" -->






<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an
agreement between The Coca-Cola Company and Cadbury,  Schweppes PLC, referred to in this
annual report as Cadbury, The Coca-Cola  Company acquired Cadbury&#146;s beverage brands in
Argentina in July 1999, allowing  us to distribute Cadbury beverages in our Buenos Aires
Territory. In 2001, we  suspended the sale and distribution of Cadbury beverages in our
Mexican  Territories.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Sales</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating the development
      of local sales territories, we and The Coca-Cola Company measure, among
      other factors, the per capita consumption of Coca-Cola trademark beverages.
      Per capita consumption data for a territory is determined by dividing management&#146;s
      estimate of applicable aggregate consumption figures within the territory
      (in bottles, cans, powders and fountain containers) by the estimated population
      within such territory, and is expressed on the basis of the number of eight-ounce
      servings consumed annually per capita. <br>
      In our Valley of Mexico and Southeast of Mexico Territories, estimated per
      capita annual consumption of our Coca-Cola trademark beverages in 2002 was
      462 eight-ounce servings and 287 eight-ounce servings, respectively, lower
      than the estimated national average of 487 eight-ounce servings. In our
      Buenos Aires Territory, estimated per capita annual consumption of our products
      in 2002 was approximately 258 eight-ounce servings, higher than the national
      average in Argentina of 204 eight-ounce servings. Our data shows that per
      capita consumption grew in recent years in the Mexican Territories, and
      we believe that general population growth in our Mexican Territories will
      result in increased sales in those territories.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total unit case
sales volume of our products increased 2.1% in 2002  compared to 2001. See &#147;Item 5.
Operating and Financial Review and  Prospects&#151;Results of Operations.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table illustrates the historical sales volume for the  Valley of Mexico Territory, the
Southeast of Mexico Territory and the Buenos  Aires Territory:</font></td></tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP" WIDTH="44"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD VALIGN="bottom" WIDTH="147"><font size="2"></font></TD>
    <TD VALIGN="bottom" COLSPAN=10> <B><FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">Combined Sales Volume <br>
        Year ended December&nbsp;31,</font></P>
      </font></B></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44"><font size="2"></font></TD>
    <TD VALIGN="bottom" WIDTH="147"><font size="2"></font></TD>
    <TD VALIGN="bottom" COLSPAN=10> <B><FONT SIZE=2> </font></B>
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44">&nbsp;</TD>
    <TD VALIGN="bottom" align="left" WIDTH="147">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"><b><font size=2><font size="2">2002</font></font></b></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"><b><font size=2><font size="2">2001</font></font></b></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"><b><font size=2><font size="2">2000</font></font></b></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"><b><font size=2><font size="2">1999</font></font></b></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"><b><font size=2><font size="2">1998</font></font></b></TD>
    <TD VALIGN="bottom" WIDTH="31">&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44">&nbsp;</TD>
    <TD VALIGN="bottom" align="left" WIDTH="147">&nbsp;</TD>
    <TD VALIGN="bottom" align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44">&nbsp;</TD>
    <TD VALIGN="bottom" align="left" WIDTH="147">&nbsp;</TD>
    <TD VALIGN="bottom" align="center" colspan="10"><b><font size=2><font size="2">(millions
      of unit cases, except percentages)</font></font></b></TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44"><font size="2"></font></TD>
    <TD VALIGN="bottom" align="left" WIDTH="147"> <FONT SIZE=2>
      <P><font size="2">Company Total</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">620.3</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">607.8</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">582.6</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">544.2</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="22">&nbsp;&nbsp;</TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">519.6</font>
      </FONT></TD>
    <TD VALIGN="bottom" WIDTH="31">&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="TOP" WIDTH="44"><font size="2"></font></TD>
    <TD VALIGN="bottom" align="left" WIDTH="147"> <FONT SIZE=2>
      <P><font size="2">% Growth</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">2.1</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="left" WIDTH="22"><font size=2><font size="2">%</font></font></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">4.3</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="left" WIDTH="22"><font size=2><font size="2">%</font></font></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">7.0</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="left" WIDTH="22"><font size=2><font size="2">%</font></font></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">4.7</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="left" WIDTH="22"><font size=2><font size="2">%</font></font></TD>
    <TD VALIGN="bottom" align="right" WIDTH="58"> <FONT SIZE=2>
      <P><font size="2">18.6</font>
      </FONT></TD>
    <TD VALIGN="bottom" align="left" WIDTH="31"><font size=2><font size="2">%</font></font></TD>
  </TR>
</TABLE>

<p><table width=600><tr><td  align=center><font size=2><B>Product and Packaging Mix
Summary</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexican
Operations.</I></B> In the Mexican Territories, in 2002 we sold a majority of our beverages at
small retail stores to customers who take the beverages home or elsewhere for
consumption. We also sell products in the &#147;on-premise&#148; segment, which consists
of (i) sales through sidewalk stands, restaurants, bars and various types of dispensing
machines and (ii) sales through &#147;point of sale&#148; programs in concert halls,
auditoriums and theaters by means of a series of arrangements with Mexican promoters.
The vast majority of our sales to all of these outlets is on a cash basis.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002,
approximately 97.2% of our unit case sales in the Mexican  Territories were of Coca-Cola
trademark beverages. Sales volume of Coca-Cola  trademark beverages in the Mexican
Territories increased by 3.0% in 2002 as  compared to 2001. We attribute this increase to
(i) increased packaging options  provided by us to consumers, (ii) the strengthening of
our brand portfolio  through the introduction of new flavored soft drinks, (iii)
continued marketing  efforts, and (iv) successful promotional activities.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
23</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 14; page: 14" -->







<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
tables highlight historical sales volume mix and total  sales volumes in the Mexican
Territories for our products:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Valley of Mexico Territory</B></font></td></tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD align="center" width="280"><font size="2"></font></TD>
    <TD COLSPAN=17 align="center"><font size="2"><b>Year ended December&nbsp;31,
      </b></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="center" width="280">&nbsp;</TD>
    <TD COLSPAN=17 align="right">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="center" width="280"><font size="2"></font></TD>
    <TD COLSPAN=5 align="right"><font size="2"><b>2002</b></font></TD>
    <TD align="right" width="16">&nbsp;</TD>
    <TD align="right" width="43"><font size="2"><b>2001</b></font></TD>
    <TD align="right" width="16">&nbsp;</TD>
    <TD COLSPAN=2 align="right"><font size="2"><b>2000</b></font></TD>
    <TD align="right" width="16">&nbsp;</TD>
    <TD COLSPAN=3 align="right"><font size="2"><b>1999</b></font></TD>
    <TD align="right" width="16">&nbsp;</TD>
    <TD align="right" width="43"><font size="2"><b>1998</b></font></TD>
    <TD align="center" width="27">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280">&nbsp;</TD>
    <TD COLSPAN=17 align="center">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"><font size="2"><b>Unit Case Volume Mix by Category</b></font></TD>
    <TD COLSPAN=17 align="center"><font size="2"><b>(in percentages)</b></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"> <FONT SIZE=2> <font size="2">Colas</font></FONT></TD>
    <TD COLSPAN=5 align="right"> <FONT SIZE=2> <font size="2">71.9</font></FONT></TD>
    <TD align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">76.1</font></FONT></TD>
    <TD width="16"><font size=2><font size="2">%</font></font></TD>
    <TD COLSPAN=2 align="right"> <FONT SIZE=2> <font size="2">76.9</font></FONT></TD>
    <TD align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD COLSPAN=3 align="right"> <FONT SIZE=2> <font size="2">76.2</font></FONT></TD>
    <TD align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">75.5</font></FONT></TD>
    <TD align="left" width="27"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"> <FONT SIZE=2> <font size="2">Flavored Soft Drinks</font></FONT></TD>
    <TD COLSPAN=5 align="right"> <FONT SIZE=2> <font size="2">22.2</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">20.2</font></FONT></TD>
    <TD width="16">&nbsp;</TD>
    <TD COLSPAN=2 align="right"> <FONT SIZE=2> <font size="2">20.6</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD COLSPAN=3 align="right"> <FONT SIZE=2> <font size="2">21.5</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">21.7</font></FONT></TD>
    <TD align="left" width="27">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Total
      Carbonated Soft Drinks</font></FONT></TD>
    <TD COLSPAN=5 align="right"> <FONT SIZE=2> <font size="2">94.1</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">96.3</font></FONT></TD>
    <TD width="16">&nbsp;</TD>
    <TD COLSPAN=2 align="right"> <FONT SIZE=2> <font size="2">97.5</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD COLSPAN=3 align="right"> <FONT SIZE=2> <font size="2">97.7</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">97.2</font></FONT></TD>
    <TD align="left" width="27">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"> <FONT SIZE=2> <font size="2">Water</font></FONT></TD>
    <TD COLSPAN=5 align="right"> <FONT SIZE=2> <font size="2">4.2</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">3.6</font></FONT></TD>
    <TD width="16">&nbsp;</TD>
    <TD COLSPAN=2 align="right"> <FONT SIZE=2> <font size="2">2.5</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD COLSPAN=3 align="right"> <FONT SIZE=2> <font size="2">2.3</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">2.8</font></FONT></TD>
    <TD align="left" width="27">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="280"> <FONT SIZE=2> <font size="2">Other Categories<SUP>(1)</SUP></font></FONT></TD>
    <TD COLSPAN=5 align="right"> <FONT SIZE=2> <font size="2">1.7</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">0.1</font></FONT></TD>
    <TD width="16">&nbsp;</TD>
    <TD COLSPAN=2 align="right"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD COLSPAN=3 align="right"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="16">&nbsp;</TD>
    <TD align="right" width="43"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="27">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=17 align="left" width="280">&nbsp;</TD>
    <TD COLSPAN=17 HEIGHT=17 align="right">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=17 align="left" width="280"> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Total</font></FONT></TD>
    <TD COLSPAN=5 HEIGHT=17 align="right"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD HEIGHT=17 align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD HEIGHT=17 align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD HEIGHT=17 width="16"><font size=2><font size="2">%</font></font></TD>
    <TD COLSPAN=2 HEIGHT=17 align="right"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD HEIGHT=17 align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD COLSPAN=3 HEIGHT=17 align="right"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD HEIGHT=17 align="left" width="16"><font size=2><font size="2">%</font></font></TD>
    <TD HEIGHT=17 align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD HEIGHT=17 align="left" width="27"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD HEIGHT=17 align="left" width="280">&nbsp;</TD>
    <TD COLSPAN=17 HEIGHT=17 align="right">
      <hr size="1" noshade>
    </TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>



<table width=600><tr><td width=4% align=right valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td>
    <td width=94%><FONT SIZE="1">Includes <I>Powerade</I>, Nestea, Kin Light and
      Mickey Aventuras.</FONT></td>
  </tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD COLSPAN=10 align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <B><FONT SIZE=2>Unit Case Volume</font></B></TD>
    <TD COLSPAN=10 align="center"> <B><FONT SIZE=2>(millions of unit cases)</font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <FONT SIZE=2>Coca-Cola trademark beverages</FONT></TD>
    <TD align="right"> <FONT SIZE=2>366.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>355.4</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>341.1</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>314.9</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>302.4</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <FONT SIZE=2>Other Beverages</FONT></TD>
    <TD align="right"> <FONT SIZE=2>11.8</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>0.9</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>2.4</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>2.0</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>2.1</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <FONT SIZE=2>&nbsp;&nbsp;Total</FONT></TD>
    <TD align="right"> <FONT SIZE=2>378.3</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>356.3</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>343.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>316.9</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2>304.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="2" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <FONT SIZE=2>&nbsp;&nbsp;% Growth</FONT></TD>
    <TD align="right"> <FONT SIZE=2>6.2</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD align="right"> <FONT SIZE=2>3.7</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD align="right"> <FONT SIZE=2>8.4</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD align="right"> <FONT SIZE=2>4.1</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD align="right"> <FONT SIZE=2>17.3</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
  </TR>
</TABLE>


<p><table width=600><tr><td  align=center><font size=2><B>Southeast of Mexico Territory</B></font></td></tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD width="278"><font size="2"></font></TD>
    <TD COLSPAN=10>
      <div align="center"><B><FONT SIZE=1> <font size="2">Year ended December
        31,</font></font></B></div>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="278">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="278"><font size="2"></font></TD>
    <TD align="right" width="60"> <B><FONT SIZE=1> <font size="2">2002</font></font></B></TD>
    <TD align="right" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <B><FONT SIZE=1> <font size="2">2001</font></font></B></TD>
    <TD align="right" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <B><FONT SIZE=1> <font size="2">2000</font></font></B></TD>
    <TD align="right" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <B><FONT SIZE=1> <font size="2">1999</font></font></B></TD>
    <TD align="right" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <B><FONT SIZE=1> <font size="2">1998</font></font></B></TD>
    <TD align="right" width="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD COLSPAN=10 align="center">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <B><FONT SIZE=2> <font size="2">Unit Case Volume
      Mix by Category</font></font></B></TD>
    <TD COLSPAN=10 align="center"> <B><FONT SIZE=2> <font size="2">(in percentages)</font></font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">Colas</font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">71.5</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">72.4</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">73.9</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">73.9</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">72.5</font></FONT></TD>
    <TD align="left" width="20"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">Flavored Soft Drinks</font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">21.3</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">21.4</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">20.5</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">20.1</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">21.0</font></FONT></TD>
    <TD align="left" width="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Total
      Carbonated Soft Drinks</font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">92.8</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">93.8</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">94.4</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">94.0</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">93.5</font></FONT></TD>
    <TD align="left" width="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">Water</font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">6.3</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">6.1</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">5.6</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">6.0</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">6.5</font></FONT></TD>
    <TD align="left" width="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">Other Categories<font size="1"><SUP>(1)</SUP></font></font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">0.9</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">0.1</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="17">&nbsp;</TD>
    <TD align="right" width="43"><FONT SIZE=2><font size="2">&#151;</font></FONT></TD>
    <TD align="left" width="20">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Total</font></FONT></TD>
    <TD align="right" width="60"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD align="left" width="17"><font size=2><font size="2">%</font></font></TD>
    <TD align="right" width="43"> <FONT SIZE=2> <font size="2">100.0</font></FONT></TD>
    <TD align="left" width="20"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="2" noshade>
    </TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>


<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1">
</font></td>
    <td width=94%><FONT SIZE="1">Includes<I> Powerade</I>, Nestea, Kin Light and
      Mickey Aventuras.</FONT></td>
  </tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD COLSPAN=10 align="center">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <B><FONT SIZE=2>Unit Case Volume</font></B></TD>
    <TD COLSPAN=10 align="center"> <B><FONT SIZE=2>(millions of unit cases)</font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2>Coca-Cola trademark beverages</FONT></TD>
    <TD align="right" width="52"> <FONT SIZE=2>124.4</FONT></TD>
    <TD align="left" width="18">&nbsp;&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>121.1</FONT></TD>
    <TD align="left" width="18">&nbsp;&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>116.0</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>99.9</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="35"> <FONT SIZE=2>95.3</FONT></TD>
    <TD align="left" width="26">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2>Other Beverages</FONT></TD>
    <TD align="right" width="52"> <FONT SIZE=2>2.0</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>0.5</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>1.6</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>1.3</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="35"> <FONT SIZE=2>1.4</FONT></TD>
    <TD align="left" width="26">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2>Total</font> </TD>
    <TD align="right" width="52"> <FONT SIZE=2>126.4</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>121.6</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>117.6</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="45"> <FONT SIZE=2>101.2</FONT></TD>
    <TD align="left" width="18">&nbsp;</TD>
    <TD align="right" width="35"> <FONT SIZE=2>96.7</FONT></TD>
    <TD align="left" width="26">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="2" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left" width="278"> <FONT SIZE=2>% Growth</font> </TD>
    <TD align="right" width="52"> <FONT SIZE=2>3.9</FONT></TD>
    <TD align="left" width="18"><font size=2>%</font></TD>
    <TD align="right" width="45"> <FONT SIZE=2>3.4</FONT></TD>
    <TD align="left" width="18"><font size=2>%</font></TD>
    <TD align="right" width="45"> <FONT SIZE=2>16.2</FONT></TD>
    <TD align="left" width="18"><font size=2>%</font></TD>
    <TD align="right" width="45"> <FONT SIZE=2>4.7</FONT></TD>
    <TD align="left" width="18"><font size=2>%</font></TD>
    <TD align="right" width="35"> <FONT SIZE=2>27.9</FONT></TD>
    <TD align="left" width="26"><font size=2>%</font></TD>
  </TR>
</TABLE>


<p><table width=600><tr><td  align=center><font size=2><B>Combined Mexican Territories
Sales Volume</B></font></td></tr></table>

<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="left" width="286">&nbsp;</td>
    <td align="center" colspan="11"><font size="2"><b>Year ended December&nbsp;31,
      </b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286">&nbsp;</td>
    <td align="right" colspan="11">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286">&nbsp;</td>
    <td align="right" width="28"><font size="2"><b>2002</b></font></td>
    <td align="right" width="20">&nbsp;</td>
    <td align="right" width="54"><font size="2"><b>2001</b></font></td>
    <td align="right" width="20">&nbsp;</td>
    <td align="right" width="54"><font size="2"><b>2000</b></font></td>
    <td align="right" width="20">&nbsp;</td>
    <td align="right" width="54"><font size="2"><b>1999</b></font></td>
    <td align="right" width="20">&nbsp;</td>
    <td colspan=2 align="right"><font size="2"><b>1998</b></font></td>
    <td align="right" width="31">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286">&nbsp;</td>
    <td align="center" colspan="11">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286"><font size="2"><b>Unit Case Volume</b></font></td>
    <td align="center" colspan="11"><font size="2"><b>(millions of unit cases)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286"> <font size="2">Total</font></td>
    <td align="right" width="28"> <font size="2">504.7</font></td>
    <td align="left" width="20">&nbsp;</td>
    <td align="right" width="54"> <font size="2">477.9</font></td>
    <td align="left" width="20">&nbsp;</td>
    <td align="right" width="54"> <font size="2">461.1</font></td>
    <td align="left" width="20">&nbsp;</td>
    <td align="right" width="54"> <font size="2">418.1</font></td>
    <td align="left" width="20">&nbsp;</td>
    <td colspan=2 align="right"> <font size="2">401.2</font></td>
    <td align="left" width="31">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="286"> <font size="2">% Growth</font></td>
    <td align="right" width="28"> <font size="2">5.6</font></td>
    <td align="left" width="20"><font size="2">%</font></td>
    <td align="right" width="54"> <font size="2">3.6</font></td>
    <td align="left" width="20"><font size="2">%</font></td>
    <td align="right" width="54"> <font size="2">10.3</font></td>
    <td align="left" width="20"><font size="2">%</font></td>
    <td align="right" width="54"> <font size="2">4.2</font></td>
    <td align="left" width="20"><font size="2">%</font></td>
    <td colspan=2 align="right"> <font size="2">19.8</font></td>
    <td align="left" width="31"><font size="2">%</font></td>
  </tr>
</table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
24</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->




<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, we
introduced The Coca-Cola Company trademark powdered  products under the Kin Light brand,
a diet flavored powder. We offered Kin Light  on a complimentary basis to our customers
in order to better examine this  category&#146;s potential and evaluate consumption patterns
and price strategies. Our  sales volume for 2002 in the Mexican Territories includes 6.3
million unit cases  of Kin Light.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since 1995, we
have introduced a number of new presentations in the  Mexican Territories. These include
2.5 and 2.0-liter returnable plastic bottles,  1.0-liter non-returnable plastic bottles,
8-ounce non-returnable glass bottles,  0.25-liter non-returnable plastic bottles, and
0.6-liter plastic contour bottles  to replace the 0.5-liter non-returnable glass and
plastic presentations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our most popular
soft drink presentations are the 2.0-liter returnable  plastic bottles, the 0.6-liter
non-returnable plastic contour bottle and the  2.0-liter non-returnable plastic bottle,
which accounted for 27.9%, 23.0% and  16.4%, respectively, of our total soft drink sales
volume in 2002 in the Mexican  Territories.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In recent years,
the packaging trend in the soft drink industry in  Mexico has moved toward non-returnable
presentations. Total non-returnable  presentations (excluding fountain and powders)
represented 60.6% of total sales  in the Mexican Territories in 2002 as compared to 57.5%
in 2001 and 55.7% in  2000. During 2002, we refocused our packaging mix strategy to
reinforce our  sales of returnable packages. Returnable plastic and glass presentations
offer  consumers a more affordable, although less convenient, product. The price of a
2.0-liter returnable package is approximately 17% less than the same size  non-returnable
package. These returnable products are mainly sold to small store  retailers, which
represent the largest distribution channel in the Mexican  market, who benefit from
returnable bottles&#146; lower price per ounce of product,  allowing them to compete with
larger supermarkets. Returnable packages present  an opportunity to attract new customers
and maintain customer loyalty, because  they make Coca-Cola trademark beverages more
attractive to price-sensitive  consumers. We believe that our continued commitment to
returnable bottle  availability will allow us to compete with low-price entrants to the
Mexican  soft drink market.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-serving
presentations (those presentations of more than  1.0-liter) are an important component of
our product mix. In 2002, multi-serving  presentations represented 46.9% of our total
soft drink sales in the Mexican  Territories, as compared to 48.4% in 2001. Although the
volume of multi-serving  presentations have decreased slightly in the last couple of
years, we expect  that demand for multi-serving presentations will increase after the
launch of  the 2.5 liter Coca-Cola presentation. We believe that the popularity of
multi-serving presentations is primarily attributable to the lower price per  ounce of
product in larger presentations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth our unit case volume mix by presentation  in the Mexican Territories:</font></td></tr></table>


<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR>
    <TD VALIGN="TOP">&nbsp;</TD>
    <TD VALIGN="bottom" COLSPAN=10 align="center"> <B><FONT SIZE=2> Year ended
      December&nbsp;31, </font></B></TD>
  </TR>
  <TR valign="middle">
    <TD>&nbsp;</TD>
    <TD VALIGN="bottom" align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="middle">
    <TD><font size="2"></font></TD>
    <TD VALIGN="bottom" align="right"> <B><FONT SIZE=2> <font size="2">2002</font></font></B></TD>
    <TD VALIGN="bottom" align="right">&nbsp;</TD>
    <TD align="right" VALIGN="bottom"> <B><FONT SIZE=2> <font size="2">2001</font></font></B></TD>
    <TD align="right" VALIGN="bottom">&nbsp;</TD>
    <TD align="right" VALIGN="bottom"> <B><FONT SIZE=2> <font size="2">2000</font></font></B></TD>
    <TD align="right" VALIGN="bottom">&nbsp;</TD>
    <TD align="right" VALIGN="bottom"> <B><FONT SIZE=2> <font size="2">1999</font></font></B></TD>
    <TD align="right" VALIGN="bottom">&nbsp;</TD>
    <TD align="right" VALIGN="bottom"> <B><FONT SIZE=2> <font size="2">1998</font></font></B></TD>
    <TD align="right" VALIGN="bottom">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD COLSPAN=10 align="center">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align="left"> <B><FONT SIZE=2> <font size="2">Unit Case Volume Mix by
      Presentation</font></font></B></TD>
    <TD COLSPAN=10 align="center"> <B><FONT SIZE=2> <font size="2">(in percentages)</font></font></B></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">Valley of Mexico</font></FONT></TD>
    <TD><font size="2"></font></TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"></font></TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"></font></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom"><font size="2"></font></TD>
    <TD>&nbsp;</TD>
    <TD><font size="2"></font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Returnable</font></font>
    </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">33.7</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">% </font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">39.3</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">42.2</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">4.6</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">48.0</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Non-returnable<font size="1">
      <SUP>(1)</SUP></font></font></font> </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">64.0</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">58.4</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">55.5</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">57.3</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">50.0</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Fountain</font></font> </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">2.3</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">2.3</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">2.3</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">2.1</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">2.0</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">Southeast of Mexico</font></FONT></TD>
    <TD align="right"><font size="2"></font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><font size="2"></font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><font size="2"></font></TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom" align="right"><font size="2"></font></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><font size="2"></font></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Returnable</font></font>
    </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">43.7</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">44.6</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">50.3</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">56.7</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">60.8</font></FONT></TD>
    <TD align="left"><font size=2><font size="2">%</font></font></TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Non-returnable<font size="1">
      <SUP>(1)</SUP> </font></font></font> </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">55.6</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">54.8</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">49.1</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">42.8</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">38.8</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD> <FONT SIZE=2> <font size="2">&nbsp;&nbsp;Fountain</font></font> </TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">0.7</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">0.6</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">0.6</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="bottom" align="right"> <FONT SIZE=2> <font size="2">0.5</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"> <FONT SIZE=2> <font size="2">0.4</font></FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
</TABLE>


<font size=2></font>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600>
  <tr>
    <td width=4% valign=top><font size="1">(1) </font></td>
    <td width=94%><font size="1">Includes powders for 2002.</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&nbsp;Argentine Operations.
      </i></b>In the Buenos Aires Territory, in 2002 we sold the majority of our
      products in the take-home segment, which consists of sales to customers
      who take the beverages home or elsewhere for consumption. In 2002 the percentage
      of sales through supermarkets decreased, to 23.4% in 2002 from 28.4% in
      2001.</font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
25</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 16; page: 16" -->







<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, 100% of
our unit case sales in the Buenos Aires Territory were  of Coca-Cola trademark beverages.
Sales volume of Coca-Cola trademark beverages  in the Buenos Aires Territory decreased
11.0% in 2002 as compared to 2001.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
tables highlight historical sales volume mix and total  sales volumes in the Buenos Aires
territory:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Buenos Aires Territory</B></font></td></tr></table>

<TABLE 0 CELLSPACING=0 CELLPADDING=0 WIDTH=600>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD colspan="10" align="center"><b><font size=2>Year ended December&nbsp;31,
      </font></b></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD align="right" colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD align="right"><b><font size=2>2002</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><b><font size=2>2001</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><b><font size=2>2000</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><b><font size=2>1999</font></b></TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right"><b><font size=2>1998</font></b></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD colspan="10" align="center">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"><b><font size=2>Unit Case Volume Mix by Category</font></b></TD>
    <TD colspan="10" align="center"><b><font size=2>(in percentages)</font></b></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> Colas</FONT></TD>
    <TD> <FONT SIZE=2> 68.3</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 69.7</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 75.8</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 75.9</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 76.9</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> Flavored Soft Drinks</FONT></TD>
    <TD> <FONT SIZE=2> 30.4</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 29.0</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 23.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 23.4</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 22.1</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> &nbsp;&nbsp;Total Carbonated Soft Drinks</FONT></TD>
    <TD> <FONT SIZE=2> 98.7</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 98.7</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 99.3</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 99.3</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 99.0</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> Water</FONT></TD>
    <TD> <FONT SIZE=2> 0.8</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 0.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 0.6</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 0.7</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 1.0</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> Other Categories<SUP><font size="1">(1)</font></SUP>
    <font size="1"></font></FONT></TD>
    <TD> <FONT SIZE=2> 0.5</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 0.8</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> 0.1</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> &#150;</FONT></TD>
    <TD align="left">&nbsp;</TD>
    <TD> <FONT SIZE=2> &#150;</FONT></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD colspan="10">
      <hr size="1" noshade>
    </TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"> <FONT SIZE=2> &nbsp;&nbsp;Total</FONT></TD>
    <TD> <FONT SIZE=2> 100.0</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2>
      <P>100.0
      </FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2>
      <P>100.0
      </FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 100.0</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD> <FONT SIZE=2> 100.0</FONT></TD>
    <TD align="left"><font size=2>%</font></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD colspan="10">
      <hr size="2" noshade>
    </TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"><b><font size=2>Unit Case Volume</font></b></TD>
    <TD colspan="10" align="center"><b><font size=2>(millions of unit cases)</font></b></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"><font size=2>&nbsp;&nbsp;Total</font></TD>
    <TD><font size=2>115.6</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD><font size=2>129.9</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD><font size=2>121.5</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD><font size=2>126.1</font></TD>
    <TD align="left">&nbsp;</TD>
    <TD><font size=2>118.4</font></TD>
    <TD align="left">&nbsp;</TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD align="left"><font size=2>&nbsp;&nbsp;% Growth</font></TD>
    <TD><font size=2>(11.0</font></TD>
    <TD align="left"><font size=2>)%</font></TD>
    <TD><font size=2>6.9</font></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD><font size=2>(3.7</font></TD>
    <TD align="left"><font size=2>)%</font></TD>
    <TD><font size=2>6.5</font></TD>
    <TD align="left"><font size=2>%</font></TD>
    <TD><font size=2>14.8</font></TD>
    <TD align="left"><font size=2>%</font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Including
HiC.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002,
2.25-liter and 1.5-liter non-returnable plastic bottles  accounted for 47.2% and 18.5% of
total soft drink sales volume, respectively. In  order to minimize the impact of the
deteriorated economic situation in  Argentina, we launched new returnable presentations
such as a 1.25-liter  returnable-glass presentation, which accounted for almost 10% of
our sales  volume in 2002, to increase the affordability of our products in this
territory.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth our unit case volume mix by presentation  in the Buenos Aires Territory:</font></td></tr></table>

<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="284">&nbsp;</td>
    <td colspan="14" align="center"><font size="2"><b>Year ended December&nbsp;31,
      </b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="284">&nbsp;</td>
    <td align="right"  colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="284">&nbsp;</td>
    <td align="right" width="63"><font size="2"><b>2002</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td colspan=2 align="right"><font size="2"><b>2001</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td colspan=2 align="right"><font size="2"><b>2000</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td colspan=2 align="right"><font size="2"><b>1999</b></font></td>
    <td align="right" width="16">&nbsp;</td>
    <td colspan=2 align="right"><font size="2"><b>1998</b></font></td>
    <td align="right" width="27">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284">&nbsp;</td>
    <td colspan="14" align="center">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284"><font size="2"><b>Unit Case Volume Mix by Presentation</b></font></td>
    <td colspan="14" align="center"><font size="2"><b>(in percentages)</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284">
      <p><font size="2">Buenos Aires</font>
    </td>
    <td width="63"><font size="2"></font></td>
    <td width="16">&nbsp;</td>
    <td colspan=2><font size="2"></font></td>
    <td width="16">&nbsp;</td>
    <td colspan=2><font size="2"></font></td>
    <td width="16">&nbsp;</td>
    <td colspan=2><font size="2"></font></td>
    <td width="16">&nbsp;</td>
    <td colspan=2><font size="2"></font></td>
    <td width="27">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284">
      <p><font size="2">&nbsp;&nbsp;Returnable</font>
    </td>
    <td align="right" width="63">
      <p><font size="2">12.4</font>
    </td>
    <td align="left" width="16"><font size="2">%</font></td>
    <td colspan=2 align="right">
      <p><font size="2">5.8</font>
    </td>
    <td align="left" width="16"><font size="2">%</font></td>
    <td colspan=2 align="right">
      <p><font size="2">9.8</font>
    </td>
    <td align="left" width="16"><font size="2">%</font></td>
    <td colspan=2 align="right">
      <p><font size="2">10.3</font>
    </td>
    <td align="left" width="16"><font size="2">%</font></td>
    <td colspan=2 align="right">
      <p><font size="2">10.8</font>
    </td>
    <td align="left" width="27"><font size="2">%</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284">
      <p><font size="2">&nbsp;&nbsp;Non-returnable</font>
    </td>
    <td align="right" width="63">
      <p><font size="2">82.9</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">89.1</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">83.7</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">83.9</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">83.3</font>
    </td>
    <td align="left" width="27">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="284">
      <p><font size="2">&nbsp;&nbsp;Fountain</font>
    </td>
    <td align="right" width="63">
      <p><font size="2">4.7</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">5.1</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">6.5</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">5.8</font>
    </td>
    <td align="left" width="16">&nbsp;</td>
    <td colspan=2 align="right">
      <p><font size="2">5.9</font>
    </td>
    <td align="left" width="27">&nbsp;</td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2><B>Seasonality</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of our
products are seasonal, as our sales levels generally  increase during the summer and the
Christmas holiday season. In the Mexican  Territories, we typically achieve our highest
sales during the summer months  (April through September) as well as during the Christmas
holidays in December.  In the Buenos Aires Territory, our highest sales levels occur
during the summer  months (October through March) and the Christmas holidays.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Marketing</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We rely
extensively on advertising, sales promotions and non-price  related retailer incentive
programs designed by local affiliates of The  Coca-Cola Company to target the particular
preferences of our soft drink  consumers. Our company, in conjunction with The Coca-Cola
Company, has developed  a sophisticated marketing strategy to promote the sale and
consumption of our  products. Through the use of advanced information technology, </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
26</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 17; page: 17" -->





<p><table width=600><tr><td><font size=2>we have gained  customer and consumer
information that allows us to tailor our marketing  strategies to the types of customers
located in each of our territories and to  meet the specific needs of the various market
segments we serve.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Retailer Incentive
Programs.</I></B> Incentive programs include providing retailers with commercial refrigerators
for the display and cooling of soft drink products at little or no charge, free
point-of-sale display materials, and complimentary soft drink products. We seek, in
particular, to increase distribution coolers among retailers to increase the visibility
and consumption of our products and to ensure that they are sold at the proper
temperature. Sales promotions include sponsorship of community activities, sporting,
cultural and social events, and consumer sales promotions such as contests, sweepstakes
and product giveaways.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Advertising.</I></B> In
addition, we advertise in all major communications media. We also focus attention on
increasing brand recognition by consumers and improving our customer relations. National
advertising campaigns are designed and proposed by The Coca-Cola Company&#146;s local
affiliates, with our input at the local or regional level.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>Channel Marketing</I></b><I>.</I>
      In order to provide a more dynamic and specialized marketing of our products,
      our marketing strategy is to segment our market and develop targeted marketing
      efforts for each segment or distribution channel. This channel marketing
      strategy entails a comprehensive and detailed analysis of the purchasing
      patterns and preferences of various groups of soft drink consumers in each
      of the various types of locations or distribution channels where they might
      potentially purchase Coca-Cola trademark beverages. <br>
      In response to this analysis, we tailor our product, price, packaging, and
      distribution strategies to meet the particular needs and exploit the potential
      of each channel.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that
the implementation of our channel marketing strategy  also enables us to respond to
competitive initiatives with channel-specific  responses as opposed to market-wide
responses. This focused response capability  isolates the effects of competitive pressure
in a specific channel, thereby  avoiding costlier market-wide responses. Our channel
marketing activities are  facilitated by our management information systems. We have
invested  significantly in creating such systems, including hand-held computers for most
of our sales routes in the Valley of Mexico, Southeast of Mexico and Buenos  Aires
Territories to support the gathering of product, consumer and delivery  information
required to implement our channel marketing strategies effectively.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cooperative
Marketing Budget.</I></B> Our total marketing expenditures made in the Mexican Territories
increased 8.3% to Ps.667.6 million in 2002 from Ps.616.0 million in 2001. In the Buenos
Aires Territory, our marketing expenditures decreased 38.5% to approximately A$15.2
million (Ps.47.2 million) from A$24.7 million (Ps.70.2 million) in 2001. Under the 2002
and 2001 cooperative marketing budgets, The Coca-Cola Company contributed to our
marketing expenditures by approximately matching the amount we spent on these marketing
efforts in each respective year. See &#147;&#151;Bottler Agreements.&#148;</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Product Distribution</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table provides an overview of our product distribution  infrastructure and retail network
as of December 31, 2002.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Product Distribution Summary</B></font></td></tr></table>

<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr align="right" valign="bottom">
    <td height=8 align="left" width="79">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td height=8 align="left" width="304">&nbsp;</td>
    <td height=8 align="right" colspan=2><b><font size=2><u>Mexico</u></font></b></td>
    <td height=8 align="right" width="36">&nbsp;</td>
    <td colspan=2 height=8 align="right"><b><font size=2><u>Argentina</u></font></b>
    </td>
    <td height=8 align="left" width="44">&nbsp;</td>
  </tr>
  <tr align="right" valign="bottom">
    <td height=8 align="left" width="79">&nbsp;</td>
    <td height=8 align="left" width="304"> <font size=2>
      <p>Distribution Centers
      </font></td>
    <td colspan=2 height=8> <font size=2>
      <p>53
      </font></td>
    <td height=8 width="36">&nbsp;</td>
    <td colspan=2 height=8> <font size=2>
      <p>3
      </font></td>
    <td height=8 width="44">&nbsp;</td>
  </tr>
  <tr align="right" valign="bottom">
    <td height=8 align="left" width="79">&nbsp;</td>
    <td height=8 align="left" width="304"> <font size=2>
      <p>Sales Routes
      </font></td>
    <td colspan=2 height=8> <font size=2>
      <p>1,486
      </font></td>
    <td height=8 width="36">&nbsp;</td>
    <td colspan=2 height=8> <font size=2>
      <p>201
      </font></td>
    <td height=8 width="44">&nbsp;</td>
  </tr>
  <tr align="right" valign="bottom">
    <td height=20 align="left" width="79">&nbsp;</td>
    <td height=20 align="left" width="304"> <font size=2>
      <p>Number of Retailers<font size="1"> <sup>(1)</sup> </font>
      </font></td>
    <td colspan=2 height=20> <font size=2>
      <p>283,650
      </font></td>
    <td height=20 width="36">&nbsp;</td>
    <td colspan=2 height=20> <font size=2>
      <p>76,400
      </font></td>
    <td height=20 width="44">&nbsp;</td>
  </tr>
  <tr align="right" valign="bottom">
    <td height=8 align="left" width="79">&nbsp;</td>
    <td height=8 align="left" width="304">
      <hr size=1 noshade align=left  width=75>
    </td>
    <td colspan=2 height=8>&nbsp;</td>
    <td height=8 width="36">&nbsp;</td>
    <td colspan=2 height=8>&nbsp;</td>
    <td height=8 width="44">&nbsp;</td>
  </tr>
  <tr align="right" valign="bottom">
    <td height=8 align="left" width="79">&nbsp;</td>
    <td height=8 align="left" width="304"><font size="1">(1)&nbsp;&nbsp;&nbsp;Estimated.</font></td>
    <td colspan=2 height=8>&nbsp;</td>
    <td height=8 width="36">&nbsp;</td>
    <td colspan=2 height=8>&nbsp;</td>
    <td height=8 width="44">&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>Mexican Territories.</i></b>
      We subcontract to our affiliate, FEMSA Log&iacute;stica, S.A. de C.V., referred
      to in this annual report as FEMSA Log&iacute;stica, a subsidiary of FEMSA,
      the transportation of finished products to our distribution centers from
      our Mexican production facilities. From the distribution centers, we then
      distribute our </font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
27</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>finished products to retailers through our own
fleet of trucks.  See &#147;Item 7.  Major Shareholders and Related  Party Transactions&#151;Related
Party Transactions.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our distribution
centers range from large warehousing facilities and  re-loading centers to small deposit
centers. In addition to our fleet of trucks,  we distribute our products in certain
locations through a fleet of electric  carts and hand-trucks in order to comply with
local environmental and traffic  regulations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that
service visits to retailers and frequency of deliveries  are essential elements in an
effective distribution system for soft drink  products. Accordingly, we have continued to
expand our pre-sale system in the  Valley of Mexico Territory and throughout the main
cities in the Southeast of  Mexico Territory. The pre-sale program separates the sales
and delivery  functions, allowing sales personnel to sell products prior to delivery and
enabling trucks to be loaded with the mix of products that retailers need and  desire,
thereby increasing distribution efficiency. Under the pre-sale program,  sales personnel
also provide merchandising services during retailer visits,  which we believe enhances
the presentation of our products at the point of sale.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Buenos Aires
Territory.</I></B> At December 31, 2002, we operated three distribution centers in the Buenos
Aires Territory. We also utilize the pre-sale system in the Buenos Aires Territory and
distribute our products (1) by means of our own fleet of trucks and non-affiliate
transportation subcontractors and (2) through independent wholesalers. In addition, in
designated zones independent wholesalers purchase our products at a discount from the
wholesale price and resell the products to retailers. Independent wholesalers
distributed approximately 6% of our products in Argentina in 2002.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31,
2002, we made approximately 92% and 94% of our sales  through the pre-sale system in our
Mexican and Buenos Aires Territories,  respectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Competition</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we
believe that our products enjoy wider recognition and  greater consumer loyalty than
those of our principal competitors, the soft drink  segments of the Mexican and Argentine
beverage markets are highly competitive.  The beverage industry in many of our new
territories acquired from Panamco is  also highly competitive. Our principal competitors
are local bottlers of  PepsiCo., beverage brands and other bottlers and distributors of
national and  regional soft drink brands. PBG recently bought our main competitor in
Mexico.  We face increased competition in many of our territories from producers of low
cost beverages, commonly referred to as &#147;B&#148; brands.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recently, price
discounting and packaging have joined consumer sales  promotions, customer service, and
non-price retailer incentives as the primary  means of competition among soft drink
bottlers. We believe that the introduction  of new presentations has been a major
competitive technique in the soft drink  industry during recent years. See &#147;&#151;Sales.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to
maintain existing prices or implement price increases  depends to a great extent on
competitive conditions and the effect of such  prices on sales volume. Price discounting
has been a means of maintaining or  increasing sales volume in our territories. As a
result of the Panamco  acquisition, we now face competitive pressures that are different
than those we  have historically faced. In Brazil, we compete against both AmBev, a
Brazilian  company with a portfolio of brands that includes Pepsi and local brands with
flavors such as guaran&aacute;, and &#147;B&#148; brands or &#147;Tubainas,&#148; which
are small,  local producers of low cost flavored soft drinks that represent an important
portion of the soft drink market. In addition, distribution and marketing  practices in
some of these territories differ from our historical practices.  Several of Panamco&#146;s
territories have a lower level of pre-sale as a percentage  of total distribution than we
are accustomed to having in our territories, and  the product and presentation mix varies
from territory to territory with  customer preferences. We may have to adapt our
marketing and distribution  strategies to effectively compete. Our inability to compete
effectively may have  an adverse effect on our future operating results.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexico.</I></B> Our
principal competitors in the Mexican Territories are bottlers of PepsiCo. products,
whose territories overlap but are not co-extensive with our own. These competitors
include Pepsi Gemex in the Valley of</FONT> </td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
28</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>Mexico Territory, recently acquired by PBG, the
largest bottler of PepsiCo  globally, and several other PepsiCo. bottlers in the
Southeast of Mexico  Territory. In addition, we compete with Cadbury and with national
and regional  brands in our Mexican Territories.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Argentina.</I></B> In the
Buenos Aires Territory, our main competitor is BAESA, a PepsiCo. bottler, which is owned
by Argentina&#146;s principal brewery, Quilmes Industrial S.A. In addition to BAESA,
competition has intensified over the last several years with the entrance of a number of
competitors offering generic, low-priced soft drinks as well as many other generic
products and private label proprietary supermarket brands that are produced by contract
bottlers.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Raw Materials</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
bottler agreements with The Coca-Cola Company, we are  required to purchase concentrate
for all Coca-Cola trademark beverages from  companies designated by The Coca-Cola
Company. The price of concentrate for all  Coca-Cola trademark beverages is a percentage
of the average price we charge to  our retailers. This percentage is set pursuant to
periodic negotiations with The  Coca-Cola Company. Historically, concentrate has been
purchased in the local  currency of the territory. In addition to concentrates, we
purchase sweeteners,  carbon dioxide, glass and plastic bottles, cans, closures and
fountain  containers, as well as other packaging materials. The bottler agreements
provide  that, with respect to Coca-Cola trademark beverages, all containers, closures,
cases, cartons, and other packages and labels may be purchased only from  manufacturers
approved by The Coca-Cola Company, including manufacturing  subsidiaries of FEMSA
Empaques, S.A. de C.V., referred to in this annual report  as FEMSA Empaques, an indirect
subsidiary of FEMSA.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the
materials or supplies that we use is presently in short  supply, although the supply of
specific materials could be adversely affected by  strikes, weather conditions,
governmental controls or national emergency  situations.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexican Territories.</I></B>
      We purchase some glass bottles, closures, plastic cases, cardboard products,
      commercial refrigerators, cans, and certain lubricants and detergents for
      bottling lines from subsidiaries of FEMSA Empaques at competitive prices.
      We purchase our returnable plastic bottles from Continental PET Technologies
      de M&eacute;xico, S.A. de C.V, a subsidiary of Continental Can, Inc., which
      has been the exclusive supplier of returnable plastic bottles to The Coca-Cola
      Company and its bottlers in Mexico. We purchase the large majority of our
      non-returnable plastic bottles, as well as pre-formed plastic ingots for
      the production of non-returnable plastic bottles, from ALPLA F&aacute;brica
      de Pl&aacute;sticos, S.A. de C.V., referred to in this annual report as
      ALPLA, an authorized provider of PET for The Coca-Cola Company.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase some
can presentations from Industria Envasadora de  Quer&eacute;taro, S.A. de C.V., known as
IEQSA, a bottler cooperative in which  we hold an approximate 19.6% interest. Both we and
IEQSA purchase a portion of  our empty can supply requirements from F&aacute;bricas
Monterrey, S.A. de C.V.,  known as Famosa, a subsidiary of FEMSA Empaques.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtain water
from ground water sources under concessions obtained  from the Mexican government and
held by our various subsidiaries. We also obtain  water from the municipalities where
bottling plants are located. See  &#147;&#151;Regulation&#151;Water Supply Law.&#148; We
believe that such sources provide an  adequate supply of water to meet our current and
projected requirements in  Mexico. In addition, we obtain carbon dioxide gas from
domestic sources.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweeteners are combined with
      water to produce basic syrup, which is added to the concentrate as the sweetener
      for the soft drink. We may utilize raw or refined sugar or HFCS as sweeteners
      in our products. <br>
      The Coca-Cola Company authorizes the use of a sugar/HFCS mix. We have discontinued,
      however, using HFCS in Mexico due to the Mexican excise tax imposed in January
      2002, to soft drinks sweetened with HFCS. Aspartame, an artificial sweetener
      for diet sodas, is included in the concentrates of <I>Coca-Cola light</I>
      and <I>Sprite light</I>, which are purchased from The Coca-Cola Company,
      and <I>Mundet light</I>, which is purchased from Promotora de Marcas Nacionales,
      S.A. de C.V., referred to in this annual report as Promotora de Marcas Nacionales,
      an indirect subsidiary of FEMSA.</FONT></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
29</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly
purchase sugar from Promotora Mexicana de Embotelladoras,  S.A. de C.V., known as
PROMESA, a cooperative of Coca-Cola bottlers. These  purchases are regularly made under
one-year agreements between PROMESA and each  bottling subsidiary for the sale of sugar
at a price that is determined monthly  based on the cost of sugar to PROMESA. The
agreements incorporated by reference  standard industry provisions relating to the
quality and delivery of the sugar.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December 2001,
the Mexican government expropriated the sugar  industry in Mexico. To administer this
industry, the Mexican government entered  into a trust agreement with Nacional
Financiera, S.N.C., referred to in this  annual report as Nafin, a Mexican
government-owned development bank, pursuant to  which Nafin acts as trustee. During 2002,
we also purchased sugar directly from  Nafin.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar may also be
obtained through purchases in the international  market. However, imported sugar is
presently subject to import duties, the  amount of which is set by the Mexican
government. Although there are currently  no statutory price controls for sugar in
Mexico, increases in the price of  sugar, which may occur in the event that import duties
increase or import  restrictions on sugar are imposed, will increase our cost of sales.
To the  extent we are unable to pass along their full amount to the consumer, such
increases would adversely affect our net earnings.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, we have bought
      HFCS from domestic sources at prices competitive to the price of sugar.
      <br>
      The Mexican government imposed a 20% excise tax, effective January 1, 2002,
      on carbonated soft drinks sweetened with HFCS. As a result we converted
      our Mexican bottling facilities to sugar-cane-based production in early
      2002. On January 1, 2003, the Mexican government broadened the reach of
      this tax by imposing a 20% excise tax on carbonated soft drinks produced
      with any non-sugar sweetener, including HFCS.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth the average real price increase or  decrease of sugar as purchased from
our suppliers over the course of each year:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Average Real Price increase
(decrease) of Sugar in the Mexican Territories</B></font></td></tr></table>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=528>
  <TR valign="bottom">
    <TD WIDTH="46%">&nbsp;</TD>
    <TD WIDTH="10%" align="center"> <B><FONT SIZE=2>2002 </font></B>
      <hr size="1" noshade width="35">
    </TD>
    <TD WIDTH="10%" align="center"> <B><FONT SIZE=2>2001 </font></B>
      <hr size="1" noshade width="35">
    </TD>
    <TD WIDTH="11%" align="center"> <B><FONT SIZE=2>2000 </font></B>
      <hr size="1" noshade width="35">
    </TD>
    <TD WIDTH="11%" align="center"> <B><FONT SIZE=2>1999 </font></B>
      <hr size="1" noshade width="35">
    </TD>
    <TD WIDTH="11%" align="center"> <B><FONT SIZE=2>1998 </font></B>
      <hr size="1" noshade width="35">
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="46%" align="left"> <FONT SIZE=2>Change over previous year<font size="1">
      <SUP>(1)</SUP></font></FONT></TD>
    <TD WIDTH="10%" align="center"> <FONT SIZE=2>4.6%</FONT></TD>
    <TD WIDTH="10%" align="center"> <FONT SIZE=2>(6.3)%</FONT></TD>
    <TD WIDTH="11%" align="center"> <FONT SIZE=2>(10.2)%</FONT></TD>
    <TD WIDTH="11%" align="center"> <FONT SIZE=2>(12.7)%</FONT></TD>
    <TD WIDTH="11%" align="center"> <FONT SIZE=2>2.2%</FONT></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>
<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1">
</font></td><td width=94%><font size="1"> After
the imposition of a Mexican excise tax on soft drinks  sweetened with HFCS on January 1,
2002, we purchased greater amounts of refined  sugar than in years past, which increased
our sugar costs.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Of the raw
materials required in the bottling of our products, the  prices of aluminum cans, plastic
bottles, bottle closures (both steel and  plastic), other packaging materials and HFCS
are quoted in U.S. dollars and  therefore are affected by the fluctuation of the Mexican
peso against the U.S.  dollar. We have historically passed on increases in these costs to
our customers  in the form of price increases. During 2002, the average real unit price
in  Mexican pesos of these dollar-denominated costs increased as a result of the
appreciation of the Mexican peso against the U.S. dollar. Except for those  discussed in
this paragraph, we purchase all of our raw materials for our  Mexican territories in
pesos, including soft drink concentrate.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Buenos Aires
Territory.</I></B> We purchase glass bottles, plastic trays and other raw materials from several
domestic sources. We purchase pre-formed plastic ingots, as well as returnable plastic
bottles, at competitive prices from Complejo Industrial PET S.A., referred to in this
annual report as CIPET, a local subsidiary of Embotelladora Andina S.A., a Coca-Cola
bottler with operations in Argentina, Chile and Brazil and other international
suppliers. We purchase crown caps from local and international suppliers.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase our
can presentations for distribution to its customers in  Buenos Aires from Complejo
Industrial CAN S.A., referred to in this annual  report as CICAN. In December 1996, The
Coca-Cola Company sold CICAN to a group  of bottlers that included Coca-Cola FEMSA de
Buenos Aires. Under the terms of  the shareholders&#146; agreement among these bottlers, CICAN
is managed as a joint  venture. As of December 31, 2002, Coca-Cola FEMSA de Buenos Aires
owned a 48.1%  equity in CICAN.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
30</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We obtain water
for our plant in Buenos Aires from Aguas Argentinas  S.A., a private company responsible
for managing the public water supply. We  believe that this source provides an adequate
supply of water to meet the needs  for our Argentine operations. Praxair Argentina S.A.
provides our requirements  of carbon dioxide gas.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Argentina, we principally
      use HFCS as sweetener in our products, although we may use sugar in the
      future. Aspartame, an artificial sweetener for diet sodas, is included in
      the concentrate of <i>Coca-Cola light</i> and <i>Sprite light</i>, which
      we purchase from The Coca-Cola Company.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth the average real price increase or  decrease of HFCS as purchased from
our suppliers over the course of each year:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Average Real Price increase
(decrease) of HFCS in the Buenos Aires Territory</B></font></td></tr></table>

<br>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=4 WIDTH=599>
  <TR valign="bottom">
    <TD WIDTH="12%">&nbsp;</TD>
    <TD WIDTH="51%"><font size="2"></font></TD>
    <TD WIDTH="9%" align="center"> <B><font size="2">2002
      </font></B>
      <hr width="35" size="1" noshade>
    </TD>
    <TD WIDTH="9%" align="center"> <B><font size="2">2001
      </font></B>
      <hr width="35" size="1" noshade>
    </TD>
    <TD WIDTH="9%" align="center"> <B><font size="2">2000
      </font></B>
      <hr width="35" size="1" noshade>
    </TD>
    <TD WIDTH="10%" align="center"> <B><font size="2">1999
      </font></B>
      <hr width="35" size="1" noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD WIDTH="12%" align="left">&nbsp;</TD>
    <TD WIDTH="51%" align="left"> <FONT SIZE=2>
      <P><font size="2">Change over previous year </font>
      </FONT></TD>
    <TD WIDTH="9%"> <FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">53.0%</font>
      </FONT></TD>
    <TD WIDTH="9%"> <FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">8.9%</font>
      </FONT></TD>
    <TD WIDTH="9%"> <FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">(7.4)%</font>
      </FONT></TD>
    <TD WIDTH="10%"> <FONT SIZE=2>
      <P ALIGN="CENTER"><font size="2">(14.3)%</font>
      </FONT></TD>
  </TR>
</TABLE>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
31</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>REGULATION</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Price Controls.</I></B>
Prices of our products have been regulated by the Mexican government in the past. Prior
to 1992, prices of carbonated soft drinks were regulated by the Mexican government. From
1992 to 1995, the industry was subject to voluntary price restraints. However, in
response to the devaluation of the peso relative to the U.S. dollar in 1994 and 1995,
the Mexican government adopted an economic recovery plan to control inflationary
pressures in 1995. As part of this plan, the Mexican government encouraged the <I>Asociaci&oacute;n
Nacional de Productores de Refrescos y Aguas Carbonatadas, A.C.</I> (National Association of
Bottlers) to engage in voluntary consultations with the Mexican government with respect
to price increases for returnable presentations, limiting our ability to pass on
increases in the prices of raw materials. Such voluntary consultations were terminated
in 1996. We implemented strategic price increases during 2001 and 2002, and at the
beginning of 2003 in the Mexican and Argentine territories.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Taxation of Soft
Drinks.</I></B> Taxation of soft drinks differs in Mexico and Argentina. In January 2002, the
Mexican government imposed a 20% excise tax on soft drinks produced with HFCS that was
suspended until September 2002. In January 1, 2003 the Mexican Government implemented a
20% excise tax on sparkling water and on carbonated soft drinks produced with non-sugar
sweeteners. Moreover, soft drinks are subject to an economy-wide value-added tax of 15%.
In Argentina, soft drinks are subject to an economy-wide value-added tax of 21%. Prior
to 1996, cola soft drinks in Argentina were subject to an excise tax of 24%, which was
lowered in April 1996 to 4.0%. From 1996 to December 31, 1999, the cola tax remained at
4%. On January 1, 2001, the Argentine government implemented a tax bill mandating that
the cola tax be increased to 8% and that other flavored soft drinks and bottled water be
taxed at 4%.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Water Supply Law.</I></B>
In Mexico, we purchase water directly from municipal water companies and pump water from
our own wells pursuant to concessions obtained from the Mexican government on a
plant-by-plant basis. Water use in Mexico is regulated primarily by the <I>Ley de Aguas
Nacionales de 1992</I> (the 1992 Water Law), and regulations issued thereunder, which
created the <I>Comisi&oacute;n Nacional del Agua</I> (the National Water Commission). The
National Water Commission is charged with overseeing the national system of water use.
Under the 1992 Water Law, concessions for the use of a specific volume of ground or
surface water generally run for five-, ten- or fifteen-year terms, depending on the
supply of groundwater in each region as projected by the National Water Commission.
Concessionaires may request concession terms to be extended upon termination. The
Mexican government is authorized to reduce the volume of ground or surface water granted
for use by a concession by whatever volume of water is not used by the concessionaire
for three consecutive years. However, because the current concessions for each of our
plants in Mexico do not match each plant&#146;s projected needs for water in future
years, we successfully negotiated with the Mexican government for the right to transfer
the unneeded portion of rights under concessions from certain plants to other plants
anticipating greater water usage in the future. Our concessions may be terminated if,
among other things we use more water than permitted or we fail to pay required
concession-related fees. We believe that we are in compliance with the terms of our
existing concessions.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we have
not undertaken independent studies to confirm the  sufficiency of the existing or future
groundwater supply, we believe that our  existing concessions satisfy our current water
requirements in Mexico. We can  give no assurances, however, that groundwater will be
available in sufficient  quantities to meet our future production needs.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not
currently require a permit to obtain water in Argentina.  Because our Alcorta plant does
not use water from underground sources, no permit  for water use is necessary. Instead,
we obtain water for the Alcorta plant from  Aguas Argentinas, a privately-owned
concessionaire of the Argentine government.  We can give no assurances, however, that
water will be available in sufficient  quantities to meet our future production needs.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Environmental
Matters.</I></B> Our operations in Mexico are subject to Mexican federal and state laws and
regulations relating to the protection of the environment. The principal legislation is
the federal <I>Ley General de Equilibrio Ecol&oacute;gico y Protecci&oacute;n al Ambiente</I>
(the General Law for Ecological Equilibrium and Environmental Protection, or the
Environmental Law), which is enforced by the <I>Secretar&iacute;a del Medio Ambiente,
Recursos Naturales y Pesca</I> (the Ministry of the Environment, Natural Resources and
Fisheries, or SEMARNAP). SEMARNAP can bring administrative and criminal proceedings
against companies that violate environmental laws, and it also has the power to close
non-complying facilities. Under the Environmental Law, rules have been</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
32</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>promulgated concerning water, air and noise
pollution and hazardous substances.  In particular, Mexican environmental laws and
regulations require that we file  periodic reports with respect to air and water
emissions and hazardous wastes  and set forth standards for waste water discharge that
apply to our operations.  We are also subject to certain minimal restrictions on the
operation of delivery  trucks in Mexico City. We have implemented several programs
designed to  facilitate compliance with air, waste, noise, and energy standards
established  by current Mexican federal and state environmental laws, including a program
that installs catalytic converters and liquid petroleum gas in delivery trucks  for our
operations in Mexico City. See &#147;The Company&#151;Product Distribution.&#148;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we
are subject to the <I>Ley Federal de Derechos</I> (the Federal Law of Governmental Fees).
Adopted in January 1993, the law provides that plants located in Mexico City that use
deep water wells to supply their water requirements must pay a fee to the city for the
discharge of residual waste water to drainage. In 1995, municipal authorities began to
test the quality of the waste water discharge and charge plants an additional fee for
measurements that exceed certain standards published by SEMARNAP. All of our bottling
plants located in the Valley of Mexico Territory, as well as the Toluca plant, met
these new standards in 2001, and as a result, we were not subject to additional fees.
See &#147;&#151;Description of Property&#151;Production Facilities.&#148;</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Argentine
operations are subject to Argentine federal and provincial laws and regulations relating
to the protection of the environment. The most significant of these are regulations
concerning waste water discharge, which are enforced by the <I>Secretar&iacute;a de
Recursos Naturales y Ambiente Humano</I> (the Ministry of Natural Resources and Human
Environment) and the <I>Secretar&iacute;a de Pol&iacute;tica Ambiental</I> (the Ministry of
Environmental Policy) for the province of Buenos Aires. Our Alcorta plant meets waste
water discharge standards and is in compliance with these standards.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have expended,
and may be required to expend in the future, funds  for compliance with and remediation
under local environmental laws and  regulations. We do not believe that such costs will
have a material adverse  effect on our results of operations or financial condition.
However, since  environmental laws and regulations and their enforcement are becoming
increasingly more stringent in both Mexico and Argentina as well as in the new  Panamco
territories, to the extent that we cannot pass on to our customers the  increased costs
of compliance and remediation, such costs may have a material  adverse effect on our
future results of operations or financial condition.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our acquisition of
Panamco will subject us to a variety of regulations  and taxes in countries where we have
not historically conducted operations. See  &#147;Item 4. Information on the Company&#151;The
Company&#151;The Panamco Acquisition.&#148;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
33</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>BOTTLER AGREEMENTS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Coca-Cola Bottler Agreements</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bottler agreements
are the standard contracts that The Coca-Cola  Company enters into with bottlers outside
the United States for the sale of  concentrates for certain Coca-Cola trademark
beverages. We manufacture, package,  distribute, and sell soft drink beverages and
bottled water in our Mexican  Territories under two Mexican bottler agreements we entered
into with The  Coca-Cola Company. We also manufacture, package, distribute, and sell soft
drink  beverages and bottled water in our Buenos Aires Territory under our Buenos Aires
bottler agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These bottler
agreements provide that we will purchase our entire  requirement of concentrates for
Coca-Cola trademark beverages from The Coca-Cola  Company and other authorized suppliers
at prices, with terms of payment, and on  other terms and conditions of supply as
determined from time to time by The  Coca-Cola Company at its sole discretion. Although
the price multipliers used to  calculate the cost of concentrate and the currency of
payment, among other  terms, are set by The Coca-Cola Company at its sole discretion, we
set the price  of products sold to retailers at our discretion, subject to the
applicability of  price restraints. We have the exclusive right to distribute Coca-Cola
trademark  beverages for sale in our territories in authorized containers of the nature
prescribed by the bottler agreements and currently used by our company. These  containers
include various configurations of cans and returnable and  non-returnable bottles made of
glass and plastic and fountain containers. See  &#147;&#151;The Company&#151;Sales.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bottler
agreements include an acknowledgment by us that The  Coca-Cola Company is the sole owner
of the trademarks that identify the  Coca-Cola trademark beverages and of the secret
formulas with which The  Coca-Cola Company&#146;s concentrates are made. Subject to our
exclusive right to  distribute Coca-Cola trademark beverages in our territories, The
Coca-Cola  Company reserves the right to import and export Coca-Cola trademark beverages
to  and from Mexico and Argentina. Our bottler agreements do not contain  restrictions on
The Coca-Cola Company&#146;s ability to set the price of concentrates  charged to
bottlers and do not impose minimum marketing obligations on The  Coca-Cola Company. The
prices at which we purchase concentrates under the  bottler agreements may vary
materially from the prices we have historically  paid, including during the periods
covered by our financial information attached  to this annual report. Under our bylaws
and the shareholders agreement, however,  an adverse action by The Coca-Cola Company
under any of the bottler agreements  may result in a suspension of certain veto rights of
the directors, referred to  in this annual report as Series D Directors, appointed by The
Coca-Cola Company.  This provides us with limited protection against The Coca-Cola Company&#146;s
ability  to raise concentrate prices. See &#147;Item 7. Major Shareholders and Related
Party  Transactions&#151;Major Shareholders&#151;The Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola
Company has the ability, at its sole discretion, to  reformulate any of the Coca-Cola
trademark beverages and to discontinue any of  the Coca-Cola trademark beverages, subject
to certain limitations, so long as  all Coca-Cola trademark beverages are not
discontinued. The Coca-Cola Company  may also introduce new beverages in our territories;
in that event, we will  have, under the supplemental agreements discussed below, the
right of first  refusal with respect to the manufacturing, packaging, distribution, and
sale of  such new beverages subject to the same obligations as then exist with respect to
the Coca-Cola trademark beverages under the bottler agreements. The bottler  agreements
prohibit us from producing or handling cola products other than those  of The Coca-Cola
Company, or other products or packages that would imitate,  infringe upon, or cause
confusion with the products, trade dress, containers or  trademarks of The Coca-Cola
Company, or from acquiring or holding an interest in  a party that engages in such
activities. The bottler agreements also prohibit us  from bottling any soft drink product
except under the authority of, or with the  consent of, The Coca-Cola Company. The
bottler agreements also impose  restrictions concerning the use of certain trademarks,
authorized containers,  packaging, and labeling of The Coca-Cola Company so as to conform
to policies  prescribed by The Coca-Cola Company. In particular, we are obligated to:</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Maintain
such plant and equipment, staff, and distribution  facilities as are capable of
manufacturing, packaging, and  distributing the Coca-Cola trademark beverages in
authorized  containers in accordance with our bottler agreements and in  sufficient
quantities to satisfy fully the demand for these  beverages in our territories;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
34</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Undertake
adequate quality control measures prescribed by The Coca-Cola Company;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Develop,
stimulate, and satisfy fully the demand for Coca-Cola  trademark beverages using all
approved means, which include the  spending of advertising and other marketing funds;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Maintain
such sound financial capacity as may be reasonably necessary to assure performance by us
and our  affiliates of our obligations to The Coca-Cola Company; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Submit
annually to The Coca-Cola Company our marketing, management, promotional and advertising
plans for  the ensuing year.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each of the
past five years, The Coca-Cola Company has contributed  approximately half of our
advertising and marketing budget in the Mexican  Territories and, since September 1994,
approximately half of such budget in the  Buenos Aires Territory. Although we believe
that The Coca-Cola Company intends  to continue to provide funds for advertising and
marketing, it is not obligated  to do so under the bottler agreements. Consequently,
future levels of  advertising and marketing support provided by The Coca-Cola Company may
vary  materially from the levels historically provided. See &#147;Item 7. Major
Shareholders and Related Party Transactions&#151;Major Shareholders &#151;The
Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our two bottler
agreements covering the Mexican Territories have terms  of ten years and will each expire
in June, 2013. The Buenos Aires bottler  agreement has a term of ten years and will
expire in September, 2004. The  bottler agreements are automatically renewable for
ten-year terms, subject to  non-renewal by either party (with notice to the other party).
The bottler  agreements are subject to termination by The Coca-Cola Company in the event
of  default by us. The event of default provisions limiting the change in ownership  or
control of our company and the assignment or transfer of the bottler  agreements are
designed to preclude any person not acceptable to The Coca-Cola  Company from obtaining
an assignment of a bottler agreement or from acquiring  our company, and are independent
of similar rights set forth in the shareholders  agreement. These provisions may prevent
changes in our principal shareholders  (as discussed below), including mergers or
acquisitions involving sales or  dispositions of our capital stock, without the consent
of The Coca-Cola Company.  See &#147;Item 7. Major Shareholders and Related Party
Transactions&#151;Major  Shareholders &#151;The Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
our bottler agreements, we also entered into a  tradename licensing agreement with the
Coca-Cola Company on June 21, 1993,  pursuant to which we are authorized to use certain
trademark names of the  Coca-Cola Company. The agreement has an indefinite term, but is
terminated if we  cease to manufacture, market, sell and distribute Coca-Cola products
pursuant to  the bottler agreements or if the shareholders agreement is terminated. The
Coca-Cola Company also has the right to terminate the license agreement if we  use its
trademark names in a manner not authorized by the bottler agreements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into
two supplemental agreements with The Coca-Cola Company  on June 21, 1993 and September 1,
1994, which together clarify and expand  certain provisions of our bottler agreements.
Among other things, the  supplemental agreements:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Specify
that we have a right of first refusal with respect to the  production and distribution of
certain new trademark products of  The Coca-Cola Company in the territories;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Detail
the calculation of certain payments upon the occurrence of certain breaches;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Describe
certain rights of first negotiation and first refusal of The Coca-Cola Company upon
termination of  any of the bottler agreements;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Set
forth  procedural details for notification and communication relating to specific
provisions of the bottler  agreements; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Provide
that The Coca-Cola Company may authorize other  distributors of fountain within the
territories and will reimburse  us for documented costs relating to enforcement actions
to protect  certain trademarks of The Coca-Cola Company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The arrangements
between The Coca-Cola Company and the Panamco bottling  territories are also governed by
bottler agreements. These agreements have  different expiration dates and provide The
Coca-Cola Company with rights and  protections that are similar to those provided to it
under our bottler  agreements. The bottler agreements</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
35</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>covering Panamco&#146;s Mexican territories have
ten-year terms ending in 2005. The Panamco bottler agreements in Guatemala,  Nicaragua,
Costa Rica, Panama, Colombia, Venezuela and Brazil have five-year  terms.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Mundet Bottler Agreements</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 2,
2001, we entered into two franchise bottling agreements  with Promotora de Marcas
Nacionales, an indirect subsidiary of FEMSA, under  which we became the sole franchisee
for the production, bottling, distribution  and sale of Mundet brands in the Valley of
Mexico and most of our Southeast of  Mexico Territory. Each franchise agreement has a
term of ten years and will  expire in November, 2011. Both agreements are renewable for
ten-year terms,  subject to non-renewal by either party with notice to the other party.
Other  terms and conditions of the franchise agreements are similar to the current
arrangements that we have entered into with The Coca-Cola Company for the  bottling and
distribution of Coca-Cola trademark soft drink beverages.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>DESCRIPTION OF PROPERTY, PLANT
AND EQUIPMENT</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
tables summarize the value of our properties at December  31, 2002.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Total Asset Value Summary  <BR>At
December 31, 2002</B></font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="4"><font size="2">Book Value</font>
      <hr width=95% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="2"><font size="2">(millions of pesos)</font> </TH>
    <TH COLSPAN="2"><font size="2">(% of total)</font> </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="58%" ALIGN="LEFT"><font size="2">Mexican Territorios</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><font size="2"></font></TD>
    <TD WIDTH="21%" ALIGN="RIGHT"><font size="2">Ps.15,062.1</font></TD>
    <TD WIDTH="5%" ALIGN="LEFT"><font size="2"></font></TD>
    <TD WIDTH="9%" ALIGN="RIGHT"><font size="2">93.1</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font size="2">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Buenos Aires Territory</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,110.4</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">6.9</font></TD>
    <TD ALIGN="LEFT"><font size="2">%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=60% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT" colspan="2">
      <hr width=95% size=1 color=BLACK noshade>
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.16,172.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">100.0</font></TD>
    <TD ALIGN="LEFT"><font size="2">%</font></TD>
  </TR>
</TABLE>


<p><table width=600><tr><td  align=center><font size=2><B>Property, Plant and Equipment
Summary  <BR>At December 31, 2002</B></font></td></tr></table>


<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <td align="LEFT" width="348">&nbsp;</td>
    <td align="LEFT" width="31">&nbsp;</td>
    <td align="center" colspan="4"><b><font size="2">Book Value</font> </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348">&nbsp;</td>
    <td align="LEFT" width="31">&nbsp;</td>
    <td align="center" colspan="2"><b><font size="2">(millions of pesos)</font>
      </b></td>
    <td align="center" colspan="2"><b><font size="2">(% of total)</font></b></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348"><font size="2">Valley of Mexico Territory</font></td>
    <td align="LEFT" width="31"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="RIGHT" width="121"><font size="2">Ps. 4,385.3</font></td>
    <td align="LEFT" width="29"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align="RIGHT" width="42"><font size="2">62.9</font></td>
    <td align="LEFT" width="29"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348"><font size="2">Southeast of Mexico Territory</font></td>
    <td align="LEFT" width="31"><font size="2"></font></td>
    <td align="RIGHT" width="121"><font size="2">1,803.5</font></td>
    <td align="LEFT" width="29"><font size="2"></font></td>
    <td align="RIGHT" width="42"><font size="2">25.9</font></td>
    <td align="LEFT" width="29"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348"><font size="2">Buenos Aires Territory</font></td>
    <td align="LEFT" width="31"><font size="2"></font></td>
    <td align="RIGHT" width="121"><font size="2">780.0</font></td>
    <td align="LEFT" width="29"><font size="2"></font></td>
    <td align="RIGHT" width="42"><font size="2">11.2</font></td>
    <td align="LEFT" width="29"><font size="2">%</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348">&nbsp;</td>
    <td align="LEFT" width="31">&nbsp;</td>
    <td align="RIGHT" width="121">
      <hr width=60% size=1 color=BLACK noshade align="right">
    </td>
    <td align="LEFT" width="29">&nbsp;</td>
    <td align="RIGHT" colspan="2">
      <hr width=95% size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" width="348"><font size="2">&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="LEFT" width="31"><font size="2"></font></td>
    <td align="RIGHT" width="121"><font size="2">Ps. 6,969.1</font></td>
    <td align="LEFT" width="29"><font size="2"></font></td>
    <td align="RIGHT" width="42"><font size="2">100.0</font></td>
    <td align="LEFT" width="29"><font size="2">%</font></td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2><B>Production Facilities</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past
several years, we made significant capital improvements  to modernize our facilities and
improve operating efficiency and productivity,  including:</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Increasing
the annual capacity of our bottling plants;</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Installing
clarification facilities to process different types of sweeteners;</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Installing
plastic bottle-blowing equipment and can presentation capacity;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Modifying
equipment to increase flexibility to produce different  presentations, including swing
lines that can bottle both  non-returnable and returnable presentations; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Closing
obsolete production facilities.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Mexican
Territories.</I></B> As of December 31, 2002, we owned four bottling plants in the Valley of
Mexico Territory with a combined total installed annual capacity of 598.0 million unit
cases and a capacity utilization of</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
36</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 5; page: 5" -->

<p><table width=600><tr><td><font size=2>63%. In the  Southeast of Mexico Territory, we
operated four bottling plants with a combined  total installed annual capacity of 142.3
million unit cases and with capacity  utilization of 73%.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of our
objective to rationalize bottling capacity, we closed  four plants in the Mexican
Territories during 2000 and 2001. We have compensated  for the installed capacity of the
closed plants by increasing production at our  other bottling facilities in the Mexican
Territories. In November 2001, we  completed the second phase of our project to increase
the installed capacity of  our Toluca plant. The total installed annual capacity of this
facility totals  approximately 208 million unit cases.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002 we operated fifteen distribution centers in the  Valley of Mexico and 38
distribution centers in the Southeast of Mexico. We own  the majority of our distribution
centers in Mexico and we rent the remainder.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Buenos Aires
Territory.</I></B> As of December 31, 2002, we owned one bottling plant in the Buenos Aires
Territory with a total installed annual capacity of 207 million unit cases and a
capacity utilization of 56%.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, we owned and operated three distribution  centers in the Buenos Aires territory.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Production Facility Summary  <BR>As
of December 31, 2002</B></font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="625">
  <tr valign="bottom">
    <td height="44"> <font size="2"><b>Territory</b></font></td>
    <td height="44"> <font size="2"><b>Location</b></font></td>
    <td height="44"> <font size="2"><b>Principal <br>
      Use</b></font></td>
    <td height="44"> <font size="2"><b>Facility Area <br>
      (thousands of <br>
      sq meters)</b></font></td>
    <td height="44"> <font size="2"><b>Installed <br>
      Capacity <br>
      (millions of <br>
      unit cases)</b></font></td>
    <td height="44"> <font size="2"><b>% <br>
      Utilization</b></font></td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">Valley of Mexico</font></p>
    </td>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">Bottling Facility</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Cedro, Distrito Federal</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">31.5</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">81.5</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">59</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Toluca, Estado de M&eacute;xico</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">240.0</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">206.0</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">62</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Los Reyes la Paz, Estado de M&eacute;xico</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">28.4</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">114.5</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">45</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Cuautitl&#225;n, Estado de M&eacute;xico</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">35.0</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">195.9</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">76</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">Southeast of <br>
        Mexico</font></p>
    </td>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">Bottling Facility</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Ixtacomit&#225;n, Tabasco</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">90.0</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">82.4</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">77</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">San Cristobal de las Casas, Chiapas</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">24.3</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">26.6</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">61</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Oaxaca, Oaxaca</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">9.6</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">15.1</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">71</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">Juchit&#225;n, Oaxaca</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">26.7</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">18.2</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">70</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align="center"><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top><font size="2">Buenos Aires</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top><font size="2">Bottling Facility</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top>
      <p>&nbsp;</p>
    </td>
    <td valign=top>
      <p><font size="2">Buenos Aires, Argentina</font></p>
    </td>
    <td valign=top>
      <p align="center">&nbsp;</p>
    </td>
    <td valign=top>
      <p align=center><font size="2">74.2</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">206.7</font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">56</font></p>
    </td>
  </tr>
</table>
<p><table width=600><tr><td  align=center><font size=2><B>SIGNIFICANT SUBSIDIARIES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below
sets forth all of our direct and indirect significant  subsidiaries and the percentage of
equity of each subsidiary we owned directly  or indirectly as of December 31, 2002.</font></td></tr></table>



<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2" align="left"><font size="2">Name of Company</font>
      <HR WIDTH=20% SIZE=1 COLOR=BLACK noshade align="left">
    </TH>
    <TH COLSPAN="2"><font size="2">Percentage</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="88%" ALIGN="LEFT"><font size="2">Propimex, S.A. de C.V., a Mexican
      corporation</font></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><font size="2"></font></TD>
    <TD WIDTH="6%" ALIGN="RIGHT"><font size="2">99</font></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><font size="2">.99%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Inmuebles del Golfo, S.A. de C.V., a Mexican
      corporation</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">99</font></TD>
    <TD ALIGN="LEFT"><font size="2">.99%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Refrescos y Aguas Minerales, S.A. de C.V.,
      a Mexican corporation</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">99</font></TD>
    <TD ALIGN="LEFT"><font size="2">.99%</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Coca-Cola FEMSA de Buenos Aires S.A., an Argentine
      corporation</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">99</font></TD>
    <TD ALIGN="LEFT"><font size="2">.99%</font></TD>
  </TR>
</TABLE>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
37</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2003, we
completed the acquisition of Panamco and as a result  we acquired subsidiaries with
operations in Mexico, Guatemala, Nicaragua, Costa  Rica, Panama, Colombia, Venezuela and
Brazil. Panamco and its subsidiaries are  not reflected in the financial and other
information presented in this annual  report as they will only be reflected in our
financial statements for periods  ending after May 1, 2003.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
38</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B>Item 5.  Operating and Financial Review and
Prospects</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>General</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
discussion should be read in conjunction with, and is  qualified in its entirety by
reference to, our consolidated financial statements  including the notes thereto. Our
consolidated financial statements were prepared  in accordance with Mexican GAAP, which
differ in certain significant respects  from U.S. GAAP. Notes 22 and 23 to our
consolidated financial statements provide  a description of the principal differences
between Mexican GAAP and U.S. GAAP as  they relate to us, and a reconciliation to U.S.
GAAP of net income,  stockholders&#146; equity and certain other selected financial data.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Mexican GAAP, in our financial statements and the financial  information set forth below:</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>nonmonetary
assets (including plant, property and equipment of  local origin) and stockholders&#146; equity
are restated for inflation  based on the local consumer price index; property, plant and
equipment of foreign origin are restated based on the exchange  rate and inflation in the
country of origin and converted into  Mexican pesos using the prevailing exchange rate at
the balance  sheet date;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>gains
and  losses in purchasing power from holding monetary liabilities or assets are
recognized in income; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>all
financial statements are restated in constant pesos as of December 31, 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The effect of inflation accounting under Mexican
GAAP has not been reversed in  the reconciliation to U.S. GAAP of net income and
stockholders&#146; equity.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to
consolidate financial information for Coca-Cola FEMSA de  Buenos Aires with our other
financial information for a particular period, we  translate such subsidiary&#146;s
information using the product of the U.S.  dollar/Argentine peso exchange rate and the
Mexican peso/U.S. dollar exchange  rate, in each case as in effect at the end of such
period. We restate Coca-Cola  FEMSA de Buenos Aires&#146; financial information for prior
periods by applying the  Argentine consumer price index and then translate such restated
information  using the exchange rate in effect at the end of the most recent completed
period  for which financial results are being reported.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the following
discussion, certain references are made to nominal  price changes. Nominal prices refer
to the actual stated price charged for a  product at a particular point in time and,
therefore, nominal prices are not  restated to adjust for inflation. Real price
increases, which eliminate the  effects of inflation or deflation, are lower or higher
than nominal price  increases, as the case may be. Unless otherwise specified, all growth
rates in  the following discussion are stated in real terms.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>The Panamco Acquisition</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 6, 2003, we
completed the acquisition of Panamco, the largest  soft drink bottler in Latin America
and one of the three largest bottlers of  Coca-Cola products in the world, as measured by
sales volume in unit cases sold  in 2002. As a result of this acquisition, we are the
largest Coca-Cola bottler  in Latin America, representing approximately 40% of Coca-Cola
volumes in Latin  America and the second largest bottler of Coca-Cola products in the
world, as  measured by sales volume in unit cases sold in 2002. In 2002, Panamco reported
net sales of U.S.$2,357.9 million, operating income of U.S.$131.2 million and  net income
of U.S.$33.2 million, under U.S. GAAP. Panamco sold approximately  1,228 million unit
cases in 2002. Additional information regarding Panamco&#146;s  historical performance
can be found in its annual report filed with the SEC on  Form 10-K on March 28, 2003.
Such report does not constitute part of this annual  report and is not incorporated by
reference into this annual report.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will begin
consolidating the results of Panamco during the second  quarter of 2003 and, under
Mexican GAAP, Panamco&#146;s results will be reflected in  our financial statements
starting on May 1, 2003. Panamco has historically  prepared its financial statements in
accordance with U.S. GAAP in U.S. dollars.  We have historically </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
39</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>and will continue to prepare our financial
statements in  accordance with Mexican GAAP in Mexican pesos. When presented in Mexican
GAAP  and in Mexican pesos as part of our consolidated results, the results of Panamco
may be significantly different from and may not be comparable to those reported  by
Panamco for prior periods. We may not provide separate financial statements  for Panamco
for future periods. In addition, because Panamco will not be  included in our financial
statements for periods prior to the second quarter of  2003, our future quarterly results
will be comparable starting with the third  quarter of 2004 as compared to the third of
2003 and our future annual results  will be comparable starting with the full year of
2005 as compared to the full  year of 2004.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panamco has
recorded significantly lower operating margins than us in  recent years, reflecting in
part deterioration of macroeconomic and political  conditions in some of the countries in
which it operates and competitive  pressures. Our ability to maintain our margins will
depend on our ability to  generate synergies from the combination of the Mexican
operations and to put in  place new strategies in some of our new territories, as well as
on macroeconomic  conditions and competitive pressures throughout Latin America.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Panamco
acquisition significantly increases the geographic  diversity of our operations, although
the Mexican operations of both companies  represent the single largest portion of the
business, representing 53% of the  combined volume for the two businesses in 2002. We now
operate in a number of  countries throughout Latin America in which we have not
previously operated and  that present different or greater country risk than Mexico.
Since 2002,  Panamco&#146;s results have been adversely impacted by events in Venezuela.
We also  now operate in Brazil, Colombia and other countries in Latin America, which have
experienced political or economic difficulties in recent periods. Our future  results may
be significantly affected by the general economic and financial  conditions in the
countries where we operate, particularly in Mexico, and by the  devaluation of the local
currency in those countries, by inflation and high  interest rates in those countries, or
by political developments or changes in  law in those countries. See &#147;Item 4.
Information on the Company&#151;The Panamco  Acquisition.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are currently
planning and taking certain initial steps towards the  integration of our new operations.
Our primary objective is to achieve complete  integration in the operations and
management of the two companies&#146; Mexican  operations, which we believe complement
each other in numerous areas, with the  goal of realizing important synergies in
distribution, back-office operations,  manufacturing and procurement, including through
the closure and integration of  facilities and headcount reductions. We have begun the
process of closing  Panamco&#146;s executive offices in Miami, Florida. We are in the
process of  evaluating the operations and strategies of our new businesses outside
Mexico,  and we have begun to replicate some of our management practices and systems
throughout our new territories.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not yet concluded our
      valuation of Panamco&#146;s assets and liabilities, but have preliminarily
      determined that the excess purchase price over the fair value of Panamco&#146;s
      tangible assets and liabilities will be primarily recorded as identifiable
      intangible assets with indefinite lives, consisting principally of our rights
      under our bottler agreements. Starting in January 2003, consistent with
      U.S. GAAP, intangible assets with indefinite lives will not be subject to
      amortization under Mexican GAAP, but will be subject to annual impairment
      tests. We can give no assurance that our preliminary conclusions will not
      change as a result of new information or developments.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We anticipate
investing significant amounts over the next few years in  connection with the integration
and for modernizing certain of our recently  acquired facilities. We do not currently
have an estimate of all amounts  required, but plan to finance any such costs and
investments with cash flow from  operations. We expect that these investments will
improve our operations and  profitability in these new territories.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have incurred the following
      new indebtedness, totaling approximately U.S.$1,978 million (including approximately
      U.S.$373 million used to refinance existing Panamco indebtedness), in connection
      with the acquisition of Panamco:</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Bridge
Loans in the amount of Ps.1,006.2 million and U.S.$739 million, each of which matures in
April 2004;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Term
Loans in the amount of Ps.2,741.3 million (maturing in five  years, with semi-annual
installments beginning in 30 months),  U.S.$286.5 million (maturing in three years) and
U.S.$208.5  million (maturing in five years, with semi-annual installments  beginning in
30 months); and</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
40</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
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  <br>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2">Mexican<I> Certificados Burs&aacute;tiles</I>
      in the amount of Ps.2,000 million (maturing in four years), Ps.1,250 million
      (maturing in five years) and Ps.1,000 million (maturing in seven years).</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also
acquired approximately U.S.$512.1 million of existing indebtedness of Panamco, which is
denominated in U.S. dollars, Mexican pesos and Colombian pesos. The Bridge Loans and, to
a lesser extent the Term Loans and the  <I>Certificados Burs&aacute;tiles</I>, contain
restrictions on the conduct of our business. Specifically, the Bridge Loans
significantly restrict our ability and the ability of our subsidiaries to incur
additional indebtedness, to make investments or acquisitions, to dispose of assets or to
engage in certain other fundamental transactions and require us to maintain certain
financial ratios.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Effects of Economic Conditions</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of
operations are affected by economic conditions in Mexico  and in the other countries in
which we operate. In periods of slow economic  growth and high inflation, demand for soft
drinks tends to be adversely  affected, decreasing our sales volumes. Because a large
percentage of our costs  are fixed costs our profits margins may suffer from reduced
demand.  Alternatively, demand may shift to lower margin products or lower margin
presentations. We may not be able to preserve our profit margins by reducing  costs and
expenses.  See &#147;Item 3.  Key Information&#151;Risk Factors.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our results of
operations are also affected by changes in currency  exchange rates. Devaluation of the
peso against the U.S. dollar, such as  occurred in the second half of 2002, may result in
exchange losses on our net  U.S. dollar-denominated indebtedness. In addition, currency
fluctuations between  the Mexican peso and the currencies of our non-Mexican subsidiaries
affect our  results as reported in Mexican pesos. Our ability to pay U.S.
dollar-denominated  debt or other costs and expenses denominated or determined by
reference to the  U.S. dollar may be adversely affected by devaluations of currencies in
any of  the countries in which we operate, particularly the Mexican peso, against the
U.S. dollar.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Operating Leverage</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are engaged in
capital intensive activities. The high utilization of  the installed capacity of our
production facilities results in better fixed cost  absorption, as increased output
results in higher revenues without additional  fixed costs. Absent significant increases
in variable costs, gross profit  margins will expand when production facilities are
operated at higher  utilization rates. Alternatively, higher fixed costs will result in
lower gross  profit margins in periods of lower output.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, our
commercial operations are carried out through  extensive distribution networks, the
principal fixed assets of which are  warehouses and trucks. Our distribution systems are
designed to handle large  volumes of beverages. Fixed costs represent an important
proportion of our total  distribution expense. Generally, the higher the volume that
passes through the  distribution system, the lower the fixed distribution cost as a
percentage of  the corresponding revenues. As a result, operating margins improve when
the  distribution capacity is operated at higher utilization rates. In contrast,  periods
of decreased utilization because of lower volumes will negatively impact  our operating
margins.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Revenue Recognition</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize
revenues when title transfers or services are rendered to  customers. We consider the
title transferred when products are shipped to  independent wholesalers and/or retail
customers.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Critical Accounting Estimates</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of
our consolidated financial statements requires that  we make estimates and assumptions
that affect the reported amounts of assets and  liabilities and the disclosure of
contingent assets and liabilities at the date  of the financial statements and the
reported amounts of revenues and expenses  during the reporting period. We base our
estimates and judgments on historical  experience and on various other factors that we
believe to be reasonable under  the circumstances, the results of which form the basis
for making judgments  about the carrying values of assets and liabilities. Actual results
may differ  from these estimates under different assumptions or</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
41</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


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<p><table width=600><tr><td><font size=2>conditions. Our significant  accounting policies
are described in Notes 3 and 4 to our consolidated financial  statements. On an on-going
basis, we evaluate our estimates and judgments, and  we believe our most critical
accounting policies that imply the application of  estimates and/or judgments are:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Property, plant
and equipment.</I></B> Our depreciation expense was Ps.520.9 million in 2002, as compared to
Ps.594.6 million in 2001 and Ps.650.7 million in 2000. Property, plant and equipment are
depreciated over their useful lives. The estimated useful life of such assets represents
the period that they remain in service and generate revenues. We base our estimates on
independent appraisals and the experience of our technical personnel. We are currently
conducting appraisals of the assets acquired in connection with the Panamco acquisition,
in order to present their value in accordance with Mexican GAAP. We are considering
making new investments to upgrade and modernize certain of Panamco&#146;s plant and
equipment and retiring or closing other. These actions may result in a decrease in the
average life of our consolidated assets.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We describe the
methodology used to restate imported equipment in Note  4 e) to our consolidated
financial statements, which includes applying the  exchange and inflation rates of the
country of origin utilized as permitted by  Mexican GAAP. We believe this method more
accurately presents the fair value of  the assets than restated cost determined by
applying inflation factors derived  from the local consumer price index.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Bottles and cases</I></B>.
We classify returnable bottles and cases as fixed assets, in accordance with industry
practices. Breakage is accounted as an expense when it is incurred, and returnable
bottles and cases are not depreciated. Non-returnable presentations are expensed as part
of goods sold. Breakage expense for returnable presentations was Ps.192.1 million,
Ps.198.8 million and Ps.279.1 million in 2002, 2001 and 2000, respectively.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a significant
amount of bottles and cases are held by customers and  not by us at any given time,
calculating breakage expense requires us to  estimate the breakage that will result from
returnable presentations held by  customers at period end. Our estimates vary primarily
based on the mix of  returnable presentations in the market and the quality of materials
used for the  presentation.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Valuation of
goodwill and long-lived assets.</I></B> We carry substantial amounts on our balance sheet for
property, plant and equipment net of accumulated depreciation and amortization. As a
result of the Panamco acquisition, we will also carry significant amounts of intangible
assets with indefinite lives. We annually review the carrying value of our goodwill and
long-lived assets for recoverability. We also review for impairment whenever events or
changes in circumstances indicate that the carrying amount of an asset may not be
recoverable. If they are impaired, we are required to recognize a loss by writing off
part of their value. The analysis we perform requires that we estimate the future cash
flows attributable to these assets, and these estimates require us to make a variety of
judgments about our future operations, including, without limitation, volume, prices,
costs, inflation, exchange rates and interest rates. While we believe that our estimates
of future cash flows are reasonable, different assumptions regarding such cash flows
could materially affect our evaluations.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to the
uncertainty and instability of the economic environment in  Argentina, we wrote down in
the third quarter of 2002, Ps.401.8 million (A$129.5  million) of the goodwill generated
by the acquisition of the territories served  by our wholly owned subsidiary Coca-Cola
FEMSA de Buenos Aires. Given the  present economic situation in Argentina, we believe
that the current net asset  value (A$288.6 million) of our foreign subsidiary is fairly
valued, and although  we can give you no assurance, we do not expect to recognize
additional  impairments in the future in Argentina. With the exception of the write-down
in  the third quarter of 2002, our evaluations throughout the year and up to the  date of
this filing, did not lead to any other significant impairment of  goodwill or long-lived
assets.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican
GAAP, the remaining value of goodwill will continue to be  amortized in the income
statement. Changes in economic or political conditions  in Argentina or in our business,
however, may cause us to change our current  assessment. Consolidated goodwill related to
Argentina as of December 31, 2002  amounted to A$49.0 million.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As we discuss in
Note 4 i) to our consolidated financial statements,  goodwill is the difference between
the price paid and book value (substantially  equal to fair value as a result of
restatement for the effects of inflation  under Mexican GAAP) of the net assets acquired.
For Mexican GAAP purposes, this  difference must be amortized over a </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
42</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>period of 20 years and is recorded in the
currency of the country in which the assets are located. We calculate the  restatement by
applying the inflation rate of the country of origin, then  translating it into Mexican
pesos at the year-end exchange rate.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income taxes.</I></B> We
recognized deferred tax assets and liabilities based on the differences between the
financial statements carrying amounts and the tax bases of assets and liabilities. We
regularly review our deferred tax assets for recoverability and establish a valuation
allowance based on historical taxable income, projected future taxable income and the
expected timing of the reversals of existing temporary differences. If these estimates
and related assumptions change in the future, we may be required to record additional
valuation allowances against deferred tax assets resulting in additional income tax
expense.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in 2003,
the statutory income tax rate in Mexico will  decrease one percentage point per year
until 2005, when the rate will be 32%. In  accordance with this tax rate reduction, we
decided to recognize under Mexican  GAAP in December 2001, a reduction in deferred income
tax liabilities and in the  income tax provision for 2001 of Ps.238 million, based on the
expected dates of  reversal of the temporary differences. Depreciation of fixed assets
represents  the most important temporary difference that will be reversed in the future
years at a lower rate. For U.S. GAAP, a change in the statutory tax rate may not  to be
considered until the enactment date, which is January 1, 2002.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Labor liabilities.</I></B>
Our labor liabilities are comprised of pension plans and seniority premiums. Seniority
premiums are amounts required to be paid by Mexican law to employees who work for 15
years or more with us, at the time the employee leaves the company. Amounts payable vary
depending on the employee&#146;s years of service and salary. Determining our
obligations and expenses for these labor obligations depends on certain assumptions used
by actuaries in calculating such amounts. We evaluate our assumptions at least annually.
Those assumptions are described in Note 13 to our consolidated financial statements and
include, among others, the discount rate, expected long-term rate of return on plan
assets and rates of increase in compensation costs and certain employee-related factors,
such as turnover, retirement age and mortality. In accordance with Mexican and U.S.
GAAP, actual results that differ from our assumptions are accumulated and amortized over
future periods and, therefore, generally affect our recognized expenses and recorded
obligations in such future periods. While we believe that our assumptions are
appropriate, significant differences in our actual experience or significant changes in
our assumptions may materially affect our labor obligations and our future expense. The
following table is a summary of the three key assumptions to be used in determining 2003
annual pension and seniority premium expense, along with the impact on these expenses of
a 1% change in each assumed rate.</FONT></td></tr></table>





<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td height="46" align="center"><b><font size="2">Assumption</font> </b></td>
    <td height="46" align="center"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td height="46" align="center"><b><font size="2">2003 rate<br>
      (in real terms)</font> </b></td>
    <td height="46" align="center"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td height="46" align="center"><b><font size="2">Impact of 1% change<br>
      (millions of Mexican<br>
      pesos)<sup>(1)(2)</sup></font> </b></td>
    <td height="46">&nbsp;&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td><font size="2">Discount rate</font></td>
    <td>&nbsp;</td>
    <td align="center"><font size="2">6</font><font size="2">.00%</font></td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">+179.8</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">&nbsp;-209.4</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Salary growth rate</font></td>
    <td>&nbsp;</td>
    <td align="center"><font size="2">2</font><font size="2">.00%</font></td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">+201.4</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">-156.1</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Long-term asset return</font></td>
    <td>&nbsp;</td>
    <td align="center"><font size="2">6</font><font size="2">.00%</font></td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">+179.8</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align="center"><font size="2">-209.4</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">The
impact is not the same for an increase of 1% as for a  decrease of 1% because the rates
are not linear. </font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">"+" refers
to  an increase of 1% &#147;-&#148; indicates a decrease of 1%.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
43</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Results of Operations</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth our consolidated income statement for  the years ended December 31,
2002, 2001, and 2000:</font></td></tr></table>


<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="8"><font size="2">Year ended December 31, </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="2"><font size="2">2002(1) </font></th>
    <th colspan="2"><font size="2">2002 </font></th>
    <th colspan="2"><font size="2">2001 </font></th>
    <th colspan="2"><font size="2">2000 </font></th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="8">
      <hr width=95% size=1 color=BLACK noshade>
      <font size="2"> (millions of U.S. dollars or constant Mexican pesos at <br>
      December 31, 2002) </font></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Revenues:</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Net sales</font></td>
    <td align="RIGHT"><font size="2">$1,672.4</font></td>
    <td align="LEFT"></td>
    <td align="RIGHT"><font size="2">Ps.17,491.5</font></td>
    <td align="LEFT"></td>
    <td align="RIGHT"><font size="2">Ps.16,612.3</font></td>
    <td align="LEFT"></td>
    <td align="RIGHT"><font size="2">Ps.15,968.5</font></td>
    <td align="LEFT"></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Other operating revenues</font></td>
    <td align="RIGHT"><font size="2">12.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">128.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">117.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">66.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"></td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Total revenues</font></td>
    <td align="RIGHT"><font size="2">1,684.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">17,620.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">16,729.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">16,035.4</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Cost of sales</font></td>
    <td align="RIGHT"><font size="2">777.4</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">8,130.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">7,737.8</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">7,773.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Gross profit</font></td>
    <td align="RIGHT"><font size="2">907.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">9,490.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">8,991.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">8,262.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Operating expenses:</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Administrative</font></td>
    <td align="RIGHT"><font size="2">133.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,396.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,287.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,304.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Selling</font></td>
    <td align="RIGHT"><font size="2">345.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,616.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,730.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,769.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">479.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">5,012.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">5,018.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">5,073.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Goodwill amortization</font></td>
    <td align="RIGHT"><font size="2">3.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">37.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">100.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">108.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Income from operations</font></td>
    <td align="RIGHT"><font size="2">424.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">4,440.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,872.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,080.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Integral cost of financing :</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Interest expense</font></td>
    <td align="RIGHT"><font size="2">(31.9</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">(334.1</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">(329.8</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">(366.5</font></td>
    <td align="LEFT"><font size="2">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Interest income</font></td>
    <td align="RIGHT"><font size="2">24.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">252.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">273.8</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">137.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Foreign exchange gain (loss),
      net</font></td>
    <td align="RIGHT"><font size="2">18.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">197.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">(6.3</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">(378.2</font></td>
    <td align="LEFT"><font size="2">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Gain (loss) from monetary position</font></td>
    <td align="RIGHT"><font size="2">36.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">385.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">(81.0</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">6.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Total integral cost of financing</font></td>
    <td align="RIGHT"><font size="2">47.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">501.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">(143.2</font></td>
    <td align="LEFT"><font size="2">)</font></td>
    <td align="RIGHT"><font size="2">(600.3</font></td>
    <td align="LEFT"><font size="2">)</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Other expenses, net</font></td>
    <td align="RIGHT"><font size="2">51.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">534.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">37.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">96.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Income for the year before income</font></td>
    <td align="RIGHT"><font size="2">421.4</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">4,407.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,692.4</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">2,383.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">taxes, employee profit sharing
      and</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">change in accounting principles</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Income taxes and employee profit
      <br>
      sharing .</font></td>
    <td align="RIGHT"><font size="2">176.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,842.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,461.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,025.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Change in accounting principles</font></td>
    <td align="RIGHT"><font size="2">-</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">-</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">29.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">-</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="1">
    </td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT" colspan="2"><font size="2">Net income</font></td>
    <td align="RIGHT"><font size="2">$245.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.2,564.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.2,202.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.1,358.3</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr>
    <td colspan="2"> </td>
    <td colspan="8">
      <hr noshade color="Black" size="2">
    </td>
  </tr>
</table>
<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Translation
to U.S. dollar amounts at an exchange rate of Ps.10.459 to  U.S.$1.00, solely for the
convenience of the reader.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Results of Operations for the Year Ended
December 31, 2002; Compared to the Year  Ended December 31, 2001.</B></font></td></tr></table>


<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="8"><font size="2">Year ended December 31, </font>
      <hr noshade color="Black" size="1">
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <th colspan="2"><font size="2">2002 </font></th>
    <th colspan="2"><font size="2">2001 </font></th>
    <th colspan="2"><font size="2">2002 </font></th>
    <th colspan="2"><font size="2">2001 </font></th>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="4"> <font size="2"> Mexican Territories </font> </TH>
    <TH COLSPAN="4"> <font size="2"> Buenos Aires Territory </font> </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="8"><font size="2">(millions of constant Mexican pesos at December
      31, 2002)</font></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Revenues:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;Net sales</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.16,132.8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.15,117.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.1,358.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.1,494.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;Other operating revenues</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">65.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">62.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">62.8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">54.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
      <hr noshade color="Black" size="1">
    </TD>
    <TD>&nbsp;&nbsp;</TD>
    <TD COLSPAN="3">
      <hr noshade color="Black" size="1">
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      revenues</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">16,198.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">15,180.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">1,421.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">1,548.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;Cost of sales</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">7,197.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">6,874.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">932.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">863.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
      profit</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">9,000.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">8,306.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">489.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">685.2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Operating expenses:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">1,303.2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">1,207.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">93.5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">79.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">3,268.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">3,262.1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">347.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">468.8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">4,571.6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">4,469.7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">440.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">548.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Goodwill amortization</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">7.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">7.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">29.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">92.8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="1">
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Income from operations</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.4,421.4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.3,828.9</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.18.8</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.44.0</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr>
    <td>&nbsp; </td>
    <td>&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="2">
    </td>
    <td>&nbsp;&nbsp;</td>
    <td colspan="3">
      <hr noshade color="Black" size="2">
    </td>
    <td>&nbsp;</td>
  </tr>
</TABLE>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
44</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Sales.</I></B>
Consolidated net sales grew by 5.3% in 2002, principally reflecting growth in the
Mexican territories which more than offset a decrease in net sales in Argentina.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales grew by
6.7% in the Mexican territories. During 2002, our  average real price per unit case
increased by 1.1%, mainly due to price  increases implemented in the Valley of Mexico
during February 2002. Sales volume  in the Mexican territories grew by 5.6% to 504.7
million unit cases during 2002  and represented 81.3% of our consolidated sales volume.
During 2002, as compared  to 2001, sales volume in the Mexican territories:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>in
colas,  increased 0.8%, to 362.2 million unit cases.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>in
flavored soft drinks, increased 12.9%, to 110.9 million unit cases.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>in
Ciel,  still and sparkling water, increased 27.4%, to 23.9 million unit cases.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
chart sets forth sales volume and average unit price per  case for 2002, as well as
percent growth over 2001 in our Mexican territories.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="4"><font size="2">Excluding Kin light<font size="1"> <sup>(1)</sup></font></font></TH>
    <TH COLSPAN="4"><font size="2">Including Kin light<font size="1"> <sup>(1)</sup></font></font></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="2"><font size="2">Total </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% Growth </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Total </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% Growth </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Sales volume<font size="1"><sup>(2)</sup></font></font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">498.4</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">4.3</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">504.7</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">5.6</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Avg. unit price</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.32.37</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">2.3</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.31.97</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">We
distributed our Kin light brand on a complimentary basis  powdered beverage during the
year in order to better examine this  category&#146;s potential and evaluate consumption
patterns and price  strategies.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Millions
of unit cases.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that
the principal volume drivers in the Mexican territories  in 2002 were:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>strong
performance of Mundet beverages and still water, featuring the new 5-liter jug of Ciel;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2">continued
expansion in the flavor and &#147;new categories&#148; segments with the introduction of
new products, such as <I>Beat, Mickey Aventuras, Kin Light</I> and <I>Nestea;</I> and</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>modest
volume growth in the core cola portfolio.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales in the
Buenos Aires territory decreased by 8.2% in 2002,  despite an 11% decline in sales
volume. In Buenos Aires, our average real price  per unit case increased by 2.2% in 2002,
as a result of a 67% weighted average  price increase implemented during the year that
offset the effect of inflation  and a change in mix to returnable packages which generate
a lower price per  unit. The 11% decline in sales volume reflects continued economic
uncertainty in  Argentina.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We responded to
the challenges presented by the Argentine market in  2002 with the objective of defending
the equity of our brands, regaining market  presence from &#147;B&#148; brands,
extracting positive cash flow, and reducing our cost  structure. As the year progressed,
our commercial strategies yielded a more  favorable outcome, closing the year with volume
growth of 3.0% in the fourth  quarter of 2002. Our principal commercial strategy was
shifting the mix towards  returnable packages, which increased from 5.8% of the mix in
2001 to 12.4% in  2002. The shift was led by the 1.25-liter glass returnable presentation
of  Coca-Cola, Fanta and Sprite, which was introduced in the second quarter of 2002  and
represented 16.6% of our sales volume in Argentina during the fourth quarter  of 2002.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Operating
Revenues. </I></B>Other operating revenues increased by 9.6% in 2002, to Ps.128.5 million. The
increase primarily reflects revenues obtained from toll production agreements in
Argentina with neighboring Coca-Cola bottlers, whereby we have been toll producing
beverages for sales in their territories.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cost of Sales.</I></B> The
components of cost of sales include raw materials (principally sweeteners, soft drink
concentrate, packaging materials and water), depreciation expenses attributable to the
Company&#146;s production facilities, wages and other employment expenses associated
with the labor force employed at our production facilities and certain overhead
expenses. Concentrate prices, which are payable in local currency, are determined as</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
45</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>a percentage of the wholesale  price of our
products net of any value-added or similar taxes. See &#147;Item 4. Information on the
Company&#151;The Company&#151;Raw Materials.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a percentage of
net sales, cost of sales remained substantially  unchanged during 2002 as compared to
2001 (46.48%, as compared to 46.58%). In  Mexico, the cost of sales as a percentage of
sales declined by 0.9 percentage  points (to 44.61%) due to a greater absorption of fixed
costs driven by sales  volume growth. In Buenos Aires, cost of sales as a percentage of
net sales  during 2002 increased 9.8 percentage points (to 64.0%) as a result of lower
absorption of fixed costs driven by volume decline, higher prices for raw  materials
particularly those with prices quoted in U.S. dollars, and higher  depreciation resulting
from the restatement to year-end values of foreign  currency denominated assets following
the significant devaluation of the  Argentine peso.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Operating
Expenses.</I></B> Consolidated operating expenses decreased by 0.1% in 2002 as compared to 2001,
by 1.6 percentage points if compared as a percent of total revenues (to 28.4% from
30.0%). The decrease, in absolute terms, resulted from a 3.1% decline in selling
expenses, which offset an 8.5% increase in administrative expenses. The increase in
administrative expenses was due in part to increases in payroll taxes in Mexico
following new legislation adopted at the beginning of the year.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Mexico,
operating expenses decreased slightly as a percentage of  total revenues (by 120 basis
points to 28.2%). This reflects primarily a  decrease of 130 basis points in selling
expenses as a percentage of total  revenues. Administrative expenses remained unchanged
as a percentage of total  revenues.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Buenos Aires,
selling expenses decreased by 25.8%, a reduction of  580 basis points as a percentage of
total revenues resulting from lower  marketing expenses and headcount reduction combined
with adjustments in  salaries. Administrative expenses in Argentina increased by 17.6% as
a result of  higher depreciation resulting mostly from the restatement to year-end values
of  the leases of our computer equipment recorded in foreign currencies, following  the
significant devaluation of the Argentine peso.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incur various
expenses related to the distribution of our products.  We include these types of costs in
the selling expenses line of our income  statement. During 2002 and 2001, our
distribution costs amounted to Ps.1,990.8  million and Ps.2,112.8 million, respectively.
The exclusion of these charges  from our cost of sales line may result in the amounts
reported as gross profit  not being comparable to other companies, who may include all
expenses related to  their distribution network in cost of sales when computing gross
profit (or an  equivalent measure).</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Goodwill.</I></B> Goodwill
amortization for 2002 was Ps.37.3 million, compared to Ps.100.7 million for 2001. Due to
the uncertainty and instability of the economic environment in Argentina, during the
third quarter of 2002, we wrote down Ps.401.8 million (A$129.5 million) of the goodwill
generated by the acquisition of the territories served by our wholly owned subsidiary
Coca-Cola FEMSA de Buenos Aires. This non-cash impairment charge was recorded under
&#147;other expense, net,&#148; in our consolidated income statement. Given the present
economic situation in Argentina, we believe that the current net asset value (A$288.6
million, or approximately U.S.$85.6 million) of our foreign subsidiary is fairly valued,
and although we can give you no assurance, we do not expect to recognize additional
impairments in the future. Under Mexican GAAP, the remaining value of goodwill will
continue to be amortized in the income statement. Changes in economic or political
conditions in Argentina or in our business, however, may cause us to change our current
assessment. Consolidated goodwill related to Argentina as of December 31, 2002 amounted
to A$49.0 million.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Operating Income.</I></B>
Consolidated income from operations after amortization of goodwill grew by 14.6% to
Ps.4,440.2 million in 2002. Operating income as a percentage of total revenues increased
by 200 basis points in 2002, from 29.5% to 30.7%. This increase primarily reflects (i) a
decrease in operating expenses, (ii) a 3.2% increase in the average price per unit case,
(iii) a slight reduction in cost of sales per unit case and (iv) lower goodwill
amortization expenses because of a non-cash impairment charge to goodwill relating to
our Argentine operations in July 2002.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Integral Cost of
Financing.</I></B> The term &#147;integral cost of financing&#148; refers to the combined
financial effects of net interest expense or interest income, net foreign exchange gains
or losses and net gains or losses on monetary position. Net foreign exchange gains or
losses represent the impact of changes in foreign exchange rates on assets or</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
46</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>liabilities denominated in currencies  other
than pesos. A foreign exchange loss arises if a liability is denominated  in a foreign
currency that appreciates relative to the peso between the date the  liability is
incurred or the beginning of the period, whichever comes first, and  the date it is
repaid or the end of the period, whichever comes first, as the  appreciation of the
foreign currency results in an increase in the amount of  pesos which must be exchanged
to repay the specified amount of the foreign  currency liability. The gain or loss on
monetary position refers to the impact  of inflation on monetary assets and liabilities.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2002, we
reported income of Ps.501.2 million from integral cost of  financing, as compared to a
loss of Ps.143.2 million in 2001. This improvement  principally reflects:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>A
net  foreign exchange gain of Ps.197.2 million in 2002, as compared to a loss of Ps.6.3
million in  2001.  In 2002, both the Mexican peso and the Argentine peso depreciated in
value against the U.S.  dollar, resulting in foreign exchange gains on our U.S.
dollar-denominated cash positions in Mexico  and Argentina.  In 2001, the Mexican peso
appreciated in value against the U.S. dollar.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>A
gain on monetary position of Ps.385.5 million in 2002, as  compared to a loss on monetary
position of Ps.81.0 million in  2001. This improvement primarily reflects the effect of
inflation  on our net monetary liability position in Argentina. Argentina  experienced
significant inflation in 2002 as opposed to deflation  in 2001, resulting in a monetary
gain on our Argentine peso  liabilities in 2002 and a loss in 2001.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These factors more
than offset an increase in net interest expenses of  Ps.25.6 million, which reflects
primarily a slight increase in interest expenses  generated by the devaluation of the
Mexican peso against the U.S. dollar and a  decrease in interest income generated by a
reduction in interest rates as  applied to our cash balances.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until June 30,
2002, we calculated foreign exchanges losses or gains on  the U.S. dollar liabilities
incurred in connection with the acquisition of  Coca-Cola FEMSA de Buenos Aires, or
KOFBA, only with respect to the un-hedged  portion of such liabilities. According to
Mexican GAAP, the investment in KOFBA  was designated as a hedge to the indebtedness
incurred. As of June 30, 2002, the  dollar-denominated outstanding liabilities relating
to the acquisition of KOFBA  amounted to U.S.$300 million and the net investment in KOFBA
was U.S.$118.1  million, resulting in un-hedged liabilities of U.S.$181.5 million. Since
July  2002, we discontinued using our investment in KOFBA as a hedge. We determined  that
our current operations in Argentina do not represent a natural hedge of  these
liabilities given the current volatility of the exchange rate between the  Argentine peso
and the U.S. dollar and the elimination of the one-to-one parity  between those
currencies. The Audit Committee of our Board of Directors approved  this determination.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Expenses.</I></B>
Other expenses increased significantly from Ps.37.3 million in 2001 to Ps.534.3 million
in 2002, mainly as a result of the Ps.401.8 million impairment recognized during the
third-quarter of 2002 in connection with the goodwill generated by the acquisition of
our Argentine operations and severance payments in connection with the restructuring of
certain of our operations in Mexico and Argentina.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income Tax, Tax on
Assets and Employee Profit Sharing.</I></B> Income taxes and employee profit sharing increased
from Ps.1,461.1 million in 2001 to Ps.1,842.9 million in 2002. The Company&#146;s
consolidated effective income tax, tax on assets and employee profit sharing rate
increased from 39.6% in 2001 to 41.8% in 2002. In 2002, our effective tax rate increased
because the impairment charge mentioned above is non-deductible for tax purposes.
Excluding that charge, our effective tax rate in 2002 would have been 38.3%.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Income.</I></B>
Consolidated net income increased by 16.4% to Ps.2,564.2 in 2002, resulting in earnings
per share (EPS) of Ps.1.80 (U.S.$ 0.17 per ADR).</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
47</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B>Results of Operations for the Year Ended
December 31, 2001 Compared to the Year Ended December 31, 2000</B></font></td></tr></table>


<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="8"><font size="2">Year ended December 31, </font>
      <hr width=100% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="2"><font size="2">2001 </font></th>
    <th colspan="2"><font size="2">2000 </font></th>
    <th colspan="2"><font size="2">2001 </font></th>
    <th colspan="2"><font size="2">2000 </font></th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="8">
      <hr width=100% size=1 color=BLACK noshade>
    </th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="3"><font size="2">Mexican Territories</font></th>
    <th><font size="2"></font></th>
    <th colspan="4"><font size="2">Buenos Aires Territory</font></th>
  </tr>
  <tr valign="BOTTOM">
    <th colspan="2"><font size="2"></font></th>
    <th colspan="8"><font size="2">(millions of constant Mexican pesos at December
      31, 2002)</font></th>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Revenues:</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.15,117.9</font></td>
    <td align="LEFT"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="RIGHT"><font size="2">Ps.14,427.9</font></td>
    <td align="LEFT"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="RIGHT"><font size="2">Ps.1,494.4</font></td>
    <td align="LEFT"><font size="2">&nbsp;&nbsp;</font></td>
    <td align="RIGHT"><font size="2">Ps.1,540.6</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating
      revenues</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">62.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">50.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">54.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">16.9</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      revenues</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">15,180.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">14,477.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,548.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,557.5</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">6,874.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">6,877.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">863.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">896.2</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
      profit</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">8,306.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">7,600.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">685.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">661.3</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Operating expenses:</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,207.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">1,216.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">79.6</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">87.7</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,262.1</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">3,323.5</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">468.8</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">445.9</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2"></font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">4,469.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">4,540.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">548.4</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">533.6</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Goodwill amortization</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">7.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">7.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">92.8</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">100.4</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">Income from operations</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.3,828.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.3,053.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.44.0</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.27.3</font></td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=100% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
</table>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Sales.</I></B> Net
sales grew by 4.8% in the Mexican Territories. During 2001, there was a 4.0% real price
increase per unit due to a change in the product and packaging mix. Sales volume in the
Mexican Territories grew by 3.6% to 477.9 million unit cases during 2001, representing
78.6% of our total sales volume. As compared to the previous year, 2001 sales volume
increased by 2.4% for colas and 4.2% for flavored soft drinks. Sales volume of Ciel
still water in the same period increased by 31.0% to 14.9 million unit cases.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 3.6% sales volume growth
      in the Mexican Territories was the result of new product launches such as<I>
      Senzao, Ciel Mineralizada</I> (sparkling water), and <I>Powerade</I> and
      packaging such as the new eight-ounce non-returnable glass presentation
      for Coca-Cola and the 250-milliliter PET non-returnable presentation for
      <I>Fanta, Lift</I>, and <I>Delaware Punch.</I></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Argentina, average real
      price per unit decreased by 9.3% in 2001, a result of consumer migration
      to lower-price brands and larger presentations with a lower price per ounce.
      Although sales volume increased by 6.9%, lower average price per unit case
      offset this increase, resulting in a 3.0% reduction in net sales during
      2001. Notwithstanding the adverse economic conditions in Argentina, sales
      volume increased as a result of our stronger brand portfolio. The launch
      of <I>Schweppes Ginger Ale, Citrus</I> and <I>Tonic, Hi-C Orange</I> and
      <I>Apple Crush</I>, and <I>Ta&iacute; </I>which resulted in 34.4% growth
      in flavored soft drinks, contributed to increase in sales volume. Total
      cola sales decreased slightly by 1.5%.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Operating
Revenues.</I></B> Other operating revenues increased from Ps.66.9 million in 2000 to Ps.117.2
million in 2001. The growth of these revenues mainly reflected the toll bottling
contracts that we have with other bottlers of the Coca-Cola System in Argentina.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Cost of Sales.</I></B> As
a percentage of net sales, consolidated cost of sales decreased by 2.1 percentage points
over 2001 as a result of (i) higher fixed-cost absorption driven by sales volume growth,
(ii) lower unit price of certain raw materials due to the appreciation of the Mexican
peso over the U.S. dollar, and (iii) fixed-cost reductions resulting from the closing of
one plant and two distribution facilities in the Valley of Mexico during 2001 and three
plants in Mexico during 2000.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Buenos Aires,
cost of sales as a percentage of net sales decreased  by 0.4 percentage points, mainly
due to fixed-cost reductions resulting from  productivity and efficiency initiatives and
the closing of the San Justo plant  in 2000 and the Roca distribution center in 2001.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
48</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Operating
Expenses. </I></B>Consolidated operating expenses decreased by 1.1% to Ps.5,018.1 million in
2001 from Ps.5,073.6 million in 2000. This slight abatement resulted from a decline of
0.4% and 1.2% in selling and administrative costs, respectively.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a percentage of
total revenues, selling and administrative expenses  decreased in Mexico by 1.5
percentage points and 0.4 percentage points,  respectively, reflecting an increase in
sales volumes, a decrease in  distribution costs, and lower bottle and case breakage
costs due to a higher  non-returnable volume mix.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Argentina,
selling expenses as a percentage of total revenues  increased by 1.7 percentage points,
representing a 5.1% increase in absolute  terms resulting from higher marketing costs.
Administrative expenses in  Argentina decrease 0.5 percentage points, representing a
decrease of 9.3% in  absolute terms due to savings achieved from headcount reductions and
the  implementation of a seasonal labor program.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2001 and
2000, our distribution costs amounted to Ps.2,112.8  million and Ps.2,186.3 million,
respectively. Distribution costs are included in  the selling expenses line of our income
statement, rather than as cost of sales.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Goodwill.</I></B> Goodwill
amortization in 2001 totaled Ps.100.7 million, as compared to Ps.108.3 million in 2000,
a reduction of 7.0%. This decrease occurred as a consequence of the effect of Mexican
inflation on goodwill associated with the 1994 acquisition of Coca-Cola FEMSA de Buenos
Aires when restated in 2002 Mexican pesos.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Operating Income.</I></B>
Consolidated income from operations after goodwill amortization grew by 25.7% to
Ps.3,872.9 million in 2001. Lower cost of sales per average unit case and a slight
decline in operating expenses affected a 4.0 percentage point increase in operating
income as a percentage of total revenues.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Integral Cost of
Financing.</I></B> The integral cost of financing decreased by 76.1%, from Ps.600.3 million in
2000 to Ps.143.2 million in 2001. The following factors contributed to the net decrease:</FONT></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Net
interest expense in 2001 declined by 75.5% as compared to 2000, due to higher cash
holdings as well  as the appreciation of the Mexican peso against the U.S. dollar.  The
majority of our interest  expenses are denominated in U.S. dollars.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Monetary
position shifted from a gain of Ps.6.7 million in 2000 to  a loss of Ps.81.0 million in
2001, a result of the Mexican  inflation adjustments applied to the net monetary assets
of our  Mexican operations and the Argentine deflation adjustments applied  to the net
monetary liabilities of our Argentine operations.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Foreign
exchange loss totaled Ps.6.3 million during 2001, as compared to Ps.378.2 million in
2000.  This  decrease reflected the effect of the depreciation of the Argentine peso
against the U.S. dollar as  applied to our U.S. dollar-denominated asset position
(consisting principally of cash) in Buenos  Aires, which offset the loss generated by the
appreciation of the Mexican peso against the U.S.  dollar as applied to our
dollar-denominated cash position in Mexico.  We applied an exchange rate of  A$1.70 per
U.S. dollar for the period ending December 31, 2001.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Other Expenses.</I></B>
Other expenses are primarily related to production and distribution rationalization
efforts and headcount reductions. This category of expenses decreased from Ps.96.0
million in 2000 to Ps.37.3 million in 2001.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Income Tax, Asset
Tax and Employee Profit Sharing. </I></B>Income tax, tax on assets, and employee profit sharing
increased by 42.4%, from Ps.1,025.6 million in 2000 to Ps.1,461.1 million in 2001. Our
consolidated effective income tax, tax on assets, and employee profit sharing rate
decreased from 43.5% in 2000 to 39.6% in 2001, mainly due to the inclusion of deferred
taxes resulting from changes to the Mexican Income Tax Law.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Net Income.</I></B> Net
income for 2001 increased by 62.1% to Ps.2, 202.3 million from Ps.1, 358.3 million in
2000. This gain resulted principally from a 25.7% increase in operating income and a
decrease of 76.1% in the integral cost of financing.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
49</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Liquidity and Capital Resources</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>Liquidity.</b></i> The
      principal source of our liquidity is cash generated from operations. We
      have traditionally been able to rely on cash generated from operations to
      fund our working capital requirements because a significant majority of
      our sales are on a cash or short-term credit basis. We have also been able
      to rely on cash generated by operations to fund our capital expenditures.
      In addition to cash generated from operations, we have used new borrowings
      to fund acquisitions of new territories. We have relied on a combination
      of borrowings from Mexican and international banks, borrowings in the international
      capital markets and, more recently, borrowings in the Mexican capital markets.
      We are in the process of negotiating a stand-by line of credit with The
      Coca-Cola Company in the principal amount of U.S.$250 million to support
      investments that we may need during difficult economic periods prior to
      May 2006. See &#147;Item 4. Information on the Company&#151;The Panamco
      Acquisition&#151;Coca-Cola Memorandum.&#148; Our principal use of cash has
      been for capital expenditure programs, debt servicing and dividend payments.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Principal Sources and Uses of
Cash  <BR>Year ended December 31,  <BR>(millions of constant pesos at December 31, 2002)</B></font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="2"><font size="2">2002</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2001</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2000</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Net resources generated by operations</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;3,801.0</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;3,342.8</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;2,544.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Net resources used in investing activities(1)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">(1,340.9</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(826.2</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(920.6</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Bank loans, notes and interest payable</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">(19.7</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(18.1</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">25.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Dividends declared and paid</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">(585.0</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(318.8</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(260.3</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Includes
property, plant and equipment plus deferred charges and investment  in shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that
internal resources will be adequate to meet currently  expected working capital needs and
to meet our capital expenditures in 2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability and
the ability of our subsidiaries to incur additional  indebtedness is restricted by the
terms of the financings obtained to fund the  Panamco acquisition, in particular the
Bridge Loans. These restrictions may  affect our ability to respond to unexpected
significant demands for cash and our  ability to make new acquisitions. We have to repay
or refinance the Bridge Loans  by April 2004. We expect to repay the Bridge Loans
primarily with new financings  on the capital markets. We believe that our ability to
obtain these financings,  at all or on attractive terms, will primarily depend on our
ability to maintain  investment grade ratings for our company, which in turn depends on
many factors  some of which, such as economic and political conditions in our markets are
outside our control. The terms of any new indebtedness used to refinance the  Bridge
Loans may also contain limitations on our ability to incur additional  indebtedness, as
well as other restrictions.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Contractual Obligations</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below
sets forth our long-term contractual obligations as of  December 31, 2002. The table does
not include short-term debt, accounts payable  or pension liabilities.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="14"><font size="2">As of December 31, 2002 <br>
      Amounts in millions of Mexican pesos </font>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2">Contractual Obligations(1) </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Total </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2003 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2004 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2005 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2006 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2007 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2008<BR>
      and<BR>
      thereafter </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Long-Term Debt(2)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">3,142.2</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">2.3</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,048.1</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">-</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">2,091.8</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">-</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">-</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Capital Lease Obligations</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">36.9</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">7.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">7.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">7.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">7.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">7.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1.8</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Operating Lease Obligations</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">210.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">60.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">62.3</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">54.7</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">18.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">13.2</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1.7</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600>
  <tr>
    <td width=4% valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">Does not include the obligations incurred on
      December 22, 2002 in connection with the Panamco acquisition, as the acquisition
      was completed on May 6, 2003. See &#147;Item 4. Information on the Company&#151;The
      Company&#151;The Panamco Acquisition.&#148; Other than the merger agreement
      for the Panamco acquisition and purchase agreements entered into in the
      ordinary course of business, we had no outstanding material purchase obligations
      at December 31, 2002. </font></td>
  </tr>
  <tr>
    <td width=4% valign=top><font size="1">(2)</font></td>
    <td width=2%>&nbsp;</td>
    <td width=94%><font size="1">All of our long-term debt at December 31, 2002
      was denominated in U.S. dollars.</font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
50</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" -->


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, we had total consolidated indebtedness of  approximately Ps.7,048.7 million, of
which Ps.3,169.8 million was long term debt  and 100% of our indebtedness was denominated
and payable in U.S. dollars.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our current
financing policy is to rely primarily on internally  generated resources to fund existing
operations and capital expenditures while  relying on external resources to finance the
acquisition of new bottling  territories, as we recently did for Panamco&#146;s
acquisition. Our indebtedness as  of May 31, 2003, is primarily related to:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>the acquisition of Panamco, for which we incurred
      U.S.$1,978 million of new debt (including amounts used to refinance approximately
      U.S.$373 million of Panamco&#146;s existing debt) and additionally acquired
      U.S.$512 million of Panamco&#146;s existing debt;</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>the
acquisition of a 51% interest in the Buenos Aires Territory  from The Coca-Cola Company,
for which we borrowed approximately  U.S.$100 million under a ten-year private placement
in 1994, and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>a
U.S.$200 million ten-year Yankee bond issued in October 1996,  the proceeds of which were
primarily used to repay short-term  indebtedness incurred to increase our interest in
Coca-Cola FEMSA  de Buenos Aires to 75% and to fund the purchase of certain  corporate
assets of an Argentine Coca-Cola bottler, SIRSA,  including inventory and the assignment
of certain commercial  contracts.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new
indebtedness incurred in connection with the acquisition of  Panamco consists primarily
of:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Bridge
Loans in the amount of Ps.1,006.2 million and U.S.$739 million, each of which matures in
April 2004;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Term
Loans in the amount of Ps.2,741.3 million (maturing in five  years, with semi-annual
installments beginning in 30 months),  U.S.$286.5 million (maturing in three years) and
U.S.$208.5  million (maturing in five years, with semi-annual installments  beginning in
30 months); and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><FONT SIZE="2">Mexican<I> Certificados Burs&aacute;tiles</I>
      in the amount of Ps.2,000 million (maturing in four years), Ps.1,250 million
      (maturing in five years) and Ps.1,000 million (maturing in seven years).</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bridge Loans
and, to the lesser extent the Term Loans and  Certificados Burs&aacute;tiles, contain
restrictions on the conduct of our  business. Specifically, the Bridge Loans
significantly restrict our ability and  the ability of our subsidiaries to incur
additional indebtedness, to make  investments or acquisitions, to dispose of assets or to
engage in certain other  fundamental transactions and require us to maintain certain
financial ratios.  The Term Loans also require us to maintain certain financial ratios
and restrict  the ability of our subsidiaries to incur indebtedness. During 2003, the
Bridge  Loans require us to maintain a consolidated ratio of debt to EBITDA not greater
than 3.5 to 1.0 and a consolidated ratio of EBITDA to interest expense not less  than 3.0
to 1.0 (using terms defined in the agreement). The ratios get gradually  stricter with
time. A number of our financing instruments are subject to either  acceleration or
repurchase at the holder&#146;s option if The Coca-Cola Company fails  to beneficially
own a specified percentage of our voting capital.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below
sets forth our debt amortization schedule (excluding  capital leases) as of May 31, 2003,
after the consummation of Panamco&#146;s  acquisition:</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
51</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 20; page: 20" -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="6"><font size="2">Debt Amortization Schedule <br>
      As of May 31, 2003 <br>
      Amounts in millions </font>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="2"><font size="2">U.S. Dollars </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Mexican Peso </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Colombian<BR>
      pesos(2) </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2003</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">$&nbsp;&nbsp;53.0</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Cps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2004(1)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">839.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,006.2</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2005</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">65,750</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2006</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">486.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,245.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">45,000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2007</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">2,000.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">34,250</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2008 and thereafter</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">498.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">4,991.3</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">&#151;</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">Includes the Bridge Loans incurred in connection
      with Panamco&#146;s acquisition.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=4% valign=top><font size="1">(2) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">As of May 31, 2003, the exchange rate between
      the Colombian peso and the U.S. dollar was Cps.2,816.8 to U.S.$1.00.</font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>Approximately 71.4% of our long-term indebtedness at May
      31, 2003 bore interest at floating rates. The weighted average cost of our
      indebtedness at May 31, 2002 was approximately 5.5%. The interest rate on
      our variable rate long-term indebtedness is principally determined with
      reference to LIBOR. We also have variable rate indebtedness that bear interest
      rates determined with reference to <i>Cetes</i> (treasury certificates issued
      by the Mexican government) and the TIIE (the Mexican 28-day interbank deposit
      rate).</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Capital Expenditures</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth our capital expenditures (before  retirements of property, plant and
equipment) for the periods indicated.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="6"><font size="2">Year ended December 31, </font>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <th colspan="2"><font size="2">2002 </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan="2"><font size="2">2001 </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
    <th colspan="2"><font size="2">2000 </font>
      <hr width=95% size=1 color=BLACK noshade>
    </th>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2"></font></TH>
    <TH COLSPAN="6"><font size="2">(millions of constant pesos <br>
      at December 31, 2002) </font></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2"><b>Mexican Territories</b></font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Plants and distribution</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;542.5</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.513.7</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;505.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Bottles</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">252.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">169.9</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">214.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Deferred charges and other investments</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">483.2</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">246.3</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">161.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.1,277.7</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.929.9</font></td>
    <td align="LEFT"><font size="2"></font></td>
    <td align="RIGHT"><font size="2">Ps.&nbsp;880.2</font></td>
    <td align="LEFT"><font size="2"></font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2"><b>Buenos Aires Territory</b></font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Plants and distribution</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.25.6</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;43.6</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;35.9</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Bottles</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">23.5</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">3.2</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">10.8</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Deferred charges and other investments</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">14.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">(21.1</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT"><font size="2">(0.8</font></TD>
    <TD ALIGN="LEFT"><font size="2">)</font></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.2</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;25.7</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;&nbsp;&nbsp;45.9</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=1 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;<b>&nbsp;Total Coca-Cola
      FEMSA</b></font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.1,340.9</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.&nbsp;955.6</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">Ps.926.1</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=99% size=2 color=BLACK noshade>
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
</TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our capital
expenditures in 2002 focused on increasing plant operating  efficiencies, improving the
efficiency of our distribution infrastructure,  advancing information technology, placing
refrigeration equipment with retailers  and investments in returnable bottles and cases.
Through these measures, we  strive to improve our profit margins and overall
profitability.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
the evaluation of our new territories performed at  the beginning of the year, we
estimated that our capital expenditures in 2003  would be approximately U.S.$350 million.
Based on our experience managing soft  drink assets, we do not believe that we will spend
this amount in full. Our  capital expenditures in 2003 are primarily intended for:</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
52</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 21; page: 21" --> <br>
  <br>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Integration
of operations within our new territories, such as  expenditures required to standardize
our information systems,  replace older distribution vehicles and overhaul plant
facilities  and distribution centers;</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Investments
in returnable bottles and cases; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Market
investments (primarily for the placement of refrigeration  equipment).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We estimate that a
majority of our projected capital expenditures for  2003 will be spent in our Mexican
territories. We believe that internally  generated funds will be sufficient to meet our
budgeted capital expenditure for  2003. Our capital expenditure plan for 2003 may change
based on market and other  conditions and our results of operations and financial
resources. Our ability to  incur new indebtedness is limited. See &#147;-Liquidity&#148; and
&#147;-Contractual  Obligations.&#148; We also expect to incur other cash costs in
connection with the  integration of our new territories in order to reduce our overall
costs in the  future. We also expect to finance these costs with cash from operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, The
Coca-Cola Company has contributed to our capital  expenditure program. We generally
utilize these contributions for the placement  of refrigeration equipment with customers
and other volume driving initiatives  that promote volume growth of Coca-Cola trademark
beverages. Such payments may  result in a reduction in our selling expenditures.
Contributions by The  Coca-Cola Company are made on a discretionary basis. Although we
believe that  The Coca-Cola Company will make additional contributions in the future to
assist  our capital expenditure program, we can give no assurance that any such
contributions will be made.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Hedging Activities</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold derivative
instruments that hedge our commodity price risk.  We currently do not hedge our  interest
rate or exchange rate risk with derivative instruments, but may do so in the future.  See
&#147;Item 11.  Quantitative and Qualitative Disclosures about Market Risk.&#148; We do
not enter into derivative transactions for  speculative purposes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>U.S. GAAP Reconciliation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal
differences between Mexican GAAP and U.S. GAAP that  affect our net income and
stockholders&#146; equity relate to the accounting for:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Deferred
employee profit sharing;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Deferred
income taxes;</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Goodwill
amortization;</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Capitalization
of interest expense;</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Restatement
of machinery and equipment; and</font></td></tr></table>



<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Promotional
expenses.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more
detailed description of the differences between Mexican GAAP  and U.S. GAAP as they
relate to us and a reconciliation of net majority income  and majority shareholders&#146; equity
under Mexican GAAP to net income and  shareholders&#146; equity under U.S. GAAP, see
Notes 22 and 23 to our consolidated  financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
Mexican GAAP, our consolidated financial statements  recognize certain effects of
inflation in accordance with Bulletin B-10 and  B-12. These effects were not reversed in
the reconciliation to U.S. GAAP.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under U.S. GAAP,
we had net income of Ps.2,524.0 million in 2002 and  Ps.2,300.5 million in 2001 and
Ps.1,543.3 million in 2000. Net income as  reconciled to U.S. GAAP was lower than net
income as reported under Mexican GAAP  by Ps.40.2 million in 2002 and higher by Ps.98.2
million in 2001 and by Ps.185.0  million in 2000.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
53</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders&#146; equity
under U.S. GAAP was Ps.8,939.0 million in 2002,  Ps.7,894.3 million in 2001 and
Ps.7,156.5 million in 2000. Compared to Mexican  GAAP, shareholders&#146; equity under
U.S. GAAP was Ps.184.9 million lower in 2002,  Ps.214.3 million higher in 2001 and
Ps.1,740.9 million higher in 2000.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>New Accounting Pronouncements</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexican GAAP</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin B-5,
&#147;<I>Informaci&oacute;n Financiera por Segmentos</I>&#148; (Financial Information by
Segment): In April 2003, Bulletin B-5 issued by the Mexican Institute of Public Accounts
(&#147;IMCP&#148;), went into effect superseding the provisions in International
Accounting Standard (&#147;IAS&#148;) No. 14, &#147;Segment Reporting,&#148; which was
suppletory based on the provisions in Bulletin A-8, &#147;<I>Aplicaci&oacute;n Supletoria
de Normas Internacionales de Contabilidad</I>&#148; (Suppletory Application of International
Accounting Standards), with respect to disclosing financial information by segment. The
provisions of this new bulletin are substantially similar to those of IAS No. 14;
however, they incorporate a managerial focus, which requires at a minimum disclosure of
the segment information that is used by management to make decisions. These new
provisions do not change the segment information previously presented by us.</FONT></td></tr></table>

<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-8, &#147;<i>Activos
      Intangibles</i>&#148; (Intangible Assets): In January 2002, the IMCP issued
      new Bulletin C-8, and its provisions are mandatory for fiscal years beginning
      January 1, 2003. Bulletin C-8 supersedes the former Bulletin C-8, &#147;<i>Intangibles</i>&#148;
      (Intangible Assets), and establishes that project development costs should
      be capitalized if they fulfill the criteria established for recognition
      as assets. Any start-up expenses incurred after the effective date of this
      bulletin should be recorded as an expense unless they meet certain criteria.
      The unamortized balance of capitalized start-up expenses under the former
      Bulletin C-8 will continue to be amortized. Bulletin C-8 requires identifying
      all intangible assets to reduce as much as possible the goodwill relative
      to business combinations. We do not anticipate that this new standard will
      have a significant impact on our financial position or results of operations.</font></td>
  </tr>
</table>
<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-9,
&#147;<I>Pasivo, Provisiones, Activos y Pasivos Contingentes y Compromisos</I>&#148; (Liabilities,
Reserves, Contingent Assets and Liabilities, and Commitments): In December 2002, the
IMCP issued new Bulletin C-9, and its provisions are mandatory for fiscal years
beginning January 1, 2003. Bulletin C-9 supersedes the former Bulletins C-9, &#147;<I>Pasivo</I>s&#148; (Liabilities),
and C-12, &#147;<I>Contingencias y Compromisos</I>&#148; (Contingencies and Commitments), and
establishes additional guidelines clarifying accounting for liabilities, reserves, and
contingent assets and liabilities and commitments, and establishes new standards for the
use of present value techniques to measure liabilities and accounting for the early
settlement of obligations. We do not anticipate that this new standard will have a
significant impact on our financial position or results of operations.</FONT></td></tr></table>

<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-12,
&#147;<I>Instrumentos Financieros con Caracter&iacute;sticas de Pasivo, de Capital o de
Ambos</I>&#148; (Financial Instruments with Characteristics of Liabilities, Equity or Both):
In May 2003, the IMCP issued Bulletin C-12, whose provisions are mandatory for fiscal
years beginning January 1, 2004, although early application is encouraged. C-12
incorporates the related portions of other bulletins issued by the IMCP with respect to
the issuance of debt, capital or compound financial instruments, as well as those
standards considered necessary for the accounting recognition of such instruments. As a
result, C-12 indicates the basic distinctions between liabilities and equity and
establishes the rules for the initial classification and measurement of the liability
and equity components of compound financial instruments. Subsequent recognition and
measurement of the liability and equity components of financial instruments remains
subject to previously issued applicable standards.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bulletin C-15, &#147;<I>Deterioro
      en el Valor de los Activos de Larga Duraci&oacute;n y su Disposici&oacute;n</I>&#148;
      (Impairment in the Value of Long-Lived Assets and Their Disposal): In March
      2003, the IMCP issued Bulletin C-15, whose application is mandatory for
      financial statements of periods beginning on or after January 1, 2004, although
      early application is encouraged. C-15 establishes, among others, new principles
      for the calculation and recognition of impairment losses for long-lived
      assets and their reversal. It also provides examples of indicators of possible
      impairment in the carrying amount of tangible and intangible long-lived
      assets in use, including goodwill. The calculation of such loss requires
      the determination of the recoverable value in use, which is the present
      value of discounted future net cash flows. The accounting principles issued
      prior to this new Bulletin used future net cash flows, without requiring
      the discounting of such cash flows.</FONT></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
54</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. GAAP</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No. 143,
&#147;Accounting for Asset Retirement Obligations&#148;: In June  2001, the Financial
Accounting Standards Board (&#147;FASB&#148;) issued Statement of  Financial Accounting
Standards (&#147;SFAS&#148;) No. 143, which became effective for us  beginning in 2003
and will be adopted accordingly. SFAS No. 143 addresses  financial accounting and
reporting for obligations associated with the  retirement of tangible long-lived assets
and the associated asset retirement  costs including the legal obligations associated
with the retirement of  long-lived assets resulting from the acquisition, construction,
development  and/or normal operation of a long-lived asset, except for certain
obligations of  lessees. SFAS No. 143 also requires that the fair value of a liability
for an  asset retirement obligation be recognized in the year in which it is incurred if
a reasonable estimate of the fair value can be made. The associated asset  retirement
costs are capitalized as part of the carrying amount of the  long-lived asset. We do not
anticipate that this new standard will have a  significant impact on our financial
position or results of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No. 145,
&#147;Rescission of SFAS Statements No. 4, 44, and 64,  Amendment of SFAS No. 13, and
Technical Corrections&#148;: In April 2002, the FASB  issued SFAS No. 145, which requires
that gains and losses from extinguishment of  debt in all years presented be classified
as extraordinary items only if they  meet the criteria of APB Opinion 30, &#147;Reporting
the Results of  Operations&#151;Discontinued Events and Extraordinary Items.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendment of
SFAS No. 13, &#147;Accounting for Leases,&#148; eliminates an  inconsistency between the
required accounting for sale-leaseback transactions  and the required accounting for
certain lease modifications that have economic  effects that are similar to
sale-leaseback transactions. The new standard will  be effective for financial statements
issued for fiscal years beginning after  May 15, 2002 and lease transactions occurring
after May 15, 2002, with early  application encouraged. We plan to adopt this new
standard in 2003. We do not  anticipate that this new standard will have a significant
impact on our  financial position or results of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No. 146,
&#147;Accounting for Costs Associated with Exit or Disposal  Activities&#148;: In June
2002 the FASB issued SFAS No. 146, which nullifies Emerging  Issues Task Force (&#147;EITF&#148;)
Issue No. 94-3, &#147;Liability Recognition for Certain  Employee Termination Benefits
and Other Costs to Exit an Activity (including  Certain Costs Incurred in a
Restructuring).&#148; The principal difference between  SFAS No. 146 and EITF 94-3
relates to its requirement that a liability for a  cost associated with an exit or
disposal activity be recognized and measured  initially at fair value when the liability
is incurred, as opposed to  recognition at the date of an entity&#146;s commitment to an
exit plan as had been  required under EITF 94-3. The provisions of SFAS No.146 will be
effective for  exit or disposal activities that are initiated after December 31, 2002,
with  early application encouraged. Previously issued financial statements may not be
restated, and the provisions of EITF 94-3 shall continue to apply for an exit  activity
initiated under an exit plan prior to the initial application of SFAS  No. 146. We plan
to adopt this new standard in 2003. We do not anticipate that  this new standard will
have a significant impact on our financial position or  results of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FASB
Interpretation No. 45, &#147;Guarantor&#146;s Accounting and Disclosure  Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of  Others&#148; (&#147;FIN 45&#148;):
In November 2002, the FASB issued FIN 45, which requires  that the guarantor recognize,
at the inception of certain guarantees, a  liability for the fair value of the obligation
undertaken in issuing such  guarantee. FIN 45 also requires additional disclosure
requirements about the  guarantor&#146;s obligations under certain guarantees that it has
issued. The initial  recognition and measurement provisions of this interpretation are
applicable on  a prospective basis to guarantees issued or modified after December 31,
2002,  and the disclosure requirements are effective for financial statement periods
ending after December 15, 2002. We do not expect the adoption of FIN 45 will  have a
material impact on our financial position, results of operations or cash  flows.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EITF Issue 02-16,
&#147;Accounting by a Customer (Including a Reseller) for  Certain Consideration Received
from a Vendor&#148; (&#147;EITF 02-16&#148;): In January 2003,  the EITF concluded in
EITF 02-16, whose provisions are required for financial  statements for fiscal years
beginning after December 15, 2002, with pro forma  retroactive disclosure encouraged.
EITF 02-16 addresses the accounting for cash  consideration received from a vendor by a
reseller of a vendor&#146;s products. The  EITF reached a consensus that cash
consideration represents a reimbursement of  costs incurred by the customer to sell the
vendor&#146;s products and should be  characterized as a reduction of that cost when
recognized in the customer&#146;s  income statement if the cash consideration represents
a reimbursement of a  specific, incremental, identifiable cost incurred by the customer
in selling the  vendor&#146;s products or services.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
55</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>Accordingly, the payments received by Coca-Cola
FEMSA from The Coca-Cola Company for cooperative advertising, discussed in note  4(j) to
our consolidated financial statements, are properly classified as a  reduction of selling
expenses. As a result, this new bulletin will have no  impact on our financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No. 149,
&#147;Amendment of Statement 133 on Derivative Instruments and  Hedging Activities&#148;:
In April 2003, the FASB issued SFAS No. 149, which amends  and clarifies financial
accounting and reporting for derivative instruments,  including certain derivative
instruments embedded in other contracts and for  hedging activities under SFAS No. 133.
The changes in this statement improve  financial reporting by requiring that contracts
with comparable characteristics  to be accounted for similarly. The new standard will be
effective for contracts  entered into or modified after June 30, 2003, except as stated
below, and for  hedging relationships designated after June 30, 2003. In addition, except
as  stated below, all provisions of this statement should be applied prospectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of
this statement that relate to SFAS No. 133,  &#147;Implementation Issues,&#148; that have
been effective for fiscal quarters that began  prior to June 15, 2003, should continue to
be applied in accordance with their  respective effective dates. We do not anticipate
that this new standard will  have a significant impact on our financial position or
result of operations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS No. 150,
&#147;Accounting for Certain Financial Instruments with  Characteristics of both
Liabilities and Equity&#148;: In May 2003, the FASB issued  SFAS No. 150, which aims to
eliminate diversity in practice by requiring that  the following three types of financial
instruments be reported as liabilities by  their issuers:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Mandatorily
redeemable instruments (<i>i.e.</i>, instruments issued in  the form of shares that
unconditionally obligate the issuer to  redeem the shares for cash or by transferring
other assets);</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Forward
purchase contracts, written put options, and other financial instruments not in the form
of shares  that either obligate or may obligate the issuer to settle its obligation for
cash or by transferring  other assets; and</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Certain
financial instruments that include an obligation that (1) the issuer may or must settle
by issuing a  variable number of its equity shares and (2) has a &#147;monetary value&#148; at
inception that (a) is fixed,  (b) is tied to a market index or other benchmark (something
other than the fair value of the  issuer&#146;s equity shares), or (c) varies inversely
with the fair value of the equity shares, for  example, a written put option.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To date these
types of instruments have been variously reported by  their issuers as liabilities, as
part of equity, or between the liability and  equity sections (sometimes referred to as
&#147;mezzanine&#148; reporting) of the balance  sheet. The provisions of SFAS No. 150
are effective for financial instruments  entered into or modified after May 31, 2003, and
pre-existing instruments  effective at the beginning of the first interim period
beginning after June 15,  2003. We do not expect that the adoption of SFAS No. 150 will
have a material  impact on our financial position, results of operations or cash flows.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
56</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Item 6.  Directors, Senior Management and
Employees</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Directors</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of our business
      is vested in the board of directors. Our bylaws provide that the board of
      directors will consist of at least eighteen directors elected at the annual
      ordinary shareholders&#146; meeting for renewable terms of one year. Our
      board of directors currently consists of 18 directors and 18 alternate directors.
      The directors are elected as follows: 11 directors and their respective
      alternate directors are elected by holders of the Series A Shares voting
      as a class; 4 directors and their respective alternate directors are elected
      by holders of the Series D Shares voting as a class; and up to 3 directors
      and their respective alternates director are elected by holders of the Series
      L Shares voting as a class. A director may only be elected by a majority
      of shareholders of the appropriate series, voting as a class, represented
      at the meeting of shareholders, and not by shareholders of all series present
      at the annual ordinary shareholders&#146; meeting. Holders of any series
      of our shares who do not vote in favor of the directors elected by the holders
      of a majority of shares of such series are entitled, acting separately or
      in groups of shareholders of any series, to elect one additional director
      and the corresponding alternate director for each 10% of our outstanding
      capital stock held by such dissenting shareholder or group of shareholders.
      These directors and alternate directors will not be counted as part of the
      minimum number of directors set forth in our bylaws and will be in addition
      to those elected by the majority of holders of Series A Shares, Series D
      Shares and Series L Shares.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide
that the board of directors shall meet at least four  times a year. Actions by the board
of directors must be approved by at least a  majority of the directors present and
voting, which (except under certain  circumstances) must include at least two directors
elected by the Series D  shareholders. See &#147;Item 7. Major Shareholders and Related
Party  Transactions&#151;Major Shareholders&#151;The Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our
directors has a service contract providing for benefits  upon termination of employment.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 13, 2003, our board
      of directors included the following members (including alternate directors):</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
57</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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  <br>
<table border=0 cellspacing=0 cellpadding=0 width="620">
    <tr valign="bottom">
    <td>
      <p align=center><font size="1"><b>Directors</b> </font></p>
    </td>
    <td>
      <p align=center><font size="1"><b>Principal Occupation</b> </font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td>
      <p align=center><font size="1"><b>Born</b> </font></p>
    </td>
    <td>
      <p align=center><font size="1"><b>First <br>
        Elected</b> </font></p>
    </td>
    <td>
      <p align=center><font size="1"><b>Term <br>
        </b> </font><font size="1"><b>Expires</b> </font></p>
    </td>
    <td>
      <p align=center><font size="1"><b>Alternate</b> </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <font size="1"><i>Series &#147;A&#148;</i> </font>
    </td>
    <td valign=top>
      <p><font size="1"> &nbsp; </font></p>
    </td>
    <td valign=top></td>
    <td valign=top>

    </td>
    <td valign=top>

    <td valign=top>

    </td>
    <td valign=top>

    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Jos&#233; Antonio <br>
        Fern&#225;ndez Carbajal<sup>(1)</sup> </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Chief Executive Officer, <br>
        Fomento Econ&#243;mico <br>
        Mexicano, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> February, 1954 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Alfredo Livas Cant&#250; </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Alfonso Garza Garza<sup>(2)</sup>
        </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> General Director, Grafo <br>
        Regia, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> July, 1962 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1996 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Mariana Garza Gonda </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Juan Carlos <br>
        Braniff Hierro<sup>(1)</sup> </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Vice Chairman of the Board, <br>
        Grupo Financiero <br>
        BBVA Bancomer, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> April, 1957 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Francisco J. Fern&#225;ndez Carbajal
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Carlos Salazar <br>
        Lomel&#237;n </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chief Executive Officer, <br>
        Coca-Cola FEMSA, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> April, 1951 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2001 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Ricardo Gonz&#225;lez Sada </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Ricardo Guajardo <br>
        Touch&#233; </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chairman of the Board, Grupo <br>
        Financiero BBVA <br>
        Bancomer, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">May, 1948 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Max Michel Suberville </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Alfredo Mart&#237;nez <br>
        Urdal </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chief Executive Officer, <br>
        FEMSA Cerveza </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> September, 1931 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Gerardo Estrada Attolini </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Federico Reyes <br>
        Garc&#237;a </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Executive Vice President, <br>
        Planning and Finance <br>
        of Fomento Econ&#243;mico <br>
        Mexicano, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">September, 1945 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Alejandro Bailleres Gual </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Eduardo Padilla Silva </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chief Executive Officer, <br>
        FEMSA&#146;s Strategic <br>
        Business Division </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">
   January, 1955 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1997 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Jos&#233; Calder&#243;n Rojas </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Armando Garza Sada<sup>(2)</sup>
        </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> General Director, <br>
        Versax, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">
   June, 1957 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1998 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Francisco Garza Zambrano </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Daniel Servitje Montul </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chief Executive Officer, <br>
        Grupo Industrial Bimbo, <br>
        S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> April, 1959 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1998 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Fernando Pardo Ram&#237;rez </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Herbert Allen III </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Investment Banker, Allen <br>
        &amp; Company Inc. New York, NY </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">June, 1967 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2001 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Guillermo Ch&#225;vez Eckstein </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7"><font size="1"> </font><font size="1"> </font><font size="1">
      </font><font size="1"> </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <font size="1"><i>Series &#147;D&#148;</i> </font>
    </td>
    <td valign=top>

    </td>
    <td valign=top> </td>
    <td valign=top>

    </td>
    <td valign=top>

    </td>
    <td valign=top>

    </td>
    <td valign=top>

    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Gary Fayard </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Chief Financial Officer, <br>
        The Coca-Cola Company </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">April, 1952 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2003 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">David Taggart </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Steven J. Heyer </font></p>
    </td>
    <td valign=top>
      <p><font size="1">President and Chief Operating <br>
        Officer of The Coca-Cola Company </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">June, 1952 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2002 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Patricia Powell </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Charles H. McTier </font></p>
    </td>
    <td valign=top>
      <p><font size="1">President, Robert W. <br>
        Woodruff Foundation, Inc. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">January, 1939 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">1998 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Larry Cowart </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"> Eva Garza Gonda de Fern&#225;ndez<sup>(3)</sup>
        </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> President, Alternativas Pac&#237;ficas, A.C.
        </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">April, 1958 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2002 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Jos&#233; Octavio Reyes </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7"><font size="1"> </font><font size="1"> </font><font size="1">
      </font><font size="1"> </font><font size="1"> </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1"><i>Series &#147;L&#148;</i> </font></p>
    </td>
    <td valign=top>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">&nbsp; </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">&nbsp; </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1">&nbsp; </font></p>
    </td>
    <td valign=top>
      <p><font size="1">&nbsp; </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Alexis E. Rovzar de la Torre </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Executive Partner, <br>
        White &amp; Case S.C. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">July, 1951 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 1993 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Arturo Estrada Treanor </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Jos&#233; Manuel Canal </font></p>
    </td>
    <td valign=top>
      <p><font size="1">Independent Consultant </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1">February, 1940 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2003 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Helmut Paul </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="1">Francisco Zambrano <br>
        Rodr&#237;guez </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Vice-President, Desarrollo <br>
        Inmobiliario y de Valores, S.A. de C.V. </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="1"> January, 1953 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2003 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="1"> 2004 </font></p>
    </td>
    <td valign=top>
      <p><font size="1"> Karl Frei </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="7">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
58</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" -->

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Son-in-law
of Eugenio Garza Lag&uuml;era.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Nephew
of Eugenio Garza Lag&uuml;era.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(3) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">Daughter
of Eugenio Garza Lag&uuml;era and wife of Jos&eacute; Antonio  Fern&aacute;ndez Carbajal.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eugenio Garza Lag&uuml;era
is the Honorary (Non-Voting) Life Chairman  of our board of directors. The Secretary of
the board is Carlos Eduardo Aldrete  Ancira and the Alternate Secretary of the board is
David A. Gonz&aacute;lez  Vessi.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Examiners</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently have two examiners,
      one elected by the Series A shareholders and one by the Series D shareholders,
      and two alternate examiners, one elected by the Series A shareholders and
      one by the Series D shareholders. Mexican law requires that the examiners
      receive periodic reports from our board of directors regarding material
      aspects of our affairs, including our financial condition. The primary role
      of the examiners is to report to our shareholders at the annual ordinary
      shareholders&#146; meeting on the accuracy of the financial information
      presented to such examiners by the board of directors. Our Series A examiner
      is Ernesto Gonz&aacute;lez D&aacute;vila, and our Series D examiner is Fausto
      Sandoval Amaya. Our Alternate Series A examiner is Ernesto Cruz Vel&aacute;zquez,
      and our Alternate Series D examiner is Humberto Ort&iacute;z Guti&eacute;rrez.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Executive Officers</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table lists our
      principal executive officers as of June 13, 2003, their current position,
      their date of birth and year of appointment to the current position at our
      company:</font></td>
  </tr></table>

<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top colspan="6" height="18">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p align=center><b><font size="2"> <br>
        Executive Officers </font></b></p>
    </td>
    <td valign=top><b><font size="2">&nbsp;&nbsp;&nbsp; </font></b></td>
    <td valign=top>
      <p align=center><b><font size="2"> <br>
        Position </font></b></p>
    </td>
    <td valign=top><b><font size="2">&nbsp;&nbsp;&nbsp; </font></b></td>
    <td valign=top>
      <p align=center><b><font size="2"> <br>
        Born </font></b></p>
    </td>
    <td valign=top>
      <p align=center><b><font size="2">Appointed to <br>
        Current Position </font></b></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> Carlos Salazar Lomel&iacute;n </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Chief Executive Officer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">April, 1951 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">2001 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">Ernesto Torres Arriaga </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Vice President </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">July, 1936 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">1995 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> H&eacute;ctor Trevi&#241;o Guti&eacute;rrez </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Chief Financial and <br>
        Administrative Officer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">August, 1956 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">1993 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">Rafael Su&aacute;rez Olaguibel </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Commercial Planning and Strategic <br>
        Development Officer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">April, 1960 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2"> 2003 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> Alejandro Duncan </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Technical Officer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">May, 1957 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2"> 2002 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> Eulalio Cerda Delgadillo </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Human Resources Officer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">July, 1958 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">2001 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2">John Santa Mar&iacute;a Otaz&uacute;a </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Chief Operating Officer &#151; M&eacute;xico </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">August, 1957 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">2003 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> Ernesto Silva Almaguer </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Chief Operating Officer &#151; Mercosur </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2"> >March, 1953 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2">2003 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td valign=top>
      <p><font size="2"> Hermilo Zuart Ru&iacute;z </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2">Chief Operating Officer &#151; Latin Centro </font></p>
    </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>
      <p><font size="2"> March, 1949 </font></p>
    </td>
    <td valign=top>
      <p align=center><font size="2"> 2003 </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Director and Officer Biographies</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Eugenio Garza Lag&uuml;era</I></B>, our Honorary Life
Chairman, has served on our board of directors since 1993. He also serves as Honorary
Life Chairman of Instituto Tecnol&oacute;gico de Estudios Superiores de Monterrey (&#147;ITESM&#148;),
Grupo Financiero BBVA Bancomer, S.A. de C.V. and FEMSA. Mr. Garza Lag&uuml;era joined
FEMSA in 1946 in the research department of Cervecer&iacute;a Cuauht&eacute;moc. Mr.
Garza Lag&uuml;era holds degrees in Chemical Engineering from the University of Texas
and in Business Administration from ITESM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Jos&eacute; Antonio Fern&aacute;ndez Carbajal</I></B>
has served as a Series A Director since 1993. He has been the Chief Executive Officer of
FEMSA since 1995 and also serves as Chairman of the Board of FEMSA, Vice-Chairman of the
Board of ITESM, a member of the boards of directors of Grupo Financiero BBVA Bancomer,
S.A. de C.V. and Grupo Industrial Bimbo, S.A. de C.V. He has also held directorships at
FEMSA Cerveza&#146;s Commercial Division and Oxxo Retail Chain. He joined FEMSA in 1987
in the strategic planning department and has been involved in many</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
59</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 28; page: 28" -->



<p><table width=600><tr><td><font size=2>managerial and operational aspects of FEMSA&#146;s
businesses. Mr. Fernandez holds a  degree in Industrial Engineering and an MBA from ITESM.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Alfonso Garza Garza</I></B> has served as a Series A
Director since 1996. He is General Director of Grafo Regia, S.A. de C.V. Mr. Garza
also serves as an alternate director of FEMSA and Cervecer&iacute;a Cuauht&eacute;moc
Moctezuma, S.A. de C.V., a member of the boards of directors of the Hospital San Jos&eacute;,
CAINTRA N.L., COMCE Noreste, Premio Eugenio Garza Sada and CONACEX Noreste. Mr. Garza
joined FEMSA in 1985 and has been involved in several business units and departments,
including Domestic Sales, International Sales, Procurement and Marketing, mainly in
Cervecer&iacute;a Cuauht&eacute;moc Moctezuma, S.A. de C.V. and FEMSA&#146;s Packaging
Division. Mr. Garza holds a degree in Industrial Engineering from the ITESM and an MBA
from Instituto Panamericano de Alta Direcci&oacute;n de Empresa (&#147;IPADE&#148;).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Juan Carlos Braniff Hierro</I></B> has served as a
Series A Director since 1993. He is Vice Chairman of the board of Grupo Financiero BBVA
Bancomer, S.A. de C.V. Mr. Braniff also serves on the boards of directors of El Paso
Energy Corp., Maizoro, S.A. de C.V. and FEMSA. Mr. Braniff has extensive experience in
financial services such as capital and patrimonial investments, mortgage banking,
commercial banking, international banking, and e-banking. Mr. Braniff holds a degree in
Industrial Design from Universidad Aut&oacute;noma de M&eacute;xico, Atzcapotzalco.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Carlos Salazar Lomel&iacute;n </I></B>has served as both
our Chief Executive Officer and a Series A Director since 2001. Mr. Salazar also serves
as Member of the Board of Review of Grupo Financiero BBVA Bancomer, S.A. de C.V.,
Operadora Merco, S.A. de C.V., and Cintermex &amp; Apex. In the past, Mr. Salazar has held
general directorships in several business units of FEMSA, including Grafo Regia, Pl&aacute;sticos
T&eacute;cnicos Mexicanos, FEMSA Cerveza Export, Commercial Planning in Grupo Visa, and
finally, Chief Executive Officer of FEMSA Cerveza. Mr. Salazar received a degree in
Economics from ITESM, a graduate degree in Economic Development in Italy from the
Instituto di Studio per lo Suiluppo and Cassa di Risparino delle Provincie Lambarda and
an MBA from ITESM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Ricardo Guajardo Touch&eacute;</I></B> has served as a
Series A Director since 1993. He is currently the Chairman of the Board of Grupo
Financiero BBVA Bancomer, S.A. de C.V. Mr. Guajardo also serves on the boards of
directors of El Puerto de Liverpool, S. A. de C.V., Transportaci&oacute;n Mar&iacute;tima
Mexicana, S.A. de C.V., Grupo Industrial Alfa, S.A. de C.V., Grupo Financiero BBVA
Bancomer, S.A. de C.V., Grupo Aeroportuario del Sureste, S.A. de C.V. and ITESM. Prior
to serving as a director of our company, Mr. Guajardo held managerial positions in Grupo
Visa and executive directorships in the financial divisions of Grupo AXA and Grupo
VAMSA. Mr. Guajardo holds degrees in Electrical Engineering from ITESM and the
University of Wisconsin and a Masters Degree from the University of California at
Berkeley.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Alfredo Mart&iacute;nez Urdal</I></B> has served as a
Series A Director since 1993. He is the Chief Executive Officer of FEMSA Cerveza. Mr.
Mart&iacute;nez-Urdal also serves on the boards of directors of BBVA Bancomer S.A. and
Grupo Financiero BBVA Bancomer, S.A. de C.V. From 1993 until 1999 he held the position
of Chief Executive Officer of our company, and he has also served as Chief Executive
Officer of many prominent Mexican companies and banks, including Ponderosa Industrial
Accel, Grupo Chihuahua, Multibanco Comermex, Celulosa de Chihuahua, and Banco Comercial
Mexicano. Mr. Mart&iacute;nez-Urdal holds a degree in Economics from the Western Reserve
University, a degree in Law from Universidad Nacional Aut&oacute;noma de M&eacute;xico,
referred to in this annual report as UNAM, and a graduate degree from Harvard Business
School.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Federico Reyes Garc&iacute;a</I></B> has served as a
Series A Director since 1993. He is the Executive Vice President of Planning and Finance
of FEMSA. Mr. Reyes also serves as Vice Chairman of the board of directors of Seguros
Monterrey New York Life, Chairman of the Board of Review of Fianzas Monterrey, and a
member of the board of directors of the Universidad de Monterrey, referred to in this
annual report as UDEM. Mr. Reyes has also served as the Director of Corporate
Development of FEMSA. In addition, he acted as Director of Corporate Staff at Grupo AXA,
a major manufacturer of electrical equipment, and has extensive experience in the
insurance sector, serving six years as Chief Executive Officer of Seguros Monterrey and
Fianzas Monterrey. Mr. Reyes holds a degree in Business and Finance from ITESM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Eduardo Padilla Silva</I></B> has served as a Series A
Director since 1997. He is Chief Executive Officer of FEMSA&#146;s Strategic Business
Division. Mr. Padilla previously served as FEMSA&#146;s Director of Planning and
Control, after</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
60</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 29; page: 29" -->


<p><table width=600><tr><td><font size=2>holding a variety of  positions at Grupo Alfa,
including a ten-year tenure as Chief Executive Officer  of Terza, S.A. de C.V. Mr.
Padilla holds a degree in Mechanical Engineering from  ITESM and an MBA from Cornell
University.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Armando Garza Sada</I></B> has served as a Series A
Director since 1998. He is General Director of Versax, S.A. de C.V. He serves on the
boards of directors of Alfa, Bain &amp; Company Mexico, Especialidades Cerveceras, S.A. de
C.V., Gigante, Lamosa, Liverpool, MVS, Pyosa and Vitro Plano. Mr. Garza is also
Co-Chairman of Alestra (a joint venture formed by AT&amp;T, Grupo Financiero BBVA Bancomer,
S.A. de C.V. and Alfa). Prior to his current responsibilities, he was President of
Sigma, the food division of Alfa. He has also held other executive positions in Alfa
including Vice President of Corporate Planning and President of Polioles (a
petrochemical joint venture with BASF). Mr. Garza holds a degree in Management from the
Massachusetts Institute of Technology and an MBA from the Stanford Graduate School of
Business.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Daniel Servitje Montul</I></B> has served as a Series A
Director since 1998. He is Chief Executive Officer of Grupo Industrial Bimbo, S.A. de
C.V. He also serves on the boards of directors of Banco Nacional de Mexico, Grocery
Manufactures of America, and FICSAC (Universidad Iberoamericana). Mr. Servitje joined
Grupo Industrial Bimbo in 1978, and has served as General Director of Marinela and Vice
President of Grupo Bimbo, S.A. de C.V., in the past. Mr. Servitje holds a degree in
Business from the Universidad Iberoamericana in Mexico and an MBA from the Stanford
Graduate School of Business.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Herbert Allen III</I></B> has served as a Series A
Director since 2001. He is an investment banker at Allen &amp; Company, Inc., in New York
City. Mr. Allen joined Allen and Company in 1993, focusing on the investment business
sector. Prior to 1993, he was employed at T. Rowe Price in Baltimore. From 1990 to 1992,
he worked for Botts &amp; Company, Ltd. in London. Mr. Allen holds a Bachelor of Arts
degree in History from Yale University.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Gary Fayard </I></B>has served as a Series D Director
since 2003. Since December, 1999, Mr. Fayard has been Senior Vice-President and Chief
Financial Officer of The Coca-Cola Company. Mr. Fayard joined The Coca-Cola Company in
April 1994. Prior to joining The Coca-Cola Company, Mr. Fayard was a partner in Ernst &amp; Young
LLP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Steven J. Heyer</I></B> has served as a Series D
Director since 2002. He is President and Chief Operating Officer of The Coca-Cola
Company. In April 2002, he was granted additional responsibilities to oversee the company&#146;s
operating units in Latin America. He joined The Coca-Cola Company in 2001 from AOL Time
Warner, where he served most recently as President and COO of Turner Broadcasting
System. Previously, he was President and COO of Young and Rubicam Advertising Worldwide
and Senior Vice President and Managing Partner at Booz Allen &amp; Hamilton.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Charles H. McTier</I></B> has served as a Series D
Director since 1998. He is President of the Robert W. Woodruff Foundation, Inc. He
also currently serves as President of Joseph B. Whitehead Foundation, Inc., The Lettie
Pate Evans Foundation, Inc., Lettie Pate Whitehead Foundation, Inc., Robert W. Woodruff
Health Sciences Fund, Inc. and Ichauway Inc. Mr. McTier is also a member of the board
of directors of the SunTrust Bank of Georgia and Vice President of the Commerce Club in
Georgia. Mr. McTier holds a degree in Business Administration from Emory University.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Eva Garza Gonda de Fern&aacute;ndez</I></B> has served
as a Series D Director since 2002. She is Founder and President of Alternativas Pac&iacute;ficas,
A.C. a non-profit organization. She serves as an advisor to Instituto Tecnol&oacute;gico
y de Estudios Superiores de Monterrey. She holds a degree in Communication Science from
ITESM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Alexis E. Rovzar de la Torre </I></B>has served as a
Series L Director since 1993. He is an Executive Partner at White &amp; Case S.C. Mr. Rovzar
also serves on the boards of directors of FEMSA, Deutsche Bank (M&eacute;xico) Grupo
Industrial Bimbo, S.A. de C.V., Grupo ACIR, S.A. de C.V. and Comex, S.A. de C.V. He has
participated in numerous international business transactions, including joint ventures,
debt to capital swaps, and many other financial projects. Mr. Rovzar holds a degree in
Law from UNAM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Jos&eacute; Manuel Canal Hernando</I></B> has served as
Series L Director since 2003. Mr. Canal is also a Director of FEMSA. Mr. Canal is an
independent business consultant and was Managing Partner of Ruiz Urquiza y C&iacute;a,
S.C. from 1982 to 1999. Mr. Canal served as our examiner from 1993 to 2002.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
61</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><FONT SIZE="2"><B><I>Francisco Zambrano Rodr&iacute;guez</I></B> was
elected as Series L Director at our annual meeting of shareholders in 2003. Since
1997, Mr. Zambrano has worked in investment banking and private investment services in M&eacute;xico.
Mr. Zambrano is a member of the board of several Mexican companies: Desarrollo
Inmobiliario y de Valores, S.A. de C.V., Internacional de Inversiones, S.A. de C.V.
and Recursos Valuables, S.A. de C.V.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B><I>Ernesto Gonz&aacute;lez D&aacute;vila</I></B> was
      elected Series A examiner at our shareholders meeting in 2003. Mr. Gonz&aacute;lez
      D&aacute;vila previously served as alternate Series A examiner. He is a
      partner in Ruiz Urquiza y C&iacute;a, S.C. since 1978. He is Mexican Operations
      Director of Galaz, Yamazaki, Ruiz Urquiza, S.C. (Deloitte &amp; Touche)
      since September 2002.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Fausto Sandoval Amaya</I></B> has served as the Series D
examiner since 1993. He started at Ernst &amp; Young L.L.P. in 1965 and has been a partner
since 1978. He currently serves as Director of the Accounting Committee and is a member
of the Board of Directors. He is also a member of the Boards of Black &amp; Decker,
Bombardier and Paccar (Kenworth Mexicana). Fausto Sandoval holds Public Accountant and
Auditing degrees from the Escuela Superior de Administraci&oacute;n y Finanzas del
Instituto Polit&eacute;cnico Nacional.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><B><I>Ernesto Torres Arriaga</I></B> has served as our
      Vice President since 1995 mainly in charge of procurement and public relations.
      He joined our company in 1974 as a Director of Production for the State
      of Mexico. In 1982, he was appointed Production Manager of IEMSA. Mr. Torres
      began his career in 1958 and initially served at various bottling plants
      in Mexico, where he held several positions in the production, technical,
      and logistics areas, eventually becoming General Manager of Sales, Production
      and Administration. Mr. Torres holds a degree in Food Engineering from Kansas
      State University.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>H&eacute;ctor Trevi&#241;o Guti&eacute;rrez</I></B>
has served as Chief Financial and Administrative Officer since 1993. He joined FEMSA in
1981 and was in charge of International Financing until 1984. From 1984 to 1986, he
served as General Manager of Financial Planning and as General Manager of Strategic
Planning from 1986 to 1989. From 1989 to 1993, Mr. Trevi&#241;o headed FEMSA&#146;s
Corporate Development department. Mr. Trevi&#241;o holds a degree in Chemical and
Administrative Engineering from ITESM and an MBA from the Wharton School of Business.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>John Santa Mar&iacute;a Otaz&uacute;a</I></B> was
appointed as Chief Operating Officer in Mexico. He served as our Strategic Planning and
Business Development Officer from 2001 to 2003. From 1995 to 2001, he also served as
Chief Operating Officer of our Mexican operations. From 1991 to 1995, he worked with
different bottling companies in Mexico, gaining expertise in areas such as Strategic
Planning and General Management. Mr. Santa Mar&iacute;a holds a degree in Business
Administration and an MBA with a major in Finance from Southern Methodist University.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Rafael Su&aacute;rez Olaguibel</I></B> was appointed in
2003 as Director of Commercial Planning and Strategic Development. He served as our
Chief Operating Officer in Mexico from 2001 to 2003. He joined FEMSA&#146;s soft drink
division in 1986 as Planning and Projects Director. In March 1987, he was appointed
Corporate Marketing Manager for the Valley of Mexico, and from 1987 to 1989, he served
as Director of Marketing. In April 1989, he was appointed Distribution and Marketing
Director of FEMSA&#146;s soft drink division, and later served as Chief Operating
Officer of Coca-Cola FEMSA de Buenos Aires until late in 2001. Mr. Su&aacute;rez began
his career in 1981 at Coca-Cola Export, where he worked in the Administrative,
Distribution and Marketing departments of Cola-Cola Export. Mr. Su&aacute;rez holds a
degree in Economics from ITESM.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Ernesto Silva Almaguer</I></B> was appointed in 2003 as
Chief Operating Officer in the Mercosur region. He served as our Chief Operating Officer
in Buenos Aires from 2001 to 2003. He joined FEMSA in 1980 as Strategic Services
Manager. From 1985 to 1988, Mr. Silva assisted the General Director with Special
Projects and Strategic Management. From 1988 to 1994, he worked for Famosa in several
managerial positions. He has also served as Vice President of International Sales of
FEMSA Empaques and as our New Business Development Director from 1997 to 2001. Mr. Silva
holds a degree in Mechanical and Administrative Engineering from ITESM and an MBA from
the University of Texas at Austin.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Eulalio Cerda Delgadillo</I></B> has served as Human
Resources Officer since 2001. He joined Cervecer&iacute;a Cuauht&eacute;moc in September
1981 as a New Projects Executive. From 1982 to 1988, he served in the Marketing
Department, and from 1988 to 1996, he worked in several departments including
Maintenance, Packaging, Bottling, Human</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
62</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>Resources, Technical Development and Projects.
Mr. Cerda holds a  degree in Mechanical Engineering from ITESM.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Alejandro Duncan</I></B> was appointed as our Technical
Officer in February 2002. He joined FEMSA in 1980, taking several responsibilities in
different production and manufacturing departments. From 1995 to 1997, he served as
Plant Manager in the Valley of Mexico Territory, and in September 1997, he was
transferred to Buenos Aires, where he served as Manufacturing Director. In 1999, he
returned to Mexico and was appointed Infrastructure Planning Director. Mr. Duncan holds
a degree in Mechanical Engineering from ITESM and an MBA from the Universidad de
Monterrey.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Hermilo Zuart</I></B> was appointed as our Chief
Operating Officer in Latin Centro in May 2003. He joined FEMSA in 1985, taking several
responsibilities in manufacturing, commercialization, planning and administrative areas.
From 2001 to 2003, he served as FEMSA Franquicias Officer, mainly in charge of Mundet
products. Mr. Zuart worked as Chief Operating Officer in the Valley of Mexico from 1995
to 2000 and as Chief Operating Officer in the Southeast of Mexico Territory from 1994 to
1995. He has more than 20 years of experience in the beverage industry. Mr. Zuart holds
a degree in Public Accounting from the UNAM and completed a graduate course in Business
Management from the IPADE.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Compensation of Directors and Officers</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended
December 31, 2002 the aggregate compensation of all  of our executive officers paid or
accrued in that year for services in all  capacities was approximately Ps.77.4 million,
of which approximately Ps.34.3  million was paid in the form of cash bonus awards. The
aggregate compensation  amount also includes bonuses paid to certain of our executive
officers pursuant  to the stock incentive plan (as discussed in &#147;&#151;Stock
Incentive Plan&#148;).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2001 and
2002, we paid Ps.30,000 to each director for each  meeting attended by such director. The
aggregate compensation for directors  during 2002 was Ps.3.8 million.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1997, we
commenced an executive incentive program through which a  one-time cash-settled option
was granted to some of our executive officers.  Under the terms of this program, as
amended, the participant executive officers  were entitled to the cash payment of a
special bonus, on March 2003, based on  the amount of increase in real terms during the
life of the program in the  market value of FEMSA BD Units and Series L shares of our
company. The  conditions for the payment of the special bonus were not met and this
incentive  program was terminated.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior
management participates in our general pension plan, which  is available to all non-union
employees and officers of our company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Stock Incentive Plan</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our five-year
stock incentive plan for the benefit of our executive  officers expired in early 2003 and
we are in the process of designing a new  plan. Under the terms of the stock incentive
plan, certain executive officers  may be selected to receive a special cash bonus which
will be used to obtain a  stock grant (as discussed below) or an option right (as
discussed below), as  determined for each individual case. The selection of the executive
officers to  participate in the stock incentive plan, the type of right which will be
obtained with the special cash bonus, and the value of the special cash bonus  will be
determined jointly by the Human Resources and Compensation Committee and  our management,
based on each executive officer&#146;s level of responsibility and  corporate
achievements during the prior year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The stock grants
and the option rights are administered by a trust for  the benefit of the selected
executive officers. Under the terms of the stock  incentive plan, each time a special
cash bonus is assigned by us or any of our  subsidiaries to an executive officer, such
executive officer shall contribute  the bonus to the administrative trust in exchange for
a stock grant or option  right, as determined for each individual case.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
63</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A stock grant will
entitle an executive officer to receive a specified  proportion of FEMSA BD Units and
shares of our company which will be acquired by  the administrative trust in either the
New York Stock Exchange or the Mexican  Stock Exchange, with the executive officer&#146;s
deposited special cash bonus. Under  the terms of the stock incentive plan, the ownership
of the FEMSA BD Units and  the shares of our company will vest upon the executive
officers on the 28th day  of February over each of the next five years following the date
of assignment of  the stock grant, at a rate per year equivalent to the number of FEMSA
BD Units  and shares of our company that can be acquired with 20% of the total value of
each executive officer&#146;s special cash bonus.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An option right is
an option acquired by the administrative trust in  either the New York Stock Exchange or
the Mexican Stock Exchange with an  executive officer&#146;s deposited special cash
bonus, which shall entitle an  executive officer to either: (a) acquire a certain number
of FEMSA BD Units and  shares of our company, at the exercise price specified in the
option or (b)  receive a cash payment equivalent to the amount of increase in the market
value  of such number of FEMSA BD Units and shares of our company, as compared to the
exercise price specified in the option. Under the terms of the stock incentive  plan, the
option rights shall be exercisable on the 28th day of February and the  31st day of
August over each of the next five years following the date on which  they were granted,
at a yearly rate equivalent to up to 20% of the total number  of FEMSA BD Units and
shares of our company covered by each option right. If an  option right is not exercised
in full during a certain year, any remaining  unexercised part shall be exercisable over
the next year, at the specified  dates. If at the time of expiration of an option right
there are any remaining  FEMSA BD Units and shares of our company over which no option
has been  exercised, the remaining part of the option will be automatically exercised as
specified in (b) above and a cash payment will be made to the executive officer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To this date no
option rights have been granted by either us or our  subsidiaries pursuant to the stock
incentive plan. However, as specified above,  if any future option rights are to be
granted, they will be acquired in the  market.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Share Ownership</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31,
2003, certain of our directors and alternate directors  serve on the Technical Committee
as Trust Participants under the Irrevocable  Trust No. F/29487-6 established at BBVA
Bancomer, S.A., as Trustee, which is the  owner of 54.3% of the voting stock of FEMSA,
which in turn owns 45.7% of our  outstanding capital stock through its subsidiary, CIBSA.
These directors and  alternate directors include Eugenio Garza Lag&uuml;era, Alfonso
Garza Garza,  Mariana Garza de Trevi&#241;o and Eva Garza Gonda de Fern&aacute;ndez.
See  &#147;Item 7. Major Shareholders and Related Party Transactions&#151;Major
Shareholders.&#148; None of our other directors, alternate directors or executive
officers is the  beneficial owner of more than 1% of any class of our capital stock.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Board Practices</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws state
that the Board of Directors will meet at least once  every three months, following the
end of each quarter, to discuss our operating  results and progress in achieving
strategic objectives. Our Board of Directors  can also hold extraordinary meetings. See
&#147;Item 10. Additional  Information&#151;Bylaws.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws,
directors serve one-year terms although they continue  in office until successors are
appointed. None of our directors or senior  managers of our subsidiaries has service
contracts providing for benefits upon  termination of employment.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Board of
Directors is supported by committees, which are working  groups that analyze issues and
provide recommendations to the Board of Directors  regarding their respective areas of
focus. The executive officers interact  periodically with the committees to address
management issues. The following are  the three committees of the Board of Directors:</font></td></tr></table>

<P><table width=600><TR>
    <TD width=10% valign=top align="center"><font size=2> 1. </FONT></TD>
    <TD width=90% valign=top><FONT SIZE="2"> <I>Finance
Committee, which consists of Armando Garza Sada, Chairman, Steven J. Heyer, Federico
Reyes Gar</I>c&iacute;a, Ricardo Guajardo Touch&eacute; and Alfredo Mart&iacute;nez Urdal.
This committee evaluates the investment and financing policies proposed by our chief
executive officer, furnishes an opinion with respect to the annual budget and ensures
the implementation of the budget and any proposed</FONT></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
64</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td width=56>&nbsp;</td>
    <td width=532><font size=2>strategic plan, identifies risk factors to which
      we are exposed and evaluates risk management policies.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=10% valign=top align="center"><font size=2> 2. </FONT></TD>
    <TD width=90% valign=top><FONT SIZE="2"> <I>Audit
Committee,</I> which consists of Alexis E. Rovzar de la Torre, Chairman, Charles H. McTier,
Jos&eacute; Manuel Canal and Francisco Zambrano Rodr&iacute;guez. This committee
recommends to our board of directors candidates to serve as our external examiners,
ensures the independence and objectivity of the external examiners, and recommends to
our board of directors procedures for the preparation of financial information. Each
member of the Audit Committee meets the independence requirements under Mexican law.</FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top align="center"><font size=2> 3. </FONT></TD>
    <TD width=90% valign=top><FONT SIZE="2"> <I>Human
Resources and Compensation Committee,</I> which consists of Daniel Servitje Montul, Chairman,
Gary Fayard, Juan Carlos Braniff Hierro and Ricardo Gonz&aacute;lez Sada. This committee
recommends procedures for the election of our chief executive officer and other senior
executives, proposes to our board of directors criteria for the evaluation of the chief
executive officer and senior executives, and analyzes our chief executive officer&#146;s
recommendations with respect to the structure and amount of compensation for our key
executives.</FONT></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2><B>Employees</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, we employed 14,457 employees, including 12,347  employees in Mexico and 2,110
employees in Argentina. The table below sets forth  the number of our employees by
category of employment for the periods indicated.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="6"><font size="2">For the Year Ended December 31, </font>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"><font size="2">2002(1) </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2001 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">2000 </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Executives</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">201</font></TD>
    <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">154</font></TD>
    <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">143</font></TD>
    <TD ALIGN="LEFT">&nbsp;&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Non-Union Employees</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">5,245</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">5,350</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">5,771</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Union Employees</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">8,461</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">9,038</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">9,140</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">13,907</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">14,542</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">15,054</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=2 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=2 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=95% size=2 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">As
of December 31, 2002, we also employed 550 temporary workers.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, 2002, approximately
      62% of our employees, most of whom were employed in Mexico, were members
      of labor unions. We had 40 separate collective bargaining agreements with
      six labor unions represented at our Mexican operations and one collective
      bargaining agreement with one labor union in Buenos Aires. In Mexico, wages
      are renegotiated every year while other terms and conditions of employment
      are renegotiated every two years. In Buenos Aires, the collective bargaining
      agreement is negotiated between the <i>C&aacute;mara Argentina de la Industria
      de Bebidas sin Alcohol </i>(the Argentine Chamber of the Non-Alcoholic Beverages
      Industry) on behalf of the beverage producers, and the<i> Federaci&oacute;n
      Argentina de Trabajadores de Aguas Gaseosas</i> (the Argentine Federation
      of Soft Drink Workers), on behalf of the soft drink industry workers. The
      Argentine government is not involved in these negotiations.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31,
2003, after consummation of the Panamco acquisition, we  employed more than 42,000
employees (excluding outsourced labor and independent  distributors). A significant
portion of Panamco&#146;s employees are members of labor  unions. Panamco&#146;s
subsidiaries in Colombia and Venezuela are the subject of  significant labor-related
litigation. See &#147;Item 8. Financial Information&#151;Legal  Proceedings.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Insurance Policies</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain
insurance policies for all of our employees. These policies  mitigate the risk of having
to pay death benefits in the event of an industrial  accident. We maintain directors&#146; and
officers&#146; insurance policies covering all  directors&#146; and certain key executive
officers&#146; for liabilities incurred in their  capacities as directors&#146; and
officers&#146;.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
65</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Item 7.  Major Shareholders and Related Party
Transactions</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>MAJOR SHAREHOLDERS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, our principal shareholders were  Compa&#241;&iacute;a Internacional de Bebidas,
referred to in this annual  report as CIBSA, a direct subsidiary of FEMSA, a publicly
traded company listed  on the Mexican Stock Exchange and on The New York Stock Exchange,
and Inmex, a  wholly owned subsidiary of The Coca-Cola Export Corporation and an indirect
subsidiary of The Coca-Cola Company. See &#147;Item 4. Information on the  Company&#151;The
Company.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share capital
consists of three classes of securities: Series A  Shares held by CIBSA, Series D Shares
held by Inmex, and Series L Shares, held  by the public. Our capital structure at
December 31, 2002 was as follows:</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2" align="left"><font size="2">Shareholder</font>
      <HR WIDTH=30% SIZE=1 COLOR=BLACK noshade align="left">
    </TH>
    <TH COLSPAN="2"><font size="2">Outstanding<BR>
      Capital Stock</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% Ownership of<BR>
      Outstanding<BR>
      Capital Stock</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% of<BR>
      Voting Rights</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">CIBSA (Series A shares)(1)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">726,750,000</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">51</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">63</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Inmex (Series D shares)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">427,500,000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">30</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">37</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Public (Series L shares)(2)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">270,750,000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">19</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">*</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,425,000,000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">100</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">100</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT" colspan="6">
      <hr width=100% size=2 color=BLACK noshade align="right">
    </TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">FEMSA
owns 99.98% of the capital stock of CIBSA, and 54.3% of the voting  stock of FEMSA is
controlled by the Technical Committee and Trust  Participants under Irrevocable Trust No.
F/29487-6 established at BBVA  Bancomer, S.A., as Trustee. As of May 15, 2002, the Trust
Participants  included: Max Michel Suberville, Eugenio Garza Lag&uuml;era, Paulina Garza
Gonda de Marroqu&iacute;n, B&aacute;rbara Garza Gonda de Braniff, Mariana  Garza Gonda de
Trevi&#241;o Bryan, Eva Gonda de Garza, Eva Garza Gonda de  Fern&aacute;ndez, Consuelo
Garza Lag&uuml;era de Garza, Alfonso Garza  Garza, Patricio Garza Garza, Juan Carlos
Garza Garza, Eduardo Garza Garza,  Eugenio Garza Garza, Alberto Bailleres, Mar&iacute;a
Teresa G. de  Bailleres, Inversiones Burs&aacute;tiles Industriales, S.A. de C.V.,
Corbal, S.A. de C.V., Magdalena M. de David, Alepage, S.A., Grupo  Financiero BBVA
Bancomer, S.A., as Trustee under Trust No. F/29013-0, Max  David Michel, Juan David
Michel, Monique David de VanLathem, Renee Michel  de Guichard, Magdalena Guichard Michel,
Rene Guichard Michel, Miguel  Guichard Michel, Graciano Guichard Michel, Juan Guichard
Michel,  Inversiones Franca, S.A. de C.V., and BBVA Bancomer, S.A., as Trustee under
Trust No. F/29490-0.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(2) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Holders
of Series L Shares are only entitled to vote in limited  circumstances. See &#147;Item
10. Additional Information&#151;Bylaws.&#148; Holders of  American Depositary Receipts (&#147;ADRs&#148;)
are entitled to instruct The Bank of  New York, the depositary for the ADSs represented
by the ADRs, as to the  exercise of the limited voting rights pertaining to the Series L
Shares  represented by their ADSs.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(*) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Holders
of Series L Shares, and consequently holders of ADSs, are only  entitled to vote in
limited circumstances.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Coca-Cola Company was a beneficial owner of
Panamco shares prior to the  acquisition. As a result of the Panamco acquisition, two
wholly owned indirect  subsidiaries of The Coca-Cola Company, which together with Inmex
and another  wholly owned subsidiary of The Coca-Cola Company that controls one of these
two  entities are referred to in this annual report as the TCCC Shareholder Subs,
acquired 304,045,678 of our Series D Shares in exchange for The Coca-Cola  Company&#146;s
share interests in Panamco. In connection with the Panamco  acquisition, CIBSA received
117,328,519 of our Series A shares in exchange for  its capital contribution to us.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Due to the acquisition of Panamco, our capital
structure at May 31, 2003 was as  follows:</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2" align="left"><font size="2">Shareholder</font>
      <hr width=30% size=1 color=BLACK noshade align="left">
    </TH>
    <TH COLSPAN="2"><font size="2">Outstanding<BR>
      Capital Stock</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% Ownership of<BR>
      Outstanding<BR>
      Capital Stock</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">% of<BR>
      Voting Rights</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">CIBSA (Series A shares)(1)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">844,078,519</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">45.7</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT"><font size="2">53.6</font></TD>
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">TCCC Shareholder Subs (Series D shares)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">731,545,678</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">39.6</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">46.4</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Public (Series L shares)(2)</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">270,750,000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">14.7</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">*</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT">
      <hr width=75% size=1 color=BLACK noshade align="right">
    </td>
    <td align="LEFT">&nbsp;</td>
  </tr>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">1,846,374,197</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">100.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="RIGHT"><font size="2">100.0</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <tr valign="BOTTOM">
    <td align="LEFT">&nbsp;</td>
    <td align="LEFT">&nbsp;</td>
    <td align="RIGHT" colspan="6">
      <hr width=100% size=2 color=BLACK noshade align="right">
    </td>
  </tr>
</TABLE>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition,
98,840,861 authorized but unissued Series L Shares are  currently held in treasury.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEMSA and The
Coca-Cola Company have reached an agreement pursuant to  which, at FEMSA&#146;s request,
CIBSA may purchase sufficient shares from The  Coca-Cola Company to increase its
ownership of our capital stock to 51%. See  &#147;Item 4. Information on the Company&#151;The
Panamco Acquisition&#151;Coca-Cola  Memorandum.&#148;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
66</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBSA, as the sole
owner of our Series A Shares, has the power to elect  11 of the 18 directors, and the
TCCC Shareholder Subs, as the sole owners of our  Series D Shares, have the power to
elect 4 directors. Accordingly, CIBSA and the  TCCC Shareholder Subs have the power to
determine the outcome of all actions  requiring approval by our board of directors and,
except in certain limited  situations, all actions requiring approval of the
shareholders. See &#147;&#151;The  Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Technical
Committee members, Trust Participants under Irrevocable  Trust No. F/29487-6 established
at BBVA Bancomer, S.A., as Trustee, may be  deemed to be the beneficial owners of 45.7%
of our outstanding capital stock,  because the trust owns 54.3% of the voting stock of
FEMSA, which in turn owns  45.7% of our company through its subsidiary, CIBSA. As a
consequence of the  internal procedures of the trust&#146;s Technical Committee, the
Technical Committee,  as a whole, is deemed to have the beneficial ownership with sole
voting power of  all the shares deposited in the Voting Trust and the Trust Participants,
as  Technical Committee members, are deemed to have beneficial ownership with shared
voting power over those same deposited shares. We are not aware of any other  beneficial
owner of more than 5% of any class of our voting shares. See &#147;Item 6.  Directors,
Senior Management and Employees&#151;Share Ownership.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of May 31,
2003, there were 24,952,431 of our ADSs outstanding, each  ADS representing ten Series L
Shares. Approximately 92.2% of our outstanding  Series L Shares were represented by ADSs.
As of May 31, 2003, the ADSs were held  by approximately 270 holders, (including The
Depositary Trust Company) with  registered addresses in the United States.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>The Shareholders Agreement</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
the subscription by Inmex (an indirect subsidiary of  The Coca-Cola Company) of 30% of
our capital stock, FEMSA and The Coca-Cola  Company agreed that we would be managed as a
joint venture. Accordingly, in June  1993, Emprex (a direct subsidiary of FEMSA), which
was until July 2002 the  direct holder of the Series A Shares, Inmex and The Coca-Cola
Company entered  into a shareholders agreement, which, together with our bylaws, sets
forth the  basic rules under which we operate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the
spin-off of Emprex, CIBSA became our only Series A  shareholder. In July 2002, Emprex,
Inmex and CIBSA executed an amended and  restated shareholders agreement. The
shareholders agreement was further amended  in May 2003 to add as parties, the
subsidiaries of The Coca-Cola Company that  acquired Series D shares in connection with
the acquisition of Panamco. In the  shareholders agreement, the parties confirm their
agreement to the corporate  governance provisions set forth in our bylaws relating to the
composition of our  board of directors and executive officers as well as to the election
of the  members of our board and officers. See &#147;Item 6. Directors, Senior Management
and  Employees.&#148; In addition, the shareholders agreement embodies the principal
shareholders&#146; agreement that we be managed in accordance with one-year and
five-year business plans, although in practice, we are now managed according to  a
three-year plan.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shareholders
agreement also sets forth the principal shareholders&#146; understanding as to the effect
of adverse actions of The Coca-Cola Company under  the bottler agreements as set forth in
our bylaws. Our bylaws provide that a  majority of the directors appointed by the holders
of Series A Shares (Series A  directors), upon making a reasonable, good faith
determination that any action  of The Coca-Cola Company under any bottler agreement or
supplemental agreement  between The Coca-Cola Company and our company or any of our
subsidiaries is  materially adverse to our business interests and that The Coca-Cola
Company has  failed to cure such action within 60 days of notice, may declare a simple
majority period at any time within 90 days after giving notice. During the  simple
majority period certain decisions, namely the approval and material  changing of our
one-year and five-year business plans and the introduction of a  new, or termination of
an existing, line of business, which would ordinarily  require the presence and approval
by two Series D directors, can be made by a  simple majority vote of our entire board of
directors, without requiring the  presence or approval of any Series D director. A
majority of the Series A  directors may terminate a simple majority period but, once
having done so,  cannot declare another simple majority period during a one-year period
following  a termination. If a simple majority period persists for one year or more, the
provisions of the shareholders agreement for resolution of irreconcilable  differences
may be triggered, with the consequences outlined below.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
67</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the
rights of first refusal provided for in our bylaws  regarding proposed transfers of
Series A Shares or Series D Shares, the  shareholders agreement contemplates three
circumstances under which one  principal shareholder may purchase the interest of the
other in our company: (i)  a change in control in a principal shareholder; (ii) the
existence of  irreconcilable differences between the principal shareholders; or (iii) the
occurrence of certain specified defaults.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that
(i) one of the principal shareholders buys the  other&#146;s interest in our company in
any of these circumstances or (ii) the TCCC  Shareholder Subs, or CIBSA&#146;s ownership
of our shares of capital stock other than  the Series L Shares is reduced below 20% of
all such shares and upon the request  of the principal shareholder whose interest is not
so reduced, the shareholders  agreement requires that our bylaws be amended to eliminate
all share transfer  restrictions and all super-majority voting and quorum requirements,
after which  the shareholders agreement would terminate. In the event that the TCCC
Shareholder Subs, or CIBSA&#146;s ownership of our shares of capital stock other than
the Series L Shares is reduced below 25% (but not below 20%) of all such shares  and upon
the request of the principal shareholder whose interest is not so  reduced, the
shareholders agreement requires that our bylaws be amended to  eliminate all
super-majority voting and quorum requirements, other than those  relating to the share
transfer restrictions. After the elimination of  super-majority voting and quorum
restrictions upon a reduction of the TCCC  Shareholder Subs, ownership, CIBSA acting
alone could have the power to  determine most actions requiring shareholder or board
approval by virtue of its  ownership of Series A Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shareholders
agreement also contains provisions relating to the  principal shareholders&#146; understanding
as to our growth. It states that it is The  Coca-Cola Company&#146;s intention that we
will be viewed as one of a small number of  its &#147;anchor&#148; bottlers in Latin
America. In particular, the parties agree that it  is desirable that we expand by
acquiring additional bottler territories in  Mexico and other Latin American countries in
the event any become available  through horizontal growth. In addition, The Coca-Cola
Company has agreed,  subject to a number of conditions, that if it obtains ownership of a
bottler  territory that fits with our operations, it will give us the option to acquire
such territory. The Coca-Cola Company has also agreed to support prudent and  sound
modifications to our capital structure to support horizontal growth. The  Coca-Cola
Company&#146;s agreement as to horizontal growth would cease to be in  effect upon (i)
the elimination of certain super-majority voting requirements in  the event that the TCCC
Shareholder Subs&#146; or CIBSA&#146;s ownership of our shares of  capital stock other
than the Series L Shares is reduced below 25% of all such  shares as described above or
(ii) The Coca-Cola Company&#146;s election to terminate  the agreement following a
specified default as described above.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
the execution of the acquisition agreement of  Panamco, The Coca-Cola Company and FEMSA
memorialized their understandings  relating to specified operational and business issues
that may affect us  following completion of the acquisition. A summary of these
understandings is  set forth under &#147;Item 4. Information on the Company&#151;The Company&#151;The Panamco Acquisition.&#148;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
68</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td  align=center><font size=2><B>RELATED PARTY TRANSACTIONS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We regularly
engage in transactions with FEMSA, The Coca-Cola Company,  and their affiliates. In 2002,
we purchased crown caps, plastic bottle caps,  cans, commercial refrigerators,
lubricants, detergents, plastic cases, and  substantially all of our returnable glass
bottle requirements for our Mexican  operations from FEMSA Empaques, an indirect,
wholly-owned subsidiary of FEMSA,  under several supply agreements. The aggregate amount
of these purchases was  Ps.403.3 million in 2002. In addition, some canned beverages in
the Mexican  Territories are purchased from IEQSA, which in turn purchases a portion of
empty  cans from Famosa, a subsidiary of FEMSA Empaques. In 2002, Coca-Cola FEMSA de
Buenos Aires purchased all of its can presentations from CICAN, a joint venture  between
Coca-Cola FEMSA de Buenos Aires and the Coca-Cola bottlers in Argentina,  Uruguay and
Paraguay. In addition, Coca-Cola FEMSA de Buenos Aires also  purchased a portion of its
plastic ingot requirements for producing plastic  bottles and all of our returnable
bottle requirements from CIPET. CIPET is a  local subsidiary of Embotelladora Andina, a
Coca-Cola bottler with operations in  Argentina, Chile and Brazil in which The Coca-Cola
Company has a substantial  interest. We believe that our purchasing practices result in
prices comparable  to those that would be obtained in arm&#146;s length negotiations with
unaffiliated  parties. We also sell products to a chain of convenience stores owned by
FEMSA.  These transactions are also conducted on an arm&#146;s length basis.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We entered into a
service agreement in June 1993 with FEMSA Servicios,  S.A. de C.V., an indirect
subsidiary of FEMSA, pursuant to which FEMSA Servicios  provides certain administrative
services relating to insurance, legal and tax  advice for a period of at least one year,
cancelable thereafter by either party,  and certain limited administrative and auditing
services for as long as FEMSA  maintains an interest in our company. In each case, these
agreements were made  on terms that we believe to be commercially reasonable.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November 2000,
we entered into a service agreement with FEMSA  Log&iacute;stica, an indirect subsidiary
of FEMSA, pursuant to which FEMSA  Log&iacute;stica transports finished products from our
production facilities to  our distribution centers within Mexico. From November 1997
until November 2000,  FEMSA Log&iacute;stica, and previously another FEMSA subsidiary,
provided  similar services pursuant to an informal arrangement with our company. In 2002,
we paid approximately Ps.1,872.3 million pursuant to this agreement.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are insured in Mexico
      primarily under FEMSA&#146;s umbrella insurance policies with Grupo Nacional
      Provincial S.A., of which the son of the chairman of its board of directors
      is one of our alternate directors. The policies were purchased pursuant
      to a competitive bidding process. Fidelity bonds are purchased from Fianzas
      Monterrey New York Life S.A., of which one of our directors is the chairman
      of the board of review, and financial services are obtained from Grupo Financiero
      BBVA Bancomer, S.A. de C.V., of which two of our directors, Ricardo Guajardo
      Touch&eacute; and Juan Carlos Braniff Hierro, were the chairman and vice-chairman
      of the board of directors, respectively. Affiliates of Grupo Financiero
      BBVA Bancomer, S.A. de C.V. purchased participations in the loans and<I>
      certificados burs&aacute;tiles</I> incurred to finance the Panamco acquisition
      and acted as agent for the placement of the <I>certificados burs&aacute;tiles</I>.
      In each case, the transactions were conducted on an arm&#146;s length basis.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our company and
The Coca-Cola Company pay and reimburse each other for  marketing expenditures under a
cooperative marketing arrangement. In addition,  The Coca-Cola Company has made payments
to us in connection with cold-drink  equipment investment and other volume driving
investment programs. We purchase  all of our concentrate requirements for Coca-Cola
trademark beverages from The  Coca-Cola Company. Total payments by us to The Coca-Cola
Company for  concentrates were approximately Ps.2,558 million, Ps.2,643 million and
Ps.2,586  million in 2002, 2001 and 2000, respectively. In each of 2002 and 2001, The
Coca-Cola Company contributed approximately 42% of our marketing budget, which  totaled
approximately Ps.714.8 million and Ps.692.6 million. In each of 2002 and  2001, The
Coca-Cola Company also contributed to our refrigerator equipment  investment program.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
the acquisition of Panamco, we exchanged 304,045,678  of our Series D Shares with certain
subsidiaries of The Coca-Cola Company for  the shares of Panamco held by them immediately
before the acquisition. See &#147;Item  4. Information on the Company&#151;The Panamco
Acquisition Cost&#148; and &#147;&#151;Major  Shareholders.&#148; The subsidiaries of The
Coca-Cola Company that held Panamco  shares made specified undertakings to support and
facilitate the Panamco  acquisition for the benefit of our company. In consideration for
these  undertakings, we made certain undertakings for the benefit of The Coca-Cola
Company and its subsidiaries, </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
69</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>including indemnity obligations with respect to
specified matters relating to the accuracy of disclosure and the compliance with
applicable law by our Board of Directors and the board of directors of Panamco  and
undertakings to take specified actions and refrain from specified others to  facilitate
the ability of The Coca-Cola Company to receive favorable tax  treatment in connection
with its participation in the acquisition. In connection  with the execution of the
acquisition agreement for Panamco, The Coca-Cola  Company and FEMSA memorialized their
understandings relating to specified  operational and business issues that may affect us
following completion of the  acquisition. A summary of these understandings is set forth
under &#147;Item 4.  Information on the Company&#151;The Company&#151;The Panamco
Acquisition.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jos&eacute; Antonio
Fern&aacute;ndez, Eva Garza de Fern&aacute;ndez and  Ricardo Guajardo Touche are also
members of the Board of Directors of ITESM, a  prestigious Mexican private university
that routinely receives donations from  us.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the acquisition
      of Panamco, we hired Allen &amp; Company LLC to provide advisory services.
      One of our directors, Herbert Allen III, is the President of Allen &amp;
      Company LLC.</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
70</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B>Item 8.  Financial Information</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>CONSOLIDATED STATEMENTS AND
OTHER FINANCIAL INFORMATION</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Consolidated Financial Statements</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 18. Financial
      Statements&#148; and pages F-1 through F-34.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Dividend Policy</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion
of our dividend policy, see &#147;Item 3.  Key Information&#151;Dividends and Dividend
Policy.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Legal Proceedings</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are party to
various legal proceedings in the ordinary course of  business. Other than as disclosed in
this annual report, we are not currently  involved in any litigation or arbitration
proceeding that is pending or are  aware of any threatened litigation or arbitration,
which we believe has, or has  had, a material adverse effect on our company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May 2000, the
Comisi&oacute;n Federal de Competencia (the Mexican  Federal Antitrust Commission or
&#147;Commission&#148;) requested that we provide them  with information relating to
their investigation of the sales practices of The  Coca-Cola Company and the bottlers of
Coca-Cola trademark beverages in Mexico,  including our company. This investigation
focused on monopolistic practices  within the soft drink industry in Mexico. On November
3, 2000, the Commission  notified us of its preliminary findings that the bottlers of
Coca-Cola trademark  beverages engaged in monopolistic practices with respect to
exclusivity  arrangements with retailers. On February 28, 2002, the Commission notified
us of  its decision, in which it found that bottlers of Coca-Cola trademark beverages,
including our company, had committed monopolistic practices with respect to  exclusivity
arrangements with retailers. We appealed the ruling before the  Mexican Antitrust
Commission, and the Commission confirmed its findings on July  11, 2002. On August 21,
2002, we initiated proceedings (&#147;amparo&#148;) before a  Mexican federal court
challenging the decision of the Mexican Antitrust  Commission. We believe that in the
event that the ruling of the Mexican  Antitrust Commission becomes final, such decision
will not have a material  adverse effect on our financial condition, since no fines have
been imposed  against us by the Mexican Antitrust Commission and the contracts with
retailers  that are subject of the investigations are not material with respect to our
total sales.</font></td></tr></table>

<p><table width=600><tr>
    <td>
      <p><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2003, the Mexican
        Antitrust Commission announced that it was launching a separate investigation
        into the soft drink industry practice with respect to exclusivity arrangements
        in general. As of the date of this annual report, we have not received
        any requests for information from the Mexican Antitrust Commission. We
        cannot give any assurances that any action taken as a result of this investigation
        will not negatively affect us in the future.</FONT></p>
      <p><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2002, we presented
        a claim to recover payments of approximately Ps.94 million made with respect
        to the <I>Impuesto Especial Sobre Productos y Servicios</I> (&#147;Special
        Tax on Products and Services&#148;) applicable to inventories produced
        with HFCS. We obtained a favorable ruling but the Mexican authorities
        have appealed this ruling. As of the date of this annual report, this
        appeal is pending.</FONT></p>
    </td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of the
Panamco acquisition, Panamco and its subsidiaries  were, and Panamco and its subsidiaries
are still, subject to a number of  significant and on-going legal proceedings, including
antitrust, tax, labor,  human rights and other claims. A description of the litigation
can be found in  its annual report filed with the SEC on Form 10-K on March 28, 2003 and
its  quarterly report filed with the SEC on Form 10-Q on May 6, 2003. Such reports do
not constitute part of this annual report and are not incorporated by reference  into
this annual report. We are in the process of conducting a review of  litigation pending
against Panamco. Although no assurances can be given, we  believe, based on the
information available to us to date, that claims pending  against Panamco are either
without merit or will not result in a material  adverse effect on our consolidated
financial condition or consolidated results.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
71</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 40; page: 40" -->


<p><table width=600><tr><td><font size=2><B>Item 9.  The Offer and Listing</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>TRADING MARKETS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADRs representing
the ADSs have been issued by the Bank of New York,  the depositary for our ADSs. Our ADSs
have been traded on the New York Stock  Exchange, and our Series L Shares on the Mexican
Stock Exchange, since 1993.  Each ADS represents ten Series L Shares. On December 31,
2002, approximately 94%  of the publicly traded Series L Shares were held in the form of
ADSs.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
table sets forth, for the periods indicated, the reported  high and low sales prices for
the Series L Shares on the Mexican Stock Exchange  and the reported high and low sales
prices for the ADSs on the New York Stock  Exchange. Prices have not been restated in
constant currency units.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="4"><font size="2">Mexican Stock Exchange <br>
      pesos per L Share</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="4"><font size="2">New York Stock Exchange <br>
      dollars per L ADR</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"><font size="2">High</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Low</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">High</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Low</font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">1998:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.17.72</font></TD>
    <TD ALIGN="right">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.10.98</font></TD>
    <TD ALIGN="right">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 20.69</font></TD>
    <TD ALIGN="right">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 10.81</font></TD>
    <TD ALIGN="LEFT">&nbsp;&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">1999:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.20.30</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.12.32</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 12.81</font></TD>
    <TD ALIGN="left">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 11.13</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2000:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.21.15</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.13.70</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 22.38</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 18.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2001:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.23.15</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.16.91</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 25.31</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 18.00</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.18</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">16.80</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">24.70</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.85</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Third quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.18</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.50</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.85</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.40</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">19.54</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">16.54</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">21.15</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.76</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2002:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.25.06</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.16.80</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 25.31</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 17.40</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">27.60</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.85</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">29.70</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.60</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Third quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.80</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">19.50</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.93</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">19.01</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.60</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">18.10</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.00</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;December</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.30</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">18.10</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.00</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.50</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2003:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;January</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.20.90</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">Ps.18.74</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 19.30</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">$ 18.02</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;February</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">20.20</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">19.20</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">18.52</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.47</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;March</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">20.09</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">18.30</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.86</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">16.64</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;April</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.00</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">18.80</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">21.25</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">17.39</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;May</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.00</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">20.80</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.40</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">20.03</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;June(1)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">24.25</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">23.00</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.68</font></TD>
    <TD ALIGN="right">&nbsp;</TD>
    <TD ALIGN="right"><font size="2">22.15</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

  <table width=600><tr>
    <td width=4% valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94%><font size="1">From the period beginning June 1, 2003 until
      June 13, 2003.</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
72</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since November 1,
1996, our 8.95% Notes due November 1, 2006 have been  listed on the New York Stock
Exchange. The following table sets forth, for the  periods indicated, the reported high
and low sales prices for the notes, as a  percentage of principal amount, on the New York
Stock Exchange.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="4"><font size="2">New York Stock Exchange <br>
      Percentage of Principal Amount </font>
      <hr width=99% size=1 color=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"><font size="2">High </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
    <TH COLSPAN="2"><font size="2">Low </font>
      <HR WIDTH=95% SIZE=1 COLOR=BLACK noshade>
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">1998:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">106</font></TD>
    <TD ALIGN="LEFT"><font size="2">.00</font></TD>
    <TD ALIGN="RIGHT"><font size="2">82</font></TD>
    <TD ALIGN="LEFT"><font size="2">.00</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">1999:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">102</font></TD>
    <TD ALIGN="LEFT"><font size="2">.81</font></TD>
    <TD ALIGN="RIGHT"><font size="2">90</font></TD>
    <TD ALIGN="LEFT"><font size="2">.16</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2000:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Full year</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">106</font></TD>
    <TD ALIGN="LEFT"><font size="2">.33</font></TD>
    <TD ALIGN="RIGHT"><font size="2">99</font></TD>
    <TD ALIGN="LEFT"><font size="2">.24</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2001:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">104</font></TD>
    <TD ALIGN="LEFT"><font size="2">.88</font></TD>
    <TD ALIGN="RIGHT"><font size="2">102</font></TD>
    <TD ALIGN="LEFT"><font size="2">.06</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">104</font></TD>
    <TD ALIGN="LEFT"><font size="2">.81</font></TD>
    <TD ALIGN="RIGHT"><font size="2">104</font></TD>
    <TD ALIGN="LEFT"><font size="2">.63</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Third quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">104</font></TD>
    <TD ALIGN="LEFT"><font size="2">.81</font></TD>
    <TD ALIGN="RIGHT"><font size="2">104</font></TD>
    <TD ALIGN="LEFT"><font size="2">.63</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">112</font></TD>
    <TD ALIGN="LEFT"><font size="2">.25</font></TD>
    <TD ALIGN="RIGHT"><font size="2">112</font></TD>
    <TD ALIGN="LEFT"><font size="2">.25</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2002:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;First quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">111</font></TD>
    <TD ALIGN="LEFT"><font size="2">.91</font></TD>
    <TD ALIGN="RIGHT"><font size="2">110</font></TD>
    <TD ALIGN="LEFT"><font size="2">.63</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Second quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">111</font></TD>
    <TD ALIGN="LEFT"><font size="2">.73</font></TD>
    <TD ALIGN="RIGHT"><font size="2">110</font></TD>
    <TD ALIGN="LEFT"><font size="2">.75</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Third quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">112</font></TD>
    <TD ALIGN="LEFT"><font size="2">.13</font></TD>
    <TD ALIGN="RIGHT"><font size="2">110</font></TD>
    <TD ALIGN="LEFT"><font size="2">.14</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Fourth quarter</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.51</font></TD>
    <TD ALIGN="RIGHT"><font size="2">111</font></TD>
    <TD ALIGN="LEFT"><font size="2">.88</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;December</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.51</font></TD>
    <TD ALIGN="RIGHT"><font size="2">114</font></TD>
    <TD ALIGN="LEFT"><font size="2">.32</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">2003:</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;January</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">116</font></TD>
    <TD ALIGN="LEFT"><font size="2">.70</font></TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.16</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;February</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.18</font></TD>
    <TD ALIGN="RIGHT"><font size="2">114</font></TD>
    <TD ALIGN="LEFT"><font size="2">.76</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;March</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">116</font></TD>
    <TD ALIGN="LEFT"><font size="2">.43</font></TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.21</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;April</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">116</font></TD>
    <TD ALIGN="LEFT"><font size="2">.50</font></TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.63</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;May</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">116</font></TD>
    <TD ALIGN="LEFT"><font size="2">.90</font></TD>
    <TD ALIGN="RIGHT"><font size="2">115</font></TD>
    <TD ALIGN="LEFT"><font size="2">.39</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;June(1)</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD ALIGN="RIGHT"><font size="2">117</font></TD>
    <TD ALIGN="LEFT"><font size="2">.72</font></TD>
    <TD ALIGN="RIGHT"><font size="2">116</font></TD>
    <TD ALIGN="LEFT"><font size="2">.15</font></TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="1">(1) </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1">From
the period beginning June 1, 2003 until June 13, 2003.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is not
practicable for us to determine the portion of the notes beneficially owned by U.S.
persons.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
73</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>TRADING ON THE MEXICAN STOCK
EXCHANGE</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican Stock
Exchange (<I>Bolsa Mexicana de Valores, S.A. de C.V.</I>), located in Mexico City, is the only
stock exchange in Mexico. Founded in 1907, it is organized as a corporation whose shares
are held by 30 brokerage firms, which are exclusively authorized to trade on the
Exchange. Trading on the Mexican Stock Exchange takes place principally through
automated systems, which are open between the hours of 8:30 a.m. and 3:00 p.m. Mexico
City time, each business day. Trades in securities listed on the Mexican Stock Exchange
can also be effected off the Exchange. The Mexican Stock Exchange operates a system of
automatic suspension of trading in shares of a particular issuer as a means of
controlling excessive price volatility, but under current regulations this system does
not apply to securities such as the Series L Shares that are directly or indirectly (for
example, through ADSs) quoted on a stock exchange outside Mexico.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement is
effected two business days after a share transaction on the Mexican Stock Exchange.
Deferred settlement, even by mutual agreement, is not permitted without the approval of
the CNBV. Most securities traded on the Mexican Stock Exchange, including our shares,
are on deposit with  <I>Instituci&uuml;n para el Dep&uuml;sito de Valores, S.A. de C.V.</I>,
commonly referred to as Indeval, a privately owned securities depositary that acts as a
clearinghouse for Mexican Stock Exchange transactions.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
74</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Item 10.  Additional Information</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>BYLAWS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set forth below is
a brief summary of certain significant provisions of  our bylaws, as amended, and Mexican
law. This description does not purport to be  complete and is qualified by reference to
our bylaws and Mexican law. For a  description of the provisions of our bylaws relating
to our board of directors,  executive officers and examiners, see &#147;Item 6.
Directors, Senior Management and  Employees.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Organization and Register</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were incorporated on October
      31, 1991, as a Mexican corporation (<i>sociedad an&oacute;nima de capital
      variable</i>) in accordance with the Mexican Companies Law. We are registered
      in the Public Registry of Commerce of Mexico City on August 23, 1993 under
      the number 176543.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Purposes</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purposes of
our company may be found in Chapter 1, Article 2 of our  bylaws and include the following
general items: (a) to establish, promote and  organize commercial or civil companies of
any type, as well as to acquire and  possess shares or participations in them; (b) to
carry out all types of active  and passive transactions involving bonds, shares,
participations and securities  of any type; (c) to provide or receive advisory,
consulting or other types of  services in business matters; (d) to conduct business with
equipment, raw  materials and any other items necessary to the companies in which we have
an  interest or with which we have commercial relations; (e) to acquire and dispose  of
trademarks, commercial names, copyrights, patents, inventions, franchises,
distributions, concessions and processes; (f) to possess and operate real and  personal
property necessary for our purposes; to subscribe, buy and sell stocks,  bonds and
securities among other things; (g) to draw, accept, make, endorse or  guarantee
negotiable instruments, issue bonds secured with real property or  unsecured, and to make
us jointly liable, to grant security of any type with  regard to obligations entered into
by us or by third parties, and in general, to  perform such acts, enter into such
contracts and carry out such other  transactions as may be necessary or conducive to our
business purpose.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Voting Rights</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Shares
and Series D Shares have full voting rights but are  subject to transfer restrictions.
Series B Shares, if subscribed, will have full  voting rights and will be freely
transferable. Series L Shares are freely  transferable but have limited voting rights.
Series L Shares are not  exchangeable for Series A Shares or Series D Shares or vice
versa. Except for  the restrictions on transfer of the Series A and Series D Shares, as
well as  limitations on the voting rights of Series L Shares, the respective rights of
the Series A, Series D and Series L (but not Series B) Shares, voting as  separate
classes, to elect specified numbers of our directors and alternate  directors and
prohibitions on non-Mexican ownership of Series A Shares, the  rights of holders of all
series of capital stock are substantially identical.  See &#147;Item 6. Directors, Senior
Management, and Employees&#148;, &#147;&#151;Foreign Investment  Legislation&#148; and
&#147;&#151;Transfer Restrictions&#148;.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under our bylaws, holders of
      Series L Shares are entitled to vote only in limited circumstances. They
      may elect up to three of our eighteen directors and, in certain circumstances
      where holders of Series L Shares have not voted for the director elected
      by holders of the majority of such series of shares, they may be entitled
      to elect one or more additional directors. See &#147;Item 6. Directors,
      Senior Management and Employees.&#148; In addition, (i) transformation of
      our company from one type of company to another (other than changing from
      a variable capital to fixed-capital corporation and vice versa), (ii) any
      merger where we are not the surviving entity or any merger with an entity
      whose principal corporate purposes are different from those of our company
      or our subsidiaries, and (iii) cancellation of the registration of our shares
      with the National Registry of Securities (Registro Nacional de Valores or
      RNV) by the CNBV or with other foreign stock exchanges on which our shares
      may be listed, require a quorum of 82% of our capital stock (including the
      Series L Shares) and the vote of at least a majority of our capital stock
      voting (and not abstaining). The affirmative vote of 95% of our capital
      stock (including the Series L Shares) and the approval of the CNBV would
      be required to amend the provisions of our bylaws that require our controlling</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
75</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 44; page: 44" -->


<p><table width=600><tr><td><font size=2>shareholders, in the event  of cancellation of
the registration of any of our shares on RNV, to make a  public offer to acquire such
shares. Except as described above and in the  following paragraph, the holders of Series
L Shares have no voting rights.  Holders of Series L Shares are not entitled to attend or
to address meetings of  shareholders at which they are not entitled to vote.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of ADRs
representing our ADSs are entitled to instruct the  depositary as to the exercise of the
limited voting rights pertaining to the  Series L Shares represented by their ADSs,
subject to the terms of the ADS  deposit agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law,
holders of shares of any series are also entitled to  vote as a class in a special
meeting governed by the same rules that apply to  extraordinary meetings, as described
below, on any action that would prejudice  the rights of holders of shares of such series
but not rights of holders of  shares of other series. In addition, a holder of shares of
the series that might  be prejudiced would be entitled to judicial relief against any
prejudicial  action taken without the required vote. The determination of whether an
action  requires a class vote on these grounds would initially be made by our board of
directors or our examiners. A negative determination would be subject to  judicial
challenge by an affected shareholder, and the necessity for a class  vote would
ultimately be determined by a Mexican court. There are no other  procedures for
determining whether a particular proposed shareholder action  requires a class vote, and
Mexican law does not provide extensive guidance on  the criteria to be applied in making
such a determination.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Shareholders&#146; Meetings</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
shareholders&#146; meetings may be ordinary meetings or  extraordinary meetings. General
extraordinary meetings are those called to  consider certain matters specified in Article
182 of the Mexican Companies Law  and the bylaws, including, principally, amendments to
the bylaws, liquidation,  dissolution, merger, transformation from one type of corporate
form to another,  change in nationality, change of corporate purpose, issuance of
convertible  debentures and increases and reductions of the fixed portion of the capital.
In  addition, our bylaws require an extraordinary general meeting to consider the
cancellation of the registration of our shares with the RNV or with other  foreign stock
exchanges on which its shares may be listed. General meetings  called to consider all
other matters are ordinary meetings, which must be held  at least once each year. All
other matters on which holders of Series L Shares  are entitled to vote at a general
shareholders meeting would be considered at an  extraordinary general meeting.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An ordinary
general meeting of the holders of Series A, Series D and  Series B Shares must be held at
least once each year to consider the approval of  the financial statements of our and
certain of our subsidiaries for the  preceding fiscal year, to elect examiners, to adopt
the designation of directors  determined by the holders of the Series A, Series D and
Series L Shares at their  respective special meetings and to determine the allocation of
the profits of  the preceding year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The quorum for
special meetings of any series of shares is a majority  of the holders of such shares,
and action may be taken by holders of a majority  of the shares. The quorum for ordinary
and extraordinary general meetings at  which holders of Series L Shares are not entitled
to vote is 76% of the holders  of our Series A, Series D and Series B Shares, and the
quorum for an  extraordinary general meeting at which holders of Series L Shares are
entitled  to vote is as set forth above.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of
directors, our examiners, or, under certain circumstances,  a Mexican court, may call
shareholders&#146; meetings. Holders of 10% or more of our  capital stock may require the
board of directors or the examiners to call a  shareholders meeting at which the holders
of Series L Shares would be entitled  to vote, and holders of 10% or more of the Series
A, Series B and Series D  Shares may require the board of directors or the examiners to
call a meeting at  which the holders of Series L Shares would not be entitled to vote.
Notice of  meetings and the meeting agendas must be published in a newspaper of general
circulation in Mexico City at least 15 days prior to the meeting. In order to  attend a
meeting, shareholders must deposit their shares and receive a  certificate from our
Corporate Secretary (or, in the case of Series A or Series  D Shares, from our transfer
agent) authorizing participation in such meeting at  least 48 hours in advance of the
time set thereof or, in the case of Series B or  Series L Shares held in book-entry form
through Indeval, submit certificates  evidencing a deposit of the shares</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
76</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>with Indeval. If so entitled to attend the
meeting, a shareholder may be represented by proxy. Our directors and examiners  may not
act as proxies.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Mexican law,
holders of 20% of our outstanding shares of common  stock entitled to vote on a
particular item may judicially oppose resolutions  adopted at a general meeting if the
following conditions are met: (i) such  holders file a complaint with a Mexican court
within 15 days after the  adjournment of the meeting at which such action was taken; (ii)
such holders&#146; complaint details the provisions of the Mexican law or our bylaws that
are  violated and the reason for their claim; and (iii) such holders were represented  at
the meeting when the action was taken or, if represented, voted against such  action.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Dividend Rights</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the annual
ordinary general meeting of holders of Series A, Series D  and Series B Shares, the board
of directors submits our financial statements for  the previous fiscal year, together
with a report thereon by the board. The  holders of Series A, Series D and Series B
Shares, once they have approved the  financial statements, determine the allocation of
our net profits for the  preceding year. They are required by law to allocate at least 5%
of such net  profits to a legal reserve, which is not thereafter available for
distribution  except as a stock dividend, until the amount of the legal reserve equals
20% of  our historical capital stock (before the effect of restatement). The legal
reserve on June 30, 1993 was Ps. 500,000. Thereafter, the shareholders may  determine and
allocate a certain percentage of net profits to any special  reserve, including a reserve
for open-market purchases of our shares. The  remainder of net profits is available for
distribution. All shares outstanding  and fully paid (including Series L Shares) at the
time a dividend or other  distribution is declared are entitled to share equally in such
dividend or other  distribution. Shares which are only partially paid participate in a
dividend or  other distributions in the same proportion that such shares have been paid
at  the time of the dividend or other distributions. Treasury shares are not  entitled to
dividends or other distributions.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Liquidation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon our
liquidation, a liquidator may be appointed to wind up its  affairs. All fully paid and
outstanding shares of capital stock (including  Series L Shares) will be entitled to
participate equally in any distribution  upon liquidation. Shares which are only
partially paid participate in such  distribution upon liquidation in the proportion that
they have been paid at the  time of liquidation. There are no liquidation preferences for
any series of our  shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Preemptive Rights</B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a capital
      increase, a holder of existing shares (including Series L Shares) has a
      preferential right to subscribe for a sufficient number of shares of the
      same series to maintain the holder&#146;s existing proportionate holdings
      of shares. Preemptive rights must be exercised within a term of not less
      than 15 days following the publication of notice of the capital increase
      in the <I>Diario Oficial de la Federaci&oacute;n</I> and in one of the newspapers
      of general circulation in our corporate domicile. Under Mexican law, preemptive
      rights cannot be waived in advance of the issuance thereof and cannot be
      represented by an instrument that is negotiable separately from the corresponding
      share. As a result, there is no trading market for the rights in connection
      with a capital increase. Holders of ADSs that are U.S. persons or located
      in the United States may be restricted in their ability to participate in
      the exercise of such preemptive rights. See &#147;Risk Factors&#151;Risks
      Related to Our Controlling Shareholders and Capital Structure&#148; for
      a description of the circumstances under which holders of ADSs may not be
      entitled to exercise such rights. </FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>Foreign Investment Legislation</B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership by non-Mexicans
      of shares of Mexican enterprises is regulated by the 1993 <i>Ley de Inversi&oacute;n
      Extranjera</i> (the Foreign Investment Law) and the 1998 Regulations thereunder
      (the Foreign Investment Regulations). The <I>Comisi&oacute;n Nacional de
      Inversi&oacute;n Extranjera</I> (the National Foreign Investment Commission)
      is responsible for the administration of the Foreign Investment Law and
      its Regulations. In order to comply with restrictions on the percentage
      of their capital stock that may be owned by non-Mexican investors, Mexican</FONT>
    </td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
77</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>companies typically limit particular classes of
their stock to Mexican  ownership. Under the Foreign Investment Law, a trust for the
benefit of one or  more non-Mexican investors may qualify as Mexican if the trust meets
certain  conditions that will generally ensure that the non-Mexican investors do not
determine how the shares are voted.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Foreign
Investment Law generally allows foreign holdings of up to  100% of the capital stock of
Mexican companies. However, the Law reserves  certain economic activities exclusively for
the Mexican state and certain other  activities for Mexican individuals or Mexican
corporations, the charters of  which contain a prohibition on ownership by non-Mexicans
of the corporation&#146;s  capital stock. Although the Foreign Investment Law grants
broad authority to the  Foreign Investment Commission to allow foreign investors to own
more than 49% of  the capital of Mexican enterprises after taking into consideration
public policy  and economic concerns our bylaws provide that Series A Shares shall at all
times  constitute no less than 51% of all outstanding common shares (excluding Series L
Shares) and may only be held by Mexican investors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Transfer Restrictions</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide
that no holder of Series A or Series D Shares may  sell its Series A or D Shares unless
it has disclosed the terms of the proposed  sale and the name of the proposed buyer and
has previously offered to sell such  shares to the holders of the other such series for
the same price and terms as  it intended to sell the shares to a third party. If the
shareholders being  offered shares do not choose to purchase such shares within 90 days
of the  offer, the selling shareholder is free to sell the shares to such third party at
the price and under the terms specified in such offer within a specified time.  In
addition, our bylaws impose certain procedures in connection with the pledge  of any
Series A or Series D Shares to any financial institution which are  designed, among other
things, to ensure that such pledged shares will be offered  to the holders of the other
such Series at market value prior to any foreclosure  with respect thereto. Finally, a
proposed transfer of Series A or Series D  Shares other than a proposed sale or such a
pledge, or a change of control of a  holder of Series A or Series D Shares that is a
subsidiary of a principal  shareholder, would trigger rights of first refusal to purchase
the subject  shares at market value. See &#147;Item 7. Major Shareholders and Related
Party  Transactions&#151;Major Shareholders&#151;The Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Other Provisions</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Redemption</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our fully paid
shares are subject to redemption in connection with  either (i) a reduction of share
capital or (ii) a redemption with retained  earnings, which, in either case, must be
approved by our shareholders at an  extraordinary shareholders&#146; meeting. The shares
subject to any such redemption  would be selected by us by lot or in the case of
redemption with retained  earnings, by purchasing shares by means of a tender offer
conducted on the  Mexican Stock Exchange, in accordance with the Mexican Companies Law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Capital Variations</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any change in our
authorized capital stock requires a resolution of an  extraordinary general meeting of
shareholders. We are permitted to issue shares  constituting fixed capital and shares
constituting variable capital. At present,  all of the issued shares of our capital
stock, including those Series B and  Series L Shares that remain in our treasury,
constitute fixed capital. See  &#147;&#151;Voting Rights.&#148; The fixed portion of our
capital stock may only be increased  or decreased by amendment of our bylaws upon
resolution of an extraordinary  general meeting of the shareholders. The variable portion
of our capital stock  may be increased or decreased by resolution of an ordinary general
meeting of  the shareholders without amending the by-law. Under Mexican law and our
bylaws,  the outstanding variable portion of our stock may be redeemed at the holder&#146;s
option at any time at a redemption price equal to the lower of: (i) 95% of the  average
market value of such shares on the Mexican Stock Exchange for 30 trading  days on which
the shares were quoted preceding the date on which the exercise of  the option is
effective and (ii) the book value of such shares at the end of the  fiscal year in which
the exercise of the option is effective. If the option is  exercised during the first
three quarters of a fiscal year, it is effective at  the end of that fiscal year; but if
it is exercised during the fourth quarter,  it is effective at the end of the next
succeeding fiscal year. The redemption  price would be payable following the annual
ordinary general meeting of holders  of Series A, Series D and Series B Shares at which
the relevant annual financial  statements were approved.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
78</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed capital
cannot be redeemed. Requests for redemption are satisfied  only to the extent of
available variable capital and in the order in which the  requests are received. Requests
that are received simultaneously are satisfied  pro rata to the extent of available
capital.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Forfeiture of Shares</I></B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As required by
Mexican law, our bylaws provide that our non&#151;Mexican shareholders formally agree
with the <I>Secretar&iacute;a de Relaciones Exteriores</I> (the Ministry of Foreign Affairs)
to: (i) to be considered as Mexicans with respect to our shares that they acquire or
hold as well as to the property, rights, concessions, participation or interest owned by
us or to the rights and obligations derived from any agreements we have with the Mexican
government and (ii) not to invoke the protection of their own governments in matters
relating to their ownership of our shares. Failure to comply with these provisions is
subject to a penalty of forfeiture of such shareholders&#146; capital interests in favor
of Mexico. Under this provision, a non-Mexican shareholder is deemed to have agreed not
to invoke the protection of his own government by asking such government to interpose a
diplomatic claim against the Mexican government with respect to the shareholder&#146;s
rights as a shareholder. In the opinion of Lic. Carlos Aldrete Ancira, our General
Counsel, under this provision a non&#151;Mexican shareholder is not deemed to have
waived any other rights it may have, including any rights under the United States
securities laws, with respect to its investment in our company. If the shareholder
should invoke such governmental protection in violation of this agreement, its shares
could be forfeited to the Mexican government. Mexican law requires that such a provision
be included in the bylaws of all Mexican corporations unless such bylaws prohibit
ownership of shares by non-Mexican persons.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Duration</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our existence
under the bylaws continues until 2090.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Purchase of Our Own Shares</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to our
bylaws, we generally may not repurchase our shares,  subject to certain exceptions.
First, we may repurchase fully paid shares for  cancellation with distributable earnings
pursuant to a decision of an  extraordinary general meeting of shareholders. Second,
pursuant to judicial  adjudication, we may acquire the shares of a shareholder in
satisfaction of a  debt owed to us by such shareholder; we must sell any shares so
acquired within  three months, otherwise our capital stock will be reduced and such
shares  cancelled. Third, in accordance with our bylaws, we would also be permitted to
repurchase our own shares on the Mexican Stock Exchange under certain  circumstances,
with funds from a special reserve created for such purpose. We  may hold shares we
repurchase as treasury shares, which would be treated as  authorized and issued but not
outstanding unless and until subsequently  subscribed for and sold.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Conflict of Interest</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder
voting on a business transaction in which its interests  conflict with our interests may
be liable for damages, but only if the  transaction would not have been approved without
such shareholder&#146;s vote.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Actions against Directors</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action for civil
liabilities against directors may be initiated by  resolution passed at a general
ordinary shareholders&#146; meeting. In the event the  shareholders decide to bring such
action, the directors against whom such action  is to be brought immediately cease to be
directors. Additionally, shareholders  (including holders of Series L Shares)
representing, in the aggregate, not less  than 15% of the outstanding shares may directly
bring such action against  directors, provided that (i) such shareholders did not concur
in the decision at  the general shareholders&#146; meeting not to take action against the
directors, and  (ii) the claim covers all the damages alleged to have been caused to us
and not  only the portion corresponding to such shareholders. Any recovery of damages
with respect to such action will be for our benefit and not for the shareholders
bringing action.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
79</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B><I>Appraisal Rights</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever the
shareholders approve a change of corporate purposes,  change of nationality of the
company, or transformation from one form of company  to another, any shareholder entitled
to vote who has voted against the change  may withdraw from our company and receive the
amount attributable to its shares  under Mexican law, provided that the shareholder
exercises its rights within 15  days following the adjournment of the meeting at which
the change was approved.  Because holders of Series L Shares are not entitled to vote on
certain types of  these changes, such withdrawal rights are available to holders of
Series L  Shares in fewer cases than to holders of other series of our capital stock.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>Rights of Shareholders</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The protections
afforded to minority shareholders under Mexican law are  different from those in the
United States and many other jurisdictions. The  substantive law concerning fiduciary
duties of directors has not been the  subject of extensive judicial interpretation in
Mexico, unlike many states in  the United States where duties of care and loyalty
elaborated by judicial  decisions help to shape the rights of minority shareholders.
Mexican civil  procedure does not contemplate class actions or shareholder derivative
actions,  which permit shareholders in U.S. courts to bring actions on behalf of other
shareholders or to enforce rights of the corporation itself. Shareholders cannot
challenge corporate action taken at a shareholders&#146; meeting unless they meet
certain procedural requirements, as described above under &#147;&#151;Shareholders&#146; Meetings.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of
these factors, in practice it may be more difficult for  our minority shareholders to
enforce rights against us or our directors or  controlling shareholders than it would be
for shareholders of a U.S. company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, under
the U.S. securities laws, as a foreign private  issuer, we are exempt from certain rules
that apply to domestic U.S. issuers  with equity securities registered under the U.S.
Securities Exchange Act of  1934, including the proxy solicitation rules, the rules
requiring disclosure of  share ownership by directors, officers and certain shareholders.
We are also  exempt from certain of the corporate governance requirements of the New York
Stock Exchange, Inc., including the requirements concerning audit committees and
independent directors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Enforceability of Civil Liabilities</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are organized
under the laws of Mexico, and most of our directors,  officers and controlling persons
reside outside the United States. In addition,  a substantial portion of our assets and
their assets are located in Mexico. As a  result, it may be difficult for investors to
effect service of process within  the United States on such persons. It may also be
difficult to enforce against  them, either inside or outside the United States, judgments
obtained against  them in U.S. courts, or to enforce in U.S. courts judgments obtained
against  them in courts in jurisdictions outside the United States, in any action based
on civil liabilities under the U.S. federal securities laws. There is doubt as  to the
enforceability against such persons in Mexico, whether in original  actions or in actions
to enforce judgments of U.S. courts, of liabilities based  solely on the U.S. federal
securities laws.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
80</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<p><table width=600><tr><td  align=center><font size=2><B>MATERIAL CONTRACTS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We manufacture,
package, distribute, and sell soft drink beverages and  bottled water under bottler
agreements with The Coca-Cola Company. For a  discussion of the terms of these contracts,
see &#147;Item 4. Information on the  Company&#151;Bottler Agreements&#148; and &#147;Item
7. Major Shareholders and Related Party  Transactions&#151;Related Party Transactions.&#148; In
addition, pursuant to a tradename  licensing agreement with The Coca-Cola Company, we are
authorized to use certain  trademark names of The Coca-Cola Company. See &#147;Item 4.
Information on the Company&#151;Bottler Agreements.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are managed as
a joint venture between CIBSA, a subsidiary of FEMSA,  and certain subsidiaries of The
Coca-Cola Company, pursuant to a shareholders  agreement. For a discussion of the terms
of this agreement, see &#147;Item 7. Major  Shareholders and Related Party Transactions&#151;Major
Shareholders&#151;The  Shareholders Agreement.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
several supply agreements, we purchase crown caps, plastic  bottle caps, cans, commercial
refrigerators, lubricants, detergents, plastic  cases, and substantially all of our
returnable glass bottle requirements for our  Mexican operations from FEMSA Empaques, a
FEMSA subsidiary. Pursuant to a  service agreement between our company and FEMSA Log&iacute;stica,
a FEMSA  subsidiary, FEMSA Log&iacute;stica transports finished products from our
production facilities to our distribution centers in Mexico. See &#147;Item 7. Major
Shareholders and Related Party Transactions&#151;Related Party Transactions&#148; for a
discussion of these and other transactions with our affiliates.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We purchase the
large majority of our non-returnable plastic bottles,  as well as pre-formed plastic
ingots for the production of non-returnable  plastic bottles, from ALPLA, an authorized
provider of PET for the Coca-Cola  Company, pursuant to an agreement we entered into in
April 1998. Under this  agreement, we rent plant space to ALPLA, where it produces PET
bottles and  ingots to certain specifications and quantities for our use.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 2,
2001, we entered into two franchise bottling agreements  with Promotora de Marcas
Nacionales, a subsidiary of Emprex, for the bottling  and distribution of Mundet brands
in most of our Mexican territories. The terms  and conditions of the franchise agreements
are similar to the current  arrangements that we have entered into with The Coca-Cola
Company for the  bottling and distribution of Coca-Cola trademark soft drink beverages.
See &#147;Item  4. Information on the Company&#151;Bottler Agreements.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Item 5.
Operating and Financial Review and Prospects&#151;Contractual  Obligations&#148; for a
brief discussion of certain terms of our significant debt  agreements.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
81</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>EXCHANGE CONTROLS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican
economy has suffered balance of payment deficits and  shortages in foreign exchange
reserves. While the Mexican government does not  currently restrict the ability of
Mexican or foreign persons or entities to  convert pesos to U.S. dollars, no assurance
can be given that the Mexican  government will not institute a restrictive exchange
control policy in the  future.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
82</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>TAXATION</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
summary contains a description of certain U.S. federal  income and Mexican federal tax
consequences of the purchase, ownership and  disposition of the 8.95% Notes due November
1, 2006, referred to in this annual  report as the Notes, Series L Shares or ADSs by a
holder that is a citizen or  resident of the United States, a U.S. domestic corporation
or a person or entity  that otherwise will be subject to U.S. federal income tax on a net
income basis  in respect of the Notes, Series L Shares or ADSs, referred to in this
annual  report as a U.S. holder, but it does not purport to be a description of all of
the possible tax considerations that may be relevant to a decision to purchase  the
Notes, Series L Shares or ADSs. In particular, this discussion does not  address all
Mexican or U.S. federal income tax considerations that may be  relevant to a particular
investor, nor does it address the special tax rules  applicable to certain categories of
investors, such as banks, dealers, traders  who elect to mark to market, tax-exempt
entities, insurance companies, investors  who hold the Notes, Series L Shares or ADSs as
part of a hedge, straddle,  conversion or integrated transaction or investors who have a
&#147;functional  currency&#148; other than the U.S. dollar. This summary deals only with
U.S. holders  that will hold the Notes, Series L Shares or ADSs as capital assets, but
does  not address the tax treatment of a U.S. holder that owns or is treated as owning
10% or more of the voting shares (including Series L Shares) of our company. Nor  does it
address the situation of holders of Notes who did not acquire the Notes  as part of the
initial distribution.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This summary is
based upon tax laws of the United States and Mexico as  in effect on the date of this
annual report, including the provisions of the  income tax treaty between the United
States and Mexico, referred in this annual  report as the Tax Treaty, which are subject
to change. The summary does not  address any tax consequences under the laws of any state
or locality of Mexico  or the United States or the laws of any taxing jurisdiction other
than the  federal laws of Mexico and the United States. Holders of the Notes, Series L
Shares or ADSs should consult their tax advisers as to the U.S., Mexican or  other tax
consequences of the purchase, ownership and disposition of Notes,  Series L Shares or
ADSs, including, in particular, the effect of any foreign,  state or local tax laws.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Mexican Taxation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of
this summary, the term &#147;non-resident holder&#148; means a  holder that is not a
resident of Mexico and that does not hold the Notes, Series  L Shares, or ADSs in
connection with the conduct of a trade or business through  a permanent establishment or
fixed base in Mexico. For purposes of Mexican  taxation, an individual is a resident of
Mexico if he or she has established his  or her home in Mexico, unless he or she has
resided in another country for more  than 183 days (whether consecutive or not) during a
calendar year, and can  demonstrate that he or she has become a resident of that country
for tax  purposes. A legal entity is a resident of Mexico either if it is organized under
the laws of Mexico or if it has its principal place of business or its place of
effective management in Mexico. A Mexican citizen is presumed to be a resident  of Mexico
unless such a person can demonstrate that the contrary is true. If a  legal entity or an
individual is deemed to have a permanent establishment in  Mexico for tax purposes, all
income attributable to such a permanent  establishment will be subject to Mexican taxes,
in accordance with applicable  tax laws.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Tax Considerations Relating to the Notes</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Interest and Principal in Respect of
the Notes.</I></B> Under Mexican income tax law, payments of interest by a Mexican issuer in
respect of its notes (including payments of principal in excess of the issue price of
such notes, which, under Mexican law, are deemed to be interest) to a non-resident
holder will generally be subject to a Mexican withholding tax assessed at a rate of
4.9% if (i) the relevant notes are registered with the Special Section of the National
Registry of Securities and Intermediaries maintained by the National Banking and
Securities Commission, (ii) the notes are placed, through banks or brokerage houses, in
a country that has entered into a treaty to avoid double taxation with Mexico, and (iii)
no party related to us (defined under the applicable law as parties that are (x)
shareholders of our company that own, directly or indirectly, individually or
collectively, with related persons (within the meaning of the applicable law) more than
ten percent (10%) of our voting stock or (y) corporations more than twenty percent (20%)
of the stock of which is owned, directly or indirectly, individually or</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
83</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>collectively, by related  persons of our
company), directly or indirectly, is the effective beneficiary of  five percent (5%) or
more of the aggregate amount of each such interest payment.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apart from the
Mexican income tax law discussed in the preceding  paragraph, other provisions reducing
the rate of Mexican withholding taxes may  also apply. Under the Tax Treaty, the rate
would be 4.9% for certain holders  that are residents of the United States (within the
meaning of the Tax Treaty).  If the requirements described in the preceding paragraph are
not met and no  other provision reducing the rate of Mexican withholding taxes applies,
such  interest payments will be subject to a Mexican withholding tax assessed at a  rate
of 10%.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of
interest made by us with respect to the Notes to  non-Mexican pension or retirement funds
will be exempt from Mexican withholding  taxes, provided that any such fund (i) is duly
incorporated pursuant to the laws  of its country of origin and is the effective
beneficiary of the interest  accrued, (ii) is exempt from income tax in such country, and
(iii) is registered  with the Ministry of Finance for that purpose.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed,
subject to specified exceptions, to pay additional  amounts, referred to in this annual
report as Additional Amounts, to the holders  of the Notes in respect of the Mexican
withholding taxes mentioned above. If we  pay Additional Amounts in respect of such
Mexican withholding taxes, any refunds  received with respect to such Additional Amounts
will be for the account of our  company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders or
beneficial owners of Notes may be requested by us to provide  certain information or
documentation required by applicable law to facilitate  the determination of the
appropriate withholding tax rate applicable to such  holders or beneficial owners. In the
event that the specified information or  documentation concerning the holder or
beneficial owner, if requested, is not  provided on a timely basis, our obligation to pay
Additional Amounts may be  limited.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under existing
Mexican law and regulations, a non-resident holder will  not be subject to any Mexican
taxes in respect of payments of principal made by  us with respect to the Notes.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Dispositions of Notes. Capital gains
resulting from the sale or other disposition of the Notes by a non-resident</I></B> holder will
not be subject to Mexican income or other taxes.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Tax Considerations Relating to the Series
L Shares and the ADSs</I></B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Dividends.</I></B> Under Mexican income tax
law, dividends, either in cash or in kind, paid with respect to the Series L Shares
represented by ADSs or the Series L Shares are not subject to Mexican withholding tax.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Dispositions of ADSs or Series L
Shares.</I></B> Gains from the sale or disposition of ADSs by non-resident holders will not be
subject to Mexican withholding tax. Gains from the sale of Series L Shares carried out
by non-resident holders through the Mexican Stock Exchange or other securities markets
approved by the Mexican Ministry of Finance will generally be exempt from Mexican tax
provided certain additional requirements are met. Also, certain restrictions will apply
if the Series L Shares are transferred as a consequence of public offerings.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on the sale
or other disposition of Series L Shares or ADSs made  in other circumstances generally
would be subject to Mexican tax, regardless of  the nationality or residence of the
transferor. However, under the Tax Treaty, a  holder that is eligible to claim the
benefits of the Tax Treaty will be exempt  from Mexican tax on gains realized on a sale
or other disposition of Series L  Shares or ADSs in a transaction that is not carried out
through the Mexican  Stock Exchange or other approved securities markets, so long as the
holder did  not own, directly or indirectly, 25% or more of our total capital stock
(including Series L Shares represented by ADSs) within the 12-month period  preceding
such sale or other disposition. Deposits of Series L Shares in  exchange for ADSs and
withdrawals of Series L Shares in exchange for ADSs will  not give rise to Mexican tax.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-resident
holders that do not meet the requirements referred to  above are subject to a 5%
withholding tax on the gross sales price received upon  the sale of Series L Shares
through the Mexican Stock Exchange. Alternatively,  non-resident holders may elect to be
subject to a 20% tax rate on their net  gains from the sale as </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
84</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>calculated pursuant to the Mexican Income Tax
Law  provisions. In both cases, the financial institutions involved in the transfers
must withhold the tax.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Mexican tax
rules governing the taxation of gains of nonresident  holders on dispositions of their
Series L Shares or ADSs were amended during  2002. Nonresident holders who disposed of
their Series L Shares or ADSs during  2002 should consult their own Mexican tax advisors
for the Mexican tax treatment  of such dispositions.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Other Mexican Taxes</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no
Mexican inheritance, gift, succession or value added taxes  applicable to the ownership,
transfer, exchange or disposition of the Notes,  ADSs or the Series L Shares, although
gratuitous transfers of Series L Shares  may in certain circumstances cause a Mexican
federal tax to be imposed upon the  recipient. There are no Mexican stamp, issue,
registration or similar taxes or  duties payable by holders of the Notes, ADSs or Series
L Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>United States Taxation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B><I>Tax Considerations Relating to the Notes</I></B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Interest and Additional Amounts in
Respect of the Notes.</I></B> A U.S. holder will treat the gross amount of interest and
Additional Amounts (<i>i.e.</i>, without reduction for Mexican withholding taxes) as ordinary
interest income in respect of the Notes. Mexican withholding taxes paid at the
appropriate rate applicable to the U.S. holder will be treated as foreign income taxes
eligible for credit against such U.S. holder&#146;s United States federal income tax
liability, subject to generally applicable limitations and conditions, or, at the
election of such U.S. holder, for deduction in computing such U.S. holder&#146;s taxable
income. Interest and Additional Amounts constitute income from sources without the
United States for foreign tax credit purposes. During any period where the applicable
withholding rate is 4.9%, such income generally will constitute &#147;passive income&#148; or,
in the case of certain U.S. holders, &#147;financial services income.&#148; If the
Mexican withholding tax rate applicable to a U.S. holder is 5% or more, however, such
income generally will constitute &#147;high withholding tax interest.&#148;</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The calculation of
foreign tax credits and, in the case of a U.S. holder that elects to deduct foreign
taxes, the availability of deductions, involves the application of rules that depend on a
U.S. holder&#146;s  particular circumstances.  U.S. holders should consult their own tax
advisors regarding the availability of  foreign tax credits and the treatment of
Additional Amounts.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax
credits may not be allowed for withholding taxes imposed in respect of certain short-term
or  hedged positions in securities or in respect of arrangements in which a U.S. holder&#146;s
expected economic profit is  insubstantial.  U.S. holders should consult their own
advisers concerning the implications of these rules in  light of their particular
circumstances.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder or
beneficial owner of Notes that is, with respect to the  United States, a foreign
corporation or a nonresident alien individual, referred  to in this annual report as a
Non-U.S. holder, generally will not be subject to  United States federal income or
withholding tax on interest income or Additional  Amounts earned in respect of Notes,
unless such income is effectively connected  with the conduct by the Non-U.S. holder of a
trade or business in the United  States.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Dispositions of Notes.</I></B> A gain or
loss realized by a U.S. holder on the sale, exchange, redemption or other disposition of
Notes generally will be a long-term capital gain or loss if, at the time of the
disposition, the Notes have been held for more than one year. Long-term capital gain
recognized by a U.S. holder that is an individual is subject to lower rates of federal
income taxation than ordinary income or short-term capital gain. The deduction of
capital loss is subject to limitations for U.S. federal income tax purposes.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
85</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B><I>Tax Considerations Relating to the Series
L Shares and the ADSs</I></B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, for
U.S. federal income tax purposes, holders of ADSs will  be treated as the owners of the
Series L Shares represented by those ADSs.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Dividends.</I></B> The gross amount of any
dividends paid with respect to the Series L Shares represented by ADSs or the Series L
Shares generally will be included in the gross income of a U.S. holder as ordinary
income on the day on which the dividends are received by the U.S. holder, in the case of
the Series L Shares, or by the Depositary, in the case of the Series L Shares
represented by ADSs, and will not be eligible for the dividends received deduction
allowed to corporations under the Internal Revenue Code of 1986, as amended. Dividends,
which will be paid in pesos, will be includible in the income of a U.S. holder in a U.S.
dollar amount calculated, in general, by reference to the exchange rate in effect on the
date that they are received by the U.S. holder, in the case of the Series L Shares, or
by the Depositary, in the case of the Series L Shares represented by the ADSs
(regardless of whether such pesos are in fact converted into U.S. dollars on such date).
If such dividends are converted into U.S. dollars on the date of receipt, a U.S. holder
generally should not be required to recognize foreign currency gain or loss in respect
of the dividends. Subject to certain exceptions for short-term and hedged positions, the
U.S. dollar amount of dividends received by an individual U.S. holder in respect of
Series L Shares or ADSs after December 31, 2002 and before January 1, 2009 is subject to
taxation at a maximum rate of 15%. U.S. holders should consult their own tax advisors
regarding the availability of the reduced dividends tax rate in light of their own
particular circumstances. U.S. holders should consult their tax advisors regarding the
treatment of the foreign currency gain or loss, if any, on any pesos received that are
converted into U.S. dollars on a date subsequent to the date of receipt. Dividends
generally will constitute foreign source &#147;passive income&#148; or, in the case of
certain U.S. holders, &#147;financial services income&#148; for U.S. foreign tax credit
purposes.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to
holders of additional Series L Shares with respect to  their ADSs that are made as part
of a pro rata distribution to all of our  shareholders generally will not be subject to
U.S. federal income tax.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder of Series
L Shares or ADSs that is, with respect to the United  States, a foreign corporation or
Non-U.S. holder generally will not be subject  to U.S. federal income or withholding tax
on dividends received on Series L  Shares or ADSs, unless such income is effectively
connected with the conduct by  the Non-U.S. holder of a trade or business in the United
States.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><B><I>Taxation of Capital Gains.</I></B> A gain or loss
realized by a U.S. holder on the sale or other disposition of ADSs or Series L Shares
will be subject to U.S. federal income taxation as capital gain or loss in an amount
equal to the difference between the amount realized on the disposition and such U.S.
holder&#146;s tax basis in the ADSs or the Series L Shares. Any such gain or loss will
be a long-term capital gain or loss if the ADSs or Series L Shares were held for more
than one year on the date of such sale. Long-term capital gain recognized by a U.S.
holder that is an individual is subject to lower rates of federal income taxation than
ordinary income or short-term capital gain. The deduction of capital loss is subject to
limitations for U.S. federal income tax purposes. Deposits and withdrawals of Series L
Shares by U.S. holders in exchange for ADSs will not result in the realization of gain
or loss for U.S. federal income tax purposes.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain, if any,
realized by a U.S. holder on the sale or other  disposition of Series L Shares or ADSs
will be treated as U.S. source income for  U.S. foreign tax credit purposes. Consequently
if a Mexican withholding tax is  imposed on the sale or disposition of Series L Shares, a
U.S. holder that does  not receive significant foreign source income from other sources
may not be able  to derive effective U.S. foreign tax credit benefits in respect of these
Mexican  taxes. U.S. holders should consult their own tax advisors regarding the
application of the foreign tax credit rules to their investment in, and  disposition of,
Series L Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Non-U.S. holder
of Series L Shares or ADSs will not be subject to  U.S. federal income or withholding tax
on any gain realized on the sale of  Series L Shares or ADSs, unless (i) such gain is
effectively connected with the  conduct by the Non-U.S. holder of a trade or business in
the United States, or  (ii) in the case of gain realized by an individual Non-U.S.
holder, the Non-U.S.  holder is present in the United States for 183 days or more in the
taxable year  of the sale and certain other conditions are met.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
86</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2><B>United States Backup Withholding and
Information Reporting</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. holder of
Series L Shares, ADSs or notes may, under certain  circumstances, be subject to &#147;backup
withholding&#148; with respect to certain  payments to such U.S. holder, such as
dividends, interest or the proceeds of a  sale or disposition of Series L Shares, ADSs or
Notes, unless such holder (i) is  a corporation or comes within certain exempt
categories, and demonstrates this  fact when so required, or (ii) provides a correct
taxpayer identification  number, certifies that it is not subject to backup withholding
and otherwise  complies with applicable requirements of the backup withholding rules. Any
amount withheld under these rules does not constitute a separate tax and will be
creditable against the holder&#146;s U.S. federal income tax liability. While  Non-U.S.
holders generally are exempt from backup withholding, a Non-U.S. holder  may, in certain
circumstances, be required to comply with certain information  and identification
procedures in order to prove this exemption.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
87</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>DOCUMENTS ON DISPLAY</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file reports,
including annual reports on Form 20-F, and other information with the Securities and
Exchange Commission pursuant to the rules and regulations of the SEC that apply to
foreign private issuers. You may read and copy any materials filed with the SEC at its
public reference rooms in Washington, D.C., at 450 Fifth Street, N.W., Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the public
reference room. As a foreign private issuer, we were not required to make filings with
the SEC by electronic means prior to November 4, 2002, although we were permitted to do
so. Any filings we make electronically will be available to the public over the Internet
at the SEC&#146;s web site at <U>http://www.sec.gov.</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual and
quarterly reports of Panamco referenced in this annual report may be inspected and
copied at the offices of the SEC referenced above. Such information is also available on
the SEC&#146;s web site at <U>http://www.sec.gov.</U> Such reports do not constitute part of
this annual report and are not incorporated by reference into this annual report.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
88</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2><B>Item 11.  Quantitative and Qualitative
Disclosures about Market Risk</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with
our business activities, we have issued and hold  financial instruments that currently
expose us to market risks related to  changes in interest rates, foreign currency
exchange rates and commodity prices.  In May 2003, as a result of the Panamco
acquisition, we incurred or acquired  significant new indebtedness, which significantly
increased our exposure to  market risks relating to changes in interest rates and foreign
currency exchange  rates. See &#147;Item 5. Operating and Financial Review and
Prospects-Contractual  Obligations. We are also subject to exchange rate risks resulting
from our  subsidiaries outside Mexico that report their results in currencies other than
Mexican pesos.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently do
not hedge our interest rate or exchange rate risks with  derivative instruments, but may
do so in the future.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Interest Rate Risk</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate risk exists principally
      with respect to our indebtedness that bears interest at floating rates.
      At December 31, 2002, we had outstanding indebtedness of Ps.3,177.4 million,
      of which approximately 99.9% bore interest at fixed interest rates and approximately
      0.1% bore interest at variable interest rates. The interest rate on our
      variable rate debt is determined by reference to the London Interbank Offer
      Rate, or LIBOR, a benchmark rate used for Eurodollar loans. LIBOR increases
      would, consequently, increase our interest payments.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below provides information
      about our financial instruments that are sensitive to changes in interest
      rates, presenting principal payments and related weighted average interest
      rates by expected maturity dates. Weighted average variable rates are based
      on the LIBOR curve on December 31, 2002, plus spread contracted by us. The
      instruments&#146; actual payments are denominated in U.S. dollars, which
      are presented in pesos, our reporting currency, in the table below, utilizing
      the December 31, 2002 exchange rate of Ps.10.459 Mexican pesos per dollar.
      The fair value of long-term bank loans and syndicated loans is based on
      the discounted value of contractual cash flows. The discount rate is estimated
      using rates currently offered for debt with similar remaining maturities.
      The fair value of long-term notes payable is based on quoted market prices.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Principal by Year of Maturity<BR>
At December 31, 2002  <BR>(millions of constant Mexican pesos)</B></font></td></tr></table>


<br>
<table cellspacing=0 border=0 cellpadding=0 width=640>
  <tr valign="bottom">
    <td rowspan=2 height=23>
      <p></p>
    </td>
    <td height=23>
      <p></p>
    </td>
    <td height=23>&nbsp;</td>
    <td height=23>
      <p></p>
    </td>
    <td height=23>&nbsp;</td>
    <td height=23>
      <p></p>
    </td>
    <td height=23>&nbsp;</td>
    <td height=23>
      <p></p>
    </td>
    <td rowspan=2 height=23>&nbsp;</td>
    <td rowspan=2 height=23> <font size=1>
      <p align="CENTER"><b>2007</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
      <font size=1> </font></td>
    <td rowspan=2 height=23>&nbsp;</td>
    <td rowspan=2 height=23> <font size=1>
      <p align="CENTER"><b>2008 <br>
        and <br>
        thereafter</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td colspan=4 height=23> <font size=1>
      <p align="CENTER"><b>2002</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td colspan=3 height=23> <font size=1>
      <p align="CENTER"><b>2001</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
  </tr>
  <tr>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>2003</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23 valign="bottom">&nbsp;</td>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>2004</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
      <font size=1> </font></td>
    <td height=23 valign="bottom">&nbsp;</td>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>2005</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23 valign="bottom">&nbsp;</td>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>2006</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23>&nbsp;</td>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>Total</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23 align="left">&nbsp;</td>
    <td height=23> <font size=1>
      <p align="CENTER"><b>Fair <br>
        Value</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23 valign="bottom"> <font size=1>
      <p align="CENTER"><b>Total</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
    <td height=23 valign="bottom" align="left">&nbsp;</td>
    <td height=23> <font size=1>
      <p align="CENTER"><b>Fair <br>
        Value</b>
      </font>
      <hr noshade align="center" size="1" width="95%">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size=1>
      <p><b>Fixed Rate Debt </b>
      </font></td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td> <font size=1>
      <p>&nbsp;&nbsp;Principal
      </font></td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>1,045.9
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>2,091.8
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>3,137.7
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>3,558.6
      </font></td>
    <td align="right"> <font size=1>
      <p>2,911.0
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>3,242.5
      </font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=1>
      <p>&nbsp;&nbsp;Weighted average rate
      </font></td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>9.4
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>9.0
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>9.1
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="right"> <font size=1>
      <p>9.1
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="right">&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td height=5> <font size=1>
      <p><b>Variable Rate Debt </b>
      </font></td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="right">
      <p></p>
    </td>
    <td height=5 align="left">&nbsp;</td>
    <td height=5 align="right">
      <p></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size=1>
      <p>&nbsp;&nbsp;Principal
      </font></td>
    <td align="right"> <font size=1>
      <p>9.3
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>9.3
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>7.0
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>7.0
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>7.0
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>1.8
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>41.4
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>41.4
      </font></td>
    <td align="right"> <font size=1>
      <p>51.8
      </font></td>
    <td align="left">&nbsp;</td>
    <td align="right"> <font size=1>
      <p>51.8
      </font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size=1>
      <p>&nbsp;&nbsp;Weighted average rate
      </font></td>
    <td align="right"> <font size=1>
      <p>8.7
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>8.7
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>9.4
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>9.4
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>9.4
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>9.1
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>9.1
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right"> <font size=1>
      <p>-
      </font></td>
    <td align="right"> <font size=1>
      <p>9.5
      </font></td>
    <td align="left"><font size=1>% </font></td>
    <td align="right">&nbsp;</td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A hypothetical,
instantaneous and unfavorable change of 100 basis  points in the average interest rate
applicable to floating-rate liabilities held  at December 31, 2002 would have increased
our interest expense in 2002 by  approximately Ps.0.4 million, or 0.1%, over a 12-month
period.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Exchange Rate Risk</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our principal
exchange rate risk involves changes in the value of the  peso relative to the U.S.
dollar. In 2002, approximately 92% of our consolidated  total revenues were denominated
in pesos, and 8% were denominated in Argentine  pesos. We estimate that a majority of our
consolidated costs and expenses are  denominated in pesos for Mexican subsidiaries and in
Argentine pesos for  Coca-Cola FEMSA de Buenos Aires. As of December 31,</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
89</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 58; page: 58" -->


<p><table width=600><tr><td><font size=2>2002, all our indebtedness  was denominated in
U.S. dollars. Decreases in the value of the peso relative to  the U.S. dollar will
increase the cost in pesos of our foreign currency  denominated operating costs and
expenses and of the debt service obligations  with respect to our foreign currency
denominated indebtedness. A depreciation of  the peso relative to the U.S. dollar will
also result in foreign exchange losses  as the peso value of our foreign currency
denominated indebtedness is increased.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our exposure to
market risk associated with changes in foreign currency  exchange rates relates primarily
to U.S. dollar-denominated debt obligations as  shown in the interest risk table above.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December 31,
2002, we did not have any forward agreements to  hedge our liabilities denominated in US
dollars and we did not have any call  option agreements to buy U.S. dollars. A
hypothetical, instantaneous 10%  devaluation in the value of the peso relative to the
U.S. dollar occurring on  December 31, 2002, would have resulted in a decrease in our net
consolidated  integral cost of financing of approximately Ps.16.9 million over a 12-month
period, reflecting a foreign exchange gain generated by the cash balances held  in U.S.
dollars as of that date, net of the loss based on our U.S.  dollar-denominated
indebtedness at December 31, 2002. However, this result does  not take into account any
gain on monetary position that would be expected to  result from an increase in the
inflation rate generated by a devaluation of the  peso relative to the U.S. dollar, which
gain on monetary position would reduce  the consolidated net integral cost of financing.
After the Panamco acquisition,  we have a net monetary liability position in U.S.
dollars, which could result in  significant increases in the integral costs of financing
in the event of a  devaluation of the Mexican peso.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Commodity Price Risk</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December 31,
2002 the Company signed various derivative contracts  with different financial
institutions to hedge the cost of aluminum for 2003 and  2004. These contracts vary in
nature, but all settle exclusively in cash.</font></td></tr></table>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="10">
      <hr noshade color="Black" size="2">
    </TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"><font size="2">Maturity<BR>
      Date</font> </TH>
    <TH COLSPAN="2"><font size="2">Contract<BR>
      Type</font> </TH>
    <TH COLSPAN="2"><font size="2">Notional<BR>
      Amount</font> </TH>
    <TH COLSPAN="2"><font size="2">Fair Value</font> </TH>
    <TH COLSPAN="2"><font size="2">Tonage</font> </TH>
  </TR>
  <TR>
    <TD COLSPAN="10">
      <HR noshade COLOR="Black" SIZE="1">
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="center" width="103"><font size="2">2003</font></TD>
    <TD ALIGN="center" width="4"><font size="2"></font></TD>
    <TD ALIGN="center" width="125"><font size="2">Seagull</font></TD>
    <TD ALIGN="LEFT" width="2"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="88"><font size="2">Ps.23,806</font></TD>
    <TD ALIGN="LEFT" width="55"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT" width="77"><font size="2">Ps.(894)</font></TD>
    <TD ALIGN="LEFT" width="43"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN="RIGHT" width="63"><font size="2">1,584</font></TD>
    <TD ALIGN="LEFT" width="40"><font size="2">&nbsp;&nbsp;&nbsp;</font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="center" width="103"><font size="2"></font></TD>
    <TD ALIGN="center" width="4"><font size="2"></font></TD>
    <TD ALIGN="center" width="125"><font size="2">Swaps</font></TD>
    <TD ALIGN="LEFT" width="2"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="88"><font size="2">53,589</font></TD>
    <TD ALIGN="LEFT" width="55"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="77"><font size="2">(929</font></TD>
    <TD ALIGN="LEFT" width="43"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT" width="63"><font size="2">3,674</font></TD>
    <TD ALIGN="LEFT" width="40"><font size="2"></font></TD>
  </TR>
  <TR>
    <TD COLSPAN="10" align="center">
      <HR noshade COLOR="Black" SIZE="1">
    </TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="center" width="103"><font size="2">2004</font></TD>
    <TD ALIGN="center" width="4"><font size="2"></font></TD>
    <TD ALIGN="center" width="125"><font size="2">Swaptions</font></TD>
    <TD ALIGN="LEFT" width="2"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="88"><font size="2">34,556</font></TD>
    <TD ALIGN="LEFT" width="55"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="77"><font size="2">(2,381</font></TD>
    <TD ALIGN="LEFT" width="43"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT" width="63"><font size="2">2,360</font></TD>
    <TD ALIGN="LEFT" width="40"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="center" width="103"><font size="2"></font></TD>
    <TD ALIGN="center" width="4"><font size="2"></font></TD>
    <TD ALIGN="center" width="125"><font size="2">Swaps</font></TD>
    <TD ALIGN="LEFT" width="2"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="88"><font size="2">20,189</font></TD>
    <TD ALIGN="LEFT" width="55"><font size="2"></font></TD>
    <TD ALIGN="RIGHT" width="77"><font size="2">(427</font></TD>
    <TD ALIGN="LEFT" width="43"><font size="2">)</font></TD>
    <TD ALIGN="RIGHT" width="63"><font size="2">1,370</font></TD>
    <TD ALIGN="LEFT" width="40"><font size="2"></font></TD>
  </TR>
  <TR>
    <TD COLSPAN="10">
      <HR noshade COLOR="Black" SIZE="1">
    </TD>
  </TR>
</TABLE>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fair value is
estimated based on quoted market prices to terminate  the contracts at December 31, 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Equity Risk</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In  1997, certain
of our subsidiaries commenced an executive incentive  program, which  expired in
accordance with its terms in March 2003 with no  payments having been done  under the
program. In November 1997, we hedged our  obligations under the executive  incentive
program by investing in options  related to FEMSA BD Units. See &#147;Item 6.  Directors,
Senior Management and  Employees&#151;Compensation of Directors and Officers.&#148;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
90</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 59; page: 59" -->


<p><table width=600><tr><td><font size=2><B>Items 12-14.  Not Applicable</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Item 15.  Controls and Procedures</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within the 90
days prior to the date of this report, the Company  carried out an evaluation under the
supervision and with the participation of  the Company&#146;s management, including the
Chief Executive Officer and Chief  Financial Officer, of the effectiveness of the design
and operation of the  Company&#146;s disclosure controls and procedures. There are
inherent limitations to  the effectiveness of any system of disclosure controls and
procedures, including  the possibility of human error and the circumvention or overriding
of the  controls and procedures. Accordingly, even effective disclosure controls and
procedures can only provide reasonable assurance of achieving their control  objectives.
Based upon and as of the date of the Company&#146;s evaluation, the Chief  Executive
Officer and Chief Financial Officer concluded that the disclosure  controls and
procedures are effective to provide reasonable assurance that  information required to be
disclosed in the reports the Company files and  submits under the Exchange Act is
recorded, processed, summarized and reported  as and when required.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no
significant changes in our internal controls or in  other factors that could
significantly affect our internal controls subsequent  to the date we carried out our
evaluation.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Items 16-17.  Not Applicable</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Item 18.  Financial Statements</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made
to Item 19(a) for a list of all financial statements  filed as part of this annual report.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Item 19.  Exhibits</B></font></td></tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">(a) <U>List of Financial Statements Page</U></font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Report of Independent Public Accountants</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-1</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Consolidated Balance Sheets at December 31,
      2002 and 2001</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-2</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Consolidated Income Statements For the Years
      Ended</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;December 31, 2002, 2001
      and 2000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-4</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Consolidated Statements of Changes in Financial
      Position For</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;the Years Ended December
      31, 2002, 2001 and 2000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-5</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Consolidated Statements of Changes in Stockholders&#146;
      Equity</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">&nbsp;&nbsp;&nbsp;For the Years Ended December
      31, 2002, 2001 and 2000</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-6</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><font size="2">Notes to the Consolidated Financial Statements*</font></TD>
    <TD ALIGN="LEFT"><font size="2"></font></TD>
    <TD ALIGN="LEFT"><font size="2">F-7</font></TD>
    <TD ALIGN="LEFT">&nbsp;</TD>
  </TR>
</TABLE>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>



<table width=600><tr><td width=4% valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> All
supplementary schedules relating to the registrant are omitted because  they are not
required or because the required information, where material,  is contained in the
Financial Statements or Notes thereto.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">(b) <U>List of Exhibits</U></FONT></td></tr></table>

<P><table width=600><TR><TD width=15% valign=top><FONT SIZE="2"><U>Exhibit No:</U></FONT></TD><TD width=85% valign=top><FONT SIZE="2"><U>Description</U></FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 1.1</FONT></TD>
    <TD width=85% valign=top><FONT SIZE="2"> Bylaws (<I>Estatutos Sociales</I>)
      of Coca-Cola FEMSA, dated May 12, 1993 (incorporated by reference to Exhibit
      3.4 to Coca-Cola FEMSA&#146;s Registration Statement on Form F-1 filed on
      August 13, 1993 (File No. 333-67380)).</FONT></TD>
  </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
91</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<P><table width=600><TR><TD width=15% valign=top><FONT SIZE="2"><U>Exhibit No:</U></FONT></TD><TD width=85% valign=top><FONT SIZE="2"><U>Description</U></FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 1.2</FONT></TD>
    <TD width=85% valign=top><font size=2> Amendment to the Bylaws of Coca-Cola
      FEMSA, dated June 21, 1993 (incorporated by reference to Exhibit 3.5 to
      Coca-Cola FEMSA&#146;s Registration Statement on Form F-1 filed on August
      13, 1993 (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 1.3</FONT></TD>
    <TD width=85% valign=top><font size=2> Amendment to the Bylaws of Coca-Cola
      FEMSA, dated May 6, 2003 (English translation).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.1</FONT></TD>
    <TD width=85% valign=top><font size=2> Deposit Agreement among Coca-Cola FEMSA,
      the Bank of New York as Depositary and Holders and Beneficial Owners of
      American Depository Receipts, dated as of September 1, 1993 (incorporated
      by reference to Exhibit 3.5 to the Registration Statement of FEMSA on Form
      F-4 filed on April 9, 1998 (File No. 333-8618)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.2 </FONT></TD>
    <TD width=85% valign=top><font size=2>Indenture Agreement between Coca-Cola
      FEMSA and Citibank, N.A., as Trustee, dated as of October 28, 1996 (incorporated
      by reference to Exhibit 2.1 to Coca-Cola FEMSA&#146;s Annual Report on Form
      20-F filed on June 30, 1997 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.3</FONT></TD>
    <TD width=85% valign=top><font size=2> Note Purchase Agreement between Coca-Cola
      FEMSA and the holders specified therein, dated as of August 26, 1994 (incorporated
      by reference to Exhibit 10.4 to Coca-Cola FEMSA&#146;s Annual Report on
      Form 20-F filed on June 30, 1995 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.4 </FONT></TD>
    <TD width=85% valign=top><font size=2>Indenture, dated July 11, 1997, by and
      between Panamco and The Chase Manhattan Bank, as Trustee (incorporated by
      reference to Exhibit 4.1 of Panamco&#146;s Registration Statement on Form
      F-4, (File No. 333-7918)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.5</FONT></TD>
    <TD width=85% valign=top><font size=2> Bridge Loan Agreement, dated as of
      April 23, 2003 by and among Coca-Cola FEMSA, JPMorgan Chase Bank, Banco
      J.P. Morgan, S.A., Morgan Stanley Senior Funding, Inc., J.P. Morgan Securities
      Inc., Banco Nacional de M&eacute;xico, S.A., BBVA Bancomer and ING Bank,
      N.V.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 2.6 </FONT></TD>
    <TD width=85% valign=top><font size=2>Term Loan Agreement dated April 23,
      2003 by and among Coca-Cola FEMSA, JPMorgan Chase Bank, Banco J.P. Morgan,
      S.A., Morgan Stanley Senior Funding, Inc., J.P. Morgan Securities Inc.,
      Banco Nacional de M&eacute;xico, S.A., BBVA Bancomer and ING Bank, N.V.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.1</FONT></TD>
    <TD width=85% valign=top><font size=2> Bottler Agreement with respect to the
      Valley of Mexico between Coca-Cola FEMSA and The Coca-Cola Company, dated
      June 21, 1993 (incorporated by reference to Exhibit 10.1 to Coca-Cola FEMSA&#146;s
      Registration Statement on Form F-1 filed on August 13, 1993 (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.2</FONT></TD>
    <TD width=85% valign=top><font size=2> Supplemental Agreement with respect
      to the Valley of Mexico between Coca-Cola FEMSA and The Coca-Cola Company,
      dated June 21, 1993 (incorporated by reference to Exhibit 10.3 to Coca-Cola
      FEMSA&#146;s Registration Statement on Form F-1 filed on August 13, 1993
      (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.3 </FONT></TD>
    <TD width=85% valign=top><font size=2>Bottler Agreement with respect to the
      Southeast Territory in Mexico between Coca-Cola FEMSA and The Coca-Cola
      Company, dated June 21, 1993 (incorporated by reference to Exhibit 10.2
      to Coca-Cola FEMSA&#146;s Registration Statement on Form F-1 filed on August
      13, 1993 (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
92</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 61; page: 61" -->


<P><table width=600><TR><TD width=15% valign=top><FONT SIZE="2"><U>Exhibit No:</U></FONT></TD><TD width=85% valign=top><FONT SIZE="2"><U>Description</U></FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.4</FONT></TD>
    <TD width=85% valign=top><font size=2> Supplemental Agreement with respect
      to the Southeast Territory in Mexico between Coca-Cola FEMSA and The Coca-Cola
      Company, dated June 21, 1993 (incorporated by reference to Exhibit 10.4
      to Coca-Cola FEMSA&#146;s Registration Statement on Form F-1 filed on August
      13, 1993 (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.5 </FONT></TD>
    <TD width=85% valign=top><font size=2>Bottler Agreement with respect to the
      Gran Buenos Aires area between Coca-Cola FEMSA and The Coca-Cola Company,
      dated August 22, 1994 (incorporated by reference to Exhibit 10.1 to Coca-Cola
      FEMSA&#146;s Annual Report on Form 20-F filed on June 30, 1995 (File No.
      1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.6</FONT></TD>
    <TD width=85% valign=top><font size=2> Supplemental Agreement with respect
      to the Gran Buenos Aires area between Coca-Cola FEMSA and The Coca-Cola
      Company, dated August 22, 1994 (incorporated by reference to Exhibit 10.2
      to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F filed on June 30, 1995
      (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.7</FONT></TD>
    <TD width=85% valign=top><font size=2> Amendment, dated August 4, 1995, to
      Bottler Agreement with respect to the Gran Buenos Aires area, dated August
      22, 1994, between Coca-Cola FEMSA and The Coca-Cola Company (incorporated
      by reference to Exhibit 10.3 to Coca-Cola FEMSA&#146;s Annual Report on
      Form 20-F filed on June 28, 1996 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.8 </FONT></TD>
    <TD width=85% valign=top><font size=2>Bottler Agreement with respect to former
      SIRSA San Isidro Refrescos, S.A. I y C (&#147;SIRSA&#148;) territory, dated
      December 1, 1995, between Coca-Cola FEMSA and The Coca-Cola Company (incorporated
      by reference to Exhibit 10.4 to Coca-Cola FEMSA&#146;s Annual Report on
      Form 20-F filed on June 28, 1996 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.9</FONT></TD>
    <TD width=85% valign=top><font size=2> Supplemental Agreement with respect
      to former SIRSA territory between Coca-Cola FEMSA and The Coca-Cola Company,
      dated December 1, 1995 (incorporated by reference to Exhibit 10.6 to Coca-Cola
      FEMSA&#146;s Annual Report on Form 20-F filed on June 28, 1996 (File No.
      1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.10 </FONT></TD>
    <TD width=85% valign=top><font size=2>Amendment, dated February 1, 1996, to
      Bottler Agreement with respect to former SIRSA territory, dated December
      1, 1995, between Coca-Cola FEMSA and The Coca-Cola Company (incorporated
      by reference to Exhibit 10.5 to Coca-Cola FEMSA&#146;s Annual Report on
      Form 20-F filed on June 28, 1996 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.11 </FONT></TD>
    <TD width=85% valign=top><font size=2>Amendment, dated October 30, 1997, to
      Bottler Agreement with respect to the Southeast of Mexico Territory and
      the Tapachula area in Mexico, dated June 21, 1993, between Coca-Cola FEMSA
      and The Coca-Cola Company (with an English translation) (incorporated by
      reference to Exhibit 4.11 to Coca-Cola FEMSA&#146;s Annual Report on Form
      20-F filed on June 20, 2001 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.12</FONT></TD>
    <TD width=85% valign=top><font size=2> Amendment, dated May 22, 1998, to Bottler
      Agreement with respect to the former SIRSA territory, dated December 1,
      1995, between Coca-Cola FEMSA and The Coca-Cola Company (with an English
      translation) (incorporated by reference to Exhibit 4.12 to Coca-Cola FEMSA&#146;s
      Annual Report on Form 20-F filed on June 20, 2001 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.13 </FONT></TD>
    <TD width=85% valign=top><font size=2>Amended and Restated Shareholders Agreement
      by and among CIBSA, Emprex, The Coca-Cola Company and Inmex, dated as of
      July 6, 2002.</font></TD>
  </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
93</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<P><table width=600><TR><TD width=15% valign=top><FONT SIZE="2"><U>Exhibit No:</U></FONT></TD><TD width=85% valign=top><FONT SIZE="2"><U>Description</U></FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.14 </FONT></TD>
    <TD width=85% valign=top><font size=2>Amendment, dated May 6, 2003, to the
      Amended and Restated Shareholders Agreement, dated July 6, 2002, among CIBSA,
      Emprex, The Coca-Cola Company, Inmex, Atlantic Industries, Dulux CBAI 2003
      B.V. and Dulux CBEXINMX 2003 B.V.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.15 </FONT></TD>
    <TD width=85% valign=top><font size=2>Services Agreement between Coca-Cola
      FEMSA and FEMSA Log&iacute;stica, dated November 7, 2001 (with an English
      translation) (incorporated by reference to Exhibit 4.15 to Coca-Cola FEMSA&#146;s
      Annual Report on Form 20-F filed on June 20, 2001 (File No. 1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.16 </FONT></TD>
    <TD width=85% valign=top><font size=2>Supply Agreement between Coca-Cola FEMSA
      and FEMSA Empaques, dated June 21, 1993 (incorporated by reference to Exhibit
      10.7 to Coca-Cola FEMSA&#146;s Registration Statement on Form F-1 filed
      on August 13, 1993 (File No. 333-67380)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.17 </FONT></TD>
    <TD width=85% valign=top><font size=2>Coca-Cola Tradename License Agreement
      between Coca-Cola FEMSA and The Coca-Cola Company, dated June 21, 1993 (incorporated
      by reference to Exhibit 10.40 to FEMSA&#146;s Registration Statement on
      Form F-4 filed on April 9, 1998 (File No. 333-8618)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.18</FONT></TD>
    <TD width=85% valign=top><font size=2> Supply Agreement between ALPLA F&aacute;brica
      de Pl&aacute;sticos, S.A. de C.V. and Industria Embotelladora de M&eacute;xico,
      S.A. de C.V., dated April 3, 1998 (with an English translation) (incorporated
      by reference to Exhibit 4.18 to Coca-Cola FEMSA&#146;s Annual Report on
      Form 20-F filed on July 1, 2002 (File No. 1-12260)).*</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.19 </FONT></TD>
    <TD width=85% valign=top><font size=2>Franchise Agreement between Promotora
      de Marcas Nacionales, S.A. de C.V. and Inmuebles del Golfo, S.A. de C.V.,
      dated November 2, 2001 (with an English translation) (incorporated by reference
      to Exhibit 4.19 to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F filed
      on July 1, 2002 (File No. 1-12260)).*</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.20</FONT></TD>
    <TD width=85% valign=top><font size=2> Franchise Agreement between Promotora
      de Marcas Nacionales, S.A. de C.V. and Propimex, S.A. de C.V., dated November
      2, 2001 (with an English translation) (incorporated by reference to Exhibit
      4.20 to Coca-Cola FEMSA&#146;s Annual Report on Form 20-F filed on July
      1, 2002 (File No. 1-12260)).*</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.21</FONT></TD>
    <TD width=85% valign=top><font size=2> Share Subscription Agreement, dated
      as of October 2, 2002, entered by and among Coca Cola de Panama as Seller
      and CA Beverages, Inc. as Buyer (incorporated by reference to Exhibit 10.49
      of Panamco&#146;s Annual Report on Form 10-K for the year ended December
      31, 2002 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.22 </FONT></TD>
    <TD width=85% valign=top><font size=2>Coca Cola OPA Trust Agreement, dated
      as of October 2, 2002, entered by and among Coca Cola de Panama Compania
      Embotelladora, S.A. as the Settlor, Banco General, S.A. as the Trustee,
      Fundacion Pro Accionistas Minoritarios de Coca Cola de Panama y Cervecerias
      Baru-Panama as the Representative and CA Beverages, Inc. (incorporated by
      reference to Exhibit 10.50 of Panamco&#146;s Annual Report on Form 10-K
      for the year ended December 31, 2002 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.23 </FONT></TD>
    <TD width=85% valign=top><font size=2>Coca Cola Holdback Agreement, dated
      as of October 2, 2002, entered by and among Coca Cola de Panama Compania
      Embotelladora, S.A. as the Settlor, Banco General, S.A. as the Trustee,
      Fundacion Pro Accionistas Minoritarios de Coca Cola de Panama y Cervecerias
      Baru-Panama as the Representative and CA Beverages, Inc. (incorporated by
      reference to Exhibit 10.51 of Panamco&#146;s Annual Report on Form 10-K
      for the year ended December 31, 2002 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
94</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<P><table width=600><TR><TD width=15% valign=top><FONT SIZE="2"><U>Exhibit No:</U></FONT></TD><TD width=85% valign=top><FONT SIZE="2"><U>Description</U></FONT></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.24 </FONT></TD>
    <TD width=85% valign=top><font size=2>CBP OPA Trust Agreement, dated October
      2, 2002, entered by and among CA Beverages, Inc. as Settlor, Banco General,
      S.A. as Trustee, Fundacion Pro Accionistas Minoritarios de Coca Cola de
      Panama y Cervecerias Baru-Panama as the Representative (incorporated by
      reference to Exhibit 10.52 of Panamco&#146;s Annual Report on Form 10-K
      for the year ended December 31, 2002 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.25 </FONT></TD>
    <TD width=85% valign=top><font size=2>Agreement of Merger, dated December
      22, 2002, among the Coca-Cola FEMSA, Midtown Sub, Inc. and Panamco (incorporated
      by reference to the report of Foreign Issuer on Form<br>
      6-K filed by Coca-Cola FEMSA with the SEC on December 26, 2002 (File No.
      1-12260)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.26</FONT></TD>
    <TD width=85% valign=top><font size=2> Amendment to the Trademark License
      Agreement, dated December 1, 2002, entered by and among Administracion de
      Marcas S.A. de C.V., as proprietor, and The Coca-Cola Export Corporation
      Mexico branch, as licensee (incorporated by reference to Exhibit 10.3 of
      Panamco&#146;s Quarterly Report on Form 10-Q for the period ended March
      31, 2003 (File No. <br>
      1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.27 </FONT></TD>
    <TD width=85% valign=top><font size=2>Trademark Sub-License Agreement, dated
      January 4, 2003, entered by and among Panamco Golfo S.A. de C.V., as licensor,
      and The Coca-Cola Company, as licensee (incorporated by reference to Exhibit
      10.6 of Panamco&#146;s Quarterly Report on Form 10-Q for the period ended
      March 31, 2003 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.28 </FONT></TD>
    <TD width=85% valign=top><font size=2>Trademark Sub-License Agreement, dated
      January 4, 2003, entered by and among Panamco Bajio S.A. de C.V., as licensor,
      and The Coca-Cola Company, as licensee (incorporated by reference to Exhibit
      10.7 of Panamco&#146;s Quarterly Report on Form 10-Q for the period ended
      March 31, 2003 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.29 </FONT></TD>
    <TD width=85% valign=top><font size=2>Promotion and Non-Compete Agreement,
      dated March 11, 2003, entered by and among The Coca-Cola Export Corporation
      Mexico branch and Panamco Bajio S.A. de C.V. (incorporated by reference
      to Exhibit 10.8 of Panamco&#146;s Quarterly Report on Form 10-Q for the
      period ended March 31, 2003 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.30</FONT></TD>
    <TD width=85% valign=top><font size=2> Promotion and Non-Compete Agreement,
      dated March 11, 2003, entered by and among The Coca-Cola Export Corporation
      Mexico branch and Panamco Golfo S.A. de C.V. (incorporated by reference
      to Exhibit 10.9 of Panamco&#146;s Quarterly Report on Form 10-Q for the
      period ended March 31, 2003 (File No. 1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.31 </FONT></TD>
    <TD width=85% valign=top><font size=2>Memorandum of Understanding by and among
      Panamco, as seller, and The Coca-Cola Company, as buyer, dated as of May
      11, 2003, (incorporated by reference to Exhibit 10.14 of Panamco&#146;s
      Quarterly Report on Form 10-Q for the period ended March 31, 2003 (File
      No. <br>
      1-2290)).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.32 </FONT></TD>
    <TD width=85% valign=top><font size=2>Bottler Agreement with respect to the
      Mexican Golfo area between Panamco Golfo, S.A. de C.V. and The Coca-Cola
      Company, dated July 1, 1999 (English Translation).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.33 </FONT></TD>
    <TD width=85% valign=top><font size=2>Bottler Agreement with respect to the
      Mexican Bajio area between Panamco Bajio, S.A. de C.V. and The Coca-Cola
      Company, dated July 1, 1999 (English Translation).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 4.34</FONT></TD>
    <TD width=85% valign=top><font size=2> Form of Bottler Agreement covering
      all territories outside of Mexico that belonged to Panamco, including schedule
      of covered territories (English Translation).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 8.1 </FONT></TD>
    <TD width=85% valign=top><font size=2>List of Coca-Cola FEMSA&#146;s Significant
      Subsidiaries.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> Exhibit 12.1 </FONT></TD>
    <TD width=85% valign=top><font size=2>Officer Certifications pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002.</font></TD>
  </TR></TABLE><p></P>

<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>


<table width=600><tr><td width=4% valign=top><font size="1">* </font></td><td width=2%><font size="1"></font></td><td width=94%><font size="1"> Portions
of Exhibits 4.18, 4.19, 4.20 and 4.21 have been omitted  pursuant to a request for
confidential treatment. Such omitted portions  have been filed separately with the
Securities and Exchange Commission.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
95</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omitted from the
exhibits filed with this annual report are certain  instruments and agreements with
respect to long-term debt of Coca-Cola FEMSA,  none of which authorizes securities in a
total amount that exceeds 10% of the  total assets of Coca-Cola FEMSA. We hereby agree to
furnish to SEC copies of any  such omitted instruments or agreements as the Commission
requests.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
96</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>SIGNATURE</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
requirements of Section 12 of the Securities Exchange  Act of 1934, the registrant
certifies that it meets all the requirements for  filing on Form 20-F and has duly caused
this Annual Report to be signed on its  behalf by the undersigned, thereunto duly
authorized.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: June 27, 2003</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=280>&nbsp;</td>
    <td width=308 align="center"><font size=2>COCA-COLA FEMSA, S.A. de C.V. <br>
      <br>
      <BR>
      By: &nbsp;&nbsp;/s/&nbsp; H<font size="1">&Eacute;CTOR</font> T<font size="1">REVI&Ntilde;O</font>
      G<font size="1">UTI&Eacute;RREZ&nbsp;&nbsp;&nbsp;</font></font>
      <hr noshade size="1" width="65%">
      <font size=2>
      H&eacute;ctor Trevi&#241;o Guti&eacute;rrez</font></td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
97</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>CERTIFICATIONS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>I, CARLOS SALAZAR LOMELIN, certify that:</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
1. </FONT></TD><TD width=90% valign=top><font size=2> I
have reviewed this annual report on Form 20-F of Coca-Cola FEMSA, S.A. de  C.V.;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
2. </FONT></TD><TD width=90% valign=top><font size=2> Based
on my knowledge, this report does not contain any untrue statement of  a material fact or
omit to state a material fact necessary to make the  statements made, in light of the
circumstances under which such statements  were made, not misleading with respect to the
period covered by this  report;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
3. </FONT></TD><TD width=90% valign=top><font size=2> Based
on my knowledge, the financial statements, and other financial  information included in
this report, fairly present in all material  respects the financial condition, results of
operations and cash flows of  the registrant as of, and for, the periods presented in
this report;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
4. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I are responsible for  establishing and
maintaining disclosure controls and procedures (as defined  in Exchange Act Rules 13a-15
and 15d-15) for the registrant and have:</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(a) Designed
such disclosure controls and procedures to ensure that  material information relating to
the registrant, including its consolidated  subsidiaries, is made known to us by others
within those entities,  particularly during the period in which this report is being
prepared;</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(b) Evaluated
the effectiveness of the registrant&#146;s disclosure controls and  procedures as of a
date within 90 days prior to the filing date of this  report (the &#147;Evaluation Date&#148;);
and</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(c) Presented
in this report our conclusions about the effectiveness of the  disclosure controls and
procedures based on our evaluation as of the  Evaluation Date;</font></td></tr></table><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
5. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I have disclosed, based on  our most
recent evaluation, to the registrant&#146;s auditors and the audit  committee of
registrant&#146;s board of directors (or persons performing the  equivalent functions):</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(a) All
significant deficiencies in the design or operation of internal  controls which could
adversely affect the registrant&#146;s ability to record,  process, summarize and report
financial data and have identified for the  registrant&#146;s auditors any material
weaknesses in internal controls; and</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(b) Any fraud,
whether or not material, that involves management or other  employees who have a
significant role in the registrant&#146;s internal  controls; and</font></td></tr></table><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
6. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I have indicated in this  report whether
there were significant changes in internal controls or in  other factors that could
significantly affect internal controls subsequent  to the date of our most recent
evaluation, including any corrective actions  with regard to significant deficiencies and
material weaknesses.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr>
    <td><font size=2>Date: June 27, 2003</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width=275>&nbsp;</td>
    <td width=313><font size=2>/s/ Carlos Salazar Lomel&iacute;n</font>
      <hr size="1" noshade align="left" width="150">
    </td>
  </tr>
  <tr>
    <td width=275>&nbsp;</td>
    <td width=313> <font size=2>Carlos Salazar Lomel&iacute;n <BR>
      Chief Executive Officer</font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
98</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<p><table width=600><tr><td  align=center><font size=2><B>CERTIFICATIONS</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>I, HECTOR J. TREVINO GUTIERREZ, certify that:</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
1. </FONT></TD><TD width=90% valign=top><font size=2> I
have reviewed this annual report on Form 20-F of Coca-Cola FEMSA, S.A. de  C.V.;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
2. </FONT></TD><TD width=90% valign=top><font size=2> Based
on my knowledge, this report does not contain any untrue statement of  a material fact or
omit to state a material fact necessary to make the  statements made, in light of the
circumstances under which such statements  were made, not misleading with respect to the
period covered by this  report;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
3. </FONT></TD><TD width=90% valign=top><font size=2> Based
on my knowledge, the financial statements, and other financial  information included in
this report, fairly present in all material  respects the financial condition, results of
operations and cash flows of  the registrant as of, and for, the periods presented in
this report;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
4. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I are responsible for  establishing and
maintaining disclosure controls and procedures (as defined  in Exchange Act Rules 13a-15
and 15d-15) for the registrant and have:</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(a) Designed
such disclosure controls and procedures to ensure that  material information relating to
the registrant, including its consolidated  subsidiaries, is made known to us by others
within those entities,  particularly during the period in which this report is being
prepared;</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(b) Evaluated
the effectiveness of the registrant&#146;s disclosure controls and  procedures as of a
date within 90 days prior to the filing date of this  report (the &#147;Evaluation Date&#148;);
and</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(c) Presented
in this report our conclusions about the effectiveness of the  disclosure controls and
procedures based on our evaluation as of the  Evaluation Date;</font></td></tr></table><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
5. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I have disclosed, based on  our most
recent evaluation, to the registrant&#146;s auditors and the audit  committee of
registrant&#146;s board of directors (or persons performing the  equivalent functions):</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(a) All
significant deficiencies in the design or operation of internal  controls which could
adversely affect the registrant&#146;s ability to record,  process, summarize and report
financial data and have identified for the  registrant&#146;s auditors any material
weaknesses in internal controls; and</font></td></tr></table><p></P>

<p><table width=600><tr><td width=60>&nbsp;</td><td width=540><font size=2>(b) Any fraud,
whether or not material, that involves management or other  employees who have a
significant role in the registrant&#146;s internal  controls; and</font></td></tr></table><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
6. </FONT></TD><TD width=90% valign=top><font size=2> The
registrant&#146;s other certifying officers and I have indicated in this  report whether
there were significant changes in internal controls or in  other factors that could
significantly affect internal controls subsequent  to the date of our most recent
evaluation, including any corrective actions  with regard to significant deficiencies and
material weaknesses.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr>
    <td><font size=2>Date: June 27, 2003</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=315><font size=2>/s/ H&eacute;ctor J. Trevi&#241;o Guti&eacute;rrez</font>
      <hr size="1" noshade align="left" width="175">
    </td>
  </tr>
  <tr>
    <td width=273>&nbsp;</td>
    <td width=315> <font size=2>H&eacute;ctor J. Trevi&#241;o Guti&eacute;rrez<br>
      Chief Financial Officer</font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
99</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;








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<!-- MARKER PAGE="sheet: 1; page: 1" -->




<p><table width=600><tr><td><font size=2><B>REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2><B>To the Stockholders of<BR>Coca-Cola FEMSA, S.A.
de C.V.,</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>We have audited the accompanying consolidated
balance sheets of Coca-Cola FEMSA,  S.A. de C.V. (a Mexican corporation) and Subsidiaries
(collectively referred to  as the &#147;Company&#148;) as of December 31, 2002 and 2001,
and the related consolidated  statements of income, changes in stockholders&#146; equity
and changes in financial  position for each of the three years in the period ended
December 31, 2002, all  expressed in thousands of Mexican pesos of purchasing power as of
December 31,  2002. These financial statements are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these financial  statements
based on our audits.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We conducted our audits in accordance with
auditing standards generally accepted  in Mexico and in the United States of America.
Those standards require that we  plan and perform the audit to obtain reasonable
assurance about whether the  financial statements are free of material misstatement. An
audit includes  examining, on a test basis, evidence supporting the amounts and
disclosures in  the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as  evaluating the
overall financial statement presentation. We believe that our  audits provide a
reasonable basis for our opinion.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In our opinion, the consolidated financial
statements referred to above present  fairly, in all material respects, the financial
position of Coca-Cola FEMSA,  S.A. de C.V. and Subsidiaries as of December 31, 2002 and
2001, and the results  of their operations, the changes in their stockholders&#146; equity
and the changes  in their financial position for each of the three years in the period
ended  December 31, 2002, in conformity with accounting principles generally accepted  in
Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>As mentioned in Note 4:</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="2">- </font></td><td width=2%><font size="2"></font></td><td width=94%><font size="2"> Effective
January 1, 2000 the new procedures for the recognition of  deferred income taxes as
prescribed by revised Bulletin D-4, &#147;Accounting  for Income Taxes, Tax on Assets and
Employee Profit Sharing&#148;, were adopted.</font></td></tr></table>

<table width=600><tr><td width=4% valign=top><font size="2">- </font></td><td width=2%><font size="2"></font></td><td width=94%><font size="2"> Effective
January 1, 2001 the new procedures for the recognition of all  financial instruments as
prescribed by Bulletin C-2, &#147;Financial  Instruments&#148;, were adopted.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Accounting practices used by the Company in
preparing the accompanying  consolidated financial statements conform with accounting
principles generally  accepted in Mexico but do not conform with accounting principles
generally  accepted in the United States of America (U.S. GAAP). A description of these
differences and a reconciliation of consolidated net income and stockholders&#146; equity
to U.S. GAAP as permitted by the regulations of the U.S. Securities and  Exchange
Commission, which allow omission of the requirement to quantify, in the  U.S. GAAP
reconciliation, the differences attributable to the effects of  comprehensive inflation
adjustments recorded locally, are set forth in Notes 22  and 23.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Our audits also comprehended the translation of
the Mexican peso amounts into  U.S. dollar amounts and, in our opinion, such translation
has been made in  conformity with the basis stated in Note 2. The translation of the
financial  statement amounts into U.S. dollars and the translation of the financial
statements into English have been made solely for the convenience of readers in  the
United States of America.</font></td></tr></table>


<p>
<table width=600><tr><td><font size=2>Mexico City, Mexico<BR>January 21, 2003, except
for Note 25 as to which the date is May 6, 2003</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-1 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" -->
<p><table width=600><tr><td><font size=2><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</B></font></td></tr></table>
<table width=600><tr><td><font size=3><I>Consolidated Balance Sheets</I></font></td></tr></table>
<table width=600><tr><td><FONT SIZE="1">
At December 31, 2002 and 2001<BR>Amounts
expressed in thousands of U.S. Dollars ($) and constant Mexican Pesos (Ps.) as of
December 31, 2002</FONT></td></tr></table>


<br>
<b><font size="1"> </font></b>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=bottom align="center"><b><font size="1">2002</font></b></td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=bottom align="right"><b><font size="1">2001 </font></b></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Assets</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </td>
    <td valign=top>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Current Assets:</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Cash and cash equivalents</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">$590,057</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b><font size="2">Ps.</font></b></td>
    <td valign=top align="right"><b><font size="2">6,171,394</font> </b></td>
    <td valign=top align="right"><font size="2">Ps</font> </td>
    <td valign=top align="right"><font size="2">4,523,063</font> </td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Accounts receivable:</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Trade</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">52,396</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">548,010</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">587,823</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Notes</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">966</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">10,105</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">25,600</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">19,351</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">202,414</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">327,667</font></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top>&nbsp; </td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"><b><font size="2">72,713</font> </b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"><b><font size="2">760,529</font> </b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><font size="2">941,090</font> </td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Recoverable taxes</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">23,033</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">240,905</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">2,288</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Inventories</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">71,401</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">746,786</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">576,525</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Prepaid expenses</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">6,789</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">70,994</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">28,378</font></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Total Current Assets</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">763,993</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">7,990,608</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">6,071,344</font></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Property, Plant and Equipment:</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right">&nbsp; </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Land</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">73,726</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">771,104</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">757,171</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Buildings</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">236,104</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">2,469,411</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">2,355,133</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Machinery and equipment </font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">592,454</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">6,196,478</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">5,645,105</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Accumulated depreciation</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">(297,615)</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">(3,112,760)</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">(2,637,529)</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Construction in progress</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">34,483</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">360,655</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">305,520</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">&nbsp;&nbsp;Bottles and cases</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">27,174</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">284,218</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">212,308</font></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Total Property, Plant and Equipment, Net</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">666,326</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"><b><font size="2">6,969,106</font> </b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><font size="2">6,637,708</font> </td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Investments in Shares</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">11,085</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">115,941</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">128,044</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Deferred Charges, Net</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">80,163</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">838,430</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">527,334</font></td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Goodwill, Net</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">24,712</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right"> <b><font size="2">258,459</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"> <font size="2">895,983</font></td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=top> <font size="2">Total Assets</font></td>
    <td valign=top>&nbsp; </td>
    <td valign=top align="right"> <b><font size="2">$1,546,279</font></b></td>
    <td valign=top align="right">&nbsp; </td>
    <td valign=top align="right"><b><font size="2">Ps.</font></b></td>
    <td valign=top align="right"><b><font size="2">16,172,544</font> </b></td>
    <td valign=top align="right"><font size="2">Ps</font> </td>
    <td valign=top align="right"><font size="2">.14,260,413</font> </td>
  </tr>
  <tr>
    <td valign=top colspan="8">
      <hr size="1" noshade align="center">
    </td>
  </tr>
</table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-2 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Liabilities and Stockholders&#146; Equity</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Current Liabilities:</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">Bank loans and interest</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">$</font><font face="Times" size="3"><b><font size="2">6,874</font></b></font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font><font face="Times" size="3"><b><font size="2">71,900</font></b></font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55"><font face="Times" size="2">Ps.</font></td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="3"><b></b></font><font face="Times" size="2">66,949</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Current maturities
        of long-term debt</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">889</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">9,294</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">13,400</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Suppliers</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">151,661</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">1,586,225</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">1,511,244</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Accounts payable</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">38,900</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">406,872</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="3"><b><font size="2">348,632</font></b></font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Accrued taxes</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">21,159</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">221,299</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">396,829</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Other liabilities</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">23,293</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">243,608</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">90,176</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Total Current Liabilities</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">242,776</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">2,539,198</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">2,427,230</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Long-Term Liabilities:</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Long-term debt</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">303,070</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">3,169,810</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">2,949,391</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Pension plan</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">15,577</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">162,923</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">154,626</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Seniority premiums</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">2,026</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">21,191</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">19,124</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Deferred taxes</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">75,283</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">787,386</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">670,278</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Other liabilities</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">35,200</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">368,159</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">359,761</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Total Long-Term Liabilities</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">431,156</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">4,509,469</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">4,153,180</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Total Liabilities</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">673,932</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">7,048,667</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">6,580,410</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Stockholders&#146; Equity:</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Capital stock</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">226,557</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">2,369,560</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">2,369,560</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2"></font><font face="Times" size="2">&nbsp;&nbsp;Additional paid-in
        capital</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">159,397</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">1,667,130</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">1,667,130</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2"></font><font face="Times" size="2">&nbsp;&nbsp;Retained earnings
        from prior years</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">636,717</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">6,659,422</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">5,042,066</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Net income for the
        year</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">245,169</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">2,564,218</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">2,202,334</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Cumulative translation
        adjustment</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">(91,568)</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">(957,706)</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">(502,357)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font size="2">&nbsp;&nbsp;</font><font face="Times" size="2">&nbsp;&nbsp;Cumulative result
        of holding non-monetary<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="Times" size="2">assets</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">(303,925)</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">(3,178,747)</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">(3,098,730)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Total Stockholders&#146; Equity</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">872,347</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">9,123,877</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55">&nbsp;</td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="2">7,680,003</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="266">
      <p><font face="Times" size="2">Total Liabilities and Stockholders' Equity</font></p>
    </td>
    <td valign=bottom align="right" width="83">
      <p><font face="Times" size="3"><b><font size="2">$</font><font face="Times" size="3"><b><font size="2">1,546,279</font></b></font></b></font></p>
    </td>
    <td valign=bottom align="right" width="43">
      <p><font face="Times" size="3"><b><font size="2">Ps.</font></b></font></p>
    </td>
    <td valign=bottom align="right" width="80">
      <p><font face="Times" size="3"><b><font size="2">&nbsp;</font><font face="Times" size="3"><b><font size="2">16,172,544</font></b></font></b></font></p>
    </td>
    <td valign=bottom align="right" width="55"><font face="Times" size="2">Ps.</font></td>
    <td valign=bottom align="right" width="73">
      <p><font face="Times" size="3"><b></b></font><font face="Times" size="2">14,260,413</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width="600" colspan="6">
      <hr size="1" noshade align="center">
    </td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>The accompanying notes are an integral part of
these consolidated balance sheets.<BR>Mexico, D.F., January 21, 2003 </font></td></tr></table>


<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr align="center" valign="bottom">
    <td width="285"><font size="2">Carlos Salazar Lomelin<br>
      Chief Executive Officer </font></td>
    <td width="315"><font size="2">Hector Trevino Gutierrez<br>
      Chief Financial and Administrative Officer </font></td>
  </tr>
  <tr>
    <td width="285">&nbsp;</td>
    <td width="315">&nbsp;</td>
  </tr>
</table>
<br>
<font size="2"> </font>
<p></p>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-3 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 4; page: 4" -->







<p><table width=600><tr><td><font size=2><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</B></font></td></tr></table>

<table width=600><tr><td><font size=3><I>Consolidated Income Statements</I></font></td></tr></table>

<table width=600><tr><td><font size=1>For the years ended December 31, 2002, 2001 and
2000<BR>Amounts expressed in thousands of U.S. Dollars ($) and constant Mexican Pesos (Ps.)
as of December 31, 2002</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left">&nbsp;</td>
    <td valign=bottom align="center">&nbsp;</td>
    <td valign=bottom align="center" colspan="3"><font size="2"><b>2002</b></font></td>
    <td valign=bottom align="center">&nbsp;</td>
    <td valign=bottom align="center">&nbsp;</td>
    <td valign=bottom align="center">&nbsp;</td>
    <td valign=bottom align="center">&nbsp;</td>
    <td valign=bottom align="right"><font size="2">2001</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font size="2">2000</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Net sales</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b><b>$</b>1,672,392 </b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>17,491,545</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">16,612,302</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps. </font></p>
    </td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">15,968,453</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Other operating revenues</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>12,283</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>128,473</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">117,171</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">66,936</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Total revenues</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1,684,675</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>17,620,018</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">16,729,473</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">16,035,389</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Cost of sales</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>777,327</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>8,130,063</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">7,737,834</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">7,773,266</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Gross profit</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>907,348</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>9,489,955</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">8,991,639</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">8,262,123</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Operating expenses:</font></td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Administrative</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>133,521</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1,396,501</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,287,196</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,304,309</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Selling</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>345,725</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>3,615,952</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">3,730,871</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">3,769,337</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>479,246</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>5,012,453</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">5,018,067</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">5,073,646</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Goodwill amortization</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>3,569</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>37,335</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">100,671</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">108,280</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Income from operations</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>424,533 </b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>4,440,167</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">3,872,901</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">3,080,197</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Integral cost of financing:</font></td>
    <td valign=bottom align="right">
      <p><font size="2"></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      expense</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>(31,946)</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>(334,124)</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">(329,762)</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">(366,516)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      income</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>24,150</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;<b>252,587</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">273,807</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;137,603</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Foreign
      exchange gain (loss), net</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>18,854</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>197,195</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;(6,300)</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;(378,167)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Gain
      (loss) on monetary position</font></td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;<b>36,861</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;<b>385,530</b></b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;(80,966)</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;6,736</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>47,919</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>501,188</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">(143,221)</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">(600,344)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Other expense, net</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>51,085</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>534,274</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">37,312</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">95,980</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Income for the year before
      income<br>
      &nbsp;&nbsp;&nbsp;&nbsp; taxes, employee profit sharing and<br>
      &nbsp;&nbsp;&nbsp;&nbsp; change in accounting principles</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>421,367</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>4,407,081</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;3,692,368</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p>&nbsp;</p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;2,383,873</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Income taxes and employee profit<br>
      &nbsp;&nbsp;&nbsp;&nbsp; sharing</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>176,198</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1,842,863</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,461,062</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,025,555</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Income for the year before
      change in<br>
      &nbsp;&nbsp;&nbsp;&nbsp; accounting principles</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>245,169</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>2,564,218</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">2,231,306</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,358,318</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Change in accounting principles</font></td>
    <td valign=bottom align="right">
      <p><font size="2">-</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">-</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">28,972</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">-</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Net income for the year</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b><b>$</b>245,169</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>2,564,218</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">2,202,334</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;Ps. </font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,358,318</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Weighted average shares outstanding<br>
      &nbsp;&nbsp;&nbsp;&nbsp; (in thousands)</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1,425,000</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1,425,000</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,425,000</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1,425,000</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Income per share before change
      in<br>
      &nbsp;&nbsp;&nbsp;&nbsp; accounting principles</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b><b>$</b>0.17</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1.80</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1.57</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">0.95</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Net income per share</font></td>
    <td valign=bottom align="right">
      <p><font size="2"><b><b>$</b>0.17</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>Ps.</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2"><b>1.80</b></font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">1.55</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">Ps.</font></p>
    </td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">
      <p><font size="2">0.95</font></p>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
</table>


<p><table width=600><tr><td><font size=2>The accompanying notes are an integral part of
these consolidated income statements. </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-4 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<p><table width=600><tr><td><font size=2><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</B></font></td></tr></table>

<table width=600><tr><td><font size=3><I>Consolidated Statements of Changes in
Financial Position For the years ended</I></font></td></tr></table>

<table width=600><tr><td><font size=1>December 31, 2002, 2001 and 2000<BR>Amounts
expressed in thousands of U.S. Dollars ($) and constant Mexican Pesos (Ps.) as of
December 31, 2002</font></td></tr></table>



<br>
<font size="1"><b> </b></font>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left">&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=bottom colspan="2" align="center"><font size="2"><b>2002</b></font></td>
    <td valign=top><font size="2"></font></td>
    <td valign=bottom align="right"><font size="2"></font></td>
    <td valign=bottom align="right"><font size="2"></font></td>
    <td valign=bottom align="right"><font size="2">2001</font></td>
    <td valign=bottom align="right"><b></b></td>
    <td valign=bottom align="right"><b></b></td>
    <td valign=bottom align="right"><font size="2">2000 </font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Resources Generated By (Used
      In):</font></td>
    <td valign=top> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=top> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Operating Activities:</font></td>
    <td valign=top> <font size="2"></font></td>
    <td valign=top> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="3"><b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
    <td valign=top>&nbsp;</td>
    <td valign=top> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign=top> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net
      income for the year</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">$</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">245,169</font></b></font></td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="center"> <font size="3"><b><font size="2">Ps.</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">2,564,218</font></b></font></td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="center"> <font size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font size="2">2,202,334</font></td>
    <td valign=bottom align="right">&nbsp;&nbsp;&nbsp;</td>
    <td valign=bottom align="center"> <font size="2">Ps.&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">1,358,318</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">49,805</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">520,909</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">594,595</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">650,733</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Breakage
      of bottles and cases</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">18,364</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">192,074</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">198,837</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">279,059</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
      amortization and impairment</font></td>
    <td valign=bottom align="right"> <font size="2"></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">41,989</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">439,158</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">100,671</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">108,280</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Amortization
      and other</font></td>
    <td valign=bottom align="right"> <font size="2"></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">27,531</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">287,944</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">171,839</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">228,749</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">382,858</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">4,004,303</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">3,268,276</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">2,625,139</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Working capital:</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">17,264</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">180,561</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(188,685)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(70,557)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td valign=bottom align="right"> <font size="2"></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(20,376)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(213,110)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(147,599)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(13,525)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
      expenses and recoverable taxes</font></td>
    <td valign=bottom align="right"> <font size="2"></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(54,334)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(568,284)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">14,731</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(21,197)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Suppliers</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">7,169 </font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">74,981</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">266,601</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">137,308</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable and other</font></td>
    <td valign=bottom align="right"> <font size="2"></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">20,238</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">211,672</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(34,171)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">107,121</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accrued
      taxes</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">10,663</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">111,521</font></b></font><font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">155,520</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp; </td>
    <td valign=bottom align="right"> <font size="2">(219,290)&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      payable</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">473</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">4,947</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="2">(6,374)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(5,807)&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Pension
      plan and seniority premiums</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(531)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(5,553)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">14,540</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">4,877</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Resources Generated By Operating<br>
      &nbsp;&nbsp;Activities</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">363,424</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">3,801,038</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">3,342,839</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">2,544,069</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Investing Activities:</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp; </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="3"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Property,
      plant and equipment</font></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"><font size="3"><b><font size="2">(82,795)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(865,951)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(729,911)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(765,779)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Retirements
      of property, plant and<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equipment</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">-</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">-</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">129,448</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">5,555</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
      in shares and deferred charges</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(45,410)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(474,946)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(225,695)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(160,362)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Resources Used In Investing
      Activities</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(128,205)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(1,340,897)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(826,158)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(920,586)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Financing Activities:</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Amortization in real terms
      of financing<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the purchase of Coca-Cola<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEMSA Buenos Aires shares</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">22,565</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">236,008</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(270,440)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(212,260)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Translation adjustment in Coca-Cola<br>
      &nbsp;&nbsp;&nbsp;&nbsp;FEMSA Buenos Aires investment</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(43,537)</font></b></font><font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(455,349)</font></b></font><font size="2">&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">719,556&nbsp;</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(72,179)&nbsp;</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Proceeds form issuance of long-term
      debt</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(1,883)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(19,691)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(18,066)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">25,022</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Dividends paid</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(55,931)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(584,978)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(318,781)</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(260,348)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Other liabilities</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">1,165</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">12,200</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">103,426</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">43,221</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Resources Generated By (Used
      In)<br>
      &nbsp;&nbsp;&nbsp;&nbsp; Financing Activities</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(77,620)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">(811,810)</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">215,695</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">(476,544)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Increase in cash and cash equivalents</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">157,599</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">1,648,331</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">2,732,376</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">1,146,939</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Cash and cash equivalents at
      beginning of<br>
      &nbsp;&nbsp;&nbsp;&nbsp; the year</font></td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">432,458</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">&nbsp;</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">4,523,063</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">1,790,687</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td valign=bottom align="right"> <font size="2">643,748</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left"> <font size="2">Cash and Cash Equivalents at
      End of<br>
      &nbsp;&nbsp;&nbsp;&nbsp; the Year</font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">$</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">590,057</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="center"> <font size="3"><b><font size="2">Ps.</font></b></font></td>
    <td valign=bottom align="right"> <font size="3"><b><font size="2">6,171,394</font></b></font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="center"> <font size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font size="2">4,523,063</font></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td valign=bottom align="center"> <font size="2">Ps.</font></td>
    <td valign=bottom align="right"> <font size="2">1,790,687</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>The accompanying notes are an integral part of
these consolidated statements  of changes in financial position. </font></td></tr></table>










<br>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-5 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<br>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 6; page: 6" -->
<p><table width=600><tr><td><font size=2><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</B></font></td></tr></table>

<table width=600><tr>
    <td><font size=3><I>Consolidated Statements of Changes in Stockholders&#146;
      Equity </I></font></td>
  </tr></table>

<table width=600><tr>
    <td><font size="1">For the years ended December 31, 2002, 2001 and 2000<BR>
      Amounts expressed in thousands of constant Mexican Pesos (Ps.) as of December
      31, 2002</font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom" align="center">
    <td align="left"><font size="2"><font size="1">Description </font></font> </td>
    <td><b></b></td>
    <td><font size="1">Capital <br>
      Stock </font></td>
    <td><b></b></td>
    <td><b></b></td>
    <td><font size="1">Additional <br>
      Paid-in <br>
      Capital </font> </td>
    <td><b></b></td>
    <td><b></b></td>
    <td><font size="1">Retained <br>
      Earnings <br>
      from Prior <br>
      Years </font></td>
    <td><b></b></td>
    <td><b></b></td>
    <td><font size="1">Net <br>
      Income <br>
      for the <br>
      Year </font></td>
    <td><b></b></td>
    <td><b></b></td>
    <td valign=bottom><font size="1">Cumulative <br>
      Translation <br>
      Adjustment </font></td>
    <td valign=bottom><b></b></td>
    <td><b></b></td>
    <td><font size="1">Cumulative <br>
      Result of <br>
      Holding Non- <br>
      Monetary <br>
      Assets </font></td>
    <td><b></b></td>
    <td><b></b></td>
    <td><font size="1">Total <br>
      Stock- <br>
      holders&#146; <br>
      Equity </font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Consolidated Balances <br>
      &nbsp;&nbsp;at December 31, 1999</font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">2,369,560</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">1,667,130</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">4,002,913</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">1,017,684</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td valign=bottom align="right"> <font size="1">(1,149,734)</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">(2,721,187)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">5,186,366</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="2" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Transfer of income of <br>
      &nbsp;&nbsp;prior year</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">1,017,684</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(1,017,684)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">&#151;</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Dividends paid</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(260,348)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(260,348)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Initial effect of deferred <br>
      &nbsp;&nbsp; income taxes</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(757,720)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(757,720)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Comprehensive income</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">1,358,318</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> <font size="1">(72,179)</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(38,824)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">1,247,315</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Consolidated Balances <br>
      &nbsp;&nbsp; at December 31, 2000</font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">2,369,560</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">1,667,130</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">4,002,529</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">1,358,318</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td valign=bottom align="right"> <font size="1">(1,221,913)</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">(2,760,011)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">5,415,613</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="2" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Transfer of income of <br>
      &nbsp;&nbsp; prior year</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">1,358,318</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(1,358,318)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">&#151;</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Dividends paid</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(318,781)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(318,781)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Comprehensive income</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">2,202,334</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> <font size="1">719,556</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(338,719)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">2,583,171</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Consolidated Balances <br>
      &nbsp;&nbsp; at December 31, 2001</font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">2,369,560</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">1,667,130</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">5,042,066</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">2,202,334</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td valign=bottom align="right"> <font size="1">(502,357)</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">(3,098,730)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> <font size="1">Ps.</font></td>
    <td align="right"> <font size="1">7,680,003</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="2" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Transfer of income of <br>
      &nbsp;&nbsp; prior year</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"></td>
    <td> </td>
    <td align="right"> <font size="1">2,202,334</font></td>
    <td align="right">&nbsp;</td>
    <td> </td>
    <td align="right"> <font size="1">(2,202,334)</font></td>
    <td align="right">&nbsp;</td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"></td>
    <td> </td>
    <td align="right"> <font size="1">&#151;</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Dividends paid</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(584,978)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> </td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(584,978)</font></td>
  </tr>
  <tr valign="bottom">
    <td> <font size="1">Comprehensive income</font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> </td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">2,564,218</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td valign=bottom align="right"> <font size="1">(455,349)</font></td>
    <td valign=bottom align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">(80,017)</font></td>
    <td align="right"><font size="1"></font></td>
    <td> </td>
    <td align="right"> <font size="1">2,028,852</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="1" width="100%" noshade align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td> <b><font size="1">Consolidated Balances <br>
      &nbsp;&nbsp;at December 31, 2002</font></b></td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">2,369,560</font></b></td>
    <td align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">1,667,130</font></b></td>
    <td align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">6,659,422</font></b></td>
    <td align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">2,564,218</font></b></td>
    <td align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td valign=bottom align="right"> <b><font size="1">(957,706)</font></b></td>
    <td valign=bottom align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">(3,178,747)</font></b></td>
    <td align="right">&nbsp;</td>
    <td> <b><font size="1">Ps.</font></b></td>
    <td align="right"> <b><font size="1">9,123,877</font></b></td>
  </tr>
  <tr valign="bottom">
    <td colspan="21">
      <hr size="2" width="100%" noshade align="left">
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The accompanying notes are an integral part of
these consolidated statements of  changes in stockholders&#146; equity.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-6 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;










<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 7; page: 7" -->



<p><table width=600><tr><td><font size=2><B>Coca-Cola FEMSA, S.A. de C.V. and Subsidiaries</B></font></td></tr></table>
<table width=600><tr><td><FONT SIZE="3"><I>Notes to the Consolidated Financial Statements</I></FONT></td></tr></table>
<table width=600><tr>
    <TD ALIGN="LEFT"><FONT SIZE="2"><I><font size="1">For the years ended December
      31, 2002, 2001 and 2000.</font></I><font size="1"><BR>
      Amounts expressed in thousands of U.S. Dollars ($) and constant Mexican
      Pesos (Ps.) as of December 31, 2002. </font></FONT>
      <hr noshade size="2">
    </td>
  </tr></table>


<p><table width=600><tr><td><font size=2><B>Note 1.  Activities of the Company</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Coca-Cola  FEMSA,  S.A. de C.V.  (&#147;Coca-Cola
FEMSA&#148;) is a Mexican  corporation  whose main  activity is the  acquisition,
holding and  transferring of all types of bonds, capital stock, shares and marketable
securities.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Coca-Cola FEMSA is an association  between
Fomento Economico  Mexicano,  S.A de C.V. (FEMSA),  which indirectly owns 51% of the
capital  stock,  and The Coca-Cola  Company that  indirectly  owns 30% of the capital
stock.  The remaining 19% of the shares are quoted on the  Bolsa Mexicana de Valores,
S.A. de C.V. (BMV: KOFL) and the New York Stock Exchange, Inc. (NYSE: KOF).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Coca-Cola FEMSA and its subsidiaries (&#147;the
Company&#148;), as an economic unit, are  engaged in the production, distribution and
marketing of certain Coca-Cola  trademark beverages in two territories in Mexico and one
territory in Argentina.  The Valley of Mexico territory includes all of Mexico City and a
substantial  portion of the state of Mexico. The Southeastern Mexican territory covers
the  states of Tabasco, Chiapas and contiguous portions of the state of Oaxaca and  the
southern portion of the state of Veracruz. The Argentine territory includes  Buenos Aires
City and a substantial portion of the Gran Buenos Aires area.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>On November 5, 2001, the Company entered into a
franchise agreement with FEMSA  for the production, distribution and sale of the Mundet
brand beverages  throughout the territories where the Company operates.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 2.  Basis of Presentation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The consolidated financial statements of the
Company are prepared in accordance  with accounting principles generally accepted in
Mexico (&#147;Mexican GAAP&#148;), which  differ in certain significant respects from
accounting principles generally  accepted in the United States of America (&#147;US GAAP&#148;)
as further explained in  Note 22. A reconciliation from Mexican GAAP to US GAAP is
included in Note 23.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The consolidated financial statements are stated
in thousands of Mexican pesos  (&#147;Ps&#148;). The translations of Mexican pesos into
US dollars (&#147;$&#148;) are included  solely for the convenience of the reader, using
the exchange rate as of December  31, 2002 of Ps. 10.459 Mexican pesos to one US dollar.
Such convenience  translations should not be construed as representations that the
Mexican peso  accounts have been, could have been, or could in the future be, converted
into  US dollars at this or any other exchange rate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The consolidated financial statements include
the financial statements of  Coca-Cola FEMSA and those of all companies in which it owns
directly a majority  of the outstanding capital stock and/or exercises control. All
intercompany  balances and transactions have been eliminated in such consolidation.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The subsidiaries of Coca-Cola FEMSA are:</font></td></tr></table>



<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size=2><b>Valley of Mexico:</b></font>
      <hr noshade size="1">
      <font size="2">Propimex, S.A. de C.V.</font> <font size="2">Refrescos y
      Aguas Minerales, S.A. de C.V. <br>
      Refrescos y Aguas Minerales, S.A. de C.V.<br>
      Administracion y Asesoria Integral, S.A. de C.V.</font> </td>
  </tr></table>
<p>
<p>
<table width=601>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=560><FONT SIZE="2"><B>Southeastern Mexico:</B></FONT>
      <hr noshade size="1">
      <font size=2>Inmuebles del Golfo, S.A. de C.V.</font> </td>
  </tr></table>
<p>
<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>Argentina:</B></FONT>
      <hr noshade size="1">
      <FONT SIZE="2">Coca-Cola FEMSA de Buenos Aires S.A.</FONT></td>
  </tr></table>
<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-7 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Note 3.  Foreign Subsidiary Incorporation</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The accounting records of the foreign
subsidiaries are maintained in the  currency of the country where they are located.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The financial statements of the foreign
subsidiaries are restated to the  purchasing power of the local currency at the end of
the year applying the  inflation rate of the country of origin and are subsequently
translated into  Mexican pesos using the year-end exchange rate for their inclusion in
the  consolidated financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The variation in a net investment in foreign
subsidiaries generated by exchange  rate fluctuations is included in the cumulative
translation adjustment and is  recorded directly in stockholders&#146; equity.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The foreign exchange gain or loss generated from
the financing obtained to  acquire foreign subsidiaries, net of the related tax effect,
is included in the  cumulative translation adjustment, since the net investment in the
foreign  subsidiary is considered to be an economic hedge of such debt. Although, if the
financing obtained is higher than the investment made to acquire the foreign  subsidiary,
the foreign exchange gain or loss of the difference between that  financing and the
economic hedge is recorded in the results of the year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The gain or loss on monetary position resulting
from the financing designated to  an economic hedge is computed using the inflation rate
of the country in which  the acquired subsidiary is located, because it is considered an
integral part of  the investment in such subsidiary, and is included in the integral
result of  financing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The goodwill resulting from the acquisition of
foreign subsidiaries is  maintained in the functional currency of the foreign subsidiary,
since such  investment will be recovered in such currency, and is restated applying the
inflation factor of the country of origin and using the year-end exchange rate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In December 2001, the Argentine government
adopted a series of economic  measures, the most important of which consisted of
restrictions on cash  withdrawals and foreign exchange transactions. On January 6, 2002,
the Argentine  government published the Economic Emergency Law that will be in effect
through  December 10, 2003. This law grants powers to the government to establish the
system that will determine the exchange rate of the Argentine peso with respect  to
foreign currencies and to establish foreign exchange regulations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Due to the instability of the Argentine economy
and the devaluation of the  Argentine peso, the Company has recognized a loss in the
value of its investment  in Coca-Cola FEMSA de Buenos Aires, S.A. (&#147;Coca-Cola FEMSA
de Buenos Aires&#148;). As  of December 31, 2002, this situation continues, and the
losses accumulated in  stockholders&#146; equity generated by the Argentine peso
devaluation amount to Ps.  1,538,745.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Additionally, as a result of the continuing
difficult economic situation in  Argentina, the uncertainty with respect to the period of
recovery and the  instability of the exchange rate, on July 1, 2002 the Company
determined the  value of Coca-Cola FEMSA de Buenos Aires based on price market value
multiples  of comparable businesses resulting in the recognition of an impairment of
goodwill generated by the acquisition in the amount of Ps. 401,823, which was  recognized
in other expenses in the results of the year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>As a result, the net investment in Coca-Cola
FEMSA de Buenos Aires is no longer  considered to be an economic hedge of the liabilities
denominated in US dollars  incurred to acquire Coca-Cola FEMSA de Buenos Aires.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 4.  Significant Accounting Policies</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company&#146;s accounting policies are in
accordance with Mexican GAAP, which  require that the Company&#146;s management make
certain estimates and use certain  assumptions to determine the valuation of various
items included in the  consolidated financial statements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company&#146;s management believes that the
estimates and assumptions used were  appropriate as of the date of these consolidated
financial statements.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-8 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>The significant accounting policies are as
follows:</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a)</b></font></td>
    <td width=570><font size=2><b>Recognition of the Effects of Inflation:</b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>The recognition of the effects of inflation in
      the financial information consists of:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=91%><font size=2>Restating nonmonetary assets such as inventories
      and fixed assets, including related costs and expenses when such assets
      are consumed or depreciated.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=91%><font size=2>Restating capital stock, additional paid-in capital
      and retained earnings by the amount necessary to maintain the purchasing
      power equivalent in Mexican pesos on the dates such capital was contributed
      or income was generated through the use of factors derived from the National
      Consumer Price Index (&#147;NCPI&#148;).</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=5%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=91%><font size=2>Including in stockholders&#146; equity the cumulative
      effect of holding nonmonetary assets, which is the net difference between
      changes in the replacement cost of nonmonetary assets and adjustments based
      upon NCPI factors.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
restates its consolidated financial statements in terms of the  purchasing power of the
Mexican peso as of the dated of the most recent  balance sheet presented by using NCPI
factors for Mexican subsidiaries,  and by using for foreign subsidiaries the inflation
rate plus the latest  year-end exchange rate of the country in which the foreign
subsidiary is  located.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
restates its income statement using NCPI factors determined  from the month in which the
transaction occurred to the most recent  balance sheet date.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Financial
information for the Mexican subsidiaries for prior years was  restated using NCPI
factors. Financial information for foreign  subsidiaries and affiliated companies
included in the consolidated  financial statements was restated using the inflation rate
of the country  in which the foreign subsidiary or affiliated company is located and then
translated at the year-end exchange rate of the Mexican peso (see Note 3).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Accordingly,
the amounts presented are comparable with each other and with  the preceding years since
all are expressed in the purchasing power of the  respective currencies as of the end of
the latest year presented.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b)</b></font></td>
    <td width=570><font size=2><b>Cash and Cash Equivalents:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Cash consists
of non-interest bearing bank deposits. Cash equivalents  consist principally of
short-term bank deposits and fixed-rate investments  with banks and brokerage houses
valued at quoted market prices.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>c)</b></font></td>
    <td width=570><font size=2><b>Inventories and Cost of Sales:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The value of
inventories is adjusted to replacement cost, without  exceeding market value. Cost of
sales is determined based on replacement  cost at the time of sale. Advances to suppliers
to purchase raw materials  and spare parts are included in the inventory account and are
restated by  applying NCPI inflation factors, considering their average age.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>d)</b></font></td>
    <td width=570><font size=2><b>Prepaid Expenses:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>These
represent payments for services that will be received over the next  12 months. Prepaid
expenses are recorded at historical cost and are  recognized in the income statement in
the month in which the services or  benefits are received. Prepaid expenses are
principally represented by  advertising, leasing and promotional expenses.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Advertising
costs consist of television and radio advertising airtime paid  in advance, which are
generally amortized over a 12-month period based on  the transmission of the television
and radio spots. The related production  costs are recognized in the results of
operations the first time the  advertising takes place.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Promotional
costs are expensed as incurred, except for those promotional  costs related to the
launching of new products or presentations. Those  costs are recorded as prepaid expenses
and amortized over the year, during  which they are estimated to increase sales of the
related products or  presentations to normal operating levels, which is generally one
year (see  Note 7).</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-9 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>e)</b></font></td>
    <td width=570><font size=2><b>Property, Plant and Equipment:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Are initially
recorded at their acquisition and/or construction cost.  Property, plant and equipment of
domestic origin, except bottles and cases  (see Note 4 g), are restated by applying NCPI
inflation factors. Imported  equipment is restated by applying the inflation rate of the
country of  origin, and then translated at the year-end exchange rate.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Depreciation
of property, plant and equipment is computed using the  straight-line method based on the
value of the assets reduced by their  residual values. Depreciation rates are determined
by the Company together  with independent appraisers, considering the estimated remaining
useful  lives of the assets.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The annual
average depreciation rates of property, plant and equipment are  as follows:</font></td></tr></table>



<br>
<table cellpadding="0" cellspacing="0" border="0" width="600">
  <tr valign="bottom">
    <td width="112">&nbsp; </td>
    <td colspan="3">
      <hr noshade width="100%" size="1">
    </td>
    <td width="143">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="112"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="261">
      <p ><font size="2"></font></p>
    </td>
    <td align="right" width="71">
      <p ><font size="2"> %&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td width="13">&nbsp;&nbsp;&nbsp;</td>
    <td width="143"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td width="112">&nbsp; </td>
    <td colspan="3">
      <hr noshade width="100%" size="1">
    </td>
    <td width="143">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="112"><font size="2"></font></td>
    <td width="261">
      <p ><font size="2">&nbsp;&nbsp;Building and construction</font></p>
    </td>
    <td align="right" width="71">
      <p ><font size="2">2.2</font></p>
    </td>
    <td width="13">&nbsp;</td>
    <td width="143"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="112"><font size="2"></font></td>
    <td width="261">
      <p ><font size="2">&nbsp;&nbsp;Machinery and equipment</font></p>
    </td>
    <td align="right" width="71">
      <p ><font size="2">5.1</font></p>
    </td>
    <td width="13">&nbsp;</td>
    <td width="143"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="112"><font size="2"></font></td>
    <td width="261">
      <p ><font size="2">&nbsp;&nbsp;Distribution equipment</font></p>
    </td>
    <td align="right" width="71">
      <p ><font size="2">7.1</font></p>
    </td>
    <td width="13">&nbsp;</td>
    <td width="143"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="112"><font size="2"></font></td>
    <td width="261">
      <p ><font size="2">&nbsp;&nbsp;Other equipment</font></p>
    </td>
    <td align="right" width="71">
      <p ><font size="2">12.4</font></p>
    </td>
    <td width="13">&nbsp;</td>
    <td width="143"><font size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td width="112">&nbsp; </td>
    <td colspan="3">
      <hr noshade width="100%" size="1">
    </td>
    <td width="143">&nbsp;</td>
  </tr>
</table>
<p>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The main types
of machinery and equipment include: bottling production  lines, conveyors, packaging
equipment, laboratory equipment, as well as  storage and container equipment.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>g)</b></font></td>
    <td width=570><font size=2><b>Bottles and Cases:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Bottles and
cases are recorded at acquisition cost and restated to their  replacement cost. The
Company classifies bottles and cases as property,  plant and equipment.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Depreciation
is computed only for tax purposes using the straight-line  method at a rate of 10% per
year. For financial reporting purposes,  breakage is recorded as an expense as it is
incurred. The Company  estimates that breakage expense is similar to the depreciation
calculated  based on an estimated average useful life of approximately four years for
returnable glass bottles, four years for returnable cases and one year for  returnable
plastic bottles. For the years ended December 31, 2002, 2001  and 2000, breakage expense
amounted to Ps. 192,074, Ps. 198,837 and Ps.  279,059, respectively. Bottles and cases in
circulation, which have been  placed in the hands of customers, are presented net of
deposits received  from customers, and the difference between the cost of these assets
and  the deposits received is amortized according to their useful lives.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>h)</b></font></td>
    <td width=570><font size=2><b>Investments in Shares:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The
investments in shares of affiliated companies are initially recorded  at their
acquisition cost and subsequently valued using the equity method.  Investments in
affiliated companies in which the Company does not have  significant influence are
recorded at cost and restated based upon NCPI  factors.</font></td></tr></table>


<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>i)</b></font></td>
    <td width=570><font size=2><b>Deferred Charges:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Represent
payments whose benefits will be received in future year. These  consist principally of:</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Investment in refrigerators, which are placed in
      the market to showcase and promote the Company&#146;s products. These are
      amortized over their estimated useful life of three years. The amortization
      for the years ended December 31, 2002, 2001 and 2000 recognized in selling
      expenses amounted to Ps. 160,746, Ps. 109,673 and Ps. 126,490, respectively.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Agreements with customers for the right to sell
      and promote the Company&#146;s products during certain periods of time,
      which are being considered as monetary assets and amortized in accordance
      with the timing of the receipt by the Company of such benefits, the average
      term of which is of five years. The amortization for the years ended December
      31, 2002, 2001 and 2000 recognized in selling expenses amounted to Ps. 20,135,
      Ps. 25,083 and Ps. 26,224, respectively.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Leasehold improvements, which are restated by applying
      NCPI factors, considering their average age, are amortized using the straight-line
      method over the term in which the benefits are expected to be received.</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>j)</b></font></td>
    <td width=570><font size=2><b>Goodwill:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Represents the
difference between the price paid and the book value of the  shares and / or assets
acquired, which is substantially equal to the fair  value of such assets. Goodwill is
amortized over a period of no more than  20 years. </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-10 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Goodwill is
recorded in the functional currency of the  subsidiary in which the investment was made
and is restated by applying  the inflation rate of the country of origin and the year-end
exchange  rate.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>k) </b></font></td>
    <td width=570><font size=2><b>Payments from The Coca-Cola Company:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Coca-Cola
Company participates in the advertising and promotional  programs of the Company. The
resources received for advertising and  promotional incentives are included as a
reduction of selling expenses.  The net expenses incurred were Ps. 714,840, Ps. 692,619
and Ps. 707,252,  during the years ended December 31, 2002, 2001 and 2000, respectively.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In addition,
The Coca-Cola Company has made payments in connection with  Coca-Cola FEMSA&#146;s
refrigeration equipment investment program. These  resources are related to the increase
in volume sales of Coca-Cola  products that result from such expenditures and will be
reimbursed if the  established conditions in the contracts are not met. The refrigeration
equipment is recorded in &#147;Deferred Charges&#148; net of the participation of  The
Coca-Cola Company.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>l) </b></font></td>
    <td width=570><font size=2><b>Labor Liabilities:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Labor
liabilities include obligations for pension and retirement plan and  seniority premiums
based on actuarial calculations by independent  actuaries, using the projected unit
credit method. These liabilities are  considered to be nonmonetary, and are restated
using NCPI factors, with  such restatement presented in stockholders&#146; equity. The
increase in labor  liabilities of the year is charged to expense in the income statement
(see  Note 13).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The
unamortized prior service costs of the pension and retirement plan,  and seniority
premium are recorded as expenses in the income statement,  and are amortized over the
estimated 14-year period during which the  employees will receive the benefits of the
plan, beginning in 1996.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The
subsidiaries of the Company (except Coca-Cola FEMSA de Buenos Aires)  have established
funds for the payment of pension benefits through  irrevocable trusts with the employees
as beneficiaries.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Severance
indemnities are charged to expenses on the date that they are  incurred. The severance
payments resulting from the Company&#146;s reduction of  personnel, as a result of the
restructuring of certain areas, are included  in other expenses, net. During the years
ended December 31, 2002, 2001 and  2000, these amounted to Ps. 63,175, Ps. 25,992 and Ps.
32,170,  respectively.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>m) </b></font></td>
    <td width=570><font size=2><b>Revenue Recognition and Operating Costs and
      Expenses:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Revenue is
recognized upon shipment of goods to customers or upon delivery  to the customer and the
customer has taken ownership of the goods. Net  sales reflect units delivered at selling
list prices reduced by promotion  allowances and discounts. The Company&#146;s revenue
transactions with  discounts from regular prices are very limited. Therefore, no
allowance  for sales discounts is recorded.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Cost of sales
includes expenses related to raw materials used in the  production process, including but
not limited to the following:  concentrate, sweeteners, cans, glass and plastic
nonreturnable bottles,  crowns and plastic caps, as well as related inbound freight
costs. Cost of  sales also includes labor (wages and other benefits), depreciation of
production facilities and equipment and other costs including fuel,  electricity,
breakage of returnable bottles in the production process,  equipment maintenance,
inspection, and inter and intra- plant transfer  costs.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Administrative
expenses include labor costs (salaries and other benefits)  for employees not directly
involved in the sale of the Company&#146;s products,  professional services fees,
depreciation of offices facilities and  amortization of capitalized software costs.</font></td></tr></table>


<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Selling
expenses include:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Distribution: labor costs (salaries and other benefits),
      outbound freight costs, warehousing costs of finished products, breakage
      for returnable bottles in the distribution process, depreciation and maintenance
      of trucks and other distribution facilities and equipment. During the years
      ended December 31, 2002, 2001 and 2000, these distribution costs amounted
      to Ps. 1,990,751, Ps. 2,112,767 and Ps. 2,186,291, respectively.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Sales: labor costs (salaries and other benefits)
      and sales commission paid to sales personnel.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=6%></td>
    <td width=2% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Marketing: labor costs (salaries and other benefits),
      promotions and advertising costs.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-11 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>n)</b></font></td>
    <td width=570><font size=2><b> Income Tax, Tax on Assets and Employee Profit
      Sharing:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
determines and records its income tax (&#147;ISR&#148;), tax on assets  (&#147;IMPAC&#148;)
and employee profit sharing (&#147;PTU&#148;) in accordance with the tax  legislation and
revised Bulletin D-4, &#147;Tratamiento Contable del Impuesto  Sobre la Renta, del
Impuesto al Activo y la Participacion de los  Trabajadores en las Utilidades&#148; (Accounting
for Income Tax, Tax on Assets  and Employee Profit Sharing), which requires that deferred
tax assets and  liabilities be recorded for all temporary differences between the
accounting and tax bases of assets and liabilities.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The balance of
deferred income tax and deferred tax on assets is  determined using the liability method,
which takes into account all  temporary differences between the accounting and tax bases
of assets and  liabilities. Deferred employee profit sharing is calculated considering
only those temporary differences that arise from the reconciliation  between the
accounting income for the year and the bases for employee  profit sharing, that are
expected to generate a benefit or liability.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The balance of
deferred taxes is comprised of monetary and nonmonetary  items, based on the temporary
differences from which it is derived.  Deferred taxes are classified as a long-term asset
or liability,  regardless of when the temporary differences are expected to reverse.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The deferred
tax provision for the year to be included in the results of  operations is determined by
comparing the deferred tax balance at end of  the year to the balance at the beginning of
the year, excluding from both  balances any temporary differences that are recorded
directly in  stockholders&#146; equity. The deferred taxes related to such temporary
differences are recorded in the same stockholders&#146; equity account. The  initial
effect of the application of this new bulletin as of January 1,  2000 was recorded in
retained earnings (see Note 19 d).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Each
subsidiary determines and records its taxes as if it had filed  separately based on the
tax incurred during the year, in accordance with  tax legislation. Therefore, the income
tax provision reflected in the  consolidated financial statements represents the sum of
the provision for  the subsidiaries and Coca-Cola FEMSA.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>FEMSA has
received authorization from the Secretaria de Hacienda y Credito  Publico (&#147;SHCP&#148;)
to prepare its income tax and tax on asset returns on a  consolidated basis, which
includes the proportional taxable income or loss  of its Mexican subsidiaries, which is
60% of the stockholders&#146; participation.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>o)</b></font></td>
    <td width=570><font size=2><b> Integral Cost of Financing: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The integral
cost of financing includes:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Interest:<BR>
Interest income and expenses are recorded when earned or incurred,  respectively.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Foreign
Exchange Gains and Losses:<BR>
Transactions in foreign currency are recorded in Mexican
pesos using the  exchange rate applicable on the date they occur. Assets and liabilities
in  foreign currencies are adjusted to the year-end exchange rate, recording  the
resulting foreign exchange gain or loss directly in the income  statement, except for the
foreign exchange gain or loss from financing  obtained for the acquisition of foreign
subsidiaries (see Note 3).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Gain (Loss) on
Monetary Position:<BR>
This is the result of the effects of inflation on monetary items. The
gain  (loss) on monetary position for Mexican subsidiaries is computed by  applying NCPI
factors to the net monetary position at the beginning of  each month, excluding the
financing contracted for the acquisition of  foreign companies (see Note 3).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The gain
(loss) on monetary position of foreign subsidiaries is computed  by applying the monthly
inflation rate of the country in which such  subsidiary is located to the net monetary
position at the beginning of  each month, expressed in such country&#146;s local
currency, then translating  the monthly results into Mexican pesos using the year-end
exchange rate,  except as mentioned in Note 3.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>p) </b></font></td>
    <td width=570><font size=2><b>Financial Instruments:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
contracts financial instruments to manage the financial risks  associated with its
operations. If the instrument is used to manage the  risk related with the Company&#146;s
operations, the effect is recorded in cost  of sales and in operating expenses, interest
expense or in the foreign  exchange loss (gain), depending on the related contract.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-12 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 13; page: 13" -->



<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Prior to 2001,
the Company recorded in the result of the year the effect  of financial instruments at
their maturity date except for foreign  exchange options, for which the premium paid was
amortized throughout the  life of the contract.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Beginning in
January 2001, Bulletin C-2, &#147;Instrumentos Financieros&#148; (Financial Instruments),
went into effect, which requires an enterprise to  record all financial instruments in
the balance sheet as assets or  liabilities. The bulletin requires that financial
instruments entered into  for hedging purposes be valued using the same valuation
criteria applied  to the hedged asset or liability.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Additionally,
financial instruments entered into for purposes other than  hedging the operations of the
Company should be valued at fair market  value. The difference between the financial
instrument&#146;s initial value and  fair market value should be recorded in the income
statement at the end of  the year. The initial effect of this bulletin is included in net
income of  2001, net of taxes, as a change in accounting principle, which amount to  Ps.
28,972.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>q) </b></font></td>
    <td width=570><font size=2><b>Cumulative Result of Holding Nonmonetary Assets:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>This
represents the sum of the differences between book values and  restatement values, as
determined by applying NCPI factors to nonmonetary  assets such as inventories and fixed
assets, and their effect on the  income statement when the assets are consumed or
depreciated.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>r) </b></font></td>
    <td width=570><font size=2><b>Comprehensive Income:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Comprehensive
income is comprised of the net income and other  comprehensive income items such as the
translation adjustment and the  result of holding nonmonetary assets and is presented in
the consolidated  statement of changes in stockholders&#146; equity.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>s) </b></font></td>
    <td width=570><font size=2><b>Valuation of Goodwill and Long-Lived Assets:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
reviews the carrying value of its goodwill and long-lived  assets for impairment whenever
events or changes in circumstances indicate  that the carrying amount of an asset may not
be recoverable. In order to  determine whether an impairment exists, management compares
estimated  future cash flows to be generated by those assets with their carrying  value.
If such assets are considered to be impaired, the impairment charge  to be recognized in
net income is measured by the amount by which the  carrying amount exceeds their fair
value.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 5.  Other Accounts Receivable.</B></font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302>&nbsp; </td>
    <td width=75 align="center">&nbsp; </td>
    <td align="right" width=75> <font size="2"><b>2002</b></font></td>
    <td align="center" width=75> <font size="2"> </font></td>
    <td align="right" width=75> <font size="2"><b> 2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">The Coca-Cola Company</font></td>
    <td width=75 align="right"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=75> <b><font size="2">113,753</font></b></td>
    <td align="right" width=75> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">140,186</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Alpla, S.A. de C.V.</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">41,787</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">141,782</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Arteva, S.A. de C.V.</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">2,249</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">9,053</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Advances to employees</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">11,517</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Insurance claims</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">3,066</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">4,412</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Loans to employees</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">186</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">4,616</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Guarantee deposits</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">4,788</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">3,049</font></td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302> <font size="2">Other</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <b><font size="2">25,068</font></b></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">24,569</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=9>&nbsp;</td>
    <td width=302>&nbsp; </td>
    <td width=75 align="right"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=75> <b><font size="2">202,414</font></b></td>
    <td align="right" width=75> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">327,667</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="2">
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2>The changes in the allowance for doubtful
accounts are as follows:</font></td></tr></table>




<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="2">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;&nbsp;</td>
    <td width=290>&nbsp; </td>
    <td width=75 align="center">&nbsp; </td>
    <td align="right" width=75> <font size="2"><b> 2002</b></font></td>
    <td align="center" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2"><b> 2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;</td>
    <td width=290> <font size="2">Balance at the beginning of the year</font></td>
    <td width=75 align="right"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=75> <font size="2"> 9,380</font></td>
    <td align="right" width=75> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">13,932</font></td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;</td>
    <td width=290> <font size="2">Provision for the year</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <font size="2">18,074</font></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">19,650</font></td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;</td>
    <td width=290> <font size="2">Write-offs</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <font size="2">(14,849)</font></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">(23,458)</font></td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;</td>
    <td width=290> <font size="2">Restatement of initial balance</font></td>
    <td width=75 align="right">&nbsp; </td>
    <td align="right" width=75> <font size="2">(1,580)</font></td>
    <td align="right" width=75>&nbsp; </td>
    <td align="right" width=75> <font size="2">(744)</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="1">
    </td>
  </tr>
  <tr valign="bottom">
    <td width=10>&nbsp;</td>
    <td width=290> <font size="2">Balance at the end of the year</font></td>
    <td width=75 align="right"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=75> <font size="2">11,025</font></td>
    <td align="right" width=75> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">9,380</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr noshade width="100%" size="2">
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-13 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Note 6.  Inventories.</B></font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;&nbsp;</td>
    <td> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <b><font size="2">2002</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Finished products</font></td>
    <td width="70" align="right"> <b><font size="2">Ps.</font></b></td>
    <td width="70" align="right"> <b><font size="2">205,909</font></b></td>
    <td width="70" align="right"> <font size="2">Ps.</font></td>
    <td width="70" align="right"> <font size="2">192,825</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Raw materials</font></td>
    <td width="70" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width="70" align="right"> <b><font size="2">240,640</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">251,047</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Spare parts</font></td>
    <td width="70" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width="70" align="right"> <b><font size="2">76,804</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">80,216</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Advances to suppliers</font></td>
    <td width="70" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width="70" align="right"> <b><font size="2">217,782</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">45,897</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Work-in-process</font></td>
    <td width="70" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width="70" align="right"> <b><font size="2">1,294</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">898</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Advertising and promotional materials</font></td>
    <td width="70" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width="70" align="right"> <b><font size="2">4,357</font></b></td>
    <td width="70" align="right"> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <font size="2">5,642</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">&nbsp;</font></td>
    <td width="70" align="right"> <b><font size="2">Ps.</font></b></td>
    <td width="70" align="right"> <b><font size="2">746,786</font></b></td>
    <td width="70" align="right"> <font size="2">Ps.</font></td>
    <td width="70" align="right"> <font size="2">576,525</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2><B>Note 7.  Prepaid Expenses.</B></font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td align="right" width=70> <font size="2">&nbsp;</font></td>
    <td align="right" width=70> <font size="2"><b>2002</b></font></td>
    <td align="right" width=70> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=75> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Advertising</font></td>
    <td align="right" width=70> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width=70> <font size="2"><b>48,612</b></font></td>
    <td align="right" width=70> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">14,869</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Insurance</font></td>
    <td align="right" width=70> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=70> <font size="2"><b>1,964</b></font></td>
    <td align="right" width=70> <font size="2">&nbsp;</font></td>
    <td align="right" width=75> <font size="2">3,081</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Other</font></td>
    <td align="right" width=70> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width=70> <font size="2"><b>20,418</b></font></td>
    <td align="right" width=70> <font size="2">&nbsp;</font></td>
    <td align="right" width=75> <font size="2">10,428</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">&nbsp;</font></td>
    <td align="right" width=70> <font size="2"><b>Ps.</b></font></td>
    <td align="right" width=70> <font size="2"><b>70,994</b></font></td>
    <td align="right" width=70> <font size="2">Ps.</font></td>
    <td align="right" width=75> <font size="2">28,378</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The
advertising and promotional expenses recorded in the income statement  for the years
ended December 31, 2002, 2001 and 2000 are as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="8">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td><font size="2">&nbsp;</font></td>
    <td>&nbsp; </td>
    <td align="right" width="60"> <font size="2">&nbsp;</font></td>
    <td align="right" width="60"> <font size="2"><b>2002</b></font></td>
    <td align="right" width="60"> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width="60"> <font size="2"><b>2001</b></font></td>
    <td align="right" width="60"> <font size="2"><b>&nbsp;</b></font></td>
    <td align="right" width="60"> <font size="2"><b>2000</b></font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Advertising</font></td>
    <td align="right" width="60"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width="60"> <b><font size="2">490,927</font></b></td>
    <td align="right" width="60"> <font size="2">Ps.</font></td>
    <td align="right" width="60"> <font size="2">497,071</font></td>
    <td align="right" width="60"> <font size="2">Ps.</font></td>
    <td align="right" width="60"> <font size="2">616,584</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Promotional expenses</font></td>
    <td align="right" width="60"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="60"> <b><font size="2">121,498</font></b></td>
    <td align="right" width="60"> <font size="2">&nbsp;</font></td>
    <td align="right" width="60"> <font size="2">104,751</font></td>
    <td align="right" width="60"> <font size="2">&nbsp;</font></td>
    <td align="right" width="60"> <font size="2">114,099</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="8">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2><B>Note 8.  Investments in Shares.</B></font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td colspan="13">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom><font size="2"><b>Company</b></font></td>
    <td colspan=2 valign=bottom width=65 align="center"><font size="2"><b>Ownership</b></font></td>
    <td colspan=2 valign=bottom width=65 align="center">&nbsp;</td>
    <td colspan=2 valign=bottom width=65 align="right"><font size="2"><b>2002</b></font></td>
    <td colspan=2 valign=bottom width=65 align="center">&nbsp;</td>
    <td colspan=2 valign=bottom width=65 align="right"><font size="2"><b>2001</b></font></td>
  </tr>
  <tr>
    <td colspan="13">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">Coca-Cola FEMSA:</font></td>
    <td colspan=2 valign=bottom width=65> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">&nbsp;&nbsp;&nbsp;Industria Envasadora
      de <br>
      &nbsp;&nbsp;&nbsp;Quer&#233;taro, S.A. de C.V. (&#147;IEQSA&#148;) </font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">&nbsp;19.60%</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>Ps.</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>67,643</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">Ps.</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">62,313</font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">Coca-Cola FEMSA de Buenos Aires:
      </font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>&nbsp;</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>&nbsp;</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">&nbsp;&nbsp;&nbsp;Complejo Industrial
      Can, S.A. <br>
      &nbsp;&nbsp;&nbsp;(&#147;CICAN&#148;) </font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">48.10%</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>&nbsp;</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>46,417</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">63,923</font></td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">Other</font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">Various</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>&nbsp;</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>1,881</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">1,808</font></td>
  </tr>
  <tr>
    <td colspan="13">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr>
    <td>&nbsp; </td>
    <td colspan=2 valign=bottom> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="center"> <font size="2">&nbsp;</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>Ps.</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2"><b>115,941</b></font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">Ps.</font></td>
    <td colspan=2 valign=bottom width=65 align="right"> <font size="2">128,044</font></td>
  </tr>
  <tr>
    <td colspan="13">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2><B>Note 9.  Property, Plant and Equipment.</B></font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">&nbsp;</font></td>
    <td align="center" width="75"> <font size="2">&nbsp;</font></td>
    <td align="right" width="75"> <b><font size="2">2002</font></b></td>
    <td align="center" width="75"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="75"> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Land</font></td>
    <td align="right" width="70"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width="70"> <b><font size="2">771,104</font></b></td>
    <td align="right" width="70"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">757,171</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Buildings</font></td>
    <td align="right" width="70"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="70"> <b><font size="2">2,469,411</font></b></td>
    <td align="right" width="70"> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <font size="2">2,355,133</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Machinery and equipment</font></td>
    <td align="right" width="70"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="70"> <b><font size="2">6,196,478</font></b></td>
    <td align="right" width="70"> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <font size="2">5,645,105</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Accumulated depreciation</font></td>
    <td align="right" width="70"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="70"> <b><font size="2">(3,112,760)</font></b></td>
    <td align="right" width="70"> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <font size="2">(2,637,529)</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Construction in progress</font></td>
    <td align="right" width="70"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="70"> <b><font size="2">360,655</font></b></td>
    <td align="right" width="70"> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <font size="2">305,520</font></td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">Bottles and cases</font></td>
    <td align="right" width="70"> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width="70"> <b><font size="2">284,218</font></b></td>
    <td align="right" width="70"> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <font size="2">212,308</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="1" noshade width="100%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td> <font size="2">&nbsp;</font></td>
    <td align="right" width="70"> <b><font size="2">Ps.</font></b></td>
    <td align="right" width="70"> <b><font size="2">6,969,106</font></b></td>
    <td align="right" width="70"> <font size="2">Ps.</font></td>
    <td align="right" width="70"> <font size="2">6,637,708</font></td>
  </tr>
  <tr valign="bottom">
    <td colspan="6">
      <hr size="2" noshade width="100%">
    </td>
  </tr>
</table>
<p>
<table width=600><tr>
    <td><font size=2>The Company has identified fixed assets consisting mainly
      of land, buildings and equipment for disposal, in accordance with an approved
      program for the disposal of certain investments, which at December 31, 2001
      amounted to Ps. 25,225 (nominal value). Such assets are not in use and have
      been valued at their estimated realizable value, according to independent
      appraisals. Those fixed assets recorded at their estimated realizable value
      are considered monetary assets on which a loss on monetary position is computed
      and recorded in the results of operations.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-14 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->





<p>
<p><table width=600><tr><td><font size=2><B>Note 10.  Deferred Charges.</B></font></td></tr></table>



<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="100%" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%"><font size="2"></font></td>
    <td width="7%"><font size="2"></font></td>
    <td width="11%"> <b><font size=2>
      <p align="RIGHT"><font size="2">2002</font>
      </font></b></td>
    <td width="7%"><font size="2"></font></td>
    <td width="11%"> <b><font size=2>
      <p align="RIGHT"><font size="2">2001</font>
      </font></b></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2> <font size="2">&nbsp;&nbsp;Refrigeration
      equipment</font></font></td>
    <td width="7%" align="right"> <b><font size=2> <font size="2">Ps.</font> </font></b>
    </td>
    <td width="11%" align="right"> <b><font size=2> <font size="2">385,736</font>
      </font></b> </td>
    <td width="7%" align="right"> <font size=2> <font size="2">Ps.</font> </font>
    </td>
    <td width="11%" align="right"> <font size=2> <font size="2">305,496</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Leasehold improvements</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">27,741</font>
    </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">66,260</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Intangible labor asset (see Note 13)</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">12,620</font>
    </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">10,035</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Bonus program (see Note 14)</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">-</font>
    </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right">
      <p align="RIGHT"><font size="2">2,902</font>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Yankee bond</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">23,236</font>
      </font></b> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">29,634</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Agreements with customers</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">72,293</font>
      </font></b> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">67,190</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Pallets</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">55,327</font>
      </font></b> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">35,678</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Deferred acquisition costs</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">261,477</font>
      </font></b> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">-</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;Other</font>
      </font> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">-</font>
      </font></b> </td>
    <td width="7%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">10,139</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="65%" align="left"><font size="2"></font></td>
    <td width="7%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">Ps.</font>
      </font></b> </td>
    <td width="11%" align="right"> <b><font size=2>
      <p align="RIGHT"><font size="2">838,430</font>
      </font></b> </td>
    <td width="7%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">Ps.</font>
      </font> </td>
    <td width="11%" align="right"> <font size=2>
      <p align="RIGHT"><font size="2">527,334</font>
      </font> </td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>Note 11.  Balances and Transactions with
Related Parties and Associated Companies.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The consolidated balance sheet and income
statement include the following  balances and transactions with related parties and
affiliated companies:</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>a) FEMSA and Subsidiaries:</B></font></td></tr></table>


<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td align="left" colspan="12">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="261"><b><font size=2><font size="2">&nbsp;Balance
      Sheet</font></font></b></td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60"><b><font size=2>2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="261"><b><font size=2></font></b></td>
    <td align="right" valign="bottom" width="22">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;&nbsp; <b><font size=2>
      <font size="2">Ps.</font></font></b> </td>
    <td align="right" valign="bottom" width="12">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="64"> <b><font size=2> <font size="2">18,670</font></font></b></td>
    <td align="right" valign="bottom" width="9">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="32"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="10">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="60"><font size=2><font size="2">19,341</font></font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"> <font size=2> <font size="2">&nbsp;Assets
      (accounts receivable)</font></font> </td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size=2><font size="2">200,162</font></font></b></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60"><font size=2><font size="2">116,923</font></font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"><font size=2><font size="2">&nbsp;Liabilities
      (suppliers and other liabilities)</font></font></td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261">&nbsp;</td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"> <b><font size=2>
      <p align="left">&nbsp;Income Statement
      </font></b> </td>
    <td align="right" valign="bottom" width="22"><b></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size=2>2001</font></b></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60"><b><font size=2>2000</font></b></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;Sales
      and other revenues</font></td>
    <td align="right" valign="bottom" width="22"><b><font size=2>Ps.</font></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>139,928</font></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="12"><font size=2></font></td>
    <td align="right" valign="bottom" width="64"> <font size=2>
      <p align="RIGHT">118,420
      </font> </td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="10"><font size=2></font></td>
    <td align="right" valign="bottom" width="60"> <font size=2>
      <p align="RIGHT">87,985
      </font> </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"> <font size=2>
      <p>&nbsp;&nbsp;&nbsp;&nbsp;Purchases of inventories
      </font> </td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>825,957</font></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"> <font size=2>
      <p align="RIGHT">550,848
      </font> </td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60"> <font size=2>
      <p align="RIGHT">616,325
      </font> </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="261"> <font size=2>
      <p>&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses
      </font> </td>
    <td align="right" valign="bottom" width="22">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>660,378</font></b></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="43">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"> <font size=2>
      <p align="RIGHT">626,913
      </font> </td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="32">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="60"> <font size=2>
      <p align="RIGHT">673,651
      </font> </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>b)  The Coca-Cola Company:</B></font></td></tr></table>


<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262"><b><font size=2>&nbsp;Balance
      Sheet</font></b></td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="68"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="59"><b><font size=2>2001</font></b></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262">
      <p> <font size="2">&nbsp;Assets (accounts receivable) </font>
    </td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47"><b><font size=2><font size="2">Ps.</font></font></b></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68"><b><font size=2>113,753</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59">
      <p align="RIGHT"><font size="2">140,186 </font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262">
      <p><font size="2">&nbsp;Liabilities (suppliers and other liabilities) </font>
    </td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68"><b><font size=2>312,329</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59"><font size=2>152,904</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262">&nbsp;</td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262">
      <p align="JUSTIFY"><b><font size="2">&nbsp;Income Statement </font></b>
    </td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68"><b><font size=2>2001</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59"><b><font size=2>2000</font></b></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases
      of concentrate</font></td>
    <td align="right" valign="bottom" width="21"><b><font size=2>Ps.</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b>-</b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47"> <b><font size=2><font size="2">Ps.</font>
      </font></b> </td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68">
      <p align="RIGHT"><b><font size="2">- </font></b>
    </td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59">
      <p align="RIGHT"><font size="2">-</font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;
      Interest expense</font></td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>2,558,521</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68">
      <p align="RIGHT"><b><font size="2">&nbsp; 2,643,392</font></b>
    </td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59">
      <p align="RIGHT"><font size="2">&nbsp; 2,586,255</font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="262">&nbsp;</td>
    <td align="right" valign="bottom" width="21">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>14,726</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="47">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="68"><b><font size=2><font size="2">23,248</font></font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="11">&nbsp;</td>
    <td align="right" valign="bottom" width="59">
      <p align="RIGHT"><font size="2">28,604 </font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2><B>c) Other associated companies:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>For the years ended December 31, 2002, 2001 and
2000, the Company&#146;s  subsidiaries received services from other companies in which
stockholders of  the Company have and equity interest.</font></td></tr></table>



<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265">
      <p align="JUSTIFY"><b><font size="2">&nbsp;Interest: </font></b>
    </td>
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="40">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size=2>2001</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;&nbsp;</td>
    <td align="right" valign="bottom" width="61"><b><font size=2>2000</font></b></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;Expense</font></td>
    <td align="right" valign="bottom" width="20"><b><font size=2>Ps.</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b>-</b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40"> <font size=2><font size="2">Ps.</font>
      </font> </td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65">
      <p align="RIGHT"><b><font size="2">- </font></b>
    </td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34"><font size=2><font size="2">Ps.</font></font></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61">
      <p align="RIGHT"><font size="2">33</font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;Income</font></td>
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size="2">63,408</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65">
      <p align="RIGHT"><b><font size="2">&nbsp;62,701</font></b>
    </td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61">
      <p align="RIGHT"><font size="2">&nbsp; 15,827</font>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265">&nbsp;</td>
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65">&nbsp;</td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61">&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265"><b><font size="2">&nbsp;Purchases
      of canned products from:</font></b></td>
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size=2>2002</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><b><font size="2">2001</font></b></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61"><b><font size="2">2000</font></b></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;IEQSA</font></td>
    <td align="right" valign="bottom" width="20"><b><font size=2>Ps.</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size="2">171,802</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40"><font size=2><font size="2">Ps.</font>
      </font></td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><font size="2">429,945</font></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34"><font size=2><font size="2">Ps.</font>
      </font></td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61"><font size="2">220,004</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" width="265"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;CICAN</font></td>
    <td align="right" valign="bottom" width="20">&nbsp;</td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="64"><b><font size="2">62,885</font></b></td>
    <td align="right" valign="bottom" width="12">&nbsp;</td>
    <td align="right" valign="bottom" width="40">&nbsp;</td>
    <td align="right" valign="bottom" width="10">&nbsp;</td>
    <td align="right" valign="bottom" width="65"><font size="2">122,003</font></td>
    <td align="right" valign="bottom" width="8">&nbsp;</td>
    <td align="right" valign="bottom" width="34">&nbsp;</td>
    <td align="right" valign="bottom" width="9">&nbsp;</td>
    <td align="right" valign="bottom" width="61"><font size="2">133,100</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom" colspan="12">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-15 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->





<p><table width=600><tr><td><font size=2><B>Note 12.  Balances and Transactions in
Foreign Currency.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Assets, liabilities and transactions denominated
in a foreign currency other  than the functional currency of the reporting unit,
translated into U.S.  dollars, are as follows:</font></td></tr></table>



<br>
<table 0 cellspacing=0 cellpadding=0 border="0" width=600>
  <tr valign="bottom" align="right">
    <td colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width="156">
      <p>&nbsp;</p>
    </td>
    <td width="79">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="86">
      <p>&nbsp;</p>
    </td>
    <td colspan=6 align="center">
      <p><font size="2"><b>Thousands of U.S. Dollars</b></font></p>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156">&nbsp;</td>
    <td width="79">&nbsp;</td>
    <td align="center" width="86">&nbsp;</td>
    <td align="center" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156">
      <p><font size="2"><b>&nbsp;&nbsp;Balances:</b></font></p>
    </td>
    <td width="79">
      <p>&nbsp;</p>
    </td>
    <td align="center" width="86">
      <p><b><font size="2">Applicable <br>
        Exchange <br>
        Rate <sup>(1)</sup></font></b></p>
    </td>
    <td align="center" width="24">
      <p><b>&nbsp;&nbsp;</b></p>
    </td>
    <td align="center" width="78">
      <p><b><font size="2">Short-Term</font></b></p>
    </td>
    <td align="center" width="24">
      <p><b>&nbsp;&nbsp;</b></p>
    </td>
    <td align="center" width="74">
      <p><b><font size="2">Long-Term</font></b></p>
    </td>
    <td align="center" width="27">
      <p><b>&nbsp;&nbsp;</b></p>
    </td>
    <td align="center" width="52">
      <p><b><font size="2">Total</font></b></p>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156"> <b><font size=2>
      <p><font size="2">&nbsp;&nbsp;December 31, 2002:</font></p>
      </font></b></td>
    <td align="left" width="79">
      <p><font size="2"><b>Assets</b></font></p>
    </td>
    <td width="86"> <b><font size=2>
      <p align="RIGHT"><font size="2">10.459</font></p>
      </font></b> </td>
    <td width="24"> <b><font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font></b> </td>
    <td width="78"> <b><font size=2>
      <p align="RIGHT"><font size="2"> 320,660</font></p>
      </font></b> </td>
    <td width="24"> <b><font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font></b> </td>
    <td width="74"> <b><font size=2>
      <p align="RIGHT"><font size="2">-</font></p>
      </font></b> </td>
    <td width="27"> <b><font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font></b> </td>
    <td width="52"> <b><font size=2>
      <p align="RIGHT"><font size="2">320,660</font></p>
      </font></b> </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156">
      <p>&nbsp;</p>
    </td>
    <td align="left" width="79">
      <p><font size="2"><b>Liabilities</b></font></p>
    </td>
    <td width="86">
      <p>&nbsp;</p>
    </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="78"> <b><font size=2>
      <p align="RIGHT"><font size="2">7,763</font></p>
      </font></b> </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="74"> <b><font size=2>
      <p align="RIGHT"><font size="2">303,070</font></p>
      </font></b> </td>
    <td width="27">
      <p>&nbsp;</p>
    </td>
    <td width="52"> <b><font size=2>
      <p align="RIGHT"><font size="2">310,833</font></p>
      </font></b> </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156">
      <p>&nbsp;</p>
    </td>
    <td align="left" width="79">
      <p>&nbsp;</p>
    </td>
    <td width="86">
      <p>&nbsp;</p>
    </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="78">
      <p>&nbsp;</p>
    </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="74">
      <p>&nbsp;</p>
    </td>
    <td width="27">
      <p>&nbsp;</p>
    </td>
    <td width="52">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156"> <font size=2>
      <p><font size="2">&nbsp;&nbsp;December 31, 2001:</font></p>
      </font> </td>
    <td align="left" width="79">
      <p><font size="2">Assets</font></p>
    </td>
    <td width="86"> <font size=2>
      <p align="RIGHT"><font size="2">9.18</font></p>
      </font> </td>
    <td width="24"> <font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font> </td>
    <td width="78"> <font size=2>
      <p align="RIGHT"><font size="2">182,935</font></p>
      </font> </td>
    <td width="24"> <font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font> </td>
    <td width="74"> <font size=2>
      <p align="RIGHT"><font size="2">-</font></p>
      </font> </td>
    <td width="27"> <font size=2>
      <p align="RIGHT"><font size="2">$</font></p>
      </font> </td>
    <td width="52"> <font size=2>
      <p align="RIGHT"><font size="2">182,935</font></p>
      </font> </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="156">
      <p>&nbsp;</p>
    </td>
    <td align="left" width="79">
      <p><font size="2">Liabilities</font></p>
    </td>
    <td width="86">
      <p>&nbsp;</p>
    </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="78"> <font size=2>
      <p align="RIGHT"><font size="2">7,772</font></p>
      </font> </td>
    <td width="24">
      <p>&nbsp;</p>
    </td>
    <td width="74"> <font size=2>
      <p align="RIGHT"><font size="2">303,959</font></p>
      </font> </td>
    <td width="27">
      <p>&nbsp;</p>
    </td>
    <td width="52"> <font size=2>
      <p align="RIGHT"><font size="2">311,731</font></p>
      </font> </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<table width=600>
  <tr align="left">
    <td><font size=2>(1) Mexican pesos per U.S. dollar.</font></td>
  </tr></table>




<br>
<table 0 cellspacing=0 cellpadding=0 border="0" width=600>
  <tr valign="bottom" align="right">
    <td colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<table 0 cellspacing=0 cellpadding=0 width=600 border="0">
  <tr valign="bottom">
    <td rowspan=2 height=21 align="left" valign="top" width="356"> <font size="2"><b>Income
      Statement</b></font> </td>
    <td height=21 colspan="9" align="center"><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thousands
      of U.S. Dollars</b></font></td>
  </tr>
  <tr>
    <td height=9 width="13">&nbsp; </td>
    <td height=9 align="right" width="54" valign="bottom"> <font size="2"><b>2002</b></font></td>
    <td height=9 align="right" width="31" valign="bottom">&nbsp; </td>
    <td height=9 align="right" width="55" valign="bottom"> <font size="2"><b>2001</b></font></td>
    <td height=9 align="right" width="37" valign="bottom">&nbsp; </td>
    <td colspan=4 height=9 align="right" width="54" valign="bottom"> <font size="2"><b>2000</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="356"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      income </font> </td>
    <td width="13" align="right"> <font size="2"><b>$</b></font></td>
    <td align="right" width="54"> <font size="2"><b>2,931</b></font></td>
    <td width="31" align="right"> <font size="2">$</font></td>
    <td align="right" width="55"> <font size="2">2,333</font></td>
    <td width="37" align="right"> <font size="2">$</font></td>
    <td colspan=4 align="right" width="54"> <font size="2">208</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="356"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Interest
      expenses and commissions</font> </td>
    <td width="13" align="right"><font size="2"></font></td>
    <td align="right" width="54"> <font size="2"><b>28,043</b></font></td>
    <td width="31" align="right"><font size="2"></font></td>
    <td align="right" width="55"> <font size="2"> 28,809</font></td>
    <td width="37" align="right"><font size="2"></font></td>
    <td colspan=4 align="right" width="54"> <font size="2">28,428</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="10">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="356"><font size="2"></font></td>
    <td width="13" align="right"> <font size="2"><b>$</b></font></td>
    <td align="right" width="54"> <font size="2"><b>(25,112)</b></font></td>
    <td width="31" align="right"> <font size="2">$</font></td>
    <td align="right" width="55"> <font size="2">(26,476)</font></td>
    <td width="37" align="right"> <font size="2">$</font></td>
    <td colspan=4 align="right" width="54"> <font size="2">(28,220)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="10">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>As of January 21, 2003, the issue date of these
consolidated financial  statements, the exchange rate was 10.696 Mexican pesos per one
U.S. dollar, and  the foreign currency position was similar to that at December 31, 2002.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 13.  Labor Liabilities.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The actuarial calculations for the Mexican
subsidiaries&#146; pension and retirement  plan and seniority premiums and the cost for
the year were determined using the  following long-term assumptions:</font></td></tr></table>



<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr align="left" valign="bottom">
    <td height=12 width="598" colspan="3">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td height=12 width="385"> </td>
    <td height=12 width="112">
      <p>&nbsp;&nbsp;</p>
    </td>
    <td height=12 width="101"> <b><font size=2>
      <p><font size="2"> Real Rates</font>
      </font></b></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="598" colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="385"> <font size=2>
      <p align="JUSTIFY"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Annual discount
        rate</font>
      </font> </td>
    <td width="112"><font size="2"></font></td>
    <td align="center" width="101"> <font size=2>
      <p align="center"><font size="2">6.00 %</font>
      </font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="385"> <font size=2>
      <p align="JUSTIFY"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Salary increase</font>
      </font> </td>
    <td width="112"><font size="2"></font></td>
    <td align="center" width="101"> <font size=2>
      <p align="center"><font size="2">2.00 %</font>
      </font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="385"> <font size=2>
      <p align="JUSTIFY"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Return on assets</font>
      </font> </td>
    <td width="112"><font size="2"></font></td>
    <td align="center" width="101"> <font size=2>
      <p align="center"><font size="2">6.00 %</font>
      </font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="598" colspan="3">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>In June 2001 the Company decreased the projected
service obligation derived from  a change in the actuarial calculations motivated by a
confirmation received from  the Mexican Social Security Institute (&#147;IMSS&#148;)
regarding the interpretation of  Article 28 of the Social Security Law in effect in July
1997, in which the IMSS  increased the pensions to those insured for disability, old age,
and discharge  due to aging.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The balances of the liabilities and the trust
assets, as well as the expenses  for the year are as follows:</font></td></tr></table>


<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2"><b>&nbsp;&nbsp;Pension and retirement
      plans:</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>2002</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vested
      benefit obligation</font> </td>
    <td width="8%" align="right"> <font size="2"><b>Ps.</b></font></td>
    <td width="11%" align="right"> <font size="2"><b>56,721</b></font></td>
    <td width="8%" align="right"> <font size="2">Ps.</font></td>
    <td width="9%" align="right"> <font size="2">63,208</font></td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Non-vested
      benefit obligation</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>90,010</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">48,032</font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated
      benefit obligation</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>146,731</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">111,240</font></td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Excess
      of projected benefit obligation over accumulated benefit <br>
      &nbsp;&nbsp;&nbsp;&nbsp;obligation</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>26,196</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">15,701</font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Projected
      benefit obligation</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>172,927</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">126,941</font></td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Plan
      assets at fair value</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>(35,326)</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">(40,237)</font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unfunded
      projected benefit obligation</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>137,601</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">86,704</font></td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
      net transition obligation services</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>(14,258)</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">(1,117)</font></td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
      actuarial net gain</font> </td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="11%" align="right"> <font size="2"><b>39,580</b></font></td>
    <td width="8%" align="right"><font size="2"></font></td>
    <td width="9%" align="right"> <font size="2">69,039</font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width="64%" align="left"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font>
    </td>
    <td width="8%" align="right"> <font size="2"><b>Ps.</b></font></td>
    <td width="11%" align="right"> <font size="2"><b>162,923</b></font></td>
    <td width="8%" align="right"> <font size="2">Ps.</font></td>
    <td width="9%" align="right"> <font size="2">154,626</font></td>
  </tr>
  <tr valign="bottom">
    <td width="100%" align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-16 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 17; page: 17" --> <br>
  <br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2"><b>&nbsp;&nbsp;Seniority premiums:</b>
      </font></td>
    <td width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>2002</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2"><b>2001</b> </font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Vested
      benefit obligation</font> </td>
    <td align="right" width="39"> <font size="2"><b>Ps.</b> </font></td>
    <td align="right" width="59"> <font size="2"><b>5,133</b> </font></td>
    <td align="right" width="38"> <font size="2">Ps.</font> </td>
    <td align="right" width="65"> <font size="2">5,380</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Non-vested
      benefit obligation</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>15,897</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">13,313</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Accumulated
      benefit obligation</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>21,030</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">18,693</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Excess
      of projected benefit obligation over accumulated benefit <br>
      &nbsp;&nbsp;&nbsp;&nbsp;obligation</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>1,936</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">1,756</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Projected
      benefit obligation</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>22,966</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">20,449</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
      net transition obligation services</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>(2,201)</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">(2,334)</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Unrecognized
      net loss</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>(12,194)</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">(9,026)</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"><font size="2"></font></td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>8,571</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">9,089</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Additional
      labor liability</font> </td>
    <td align="right" width="39"><font size="2"></font></td>
    <td align="right" width="59"> <font size="2"><b>12,620</b> </font></td>
    <td align="right" width="38"><font size="2"></font></td>
    <td align="right" width="65"> <font size="2">10,035</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width="399"> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font>
    </td>
    <td align="right" width="39"> <font size="2"><b>Ps.</b> </font></td>
    <td align="right" width="59"> <font size="2"><b>21,191</b> </font></td>
    <td align="right" width="38"> <font size="2">Ps.</font> </td>
    <td align="right" width="65"> <font size="2">19,124</font> </td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left" width="399"> <font size="2"><b>&nbsp;&nbsp;Total
      Labor Liabilities</b> </font></td>
    <td height=21 align="right" width="39"> <font size="2"><b>Ps.</b> </font></td>
    <td height=21 align="right" width="59"> <font size="2"><b>184,114</b> </font></td>
    <td height=21 align="right" width="38"> <font size="2">Ps.</font> </td>
    <td height=21 align="right" width="65"> <font size="2">173,750</font> </td>
  </tr>
  <tr valign="bottom">
    <td height=21 align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom">
    <td height=17 align="left">&nbsp;</td>
    <td height=17 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td height=17 align="left"> <font size="2"><b>Expense for the Year:</b> </font></td>
    <td height=17>&nbsp; </td>
    <td height=17 align="right"> <font size="2"><b>2002</b> </font></td>
    <td height=17 align="right">&nbsp; </td>
    <td height=17 align="right"> <font size="2"><b>2001</b> </font></td>
    <td height=17 align="right">&nbsp; </td>
    <td height=17 align="right"> <font size="2"><b>2000</b> </font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">Pension and retirement plan</font> </td>
    <td align="right"> <font size="2"><b>Ps.</b> </font></td>
    <td align="right"> <font size="2"><b>11,907</b> </font></td>
    <td align="right"> <font size="2">Ps.</font> </td>
    <td align="right"> <font size="2">11,132</font> </td>
    <td align="right"> <font size="2">Ps.</font> </td>
    <td align="right"> <font size="2">22,929</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left"> <font size="2">Seniority premiums</font> </td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>5,218</b> </font></td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">4,996</font> </td>
    <td align="right"><font size="2"></font></td>
    <td align="right"> <font size="2">5,276</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left"><font size="2"></font></td>
    <td align="right"> <font size="2"><b>Ps.</b> </font></td>
    <td align="right"> <font size="2"><b>17,125</b> </font></td>
    <td align="right"> <font size="2">Ps.</font> </td>
    <td align="right"> <font size="2">16,128</font> </td>
    <td align="right"> <font size="2">Ps.</font> </td>
    <td align="right"> <font size="2">28,205</font> </td>
  </tr>
  <tr valign="bottom">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The accumulated actuarial gains and losses were
generated by the differences in  the assumptions used for the actuarial calculations at
the beginning of the year  versus the real behavior of those variables at the end of the
year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At December 31, 2002 and 2001, the projected
benefit obligation in some  subsidiaries was less than the accumulated benefit obligation
reduced by the  amount of the plan assets at fair value, resulting in an additional
liability,  which is recorded as an intangible asset included in &#147;Deferred charges,
net&#148; (see Note 10).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The trust assets consist of fixed income and
variable funds, valued at market.  The contribution to the pension plan trust by certain
subsidiaries amounted to  Ps. 100 (nominal value) at December 31, 2001.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The integral cost of financing includes the
interest cost related to labor  liabilities, net of the return on plan assets. This
amounted to Ps. 5,286, Ps.  5,285 and Ps. 9,667 for the years ended December 31, 2002,
2001 and 2000,  respectively.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 14.  Bonus Program.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Certain subsidiaries of the Company have
implemented a bonus program for the  benefit of certain executive officers of such
subsidiaries. Under the terms of  this program approved in April 1997, the executive
officers were to be entitled  on the fifth anniversary of the program to a cash payment
of a special bonus  based on the officer&#146;s salary and the amount of the increase in
real terms in  the market value of FEMSA and Coca-Cola FEMSA shares, during the preceding
five  years, provided that no payments would be made unless the market value of FEMSA
and Coca-Cola FEMSA shares (equal parts) have at least doubled in real terms by  such
fifth anniversary. In March 2002, the Company amended certain terms of the  program and
extended the program by one year. As a result, the program will not  expire until March
2003.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The Company hedged its potential obligation
under the bonus program by investing  in cash-settled options related to FEMSA shares,
and such purchased options were  deposited in a trust. The cost of the purchased options
has been recorded in  other assets, net and was amortized over the original five-year
term of the  options. As of December 31, 2002, the amount has been completely amortized,
and  as of December 31, 2001 the unamortized cost amounted to Ps. 2,902 (see Note  10).</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-17 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->



<p><table width=600><tr><td><font size=2>The purchased options are &#147;marked to market&#148;,
and any income derived therefore  is recorded only to the extent that such income exceeds
the potential  compensation as a function of the special bonuses that would be due based
on the  stock price at the end of each reporting year. As of the date of these financial
statements, no income has been recorded.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Additionally, in 1999 the Company instituted a
new compensation plan for certain  key executives, which consists of granting them an
annual bonus based on each  executive&#146;s responsibilities within the organization and
the executives&#146; performance during the previous year, which is accrued over a period
of five  years beginning in 1999. The annual bonus is recorded in the results of
operations of the year.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>For each key executive, on an annual basis, the
net after-tax amount will be  irrevocably transferred in kind to a trust, which through
the instructions of a  technical committee can:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Acquire stock of FEMSA or any of its subsidiaries
      that are listed on the Mexican stock exchange or certificates of deposit
      that represent shares listed in the NYSE, and/or</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Acquire
purchase options of the stock mentioned above.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The executives will have access to the assigned
stock or options in 20%  increments in each of the five years following the granting of
the bonus.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 15.  Bank Loans.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Long-term bank loans and notes payable of the
Company are as follows (denominated in U.S. dollars, unless otherwise indicated):</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <b><font size="2">Bank</font></b></td>
    <td align="center"> <b><font size="2">Interest Rate</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">2002</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <b><font size="2">Fixed interest rate:</font></b></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;&nbsp;Yankee Bond</font></td>
    <td align="center"> <font size="2">8.95%</font></td>
    <td> <b><font size="2">Ps.</font></b></td>
    <td> <b><font size="2">2,091,800</font></b></td>
    <td> <font size="2">Ps.</font></td>
    <td> <font size="2">1,940,652</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;&nbsp;Private placement with Citibank,
      N.A.</font></td>
    <td align="center"> <font size="2">9.40%</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">1,045,900</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">970,326</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2"> &nbsp;&nbsp;GE Capital Leasing</font></td>
    <td align="center"> <font size="2">9.44%</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">36,908</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">40,777</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">3,174,608</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">2,951,755</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;&nbsp;Various</font></td>
    <td align="center"> <font size="2">Libor + 2%</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">4,496</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">11,036</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;&nbsp;Current maturities of long-term
      debt</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">(9,294)</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td> <font size="2">(13,400)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">&nbsp;</font></td>
    <td align="center"> <font size="2">&nbsp;</font></td>
    <td> <b><font size="2">Ps.</font></b></td>
    <td> <b><font size="2">3,169,810</font></b></td>
    <td> <font size="2">Ps.</font></td>
    <td> <font size="2">2,949,391</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>As of December 31, 2002 and 2001 the Libor rate
was 1.38% and 1.88%,  respectively.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Maturities of long-term bank loans as of
December 31, 2002 are as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;&nbsp;</td>
    <td width=82> <font size="2">2004</font></td>
    <td align="right" width=382> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=77> <b><font size="2">1,055,194</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td width=82> <font size="2">2005</font></td>
    <td align="right" width=382> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=77> <b><font size="2">7,047</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td width=82> <font size="2">2006</font></td>
    <td align="right" width=382> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=77> <b><font size="2">2,098,846</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td width=82> <font size="2">2007</font></td>
    <td align="right" width=382> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=77> <b><font size="2">6,961</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td width=82> <font size="2">2008</font></td>
    <td align="right" width=382> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=77> <b><font size="2">1,762</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td colspan="3">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td width=82>&nbsp;</td>
    <td align="right" width=382><b><font size="2">Ps.</font></b></td>
    <td align="right" width=77><b><font size="2">3,169,810</font></b></td>
  </tr>
  <tr valign="bottom">
    <td width=59>&nbsp;</td>
    <td colspan="3">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>As of December 31, 2002, the Company was in
compliance with all restrictions and  covenants established in its loan agreements.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 16.  Fair Value of Financial Instruments.</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a) </b></font></td>
    <td width=570><font size=2><b> Long-term Debt:</b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>The fair value of long-term bank loans and syndicated
      loans is based on the discounted value of contractual cash flows. The discount
      rate is estimated using rates currently offered for debt with similar remaining
      maturities. The fair value of long-term notes payable is based on quoted
      market prices.</font></td>
  </tr>
</table>
<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-18 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 19; page: 19" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=215>&nbsp;</td>
    <td width=221>&nbsp;</td>
    <td width=65><b><font size="2">2002</font></b></td>
    <td width=12>&nbsp;</td>
    <td width=27>&nbsp;</td>
    <td width=60><b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=215> <font size="2">&nbsp;&nbsp;Carrying value</font></td>
    <td width=221> <b><font size="2">Ps.</font></b></td>
    <td width=65> <b><font size="2">3,179,096</font></b></td>
    <td width=12> <font size="2">&nbsp;</font></td>
    <td width=27> <font size="2">Ps.</font></td>
    <td width=60> <font size="2">2,962,791</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=215> <font size="2">&nbsp;&nbsp;Fair value</font></td>
    <td width=221> <b><font size="2">&nbsp;</font></b></td>
    <td width=65> <b><font size="2">3,600,030</font></b></td>
    <td width=12> <font size="2">&nbsp;</font></td>
    <td width=27> <font size="2">&nbsp;</font></td>
    <td width=60> <font size="2">3,294,218</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>Cash-Settled Options: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The terms of
accounting for the cash-settled options are described in Note  14. The fair value was
estimated based on quoted market prices to  terminate the contracts at the reporting date.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>c) </b></font></td>
    <td width=570><font size=2><b>Forward Agreements to Purchase-Sell U.S. Dollars:
      </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>At December
31, 2002 and December 31, 2001, the Company does not have any  forward agreements to
hedge its operations denominated in U.S. dollars.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As of December
31, 2000, the Company had 35 contracts to buy and sell U.S.  dollars for a total amount
of $131,400 maturing during 2001. The  agreements for the sale of U.S. dollars were for
the same amount and  mature on the same date as the agreements to purchase U.S. dollars.
The  goal was to manage the Company&#146;s foreign exchange risk. The Company had 10
forward agreements to purchase Argentine pesos for a total amount of  $100,000, which
expired during November and December 2001.</font></td></tr></table>


<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>d) </b></font></td>
    <td width=570><font size=2><b>Call Options: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>At December
31, 2000, the Company had contracts to purchase and sell U.S.  dollars for a total amount
of $87,600 during 2001.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>e) </b></font></td>
    <td width=570><font size=2><b>Commodity Price Contracts: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>On December
31, 2002 the Company signed various derivative contracts with  different financial
institutions to hedge the cost of aluminum for 2003  and 2004. These contracts vary in
nature to diversify the instruments,  thereby minimizing the risk for the Company.</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="center">
    <td width=32>&nbsp;</td>
    <td colspan="9">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="center">
    <td width=32>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td width=101> <b><font size="2">Maturity<br>
      Date</font></b></td>
    <td width=47>&nbsp;&nbsp;</td>
    <td width=103> <b><font size="2">Contract<br>
      Type</font></b></td>
    <td width=12>&nbsp;&nbsp;</td>
    <td width=42>&nbsp;</td>
    <td width=78> <b><font size="2">Notional <br>
      Amount </font></b></td>
    <td width=15>&nbsp;&nbsp;</td>
    <td width=75>&nbsp;</td>
    <td width=95> <b><font size="2">Fair Value</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" width=101> <font size="2">2003</font></td>
    <td align="center" width=47>&nbsp;</td>
    <td align="left" width=103> <font size="2">Seagull </font></td>
    <td width=12>&nbsp;</td>
    <td width=42><b><font size="2">Ps.</font></b></td>
    <td width=78> <b><font size="2"> 23,806</font></b></td>
    <td width=15><b></b></td>
    <td width=75><b><font size="2">Ps. </font></b></td>
    <td width=95> <b><font size="2">(894)</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" width=101>&nbsp;</td>
    <td align="center" width=47>&nbsp;</td>
    <td align="left" width=103><font size="2">Swaps</font></td>
    <td width=12>&nbsp;</td>
    <td width=42>&nbsp;</td>
    <td width=78><b><font size="2">53,589</font></b></td>
    <td width=15><b></b></td>
    <td width=75>&nbsp;</td>
    <td width=95><b><font size="2">(929)</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" width=101> <font size="2">2004</font></td>
    <td align="center" width=47>&nbsp;</td>
    <td align="left" width=103> <font size="2">Swaptions </font></td>
    <td width=12>&nbsp;</td>
    <td width=42>&nbsp;</td>
    <td width=78> <b><font size="2">34,556</font></b></td>
    <td width=15><b></b></td>
    <td width=75>&nbsp;</td>
    <td width=95> <b><font size="2">(2,381)</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" width=101>&nbsp;</td>
    <td align="center" width=47>&nbsp;</td>
    <td align="left" width=103><font size="2">Swaps</font></td>
    <td width=12>&nbsp;</td>
    <td width=42>&nbsp;</td>
    <td width=78><b><font size="2">20,189</font></b></td>
    <td width=15><b></b></td>
    <td width=75>&nbsp;</td>
    <td width=95><b><font size="2">(427)</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=32>&nbsp;</td>
    <td align="center" colspan="9">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The fair value is estimated based on quoted
market prices to terminate the  contracts at the reporting date. The Company does not
anticipate canceling these  agreements and expects them to expire as original contracted.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 17.  Stockholders&#146; Equity.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>As of December 31, 2002, the capital stock of
the Company is comprised of 1,425  million common shares without par value and with
foreign ownership restrictions.  Fixed capital amounts to Ps. 633,250 (nominal value) and
variable capital may  not exceed 10 times the minimum fixed capital stock.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The characteristics of the common shares are as
follows:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Series
&#147;A&#148; and series &#147;D&#148; are ordinary, have unlimited voting rights,  are
subject to transfer restrictions, and at all times must represent a  minimum of 75% of
subscribed capital stock.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Series
&#147;A&#148; shares may only be acquired by Mexican  individuals  and may not  represent
less than 51% of the total  subscribed  capital stock.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Series
&#147;D&#148; shares have open subscription and cannot exceed 49% of the ordinary  shares.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Series
&#147;L&#148; shares have limited voting and other corporate rights.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-19 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->



<p><table width=600><tr><td><font size=2>In addition, 270,750 thousand series &#147;B&#148; shares
and 204,000 thousand series &#147;L&#148; shares have been authorized and issued but not
subscribed.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>As of December 31, 2002, Coca-Cola FEMSA&#146;s
capital stock is comprised as  follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="center" width=600 colspan="2">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=69> <b><font size="2">Series</font></b></td>
    <td width=531> <b><font size="2">Number of Shares</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=600 colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=69> <font size="2">A</font></td>
    <td width=531> <font size="2">726,750</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=69> <font size="2">D</font></td>
    <td width=531> <font size="2">427,500</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=69> <font size="2">L</font></td>
    <td width=531> <font size="2">270,750</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=600 colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=69> <font size="2">Total</font></td>
    <td width=531> <font size="2">1,425,000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="center" width=600 colspan="2">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>The restatement of stockholders&#146; equity at
December 31, 2002 for inflation is  allocated to each of the various stockholders&#146; equity
accounts as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" width=600 colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td valign="bottom" align="left" width=266> <font size="2">&nbsp;</font></td>
    <td align="right" valign="bottom" width=41> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" valign="bottom" width=63> <b><font size="2">Historical</font></b></td>
    <td align="right" valign="bottom" width=46> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" valign="bottom" width=77> <b><font size="2">Restatement</font></b></td>
    <td align="right" valign="bottom" width=40> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" valign="bottom" width=67> <b><font size="2">Restated<br>
      Value</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=266> <font size="2">Capital stock</font></td>
    <td valign=bottom align="right" width=41> <b><font size="2">Ps.</font></b></td>
    <td valign=bottom align="right" width=63> <b><font size="2">633,250</font></b></td>
    <td valign=bottom align="right" width=46> <b><font size="2">Ps.</font></b></td>
    <td valign=bottom align="right" width=77> <b><font size="2">1,736,310</font></b></td>
    <td valign=bottom align="right" width=40> <b><font size="2">Ps.</font></b></td>
    <td valign=bottom align="right" width=67> <b><font size="2">2,369,560</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=266> <font size="2">Additional paid-in
      capital</font></td>
    <td valign=bottom align="right" width=41> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=63> <b><font size="2">305,505</font></b></td>
    <td valign=bottom align="right" width=46> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=77> <b><font size="2">1,361,625</font></b></td>
    <td valign=bottom align="right" width=40> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=67> <b><font size="2">1,667,130</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=266> <font size="2">Retained earnings
      from prior years</font></td>
    <td valign=bottom align="right" width=41> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=63> <b><font size="2">4,145,392</font></b></td>
    <td valign=bottom align="right" width=46> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=77> <b><font size="2">2,514,030</font></b></td>
    <td valign=bottom align="right" width=40> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=67> <b><font size="2">6,659,422</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=266> <font size="2">Net income for the
      year</font></td>
    <td valign=bottom align="right" width=41> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=63> <b><font size="2">2,513,967</font></b></td>
    <td valign=bottom align="right" width=46> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=77> <b><font size="2">50,251</font></b></td>
    <td valign=bottom align="right" width=40> <b><font size="2">&nbsp;</font></b></td>
    <td valign=bottom align="right" width=67> <b><font size="2">2,564,218</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>At an ordinary stockholders&#146; meeting held
on March 11, 2002, dividends in the  amount of 0.3937 Mexican pesos per share (nominal
value) were declared and  subsequently paid in May 2002.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>At an ordinary stockholder meeting held on March
11, 2002, the stockholders  approved a maximum of Ps. 400,000 for a stock repurchase
program.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The net income of each Mexican subsidiary is
subject to a legal requirement that  5% thereof be transferred to a legal reserve until
such reserve equals 20% of  capital stock. This reserve may not be distributed to
stockholders during the  existence of the subsidiary, except as stock dividends. As of
December 31, 2002,  the legal reserve for Coca-Cola FEMSA amounts to Ps. 126,650 (nominal
value).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>From 1999 until 2002, the income tax rate was
35%, allowing the Company to defer  payment of 3% in 1999 and 5% in 2000 and 2001, until
the date on which the  earnings were distributed as dividends on consolidated taxable
income. Beginning  in 1999, a previously taxable net income reinvested (Cuenta de
Utilidad Fiscal  Neta Reinvertida, &#147;CUFINRE&#148;) was created. As of December 31,
2002, this item  amounts to Ps. 4,847,626.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Beginning in 2002, based on the latest tax
reform, the right to defer taxes is  no longer available, and CUFINRE has to be applied
before CUFIN.</font></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 18.  Net Income per Share.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>This represents the net income corresponding to
each share of the Company&#146;s  capital stock, computed on the basis of the weighted
average number of shares  outstanding during the year. Additionally, the net income
distribution according  to the dividend rights of each share series is presented.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Note 19.  Tax System.</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a) </b></font></td>
    <td width=570><font size=2><b>Income Taxes: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Mexican income
tax is computed on taxable  income, which differs from  accounting income principally due
to the differences between  purchases  and cost of sales, the treatment of the integral
cost of financing, the  relative cost of labor liabilities and depreciation. Taxable
income is  increased or  reduced by the effects of inflation on certain monetary  assets
and liabilities through  the tax inflationary component, which is  similar in concept to
the gain on monetary  position.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The statutory
income tax rate from 2000 through 2002 is 35%. Beginning  in 2003, the rate will be
reduced one percentage point per year through  2005, when the rate will be 32%.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-20 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->



<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The taxable
income of Coca-Cola FEMSA Buenos Aires differs from  accounting income mainly due to the
differences in depreciation and  labor liability provisions. The Argentine income tax
rate is 35%.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>Tax on Assets: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Mexican
tax on assets is computed at an annual rate of 1.8% based on  the average of certain
assets at a tax-restated value less certain  liabilities. The tax on assets is paid only
to the extent that it  exceeds the income tax for the year. If in the year there is a tax
on  assets payment, this amount may be credited against any excess of income  taxes over
the tax on assets of the preceding three years. Additionally,  this payment may be
restated and credited against the excess of income  taxes over asset taxes for the
following 10 years.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The tax laws
in Argentina established a Tax on Minimum Presumptive  Income (TMPI), which, similar to
the Mexican tax on assets, is paid only  to the extent that it exceeds the income taxes
for the year. Any  required payment of TMPI is recoverable to the extent that the income
taxes exceed the TMPI of the following four years.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>c)</b></font></td>
    <td width=570><font size=2><b> Employee Profit Sharing: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Employee
profit sharing is computed at the rate of 10% of the individual  taxable income of each
of the Mexican subsidiaries, except that  depreciation of historical, rather than
restated values is used, foreign  exchange gains and losses are not included until the
asset or liability  is due, and the other effects of inflation are also excluded.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The present
tax law in Argentina does not consider any employee profit  sharing.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>d) </b></font></td>
    <td width=570><font size=2><b>Deferred Income Taxes: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Beginning in
2000 revised Bulletin D-4 requires that deferred tax assets  and liabilities be recorded
for all temporary differences between the  accounting and tax bases of assets and
liabilities.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The temporary
differences that generated deferred income tax liabilities  (assets) are as follows:</font></td></tr></table>




<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr>
    <td width=600 colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <b><font size="2">Deferred Income Taxes</font></b></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">2002</font></b></td>
    <td > <b><font size="2">&nbsp;</font></b></td>
    <td width=54> <b><font size="2">2001</font></b></td>
  </tr>
  <tr>
    <td width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2">&nbsp;&nbsp;Current:</font></td>
    <td width=155> <font size="2">&nbsp;</font></td>
    <td width=57> <font size="2">&nbsp;</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td width=155> <b><font size="2">Ps.</font></b></td>
    <td width=57> <b><font size="2">117,498</font></b></td>
    <td > <font size="2">Ps.</font></td>
    <td width=54> <font size="2">176,343</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      reserves</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">(59,335)</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">(54,913)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2">&nbsp;&nbsp;Noncurrent:</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">&nbsp;</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
      plant and equipment (1)</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">624,157</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">415,436</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
      in shares</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">20,483</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">22,946</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      charges</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">147,256</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">171,278</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension
      plan and seniority premiums</font></td>
    <td width=155> <b><font size="2">&nbsp;</font></b></td>
    <td width=57> <b><font size="2">(62,673)</font></b></td>
    <td > <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">(60,812)</font></td>
  </tr>
  <tr>
    <td width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=292> <font size="2">&nbsp;</font></td>
    <td width=155> <b><font size="2">Ps.</font></b></td>
    <td width=57> <b><font size="2">787,386</font></b></td>
    <td > <font size="2">Ps.</font></td>
    <td width=54> <font size="2">670,278</font></td>
  </tr>
  <tr>
    <td width=600 colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>(1) Including
bottles and cases.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As mentioned
in clause a) above, in accordance with the tax reform the  statutory rate will be reduced
from 35% to 32%, resulting in a reduction  of the balance of deferred taxes as of
December 31, 2002 and 2001, based  on the expected dates of reversal of the temporary
differences.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The changes in
the balance of the deferred income taxes for the year are  as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2">&nbsp;</font></td>
    <td width=157> <b><font size="2">&nbsp;</font></b></td>
    <td width=53> <b><font size="2">2002</font></b></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td  width="53"> <font size="2">2001</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2">Balance at the beginning of the
      year</font></td>
    <td width=157> <b><font size="2">Ps.</font></b></td>
    <td width=53> <b><font size="2">670.278</font></b></td>
    <td width=42> <font size="2">Ps.</font></td>
    <td  width="53"> <font size="2">700,896</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2"> &nbsp;&nbsp;Provision for the
      year</font></td>
    <td width=157> <b><font size="2"> </font></b></td>
    <td width=53> <b><font size="2">125,843</font></b></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td  width="53"> <font size="2">51,001</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2">&nbsp;&nbsp;Change on the statutory
      rate</font></td>
    <td width=157> <b><font size="2">&nbsp;</font></b></td>
    <td width=53> <b><font size="2">(41,323)</font></b></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td  width="53"> <font size="2">(25,929)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2">&nbsp;&nbsp;Result of holding nonmonetary
      assets</font></td>
    <td width=157> <b><font size="2">&nbsp;</font></b></td>
    <td width=53> <b><font size="2">32,588</font></b></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td  width="53"> <font size="2">(55,690)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=295> <font size="2">&nbsp;&nbsp;Balance at the end
      of the year</font></td>
    <td width=157> <b><font size="2">Ps.</font></b></td>
    <td width=53> <b><font size="2">787,386</font></b></td>
    <td width=42> <font size="2">Ps.</font></td>
    <td  width="53"> <font size="2">670,278</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="6">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-21 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 22; page: 22" --> <br>
  <br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>e)</b></font></td>
    <td width=570><font size=2><b> Income Taxes, Tax on Assets and Employee Profit
      Sharing Provisions: </b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td align="left" width="600" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" height="11" width="209"> <font size="2">&nbsp;</font></td>
    <td width=108 height="11"> <font size="2">&nbsp;</font></td>
    <td align="right" height="11" width=63> <b><font size="2">2002</font></b></td>
    <td width=49 height="11"> <font size="2">&nbsp;</font></td>
    <td align="right" height="11" width="60"> <b><font size="2">2001</font></b></td>
    <td align="right" width=49 height="11"> <font size="2">&nbsp;</font></td>
    <td align="right" height="11" width="62"> <b><font size="2">2000</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="600" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="209"> <font size="2">Current income tax</font></td>
    <td width=108> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=63> <b><font size="2">1,627,036</font></b></td>
    <td width=49> <font size="2">Ps.</font></td>
    <td align="right" width="60"> <font size="2">1,306,123</font></td>
    <td align="right" width=49> <font size="2">Ps.</font></td>
    <td align="right" width="62"> <font size="2">843,662</font></td>
  </tr>
</table>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td align="left" width="209"> <font size="2">Deferred income tax</font></td>
    <td width=108> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=63> <b><font size="2">84,520</font></b></td>
    <td width=49> <font size="2">&nbsp;</font></td>
    <td align="right" width="60"> <font size="2">25,072</font></td>
    <td align="right" width=49> <font size="2">&nbsp;</font></td>
    <td align="right" width="62"> <font size="2">57,056</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="209"> <font size="2">Current employee profit sharing</font></td>
    <td width=108> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=63> <b><font size="2">131,307</font></b></td>
    <td width=49> <font size="2">&nbsp;</font></td>
    <td align="right" width="60"> <font size="2">129,867</font></td>
    <td align="right" width=49> <font size="2">&nbsp;</font></td>
    <td align="right" width="62"> <font size="2">124,837</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="600" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="209"> <font size="2">&nbsp;</font></td>
    <td width=108> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=63> <b><font size="2">1,842,863</font></b></td>
    <td width=49> <font size="2">Ps.</font></td>
    <td align="right" width="60"> <font size="2">1,461,062</font></td>
    <td align="right" width=49> <font size="2">Ps.</font></td>
    <td align="right" width="62"> <font size="2">1,025,555</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width="600" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As of December
31, 2002 the Company does not have unamortized tax loss  carryforwards or refundable tax
on assets.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td align="left" colspan="14">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="2"> <font size="2">&nbsp;</font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">2002</font></b></td>
    <td> <b><font size="2">&nbsp;</font></b></td>
    <td > <b><font size="2">2001</font></b></td>
    <td > <b><font size="2">&nbsp;</font></b></td>
    <td > <b><font size="2">2000</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="2"> <font size="2">Statutory tax rate</font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">35.00%</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">35.00%</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">35.00%</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left">&nbsp;&nbsp; </td>
    <td align="left"> <font size="2">Gain from monetary position</font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">(3.06)</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">(0.75)</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">(0.70)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left">&nbsp; </td>
    <td align="left"> <font size="2">Inflationary component</font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">0.58</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">0.97</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">0.50</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left">&nbsp; </td>
    <td align="left"> <font size="2">Non-deductible expenses and other </font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">0.95</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">(0.15)</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">3.16</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left">&nbsp; </td>
    <td align="left"> <font size="2">Goodwill impairment </font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">3.44</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">&#151;</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">&#151;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="14">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="2"> <font size="2">Effective tax rate</font></td>
    <td  align="left"> <font size="2">&nbsp;</font></td>
    <td > <b><font size="2">36.91%</font></b></td>
    <td> <font size="2">&nbsp;</font></td>
    <td > <font size="2">35.07%</font></td>
    <td > <font size="2">&nbsp;</font></td>
    <td > <font size="2">37.96%</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="14">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 20.  Contingencies and Commitments.</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a) </b></font></td>
    <td width=570><font size=2><b>Contingencies: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>During 2002,
the Company initiated an appeal related to the Special Tax  on Products and Services
(IEPS) applicable to inventories produced with  high fructose content at the end of 2001
and early in 2002. The Company  expects a favorable decision based on a legal opinion of
the Company&#146;s  tax attorneys.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>Commitments: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As of December
31, 2002 the Company leases certain machinery and  distribution equipment. The minimum
lease commitments under the lease  agreements are as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" width=600 height="17" colspan="4">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">&nbsp;</font></td>
    <td width=45 align="center"> <b><font size="2">$</font></b></td>
    <td width=15 align="center"><b></b></td>
    <td width=51 align="center"> <b><font size="2">Ps.</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 height="17" colspan="4">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2003</font></td>
    <td width=45> <b><font size="2">5,749</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">60,130</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2004</font></td>
    <td width=45> <b><font size="2">5,958</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">62,314</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2005</font></td>
    <td width=45> <b><font size="2">5,232</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">54,722</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2006</font></td>
    <td width=45> <b><font size="2">1,772</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">18,535</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2007</font></td>
    <td width=45> <b><font size="2">1,259</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">13,162</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489> <font size="2">2008</font></td>
    <td width=45> <b><font size="2">164</font></b></td>
    <td width=15 align="right"><b></b></td>
    <td width=51 align="right"> <b><font size="2">1,719</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 height="17" colspan="4">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=489 height="17"> <font size="2">&nbsp;</font></td>
    <td width=45 height="17"> <b><font size="2">20,134</font></b></td>
    <td width=15 align="right" height="17"><b></b></td>
    <td width=51 align="right" height="17"> <b><font size="2">210,582</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 height="17" colspan="4">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p>
<table width=600><tr><td><font size=2><B>Note 21.  Information by Segment.</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>Relevant information concerning the subsidiaries
of Coca-Cola FEMSA, divided by  geographic areas, is presented as follows:</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-22 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 23; page: 23" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <b><font size="2">2002</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">Mexico</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">Buenos <br>
      Aires <sup>(1)</sup> </font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">Total</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Total revenues </font></td>
    <td  align="right"> <b><font size="2">Ps.</font></b></td>
    <td  align="right"> <b><font size="2">16,198,490</font></b></td>
    <td  align="right"> <b><font size="2">Ps.</font></b></td>
    <td  align="right"> <b><font size="2">1,421,528</font></b></td>
    <td  align="right"> <b><font size="2">Ps.</font></b></td>
    <td  align="right"> <b><font size="2">17,620,018</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Income from operations (1)</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">4,421,429</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">18,738</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">4,440,167</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Interest expenses</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">330,189</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">3,935</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">334,124</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Interest income</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">247,225</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">5,362</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">252,587</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Income tax</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,728,367</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">(16,811)</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,711,556</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Employee profit sharing</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">131,307</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">-</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">131,307</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Depreciation and goodwill amortization</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">402,802</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">155,442</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">558,244</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Goodwill impairment </font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">240,150</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">161,673</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">401,823</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Breakage of bottles and cases, amortization
      and other</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">470,228</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">9,790</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">480,018</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Goodwill (2)</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">106,412</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">152,047</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">258,459</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Total long-term assets</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">7,041,957</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">881,520</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">7,923,477</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Total assets (3)</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">14,777,920</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,262,466</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">16,040,386</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Recoverable taxes</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">132,158</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">-</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">132,158</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Total liabilities (3)</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">5,677,502</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">246,550</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">5,924,052</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Tax liability (4)</font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,004,422</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">120,193</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,124,615</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left"> <font size="2">Capital expenditures (5)</font><font size="2"></font></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,277,683</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">63,214</font></b></td>
    <td  align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td  align="right"> <b><font size="2">1,340,897</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td  align="left" width="600" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2"><b>2001</b></font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="600" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Total revenues </font></td>
    <td  align="right" width="40"> <font size="2">Ps.</font></td>
    <td  align="right" width="60"> <font size="2">15,180,604</font></td>
    <td  align="right" width="30"> <font size="2">Ps.</font></td>
    <td  align="right" width="62"> <font size="2">1,548,869 </font></td>
    <td  align="right" width="29"> <font size="2">Ps.</font></td>
    <td  align="right" width=61> <font size="2">16,729,473</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Income from operations (1)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">3,828,850</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">44,051</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">3,872,901</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Interest expenses</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">327,422</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">2,340</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">329,762</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Interest income</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">273,423</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">384</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">273,807</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Income tax</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">1,299,890</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">31,305</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">1,331,195</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Employee profit sharing</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">129,867</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">-</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">129,867</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Depreciation and goodwill amortization</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">520,215</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">175,051</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">695,266</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Breakage of bottles and cases,
      amortization and other</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">356,541</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">14,135</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">370,676</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Goodwill (2)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">115,125</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">780,858</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">895,983</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Total long-term assets</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">6,957,571</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">335,515</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">7,293,086</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Total assets (3)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">12,895,963</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">1,364,450</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">14,260,413</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Total liabilities (3) </font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">4,978,898</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">352,338</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">5,331,236</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Tax liability (4)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">1,143,523</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">105,651</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">1,249,174</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Capital expenditures (5)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">800,243</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">25,915</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">826,158</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="600" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2"><b>2000</b></font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="600" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Total revenues </font></td>
    <td  align="right" width="40"> <font size="2">Ps.</font></td>
    <td  align="right" width="60"> <font size="2">14,477,916</font></td>
    <td  align="right" width="30"> <font size="2">Ps.</font></td>
    <td  align="right" width="62"> <font size="2">1,557,473</font></td>
    <td  align="right" width="29"> <font size="2">Ps.</font></td>
    <td  align="right" width=61> <font size="2">16,035,389</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Income from operations (1)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">3,052,986</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">27,211</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">3,080,197</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Interest expenses</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">363,747</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">2,769</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">366,516</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Interest income</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">131,838</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">5,765</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">137,603</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Income tax</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">869,745</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">30,973</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">900,718</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Employee profit sharing</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">124,837</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">-</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">124,837</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Depreciation and goodwill amortization</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">570,979</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">188,034</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">759,013</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Breakage of bottles and cases,
      amortization and other</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">473,237</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">34,571</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">507,808</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="318"> <font size="2">Capital expenditures (5)</font></td>
    <td  align="right" width="40"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="60"> <font size="2">874,489</font></td>
    <td  align="right" width="30"> <font size="2">&nbsp;</font></td>
    <td  align="right" width="62"> <font size="2">46,097</font></td>
    <td  align="right" width="29"> <font size="2">&nbsp;</font></td>
    <td  align="right" width=61> <font size="2">920,586</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td  align="left" width="600" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<table width=600><tr><td width=4% valign=top><FONT SIZE="2">(1)</FONT> </td><td width=2%><FONT SIZE="2"></FONT></td><td width=94%><FONT SIZE="2"> Includes
effect of goodwill amortization.</FONT></td></tr></table>

<table width=600><tr><td width=4% valign=top><FONT SIZE="2">(2)</FONT> </td><td width=2%><FONT SIZE="2"></FONT></td><td width=94%><FONT SIZE="2"> As
of December 31, 2002 and 2001, the Company does not have any identifiable intangible
assets other than goodwill as all previously acquired intangible assets were classified
as goodwill.</FONT></td></tr></table>

<table width=600><tr><td width=4% valign=top><FONT SIZE="2">(3)</FONT> </td><td width=2%><FONT SIZE="2"></FONT></td><td width=94%><FONT SIZE="2"> Recoverable
taxes and tax liability are not included in total assets and total liabilities.</FONT></td></tr></table>

<table width=600><tr><td width=4% valign=top><FONT SIZE="2">(4)</FONT> </td><td width=2%><FONT SIZE="2"></FONT></td><td width=94%><FONT SIZE="2">Includes
deferred long-term income tax for 3% (see Note 19)</FONT></td></tr></table>

<table width=600><tr><td width=4% valign=top><FONT SIZE="2">(5)</FONT> </td><td width=2%><FONT SIZE="2"></FONT></td><td width=94%><FONT SIZE="2">Includes
investments and divestiture in property, plant and equipment as well as deferred charges.</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2><B>Note 22. Differences Between Mexican GAAP and
US GAAP.</B></font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-23 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->





<p><table width=600><tr><td><font size=2>The  consolidated financial statements of the
Company are prepared in accordance  with Mexican  GAAP, which differs in certain
significant respects from US GAAP. A  reconciliation of  the reported net stockholder&#146;s
equity and comprehensive income  to US GAAP is  presented in Note 23. It should be noted
that this reconciliation  to US GAAP does not  include the reversal of the restatement of
the financial  statements for inflation  effects as required by Bulletin B-10, &#147;Reconocimiento
de los Efectos de Inflacion  en la Informacion Financiera&#148; (Recognition of the
Effects of Inflation in the  Financial Information), of Mexican GAAP. The  application of
this bulletin represents a  comprehensive measure of the effects  of price-level changes
in the Mexican economy and,  as such, is considered a more  meaningful presentation than
historical cost-based  financial reporting in  Mexican pesos for both Mexican and US
accounting purposes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The principal differences between Mexican GAAP
and US GAAP included in the  reconciliation that affect the consolidated financial
statements of the Company  are described as follow:</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a) </b></font></td>
    <td width=570><font size=2><b>Restatement of Prior Year Financial Statements:
      </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As explained
in Note 4 a), in accordance with Mexican GAAP, the financial  statements for Mexican
subsidiaries for prior years were restated using  NCPI factors, and for foreign
subsidiaries for prior years was restated  using the inflation rate of the country in
which the foreign subsidiary is  located, then translated to Mexican pesos at the
year-end exchange rate  (see Note 3).</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Under US GAAP
the restatement of prior year financial statements is not  required. The Company follows
the regulations of the Securities and  Exchange Commission of the United States of
America (&#147;SEC&#148;), which requires  that the prior financial statements must be
restated in constant units of  the reporting currency, in this case, the Mexican peso,
which requires the  restatement of such prior-year amounts using NCPI factors.
Additionally,  all other US GAAP adjustments for prior years have been restated based
upon  SEC methodology.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>Classification Differences: </b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Certain items
require a different classification in the balance sheet or  income statement under US
GAAP. These include: </font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>As explained in Note 4 c), under Mexican GAAP advances
      to suppliers are recorded as inventories. Under US GAAP advances to suppliers
      are classified as prepaid expenses.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>The
impairment of goodwill and other long-lived assets, the gain or  loss on the disposition
of fixed assets, all severance indemnities,  and employee profit sharing must be included
in operating expenses  under US GAAP.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>c) </b></font></td>
    <td width=570><font size=2><b>Promotional Expenses:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As explained
in Note 4 d), for Mexican GAAP purposes the promotional costs  related to the launching
of new products or presentations are recorded as  prepaid expenses. For US GAAP purposes,
all promotional costs are expensed  as incurred.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>d) </b></font></td>
    <td width=570><font size=2><b>Goodwill:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As mentioned
in Note 4 i), under Mexican GAAP, goodwill must be amortized  over a period of no more
than 20 years. Under US GAAP, in accordance with  Statement of Financial Accounting
Standards (&#147;SFAS&#148;) No. 142, effective  January 1, 2002 goodwill is no longer
subject to amortization, but rather  it is subject to periodic assessment for impairment
by applying a  fair-value-based test.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In accordance
with SFAS No. 142, the Company discontinued the amortization  of goodwill effective
January 1, 2002. The financial statement impact was  to reduce amortization expense and
increase net income under US GAAP by  $37,335 (Ps. 0.03 per share) for the year ended
December 31, 2002. A  reconciliation of previously reported net income and income per
share  under US GAAP to the amounts adjusted to exclude goodwill amortization is  as
follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">&nbsp;</font></td>
    <td width=48> <b><font size="2">&nbsp;</font></b></td>
    <td width=60> <b><font size="2">2002</font></b></td>
    <td width=53> <font size="2">&nbsp;</font></td>
    <td width=58> <font size="2">2001</font></td>
    <td width=56> <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">2000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Reported net income</font></td>
    <td width=48> <b><font size="2">Ps.</font></b></td>
    <td width=60> <b><font size="2">2,524,006</font></b></td>
    <td width=53> <font size="2">Ps. </font></td>
    <td width=58> <font size="2">2,300,509</font></td>
    <td width=56> <font size="2">Ps.</font></td>
    <td width=54> <font size="2">1,543,291</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Add: Goodwill amortization</font></td>
    <td width=48> <b><font size="2">&nbsp;</font></b></td>
    <td width=60> <b><font size="2">-</font></b></td>
    <td width=53> <font size="2">&nbsp;</font></td>
    <td width=58> <font size="2">117,499</font></td>
    <td width=56> <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">129,448</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Adjusted net income</font></td>
    <td width=48> <b><font size="2">Ps.</font></b></td>
    <td width=60> <b><font size="2">2,524,006</font></b></td>
    <td width=53> <font size="2">Ps. </font></td>
    <td width=58><font size="2">2,418,008</font></td>
    <td width=56> <font size="2">Ps.</font></td>
    <td width=54> <font size="2">1,672,739</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">&nbsp;</font></td>
    <td width=48> <b><font size="2">&nbsp;</font></b></td>
    <td width=60> <b><font size="2">&nbsp;</font></b></td>
    <td width=53> <font size="2">&nbsp;</font></td>
    <td width=58> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Reported net income per share</font></td>
    <td width=48> <b><font size="2">Ps.</font></b></td>
    <td width=60> <b><font size="2">1.77</font></b></td>
    <td width=53> <font size="2">Ps.</font></td>
    <td width=58> <font size="2">1.61</font></td>
    <td width=56> <font size="2">Ps.</font></td>
    <td width=54> <font size="2">1.08</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Add: Goodwill amortization</font></td>
    <td width=48> <b><font size="2">&nbsp;</font></b></td>
    <td width=60> <b><font size="2">-</font></b></td>
    <td width=53> <font size="2">&nbsp;</font></td>
    <td width=58> <font size="2">0.08</font></td>
    <td width=56> <font size="2">&nbsp;</font></td>
    <td width=54> <font size="2">0.09</font></td>
  </tr>
</table>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=271> <font size="2">Adjusted net income per share</font></td>
    <td width=48> <b><font size="2">Ps.</font></b></td>
    <td width=60> <b><font size="2">1.77</font></b></td>
    <td width=53> <font size="2">Ps.</font></td>
    <td width=58> <font size="2">1.69</font></td>
    <td width=56> <font size="2">Ps.</font></td>
    <td width=54> <font size="2">1.17</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="20">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-24 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 25; page: 25" --> <br>
  <br>
<br>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In connection
with the transition provisions for adopting this standard,  the Company performed a
transitional impairment test as of January 1, 2002  and found no impairment. The Company
will perform subsequent impairment  tests annually, unless an event occurs or
circumstances change that would  more likely than not reduce the fair value of a
reporting unit below its  carrying amount, in which case an impairment test would be
performed  between annual tests.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>e) </b></font></td>
    <td width=570><font size=2><b>Restatement of Imported Machinery and Equipment:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>As explained
in Note 4 e), in accordance with Mexican GAAP, imported  machinery and equipment have
been restated by applying the inflation rate  of the country of origin, then translated
at the year-end exchange rate of  the Mexican peso. Under US GAAP the restatement of
machinery and equipment  is not required. The Company follows the SEC regulations, which
require  all machinery and equipment, both domestic and imported, has been restated
using NCPI factors.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>f)</b></font></td>
    <td width=570><font size=2><b>Capitalization of the Integral Result of Financing:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Under Mexican
GAAP, the capitalization of the integral cost of financing  (interest, foreign exchange
and monetary position) generated by loan  agreements obtained to finance investment
projects is optional. The  Company does not capitalize the integral cost of financing.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In accordance
with US GAAP, if interest is incurred during the  construction of qualifying assets,
capitalization is required as part of  the cost of such assets.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Accordingly, a
reconciling item for the capitalization of a portion of the  integral result of financing
is included in the US GAAP reconciliation of  the net income and stockholders&#146; equity.
If the borrowings are denominated  in US dollars, the weighted-average interest rate on
all such outstanding  debt is applied to the balance of construction-in-progress to
determine  the amount to be capitalized, not to exceed interest expense. If the
borrowings are denominated in Mexican pesos, the amount of capitalizable  interest
determined as noted above is reduced by the gain on monetary  position associated with
the debt.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>g) </b></font></td>
    <td width=570><font size=2><b>Financial Instruments:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In accordance
with Mexican GAAP, as mentioned in Note 4 o), beginning in  January 2001 Bulletin C-2
became effective.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Under US GAAP,
SFAS No. 133, &#147;Accounting for Derivative Instruments and  Hedging Activities&#148;,
also became effective in 2001. SFAS No. 133, as  amended, establishes accounting and
reporting standards requiring that  every derivative instrument (including certain
derivative instruments  embedded in other contracts) be recorded in the balance sheet as
either an  asset or liability measured at its fair value. SFAS No. 133 requires that
changes in the fair value of the derivative instrument&#146;s fair value be  recognized
in:</font></td></tr></table>

<table width=600>
  <tr>
    <td width=5%></td>
    <td width=3% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>The net income of the year; or</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=5%></td>
    <td width=3% valign=top><font size=3>&#149;</font></td>
    <td width=2%></td>
    <td width=90%><font size=2>Other comprehensive income, if the instruments
      represent cash flow hedges that qualify for hedge accounting.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>For purposes
of SFAS No. 133, the Company has elected not to designate its  financial instruments as
hedges for the derivative instruments, and  accordingly the entire effect of the
valuation of those instruments was  recognized in the income statement as a change in
accounting principles  under US GAAP at January 1, 2001.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Prior to 2001,
in accordance with Mexican GAAP the income statement effect  of forward contracts was
recorded at the maturity of each contract. In  accordance with US GAAP the income
statement effect was determined by the  difference between the exchange rate at the date
the contract was signed  and the forward exchange rate, amortizing such difference on a
straight-line basis over the term of the contract.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>h) </b></font></td>
    <td width=570><font size=2><b>Deferred Income Taxes and Employee Profit Sharing:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
follows SFAS No. 109, &#147;Accounting for Income Taxes&#148;, for US  GAAP purposes,
which differs from Mexican GAAP as follows:</font></td></tr></table>

<p>&nbsp; </p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-25 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 25; page: 25" --> <br>
  <br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Under
Mexican GAAP, deferred taxes are classified as non-current,  while under US GAAP the
classification is based on the classification  of the related asset or liability.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Under
Mexican GAAP the effects of inflation on the deferred tax  balance generated by monetary
items are recognized in the result on  monetary position. Under US GAAP the deferred tax
balance is  classified as a nonmonetary item. As a result, the consolidated income
statement differs with respect to the presentation of the gain (loss)  on monetary
position and deferred income tax provision.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Under
Mexican GAAP, the change in statutory income tax rate approved  early in 2002 was
considered in the calculation of deferred taxes at  December 31, 2001. Under US GAAP, a
change in statutory tax rate may  not be considered until the enactment date, which was
January 1, 2002  for the changes mentioned in Note 19 a).</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Under
Mexican GAAP deferred employee profit sharing is calculated  considering only those
temporary differences that arise during the  year and which are expected to turn around
within a defined period,  while under US GAAP the same liability method as used for
deferred  income taxes is applied. Also, for US GAAP purposes, employee profit  sharing
must be classified as an operating expense.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The differences in the restatement of imported
machinery and equipment and  the capitalization of financing costs, the pension plan and
financial  instruments under Mexican GAAP have a different treatment than under US  GAAP
(see Note 22 e, f, g and i). As a consequence, the related deferred  income tax presented
under Mexican GAAP is different from the effect  calculated under US GAAP (see Note 19 d).</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2"><b>Reconciliation of Deferred Income
      Taxes</b></font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">2002</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">2001</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">Deferred income taxes under Mexican
      GAAP</font></td>
    <td width=37> <b><font size="2">Ps.</font></b></td>
    <td width=58> <b><font size="2">787,386</font></b></td>
    <td width=36> <font size="2">Ps.</font></td>
    <td width=68> <font size="2">670,278</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">Inflationary adjustment Mexico</font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">-</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">30,118</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">US GAAP adjustments:</font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">&nbsp;</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">&nbsp;&nbsp;&nbsp;Property, plant
      and equipment, net</font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">103,852</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">241,190</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">&nbsp;&nbsp;&nbsp;Pension and retirement
      plans</font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">1,105</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">1,478</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">Total adjustments</font></td>
    <td width=37> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">104,957</font></b></td>
    <td width=36> <font size="2">&nbsp;</font></td>
    <td width=68> <font size="2">242,668</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=401> <font size="2">Deferred income taxes under US
      GAAP</font></td>
    <td width=37> <b><font size="2">Ps.</font></b></td>
    <td width=58> <b><font size="2">892,343</font></b></td>
    <td width=36> <font size="2">Ps.</font></td>
    <td width=68> <font size="2">943,064</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>The changes in the balance of the deferred income taxes for
      the year are as follows:</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">&nbsp;</font></td>
    <td width=45> <font size="2">&nbsp;</font></td>
    <td width=58> <b><font size="2">2002</font></b></td>
    <td width=46> <b><font size="2">&nbsp;</font></b></td>
    <td width=59> <b><font size="2">2001</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">Balance at the beginning of the
      year</font></td>
    <td width=45> <b><font size="2">Ps.</font></b></td>
    <td width=58> <b><font size="2">943,064</font></b></td>
    <td width=46> <font size="2">Ps.</font></td>
    <td width=59> <font size="2">1,031,682</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Provision for
      the year</font></td>
    <td width=45> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">23,682</font></b></td>
    <td width=46> <font size="2">&nbsp;</font></td>
    <td width=59> <font size="2">23,705</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Change on the
      statutory rate</font></td>
    <td width=45> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">(53,828)</font></b></td>
    <td width=46> <font size="2">&nbsp;</font></td>
    <td width=59> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Cumulative translation
      adjustment</font></td>
    <td width=45> <b><font size="2">&nbsp;</font></b></td>
    <td width=58> <b><font size="2">(20,575)</font></b></td>
    <td width=46> <font size="2">&nbsp;</font></td>
    <td width=59> <font size="2">(112,323)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=392 align="left"> <font size="2">Balance at the end of the year</font></td>
    <td width=45> <b><font size="2">Ps.</font></b></td>
    <td width=58> <b><font size="2">892,343</font></b></td>
    <td width=46> <font size="2">Ps.</font></td>
    <td width=59> <font size="2">943,064</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2"><b>Reconciliation
      of Deferred Employee Profit Sharing</b></font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">2002</font></b></td>
    <td width=49 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=59 valign=bottom align="right"> <b><font size="2">2001</font></b></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Deferred employee
      profit sharing under Mexican GAAP</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">-</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">-</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">US GAAP adjustments:</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">34,558</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">50,397</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Property,
      plant and equipment, net</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">358,429</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">252,259</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Deferred
      charges</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">41,456</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">31,825</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Pension
      and retirement plans</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">(17,323)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(15,843)</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Other
      reserves</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">(13,110)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(8,921)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Total adjustments</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">404,010</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">309,717</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Deferred employee
      profit sharing under US GAAP</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">404,010</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">309,717</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-26 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 26; page: 26" --> <br>
  <br>
<table width=600>
  <tr>
    <td><font size=2>The changes in the balance of the deferred employee profit
      sharing for the year are as follows:</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">&nbsp;</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">2002</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">2001</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Balance at the beginning
      of the year</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">309,717</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">225,090</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Provision for the
      year</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">96,810</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">86,336</font></td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Inflation effect</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">(2,517)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(1,709)</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width=392 valign=bottom align="left"> <font size="2">Balance at the end
      of the year</font></td>
    <td width=46 valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=54 valign=bottom align="right"> <b><font size="2">404,010</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">309,717</font></td>
  </tr>
  <tr>
    <td valign=bottom align="left" colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>i) </b></font></td>
    <td width=570><font size=2><b>Pension Plans:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Under Mexican
GAAP, the liabilities for employee benefits are determined  using actuarial computations
in accordance with Bulletin D-3, &#147;Labor  Obligations&#148;, which is substantially
the same as US GAAP SFAS No. 87,  &#147;Employers&#146; Accounting for Pensions&#148;.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The effect of
the initial application of both bulletins generates a  difference in the unamortized
prior service costs and in the amortization  expense. Under Mexican GAAP and US GAAP,
there is no difference in the  liabilities for seniority premiums.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The Company
prepared a study of pension costs under US GAAP based on  actuarial calculations, using
the same assumptions used under Mexican GAAP  (see Note 13).</font></td></tr></table>





<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The required
disclosures under SFAS No. 87 are as follows:</font></td></tr></table>



<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2"><b>Net pension cost:</b></font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">2002</font></b></td>
    <td width=40> <b><font size="2">&nbsp;</font></b></td>
    <td width=47> <b><font size="2">2001</font></b></td>
    <td width=43> <b><font size="2">&nbsp;</font></b></td>
    <td width=56> <b><font size="2">2000</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Service cost</font></td>
    <td width=35> <b><font size="2">Ps.</font></b></td>
    <td width=49> <b><font size="2">10,029</font></b></td>
    <td width=40> <font size="2">Ps.</font></td>
    <td width=47> <font size="2">8,535</font></td>
    <td width=43> <font size="2">Ps.</font></td>
    <td width=56> <font size="2">14,644</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Interest cost</font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">6,766</font></b></td>
    <td width=40> <font size="2">&nbsp;</font></td>
    <td width=47> <font size="2">7,235</font></td>
    <td width=43> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">11,804</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Actual return
      on plan assets</font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">(2,658)</font></b></td>
    <td width=40> <font size="2">&nbsp;</font></td>
    <td width=47> <font size="2">(3,124)</font></td>
    <td width=43> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">(2,690)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Net amortization
      and deferral</font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">(1,163)</font></b></td>
    <td width=40> <font size="2">&nbsp;</font></td>
    <td width=47> <font size="2">(1,890)</font></td>
    <td width=43> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">(421)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Net pension cost
      (US GAAP)</font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">12,974</font></b></td>
    <td width=40> <font size="2">&nbsp;</font></td>
    <td width=47> <font size="2">10,756</font></td>
    <td width=43> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">23,337</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Net pension cost
      recorded (Mexican GAAP)</font></td>
    <td width=35> <b><font size="2">&nbsp;</font></b></td>
    <td width=49> <b><font size="2">11,907</font></b></td>
    <td width=40> <font size="2">&nbsp;</font></td>
    <td width=47> <font size="2">11,132</font></td>
    <td width=43> <font size="2">&nbsp;</font></td>
    <td width=56> <font size="2">22,929</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=330> <font size="2">&nbsp;&nbsp;&nbsp;Additional (income)
      expense that must be</font><font size="2"><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;recognized under US GAAP</font></td>
    <td width=35> <b><font size="2">Ps.</font></b></td>
    <td width=49> <b><font size="2">1,067</font></b></td>
    <td width=40> <font size="2">Ps.</font></td>
    <td width=47> <font size="2">(376)</font></td>
    <td width=43> <font size="2">Ps.</font></td>
    <td width=56> <font size="2">408</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <b><font size="2">Pension liability</font></b></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2002</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Projected benefit
      obligation</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">172,928</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">129,458</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Plan assets at
      fair value</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">(35,326)</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(40,237)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Unfunded projected
      benefit obligation</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">137,602</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">89,221</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Unrecognized
      net transition obligation</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">(17,763)</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(5,384)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Unrecognized
      net gain </font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">39,928</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">66,566</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Total unfunded
      accrued pension liability under US GAAP</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">159,767</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">150,403</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Total unfunded
      accrued pension liability under Mexican GAAP</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">(162,923)</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(154,626)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Liability that
      must be canceled under US GAAP</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">(3,156)</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">(4,223)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The changes during the year in the projected
benefit obligation of the  pension plan, as well as the changes in the plan assets at
market value,  are as follows:</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-27 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 27; page: 27" --> <br>
  <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Change in Projected Benefit
      Obligatio</b>n </font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2002</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Obligation at the beginning of
      the year</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">129,458</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">197,354</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Service cost</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">10,029</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">8,535</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Interest cost</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">6,766</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">7,235</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Actuarial loss</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">34,244</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(78,181)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Benefits paid</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">(7,569)</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(5,485)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Obligation at the end of the year</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">172,928</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">129,458</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Change in Plan Assets at Fair
      Value</b></font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2002</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Balance at the beginning of the
      year</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">40,237</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">42,488</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Actual return
      on plan assets in real terms</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2,658</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">3,124</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Actuarial gain</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">-</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">110</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">&nbsp;&nbsp;&nbsp;Benefits paid</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">(7,569)</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">(5,485)</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Balance at the end of the year</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">35,326</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">40,237</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>j) </b></font></td>
    <td width=570><font size=2><b>Comprehensive Income:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In Note 23 c),
a reconciliation of comprehensive income under Mexican GAAP  to US GAAP is presented. The
reconciling items include adjustments to net  income and other comprehensive income.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>k) </b></font></td>
    <td width=570><font size=2><b>Statement of Cash Flows:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Under Mexican
GAAP, the Company presents a consolidated statement of  changes in financial position in
accordance with Bulletin B-12, &#147;Estado de  Cambios en la Situacion Financiera&#148; (Statement
of Changes in Financial  Position), which identifies the generation and application of
resources by  the differences between beginning and ending financial statement balances
in constant Mexican pesos. Bulletin B-12 also requires that monetary and  foreign
exchange gains and losses be treated as cash items for the  determination of resources
generated by operations.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>In accordance
with US GAAP the Company follows SFAS No. 95, &#147;Statement of  Cash Flows&#148;,
excluding the effects of inflation (see Note 22 l).</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>l)</b></font></td>
    <td width=570><font size=2><b>Summarized Financial Information under US GAAP:</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Balance Sheets</b></font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2002</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2"><b>2001</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Current assets</font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">7,980,319</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">6,146,346</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Fixed assets</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">7,267,583</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">7,369,458</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Other assets</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">1,250,163</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">1,645,562</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Total assets</b></font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">16,498,065</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">15,161,366</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Current liabilities</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">2,620,631</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">2,680,894</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Long-term liabilities</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">3,353,575</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">2,966,102</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Other liabilities</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">1,584,900</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">1,620,033</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Total liabilities</b></font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">7,559,106</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">7,267,029</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2">Stockholders&#146; equity</font></td>
    <td align="right" width=24> <b><font size="2">&nbsp;</font></b></td>
    <td align="right" width=69> <b><font size="2">8,938,959</font></b></td>
    <td align="right" width=39> <font size="2">&nbsp;</font></td>
    <td align="right" width=62> <font size="2">7,894,337</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=406> <font size="2"><b>Total liabilities and stockholders&#146;
      equity</b></font></td>
    <td align="right" width=24> <b><font size="2">Ps.</font></b></td>
    <td align="right" width=69> <b><font size="2">16,498,065</font></b></td>
    <td align="right" width=39> <font size="2">Ps.</font></td>
    <td align="right" width=62> <font size="2">15,161,366</font></td>
  </tr>
  <tr valign="bottom">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-28 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 28; page: 28" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td width=272 align="left">&nbsp;</td>
    <td width=328 valign="bottom" align="right" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2"><b>Income Statements</b></font></td>
    <td width=39 valign="bottom" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">2002</font></b></td>
    <td width=52 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <b><font size="2">2001</font></b></td>
    <td width=49 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <b><font size="2">2000</font></b></td>
  </tr>
</table>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Total revenues</font></td>
    <td width=39 valign="bottom" align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">17,620,018</font></b></td>
    <td width=52 valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">18,501,573</font></td>
    <td width=49 valign="bottom" align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">18,302,044</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Income from operations</font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">4,220,272</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">3,790,313</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">3,152,121</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Income before income taxes</font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">4,186,521</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">3,648,533</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">2,493,590</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Income taxes</font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">1,662,515</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">1,348,024</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">950,299</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Net income </font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">2,524,006</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">2,300,509</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">1,543,291</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Cumulative translation result</font></td>
    <td width=39 valign="bottom" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">(676,015)</font></b></td>
    <td width=52 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">(1,617,223)</font></td>
    <td width=49 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">(198,506)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Result of holding nonmonetary assets</font></td>
    <td width=39 valign="bottom" align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">(218,391)</font></b></td>
    <td width=52 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">373,329</font></td>
    <td width=49 valign="bottom" align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">(7,982)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Comprehensive income </font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67 valign="bottom" align="right"> <b><font size="2">1,629,600</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign="bottom" align="right"> <font size="2">1,056,615</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right"> <font size="2">1,336,803</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Weighted average common shares
      outstanding </font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=67  valign=bottom align="right"> <b><font size="2">1,425,000</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62  valign=bottom align="right"> <font size="2">1,425,000</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">1,425,000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=272 align="left"> <font size="2">Net comprehensive income per share
      </font></td>
    <td width=39  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=67  valign=bottom align="right"> <b><font size="2">1.14</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62  valign=bottom align="right"> <font size="2">0.74</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">0.94</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td width=275 align="left">&nbsp;</td>
    <td  valign=bottom align="right" colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2"><b>Cash Flows</b></font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">2002</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">2001</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">2000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Net income</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">2,524,210</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">2,250,232</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">1,456,697</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Non-cash items</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">966,682</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">1,055,704</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">1,164,102</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Other expenses</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">377,531</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">39,729</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(6,133)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Working capital investment</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">155,207</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">288,719</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">250,849</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Taxes</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(1,067)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">31,792</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(322,601)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Net cash flows from operating activities</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">4,022,563</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">3,666,176</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">2,542,914</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Total fixed asset investments</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(1,170,060)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(777,895)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(873,547)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Financial expenses</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">30,169</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">5,643</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">3,661</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Bank loans </font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(10,805)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(24,697)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">11,978</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Dividends paid</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(561,023)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(292,125)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(218,453)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Other financial transactions</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(407,225)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">184,868</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(3,964)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Net cash flows used in financing
      activities</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(948,884)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(126,311)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(206,778)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Net increase in cash and cash equivalents</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">1,903,619</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">2,761,970</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">1,462,589</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Effect of exchange rate changes
      on cash</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">(194,551)</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(316,356)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">(96,319)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Cash and cash equivalents at the
      beginning <br>
      &nbsp;&nbsp;&nbsp; of the </font><font size="2">year</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2"></font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">4,462,326</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">2,016,712</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">650,442</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=275 align="left"> <font size="2">Cash and cash equivalents at the
      end of the year</font></td>
    <td width=34  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=69  valign=bottom align="right"> <b><font size="2">6,171,394</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">4,462,326</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">2,016,712</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td width=642 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=314  rowspan=2 align="left"> <font size="2"><b>Supplemental Information
      about Cash Flows:<br>
      <br>
      </b></font></td>
    <td width=42 align="right" rowspan="2"> <b><font size="2">&nbsp;</font></b>
      <b><font size="2">&nbsp;</font></b></td>
    <td width=64 align="right" rowspan="2"> <b><font size="2">&nbsp;</font></b>
      <b><font size="2">2002</font></b></td>
    <td width=52 align="right" rowspan="2"> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font></td>
    <td width=62 align="right" rowspan="2"> <font size="2">&nbsp;</font> <b><font size="2">2001</font></b></td>
    <td width=49 align="right" rowspan="2"> <font size="2">&nbsp;</font> <font size="2">&nbsp;</font></td>
    <td width=59 align="right" rowspan="2"> <font size="2">&nbsp;</font> <b><font size="2">2000</font></b></td>
  </tr>
  <tr>
    <td></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=642 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=314 align="left"> <font size="2">Interest paid</font></td>
    <td width=42  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=64  valign=bottom align="right"> <b><font size="2">41,208</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">37,133</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">185,963</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=314 align="left"> <font size="2">Income tax and tax on assets paid</font></td>
    <td width=42  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=64  valign=bottom align="right"> <b><font size="2">1,801,513</font></b></td>
    <td width=52  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">1,354,350</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59  valign=bottom align="right"> <font size="2">1,247,721</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=642 align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="19">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287  rowspan=2 align="left"> <font size="2"><b>Statements of Changes
      in Stockholders&#146; Equity: <br>
      <br>
      </b></font></td>
    <td width=36  valign=bottom align="right" rowspan="2"> <b><font size="2">&nbsp;</font></b>
      <b><font size="2">&nbsp;</font></b></td>
    <td width=65 valign="bottom" align="right" rowspan="2"> <b><font size="2">&nbsp;</font></b>
      <b><font size="2">2002</font></b></td>
    <td width=42  valign=bottom align="right" rowspan="2"> <font size="2">&nbsp;</font>
      <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right" rowspan="2"> <font size="2">&nbsp;</font>
      <b><font size="2">2001</font></b></td>
    <td width=49  valign=bottom align="right" rowspan="2"> <font size="2">&nbsp;</font>
      <font size="2">&nbsp;</font></td>
    <td width=59 valign="bottom" align="right" rowspan="2"> <font size="2">&nbsp;</font>
      <b><font size="2">2000</font></b></td>
  </tr>
  <tr>
    <td></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="15">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2">Stockholders&#146; equity as of
      the beginning of the year </font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">7,894,337</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">7,156,503</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">6,080,048</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2"> Dividends paid </font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">(584,978)</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(318,781)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(260,348)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2"> Cumulative translation result</font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">(676,015)</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">(1,617,223)</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(198,506)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2"> Result of holding nonmonetary
      assets</font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">(218,391)</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">373,329</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(7,982)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2"> Net income </font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">2,524,006</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">2,300,509</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">1,543,291</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="15">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=287 align="left"> <font size="2">Stockholders&#146; equity as of
      the end of the year</font></td>
    <td width=36  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=65  valign=bottom align="right"> <b><font size="2">8,938,959</font></b></td>
    <td width=42  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=62 valign=bottom align="right"> <font size="2">7,894,337</font></td>
    <td width=49  valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">7,156,503</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="15">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-29 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 29; page: 29" --> <br>
  <br>
  <br>
<table width=600>
  <tr>
    <td><font size=2><b>Note 23. Reconciliation of Mexican GAAP to US GAAP.</b></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a) </b></font></td>
    <td width=570><font size=2><b>Reconciliation of Net Income for the year:</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">2002</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">2001</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">2000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7" height="20">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">Net income under Mexican GAAP</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">2,564,218</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">2,202,334</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">1,358,318</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">US GAAP adjustments:</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Restatement of
      prior year financial statements </font><font size="2"> <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Note 22 a)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">-</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">169,498</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">67,462</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Goodwill amortization
      (Note 22 d)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">37,335</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">-</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Promotional expenses
      (Note 22 c)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(10,289)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Restatement of
      machinery and equipment (Note 22 e)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(13,127)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">(6,511)</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(25,415)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp; Capitalization of interest
      expense (Note 22 f)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(664)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">17,760</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">711</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp; Deferred income taxes (Note
      22 h)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">49,041</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">3,388</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">61,296</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp; Deferred employee profit
      sharing (Note 22 h)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(96,810)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">(86,336)</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">81,327</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2"> Pension plan cost (Note 22 i)
      </font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(1,067)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">376</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">(408)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">&nbsp;&nbsp;&nbsp;Financial instruments
      (Note 22 g)</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(4,631)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">-</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">Total adjustments</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">(40,212)</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">98,175</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">184,973</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">Net income under US GAAP</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">2,524,006</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">2,300,509</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">1,543,291</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">Weighted average common shares
      outstanding</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">&nbsp;</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">1,425,000</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">1,425,000</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">&nbsp;</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">1,425,000</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td width=308 align="left"> <font size="2">Net income per share under US GAAP</font></td>
    <td width=28  valign=bottom align="right"> <b><font size="2">Ps.</font></b></td>
    <td width=63  valign=bottom align="right"> <b><font size="2">1.77</font></b></td>
    <td width=49 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=56  valign=bottom align="right"> <font size="2">1.61</font></td>
    <td width=37 valign=bottom align="right"> <font size="2">Ps.</font></td>
    <td width=59 valign=bottom align="right"> <font size="2">1.08</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>Under US GAAP, the monetary position effect of
the income statement  adjustments is included in each adjustment, except for the
capitalization  of the integral cost of financing and pension plan liabilities that are
nonmonetary.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>Reconciliation of Stockholders&#146; Equity:</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">2002</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <b><font size="2">2001</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">Stockholders&#146; equity under
      Mexican GAAP</font></td>
    <td width=32> <b><font size="2">Ps.</font></b></td>
    <td width=63> <b><font size="2">9,123,877</font></b></td>
    <td width=34> <font size="2">Ps.</font></td>
    <td width=67> <font size="2">7,680,003</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;US GAAP adjustments:</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">&nbsp;</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement
      of prior year financial statements (Note 22 a)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">-</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">220,666</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
      amortization (Note 22 d)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">37,335</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement
      of machinery and equipment (Note 22 e)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">224,500</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">462,886</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalization
      of interest expense (Note 22 f)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">73,978</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">78,944</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      income taxes (Note 22 h)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(104,957)</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">(242,668)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      employee profit sharing (Note 22 h)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(404,010)</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">(309,717)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promotional
      expenses (Note 22 c)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(10,289)</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
      instruments (Note 22 g)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(4,631)</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">-</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated
      pension plan liability (Note 22 i)</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">3,156</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">4,223</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">Total adjustments</font></td>
    <td width=32> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(184,918)</font></b></td>
    <td width=34> <font size="2">&nbsp;</font></td>
    <td width=67> <font size="2">214,336</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="5">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=404> <font size="2">Stockholders&#146; equity under
      US GAAP</font></td>
    <td width=32> <b><font size="2">Ps.</font></b></td>
    <td width=63> <b><font size="2">8,938,959</font></b></td>
    <td width=34> <font size="2">Ps.</font></td>
    <td width=67> <font size="2">7,894,337</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="5">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-30 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>c) </b></font></td>
    <td width=570><font size=2><b>Reconciliation of Comprehensive Income:</b></font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="right">
    <td align="left" width=296>&nbsp;</td>
    <td width=304 colspan="6">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">&nbsp;</font></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">2002</font></b></td>
    <td width=41> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">2001</font></b></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=53> <b><font size="2">2000</font></b></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">Comprehensive income under Mexican</font><font size="2">
      <br>
      &nbsp;&nbsp;&nbsp; GAAP</font></td>
    <td width=42> <b><font size="2">Ps.</font></b></td>
    <td width=63> <b><font size="2">2,028,852</font></b></td>
    <td width=41> <font size="2">Ps.</font></td>
    <td width=63> <font size="2">2,583,171</font></td>
    <td width=42> <font size="2">Ps.</font></td>
    <td width=53> <font size="2">1,247,315</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;US GAAP
      adjustments:</font></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">&nbsp;</font></b></td>
    <td width=41> <font size="2">&nbsp;</font></td>
    <td width=63> <font size="2">&nbsp;</font></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td width=53> <font size="2">&nbsp;</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (Note 23 a)</font></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(40,212)</font></b></td>
    <td width=41> <font size="2">&nbsp;</font></td>
    <td width=63> <font size="2">98,175</font></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td width=53> <font size="2">184,973</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
      translation result</font></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(220,666)</font></b></td>
    <td width=41> <font size="2">&nbsp;</font></td>
    <td width=63> <font size="2">(2,336,779)</font></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td width=53> <font size="2">(126,327)</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Result
      of holding nonmonetary assets</font></td>
    <td width=42> <b><font size="2">&nbsp;</font></b></td>
    <td width=63> <b><font size="2">(138,374)</font></b></td>
    <td width=41> <font size="2">&nbsp;</font></td>
    <td width=63> <font size="2">712,048</font></td>
    <td width=42> <font size="2">&nbsp;</font></td>
    <td width=53> <font size="2">30,842</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="1" noshade>
    </td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=296> <font size="2">Comprehensive income under US GAAP</font></td>
    <td width=42> <b><font size="2">Ps.</font></b></td>
    <td width=63> <b><font size="2">1,629,600</font></b></td>
    <td width=41> <font size="2">Ps.</font></td>
    <td width=63> <font size="2">1,056,615</font></td>
    <td width=42> <font size="2">Ps.</font></td>
    <td width=53> <font size="2">1,336,803</font></td>
  </tr>
  <tr valign="bottom" align="right">
    <td align="left" width=600 colspan="7">
      <hr size="2" noshade>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2><B>Note 24.  Future Impact of Recently Issued
Accounting Standards Not Yet in Effect.</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>a)</b></font></td>
    <td width=570><font size=2><b> In Mexican GAAP:</b></font></td>
  </tr>
</table>
<p>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>Bulletin B-5,
&#147;Informacion Financiera por Segmentos&#148; (Financial Information by Segment ) (&#147;Bulletin
B-5&#148;):</B><BR>
In April 2003,Bulletin B-5 issued by the Mexican Institute of Public
Accountants (&#147;IMCP&#148;), went into effect superseding the provisions in
International Accounting Standard (&#147;IAS&#148;) No. 14, &#147;Segment Reporting&#148;,
which was suppletory based on the provisions in Bulletin A-8, &#147;Aplicacion
Supletoria de Normas Internacionales de Contabilidad&#148; (Suppletory Application of
International Accounting Standards), with respect to disclosing financial information by
segment. The provisions of this new bulletin are substantially similar to those of IAS
No. 14; however, they incorporate a managerial focus, which requires at a minimum
disclosure of the segment information that is used by management to make decisions.
These new provisions do not change the segment information previously presented by the
Company.</FONT></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>Bulletin C-8,
&#147;Activos Intangibles&#148; (Intangible Assets) (&#147;Bulletin C-8&#148;):</B><BR>
In
January 2002, the IMCP issued new Bulletin C-8, whose provisions are mandatory for
fiscal years beginning January 1, 2003. Bulletin C-8 supersedes the former Bulletin C-8,
&#147;Intangibles&#148; and establishes that project development costs should be
capitalized if they fulfill the criteria established for recognition as assets. Any
start-up expenses incurred after the effective date of this bulletin should be recorded
as an expense unless they meet certain criteria. The unamortized balance of capitalized
start-up expenses under the former Bulletin C-8 will continue to be amortized. Bulletin
C-8 requires identifying all intangible assets to reduce as much as possible the
goodwill relative to business combinations. The Company does not anticipate that this
new standard will have a significant impact on its financial position or results of
operations.</FONT></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>Bulletin C-9,
&#147;Pasivo, Provisiones, Activos y Pasivos Contingentes y Compromisos&#148; (Liabilities,
Provisions, Contingent Assets and Liabilities, and Commitments) (&#147;Bulletin C-9&#148;):</B><BR>
In December 2002, issued new Bulletin C-9, whose provisions are mandatory for fiscal
years beginning January 1, 2003. Bulletin C-9 supersedes the former Bulletins C-9, &#147;Pasivos&#148; (Liabilities),
and C-12, &#147;Contingencias y Compromisos&#148; (Contingencies and Commitments), and
establishes additional guidelines clarifying the accounting for liabilities, provisions,
and contingent assets and liabilities, and establishes new standards for the use of
present value techniques to measure liabilities and accounting for the early settlement
of obligations. The Company does not anticipate that this new standard will have a
significant impact on its financial position or results of operations.</FONT></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>Bulletin C-12, &#147;Instrumentos financieros
      con Caracteristicas de Pasivo, de Capital o de ambos&#148; (Financial Instruments
      with Characteristics of Liabilities, Equity or Both) (&#147;Bulletin <br>
      C-12&#148;):</B><BR>
      In May 2003, the IMCP issued Bulletin C-12, whose provisions are mandatory
      for fiscal years beginning January 1, 2004, although early application is
      encouraged. C-12 incorporates the related portions of other bulletins issued
      by the IMCP with respect to the issuance of debt, capital or compound financial
      instruments, as well as those standards considered necessary for the accounting
      recognition of such instruments. As a result, C-12 indicates the basic distinctions
      between liabilities and equity and establishes the rules for the initial
      classification and measurement of the liability and equity components of
      compound financial instruments. Subsequent recognition and measurement of
      the liability and equity components of financial instruments remains subject
      to previously issued applicable standards. The company does not anticipate
      that this new standard will have a significant impact on its financial position
      or results of operations.</FONT></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-31 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>Bulletin C-15, &#147;Deterioro en el Valor
      de los Activos de Larga Duracion y su Disposicion&#148; (Impairment in the
      Value of Long-Lived Assets and Their Disposal) (&#147;Bulletin <br>
      C-15&#148;):</B><BR>
      In March 2003, the IMCP issued Bulletin C-15, whose application is mandatory
      for financial statements of periods beginning on or after January 1, 2004,
      although early application is encouraged. C-15 establishes, among others,
      new principles for the calculation and recognition of impairment losses
      for long-lived assets and their reversal. It also provides examples of indicators
      of possible impairment in the carrying amount of tangible and intangible
      long-lived assets in use, including goodwill. The calculation of such loss
      requires the determination of the recoverable value, which is now defined
      as the greater of the net selling price of a cash-generating unit and its
      value in use, which is the present value of discounted future net cash flows.
      The accounting principles issued prior to this new Bulletin used future
      net cash flows, without requiring the discounting of such cash flows. The
      company does not anticipate that this new standard will have a significant
      impact on its financial position or results of operations.</FONT></td>
  </tr></table>


<p>
<table width=600>
  <tr>
    <td width=30><font size=2><b>b) </b></font></td>
    <td width=570><font size=2><b>In US GAAP:</b></font></td>
  </tr>
</table>
<table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>SFAS No. 143, &#147;Accounting for Asset Retirement
      Obligations&#148; (&#147;SFAS No. 143&#148;):</B><BR>
      In June 2001, the FASB issued SFAS No. 143, which is effective for the Company
      beginning in 2003. The Company plans to adopt this new standard in 2003.
      SFAS No. 143 addresses financial accounting and reporting for obligations
      associated with the retirement of tangible long-lived assets and the associated
      asset retirement costs. It applies to legal obligations associated with
      the retirement of long-lived assets that result from the acquisition, construction,
      development and/or the normal operation of a long-lived asset, except for
      certain obligations of lessees. This Statement requires that the fair value
      of a liability for an asset retirement obligation be recognized in the year
      in which it is incurred if a reasonable estimate of fair value can be made.
      The associated asset retirement costs are capitalized as part of the carrying
      amount of the long-lived asset. The Company does not anticipate that this
      new standard will have a significant impact on its financial position or
      results of operations.</FONT></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>SFAS No. 145, &#147;Rescission of FASB Statements
      No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections&#148;
      (&#147;SFAS No. 145&#148;):</B><BR>
      In April 2002, the FASB issued SFAS No. 145, which requires that gains and
      losses from extinguishment of debt in all years presented be classified
      as extraordinary items only if they meet the criteria of APB Opinion 30,
      &#147;Reporting the Results of Operations--Discontinued Events and Extraordinary
      Items&#148;.</FONT></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The amendment
of SFAS No. 13, &#147;Accounting for Leases&#148;, eliminates an  inconsistency between
the required accounting for sale-leaseback  transactions and the required accounting for
certain lease modifications  that have economic effects that are similar to
sale-leaseback transactions.  The new standard will be effective for financial statements
issued for  fiscal years beginning after May 15, 2002 and lease transactions occurring
after May 15, 2002, with early application encouraged. The Company plans to  adopt this
new standard in 2003. The Company does not anticipate that this  new standard will have a
significant impact on its financial position or  results of operations.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>SFAS No. 146, &#147;Accounting for Costs Associated
      with Exit or Disposal Activities&#148; (&#147;SFAS No. 146&#148;):</B><BR>
      In June 2002 the FASB issued SFAS No. 146, which nullifies Emerging Issues
      Task Force (&#147;EITF&#148;) Issue No. 94-3, &#147;Liability Recognition
      for Certain Employee Termination Benefits and Other Costs to Exit an Activity
      (including Certain Costs Incurred in a Restructuring)&#148;. The principal
      difference between SFAS No. 146 and EITF 94-3 relates to its requirement
      that a liability for a cost associated with an exit or disposal activity
      be recognized and measured initially at fair value when the liability is
      incurred, as opposed to recognition under EITF 94-3 at the date of an entity&#146;s
      commitment to an exit plan. The provisions of SFAS No.146 will be effective
      for exit or disposal activities that are initiated after December 31, 2002,
      with early application encouraged. Previously issued financial statements
      may not be restated, and the provisions of EITF 94-3 shall continue to apply
      for an exit activity initiated under an exit plan prior to the initial application
      of SFAS No. 146. The Company plans to adopt this new standard in 2003. The
      Company does not anticipate that this new standard will have a significant
      impact on its financial position or results of operations.</FONT></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>FASB Interpretation No. 45, &#147;Guarantor&#146;s
      Accounting and Disclosure Requirements for Guarantees, Including Indirect
      Guarantees of Indebtedness of Others&#148; (&#147;FIN 45&#148;):</B><BR>
      In November 2002, the FASB issued FIN 45, which requires that the guarantor
      recognize, at the inception of certain guarantees, a liability for the fair
      value of the obligation undertaken in issuing such guarantee. FIN 45 also
      requires additional disclosure requirements about the guarantor&#146;s obligations
      under certain guarantees that it has issued. The initial recognition and
      measurement provisions of this interpretation are applicable on a prospective
      basis to</FONT> </td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-32 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 32; page: 32" -->




<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>guarantees
issued or modified after December 31,  2002, and the disclosure requirements are
effective for financial statement periods  ending after December 15, 2002. The Company
does not expect the adoption of FIN 45 will  have a material impact on its financial
position, results of operations or cash flows.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><FONT SIZE="2"><B>EITF Issue 02-16, &#147;Accounting by a Customer
      (Including a Reseller) for Certain Consideration Received from a Vendor&#148;
      (&#147;EITF 02-16&#148;)</B><BR>
      In January 2003, the EITF concluded in EITF 02-16, whose provisions are
      required for financial statements for fiscal years beginning after December
      15,2002, with pro forma retroactive disclosure encouraged. EITF 02-16 addresses
      the accounting for cash consideration received from a vendor by a reseller
      of a vendor&#146;s products. The EITF reached a consensus that cash consideration
      represents a reimbursement of costs incurred by the customer to sell the
      vendor&#146;s products and should be characterized as a reduction of that
      cost when recognized in the customer&#146;s income statement if the cash
      consideration represents a reimbursement of a specific, incremental, identifiable
      cost incurred by the customer in selling the vendor&#146;s products or services.
      Accordingly, the payments received by Coca-Cola FEMSA from The Coca-Cola
      Company for cooperative advertising (see Note 4j) are properly classified
      as a reduction of selling expenses. As a result, this new bulletin will
      have no impact on the Company&#146;s financial statements.</FONT></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>SFAS No. 149,
&#147;Amendments of Statement 133 on Derivative Instruments and Hedging Activities&#148; (&#147;SFAS
No. 149&#148;):</B><BR>
In April 2003, the FASB issued SFAS No. 149, which amends and clarifies
financial accounting and reporting for derivative instruments, including certain
derivative instruments embedded in other contracts and for hedging activities under SFAS
No. 133. The changes in this Statement improve financial reporting by requiring that
contracts with comparable characteristics be accounted for similarly. The new standard
will be effective for contracts entered into or modified after June 30, 2003, except as
stated below and for hedging relationships designated after June 30, 2003. In addition,
except as stated below, all provisions of this Statement should be applied prospectively.</FONT></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>The provisions
of this Statement that relate to SFAS No. 133 implementation  issues that have been
effective for fiscal quarters that began prior to  June 15, 2003, should continue to be
applied in accordance with their  respective effective dates. The Company does not
anticipate that this new  standard will have a significant impact on its financial
position or  results of operations.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2"><B>SFAS No. 150,
&#147;Accounting for Certain Financial Instruments with Characteristics of both
Liabilities and Equity&#148; (&#147;SFAS No. 150&#148;):</B><BR>
In May 2003, the FASB issued SFAS No. 150, which aims to eliminate diversity in practice by requiring that the
following three types of financial instruments be reported as liabilities by their
issuers:</FONT></td></tr></table>

<br>
<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Mandatorily
redeemable instruments (i.e., instruments issued in the form of  shares that
unconditionally obligate the issuer to redeem the shares for  cash or by transferring
other assets); </font></td></tr></table>





<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Forward
purchase contracts, written  put options, and other financial  instruments not in the
form of shares that  either obligate or may obligate the issuer to  settle its obligation
for  cash or by transferring other assets; </font></td></tr></table>





<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>Certain
financial  instruments that  include an obligation that (1) the issuer may or must settle
by issuing  a  variable number of its equity shares and (2) has a &#147;monetary value&#148; at
inception that (a) is fixed, (b) is tied to a market index or other  benchmark (something
other than the fair value of the issuer&#146;s equity  shares) or (c) varies inversely
with the fair value of the equity shares,  for example, a written put option.</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>To date these
types of instruments have been variously reported by their  issuers as liabilities, as
part of equity, or between the liability and  equity sections (sometimes referred to as
&#147;mezzanine&#148; reporting) of the  balance sheet. The provisions of SFAS No. 150
are effective for financial  instruments entered into or modified after May 31, 2003, and
pre-existing  instruments effective at the beginning of the first interim period
beginning after June 15, 2003. The Company does not expect that the  adoption of SFAS No.
150 will have a material impact on its financial  position, results of operations or cash
flows.</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2><B>Note 25. Subsequent Event</B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size="2">On May 6, 2003, Coca-Cola FEMSA acquired 100% of the outstanding
      stock of Panamerican Beverages, Inc. (&#147;Panamco&#148;) for US$3,709 million, excluding
      transaction expenses. As part of the acquisition, the Company assumed US$885
      million of debt, of which US$373 million was repaid in connection with the
      acquisition.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-33 </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->



<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size="2">The transaction was financed with new indebtedness
      in Mexican pesos of Ps. 7,998 million and US$1,234 million, an equity contribution
      from FEMSA of US $260 million, an exchange of The Coca-Cola Company&#146;s equity
      interests in Panamco valued at US$674 million for new shares of Coca-Cola
      FEMSA, the assumption of indebtedness of US $512 million and cash on hand
      of US $285 million. </font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size="2"> Transaction costs and expenses, including financial
      and advisory fees, and costs associated with exiting activities of the former
      Panamco business include: (i) closing certain acquired facilities; (ii)
      rationalizing and consolidating operations, (iii) relocating the corporate
      and other offices, and (iv) other costs associated with the integration
      of the operations are expected to be material. These costs will be recorded
      on the Company&#146;s Consolidated Balance Sheet as adjustments to the purchase
      price or on the Company's Consolidated Statements of Income as expenses,
      as appropriate. </font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size="2">Assets acquired and liabilities assumed as part
      of this acquisition will be recorded on the Company&#146;s consolidated balance
      sheet as of the acquisition date based upon their estimated fair values
      at such date. The excess of the purchase price over the estimated fair values
      of the underlying assets acquired and liabilities assumed will be allocated
      as identifiable intangible assets, principally bottling agreement rights,
      which the company has determined have an indefinite life. Appraisals and
      valuations of the acquired tangible and intangible assets in each of the
      eight countries in which Panamco operated are currently in process. The
      Company is unable to provide a preliminary estimate of the fair value of
      the assets acquired and liabilities assumed due to the incomplete nature
      of the valuations and pending the finalization of the integration plans.
      </font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size="2">After the transaction, FEMSA indirectly owns
      45.7% of the economic value of Coca-Cola FEMSA and 53.6% of the voting shares.
      The Coca-Cola Company indirectly owns 39.6% of the economic value and 46.4%
      of the voting shares. The public owns the remaining economic value. </font></td>
  </tr></table>



<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2">F-34</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>


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<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<p><table width=600><tr>
    <td align=right><font size=2><B>Exhibit 1.3 </B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>COCA-COLA FEMSA, S.A. DE C.V.</B></font></td></tr></table>

<table width=600><tr><td  align=center><font size=2><B>BY-LAWS</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>CHAPTER I</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>NAME, PURPOSE, DURATION, LEGAL
RESIDENCE AND NATIONALITY OF THE COMPANY</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 1:</U> The
Company is called &#147;COCA-COLA FEMSA&#148; followed by the words &#147;SOCIEDAD
ANONIMA DE CAPITAL VARIABLE&#148; (Variable Stock Corporation), or by the abbreviation
&#147;S.A. DE C.V.&#148;</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 2:</U> The
purposes of the Company shall be:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To establish,
promote and organize commercial or civil companies of  any type, as well as to acquire
and possess shares or participations in them;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To acquire,
possess and sell bonds, shares, participations and  securities of any type, participate
in the borrowing and lending of securities,  enter into partnerships, companies and joint
ventures and, in general, to carry  out all types of active and passive transactions
involving said securities;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To provide or
receive advisory, consulting or other types of  services in industrial, commercial,
financial, legal and tax matters and in any  other area related to the promotion,
administration and management of companies;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To acquire,
build, manufacture, import, export, dispose of and, in  general, conduct business with
all types of machinery, equipment, raw materials  and any other items necessary to the
companies in which it has an interest or  with which it has commercial relations;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To request,
obtain, register, buy, lease, sell or in any other way  dispose of and acquire
trademarks, commercial names, copyrights, patents,  inventions, franchises,
distributions, concessions and processes;</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">1</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To acquire,
build, lease and, under any other title possess and  operate, the real and personal
property required by or necessary for its  purpose, as well as to install or, under any
other title operate, plants,  workshops, warehouses, stores, storage facilities or
depositories; to subscribe  or buy and sell stocks, bonds and securities as well as to
undertake any other  transactions which may be necessary or conducive to the main
business purpose;  and</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To draw,
accept, make, endorse or guarantee (&#147;<U>avalar</U>&#148;) negotiable instruments, issue
bonds secured with real property or unsecured, and to make the company jointly and
severally liable, as well as to grant security of any type with regard to the
obligations entered into by the Company or by third parties, and in general, to perform
such acts, enter into such contracts and carry out such other transactions as may be
necessary or conducive to the business purpose of the Company.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 3:</U> The
Company shall have a term of 99 (ninety-nine) years, beginning as of the date the
Company of its incorporation.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 4:</U> The
legal domicile of the Company is Mexico, D.F., and the Company may establish agencies,
offices or branches in other places in the Mexican Republic or abroad.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 5:</U> Any
foreigner who, at the time of incorporation or at any subsequent time, acquires a
corporate interest or participation in the Company, will be considered by that fact
alone as Mexican with respect to such interest or participation, and it is understood
that he agrees not to invoke the protection of his government, under the penalty, in
case of failure to comply with this agreement, of forfeiting said interest or
participation to the benefit of the Mexican Nation.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">2</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td  align=center><font size=2>CHAPTER II</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>CAPITAL STOCK AND SHARES</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 6:</U> (a) The
Company is a variable capital stock corporation. The minimum fixed Capital Stock not
subject to withdrawal is equal to $820,502,794 (eight hundred and twenty million five
hundred and two thousand pesos seven hundred ninety four pesos, national currency),
which is fully paid and subscribed. The variable Capital Stock shall not exceed ten
times the amount of the minimum fixed Capital Stock.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least 75%
of the Capital Stock will be represented by ordinary  shares, (without expression of par
value) These shares will be divided into  three Series: Series &#147;A&#148; ordinary
shares with restricted transferability, Series  &#147;D&#148; ordinary shares with
restricted transferability, and Series &#147;B&#148; ordinary  shares of free
transferability. The Capital Stock will also be represented by  not more than 25% of
Series &#147;L&#148; shares with limited voting rights, free  transferability (without
expression of par value).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series
&#147;A&#148; shares shall represent at all times no less than 51%  of the Capital Stock
represented by ordinary shares, and shall be subscribed to  and held only by Mexican
investors. The Series &#147;D&#148; shares shall constitute at  all times no less than
25% of the Capital Stock represented by ordinary shares  and shall be freely
subscribable. The Series &#147;B&#148; shares shall be freely  subscribable and shall,
together with the Series &#147;D&#148; shares, not exceed 49% of  the Capital Stock
represented by ordinary shares. The Series &#147;L&#148; shares shall,  at all times
subsequent to the authorization of the National Securities  Commission and the Foreign
Investment Commission of Mexico, not be counted for  purposes of determining the amount
and percentage of foreign participation in  the Capital Stock of the Company.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">3</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series
&#147;A&#148; shares are subscribes or acquired by any other  shareholders holding shares
of any other Series, and such shareholders has a  nationality other than Mexican, such
Series &#147;A&#148; shares shall be automatically  converted in shares of the same
series of stock that such shareholder own, and  such conversion shall be considered
perfected at the same time of said  subscription or acquisition. Provided that the
percentages of capital stock  described in this paragraph c) are complied, the Series
&#147;A&#148; shareholder and/or  the Series &#147;D&#148; shareholders shall be entitled
at any time to assign, in part or  as a whole, their right to subscribe shares (i) in
favor of a Subscription  Subsidiary (as defined in Article 15 (g) below) and/or in favor
of any other  shareholder of the other series of shares; and (ii) in favor of any of
their  affiliates, with the written consent of all Series &#147;A&#148; and Series
&#147;D&#148;  shareholders.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of
the foregoing, it shall be stated the waiver of the  respective pre-emptive rights, as
well as the assignment of such rights, and as  the case may be, the consent of the Series
&#147;A&#148; and Series &#147;D&#148; shareholders in  the minutes of the shareholders
meeting approving the capital stock increase or  by means of written instruments
delivered to the Secretary of the Company before  the expiration of the term to exercise
such pre-emptive rights. The shares that,  in exercise of a right assigned, are
subscribed by shareholders holding other  shares of stock, or by affiliates of such
shareholders, shall be automatically  converted into shares of the same series of stock
that the shareholder that  assigned such rights holds.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Series
&#147;A&#148; and the Series &#147;D&#148; shares shall be shares with  restricted
transferability, and as such, shall be subject to the restrictions  set forth in Article
15 hereto and verification by the Company&#146;s Transfer Agent  referred to in Article 17
hereof for their transfer to be effective.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within their
respective Series, the shares give their holders the  same rights and subject their
holders to the same obligations.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">4</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
certificates representing the shares shall bear the manual  signature of one Series
&#147;A&#148; and one Series &#147;D&#148; Director.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series
&#147;L&#148; shares shall only have voting rights as to those  limited matters described
in these By-Laws and specified in the corresponding  share certificates. Such limited
matters are as follows: changes in the legal  form of the Company, other than changes
from Sociedad Anonima de Capital  Variable to Sociedad Anonima and vice versa; merger
with another corporation, in  the capacity of merged corporation, or merger with another
corporation in the  capacity of merging corporation, when the principal corporate
purposes of the  merged corporation are not related to or connected with those of the
Company or  its subsidiaries; and the cancellation of the registration of the shares
issued  by the Company with the special section or securities section of the National
Registry of Securities and Brokers or with other foreign stock exchanges in  which the
shares may be listed.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is
understood and agreed by the holders of Series &#147;L&#148; shares that under no
circumstances will such holders have the right to determine the management of the
Company, its investments, increases or reductions of Capital Stock, the issuance or
amortization of the shares representing the Capital Stock, changes in these By-Laws or
the dissolution or liquidation of the Company, or have any rights other than those
expressly granted pursuant to paragraph (g) of this Article 6; <U>provided, however,</U> that
the holders of Series &#147;L&#148; shares shall, have the right to designate up to 3
Proprietary Directors and their respective Alternate Directors, as set forth in Article
25 section (a) of these by-laws.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 7:</U> The
Company shall be able to issue limited voting shares, described herein as Series
&#147;L&#148; shares, which, with the prior authorization of the National Banking and
Securities Commission and the Foreign Investment Commission of Mexico, will be
considered issued under the applicable provisions of the Stock Exchange Law and the
corresponding authorizations issued by the</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">5</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>National Banking and Securities Commission.
Article 198 of the General Law of  Commercial Companies shall not apply to such shares,
and such shares shall be  subject to other limitations on corporate rights as specified
herein.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 8:</U> Any
increase or reduction of the fixed portion of the Capital Stock, any changes to the
authorized Capital Stock and any consequent amendment of clause three of the <U>escritura
constitutiva</U> and Article 6 of these By-Laws shall be accomplished pursuant to a
resolution adopted at an Extraordinary Shareholders&#146; Meeting in accordance with the
terms of Article 23 hereof.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 9:</U> Any
increase or reduction of the variable portion of the Capital Stock, within the maximum
amount authorized, shall (except when the shareholders exercise their right of
redemption pursuant to Article 11 hereof) be accomplished pursuant to a resolution
adopted at an Ordinary Shareholders&#146; Meeting in accordance with the terms of Article 23
hereof.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 10:</U> The
variable portion of the Capital Stock may be increased, as and when approved at an
Ordinary Shareholders&#146; Meeting, through the issuance of new shares or the offering of
treasury shares (shares that are authorized, issued and unsubscribed shall be referred
to herein as &#147;Treasury Shares&#148;) held for this purpose, provided that the
shareholders shall have preemptive rights to subscribe such shares. The exercise of this
right shall be carried out pursuant to the terms of Article 132 of the General Law of
Commercial Companies.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 11:</U> (a)
Subject to the provisions of this Article 11 and the General Law of Commercial
Companies, the variable portion of the Capital Stock may be reduced, among other means,
through the partial or full redemption of shares by the Company at the request of any
shareholder, provided that prior notice of such intention to have their shares redeemed
is given to the Company, which notice, (i) if received before the last quarter of the
fiscal year, shall become effective as of the</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">6</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>end of the fiscal year in question, or (ii) if
received during the last quarter of the fiscal year, shall become effective as  of the
end of the following fiscal year. Notwithstanding the foregoing, the  shareholders may
not exercise their right of redemption if such redemption  affects the fixed portion of
the Capital Stock not subject to redemption or the  percentages established in Article 6
of these By-Laws.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should the
Company receive redemption requests that would cause a  reduction below the minimum of
the Capital Stock of the Company or of the  percentages established in Article 6 hereof,
the Company shall only redeem such  shares which would not cause a reduction in the
Capital Stock below the minimum  required or affect the percentages established in
Article 6 hereof; such  redemption shall be made with respect to each requesting
shareholder in the  order in which such request was received.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should the
Company receive simultaneous redemption requests that  would cause a reduction below the
minimum of the Capital Stock of the Company or  of the percentages established in Article
6 hereof, the Company shall only  redeem such shares which would not cause a reduction in
the Capital Stock below  the minimum required or affect the percentages established in
Article 6 hereof;  such redemption shall be made with respect to each requesting
shareholder on a  pro-rata basis as to the number of shares for which redemption was
simultaneously requested.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The procedure
for the exercise of the right of redemption by shareholders of the variable portion of
the Capital Stock shall, in addition to complying with the provisions of Articles 220
and 221 of the General Law of Commercial Companies, conform to the requirement that such
redemption shall be at the lower of the following amounts: 95% (ninety-five percent) of
the quoted stock market price on the Mexican Stock Exchange (&#147;<U>Bolsa de
Valores</U>&#148;), calculated based on the average of the closing prices for the thirty
trading days prior to the</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">7</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>date such redemption is effected, or the full
book value of  the shares in accordance with the year-end financial statements for the
fiscal  year in which the redemption is effected, as previously approved at the Ordinary
shareholders&#146; Meeting.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The redemption
amount shall be due and payable as of the day  following the Ordinary shareholders&#146;
Meeting at which the Company&#146;s audited  financial statements for the fiscal year at the
end of which the redemption is  effected are approved.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 12:</U> The
Company, under the terms of the Stock Exchange Law and the general regulations issued by
the National Banking and Securities Commission, shall be able to temporarily acquire
shares representing its Capital Stock.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the
regulations of the National Banking and Securities  Commission, the companies of which
this company is a majority shareholder or a  majority participant shall not directly or
indirectly acquire shares  representative of the capital stock of this company, except
for acquisitions of  shares by majority owned subsidiaries of this company, or by any
trust created  therefore, to implement options or sales plans granted or designed for the
benefit of directors, employees or officers of such companies or of this  company.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 13:</U> All
increases or reductions of the Capital Stock shall be recorded by the Company in a
Registry Book kept for such purpose.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 14:</U> The
Company may redeem part of its shares by using distributable profits according to the
following rules:</FONT> </td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
redemption must be resolved by an Extraordinary Shareholders Meeting.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">8</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only fully
paid shares may be redeemed.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The shares to
be redeemed shall be acquired pursuant to the rules  set forth in Article 136 of the
General Law of Commercial Companies.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
certificates representing redeemed shares shall be cancelled.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 15:</U> (a) No
sale, transfer, assignment, pledge or other disposition (any of the foregoing being
hereinafter referred to as a &#147;Transfer&#148;) of Series &#147;A&#148; shares or
Series &#147;D&#148; shares will be valid if it is not carried out in accordance with
the following procedures, unless all the holders of the Series &#147;A&#148; and
&#147;D&#148; shares give their prior written approval.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
shareholder that wishes to sell Series &#147;A&#148; or &#147;D&#148; shares (the
&#147;Selling Shareholder&#148;) shall communicate such intention in writing to the
Series  &#147;A&#148; shareholders (if the shares to be sold are Series &#147;D&#148;
shares) or the Series  &#147;D&#148; shareholders (if the shares to be sold are Series
&#147;A&#148;, shares) (the  shareholders required to receive such notice being hereafter
referred to as  &#147;Offeree Shareholders&#148;) and to the Chairman of the Board of
Directors, the  designated representative of the Series D Directors and the Transfer
Agent 90  days prior to such proposed sale, which writing shall communicate the intention
to sell such shares, the number of shares intended to be sold, the name of the  proposed
purchaser, the proposed price, which must be payable entirely in cash  (the &#147;First
Refusal Price&#148;), as well as any other terms in connection with the  proposed sale.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During said
period of 90 days, the Offeree Shareholders, each of  whom shall be bound by the decision
of Offeree Shareholders holding a majority  of the Series &#147;A&#148; or Series
&#147;D&#148; shares, as the case may be, will have an option  to purchase all (but not
less than all) of the shares offered at the First  Refusal Price, to be paid in cash and
on the same terms offered to the proposed  purchaser, provided that, in the event such
option is exercised, any Offeree  Shareholder so </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">9</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>required to purchase shares may designate any
other person or  persons on its behalf to acquire such shares and provided that the
Offeree  Shareholders give prior written notice of the exercise of such option to the
Chairman of the Board of Directors, the designated representative of the  Directors
appointed by the Series &#147;D&#148; shareholders and the Transfer Agent. In  the event
such option is exercised, (i) if the shares to be acquired pursuant to  such option are
series &#147;A&#148; shares, each Offeree Shareholder shall be required to  acquire such
shares in the proportion its series &#147;D&#148; shares bear to all issued,  subscribed
and paid Series &#147;D&#148; shares, (ii) if the shares to be acquired  pursuant to such
option are series &#147;D&#148; shares, each Offeree Shareholder shall be  required to
acquire such shares in the proportion its Series &#147;A&#148; shares bear to  all
issued, subscribed and paid series &#147;A&#148; shares and (iii) the Selling
Shareholder and each of the Offeree Shareholders (or any designee of such  Offeree
Shareholder) shall consummate the transactions implied by the exercise  of such option
within 10 business days after the date on which such option is  exercised.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case the
Offeree Shareholders do not exercise the aforementioned  purchase option, the Selling
Shareholder will have 90 days beginning on the  earlier of (i) the date on which the
90day period referred to in the immediately  preceding paragraph ends and (ii) the date
on which the Selling Shareholder  receives written notice from the Offeree Shareholders
of their desire not to  exercise their option, to consummate the proposed sale, in its
entirety, at  price not less than the First Refusal Price and on terms no less favorable
to  the Selling Shareholder than those offered to the Offeree Shareholders.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time
when any shares of the Company&#146;s Capital Stock are listed for public trading on the
Mexican Stock Exchange (&#147;<U><i>Bolsa de Valores</i></U>&#148;), any holder shall be entitled to
sell Series &#147;A&#148; or Series &#147;D&#148; shares through a public offering on
such Exchange, provided that it complies with the terms of paragraphs (b) through (e) of
this Article 15, except that the Selling Shareholder need not provide the Offeree
Shareholders with the names of the proposed purchasers.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">10</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Should any
Series &#147;A&#148; or &#147;D&#148; shareholder propose to pledge its  shares to a
financial or credit institution (the &#147;Pledgee&#148;), such shareholder  (the
&#147;Pledgor&#148;) shall deliver to the Chairman of the Board of Directors, the
designated representative of the Series D Directors and the Transfer Agent,  prior to the
execution of such pledge, a written agreement in which the Pledgee  agrees (i) to notify
the Chairman of the Board of Directors of the Company and  the designated representative
of the Series D Directors of any default under the  pledge, (ii) to comply with all the
procedures set forth in paragraphs (b)  through (d) and any other applicable provisions
of this Article 15prior to any  foreclosure of the pledged shares and (iii) to
irrevocably waive any right of  self adjudicating the shares, even with the written
consent of the shareholder  that granted the pledge, until it has fully complied with
such restrictions and  procedures, and (iv) that the Pledgor shall be entitled to vote
the pledged  shares so long as it is the registered holder thereof. In the event of such
a  foreclosure, the First Refusal Price shall be determined by an auction or, if  such
auction is not required by law and the transfer is to be carried out in a  different
manner, such First Refusal Price will be equivalent to the &#147;Fair  Market Value&#148;
of such shares, as determined pursuant to paragraph (1) of this  Article 15.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
Notwithstanding the foregoing, (i) any shareholder (a &#147;Subscription
Shareholder&#148;) that acquires Series &#147;A&#148; or Series &#147;D&#148; shares by
subscription (or  that acquired Series &#147;A&#148; or Series &#147;D&#148; shares in
connection with a  recapitalization in exchange for shares of the Company it acquired by
subscription) may Transfer any such shares to a which it owns, directly or  indirectly,
more than 50% of the outstanding shares of the capital stock with  voting power (with
respect to such Subscription Shareholder, a &#147;Subscription  Subsidiary&#148;), and
(ii) any Subscription Subsidiary may Transfer any such shares  to such Subscription
Shareholder or any other Subscription Subsidiary of such  Subscription Shareholder,
provided that in each case the Transferor shall gives  prior written notice to the
Chairman of the </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">11</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>Board, the designated representative  of the
Directors appointed by the Series &#147;D&#148; shareholders and the Transfer  Agent.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any
shareholder that wishes to Transfer Series &#147;A&#148; or &#147;D&#148; shares in  any
manner whatsoever except as permitted by paragraphs (b) through (g) hereof  (the
&#147;FMV Shares&#148;) shall communicate such intention in writing to the Series
&#147;A&#148;  shareholders (if the FMV Shares are Series &#147;D&#148; shares) or the
Series &#147;D&#148;  shareholders (if the FMV Shares are Series &#147;A&#148; shares)
(the shareholders  required to receive such notice being hereafter referred to as the
&#147;FMV Offeree  Shareholders&#148;) and to the Chairman of the Board of Directors, the
designated  representative of the Series D Directors and the Transfer Agent, which
writing  shall communicate the intention to Transfer the FMV Shares, the number of FMV
Shares, the name of the proposed transferee and a detailed description of the  proposed
Transfer and the terms thereof, including any, compensation to be paid.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For a period
of 90 days following delivery of such notice, FMV  Offeree Shareholders holding a
majority of the Series &#147;A&#148; or Series &#147;D&#148; shares,  as the case may be,
shall be entitled to demand a determination of Fair Market  Value of the FMV Shares by
delivering a notice in writing to the proposed  transferor and to the Chairman of the
Board of Directors, the designated  representative of the Series D Directors and the
Transfer Agent. If such a  demand is so delivered, the FMV Offeree Shareholders, each of
whom shall be  bound by the decision of FMV Offeree Shareholders holding a majority of
the  Series &#147;A&#148; or Series &#147;D&#148; shares, as the case may be, and the
proposed transferor  shall proceed as rapidly as practicable to determine the Fair Market
Value of  the FMV Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The FMV
Offeree Shareholders, each of whom shall be bound by the  decision of FMV Offeree
Shareholders holding a majority of the Series &#147;A&#148; or  series &#147;D&#148;
shares, as the case may be, shall have an option to purchase all (but  not less than all)
of the FMV shares at a price equal to their Fair Market Value  within 90 days following
the determination thereof, provided that, in the event  such option is </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">12</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<p>
<table width=600><tr><td><font size=2>exercised, any FMV Offeree Shareholder so
required to purchase  shares may designate any other person or persons on its behalf to
acquire such  FMV Shares. In the event such option is exercised, (i) if the FMV Shares
are  Series &#147;A&#148; shares, each FMV Offeree Shareholder shall be required to
acquire  such FMV Shares in the proportion its Series &#147;D&#148; shares bear to all
issued,  subscribed and paid Series &#147;D&#148; shares, (ii) if the FMV Shares are
Series &#147;D&#148;  shares, each Offeree Shareholder shall be required to acquire such
FMV shares in  the proportion its Series &#147;A&#148; shares bear to all issued,
subscribed and paid  Series &#147;A&#148; shares and (iii) the proposed transferor and
each of the FMV Offeree  Shareholders (or any designee of such FMV Offeree shareholder)
shall consummate  the transactions implied by the exercise of such option within 10
business days  after the date on which such option is exercised.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In case the
FMV Offeree Shareholders do not exercise the  aforementioned purchase option, the
proposed transferor will have 90 days  beginning on the earlier of (i) the date on which
the 90 day option period  referred to in the immediately preceding paragraph ends and
(ii) the date on  which the proposed transferor receives written notice from the FMV
Offeree  Shareholders of their desire not to exercise their option, to consummate the
proposed Transfer, in its entirety, on the terms specified in the notice  referred to in
paragraph (h) of this Article 15.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As used in
this Article 15, the &#147;Fair Market Value&#148; of the  Company&#146;s shares shall mean an
amount equal to the &#147;Company Value&#148;, as defined  below, multiplied by a
fraction, the numerator of which is the number of the  Company&#146;s shares that are being
valued, and the denominator of which is the  total number of issued, subscribed and paid
shares as of the valuation date. As  used in this Article 15, the term &#147;Company
Value&#148; shall mean the amount in New  Pesos that, as of the date of such valuation,
would be received for all issued,  subscribed and paid shares of the Company&#146;s Capital
Stock in an arm&#146;s-length  transaction between a willing buyer and seller, determined as
follows:</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">13</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The two parties
determining Fair Market Value will each make an  independent determination of the Company
Value (each an &#147;Original Valuation  Determination&#148;) and will submit it to the
Chairman of the Board of Directors,  the designated representative of the Series D
Directors and the Transfer Agent.  If the two valuations differ by an amount which is
less than 10% of the smaller  valuation, the Company Value will be the average of such
Original Valuation  Determinations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the
difference between the two valuations is an amount which is  greater than 10% of the
smaller valuation, the parties will each select a  financial institution from a list of
internationally recognized institutions  approved by a majority of the Series A Directors
and a majority of the Series D  Directors. These two institutions will make their
respective determinations of  the Company Value (the &#147;Second Valuations&#148;) and
submit them to the Chairman of  the Board of Directors, the designated representative of
the Series D Directors  and the Transfer Agent. If the Second Valuations differ by an
amount which is  less than 10% of the smaller valuation, the Company Value will be the
average of  such Second Valuations.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Second
Valuations differ by an amount which is greater than  10% of the smaller valuation, the
two aforementioned institutions will select a  third institution from the same list from
which they were chosen, which  institution shall then make its own determination of the
Company Value (the  &#147;Third Valuation&#148;) .The two Second Valuations and the Third
Valuation will be  averaged together, and the Original Valuation Determination that is
nearest to  this average will be deemed to be the Company Value.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 16:</U> The
Company may be reorganized into one of several corporations pursuant to a resolution
adopted at an Extraordinary Shareholders&#146; Meeting.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">14</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 17:</U> The
Company will have a shares registry and will consider as shareholders only those persons
who appear registered in such registry. Upon the appointment of the Trustee Division of
Banca Serfin, S.A. (or any other trust institution that the Board of Directors may
select) as transfer agent of the Company (the &#147;Transfer Agent&#148;), the Company
will register its shares of capital Stock of any Series with the Transfer Agent; with
respect to such shares, the Company will consider as owner only those shareholders who
appear in the registry of such trust institution and, before making changes in such
registry with respect to Series &#147;A&#148; or &#147;D&#148; shares, such trust
institution must verify full compliance with the provisions set forth in Article 15
hereof.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 18:</U> (a)
The Company&#146;s controlling shareholders are required, in the event of cancellation of the
registration of any shares of the Company in the Securities Section of the National
Register of Securities, either at the request of the Company or by a resolution of the
National Banking and Securities Commission of Mexico in accordance with law, to make a
public offer to acquire said shares prior to such cancellation at the highest price
resulting from the average of the closing prices of such shares over the thirty day
period immediately preceding the offering date, or at the book value of the shares
according to the most recent quarterly report presented to the Commission and the
Mexican Stock Exchange prior to the offering.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such
shareholders shall not be obliged to carry out the  aforementioned public acquisition
offer in the event that all of the  shareholders approve the cancellation of the
registration.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>CHAPTER III</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>SHAREHOLDERS&#146; MEETINGS</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 19:</U> (a)
The General Meeting of Shareholders is the supreme authority of the Company, all other
corporate authority being subordinate thereto.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">15</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Shareholders&#146; Meetings shall be either General (Ordinary or  Extraordinary) or Special
and will be held at the domicile of the Company.  Extraordinary Meetings will be those
which are held to deal with any of the  matters stipulated under Article 182 of the
General Commercial Companies Law, as  well as for the cancellation of the registration of
shares issued or to be  issued by the Company, which have been filed with the securities
or special  sections of the National Register of Securities and Financial Instruments, or
with foreign stock exchanges in which such shares may have been listed. All  other
General Meetings will be Ordinary Meetings. Special Meetings will be those  which are
held to deal with matters put to the vote of a particular Series of  shares. Each meeting
shall deal only with the matters included in the Agenda.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 20:</U> (a) An
Ordinary Meeting shall be held at least once a year in the Company&#146;s offices on the date
set by the Board of Directors, which date shall be within four months following the
close of the corresponding fiscal year.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Extraordinary
and Special Shareholders&#146; Meetings shall be called by  the Board of Directors. Any such
meetings will be called upon shareholder  request pursuant to the terms set forth in
Articles 184 and 185 of the General  Commercial Companies Law and other applicable
provisions of the Stock Exchange  Law.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 21:</U> (a)
The call for the Ordinary, Extraordinary and Special Shareholders&#146; Meetings, in first or
further call, shall be published in the Official Newspaper in the domicile of the
Company or in at least one of the newspapers of major circulation in the domicile of the
Company, at least 15 days prior to the date determined for the meeting to take place.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calls for a
General Shareholders&#146; Meeting shall comply with the  requirements set forth in Articles
186 and 187 of the General Law of Commercial  Companies.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">16</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 22:</U> To
attend the meetings, holders of Series &#147;A&#148; and &#147;D&#148; shares must
deposit their shares with the Transfer Agent and obtain written proof of ownership of
such shares from the Transfer Agent in order to obtain from the Company&#146;s Corporate
Secretary a certificate authorizing such shareholders&#146; participation in the meetings,
which certificate must be received at least 48 hours before the day and hour indicated
for the meeting; holders of Series &#147;B&#148; and &#147;L&#148; shares must deposit
their shares with the corporate Secretary and obtain a certificate from the Company&#146;s
Corporate Secretary authorizing such shareholders&#146; participation in the meetings, at
least 48 hours before the day and hour indicated for the meeting or, in the case of
Series &#147;B&#148; or &#147;L&#148; shares deposited in an institution for the custody
of securities, said institution shall inform the Company&#146;s Corporate Secretary, on a
timely basis, of the number of shares that each of its depositors maintains therein, and
shall indicate if the deposit has been made on the depositor&#146;s or on a third party&#146;s
behalf; this proof shall be accompanied by a listing of names prepared by depositors and
previously delivered to the Company&#146;s Corporate Secretary, within the aforementioned
time, in order to obtain a certificate valid for entry. The shareholders are entitled to
be represented at the meetings by proxies, through a simple power of attorney letter, or
by a power of attorney issued in the formats that satisfy the conditions set forth in
the Stock Exchange Law, which must be received by the Company&#146;s Corporate Secretary
within the aforementioned time.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 23:</U> (a)
The Ordinary and Extraordinary Shareholders&#146; Meetings, called to deal with matters in
which the holders of Series &#147;L&#148; shares do not have voting rights, shall be
considered legally convened through first or further call, provided that shareholders
representing at least 76% of the issued, subscribed and paid ordinary Capital Stock are
present, and their resolutions shall be valid when adopted by the holders of at least a
majority of the issued, subscribed and paid shares of ordinary Capital Stock voting (and
not abstaining) at such meeting.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">17</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as
otherwise provided in paragraph (d) of this Article 23,  Extraordinary Shareholders&#146;
Meetings which are held through first or further  call, to deal with matters in which the
holders of Series &#147;L&#148; shares have voting  rights, shall be considered legally
convened, provided that shareholders  representing at least 82% of the issued, subscribed
and paid shares of Capital  Stock are present, and their resolutions shall be valid when
adopted by holders  of at least a majority of the issued, subscribed and paid shares of
Capital  Stock voting (and not abstaining) at such meeting.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special
Shareholders&#146; Meetings of any Series of shares, which are  held through first or further
call, shall be considered legally convened when  holders of at least a majority of the
issued, subscribed and paid shares of such  Series are present, and their resolutions
shall be valid when adopted by at  least a majority of the issued, subscribed and paid
shares of such Series.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The approval
of the modification of any of the provisions of,  Article 18 hereof requires a minimum
quorum of holders of 95% of all the issued,  subscribed and paid shares of Capital Stock,
the vote of holders of at least 95%  of all the issued, subscribed and paid shares of
Capital Stock voting (and not  abstaining) in connection therewith and the previous
approval of the National  Securities Commission.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Ordinary,
Special and Extraordinary Shareholders&#146; Meetings  shall be deemed lawfully called if all
issued, subscribed and paid shares are  represented therein, even if no notice was
published, and their Resolutions will  be deemed valid if, at the time of voting, all
shares continue to be  represented.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During an
Ordinary Shareholders&#146; Meeting where the Company&#146;s  Financial Statements for the prior
fiscal year are discussed shall also be  discussed: (i) the report of the Auditing
Committee referred to in Article 14  Bis 3, section IV, paragraph c) of the Stock
Exchange Law, and (ii) the report  referred to by Article </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">18</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>172 of the General Law of Commercial Companies,
corresponding to the Company&#146;s prior fiscal year, along with those Reports that
correspond to other companies of which the Company owns 50% or more of the  capital
stock, and the investment value of such company is equal or greater than  20% (twenty
percent) of the Company&#146;s net worth, in accordance to the last  financial statements of
the Company.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 24:</U> The
Chairman of the Board of Directors, or whoever may substitute for him in his functions,
shall preside over the corresponding Shareholders&#146; Meeting; in his absence, the meeting
shall be presided over by any shareholder designated by those shareholders attending the
meeting. The Secretary shall be the Board&#146;s Secretary or, in his absence, any person
designated by those shareholders attending the meeting. The Chairman shall name two of
the shareholders present as vote-counters (&#147;<I><U>escrutadores</U></I>&#148;). Voting shall be by
show of hands (&#147;<I><U>economicas</U></I>&#148;) unless at least three of the shareholders
attending the meeting request that it be made by roll call (&#147;<I><U>nominales</U></I>&#148;).
Furthermore, at the request of shareholders holding 10% (ten percent) of the shares
represented at a Meeting, the vote for any matter with respect to which they do not
consider themselves sufficiently informed may be postponed by them for up to three days
without the need for a new call. This right may only be exercised once for a particular
matter.</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>CHAPTER IV</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>ADMINISTRATION AND VIGILANCE</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 25:</U> (a)
The management and administration of Company matters shall be entrusted to a Board of
Directors, which shall be comprised of not more than 18 Proprietary Directors and their
respective Alternate Directors. The number of Proprietary and Alternate Directors will
be increased if the minority shareholders exercise their right to designate a Director
in accordance with Article 26 hereof.</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">19</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>Nominations of Directors for each Series of
shares will take  place in a Ordinary Shareholders&#146; Meeting, convened in accordance with
Article  23 hereof. The Series &#147;A&#148; shareholders shall, by a majority vote,
appoint 11  Proprietary Directors and their respective Alternate Directors; the Series
&#147;D&#148;  shareholders shall, by a majority vote, appoint 4 Proprietary Directors
and  their respective Alternate Directors; the Series &#147;L&#148; shareholders shall,
by a  majority vote, appoint up to 3 Proprietary Directors and their respective
Alternate Directors; and the Series &#147;B&#148; Shareholders may appoint Directors to
the extent provided in Article 26 hereof.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors
shall be elected for one year and shall continue in  the exercise of their functions even
if the term for which they have been  designated has concluded until such time as those
persons appointed to replace  them have taken office. The Ordinary Meeting of
Shareholders at which the  Directors of the Company are designated shall determine the
compensation that  the Directors will receive for their service during the period so
designated.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 26:</U> Any
shareholder or group of shareholders holding duly paid Series &#147;B&#148; shares or
any other duly paid limited voting shares of Capital Stock of the Company, which did not
vote in favor of the Directors appointed by the holders of a majority of the shares of
the respective Series pursuant to Article 25(a) hereof, without affecting the number of
Directors appointed pursuant to such Article, shall have the right to designate 1
Proprietary Director and its respective Alternate Director for each 10% of all issued,
subscribed and paid shares of Capital Stock outstanding of the Company, pursuant to the
Securities Market Law.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 27:</U> The
Chairman of the Board of Directors, at least 25% of the members of the Board or any of
the Examiners of the Company shall be entitled to call a Board of Directors Meeting. The
calls for Board of Directors meetings shall be signed by the Chairman or, in his
absence, by the Vice-Chairman or by the</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">20</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>Secretary, and shall be sent by fax or personal
delivery, or by any other  means permitted by law, at least 15 days before the date of
the meeting. Any  three Directors may request a meeting of the Board of Directors of the
Company,  in which case the Chairman, Vice-Chairman or Secretary shall duly issue a call
for such meeting to be held within 30 days after receipt of such request, and  shall
include in the agenda therefor any matter requested by such Directors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The examiners
shall be called to all Board of Directors Meetings, as  well as to the meetings of the
committees in which the Board of Directors had  delegated any authority.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 28:</U> (a)
The Board of Directors shall meet at least once every 3 (three) months. Annually, at the
first session after the meeting that designated them, the Board of Directors shall name,
from the Directors designated by the Series &#147;A&#148; shareholders, and a
Vice-Chairman. The Chairman, who shall act as chairman of the Board of Directors
meetings and the Shareholders&#146; Meetings, shall, during his absences, have his position
temporarily filled by the Vice-Chairman, and during the Vice-Chairman&#146;s absence, by
the other series A Directors in the order in which they have been designated.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary
and an Alternate Secretary of the Company, neither of  whom need be a Director, shall be
designated by majority of the issued,  subscribed and paid capital Stock represented by
Series &#147;A&#148; shares. Minutes  shall be taken at all meetings and must be approved
in writing by at least a  majority of the Directors designated by the Series
&#147;A&#148; shareholders and by at  least two Directors designated by the Series
&#147;D&#148; shareholders who attended the  respective session, and be signed by the
Chairman and Secretary.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">21</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 29:</U> (a)
The Board of Directors shall be considered legitimately functioning with respect to any
action only if the majority of its members are present at the time such action is taken,
and (except during the pendency of a Simple Majority Period under Article 31 hereof,
which exception shall apply only with respect to the Simple Majority Matters as defined
therein), as part of such majority, at least two Directors designated by the Series
&#147;D&#148; shareholders are also present at the time such action is taken.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of
Directors may, without convening, adopt resolutions by  a unanimous vote of its members,
provided that such resolutions are confirmed in  a writing signed by all members and
recorded in the minute books of the Company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolutions of
the Board of Directors shall be valid only if they  have been approved by a majority of
Directors voting (and not abstaining) at a  meeting, which majority must (except (i)
during the pendency of a Simple  Majority Period under Article 31 hereof, which exception
shall apply only with  respect to the Simple Majority Matters, or (ii) in the event that
all Series D  Directors present thereat abstain) include at least two Series D Directors.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Notwithstanding the foregoing, the designation of the Chief  Executive Officer and the
Chief Financial and Administrative Officer shall be  made, from a list proposed by the
Series A Directors, by the majority vote of  the Directors present, which majority must
include the vote of at least two  Series D Directors. The designation of the Chief
Operating Officer, the  Controller, the Systems Services Director and the Marketing
Director shall be  made from the list proposed by the Series D Directors, by the majority
vote of  the Directors present.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The removal of
the above referenced officers shall be resolved by a  majority of the Directors of the
Series that proposed them.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">22</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 30:</U> The
Board of Directors shall have the following powers:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To manage the
Company&#146;s business and property, with the broadest  powers of administration, pursuant to
Article 2554, second paragraph, of the  civil Code of the Federal District.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise
acts of ownership with regard to the Company&#146;s personal  and real property as well as its
real and personal rights as set forth in the  third paragraph of Article 2554 of the
civil Code of the Federal District, and  to grant guarantees of any type with regard to
the obligations contracted or to  the securities issued or accepted by third parties.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To act as
agent of the Company with the broadest powers (including those that under Mexican law
require a special Clause) before all administrative or judicial authorities of any
Municipality or state or the Federation, as well as before labor or any other
authorities, or before arbitrators or referees; to take depositions and testify,
including withdrawing from civil rights (&#147;<U>amparo</U>&#148;) proceedings, under the
terms of the first paragraph of Article 2554 of the Civil Code of the Federal District;
as well as to act as agent of the Company before all types of criminal, Federal and
State authorities; to file and withdraw criminal complaints; to cause the Company to
assist Mexico&#146;s Attorney General in those proceedings and to grant pardons.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To draw, make,
endorse and guarantee (&#147;<U>avalar</U>&#148;) negotiable instruments on behalf of the
Company, to issue securities secured with real property or unsecured, to cause the
Company to be jointly and severally liable, to give guarantees (&#147;<U>avales</U>&#148;),
bonds, or any other guarantee of payment with respect to any obligations contracted or
securities issued or accepted by third parties, to</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">23</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>donate or contribute the Company&#146;s personal and
real property to  other companies, to subscribe shares of Capital Stock as well as
acquire  interests in other companies, and in general to conclude acts, enter into
contracts and carry out other transactions which may be necessary, conducive,
complementary or connected to the Company&#146;s main business purpose.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To appoint the
Officers and Managers deemed necessary, and to  appoint Committees deemed necessary, and
to determine their authority.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To approve the
internal policies applicable to the Company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To grant and
revoke powers of attorney as it deems necessary, with  or without the power of
delegation, within the authority granted to the Board of  Directors by these By-Laws.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To determine
the manner in which the shares owned by the Company  shall be voted at Ordinary and
Extraordinary Shareholders&#146; Meetings of any  majority controlled company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To implement
the resolutions taken at General Shareholders&#146;  Meetings and, in general, to carry out
all the acts and transactions necessary  or convenient for the business purposes of the
Company, except for those acts  expressly reserved by law or these By-Laws to the
Shareholders&#146; Meetings.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To approve the
Five-Year Business Plan and the Annual Business Plan  of the Company and its subsidiaries.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To approve any
significant deviations from such Five-Year Business  Plan or Annual Business Plan of the
Company and its subsidiaries.</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">24</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To approve the
introduction of any new line of business or the  termination of any existing line of
business. </font></td></tr></table>

<p><table width=600><tr><td><font size=2>The shareholders or the Board of  Directors of
the Company shall (by valid  action at a General Shareholders&#146; Meeting or by action
of the Board of Directors, in  either case in accordance  with these By-Laws) be entitled
to reserve exclusively unto  the Board of  Directors, except for those determinations
expressly reserved by law or  these  By-Laws to the Shareholders&#146; Meetings, all or
any portion of its powers provided  for herein or by applicable law, on such terms and
subject to such conditions as  the  shareholders or the Board of Directors, acting as
aforesaid, may specify  from time to  time.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To approve the
operations that are not in the ordinary course of  business of the Company, that are
being considered to enter into the Company and  its shareholders, with persons that are
part of the management of the Company or  with persons that such individuals have
patrimonial nexus, or otherwise have  kinship (either by blood or by law) up to the
second degree, the spouse or  concubinary; the purchase or sale of 10% or more of the
assets of the Company;  the issuance of a warranty for an amount exceeding 30% of the
assets, or any  other transaction that is different from the listed above that represents
more  than 1% of the assets of the Company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The authority referred to in section m shall not
be subject of delegation. The  members of the board of directors shall be responsible for
the resolutions  adopted further to provisions of section m, except for the provisions of
article  159 of the General Corporations Law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) The board of
directors shall require the prior authorization of the  ordinary shareholders meeting in
the following events:</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">25</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To acquire
shares of a company in one or several simultaneous or  successive transactions within a
same fiscal year, if the total value of such  shares is higher than 20% of the equity of
this company, pursuant to the  corresponding last audited financial statements of this
company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To sell shares
of a company in one or several simultaneous or  successive transactions, within a same
fiscal year, if the total value of such  shares is higher than 20% of the equity of this
company, pursuant to the  corresponding last audited financial statement of this company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To exercise the
right of withdrawal of any of the shares of a  company where this company is a
shareholder if such withdrawal represents, in  one or several simultaneous or successive
transactions in the same fiscal year,  the reimbursement of shares whose value exceeds
20% of the capital of such  companies or if by reason of such withdrawal the company
loses the management  control of such company.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The approval of the ordinary shareholders
meeting shall not be required to  purchase or sell shares of another company of which
more than 50% of its  ordinary capital stock is owned by the Company, or to sell or
acquire shares of  other companies owned by such companies. The authorization shall not
be required  for purchase or sale of shares of any other companies through the Mexican
Stock  Exchange.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 31:</U> In the
event that The Coca-Cola Company or any affiliate thereof takes any action under a
bottler&#146;s agreement (or any agreement supplemental or related thereto) executed with the
Company or any of its subsidiaries that a majority of the Directors of the Company
designated by the Series &#147;A&#148; shares reasonably and in good faith believe to be
materially adverse to the business interests of the Company considered as a whole (a
&#147;Simple Majority Determination&#148;), such majority may deliver written notice of
such Simple Majority</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">26</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>Determination (detailing the specific basis
therefor) to The  Cola-Cola Company or such affiliate and the designated representative
of the  Series D Directors. At any time during the 90-day period commencing on the 61st
day following delivery of such notice, a majority of the Directors designated by  the
Series &#147;A&#148; shares may, if such action shall not have been cured to their
reasonable satisfaction, deliver another written notice to the same persons  declaring a
&#147;Simple Majority Period&#148; to be in existence. During the pendency  (and only
during the pendency) of any such Simple Majority Period, only matters  (as so limited,
the &#147;Simple Majority Matters&#148;) described in paragraphs (j), (k)  and (l) of
Article 30 hereof, and matters described in paragraph (h) thereof  only to the extent
required to implement such matters described in such  paragraphs (j), (k) and (l) at the
level of any controlled company, shall be  treated as matters to be approved by a simple
majority vote of the entire Board  of Directors of the Company, without requiring the
presence or approval of any  Director designated by the Series &#147;D&#148; shares. A
majority of the Directors of the  Company designated by the Series &#147;A&#148; shares
may terminate a Simple Majority  Period at any time by giving written notice thereof to
The Coca-Cola Company or  such affiliate and the designated representative of the Series
D Directors. For  a period of one year following any such termination, the Directors
designated by  the Series &#147;A&#148; shares will have no right to declare another
Simple Majority  Period to be in existence. No cure after the declaration of a Simple
Majority  Period of the action that gave rise thereto shall terminate such Simple
Majority  Period. No failure to declare a Simple Majority Period during such 90-day
period  shall prevent a majority of the Directors of the Company designated by the
Series &#147;A&#148; shares from subsequently exercising the rights conferred by this
section 31 by making another Simple Majority Determination with respect to such  action.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 32:</U> The
holders of ordinary shares, voting at an Ordinary Shareholders&#146; Meeting as set forth in
Article 23, may set up intermediate levels of administration which differ from the ones
set forth in the Law of Commercial</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">27</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>Companies. The creation, structure and operation
of such intermediate levels of  administration shall be subject to the general rules
issued by the National  Banking and Securities Commission.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 33:</U> The
surveillance of the Company shall be entrusted to two Proprietary Examiners and two
Alternate Examiners. The Series &#147;A&#148; shareholders shall designate, by a
majority vote, a Proprietary Examiner and his Alternate, and the Series &#147;D&#148;
shareholders shall, by a majority vote, designate a Proprietary Examiner and his
Alternate. The Examiners shall perform their duties for one year with the understanding
that they will continue to carry out these duties until the successors appointed to
replace them take possession of their charges.</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>CHAPTER V</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>FISCAL YEAR FINANCIAL STATEMENTS,<BR>
AND DISTRIBUTION OF PROFIT AND LOSS</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 34:</U> The
fiscal year of the Company shall be 12 (twelve) months, beginning on January 1 and
ending on December 31 of the same year.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 35:</U> Annual
profits, after payment of Income Tax (&#147;<i>Impuesto Sobre la Renta</i>&#148;), workers&#146;
profit sharing and any other items that must be deducted or separated in accordance with
Mexican law, shall be applied as follows:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A minimum of
5% shall be set aside to constitute the legal reserve  fund until it reaches at least 20%
(twenty percent) of the Company&#146;s capital  Stock;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The remainder
may be distributed as dividends among the  shareholders proportionally to the number of
shares held by them or, if resolved  by the Shareholders&#146; Meeting, it shall be totally or
partially allocated in  provision funds, </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">28</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>reinvestment reserve funds, special funds or any
other funds  the meeting may determine.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 36:</U> The
founders do not reserve any special participation in the Company&#146;s profits.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 37:</U>
Losses, if any, shall be divided among shareholders pro rata according to the number of
shares held but shall not exceed the shares&#146; face value.</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>CHAPTER VI:</font></td></tr></table>

<table width=600><tr><td  align=center><FONT SIZE="2"><U>DISSOLUTION AND LIQUIDATION</U></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 38:</U> The
Company shall be dissolved in the cases referred to in points II, III, IV and V of
Article 229 of the General Law of Commercial Companies or, if the Extraordinary
Shareholders&#146; Meeting so determines, in accordance with the terms of Article 23 of these
By-Laws.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 39:</U> Once
the Company is dissolved, the Extraordinary Shareholders&#146; Meeting, by a majority vote,
shall designate a Liquidator, fixing a term for the carrying out of his duties and the
compensation that shall be paid to him.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 40:</U> The
Liquidator shall carry out the liquidation of the Company pursuant to the resolutions of
the Extraordinary Shareholders&#146; Meeting, and in the absence thereof, in accordance with
the following:</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">29</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

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<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Liquidator
shall conclude the Company&#146;s business in the manner  he deems most appropriate,
collecting receivables, paying debts and selling the  Company&#146;s property required
therefor.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Liquidator
shall prepare the Liquidation Financial Statements  and shall submit them for the
approval of a duly called Extraordinary  Shareholders&#146; Meeting.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liquidator
shall distribute among the shareholders the  remaining assets as per the Financial
Statements approved by the Extraordinary  Shareholders&#146; Meeting, in accordance with law
and these By-Laws and against the  delivery and cancellation of the corresponding share
certificates.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 41:</U> During
the liquidation period, the Extraordinary, Ordinary or Special Shareholders&#146; Meeting
shall meet in accordance with the terms set forth in these By-Laws in the chapter
relating to Shareholders&#146; Meetings, and the Liquidator shall perform the same functions
the Board of Directors had during the normal course of the Company&#146;s business.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ARTICLE 42:</U> During
liquidation and with respect to the Liquidator, the Examiner shall perform the same
duties attributed to them in the normal course of business regarding supervision of the
Board of Directors&#146; acts.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">30</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.5
<SEQUENCE>6
<FILENAME>e14932ex2_5.htm
<DESCRIPTION>BRIDGE LOAN AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 2.5 </title>
</head>
<body>





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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 2.5</B></font></td></tr></table>

<p>
<TABLE WIDTH=600><TR><TD>
<HR ALIGN=LEFT WIDTH=100% SIZE=1 noshade>
<HR ALIGN=LEFT WIDTH=100% SIZE=1 noshade>
</TD></TR></TABLE>

<p><table width=600><tr><td  align=center><font size=2>BRIDGE LOAN AGREEMENT</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>dated as of</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>April 23, 2003</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>among</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>COCA-COLA FEMSA, S.A. DE C.V.</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>THE LENDERS PARTY HERETO</font></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>JPMORGAN CHASE BANK  <BR>as
Administrative Agent</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>and</font></td></tr></table>








<p><table width=600><tr><td  align=center><font size=2>BANCO J.P. MORGAN, S.A.,  <BR>INSTITUCI&Oacute;N
DE BANCA M&Uacute;LTIPLE, J.P. MORGAN GRUPO FINANCIERO,  <BR>DIVISI&Oacute;N FIDUCIARIA  <BR>as
Mexican Administrative Agent</font></td></tr></table>





<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>





<p><table width=600><tr><td  align=center><font size=2>MORGAN STANLEY SENIOR FUNDING,
INC.  <BR>Syndication Agent</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>J.P. MORGAN SECURITIES INC.  <BR>and<BR>
MORGAN STANLEY SENIOR FUNDING, INC.,  <BR>Co-Lead Arrangers and Joint Bookrunners</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>BANCO NACIONAL DE M&Eacute;XICO,
S.A.,  <BR>BBVA BANCOMER,  <BR>ING BANK, N.V.,  <BR>Senior Arrangers</font></td></tr></table>


<TABLE WIDTH=600><TR><TD>
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</TD></TR></TABLE>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>TABLE OF CONTENTS</B></font></td></tr></table>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>




  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="bottom" align="left">
      <td width=77>
        <p>&nbsp;</p>
      </td>
      <td width=484>
        <p>&nbsp;</p>
      </td>
      <td align="right" width=39> <font size="2">PAGE</font>
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 1</font> <font size="2"><br>
        D<font size="1">EFINITIONS</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77>&nbsp;</td>
      <td width=484>&nbsp;</td>
      <td align="right" width=39>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 1.01.</font></td>
      <td width=484> <i><font size="2">Defined Terms</font></i></td>
      <td align="right" width=39> <font size="2">1</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 1.02.</font></td>
      <td width=484> <i><font size="2">Terms Generally</font></i></td>
      <td align="right" width=39> <font size="2">17</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 1.03.</font></td>
      <td width=484> <i><font size="2">Accounting Terms</font></i></td>
      <td align="right" width=39> <font size="2">17</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan="3">&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan="3"> <font size="2">ARTICLE 2</font> <font size="2"><br>
        T<font size="1">HE</font> C<font size="1">REDITS</font></font> </td>
    </tr>
    <tr valign="top" align="left">
      <td width=77>&nbsp;</td>
      <td width=484>&nbsp;</td>
      <td align="right" width=39>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.01.</font></td>
      <td width=484> <i><font size="2">Commitments</font></i></td>
      <td align="right" width=39> <font size="2">18</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.02.</font></td>
      <td width=484> <i><font size="2">Loans; Notes and other Evidence of Loans.</font></i></td>
      <td align="right" width=39> <font size="2">18</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.03.</font></td>
      <td width=484> <i><font size="2">Borrowing Request; Notice of Initial Peso
        Exchange Rate.</font></i></td>
      <td align="right" width=39> <font size="2">19</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.04.</font></td>
      <td width=484> <i><font size="2">Funding of Loans</font></i></td>
      <td align="right" width=39> <font size="2">20</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.05.</font></td>
      <td width=484> <i><font size="2">Interest Period Elections</font></i></td>
      <td align="right" width=39> <font size="2">22</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.06.</font></td>
      <td width=484> <i><font size="2">Termination or Reduction of Commitments</font></i></td>
      <td align="right" width=39> <font size="2">23</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.07.</font></td>
      <td width=484> <i><font size="2">Payment at Maturity</font></i></td>
      <td align="right" width=39> <font size="2">24</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.08.</font></td>
      <td width=484> <i><font size="2">Optional and Mandatory Prepayments</font></i></td>
      <td align="right" width=39> <font size="2">24</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.09.</font></td>
      <td width=484> <i><font size="2">Fees</font></i></td>
      <td align="right" width=39> <font size="2">25</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.10.</font></td>
      <td width=484> <i><font size="2">Interest</font></i></td>
      <td align="right" width=39> <font size="2">25</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.11.</font></td>
      <td width=484> <i><font size="2">Alternate Rate of Interest</font></i></td>
      <td align="right" width=39> <font size="2">25</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.12.</font></td>
      <td width=484> <i><font size="2">Increased Costs</font></i></td>
      <td align="right" width=39> <font size="2">27</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.13.</font></td>
      <td width=484> <i><font size="2">Break-Funding Payments</font></i></td>
      <td align="right" width=39> <font size="2">28</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.14.</font></td>
      <td width=484> <i><font size="2">Taxes</font></i></td>
      <td align="right" width=39> <font size="2">28</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.15.</font></td>
      <td width=484> <i><font size="2">Payments Generally; Pro Rata Treatment;
        Sharing of Set-offs</font></i></td>
      <td align="right" width=39> <font size="2">30</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.16.</font></td>
      <td width=484> <i><font size="2">Lender&#146;s Obligation to Mitigate; Replacement
        of Lenders</font></i></td>
      <td align="right" width=39> <font size="2">31</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 2.17.</font></td>
      <td width=484> <i><font size="2">Judgment Currency</font></i></td>
      <td align="right" width=39> <font size="2">33</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 3</font> <font size="2"><br>
        R<font size="1">EPRESENTATIONS AND</font> W<font size="1">ARRANTIES</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77>&nbsp;</td>
      <td width=484>&nbsp;</td>
      <td align="right" width=39>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.01.</font></td>
      <td width=484> <i><font size="2">Organization; Powers</font></i></td>
      <td align="right" width=39> <font size="2">33</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.02.</font></td>
      <td width=484> <i><font size="2">Authorization; Enforceability</font></i></td>
      <td align="right" width=39> <font size="2">34</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.03.</font></td>
      <td width=484> <i><font size="2">Governmental Approvals; No Conflicts</font></i></td>
      <td align="right" width=39> <font size="2">34</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.04.</font></td>
      <td width=484> <i><font size="2">Financial Statements; No Material Adverse
        Change</font></i></td>
      <td align="right" width=39> <font size="2">34</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.05.</font></td>
      <td width=484> <i><font size="2">Properties</font></i></td>
      <td align="right" width=39> <font size="2">35</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.06.</font></td>
      <td width=484> <i><font size="2">Litigation and Environmental Matters</font></i></td>
      <td align="right" width=39> <font size="2">35</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.07.</font></td>
      <td width=484> <i><font size="2">Compliance with Laws and Agreements</font></i></td>
      <td align="right" width=39> <font size="2">36</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.08.</font></td>
      <td width=484> <i><font size="2">Investment and Holding Company Status</font></i></td>
      <td align="right" width=39> <font size="2">36</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.09.</font></td>
      <td width=484> <i><font size="2">Taxes</font></i></td>
      <td align="right" width=39> <font size="2">36</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.10.</font></td>
      <td width=484> <i><font size="2">Disclosure</font></i></td>
      <td align="right" width=39> <font size="2">36</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.11.</font></td>
      <td width=484> <i><font size="2">Pari Passu Status</font></i></td>
      <td align="right" width=39> <font size="2">36</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.12.</font></td>
      <td width=484> <i><font size="2">Subsidiaries</font></i></td>
      <td align="right" width=39> <font size="2">37</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.13.</font></td>
      <td width=484> <i><font size="2">Insurance</font></i></td>
      <td align="right" width=39> <font size="2">37</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=77> <font size="2">Section 3.14.</font></td>
      <td width=484> <i><font size="2">Labor Matters</font></i></td>
      <td align="right" width=39> <font size="2">37</font></td>
    </tr>
  </table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p></p>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 3.15.</font></td>
      <td width=499> <i><font size="2">Solvency</font></i></td>
      <td align="right" width=23> <font size="2">37</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 3.16.</font></td>
      <td width=499> <i><font size="2">Legal Form</font></i></td>
      <td align="right" width=23> <font size="2">37</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 4</font> <font size="2"><br>
        C<font size="1">ONDITIONS</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78>&nbsp;</td>
      <td width=499>&nbsp;</td>
      <td align="right" width=23>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 4.01.</font></td>
      <td width=499> <i><font size="2">Effective Date</font></i></td>
      <td align="right" width=23> <font size="2">38</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 4.02.</font></td>
      <td width=499> <i><font size="2">Conditions To Borrowing</font></i></td>
      <td align="right" width=23> <font size="2">38</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 5</font> <font size="2"><br>
        A<font size="1">FFIRMATIVE</font> C<font size="1">OVENANTS</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78>&nbsp;</td>
      <td width=499>&nbsp;</td>
      <td align="right" width=23>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.01.</font></td>
      <td width=499> <i><font size="2">Financial Statements and Other Information</font></i></td>
      <td align="right" width=23> <font size="2">40</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.02.</font></td>
      <td width=499> <i><font size="2">Notice of Material Events</font></i></td>
      <td align="right" width=23> <font size="2">42</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.03.</font></td>
      <td width=499> <i><font size="2">Existence; Conduct of Business</font></i></td>
      <td align="right" width=23> <font size="2">42</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.04.</font></td>
      <td width=499> <i><font size="2">Payment of Obligations</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.05.</font></td>
      <td width=499> <i><font size="2">Maintenance of Properties</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.06.</font></td>
      <td width=499> <i><font size="2">Insurance</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.07.</font></td>
      <td width=499> <i><font size="2">Proper Records; Rights to Inspect and Appraise</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.08.</font></td>
      <td width=499> <i><font size="2">Compliance with Laws</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.09.</font></td>
      <td width=499> <i><font size="2">Use of Proceeds</font></i></td>
      <td align="right" width=23> <font size="2">43</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 5.10.</font></td>
      <td width=499> <i><font size="2">Further Assurances</font></i></td>
      <td align="right" width=23> <font size="2">44</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 6</font> <font size="2"><br>
        N<font size="1">EGATIVE</font> C<font size="1">OVENANTS</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78>&nbsp;</td>
      <td width=499>&nbsp;</td>
      <td align="right" width=23>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.01.</font></td>
      <td width=499> <i><font size="2">Liens</font></i></td>
      <td align="right" width=23> <font size="2">44</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.02.</font></td>
      <td width=499> <i><font size="2">Fundamental Changes</font></i></td>
      <td align="right" width=23> <font size="2">45</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.03.</font></td>
      <td width=499> <i><font size="2">Sale and Leaseback Transactions</font></i></td>
      <td align="right" width=23> <font size="2">45</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.04.</font></td>
      <td width=499> <i><font size="2">Transactions with Affiliates</font></i></td>
      <td align="right" width=23> <font size="2">45</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.05.</font></td>
      <td width=499> <i><font size="2">Restrictive Agreements</font></i></td>
      <td align="right" width=23> <font size="2">46</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.06.</font></td>
      <td width=499> <i><font size="2">Restricted Payments</font></i></td>
      <td align="right" width=23> <font size="2">47</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.07.</font></td>
      <td width=499> <i><font size="2">Interest Expense Coverage Ratio</font></i></td>
      <td align="right" width=23> <font size="2">47</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.08.</font></td>
      <td width=499> <i><font size="2">Leverage Ratio</font></i></td>
      <td align="right" width=23> <font size="2">47</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.09.</font></td>
      <td width=499> <i><font size="2">Investments and Acquisitions</font></i></td>
      <td align="right" width=23> <font size="2">47</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.10.</font></td>
      <td width=499> <i><font size="2">Asset Sales</font></i></td>
      <td align="right" width=23> <font size="2">48</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.11.</font></td>
      <td width=499> <i><font size="2">Certain Payments of Debt</font></i></td>
      <td align="right" width=23> <font size="2">49</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.12.</font></td>
      <td width=499> <i><font size="2">Debt</font></i></td>
      <td align="right" width=23> <font size="2">49</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 6.13.</font></td>
      <td width=499> <i><font size="2">Amendment of Material Documents</font></i></td>
      <td align="right" width=23> <font size="2">50</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 7</font> <font size="2"><br>
        E<font size="1">VENTS</font> O<font size="1">F</font> D</font><font size="1">EFAULT</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78>&nbsp;</td>
      <td width=499>&nbsp;</td>
      <td align="right" width=23>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 7.01.</font></td>
      <td width=499> <i><font size="2">Events Of Default</font></i></td>
      <td align="right" width=23> <font size="2">50</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan="3">&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan="3"> <font size="2">ARTICLE 8</font> <font size="2"><br>
        T<font size="1">HE</font> A<font size="1">GENTS</font></font> </td>
    </tr>
    <tr valign="top" align="left">
      <td width=78>&nbsp;</td>
      <td width=499>&nbsp;</td>
      <td align="right" width=23>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 8.01.</font></td>
      <td width=499> <i><font size="2">Appointment and Authorization</font></i></td>
      <td align="right" width=23> <font size="2">53</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 8.02.</font></td>
      <td width=499> <i><font size="2">Rights and Powers as a Lender</font></i></td>
      <td align="right" width=23> <font size="2">53</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=78> <font size="2">Section 8.03.</font></td>
      <td width=499> <i><font size="2">Limited Duties and Responsibilities</font></i></td>
      <td align="right" width=23> <font size="2">53</font></td>
    </tr>
  </table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
ii</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p></p>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 8.04.</font></td>
      <td width=502> <i><font size="2">Authority to Rely on Certain Writings,
        Statements and Advice</font></i></td>
      <td align="right" width=19> <font size="2">54</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 8.05.</font></td>
      <td width=502> <i><font size="2">Sub-Agents and Related Parties</font></i></td>
      <td align="right" width=19> <font size="2">54</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 8.06.</font></td>
      <td width=502> <i><font size="2">Resignation; Successor Administrative Agents</font></i></td>
      <td align="right" width=19> <font size="2">54</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 8.07.</font></td>
      <td width=502> <i><font size="2">Credit Decisions by Lenders</font></i></td>
      <td align="right" width=19> <font size="2">55</font></td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3>&nbsp;</td>
    </tr>
    <tr valign="top" align="center">
      <td colspan=3> <font size="2">ARTICLE 9</font> <font size="2"><br>
        M<font size="1">ISCELLANEOUS</font></font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79>&nbsp;</td>
      <td width=502>&nbsp;</td>
      <td align="right" width=19>&nbsp;</td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.01.</font></td>
      <td width=502> <i><font size="2">Notices</font></i></td>
      <td align="right" width=19> <font size="2">55</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.02.</font></td>
      <td width=502> <i><font size="2">Waivers; Amendments</font></i></td>
      <td align="right" width=19> <font size="2">56</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.03.</font></td>
      <td width=502> <i><font size="2">Expenses; Indemnity; Damage Waiver</font></i></td>
      <td align="right" width=19> <font size="2">57</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.04.</font></td>
      <td width=502> <i><font size="2">Successors and Assigns</font></i></td>
      <td align="right" width=19> <font size="2">58</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.05.</font></td>
      <td width=502> <i><font size="2">Survival</font></i></td>
      <td align="right" width=19> <font size="2">61</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.06.</font></td>
      <td width=502> <i><font size="2">Counterparts; Integration; Effectiveness</font></i></td>
      <td align="right" width=19> <font size="2">61</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.07.</font></td>
      <td width=502> <i><font size="2">Severability</font></i></td>
      <td align="right" width=19> <font size="2">61</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.08.</font></td>
      <td width=502> <i><font size="2">Right of Set-off</font></i></td>
      <td align="right" width=19> <font size="2">62</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.09.</font></td>
      <td width=502> <i><font size="2">Governing Law; Jurisdiction; Consent to
        Service of Process</font></i></td>
      <td align="right" width=19> <font size="2">62</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.10.</font></td>
      <td width=502> <i><font size="2">WAIVER OF JURY TRIAL</font></i></td>
      <td align="right" width=19> <font size="2">63</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.11.</font></td>
      <td width=502> <i><font size="2">Headings</font></i></td>
      <td align="right" width=19> <font size="2">63</font></td>
    </tr>
    <tr valign="top" align="left">
      <td width=79> <font size="2">Section 9.12.</font></td>
      <td width=502> <i><font size="2">Confidentiality</font></i></td>
      <td align="right" width=19> <font size="2">63</font></td>
    </tr>
  </table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
iii</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">
<u>SCHEDULES AND EXHIBITS:</u></FONT></td></tr></table>

  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 1.01A</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Acquisition Documents</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 1.01B</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Initial Material Subsidiaries</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 2.01</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Commitments</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 2.04</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Deferred Funding Lenders</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 3.03</font></td>
      <td width=36> <font size="2">&#150;</font></td>
      <td width=455> <font size="2">Governmental Approvals</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 3.06</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Disclosed Matters</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 3.12</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Subsidiaries</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 6.01</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Existing Liens</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 6.05</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Existing Restrictions</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 6.06</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Certain Restricted Payments</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Schedule 6.12</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Existing Debt</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109>&nbsp; </td>
      <td width=36>&nbsp; </td>
      <td width=455>&nbsp; </td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit A</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Assignment</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit B-1</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Dollar Note</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit B-2</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Peso Note</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit C-1</font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Opinion of New York Counsel to the
        Borrower</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit C-2 </font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Opinion of Mexican Counsel to the
        Borrower</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit D-1 </font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Opinion of New York Counsel to the
        Agents</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit D-2 </font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Opinion of Mexican Counsel to the
        Agents </font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit E-1 </font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Borrowing Request</font></td>
    </tr>
    <tr valign="bottom" align="left">
      <td width=109> <font size="2">Exhibit E-2 </font></td>
      <td width=36> <font size="2">&#150; </font></td>
      <td width=455> <font size="2">Form of Interest Period Election Notice</font></td>
    </tr>
  </table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
iv</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRIDGE LOAN
AGREEMENT dated as of April 23, 2003 among COCA-COLA FEMSA, S.A. DE C.V., the  LENDERS
party hereto, BANCO J.P. MORGAN, S.A., INSTITUCI&Oacute;N DE BANCA M&Uacute;LTIPLE, J.P.
MORGAN GRUPO  FINANCIERO, DIVISI&Oacute;N FIDUCIARIA, as Mexican Administrative Agent,
and JPMORGAN CHASE BANK, as  Administrative Agent.</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>RECITALS</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower proposes to acquire all of the outstanding capital stock of Panamco (as
defined below) pursuant to a merger of a wholly-owned Subsidiary of the Borrower
with and into Panamco, and desires to borrow funds under this Agreement to
finance such acquisition and for the other purposes set forth herein. The
Lenders are willing to make loans hereunder on the terms and subject to the
conditions set forth herein. The parties hereto therefore agree as follows:</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 1  <BR>D<font size=1>EFINITIONS</font></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. <I>Defined Terms.</I> As used in this Agreement, the following terms have the meanings
specified below:</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Acquisition</B>&#148;
means the merger between Panamco and a wholly-owned Subsidiary of the Borrower,
all pursuant to the Acquisition Documents.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Acquisition
Date</B>&#148; has the meaning set forth in Section 2.04(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Acquisition Documents</B>&#148;
means the Merger Agreement and other documents specified in Schedule 1.01A.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Adjusted
LIBO Rate</B>&#148; means, for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 0.01%) equal to (a) the LIBO Rate
for such Interest Period multiplied by (b) the Statutory Reserve Adjustment in
effect on the date of the determination.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Adjusted
Net Income</B>&#148; has the meaning set forth in Section 6.06.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative
Agent</B>&#148; means JPMorgan Chase Bank, in its capacity as administrative agent under the
Loan Documents, and its successors in such capacity.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Administrative
Questionnaire</B>&#148; means an Administrative Questionnaire in a form supplied by
the Administrative Agent.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affected
Facility</B>&#148; has the meaning set forth in Section 2.04(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148;
means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or
is under common Control with such specified Person. &#147;<B>Control</B>&#148; means
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. &#147;<B>Controlling</B>&#148; and
&#147;<B>Controlled</B>&#148; have meanings correlative thereto.</FONT></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>COCA-COLA FEMSA BRIDGE LOAN
AGREEMENT</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agent</B>s&#148;
means the Administrative Agent, the Mexican Administrative Agent and the Syndication
Agent.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternate
Rate</B>&#148; has the meaning set forth in Section 2.11(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Alternate Rate
Loan</B>&#148; means, at any time, any Loan that is bearing interest at a rate based
upon the Alternate Rate at such time.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Attributable
Debt</B>&#148; in respect of a Sale and Leaseback Transaction means, at any date,
the present value of the obligation of the lessee for net rental payments during
the remaining term of the lease included in such Sale and Leaseback Transaction
including any period for which such lease has been extended or may, at the
option of the lessor, be extended. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable
GAAP</B>&#148; has the meaning set forth in Section 1.03.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Margin</B>&#148;
means (as used below, periods are measured from the relevant Borrowing Date for
such Tranche, with, for example, &#147;Day 180&#148; meaning the 180th day after
the relevant Borrowing Date) (a) with respect to any Dollar Loan for any day,
the rate per annum set forth below under the caption &#147;LIBO Rate
Margin&#148; opposite the period in which such day occurs and (b) with respect
to any Peso Loan for any day, the rate per annum set forth below under the
caption &#147;TIIE Rate Margin&#148; opposite the period in which such day
occurs:</FONT></td></tr></table>


  <table border=0 cellspacing=0 cellpadding=0 width=600>
    <tr align="center" valign="bottom">
      <td width=231 height="17"> <b><font size="3"><font size="2">Period</font></font></b>
        <hr noshade size="1">
      </td>
      <td width=36 height="17"> <b><font size="3"><font size="2">&nbsp;</font></font></b></td>
      <td width=145 align="center" height="17"> <b><font size="3"><font size="2">LIBO
        Rate Margin</font></font></b>
        <hr noshade size="1">
      </td>
      <td width=51 align="center" height="17"> <b><font size="3"><font size="2">&nbsp;</font></font></b></td>
      <td width=137 align="center" height="17"> <b><font size="3"><font size="2">TIIE
        Rate Margin</font></font></b>
        <hr noshade size="1">
      </td>
    </tr>
    <tr valign="bottom">
      <td width=231> <font size="2">relevant Borrowing Date through Day 180</font></td>
      <td width=36> <font size="2">&nbsp;</font></td>
      <td width=145 align="center"> <font size="2">1.00%</font></td>
      <td width=51 align="center"> <font size="2">&nbsp;</font></td>
      <td width=137 align="center"> <font size="2">0.50%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=231> <font size="2">Day 181 through Day 270</font></td>
      <td width=36> <font size="2">&nbsp;</font></td>
      <td width=145 align="center"> <font size="2">2.00%</font></td>
      <td width=51 align="center"> <font size="2">&nbsp;</font></td>
      <td width=137 align="center"> <font size="2">0.95%</font></td>
    </tr>
    <tr valign="bottom">
      <td width=231> <font size="2">Day 271 and thereafter</font></td>
      <td width=36> <font size="2">&nbsp;</font></td>
      <td width=145 align="center"> <font size="2">2.50%</font></td>
      <td width=51 align="center"> <font size="2">&nbsp;</font></td>
      <td width=137 align="center"> <font size="2">1.65%</font></td>
    </tr>
  </table>



<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Asset
Amount</B>&#148; has the meaning set forth in Section 6.05.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Asset Swap</B>&#148;
means any sale, transfer, lease or other disposition by the Borrower or any of
its Subsidiaries of any asset or assets, including any Equity Interest owned by
the Borrower or any of its Subsidiaries, in which the consideration received for
such asset or assets are in the form of Distribution Assets.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment</B>&#148;
means an assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section
9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any
other form approved by the Administrative Agent.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrower</B>&#148;
means Coca-Cola Femsa, S.A. de C.V., a <I>sociedad an&oacute;nima de capital variable</I>
organized under the laws of Mexico.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing</B>&#148;
means Loans of the same Tranche made on the same day and as to which the same
Interest Period is in effect.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing
Dates</B>&#148; means the Dollar Borrowing Date and the Peso Borrowing Date; and the
&#147;relevant Borrowing Date&#148; means, for the Dollar Loans, the Dollar
Borrowing Date and, for the Peso Loans, the Peso Borrowing Date.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrowing
Request</B>&#148; has the meaning set forth in Section 2.03.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bridge
Maturity Date</B>&#148; means the date that is 364 days after the Peso Borrowing
Date; provided that if such day is not a Business Day and a LIBO Business Day,
the Bridge Maturity Date shall be extended to the next succeeding day that is
both a Business Day and a LIBO Business Day unless such next succeeding day
would fall in the next calendar month, in which case the Bridge Maturity Date
shall be the next preceding day that is both a Business Day and a LIBO Business
Day.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bridge
Refinancing Transactions</B>&#148; means, collectively, the prospective issuance by
the Borrower of (i) Dollar-denominated long-term bonds or debentures in the
United States capital markets through an offering registered under the
Securities Act of 1933, as amended, or under Regulation 144A or outside the
United States under Regulation S, in each case promulgated by the SEC
thereunder, and/or (ii) <I>certificados burs&aacute;tiles</I> or other
Peso-denominated debt securities in the Mexican capital markets and/or (iii) any
other financing by the Borrower, in each case incurred solely for purposes of
refinancing the Loans.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business
Day</B>&#148; means any day that is not a Saturday, Sunday, or other day on which
commercial banks in New York City or Mexico City are authorized or required by
law to remain closed.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Capital
Lease Obligations</B>&#148; of any Person means obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which
obligations are required under Applicable GAAP to be classified and accounted
for as capital leases on a balance sheet of such Person (including without
limitation any such obligation arising under a Sale and Leaseback Transaction).
The amount of such obligations will be the capitalized amount thereof determined
in accordance with Applicable GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change
in Control</B>&#148; means the occurrence of either of the following: (a) the
failure of the Borrower at any time to be a Subsidiary of FEMSA or (b) the
failure by The Coca-Cola Company to own, directly or indirectly, beneficially
and of record, full voting shares of capital stock of the Borrower representing
at least 30% of each of the aggregate ordinary voting power and aggregate equity
value represented by the Borrower&#146;s issued and outstanding capital stock.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Change
in Law</B>&#148; means (a) the adoption of any law, rule or regulation after the
date of this Agreement (including circulars or other rules issued by any
Governmental Authority of Mexico), (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any relevant Governmental
Authority after such date or (c) compliance by any Lender (or, for purposes of
Section 2.12(b), by any lending office of such Lender or by such Lender&#146;s
holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after
such date.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>CNBV</B>&#148;
means the National Banking and Securities Commission (<I>Comisi&oacute;n
Nacional Bancaria y de Valores</I>) of Mexico or any entity succeeding to any or all
of its functions.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Coca-Cola
Facility</B>&#148; means a liquidity facility extended by The Coca-Cola Company
and/or any of its Subsidiaries to the Borrower and/or one or more of its
Subsidiaries the proceeds of which shall be used for ongoing working capital,
general corporate and related purposes, and the aggregate principal amount of
which shall not exceed US$250,000,000.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commitment</B>&#148;
means a Dollar Loan Commitment or Peso Loan Commitment, or any combination
thereof (as the context requires).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated
EBITDA</B>&#148; means, for any period, EBITDA of the Borrower and its Subsidiaries
for such period; <I>provided</I> that &#147;<B>Consolidated EBITDA</B>&#148; (i) for the
fiscal quarters ended June 30, 2002, September 30, 2002 and December 31, 2002
shall be deemed to be US$249,657,504, US$199,780,002 and US$220,686,730,
respectively, (ii) for the fiscal quarter ended March 31, 2003 shall be deemed
to be the sum of (A) EBITDA of the Borrower and its consolidated Subsidiaries<I>plus</I> (B) EBITDA of Panamco and its consolidated Subsidiaries, each determined
for such financial quarter in accordance with Applicable GAAP and (iii) for the
fiscal quarter ended June 30, 2003 shall be deemed to be the sum of (A) EBITDA
of the Borrower and its consolidated Subsidiaries <I>plus</I> (B) EBITDA of Panamco and
its consolidated Subsidiaries from April 1, 2003 through the Acquisition Date,
each determined for such financial quarter in accordance with Applicable GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated
Interest Expense</B>&#148; means, for any period, Interest Expense of the Borrower
and its Subsidiaries for such period; <I>provided</I> that &#147;<I>Consolidated Interest
Expense</I>&#148; (i) for the fiscal quarters ended June 30, 2002, September 30,
2002 and December 31, 2002 shall be deemed to be US$30,729,849, US$27,921,840
and US$28,968,628, respectively, (ii) for the fiscal quarter ended March 31,
2003 shall be deemed to be the sum of (A) the Interest Expense of the Borrower
and its consolidated Subsidiaries for such fiscal quarter <I>plus</I> (B) the Interest
Expense of Panamco and its consolidated Subsidiaries for such fiscal quarter,
and (iii) for the fiscal quarter ended June 30, 2003 shall be deemed to be the
sum of (A) the Interest Expense of the Borrower and its consolidated
Subsidiaries for such fiscal quarter <I>plus</I> (B) the Interest Expense of Panamco
and its consolidated Subsidiaries from April 1, 2003 through the Acquisition
Date.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Consolidated
Tangible Assets</B>&#148; means at any time the total assets appearing on a
consolidated balance sheet of the Borrower and its Subsidiaries <I>less</I> intangible
assets appearing on such balance sheet, all determined on a consolidated basis
at such time in accordance with Mexican GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Debt</B>&#148; of
any Person means, without duplication, (a) all obligations of such Person for borrowed
money or with respect to advances of any kind, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person in respect of the deferred purchase price of property or services (excluding
current trade payables or accounts payable incurred in the ordinary course of business),
(d) all Debt of other Persons secured by any Lien on property owned or acquired by such
Person, whether or not the Debt secured thereby has been assumed,</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">(e) all Guarantees including an <I>aval</I> by such
Person of Debt of other Persons, (f) all Capital Lease Obligations of such Person, (g)
all Derivatives Obligations of such Person (determined, where applicable, at the net
termination value thereof and giving effect to contractually permitted netting with the
relevant counterparty), (h) all non-contingent obligations of such Person as an account
party in respect of letters of credit and letters of guaranty and (i) all obligations,
contingent or otherwise, of such Person in respect of bankers&#146; acceptances.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Default</B>&#148;
means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of
Default.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Deferred
Funding Amount</B>&#148; and &#147;<B>Deferred Funding Lender</B>&#148; each have the
respective meaning set forth in Section 2.04(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Derivatives
Obligations</B>&#148; of any Person means all obligations of such Person in respect
of any rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, derivatives transactions with respect
to foreign currency exchange, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with
respect to any of the foregoing transactions) or any combination of the
foregoing transactions, including without limitation obligations under any
Synthetic Purchase Agreement; <I>provided</I> that in no event shall the term
&#147;Derivative Obligations&#148; include any swap, option or similar
transaction relating to the price of aluminum or other commodities used in the
business of the Borrower and its Subsidiaries entered into in the ordinary
course of business of such Person or Persons and not for speculative purposes.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Disclosed
Matters</B>&#148; means the matters disclosed in Schedule 3.06.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Distribution
Assets</B>&#148; means assets consisting of brands, routes, territories or
distribution rights with respect to the distribution or sale of soft drinks,
beer, juices, water and other beverages, together with related assets for
production and distribution in such routes or territories, including Equity
Interests in any Person all or substantially all of whose assets consist of the
foregoing, <I>provided</I> that immediately after giving effect to any such acquisition
of Equity Interests, such Person is a Subsidiary of the Borrower.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar
Amount</B>&#148; means, at any time, for any Lender and with respect to any determination
required hereunder:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
with  respect to any Dollar Commitment or Peso Commitment of such Lender, the  respective
Dollar amount thereof as set forth on Schedule 2.01 or in the  Assignment pursuant to
which such Dollar Commitment or Peso Commitment (or  portion thereof) has been assigned
under Section 9.04</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
with respect to any Dollar Loan, the principal amount of such Dollar Loan  then
outstanding; and</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
with respect to any Peso Loan, the Dollar equivalent of the principal amount  thereof
then outstanding, determined using the Peso Spot Rate at the time of  such determination.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar
Borrowing Date</B>&#148; has the meaning set forth in Section 4.02.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar Loan</B>&#148;
means a loan, denominated and payable in Dollars, made pursuant to Article 6.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollar
Loan Commitment</B>&#148; means, with respect to each Lender, the commitment, if
any, of such Lender to make a Dollar Loan on the Dollar Borrowing Date,
expressed as an amount representing the maximum principal amount of such Dollar
Loan, as such commitment may be (a) reduced from time to time pursuant to
Section 2.06 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lender&#146;s Dollar Loan Commitment is set forth on Schedule 2.01, or in
the Assignment pursuant to which such Lender shall have assumed its initial
Dollar Loan Commitment, as applicable.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dollars</B>&#148;,
&#147;<B>$</B>&#148; or &#147;<B>US$</B>&#148; means the lawful money of the United States.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>EBITDA</B>&#148;
means, for any period and for any Person, the sum of: (a) operating income of
such Person and its Subsidiaries for such period plus (b) only to the extent
deducted in determining such operating income for such period, (x) depreciation
and amortization of such Person and its Subsidiaries for such period, all as
determined in accordance with Applicable GAAP and (y) all other non-cash items
of such Person and its Subsidiaries reducing such operating income for such
period (not including any such non-cash charges in such period that reflect cash
expenses paid or to be paid in any other period).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Effective
Date</B>&#148; means the date on which each of the conditions specified in Section
4.01 is satisfied (or waived in accordance with Section 9.02).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental
Laws</B>&#148; means all laws, rules, regulations, codes, ordinances, technical
standards (<I>normas t&eacute;cnicas</I>), orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, the preservation
or reclamation of natural resources, the management, release or threatened
release of any Hazardous Material or health and safety matters.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental
Liability</B>&#148; means any liability, contingent or otherwise (including any
liability for damages, costs of remediation, fines, penalties or indemnities),
of the Borrower or any of its Subsidiaries directly or indirectly resulting from
or based on (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous
Material, (c) exposure to any Hazardous Material, (d) the release or threatened
release of any Hazardous Material into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Equity
Interests</B>&#148; means (i) shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a
trust or other </FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><FONT SIZE="2">equity ownership interests in a Person or (ii) any warrants,
options, convertible bonds or other rights to acquire such shares or interests.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Events
of Default</B>&#148; has the meaning specified in Article 7.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Excluded
Taxes</B>&#148; means, with respect to any Lender Party or other recipient of a
payment made by or on account of any obligation of the Borrower under any Loan
Document (a) Taxes imposed on (or measured by) its net income or net profits by
the jurisdiction (or any subdivision thereof or therein) under the laws of which
such recipient is organized or in which its principal office is located or, in
the case of any Lender, in which its applicable lending office is located, (b)
Taxes imposed as a result of the failure of such Lender Party&#146;s
representation in Section 2.14(e) to be accurate as of the date as of which it
is made and (c) Taxes imposed as a result of a failure of such Lender Party
(other than a Lender Party that is a Mexican Bank) to comply with its
obligations set forth in Section 2.14(f), subject to the exceptions and
limitations provided therein; <I>provided</I> that, in the case of clauses (b) and (c)
above, Excluded Taxes shall only be deemed to include withholdings or deductions
payable by the Borrower in respect of payments hereunder, in excess of a rate
equal to the rate applicable if there had been no such failure by such Lender
Party under Section 2.14(e) or Section 2.14(f), as applicable.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Federal
Funds Effective Rate</B>&#148; means, for any day, the weighted average (rounded
upwards, if necessary, to the next 0.01%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published on such
Business Day, the average (rounded upwards, if necessary, to the next 0.01%) of
the quotations for such day for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Federal
Reserve Board</B>&#148; means the Board of Governors of the Federal Reserve System of the
United States.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FEMSA</B>&#148;
means Fomento Econ&oacute;mico Mexicano, S.A. de C.V., <I>a sociedad an&oacute;nima de
capital variable</I> organized under the laws of Mexico.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Financial
Officer</B>&#148; means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Financing
Transactions</B>&#148; means (a) the Loan Transactions and (b) the Other Debt Refinancings.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fiscal
Quarter</B>&#148; means a fiscal quarter of the Borrower.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Fiscal
Year</B>&#148; means a fiscal year of the Borrower.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign
Financial Institution</B>&#148; means an institution registered as a foreign
financial institution with the Ministry of Finance in the registry referred to
in Article 197 of Mexico&#146;s Income Tax Law and any successor provision
thereof, for purposes of <I>fracci&oacute;n I, inciso a), subinciso 1</I>, of
Article 195 of Mexico&#146;s Income Tax Law.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign
Joint Venture</B>&#148; has the meaning set forth in Section 6.05.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental
Authority</B>&#148; means the executive, legislative and judicial branches of power
of Mexico or any political subdivision thereof, the government of Mexico or any
political subdivision thereof, or the government of any other nation or any
political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including,
without limitation, the United States Federal Reserve Board, <I>Banco de
M&eacute;xico</I>, the CNBV and IPAB).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Guarantee</B>&#148;
by any Person (the &#147;<B>Guaranteeing Person</B>&#148;) means any obligation,
contingent or otherwise, of the Guaranteeing Person guaranteeing any Debt of any
other Person (the &#147;<B>Primary Obligor</B>&#148;) in any manner, whether directly
or indirectly, and including an <I>aval</I> and any obligation of the Guaranteeing
Person, direct or indirect, (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Debt or to purchase (or advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase
or lease property, securities or services for the purpose of assuring the owner
of such Debt of the payment thereof, (c) pursuant to a contract of such
Guaranteeing Person, to maintain working capital, equity capital or any other
financial statement condition or liquidity of the Primary Obligor so as to
enable the Primary Obligor to pay such Debt or (d) as an account party in
respect of any letter of credit or letter of guaranty issued to support such
Debt; <I>provided</I> that the term &#147;Guarantee&#148; shall not include
endorsements for collection or deposit in the ordinary course of business.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hazardous
Materials</B>&#148; means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>IMSS</B>&#148;
means the <I>Instituto Mexicano del Seguro Social</I>.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified
Taxes</B>&#148; means all Taxes imposed by Mexico or any other jurisdiction (or any
subdivision thereof or therein) from which or through which any payment is made
or deemed made (for tax purposes) by the Borrower under the Loan Documents,
except Excluded Taxes.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>INFONAVIT</B>&#148;
means the <I>Instituto del Fondo Nacional de la Vivienda para los Trabajadore</I>s of Mexico.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Information
Memorandum</B>&#148; means the Confidential Information Memorandum dated January,
2003 relating to the Borrower and the Transactions.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial
Peso Exchange Rate</B>&#148; has the meaning set forth in Section 2.03(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest
and Currency Hedges</B>&#148; means agreements, however documented, entered into
with the purpose of hedging interest rate or currency risk with respect to Debt
for borrowed money of the Borrower and its Subsidiaries, and not for speculative
purposes.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest
Expense</B>&#148; means, for any period and for any Person, an amount equal to the
interest expense (including deemed interest expense in respect of Capital Lease
Obligations) of such Person and its Subsidiaries for such period, including fees
or other similar amounts paid in connection with or in addition to interest and
interest paid in respect of factoring or equivalent arrangements even if not
reflected on a Person&#146;s balance sheet or financial statements, determined
on a consolidated basis in accordance with Applicable GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest
Period</B>&#148; means:</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
respect to any Borrowing of Dollar Loans, (I) in the case of the first such
Interest Period, the period beginning on the Dollar Borrowing Date and ending on
the numerically corresponding date in the first, third or sixth calendar month
thereafter and (II) in the case of each succeeding such Interest Period, the
period beginning on the last day of the preceding Interest Period and ending on
the numerically corresponding date in the first, third or sixth calendar month
thereafter (or such other period, not longer than six months, as the Borrower
and Administrative Agent may agree in order to facilitate orderly prepayment of
the Loans), in each case as specified by the Borrower in the applicable
Borrowing Request or Interest Period Election with respect to such Borrowing of
Dollar Loans; <I>provided</I> that prior to the 90th day after the Dollar Borrowing
Date, the Borrower shall select Interest Periods for Dollar Loans of one or two
weeks or one month as agreed with the Administrative Agent, and <I>provided further</I>
that:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
if  any Interest Period would end on a day other than a LIBO Business Day, such  Interest
Period shall (subject to clause (iii) below) be extended to the next  succeeding LIBO
Business Day unless (in the case of an Interest Period for  Dollar Loans of one, three or
six months (a &#147;monthly Interest  Period&#148;)) such next succeeding LIBO Business
Day would fall in the next  calendar month, in which case such monthly Interest Period
shall end on the next  preceding LIBO Business Day;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
any  monthly Interest Period that commences on the last LIBO Business Day of a  calendar
month (or on a day for which there is no numerically corresponding day  in the last
calendar month of such monthly Interest Period) shall (subject to  clause (iii) below)
end on the last LIBO Business Day of the last calendar month  of such Interest Period; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
any  Interest Period for Dollar Loans that would otherwise end after the Maturity  Date
shall end on the Maturity Date.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect
to any Borrowing of Peso Loans, (I) in the case of the first such Interest Period, the
period beginning on the Peso Borrowing Date and ending on the 28th day thereafter and
(I) in the case of each succeeding such Interest Period, the period beginning on the
last day of the preceding Interest Period and ending on the 28th day thereafter (or such
other period as the Borrower and Administrative Agent (in consultation with the Mexican
Administrative Agent) may agree in order to facilitate orderly prepayment of the Loans),
as specified by the Borrower in the applicable Borrowing Request or Interest Period
Election with respect to such Borrowing of Peso Loans; <I>provided</I> that:</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
if  any such Interest Period would end on a day other than a Peso Business Day, such
Interest Period shall (subject to clause (ii) below) be extended to the next  succeeding
Peso Business Day;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
any  such Interest Period that commences on the last Peso Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the  last
calendar month of such Interest Period) shall (subject to clause (iii)  below) end on the
last Peso Business Day of the last calendar month of such  Interest Period; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
any  Interest Period for Peso Loans that would otherwise end after the Maturity Date
shall end on the Maturity Date.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Interest
Period Election</B>&#148; has the meaning set forth in Section 2.05(a).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Investment</B>&#148;
has the meaning set forth in Section 6.09.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>IPAB</B>&#148;
means the <I>Instituto para la Protecci&oacute;n al Ahorro Bancario of Mexico</I>.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Joint
Venture Investment Event</B>&#148; has the meaning set forth in Section 6.05.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>KOF
Companies</B>&#148; means the Borrower and its Subsidiaries.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lender
Parties</B>&#148; means the Lenders, the Administrative Agent and the Mexican Administrative
Agent.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lenders</B>&#148;
means the Persons listed on Schedule 2.01 and any other Person that shall have
become a party hereto pursuant to an Assignment, other than any such Person that
ceases to be a party hereto pursuant to an Assignment.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Leverage
Ratio</B>&#148; means, on any day, the ratio of (a) Total Debt as of such day to (b)
Consolidated EBITDA for the period of four consecutive Fiscal Quarters ended on
such day (or, if such day is not the last day of a Fiscal Quarter, ended on the
last day of the Fiscal Quarter most recently ended before such day).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LIBO
Adjusted Business Day</B>&#148; means any day (i) that is not a Saturday, Sunday, or
other day on which commercial banks in New York City are authorized or required
by law to remain closed and (ii) on which banks are open for dealings in Dollar
deposits in the London interbank market.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LIBO
Business Day</B>&#148; means any Business Day on which banks are open for dealings
in Dollar deposits in the London interbank market.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>LIBO Rate</B>&#148; means,
with respect to any Borrowing for any Interest Period, (i) the rate appearing on Page
3750 of the Dow Jones Market Service (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by
the Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to Dollar deposits in the London interbank market) (&#147;<B>Page
3750</B>&#148;) at approximately 11:00 a.m., London time, two LIBO Adjusted Business Days
before the beginning of such Interest Period, as the rate for</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
10</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">Dollar deposits with a maturity most nearly
comparable to such Interest Period or (ii) if such rate does not appear on Page 3750 for
any relevant Interest Period, the LIBO Rate shall be the interest rate <I>per annum</I>
determined by the Administrative Agent to be equal to the arithmetic mean (rounded
upward, if necessary, to the nearest 0.01%) of the rates <I>per annum</I> for Dollar deposits
which appear on the Reuters Screen LIBO Page at or about 11:00 a.m., London time, on the
second LIBO Adjusted Business Day prior to the first day of such Interest Period for a
period equal to (or, if there is no equal, then most nearly equal to) such Interest
Period. If no such rate appears on Page 3750 or on the Reuters Screen LIBO Page for any
relevant Interest Period, the LIBO Rate for such Interest Period shall be the average
(rounded upward, if necessary, to the next higher 0.01%) of the rates per annum at which
deposits in Dollars in a principal amount of US$5,000,000 are offered by four major
banks in the London interbank market (selected by the Administrative Agent after
consultation with the Borrower) to JPMorgan Chase Bank in the London interbank market at
approximately 11:00 a.m., London time, two LIBO Adjusted Business Days before the first
day of such Interest Period and for a period of time most nearly comparable to such
Interest Period.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148;
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset,
(b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loans</B>&#148;
means the loans made by the Lenders to the Borrower pursuant to Section 2.01.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan
Documents</B>&#148; means this Agreement and the Notes.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Loan
Transactions</B>&#148; means the execution, delivery and performance by the Borrower of the
Loan Documents, the borrowing of Loans and the use of the proceeds thereof.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Long-Term
Debt Rating</B>&#148; means the foreign currency rating assigned by S&amp;P or
Moody&#146;s (as applicable) of the Borrower&#146;s long-term senior unsecured
debt.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Adverse Change</B>&#148; means any event, change, circumstance or effect that has or could
reasonably be expected to have a material adverse effect on (a) the business, results of
operations or financial condition of the KOF Companies taken as a whole, since September
30, 2002, (b) the ability of the Borrower to perform its obligations under the Loan
Documents, since September 30, 2002, or (c) the rights of Lenders under the Loan
Documents, <I>provided, however</I>, that any event, change, circumstance or effect, to the
extent (i) resulting from any change in U.S. or Mexican generally accepted accounting
principles or official interpretations thereof after December 22, 2002 that apply to the
KOF Companies, (ii) resulting from a downturn in the economy or business conditions in
general in any country in which the Borrower or Panamco or any of their subsidiaries do
business and not specifically relating to the KOF Companies or (iii) resulting from the
public announcement of the Acquisition, shall be excluded in determining whether a
Material Adverse Change has occurred; and <I>provided further</I> that in the case of Panamco&#146;s
business, financial condition and results of</FONT></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
11</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>operations in Venezuela, all of the foregoing
shall be determined in accordance  with the provisions of Schedule 3.07A of the Merger
Agreement (other than  (b)(ii) to the extent it relates to exchange controls or (b)(iii)).</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Adverse Effect</B>&#148; means a material adverse effect on (a) the business,
results of operations, or financial condition of the KOF Companies taken as a
whole, (b) the ability of the Borrower to perform its obligations under the Loan
Documents or (c) the rights and remedies available to any Lender Party under the
Loan Documents.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Debt</B>&#148; means Debt (other than obligations in respect of the Loans) of any
one or more KOF Companies in an aggregate principal amount exceeding
US$20,000,000 (or its equivalent in any other currency).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material
Subsidiary</B>&#148; means (i) prior to the first date on which financial statements
are delivered pursuant to clause (a) or (b) under Section 5.01, the Persons
listed on Schedule 1.01B hereto and (ii) at any time from and after such first
date, any Subsidiary of the Borrower the total assets or total EBITDA of which
(determined, in the case of any such Subsidiary that has Subsidiaries, on a
consolidated basis for such Subsidiary and its Subsidiaries) are at least 10% of
the consolidated total assets of the Borrower and its consolidated Subsidiaries
or 10% of Consolidated EBITDA respectively, in each case as reflected in the
financial statements of the Borrower then most recently delivered to the Lenders
pursuant to clause (a) or (b) under Section 5.01; <I>provided</I> that solely for
purposes of clauses (h) and (i) of Section 7.01, &#147;Material Subsidiary&#148;
shall include any group of Subsidiaries of the Borrower with respect to which
any relevant event or condition of the type specified in such clause shall have
occurred and be continuing, if such Subsidiaries taken together would constitute
a &#147;Material Subsidiary&#148; as defined above.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Merger
Agreement</B>&#148; means the merger agreement between the Borrower and Panamco dated
December 22, 2002.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mexican
Administrative Agent</B>&#148; means Banco J.P. Morgan, S.A., Instituci&oacute;n de Banca M&uacute;ltiple,
J.P. Morgan Grupo Financiero, Divisi&oacute;n Fiduciaria, in its capacity as
administrative agent for the Lenders with respect to Peso Loans and its successors in
such capacity.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mexican
Bank</B>&#148; shall be a bank organized pursuant to the laws of Mexico and
authorized to conduct banking activities in Mexico by the Ministry of Finance.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;M<B>exican
GAAP</B>&#148; has the meaning set forth in Section 1.03.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Mexico</B>&#148;
means the United Mexican States.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Ministry of
Finance</B>&#148; means the <I>Secretar&iacute;a de Hacienda y Cr&eacute;dito P&uacute;blico</I> of
Mexico.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Moody&#146;s</B>&#148;
means Moody&#146;s Investors Service, Inc.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Net Proceeds</B>&#148; means,
with respect to any event, (a) the cash proceeds received in respect of such event
(including any cash received in respect of such event initially received in a form other
than cash but only as and when such cash is received), net of (b)</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
12</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>the sum of (i) all fees and out-of-pocket
expenses paid by  the KOF Companies to third parties in connection with such event and
(ii) in the  case of a sale, transfer or other disposition of an asset (including
pursuant to  a sale and leaseback transaction), the amount of (A) all payments required
to be  made by the KOF Companies as a result of such event to repay Debt (other than
Loans) secured by such asset or otherwise subject to mandatory prepayment as a  result of
such event, and (B) all taxes paid (or reasonably estimated to be  payable) by the KOF
Companies that are directly attributable to such event (as  determined reasonably and in
good faith by the chief financial officer of the  Borrower).</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Note</B>&#148;
has the meaning set forth in Section 2.02(a). &#147;Other Debt
Refinancings&#148; means the refinancing of (i) approximately US$270,500,000
outstanding amount of loans under Panamco&#146;s existing bank term loans and
(ii) all or a portion of US$156,500,000 of Debt of certain Subsidiaries of
Panamco.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other
Debt Refinancings Loan</B>&#148; means, for any Lender, the loan or loans owing to
such Lender with respect to one or more issues of debt included in the Other
Debt Refinancings and identified as an &#147;Other Debt Refinancings Loan&#148;
on Schedule 2.04.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other
Loan Agreement</B>&#148; means the Term Loan Agreement dated as of the date hereof
among the Borrower, the lenders party thereto, and the &#147;Agents&#148; party
thereto, including JPMorgan Chase Bank, as administrative agent.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other Loan
Documents</B>&#148; means the Other Loan Agreement and the Notes (as defined in the Other
Loan Agreement).</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Other
Taxes</B>&#148; means any and all present or future recording, stamp, documentary,
excise, transfer, sales, property or similar taxes, charges or levies not based
on net income or profit arising from any payment made under any Loan Document or
from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Panama</B>&#148;
means the Republic of Panama.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Panamco</B>&#148;
means Panamerican Beverages, Inc., a corporation organized under the laws of Panama.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participants</B>&#148;
has the meaning specified in Section 9.04(d).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148;
means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other
entity.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso
Borrowing Date</B>&#148; has the meaning set forth in Section 4.02.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso Business
Day</B>&#148; means any day that is not a Saturday, Sunday, or other day on which
commercial banks in Mexico City are authorized or required by law to remain
closed.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
13</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso
Lender</B>&#148; means a Lender with a Peso Loan Commitment or an outstanding Peso Loan.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso
Loan</B>&#148; means a loan, funded and payable in Pesos, made pursuant to Section 2.01(a).</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso
Loan Commitment</B>&#148; means, with respect to each Lender, the commitment, if
any, of such Lender to make a Peso Loan on the Peso Borrowing Date, expressed as
an amount in Dollars representing the maximum principal amount of such Peso
Loan, as such commitment may be (a) reduced from time to time pursuant to
Section 2.06 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount in
Dollars of each Lender&#146;s Peso Loan Commitment is set forth on Schedule
2.01, or in the Assignment pursuant to which such Lender shall have assumed its
initial Peso Loan Commitment, as applicable.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Peso
Spot Rate</B>&#148; means, on any day, the rate at which Pesos may be exchanged into
Dollars, at (i) the spot (same day) rate announced by <I>Banco de M&eacute;xico</I>
and (A) quoted at 12:15 p.m. (Mexico City time) on Reuters Monitor Screen (Page
MEX01, or any successor page for quoting such rate) on such day (or, if such day
is not a Peso Business Day, on the immediately preceding Peso Business Day) or
(B) if such rate is not so quoted on Reuters Monitor Screen for the relevant
date of determination, then such spot rate as may be published in the <I>Diario
Oficial de la Federaci&oacute;n</I> to be in effect on such day (or, if such day
is not a Peso Business Day, on the immediately preceding Peso Business Day) or
(ii) if such rate is not so published or quoted as described in clause (i) for
the relevant date of determination, the &#147;Peso Spot Rate&#148; shall be the
rate of exchange at which in accordance with normal banking procedures the
Administrative Agent could purchase Dollars for Pesos on a customary basis in
the Administrative Agent&#146;s New York City office at 11:00 a.m. (New York
City time) on the date of such determination (or, if such day is not a Peso
Business Day, on the immediately preceding Peso Business Day), and such
determination shall be conclusive absent manifest error.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Pesos</B>&#148;
or &#147;<B>Ps.</B>&#148; means the lawful money of Mexico.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Prepayment
Debt Incurrence</B>&#148; means the incurrence by any KOF Company of any Debt, other
than Debt described in clauses (i) or (iii) through (vi), inclusive, of Section
6.12.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Prepayment
Event</B>&#148; means:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
any  sale, transfer or other disposition (including pursuant to a sale and leaseback
transaction) of any property of the Borrower or any of its Subsidiaries, except  (i)
Transportation Sale and Leaseback Transactions permitted under clause (i) of  Section
6.03, (ii) dispositions described in Sections 6.10(a), 6.10(b),or  Section 6.10(c) and
(iii) others dispositions to the extent that the aggregate  Net Proceeds of all such
dispositions after the Effective Date excluded under  this clause (iii) does not exceed
US$10,000,000;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
the  issuance by any KOF Company of any Equity Interest, or the receipt by any KOF
Company of any capital contribution, other than (i) the issuance of any Equity  Interest
to, or receipt of any capital contribution from, any </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
14</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>other KOF
Company,  (ii) the issuance of Equity Interests in connection with the Transactions,
(iii)  any such issuance of any Equity Interest to, or the receipt of any capital
contribution from, The Coca-Cola Company, FEMSA or any of their respective  Subsidiaries
or (iv) the issuance of any Equity Interest other than to the  public, solely to finance
or provide consideration for an Investment permitted  pursuant to Section 6.09(f); or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
any Prepayment Debt Incurrence.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Process
Agent</B>&#148; has the meaning specified in Section 9.09(d).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Register</B>&#148;
has the meaning specified in Section 9.04(b).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Related
Parties</B>&#148; means, with respect to any specified Person, such Person&#146;s
Affiliates and the respective directors, officers, employees and agents of such
Person and its Affiliates.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Required
Lenders</B>&#148; means, at any time, Lenders having outstanding Loans and/or unused
Commitments representing more than 50% of the total Dollar Amount (determined,
in the case of any Peso Loan, at the Peso Spot Rate in effect on the Peso
Borrowing Date) of all outstanding Loans and/or unused Commitments at such time.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Restricted
Payment</B>&#148; means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interest in any KOF
Company, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any Equity
Interest in any KOF Company (including, for this purpose, any payment under a
Synthetic Purchase Agreement with respect to an Equity Interest).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Sale
and Leaseback Transaction</B>&#148; means any arrangement under which a Person shall
sell or transfer any property and thereafter rent or lease such property or
other property that such Person intends to use for substantially the same
purpose or purposes as the property sold or transferred.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SAR</B>&#148;
means <I>Sistema de Ahorro para el Retiro</I>.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148;
means the Securities and Exchange Commission.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>S&amp;P</B>&#148;
means Standard &amp; Poor&#146;s Ratings Services, a division of The McGraw-Hill Companies,
Inc.</FONT></td></tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Specified Priority
      Debt Amount</B>&#148; means at any time the sum, without duplication, of
      (A) the aggregate outstanding principal amount of all Debt of the Borrower
      and other obligations secured by Liens in reliance on clause (i) or (x)
      of Section 6.01 (or, in the case of any Interest and Currency Hedge secured
      in reliance on such clause (x), the amount of assets subject to a Lien in
      support of such obligation) plus (B) the aggregate outstanding principal
      amount of all Debt of Subsidiaries of the Borrower at such time, other than
      Debt owed to the Borrower or another Subsidiary of the Borrower, <I>plus</I>
      (C) the aggregate amount of Attributable Debt in respect of all Sale and
      Leaseback Transactions at such time (other than Transportation Sale and
      Leaseback </FONT> </td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
15</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>Transactions permitted pursuant to clause (i) of Section
      6.03), all determined on a consolidated basis and without duplication in
      accordance with Applicable GAAP at such time.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Statutory
Reserve Adjustment</B>&#148; means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Federal Reserve Board to which the Administrative Agent is
subject with respect to eurocurrency funding (currently referred to as
&#147;Eurocurrency Liabilities&#148; in Regulation D of the Federal Reserve
Board). Such reserve percentages will include those imposed pursuant to such
Regulation D. Loans will be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Subsidiary</B>&#148;
means, with respect to any Person (the &#147;<B>parent</B>&#148;) at any date, (a) any
corporation, limited liability company, partnership or other entity the accounts
of which would be consolidated with those of the parent in the parent&#146;s
consolidated financial statements if such financial statements were prepared in
accordance with Mexican GAAP as of such date and (b) any other corporation,
limited liability company, partnership or other entity (i) of which securities
or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date, owned,
controlled or held, or (ii) that is otherwise Controlled as of such date, by the
parent and/or one or more of its Subsidiaries. For purposes of the
representations and warranties made herein on the Borrowing Dates (except with
respect representations and warranties made pursuant to Article 38), the term
&#147;<B>Subsidiary</B>&#148;, when used with respect to the Borrower, includes Panamco
and its Subsidiaries.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Syndication
Agent</B>&#148; means Morgan Stanley Senior Funding, Inc., in its capacity as syndication
agent for the Lenders.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Synthetic
Purchase Agreement</B>&#148; means any &#147;total return swap&#148; or sale and
repurchase agreement with respect to any Equity Interest or debt obligation, or
any other swap, derivative or other agreement or combination of agreements
pursuant to which such Person is or may become obligated to make (i) any payment
in connection with the purchase by any third party, from a Person other than a
KOF Company, of any Equity Interest or debt obligation or (ii) any payment
(other than on account of a permitted purchase by it of any Equity Interest or
debt obligation) the amount of which is determined by reference to the price or
value at any time of any Equity Interest or debt obligation.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxes</B>&#148;
means any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TIIE Rate</B>&#148; means,
for each Interest Period with respect to Peso Loans, the Equilibrium Interbank Interest
Rate (<I>Tasa de Interes Interbancaria de Equilibrio</I>) for a period of 28 days or such other
period so published as is most nearly equal to the relevant Interest Period, as
determined by the Mexican Administrative Agent, all as published by <I>Banco de M&eacute;xico</I>
in the <I>Diario Oficial de la Federaci&oacute;n</I> on the first Peso Business Day,</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
16</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">or of most recent publication, prior to the
commencement of the relevant Interest Period, or if such day is not a Peso Business Day,
on the next preceding Peso Business Day on which there was such a quote; <I>provided</I> that
in the event the TIIE Rate shall cease to be published, &#147;TIIE Rate&#148; shall mean
any rate specified by the <I>Banco de M&eacute;xico</I> as the substitute rate therefor.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Total
Debt</B>&#148; means, as of any date, the aggregate amount for the KOF Companies at
such date of Debt of the type referred to in clauses (a), (b), (e) and (f) of
the definition thereof, and all obligations of such Persons with respect to any
Synthetic Purchase Agreements, all determined without duplication on a
consolidated basis at such date in accordance with Mexican GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tranche</B>&#148;,
when used with respect to Loans or Commitments, refers to whether such Loans or
Commitments are Dollar Loans or Peso Loans, or Dollar Loan Commitments or Peso
Loan Commitments, as applicable.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transactions</B>&#148;
means the Acquisition and the Financing Transactions.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Transportation
Sale and Leaseback Transactions</B>&#148; means Sale and Leaseback Transactions in
respect of trucks, forklifts and other transportation equipment.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>United
States</B>&#148; means the United States of America.</FONT></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Venezuelan
Subsidiary</B>&#148; means any Subsidiary of the Borrower organized under the laws
of the Republic of Venezuela or any subdivision thereof or directly conducting a
substantial portion of its business in the Republic of Venezuela.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
1.02. <I>Terms Generally</I>. The definitions of terms herein (including those
incorporated by reference to another document) apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun
includes the corresponding masculine, feminine and neuter forms. The words
&#147;<B>include</B>&#148;, &#147;<B>includes</B>&#148; and &#147;<B>including</B>&#148; shall be
deemed to be followed by the phrase &#147;<B>without limitation</B>&#148;. The word
&#147;<B>will</B>&#148; shall be construed to have the same meaning and effect as the
word &#147;<B>shall</B>&#148;. Unless the context requires otherwise, Article 1 any
definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein),
Article 2 any reference herein to any Person shall be construed to include such
Person&#146;s successors and assigns, Article 3 the words &#147;<B>herein</B>&#148;,
&#147;<B>hereof</B>&#148; and &#147;<B>hereunder</B>&#148;, and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, Article 4 all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and Article 5 the
word &#147;<B>property</B>&#148; shall be construed to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts and
contract rights.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03.<I>Accounting Terms</I>. Except as otherwise expressly provided herein, all terms of an
accounting or financial nature shall be construed in accordance with generally accepted
accounting principles as in effect from time to time in Mexico, applied on a basis
consistent (except for changes concurred in by the Borrower&#146;s independent</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
17</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">public accountants) with the most recent audited
consolidated financial statements of the Borrower and its consolidated Subsidiaries
delivered to the Lenders (&#147;<B>Mexican GAAP</B>&#148;); <I>provided</I> that, if the Borrower
notifies the Administrative Agent that the Borrower requests an amendment of any
provision hereof to eliminate the effect of any change occurring after the date hereof
in Mexican GAAP or in the application thereof (or if the Administrative Agent notifies
the Borrower that the Required Lenders request an amendment of any provision hereof for
such purpose), regardless of whether such notice is given before or after such change in
Mexican GAAP or in the application thereof, then such provision shall be applied on the
basis of Mexican GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended
in accordance herewith. Any terms of an accounting or financial nature with respect to
Panamco and its Subsidiaries for periods prior to the Acquisition Date shall be
construed in accordance with generally accepted accounting principles pursuant to which
the audited consolidated financial statements for Panamco and its Subsidiaries referred
to in Article 38 have been prepared (such generally accepted accounting principles for
such Persons and periods, together with Mexican GAAP applied as provided above with
respect to the Persons and periods provided therein, &#147;<B>Applicable GAAP</B>&#148;).</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 2  <BR>T<font size=1>HE</font> C<font size=1>REDITS</font></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.01. <I>Commitments</I>. Article 6 Subject to the terms and conditions set forth
herein, each Lender with a Dollar Loan Commitment agrees to make a Dollar Loan
in Dollars to the Borrower on the Dollar Borrowing Date in a principal amount
equal to its pro rata portion (in accordance with its respective Dollar Loan
Commitment) of the Dollar amount set forth in the Borrowing Request as the
aggregate amount of the Borrowing of Dollar Loans; <I>provided</I> that the principal
amount of such Dollar Loan does not exceed the amount of its Dollar Loan
Commitment.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Subject to the terms and conditions set forth herein, each Lender with a Peso
Loan Commitment agrees to make a Peso Loan in Pesos to the Borrower on the Peso
Borrowing Date in a principal amount equal to its pro rata portion (in
accordance with its respective Peso Loan Commitment) of the Dollar amount set
forth in the Borrowing Request as the aggregate amount of the Borrowing of Peso
Loans; provided that the principal amount of such Peso Loan does not exceed the
amount of its Peso Loan Commitment multiplied by the Initial Peso Exchange Rate.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Amounts repaid in respect of Loans may not be reborrowed. All Dollar Loans shall
be funded in Dollars, and all Peso Loans shall be funded in Pesos, as more fully
set forth in Section 2.04. The Commitments of the Lenders are several, i.e., the
failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder, and no Lender shall be
responsible for any other Lender&#146;s failure to make Loans as and when
required hereunder.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02.<I> Loans; Notes
      and other Evidence of Loans</I>.</FONT></td>
  </tr></table>


<p>
<table width=600>
  <tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
Lender&#146;s Dollar Loan (if any) shall be represented by a promissory note
payable in Dollars to the order of such Lender in substantially the form of
Exhibit B-</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
18</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">1 hereto and in a principal amount equal to such
Lender&#146;s Dollar Loan. Each Peso Lender&#146;s Loan (if any) shall be represented by
a promissory note payable in Pesos to the order of such Lender in substantially the form
of Exhibit B-2 hereto and in a principal amount equal to such Peso Lender&#146;s Loan.
Each such promissory note referred to in this clause (a) (each, a &#147;<B>Note</B>&#148;)
shall be executed by the Borrower, shall qualify as a <I>pagar&eacute;</I> under Mexican
law and shall include the legend &#147;<I>no negociable</I>&#148;.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
any assignment made pursuant to Section 9.04 of Commitments or Loans, the
Borrower shall prepare, execute and deliver, against simultaneous delivery of
the existing Note or Notes, (i) a new Note with respect to each Commitment or
Loan so assigned, payable to the order of the assignee Lender and (ii) if
required, a new Note with respect to each Commitment or Loan so assigned,
payable to the order of the assignor Lender, each dated the date of such Note
being exchanged, in a principal amount equal to the principal amount of the
Commitment or Loan so assigned (or, in the case of the assignor Lender, retained
after such assignment) and otherwise duly completed.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Loans shall be made by the Lenders ratably in accordance with their respective
Commitments. Each Lender at its option may make any Loan by causing any domestic
or foreign branch of such Lender to make such Loan. Any exercise of such option
shall not affect the Borrower&#146;s obligation to repay such Loan as provided
herein. Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender, including the amounts of principal
and interest payable and paid to such Lender from time to time.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
entries made in good faith in the accounts maintained pursuant to subsection (c)
of this Section shall be <I>prima facie</I> evidence of the existence and amounts of
the obligations recorded therein; <I>provided</I> that any failure by any Lender to
maintain such accounts or any error therein shall not affect the Borrower&#146;s
obligation to repay the Loans in accordance with the terms of this Agreement.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03.<I> Borrowing
      Request; Notice of Initial Peso Exchange Rate</I>.</FONT></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
request the Borrowings on the Borrowing Dates, the Borrower shall notify the
Administrative Agent and the Mexican Administrative Agent of such request not
later than (I) in the case of the Dollar Loans, 11:00 a.m., New York City time,
on the latest day that is at least three LIBO Business Days before the proposed
Dollar Borrowing Date and (II) in the case of the Peso Loans, 3:00 p.m., Mexico
City time, two Peso Business Days before the proposed Peso Borrowing Date. Any
such notice (a &#147;<B>Borrowing Request</B>&#148;) shall be irrevocable, shall
specify the following information in compliance with Section 2.02 and shall be
substantially in the form of Exhibit E-1:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the aggregate amount of each Borrowing, which in each case shall be  expressed in Dollars;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  Peso Borrowing Date, which shall be a Peso Business Day, and the Dollar  Borrowing
Date, which shall be not later than the second LIBO Business Day after  the Peso
Borrowing Date;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the  initial Interest Period to be applicable thereto or, if more than one Interest
Period is elected with respect to different portions of such </font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
19</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Borrowing, the
initial Interest Periods for each portion of such Borrowing, each of which shall  be a
period or periods contemplated by the definition of &#147;Interest  Period&#148;; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  location and number of the Borrower&#146;s accounts to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>If no  Interest Period with respect to a
requested Borrowing is specified, the Borrower  will be deemed to have selected an
Interest Period of one month, in the case of  a Borrowing of Dollar Loans, or 28 days, in
the case of a Borrowing of Peso  Loans (subject to the definition of Interest Period).
Promptly after it receives  a Borrowing Request in accordance with this Section, the
Administrative Agent  shall advise each Lender with a Dollar Loan Commitment and the
Mexican  Administrative Agent shall advise each Lender with a Peso Loan Commitment of the
details of such Borrowing Request and the amount of such Lender&#146;s Loan or  Loans to
be made pursuant thereto.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Simultaneously with the delivery of the Borrowing Request, the Borrower shall
deliver to each Peso Lender a certificate executed by a Financial Officer
setting forth the amount in Pesos of the Peso Loan to be funded on the Peso
Borrowing Date by each such Peso Lender in respect of its Peso Loan Commitment
and the basis for such calculation in reasonable detail, including the exchange
rate (the &#147;<B>Initial Peso Exchange Rate</B>&#148;) of Pesos per Dollar that
reflects the Borrower&#146;s reasonable, good faith calculation of the
observable exchange rate.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.04. <I>Funding of Loans</I>. Article 7 Each Lender shall wire the principal amount of
its Dollar Loan or Loans (if any), in Dollars in immediately available funds, by
12:00 noon, New York City time, on the Dollar Borrowing Date, to the account of
the Administrative Agent designated by it for such purpose by notice to the
Lenders. Each Lender shall wire the principal amount of its Peso Loan (if any),
in Pesos in immediately available funds, by 12:00 noon, Mexico City time, on the
Peso Borrowing Date, to the account of the Mexican Administrative Agent
designated by it for such purpose by notice to the Lenders.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Notwithstanding the foregoing, any Lender listed on Schedule 2.04 as a Deferred Funding
Lender (each, a &#147;<B>Deferred Funding Lender</B>&#148;) may defer its obligation to fund
all or a portion of its Dollar Loan Commitment or Peso Commitment in such amount and for
such Commitment or Commitments as may be described on such Schedule (for each Deferred
Funding Lender, its &#147;<B>Deferred Funding Amount</B>&#148;) from the relevant Borrowing
Date to the date of payment of the relevant Affected Facility (as defined below) as
further provided in this clause (b). To defer such funding obligation, each Deferred
Funding Lender shall notify the Administrative Agent and Mexican Administrative Agent by
the relevant time provided for funding in clause (a) above that it will apply the
Deferred Funding Amount of funds to which it will be entitled upon repayment of its
Other Debt Refinancings Loan described on such Schedule 2.04 (but only in respect of
the principal portion thereof) to satisfy its funding obligation with respect to a
portion of its Loan or Loans hereunder in the Deferred Funding Amount. Such notice shall
be deemed to be a representation and warranty by such Deferred Funding Lender that it
has full right, title and interest in and to the relevant Other Debt Refinancings Loan
in aggregate in the Deferred Funding Amount on and as of the relevant Borrowing Date and
a covenant by the Deferred Funding Lender that it will not</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
20</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">transfer or otherwise encumber any right, title
and interest in and to the relevant Other Debt Refinancing Loans prior to the
refinancing thereof (which covenant shall terminate if the Loans are repaid pursuant to
clause (c) of this Section 2.04 and such refinancing does not occur as contemplated
hereby). Upon the refinancing in full of the issue in which such Other Debt Refinancings
Loan is included (the &#147;<B>Affected Facility</B>&#148;), such Deferred Funding Lender shall
notify (i) the administrative or paying agent with respect to the Affected Facility that
an amount of the principal of such Other Debt Refinancings Loan to which the Deferred
Funding Lender is entitled, in an amount equal to the Deferred Funding Amount, shall be
applied to discharge in an equal amount the funding obligation of such Deferred Funding
Lender with respect to its relevant Loan or Loans, and paid as directed by the Borrower
and (ii) the Administrative Agent and/or Mexican Administrative Agent (as relevant)
that such refinancing has occurred on such date and its affected Loan or Loans shall be
deemed funded simultaneously therewith for purposes of the calculation of interest
accrued thereon. Such Deferred Funding Lender hereby irrevocably agrees that its right
to receive payment with respect to the principal of such Other Refinancing Debt Loan
shall, to the extent of the Deferred Funding Amount (but not with respect to any
interest, fees or similar amounts calculated on the basis of the outstanding amount
thereof, except to the extent otherwise expressly provided in such notice), be applied
to satisfy such Lender&#146;s funding obligation with respect to its Loan or Loans
hereunder in the Deferred Funding Amount. Each Deferred Funding Lender further agrees
that, solely for the period from and including the relevant Borrowing Date and to but
excluding the date of repayment of the Affected Facility, it shall not be entitled to
receive interest hereunder with respect to the Deferred Funding Amount of its affected
Loan or Loans, and that interest on such portion thereof shall commence accruing from
and including the date of such repayment. The Administrative Agent and/or Mexican
Administrative Agent, as relevant, shall make appropriate adjustments to payments of
interest for the first Interest Period with respect to each affected Loan of a Deferred
Funding Lender to reflect the foregoing. In addition, the Borrower shall prepare,
execute and deliver to each Deferred Funding Lender a Note or Notes representing the
Deferred Funding Amount of such Lender&#146;s Loans (or, if requested by such Lender,
and against simultaneous delivery of its existing Note or Notes, a new Note or Notes
reflecting the aggregate principal amount of such Loan or Loans) and otherwise duly
completed.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Administrative Agent shall transfer the funds received by it pursuant to clause (a)
above to a separate and segregated account of the Borrower maintained at JPMorgan Chase
Bank in New York City and identified by the Borrower and the Administrative Agent prior
to the Peso Borrowing Date (the &#147;<B>New York Funding Account</B>&#148;), and such funds
shall be maintained therein until the Borrower notifies the Administrative Agent that
the Acquisition is being consummated and that such funds shall be applied forthwith upon
release in accordance with Section 5.09 hereof (the &#147;<B>Acquisition Date</B>&#148;).
During the period between the Dollar Borrowing Date and the Acquisition Date, the
Borrower shall invest such funds in overnight or other short-term liquid investments
consistent with liquidation on or prior to the Acquisition Date, and any interest or
other amounts earned thereon shall be added to and considered part of the funds held in
the New York Funding Account. The Mexican Administrative Agent shall (I) hold the funds
received by it pursuant to clause (a) above in a separate and segregated account,
identified by the Mexican Administrative Agent to the Borrower on the Peso Borrowing
Date, at Banco J.P. Morgan, S.A., Instituci&oacute;n de Banca M&uacute;ltiple,
J.P. Morgan Grupo Financiero, in Mexico City and (II) on any Peso Business Day prior to
the Acquisition Date, upon written notice and instruction from the Borrower, release
such</FONT> </td></tr></table>


<p>&nbsp;
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21</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">funds in Pesos to the Borrower to permit the
Borrower to acquire Dollars in foreign exchange transactions arranged by the Borrower,<I>provided</I> that the Dollars so acquired are forthwith deposited into the New York Funding
Account for withdrawal on the Acquisition Date. During the period between the Peso
Borrowing Date and the date on which it releases such funds, the Borrower shall invest
the funds held in such account in such overnight or other short-term liquid investments,
and any interest or other amounts earned thereon shall be added to and considered part
of the funds held with the Mexican Administrative Agent. Notwithstanding the foregoing,
if the Acquisition Date shall not have occurred by the close of business in New York
City on the 10th Business Day after the Peso Borrowing Date, the Loans shall be prepaid
in full on the third LIBO Business Day thereafter, together with interest thereon to the
date of payment.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Unless the Administrative Agent or the Mexican Administrative Agent, as
applicable, receives notice from a Lender before the proposed relevant Borrowing
Date that such Lender will not make its share of the Dollar Loans or Peso Loans
available as provided in this Section 2.04, then the Administrative Agent or
Mexican Administrative Agent (as applicable) may assume that such Lender has
made such share available on such date in accordance with this Section 2.04 and
may, in reliance on such assumption, make a corresponding share of the Dollar
Loans or Peso Loans (as applicable) available to the Borrower. In such event, if
a Lender has not in fact made its share of such Borrowing available to the
Administrative Agent or Mexican Administrative Agent, as applicable, such Lender
and the Borrower severally agree to pay to the Administrative Agent or Mexican
Administrative Agent, as applicable, forthwith on demand such corresponding
amount with interest thereon, for each day from and including the day such
amount is made available to the Borrower to but excluding the date of payment to
such Agent, at Article 8 in the case of such Lender, the greater of the Federal
Funds Effective Rate and a rate determined by such Agent in accordance with
banking industry rules on interbank compensation or Article 9 in the case of the
Borrower, the greater of the Federal Funds Effective Rate and the rate of
interest otherwise applicable to such Loan (including, after the date of any
demand, pursuant to Section 2.10(c)); <I>provided</I> that any such payment by the
Borrower shall be subject to Section 2.13. If such Lender pays such amount to
the Administrative Agent or Mexican Administrative Agent, as applicable, such
amount shall constitute such Lender&#146;s Loan included in such Borrowing.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.05. <I>Interest Period Elections</I>. Article 10 Each Borrowing shall have an initial
Interest Period as specified in the Borrowing Request. Thereafter, the Borrower
may continue such Borrowing for subsequent Interest Periods, all as provided in
this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing,
and the Loans comprising each such portion shall be considered a separate
Borrowing.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To make an
election pursuant to this Section, the Borrower shall notify (i) in the case of Dollar
Loans, the Administrative Agent thereof by telephone or through a notice in writing not
later than 11:00 a.m., New York City time, three LIBO Adjusted Business Days before the
effective date of the proposed election and (ii) in the case of Peso Loans, the Mexican
Administrative Agent thereof by telephone or through a notice in writing not later than
11:00 a.m., Mexico City time, three Peso Business Days before the effective date of the
proposed election (an &#147;<B>Interest Period Election</B>&#148;). Each such Interest Period
Election shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent or the Mexican Administrative Agent,</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
22</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>as  applicable, of a written Interest Period
Election in the form attached hereto as  Exhibit E-2.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
telephonic and written Interest Period Election shall specify the following
information in compliance with Section 2.02 and subsection (d) of this Section:</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the  Borrowing to which such Interest Period Election applies and, if different  options
are being elected with respect to different portions thereof, the  portions thereof to be
allocated to each resulting Borrowing (in which case the  information to be specified
pursuant to clause (iii) below shall be specified  for each resulting Borrowing);</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  effective date of the election made pursuant to such Interest Period Election,
which shall be, in the case of a Dollar Loan, a LIBO Business Day or, in the  case of a
Peso Loan, a Peso Business Day; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the Interest Period to be applicable thereto after giving effect to such  election, which
shall be a period contemplated by the definition of &#147;Interest  Period&#148;.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>If an  Interest Period Election does not specify
an Interest Period, the Borrower will  be deemed to have selected an Interest Period of
the same duration as for the  prior Interest Period with respect to such Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Promptly after it receives an Interest Period Election, the Administrative Agent
(or, in the case of any Interest Period Election for Peso Loans, the Mexican
Administrative Agent) shall advise each Lender with a Loan subject to such
Interest Period Election as to the details thereof and such Lender&#146;s
portion of each resulting Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
the Borrower fails to deliver a timely Interest Period Election before the end
of an Interest Period applicable to a Borrowing, the Borrower will be deemed to
have selected an Interest Period of the same duration as for the prior Interest
Period with respect to such Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.06. <I>Termination or Reduction of Commitments</I>. Article 11 Unless previously
terminated, the Commitments of each Tranche will terminate on the Borrowing Date
with respect to such Tranche immediately after the relevant Borrowing hereunder.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Commitments will be reduced upon the consummation of any Prepayment Debt
Incurrence occurring after the Effective Date and on or prior to the Borrowing
Dates in an aggregate amount equal to the principal amount of such Prepayment
Debt Incurrence.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower
may at any time between the Effective Date and the Peso Borrowing Date terminate or
reduce the Commitments; <I>provided</I> that the amount of each reduction of the Commitments
shall be at least US$10,000,000 or an integral multiple of US$5,000,000 in excess
thereof. The Borrower shall notify the Administrative Agent and the Mexican
Administrative Agent of any election to terminate or reduce the Commitments under this
clause (c) at least three LIBO Adjusted Business Days before</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
23</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>the effective date of such termination or
reduction,  specifying such election and the effective date thereof. Promptly after it
receives any such notice, the Administrative Agent and the Mexican  Administrative Agent
shall advise the affected Lenders of the contents thereof.  Each notice delivered by the
Borrower pursuant to this Section will be  irrevocable.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
termination or reduction of the Commitments will be permanent and will be made
ratably among the Lenders in accordance with their respective Commitments prior
to such termination or reduction.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.07. <I>Payment at Maturity</I>. Without limitation of Section 2.08, the Borrower
unconditionally promises to pay to the Administrative Agent (or, in the case of
Peso Loans, the Mexican Administrative Agent) on the Bridge Maturity Date, for
the account of each Lender, the then unpaid principal amount of such
Lender&#146;s Loan (payable in Pesos, in the case of Peso Loans).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.08. <I>Optional and Mandatory Prepayments</I>. Article 12 <I>Optional Prepayments</I>. The
Borrower will have the right at any time to prepay the Loans in whole or in
part, subject to the provisions of this Section, in each case in an aggregate
principal amount of not less than US$5,000,000 (calculated with respect to the
Peso Loans included in such prepayment using the Dollar Amount thereof at the
date of such prepayment) or, if less, the then outstanding aggregate principal
amount of the Loans. Each such prepayment shall be accompanied by accrued
interest on the amount so repaid to the date of such prepayment.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<I> Mandatory Prepayment
      Events</I>. Within five LIBO Business Days after receipt of any Net Proceeds
      by or on behalf of the Borrower or any of its Subsidiaries in respect of
      any Prepayment Event, the Borrower shall prepay Loans in an aggregate principal
      amount equal to such Net Proceeds; <I>provided</I> that if the Borrower
      notifies the Administrative Agent within two LIBO Business Days after receipt
      of such Net Proceeds that the Borrower intends to exchange currency of a
      type different from that in which such Net Proceeds are received in order
      to facilitate prepayment of the Loans, then such prepayment may be deferred
      by up to 30 days after the date of such receipt. Each such prepayment shall
      be accompanied by accrued interest on the amount so repaid to the date of
      such prepayment.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<I> Notice and Application
      of Prepayments</I>. The Borrower shall notify the Administrative Agent (and,
      in the case of any Peso Loans, the Mexican Administrative Agent) by telephone
      (confirmed by telecopy) of any prepayment of Loans, which notice shall be
      (i) if such Loans are Dollar Loans, not later than 11:00 a.m., New York
      City time, three LIBO Adjusted Business Days before the date of prepayment
      and (ii) if such Loans are Peso Loans, not later than 11:00 a.m., Mexico
      City time, three Peso Business Days before the date of prepayment. Each
      such notice shall be irrevocable and shall specify the prepayment date and
      the principal amount of each Borrowing or portion thereof to be prepaid.
      Promptly after it receives any such notice, the Administrative Agent (or,
      in the case of Peso Loans, the Mexican Administrative Agent) shall advise
      the affected Lenders of the contents thereof. All prepayments under this
      Agreement shall be applied to prepay all Loans <I>pro rata</I> in accordance
      with the respective outstanding principal amounts thereof at the time such
      payment is made.</FONT></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
24</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.09. <I>Fees</I>. The Borrower shall pay to the Administrative Agent and the Mexican
Administrative Agent, each for its own account, fees payable in the amounts and
at the times separately agreed upon by the Borrower and the Administrative Agent
or the Borrower and the Mexican Administrative Agent, as applicable.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.10. <I>Interest</I>. Article 13 The Dollar Loans comprising each Borrowing shall bear
interest for each Interest Period in effect for such Borrowing at the Adjusted
LIBO Rate for such Interest Period plus the Applicable Margin for Dollar Loans
for such day (subject to the provisions of Section 2.11).</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Peso Loans comprising each Borrowing shall bear interest for each Interest
Period in effect for such Borrowing at the TIIE Rate plus the Applicable Margin
for the Peso Loans for such day, payable in Pesos.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Notwithstanding the foregoing, if any principal of or interest on any Loan or
any fee or other amount payable by the Borrower hereunder is not paid when due,
whether at stated maturity, upon acceleration or otherwise, all outstanding
Loans and any overdue interest shall bear interest, after as well as before
judgment, to the extent permitted under applicable law, at a rate per annum
equal to Article 14 in the case of overdue principal of or interest on any Loan,
2% plus the rate otherwise applicable to such Loan as provided in the preceding
subsections of this Section (<I>provided</I> that, after the end of the final Interest
Period with respect to such Loan, the LIBO Rate (in the case of Dollar Loans) or
the TIIE Rate (in the case of Peso Loans) for such Loan shall be determined by
the Administrative Agent on the basis of such period, not longer than one month
or 28 days, respectively, as the Administrative Agent may determine in its sole
discretion) or Article 15 in the case of any other amount, the rate that is then
applicable to overdue principal pursuant to clause (i) above (A) in respect of a
Dollar Loan, if such amount is owing in Dollars or (B) in respect of a Peso
Loan, if such amount is owing in Pesos (or, if no such Dollar Loan or Peso Loan,
as applicable, is outstanding at such time, as would be applicable if such Loan
were outstanding).</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Interest accrued on each Loan shall be payable in arrears on the last day of the
Interest Period applicable to the Borrowing of which such Loan is a part and, in
the case of Dollar Loans, if such Interest Period is longer than three months,
each day during such Interest Period that occurs at intervals of three
months&#146; duration after the first day of such Interest Period; <I>provided</I> that
Article 16 interest accrued pursuant to Section 2.10(b) shall be payable on
demand and Article 17 upon any repayment of any Loan, interest accrued on the
principal amount repaid shall be payable on the date of such repayment.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
interest hereunder will be computed on the basis of a year of 360 days, and will
be payable for the actual number of days elapsed (including the first day but
excluding the last day). Each applicable Adjusted LIBO Rate and (except as
provided in the definition thereof) Alternate Rate shall be determined by the
Administrative Agent, and each applicable TIIE Rate shall be determined by the
Mexican Administrative Agent, and each such determination thereof will be
conclusive absent manifest error.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11.<I> Alternate
      Rate of Interest</I>. (a) If before the beginning of any Interest Period
      for a Borrowing of Dollar Loans:</FONT></td>
  </tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the  Administrative Agent determines (which determination will be conclusive absent
manifest error) that, by reason of circumstances affecting </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
25</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>the London interbank  market, adequate and
reasonable means do not exist for ascertaining the Adjusted  LIBO Rate for such Interest
Period; or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Lenders whose Loans aggregate more than 50% of such Borrowing provide notice to  the
Administrative Agent, with a copy to the Borrower, that the Adjusted LIBO  Rate for such
Interest Period will not adequately and fairly reflect the cost to  such Lenders of
making or maintaining such Loans for such Interest Period;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as
practicable thereafter and, from such date (the &#147;<B>Alternate Rate Date</B>&#148;) until
the Administrative Agent notifies the Borrower and the Lenders that the circumstances
giving rise to such notice no longer exist, (i) any Interest Period Election that
requests the continuation of any Borrowing of Dollar Loans will be ineffective and (ii)
all Dollar Loans will bear interest at the Alternate Rate for such period.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
used herein, &#147;<B>Alternate Rate</B>&#148; means for any Lender and for any day a
rate per annum equal to the sum of (i) the Base Funding Rate for such Lender for
such day <I>plus</I> (ii) the Applicable Margin for Dollar Loans for such date; and
&#147;<B>Base Funding Rate</B>&#148; means for any Lender and for any day a rate per
annum equal to the Federal Funds Effective Rate for such day; <I>provided</I> that if
any Lender that is required to make or maintain Alternate Rate Loans pursuant to
this Section 2.11 determines in good faith that the Base Funding Rate as so
determined does not accurately reflect the cost to such Lender of obtaining
funds to fund its Loans, then (A) such Lender shall notify the Borrower and the
Administrative Agent of such fact promptly (but in any event within 10 Business
Days) after the Alternate Rate Date and (B) during the 20 Business Days after
the date on which such notice is given (the &#147;<B>Negotiation Period</B>&#148;), the
Borrower and such Lender shall negotiate in good faith to determine the rate
necessary to compensate such Lender for its cost of obtaining as of the
commencement of the then current Interest Period (and thereafter as of the
commencement of each subsequent Interest Period), funds for such Interest Period
in an amount equal to the applicable principal amount of such Lender&#146;s
Dollar Loan or Loans (which may be established with reference to a fluctuating
benchmark or otherwise). If the Borrower and such Lender agree to any such rate
pursuant to the preceding sentence, the rate so agreed shall be the Base Funding
Rate for such Lender for each such day or Interest Period, as applicable. Such
Lender shall notify the Administrative Agent of such Base Funding Rate promptly
upon such determination and on the first day of each Interest Period thereafter,
and, if requested by the Administrative Agent from time to time, shall provide
the Administrative Agent sufficient information to allow it to determine such
Base Funding Rate from time to time. If the Borrower and such Lender do not
agree to such rate, then the Borrower shall, within 10 days after the end of the
Negotiation Period (and on three LIBO Business Day&#146;s notice to such Lender
and the Administrative Agent), either (and notwithstanding anything to the
contrary in Section 2.16) (x) require such Lender to sell its Dollar Loans in
accordance with Section 2.16 or (y) prepay all Loans of such Lender, with
interest accrued thereon to the date of such prepayment calculated at the
Alternate Rate applicable from time to time during such period calculated using
the Base Funding Rate determined solely for this purpose without regard to the<I>proviso</I> thereof, from and after the date on which such Alternate Rate otherwise
first so applies to but excluding the date of such prepayment.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
26</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12. <i>Increased
      Costs</i>. Article 18 If any Change in Law shall:</FONT></td>
  </tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
impose, modify or deem applicable any reserve, assessment (contribution),  special
deposit or similar requirement against assets of, deposits with or for  the account of,
or credit extended by, any Lender (except any such reserve  requirement reflected in the
Adjusted LIBO Rate in the case of Dollar Loans); or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
impose on any Lender, the London interbank market or the Mexican interbank  market, as
may be appropriate, any other condition affecting this Agreement or  Loans made by such
Lender;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>and the  result of any of the foregoing shall be
to increase the cost to such Lender of  making or maintaining any Loan (or of maintaining
its obligation to make Loans)  or to reduce any amount received or receivable by such
Lender hereunder (whether  of principal, interest or otherwise) (excluding, for purposes
of this Section  2.12, any such increased costs resulting from Taxes and Other Taxes
(which shall  be exclusively governed by Section 2.14)), then the Borrower shall pay to
such  Lender such additional amount or amounts as will compensate it for such  additional
cost incurred or reduction suffered in accordance with subsection (c)  of this Section.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
any Lender determines in good faith that any Change in Law (other than a Change
in Law with respect to Taxes or Other Taxes, which shall be governed by the
provisions of Section 2.14) regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender&#146;s capital or on the
capital of such Lender&#146;s holding company, if any, as a consequence of this
Agreement or the Loans made by such Lender, to a level below that which such
Lender or such Lender&#146;s holding company could have achieved but for such
Change in Law (taking into consideration such Lender&#146;s policies and the
policies of such Lender&#146;s holding company with respect to capital
adequacy), then from time to time the Borrower shall pay to such Lender such
additional amount or amounts as will compensate it or its holding company for
any such reduction suffered in accordance with subsection (c) of this Section.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
certificate of a Lender setting forth the amount or amounts necessary to
compensate it or its holding company, as the case may be, as specified in
subsection Article 18 or (b) of this Section (and setting forth in reasonable
detail the basis for calculating such increased costs owed to such Lender) shall
be delivered to the Borrower and shall constitute <I>prima facie</I> evidence of any
such amounts payable. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 Business Days after receipt thereof.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Failure or delay by any Lender to demand compensation pursuant to this Section
will not constitute a waiver of its right to demand such compensation; <I>provided</I>
that the Borrower will not be required to compensate a Lender pursuant to this
Section for any increased cost or reduction incurred more than 180 days before
it notifies the Borrower of the Change in Law giving rise to such increased cost
or reduction and of its intention to claim compensation therefor. However, if
the Change in Law giving rise to such increased cost or reduction is
retroactive, then the 180-day period referred to above will be extended to
include the period of retroactive effect thereof.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
27</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13. <I>Break-Funding
      Payments</I>. If Article 19 any principal of any Loan is repaid on a day
      other than the last day of an Interest Period applicable thereto (including
      as a result of an Event of Default or pursuant to Section 2.11 or Section
      2.16), Article 20 the Borrower fails to borrow, continue or prepay any Loan
      on the date specified in any notice delivered pursuant hereto, or Article
      21 any Loan is assigned on a day other than the last day of an Interest
      Period applicable thereto as a result of a request by the Borrower pursuant
      to Section 2.16, then the Borrower shall compensate each Lender for its
      loss, cost and expense attributable to such event, which shall be deemed
      to include an amount determined by such Lender to be the excess, if any,
      of (a) the amount of interest that would have accrued on the principal amount
      of such Loan had such event not occurred, at the Adjusted LIBO Rate (or,
      in the case of any Peso Loan, the TIIE Rate) that would have been applicable
      to such Loan, for the period from the date of such event to the end of the
      then current Interest Period therefor (or, in the case of a failure to borrow
      or continue, the Interest Period that would have begun on the date of such
      failure), over (b) the amount of interest that would accrue on such principal
      amount for such period at the interest rate which such Lender would bid
      were it to bid, at the beginning of such period, for Dollar deposits of
      a comparable amount and period from other banks in the eurodollar market
      (or, in the case of any Peso Loan, for Peso deposits of a comparable amount
      and period from appropriate sources in the markets or from the sources through
      which such Lender funds its Peso Loan). A certificate of any Lender setting
      forth in reasonable detail the basis for calculating such increased costs
      owed to such Lender that such Lender is entitled to receive pursuant to
      this Section shall be delivered to the Borrower and shall constitute <I>prima
      facie</I> evidence of such amounts payable. The Borrower shall pay such
      Lender the amount shown as due on any such certificate within 10 Business
      Days after receipt thereof.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.14. <I>Taxes</I>. (a) All payments by the Borrower under the Loan Documents shall be
made free and clear of and without deduction or withholding for any Indemnified
Taxes or Other Taxes; <I>provided</I> that, if the Borrower shall be required, by law
or otherwise, to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the Borrower shall make such deduction or withholding and pay the full
amount deducted to the relevant Governmental Authority in accordance with
applicable law and (ii) the sum payable by the Borrower to the relevant Lender
Party under the Loan Documents shall be increased as necessary so that, after
all required deductions or withholdings (including deductions applicable to
additional sums payable under this Section) are made, each such Lender Party
receives an amount equal to the sum it would have received had no such
deductions or withholdings been made.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The  Borrower
shall indemnify each Lender Party, within 30 days after written demand  therefor, for the
full amount of any Indemnified Taxes or Other Taxes paid by,  or claimed from, or
assessed in respect of, such Lender Party with respect to  any payment by or obligation
of the Borrower under the Loan Documents (including  Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to  amounts payable under this Section) and any
penalties, surcharges, interest and  reasonable costs and expenses arising therefrom or
related thereto, whether or  not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or  asserted by the relevant Governmental Authority. A certificate as to
the amount  of any such payment delivered to the Borrower by a Lender Party, or by the
Administrative Agent on behalf of any Lender </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
28</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>Party, shall be conclusive and  binding absent
manifest error. As soon as practicable after such Lender Party  pays any Indemnified
Taxes or Other Taxes to a Governmental Authority, the  Lender Party shall deliver to the
Borrower a copy of a receipt issued by such  Governmental Authority evidencing such
payment, a copy of the return reporting  such payment, or other evidence of such payment
reasonably satisfactory to the  Borrower.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
soon as practicable after the Borrower pays any Indemnified Taxes or Other Taxes
to a Governmental Authority, the Borrower shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment,
duly stamped or acknowledged by the relevant Governmental Authority, or other
evidence of such payment, reasonably satisfactory to the Administrative Agent.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
Lender Party hereby represents as of the relevant Borrowing Date (or in the case
of any Lender that is an assignee pursuant to Section 9.04(a), other than any
such assignee Lender that has notified the Borrower and the Administrative Agent
that it is electing to be subject to the proviso in clause (b)(v) of Section
9.04, as of each date the assignment of any Commitment or Loans becomes
effective) that it is either (i) a Mexican Bank or (ii) a Foreign Financial
Institution that is resident (or, if applicable, the main office of which is a
resident) in a country that has entered into a treaty for the avoidance of
double taxation with Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
Lender Party (other than a Lender Party that is a Mexican Bank) shall, at the
request of the Borrower, made pursuant to a written notice given at least 10
days prior to the relevant filing date, use reasonable commercial efforts to
file with the Ministry of Finance or, where applicable, in accordance with the
laws of any jurisdiction outside Mexico from or through which payments hereunder
or under any Notes are made, a form, certificate or other similar document
requested by the Borrower (including without limitation any such form,
certificate or other similar document that may be required to maintain such
Lender Party&#146;s status as a Foreign Financial Institution) if (i) such
filing is required under applicable law or a treaty for the avoidance of double
taxation then in effect, (ii) such filing would avoid the need for making any
tax withholding or deduction, or reduce the amount of any such withholding or
deduction which may thereafter accrue to or for the account of such Lender Party
pursuant to this Section and (iii) such filing would not, in the good faith
judgment of such Lender Party, require such Lender Party to disclose any
confidential or proprietary information or be otherwise materially
disadvantageous to such Lender Party. Notwithstanding the foregoing, it is
understood and agreed that nothing in this Section shall interfere with the
rights of any Lender Party to conduct its fiscal or tax affairs in such manner
as it deems appropriate.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If after the
Borrower has paid any Indemnified Taxes for the account of any Lender Party under this
Section 2.14, such Lender Party thereafter receives a cash rebate of such payment (but
not a credit with respect to such payment) from the applicable authority expressly
identified by such authority as being in respect of such Indemnified Taxes for which the
Borrower has made such payment, such Lender Party shall pay to the Borrower, within 60
days after receipt of such rebate, the amount of such rebate. Any Lender Party shall use
reasonable efforts to cooperate, at the request and sole expense of the Borrower, with
the Borrower&#146;s efforts to submit a claim for such rebate, <I>provided</I> that such
cooperation shall not, in the good faith judgment of such</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
29</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>Lender Party, require  such Lender Party to
disclose any confidential or proprietary information or be  otherwise materially
disadvantageous to such Lender Party.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.15. <I>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</I>. Article 22
The Borrower shall make each payment required to be made by it under the Loan
Documents (whether of principal, interest or fees or amounts payable under
Section 2.12, 2.13, or 2.14 or otherwise) on or before the time expressly
required under the relevant Loan Document for such payment (or, if no such time
is expressly required, before 3:00 P.M., New York City time), on the date when
due, in immediately available funds, without set-off or counterclaim. Any amount
received after such time on any day may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York
10017, except that (i) payments in respect of Peso Loans shall be made to the
Mexican Administrative Agent at its offices in Mexico City and (ii) payments
pursuant to Sections 2.12, 2.13, 2.14 and 9.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent and the Mexican
Administrative Agent shall distribute any such payment received by it for the
account of any other Person to the appropriate recipient promptly after receipt
thereof. If any payment under any Loan Document shall be due on a day that is
not (i) in the case of any payment of principal on or interest with respect to
any Dollar Loan, a LIBO Business Day, the date for payment will be extended to
the next succeeding LIBO Business Day, (ii) in the case of any payment of
principal on or interest with respect to any Peso Loan, a Peso Business Day, the
date for payment will be extended to the next succeeding Peso Business Day and
(iii) in the case of any other payment hereunder, a Business Day, the date for
payment will be extended to the next succeeding Business Day, and, in each case,
if such payment accrues interest, interest thereon will be payable for the
period of such extension. All payments with respect to Dollar Loans under each
Loan Document shall be made in Dollars and all payments with respect to Peso
Loans under each Loan Document shall be made in Pesos.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at
any time insufficient funds are received by and available to the Administrative
Agent or Mexican Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder and payable through the Administrative
Agent or Mexican Administrative Agent, as relevant, the Agent with insufficient
funds shall promptly notify the other such Agent thereof, and the Administrative
Agent and the Mexican Administrative Agent shall jointly apply such funds
Article 23 first, to pay fees then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of fees then due to such
parties, Article 24 second, to pay interest then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of interest then due
to such parties, Article 25 third, to pay principal then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal
then due to such parties and Article 26 fourth, to pay any other amounts then
due hereunder, ratably among the parties entitled thereto in accordance with the
amounts then due to such parties.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of
its Loans resulting in such Lender receiving payment of a greater proportion of
the aggregate amount of its Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
30</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">at face value) participations in the Loans of
other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Loans; <I>provided</I> that Article 27 if any such
participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to
the extent of such recovery, without interest, and Article 28 the provisions of this
subsection shall not apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Loans
to any assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this subsection shall apply). The
Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Unless, before the date on which any payment is due to the Administrative Agent
or Mexican Administrative Agent (herein, the &#147;<B>Relevant Administrative
Agent</B>&#148;) for the account of one or more Lender Parties hereunder, the
Relevant Administrative Agent receives from the Borrower notice that the
Borrower will not make such payment, the Relevant Administrative Agent may
assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance on such assumption, distribute to each relevant
Lender Party the amount due to it. In such event, if the Borrower has not in
fact made such payment, each Lender Party severally agrees to repay to the
Relevant Administrative Agent forthwith on demand the amount so distributed to
such Lender Party with interest thereon, for each day from and including the day
such amount is distributed to it to but excluding the day it repays the Relevant
Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Relevant Administrative Agent in accordance with banking
industry rules on interbank compensation.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
any Lender fails to make any payment required to be made by it pursuant to
Section 2.04(a), 2.15(c) or 9.03(b), the Relevant Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Relevant Administrative Agent for the account
of such Lender to satisfy such Lender&#146;s obligations under such Sections
until all such unsatisfied obligations are fully paid.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
calculations of ratable amounts required for sharing of payments or otherwise
under this Section 2.15 shall be determined on the basis of the Dollar Amount of
outstanding Loans determined on the date on which any such payment is first
received.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.16.<I>Lender&#146;s Obligation to Mitigate; Replacement of Lenders</I>. Article 29 If (x) any
Lender requests compensation under Section 2.12, or (y) the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.14 in excess of the amount that the Borrower would be
required to pay if such Lender were a Foreign Financial Institution resident (or, if
applicable, the main office of which is a resident) in a country that has entered into a
treaty for the avoidance of double taxation with Mexico, then such Lender (except in the
case of (y) if the Lender makes the election set forth in the proviso</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
31</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>to clause  (b)(v) of Section 9.04) shall use
reasonable efforts to designate a different  lending office for funding or booking its
Loans hereunder or to assign its  rights and obligations hereunder to another of its
offices, branches or  affiliates, if, in the reasonable judgment of such Lender, such
designation or  assignment (a) would eliminate or reduce amounts payable pursuant to
Section  2.12 or Section 2.14, as the case may be, in the future, (b) would not subject
such Lender to any unreimbursed cost or expense and (c) would not otherwise be
materially disadvantageous to such Lender. The Borrower shall pay all reasonable  and
documented costs and expenses incurred by any Lender in connection with any  such
designation or assignment.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
(x) any Lender requests compensation under Section 2.12 or (y) the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.14 in excess of
the amount that the Borrower would be required to pay if such Lender were a
Foreign Financial Institution resident (or, if applicable, the main office of
which is a resident) in a country that has entered into a treaty for the
avoidance of double taxation with Mexico, unless such Lender has made the
election set forth in the proviso to clause (b)(v) of Section 9.04, or (z) any
Lender defaults in its obligation to fund Loans hereunder, then the Borrower
may, at its sole expense, upon notice to such Lender and the Administrative
Agent, require such Lender to assign, without recourse (in accordance with and
subject to the restrictions contained in Section 9.04), all its interests,
rights and obligations under this Agreement to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); <I>provided</I> that Article 30 the Borrower shall have received the prior
written consent of the Administrative Agent, which consent shall not
unreasonably be withheld, Article 31 such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts) and Article 32 in the
case of any such assignment resulting from a claim for compensation under
Section 2.12 or payments required to be made pursuant to Section 2.14, such
assignment will result in a reduction in such compensation or payments that is
material to the Borrower in its reasonable judgment. A Lender shall not be
required to make any such assignment if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment cease to apply.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the
Borrower becomes obligated to pay additional amounts to any Lender pursuant to Section
2.12 or Section 2.14 of this Agreement (in this last case, in excess of additional
amounts that would be paid to such Lender if it were a Foreign Financial Institution
resident (or, if applicable, the main office of which is a resident) in a country that
has entered into a treaty for the avoidance of double taxation with Mexico), the
Borrower shall be entitled to prepay the Loans of any Lender affected by such conditions
by providing five LIBO Business Days prior written notice to the Administrative Agent of
such prepayment (which prepayment shall occur not more than 20 days after the date of
such notice); <I>provided</I> that the Borrower has endeavored in good faith to find an
assignee to purchase the Loans of such Lender pursuant to Section 2.16(a) and has been
unable to find any such assignee for thirty days from the commencement of such efforts;
and <I>provided further</I>, that Lenders claiming equivalent additional amounts shall be
treated equally. On the date of any such prepayment, the Lenders shall be paid the
principal amount of the Loans to be prepaid, together with interest accrued thereon</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
32</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>through the date of prepayment and all other
amounts due, with respect to such Loans, hereunder. Payments pursuant to this  Section
2.16(c) shall not be subject to Section 2.15.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.17. <I>Judgment Currency</I>. Article 33 If for the purpose of obtaining judgment in
any court it is necessary to convert a sum due from the Borrower under any Loan
Document in the currency expressed to be payable in such Loan Document (the
&#147;<B>specified currency</B>&#148;) into another currency, the parties hereto agree,
to the fullest extent that they may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the
Administrative Agent (or, in the case of any Peso Loan, the Mexican
Administrative Agent) could purchase the specified currency with such other
currency at (i) where the specified currency is Dollars, the Administrative
Agent&#146;s New York City office and (ii) where the specified currency is
Pesos, the Mexican Administrative Agent&#146;s Mexico City office, in each case
at 11:00 a.m. (New York City or Mexico City time, as applicable) on the Peso
Business Day preceding that on which final judgment is given. The obligations of
the Borrower in respect of any sum due to any Lender or any Agent under any Loan
Document shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day
(or Peso Business Day, in the case of any sum where the specified currency is
Pesos) following receipt by such Lender or such Agent (as the case may be) of
any sum adjudged to be so due in such other currency such Lender or Agent (as
the case may be) may in accordance with normal banking procedures purchase the
specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or such
Agent, as the case may be, in the specified currency, the Borrower agrees, to
the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or such Agent, as
applicable, against such loss, and if the amount of the specified currency so
purchased exceeds (i) the sum originally due to such Lender or Agent, as
applicable, and (ii) any amounts shared with other Lenders as a result of
allocations of such excess as a disproportionate payment to such Lender under
Section 2.15, such Lender or Agent, as applicable, agrees to remit such excess
to the Borrower.</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 3  <BR>R<font size=1>EPRESENTATIONS AND</font>
W<font size=1>ARRANTIES</font></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower represents and warrants to the Lender Parties that:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.01. <I>Organization; Powers</I>. The Borrower has been duly incorporated, is validly
existing under the laws of Mexico, has all requisite power and authority to
carry on its business as now conducted and, except where failures to do so, in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business and is in good standing in every
jurisdiction where such qualification is required. Each Subsidiary of the
Borrower has been duly incorporated, is validly existing and, where applicable,
in good standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and is
qualified to do business in, and is in good standing in, every jurisdiction
where such qualification is required, except where failures to do so, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
33</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. <I>Authorization;
      Enforceability</I>. The Transactions to be entered into by each KOF Company
      are within its corporate powers and have been duly authorized by all necessary
      corporate and, if required, stockholder action. This Agreement has been
      duly executed and delivered by the Borrower and constitutes, and each other
      Loan Document to which the Borrower is to be a party, when executed and
      delivered by the Borrower, will constitute, a legal, valid and binding obligation
      of the Borrower, in each case enforceable in accordance with its terms,
      subject to applicable bankruptcy, <i>concurso mercantil</i>, insolvency,
      reorganization, moratorium and other laws affecting creditors&#146; rights
      generally and subject to general principles of equity, regardless of whether
      considered in a proceeding in equity or at law.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03. <I>Governmental
      Approvals; No Conflicts</I>. Except as provided in Schedule 3.03, the Transactions
      Article 34 do not require any consent or approval of, registration or filing
      with, or other action by, any Governmental Authority, except such as have
      been obtained or made and are in full force and effect on the date of this
      Agreement or (to the extent not necessary until the relevant Borrowing Date)
      shall be obtained or made on or prior to, and be in full force and effect
      on, the relevant Borrowing Date, Article 35 will not violate any applicable
      law or regulation or the charter, by-laws<i>, </i> <i>estatutos sociales</i>
      or other organizational documents of any KOF Company or any order of any
      Governmental Authority, Article 36 will not violate or result in a default
      under (x) any indenture, instrument or other agreement with respect to Debt
      of the type included in the calculation of &#147;Total Debt&#148;, in excess
      of US$1,000,000, or (y) any other material agreement, in each case binding
      upon any KOF Company or any of its material properties, or give rise to
      a right thereunder to require any KOF Company to make any material payment
      and Article 37 will not result in the creation or imposition of any Lien
      on any property of any KOF Company.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04.<I>Financial Statements; No Material Adverse Change</I>. Article 38 The Borrower has heretofore
furnished to the Lenders:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the consolidated balance sheet of the Borrower and its consolidated  Subsidiaries as of
December 31, 2001 and the related consolidated statements of  income, changes in
stockholders&#146; equity and changes in financial position for  the Fiscal Year then ended,
reported on by Ruiz, Urquiza y Cia., S.C.,  independent public accountants;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  consolidated balance sheet of the Borrower and its consolidated Subsidiaries as  of
September 30, 2002 and the related consolidated statements of income, changes  in
stockholders&#146; equity and changes in financial position for the Fiscal  Quarter then
ended and for the portion of the Fiscal Year then ended;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
December 31, 2001 and the related consolidated statements of income,  stockholders&#146; equity
and cash flows for the Fiscal Year then ended,  reported on by Arthur Andersen LLP,
independent public accountants; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
September 30, 2002 and the related consolidated statements of income,  stockholders&#146; equity
and cash flows for the Fiscal Quarter then ended and  for the portion of the Fiscal Year
then ended.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
34</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 40; page: 40" -->



<p><table width=600><tr><td><font size=2>The  financial statements referred to in clauses
(i) and (ii) above present fairly,  in all material respects, the financial position of
the Borrower and its  consolidated Subsidiaries, as of such dates and their results of
operations and  changes of financial position for such periods in accordance with Mexican
GAAP,  subject to normal year-end adjustments and the absence of footnotes in the case
of the statements referred to in clause (ii) above. The financial statements  referred to
in clauses (iii) and (iv) above present fairly, in all material  respects, the financial
position of Panamco and its consolidated Subsidiaries as  of such dates and their results
of operations and cash flows for such periods in  accordance with generally accepted
accounting principles in the United States at  the date hereof, subject to normal
year-end adjustments.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
pro forma consolidated balance sheet as of September 30, 2002 included in the
Information Memorandum has been prepared giving effect (as if such event has
occurred on such date) to Article 39 the consummation of the Acquisition,
Article 40 the maximum borrowings that could be made hereunder and under the
Other Loan Agreement in connection with the Acquisition and the use of proceeds
thereof and Article 41 the payment of fees and expenses in connection with the
foregoing. Such pro forma consolidated balance sheet (i) has been prepared in
good faith based on assumptions believed by the Borrower to be reasonable and
(ii) is based on the best information available to the Borrower after due
inquiry.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After
giving effect to the Transactions, none of the KOF Companies will have or has,
as of either Borrowing Date, any material contingent liabilities, unusual
long-term commitments or unrealized losses, except as disclosed in the financial
statements referred to above or the notes thereto or in the Information
Memorandum and except for the Disclosed Matters.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There has not
occurred after December 22, 2002 any Material Adverse Change.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.05. <I>Properties</I>. Each KOF Company has good title to, or valid leasehold
interests in, all real and personal property material to its business, except
for minor defects in title that do not interfere with its ability to conduct its
business as currently conducted or to utilize such properties for their intended
purposes and except where failures to have such title or interests could not
reasonably be expected to result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.06. <I>Litigation and Environmental Matters</I>. Article 42 Except for the Disclosed
Matters, there are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of the Borrower,
threatened in writing against or affecting any KOF Company which if decided
adversely to any KOF Company, could reasonably be expected to have a material
adverse effect on (a) the business, condition (financial or otherwise),
operations, results of operations, performance, properties, assets, liabilities
(contingent or otherwise) or prospects of the Borrower or Panamco, in each case
together with its respective Subsidiaries, taken as a whole, whether before or
after giving effect to the Transactions, (b) the Acquisition, (c) the rights of
the Lenders or (d) the ability of the Borrower to perform its financial
obligations under the Loan Documents (excluding in all cases the matters
disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger Agreement).</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
35</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 41; page: 41" -->



<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Except for the Disclosed Matters and except for other matters that, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect, no KOF Company Article 43 has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, Article 44 is subject to any Environmental
Liability, Article 45 has received notice of any claim with respect to any
Environmental Liability or Article 46 knows of any basis for any Environmental
Liability.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since
the date of this Agreement, there has been no change in the status of the
Disclosed Matters that, individually or in the aggregate, has resulted in, or
materially increased the likelihood of, a Material Adverse Change.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.07. <I>Compliance with Laws and Agreements</I>. Each KOF Company is in compliance
with all laws, regulations and orders of any Governmental Authority applicable
to it or its property (including, without limitation, Environmental Laws, IMSS,
INFONAVIT and SAR rules) and all indentures, agreements and other instruments
binding on it or its property, except where failures to do so, in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No
Default has occurred and is continuing.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.08. <I>Investment and Holding Company Status</I>. The Borrower is not Article 47 an
&#147;investment company&#148; as defined in, or subject to regulation under,
the Investment Company Act of 1940 or Article 48 a &#147;holding company&#148;
or &#147;subsidiary company&#148; of a holding company as defined in, or subject
to regulation under, the Public Utility Holding Company Act of 1935.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.09. <I>Taxes</I>. Each KOF Company has timely filed or caused to be filed all Tax
returns and reports required to have been filed by it and has paid or caused to
be paid all Taxes required to have been paid by it, except Article 49 any Taxes
that are being contested in good faith by appropriate proceedings and for which
the relevant KOF Company has set aside on its books reserves (to the extent
required by Applicable GAAP) or Article 50 to the extent that failures to do so,
in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.10. <I>Disclosure</I>. The Information Memorandum and all other reports, financial
statements, certificates or other information furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender in
connection with the negotiation of this Agreement or any other Loan Document or
delivered hereunder or thereunder (as modified or supplemented by other
information so furnished), taken as a whole, are true and correct in all
material respects and do not omit to state a material fact necessary to make the
statements contained therein not misleading, in light of the circumstances under
which such statements were made, in each case on the date on which such
information was furnished; <I>provided</I> that, with respect to projected financial
information, the Borrower represents only that such information was prepared in
good faith based on assumptions believed to be reasonable at the time.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.11. <I>Pari Passu Status</I>. The obligations of the Borrower under the Loan
Documents constitute direct and unconditional obligations of the Borrower and
rank at all times at least <I>pari passu</I> in right of payment and in all other
respects with all other unsecured, unsubordinated Debt of the Borrower at any
time outstanding.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
36</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 42; page: 42" -->



<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.12. <I>Subsidiaries</I>. Schedule 3.12 sets forth the name of, and the ownership
interest of the Borrower in, each of its Subsidiaries as of each Borrowing Date.
Upon the consummation of the Acquisition, all the Borrower&#146;s Subsidiaries,
including Panamco and its Subsidiaries, will be fully consolidated in the
Borrower&#146;s consolidated financial statements.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.13. <I>Insurance</I>. The Borrower and its Subsidiaries maintain all insurance as
required by law or as usually carried by companies of established repute engaged
in the same or similar business, owning similar properties, and located in the
same general areas as the Borrower and its Subsidiaries, except for any such
failure that could not reasonably be expected to have a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.14. <I>Labor Matters</I>. As of each Borrowing Date, there are no strikes, lockouts
or slowdowns against any KOF Company pending or, to the knowledge of the
Borrower, threatened, except such strikes, lockouts or slowdowns which in the
aggregate would not reasonably be expected to have a Material Adverse Effect.
All payments due from any KOF Company, or for which any claim may be made
against any KOF Company, on account of wages and employee health and welfare
insurance and other benefits (including IMSS, INFONAVIT and SAR), have been paid
or accrued as a liability on the books of such KOF Company, except such payments
which in the aggregate would not reasonably be expected to have a Material
Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.15. <I>Solvency</I>. Immediately after the Transactions to occur on the Borrowing
Dates and Acquisition Date are consummated and after giving effect to the
application of the proceeds of each Loan to be made hereunder, Article 51 the
fair value of the assets of the Borrower, at a fair valuation, will exceed its
debts and liabilities, subordinated, contingent or otherwise and Article 52 the
Borrower will be able to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.16. <I>Legal Form</I>. Article 53 Each of the Loan Documents is in proper legal form
under all applicable laws for the enforcement thereof in accordance with their
respective terms against the parties thereto under such laws. To ensure the
legality, validity, enforceability or admissibility into evidence of the Loan
Documents, it is not necessary that any of such Loan Documents or any other
document be filed or recorded with any applicable Governmental Authority or that
any stamp or similar tax be paid on or in respect of this Agreement or any Note,
or any other such document, except that in the event that any legal proceedings
with respect to any Loan Document are brought in the courts of Mexico, a Spanish
translation of the documents required in such proceedings prepared by a Mexican
court-approved translator would have to be approved by the court after the
defendant had been given an opportunity to be heard with respect to the accuracy
of such translation, and the proceedings would thereafter be based upon the
translated documents. Any judgment against the Borrower obtained in a
non-Mexican state or federal court to which the Borrower is submitting pursuant
to Section 9.09(a) hereof is capable of being enforced in the courts of Mexico,
subject to the satisfaction of all applicable procedural requirements.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  Neither the
Borrower nor any of its property has any immunity on the ground of  sovereignty or
otherwise, from the jurisdiction of any court or from any legal  process (whether through
service or notice, attachment prior to judgment,  attachment in aid of execution,
execution or otherwise) under any applicable  laws in respect of the </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
37</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 43; page: 43" -->




<p><table width=600><tr><td><font size=2>obligations of the Borrower under the Loan
Documents or  from the execution or enforcement of any judgment resulting therefrom, and
if  the Borrower or any of its revenues, assets or properties should become entitled  to
any such right of immunity, the Borrower has effectively waived such right  pursuant to
Section 9.09(d).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is
not necessary in order for any Lender Party to enforce any of its rights or
remedies under the Loan Documents or solely by reason of the execution, delivery
and performance by the Borrower of the Loan Documents, that any Lender Party be
licensed or qualified with any Mexican Governmental Authority or be entitled to
carry on business in any jurisdiction.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 4  <BR>C<font size=1>ONDITIONS</font></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.01. <I>Effective Date</I>. This Agreement shall become effective on the date (the
&#147;<B>Effective Date</B>&#148;) on which the Administrative Agent (or its counsel)
shall have received from each party hereto either Article 54 a counterpart of
this Agreement signed on behalf of such party or Article 55 written evidence
satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page) that such party has signed a
counterpart of this Agreement. Promptly upon the occurrence of the Effective
Date, the Administrative Agent shall notify the Borrower and the Lenders
thereof, and such notice shall be conclusive and binding.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.02. <I>Conditions To Borrowing</I>. The obligations of the Lenders to make Loans
hereunder shall not become effective until the date, if any (in the case of
Lenders with Peso Loan Commitments, the &#147;<B>Peso Borrowing Date</B>&#148;; and in
the case of Lenders with Dollar Loan Commitments, the &#147;<B>Dollar Borrowing
Date</B>&#148;) on which each of the following additional conditions is first
satisfied (or waived by the Required Lenders and otherwise in accordance with
Section 9.02):</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Administrative Agent shall have received each of the following, in each  case dated on or
as of the Peso Borrowing Date unless expressly provided  otherwise below:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
for  each Lender a Note representing such Lender&#146;s Peso Loans or Dollar Loans,  as
applicable, duly executed by the Borrower and dated the Peso Borrowing Date;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
an  opinion of each of Article 56 Cleary, Gottlieb, Steen &amp; Hamilton, special  New
York counsel for the Borrower and Article 57 Lic. Carlos Aldrete Ancira,  corporate
counsel for the Borrower, substantially in the form of Exhibits C-1  and C-2,
respectively;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
an  opinion of each of (A) Davis Polk &amp; Wardwell, special New York counsel for  the
Agents and (B) Ritch, Heather y Mueller, S.C., special Mexican counsel for  the Agents,
substantially in the form of Exhibits D-1 and D-2, respectively, and  each covering such
additional matters relating to the Loan Documents or the  Transactions as the Required
Lenders may reasonably request;</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
38</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 44; page: 44" -->




<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  following documents and certificates, all in form and substance satisfactory to  the
Administrative Agent and its counsel:</font></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
the  <I>estatutos sociales</I> of the Borrower, certified by a Mexican notary public as to its
authenticity and certified by an appropriate officer of the Borrower as true and correct
and in full force and effect in its delivered form on the Peso Borrowing Date;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
a power of attorney, certified by a Mexican notary public, authorizing the relevant
officers of the Borrower to execute and deliver the Notes (with <I>poder para suscribir t&iacute;tulos
de cr&eacute;dito</I>) and this Agreement and any other document or certificate to be
delivered by the Borrower on or prior to the Peso Borrowing Date in connection with this
Agreement, including authority for acts of administration (<I>poder para actos de
administraci&oacute;n</I>); and</FONT></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
powers of attorney, certified by a Mexican notary public, in form reasonably
satisfactory to the Administrative Agent, appointing the Process Agent to act as  such on
behalf of the Borrower, together with a letter to such effect and  written evidence of
acceptance by the Process Agent of such appointment;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
confirmation that the Borrower shall have received final Long-Term Debt Ratings  (giving
pro forma effect to the Transactions) of BBB- and Baa3, or higher, from  S&amp;P and Moody&#146;s,
respectively, with stable outlook in each case; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
payment of all reasonable and documented fees and other amounts due and payable  to the
Lender Parties on or before the Peso Borrowing Date for which invoices  have been
received by the Borrower not less than five Business Days before the  Peso Borrowing
Date, including, to the extent invoiced, all out-of-pocket  expenses of the Agents
(including fees, charges and disbursements of their  counsel) required to be reimbursed
or paid by the Borrower under the Loan  Documents.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
consents and approvals required to be obtained from any Governmental Authority
or other Person prior to the Borrowing Dates in connection with the Transactions
shall have been obtained, and all applicable waiting periods and appeal periods
shall have expired, in each case without the imposition of any burdensome
condition; and no law or regulation shall be applicable, in the reasonable
judgment of the Administrative Agent, and no action, suit, investigation,
litigation or proceeding shall be pending or threatened in writing, in each case
that restrains, prevents or imposes materially adverse conditions upon the
Transactions.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Administrative Agent shall have received confirmation satisfactory to it that  the
Acquisition is expected to be consummated promptly (and in any event within  10 Business
Days) after the Peso Borrowing Date in accordance with the  Acquisition Documents and
applicable law, without any amendment to or waiver of  any material term or condition of
the Acquisition Documents not approved by the  Required Lenders, and that the proceeds of
the Loans are to be applied as  provided in Section 5.09. Copies of </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
39</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>the Acquisition Documents and all  certificates,
opinions and other documents delivered thereunder shall be made  available to the
Administrative Agent for inspection.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
shall exist no action, suit, investigation, litigation or proceeding pending or
threatened in any court or before any arbitrator or governmental or regulatory
agency or authority that could reasonably be expected, in the determination of
the Required Lenders, to have a material adverse effect on Article 58 the
business, condition (financial or otherwise), operations, results of operations,
performance, properties, assets, liabilities (contingent or otherwise) or
prospects of the Borrower or Panamco, in each case together with its respective
Subsidiaries, taken as a whole, whether before or after giving effect to the
Transactions, Article 59 the Acquisition, Article 60 the rights of the Lenders
under the Loan Documents or Article 61 the ability of the Borrower to perform
its financial obligations under the Loan Documents (excluding in all cases the
matters disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger
Agreement).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There
shall not have occurred after December 22, 2002, in the sole good faith judgment
of the Required Lenders, any Material Adverse Change.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
representations and warranties of the Borrower set forth in the Loan Documents
shall be true on and as of each Borrowing Date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Immediately
after giving effect to the Borrowings, no Default shall have  occurred and be continuing.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
the case of the Lenders holding Dollar Loan Commitments, the Dollar Borrowing
Date shall occur not later than the second LIBO Business after the Peso
Borrowing Date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Each  Borrowing shall be deemed to constitute a
representation and warranty by the  Borrower on the date thereof as to the matters
specified in clauses (c), (f) and  (g) of this Section. Notwithstanding the foregoing,
the obligations of the  Lenders to make Loans shall not become effective unless each of
the foregoing  conditions is satisfied (or waived pursuant to Section 9.02) and the
Borrowing  Dates occur before 5:00 p.m., New York City time, on September 18, 2003.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 5  <BR>A<font size=1>FFIRMATIVE</font> C<font size=1>OVENANTS</font></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01.<I>Financial Statements and Other Information</I>. The Borrower will furnish to the
Administrative Agent (for delivery to the Lenders):</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 120
days after the end of each Fiscal Year:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
in  the case of the Fiscal Year ended December 31, 2002, (A) the audited  consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as  of the end of such
Fiscal Year and the related statements of </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
40</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>income,
stockholders&#146; equity and change of financial position for such Fiscal Year  and (B)
the audited consolidated balance sheet of Panamco and its consolidated  Subsidiaries as
at December 31, 2002 and the related statements of income,  stockholders&#146; equity and
cash flows for the Fiscal Year then ended, setting  forth in each case in comparative
form the corresponding figures for the  previous Fiscal Year, all reported on by Deloitte
Touche Tohmatsu or other  independent public accountants of recognized national standing
(without a  &#147;going concern&#148; or like qualification or exception and without any
qualification or exception as to the scope of such audit) as presenting fairly  in all
material respects the financial position, results of operations and  change of financial
position (or cash flows, as applicable) of the Borrower and  its consolidated
Subsidiaries or Panamco and its consolidated Subsidiaries, as  applicable, on a
consolidated basis in accordance with Applicable GAAP;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
in  the case of each Fiscal Year from and including the Fiscal Year ending December  31,
2003, the audited consolidated balance sheet of the Borrower and its  consolidated
Subsidiaries as of the end of such Fiscal Year and the related  statements of income,
stockholders&#146; equity and change of financial position  for such Fiscal Year setting
forth in each case in comparative form the figures  for the previous Fiscal Year, all
reported on by Deloitte Touche Tohmatsu or  other independent public accountants of
recognized national standing (without a  &#147;going concern&#148; or like qualification
or exception and without any  qualification or exception as to the scope of such audit)
as presenting fairly  in all material respects the financial position, results of
operations and  change of financial position of the Borrower and its consolidated
Subsidiaries  on a consolidated basis in accordance with Mexican GAAP;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  within 60
days after the end of each of the first three Fiscal Quarters of each Fiscal  Year:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
in  the case of the Fiscal Quarter ended March 31, 2003, (A) the consolidated  balance
sheet of the Borrower and its consolidated Subsidiaries as of the end of  such Fiscal
Quarter and the related statements of income, stockholders&#146; equity and change of
financial position for such Fiscal Quarter and (B) the  consolidated balance sheet of
Panamco and its consolidated Subsidiaries as at  March 31, 2003 and the related
statements of income, stockholders&#146; equity  and cash flows for the Fiscal Quarter
then ended, setting forth in each case in  comparative form the figures for the
corresponding period of (or, in the case of  the balance sheet, as of the end of) the
previous Fiscal Year, all certified by  a Financial Officer as presenting fairly in all
material respects the financial  position, results of operations and change of financial
position (or cash flows,  as applicable) of the Borrower and its consolidated
Subsidiaries or Panamco and  its consolidated Subsidiaries, as applicable, on a
consolidated basis in  accordance with Applicable GAAP, subject to normal year-end
adjustments and the  absence of footnotes;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
in  the case of each Fiscal Quarter ending after March 31, 2003, the consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as of the end of  such
Fiscal Quarter and the related statements of income, stockholders&#146; equity and change
of financial position for such Fiscal Quarter and for the then  elapsed portion of such
Fiscal Year setting forth in each case in </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
41</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>comparative
form the figures for the corresponding period or periods of (or, in the case of  the
balance sheet, as of the end of) the previous Fiscal Year, all certified by  a Financial
Officer as presenting fairly in all material respects the financial  position, results of
operations and change of financial position of the Borrower  and its consolidated
Subsidiaries on a consolidated basis in accordance with  Mexican GAAP, subject to normal
year-end adjustments and the absence of  footnotes;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
concurrently with each delivery of financial statements under clause (a) or (b)
above, a certificate of a Financial Officer Article 62 certifying as to whether
a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto,
Article 63 setting forth reasonably detailed calculations demonstrating
compliance with Section 6.07 and Section 6.08 and Article 64 listing each
Material Subsidiary as of the date of such financial statements;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
promptly after the same become publicly available, copies of all periodic and
other reports, proxy statements or any other materials filed by the Borrower or
Panamco with the SEC, the CNBV or similar Governmental Authority; <I>provided</I> that
the Borrower may comply with this subsection by delivering a notice, by email or
otherwise, to the Administrative Agent (which shall be promptly forwarded to the
Lenders by the Administrative Agent) that any documents described herein have
been posted on a website identified in such notice and accessible by the Lenders
without charge;</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of any KOF Company, or
compliance with the terms of any Loan Document, as the Administrative Agent or
any Lender may reasonably request.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02.<I>Notice of Material Events</I>. The Borrower will furnish to the Administrative Agent and
each Lender prompt written notice of the following:</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence
of any Default;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting any KOF Company that
in the opinion of the Borrower has a reasonable likelihood of being adversely
determined and that, if adversely determined, could reasonably be expected to
result in a Material Adverse Effect; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
other development relating to any KOF Company (and not merely to general
economic conditions) that results in, or could reasonably be expected to result
in, a Material Adverse Effect.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Each notice delivered under this Section shall be accompanied
      by a statement of a Financial Officer or other executive officer of the
      Borrower setting forth the details of the event or development requiring
      such notice and any action taken or proposed to be taken with respect thereto.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03.<I>Existence; Conduct of Business</I>. Each of the Borrower and the Material Subsidiaries will
preserve and maintain its legal existence and all of its material rights, licenses,
privileges and franchises, except where failures to do so could not</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
42</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>reasonably be expected in the aggregate to
result in a Material  Adverse Effect; provided that the foregoing shall not prohibit any
merger,  consolidation, liquidation or dissolution permitted under Section 6.02.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.04. <I>Payment of Obligations</I>. Each of the Borrower and the Material Subsidiaries
will pay its Debt and other obligations, including Tax liabilities, before the
same shall become delinquent or in default, except where Article 65 the validity
or amount thereof is being contested in good faith by appropriate proceedings,
Article 66 the relevant KOF Company has set aside on its books adequate reserves
with respect thereto as required by Applicable GAAP, and Article 67 the failure
to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.05. <I>Maintenance of Properties</I>. Each of the Borrower and the Material
Subsidiaries will maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted, except
where failures to do so could not reasonably be expected in the aggregate to
result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.06. <I>Insurance</I>. The Borrower and the Material Subsidiaries will maintain with
insurance companies (believed in good faith by the Borrower to be financially
sound and reputable) that customarily write insurance for the risks covered
thereby such insurance as may be required by law or as is usually carried by
companies of established repute engaged in the same or similar business, owning
similar properties, and located in the same general areas as the Borrower and
the Material Subsidiaries, except where failures to do so could not reasonably
be expected to result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.07. <I>Proper Records; Rights to Inspect and Appraise</I>. Each of the Borrower and
the Material Subsidiaries will keep proper books of record and account in which
complete and correct entries are made of all transactions relating to its
business and activities in accordance with Applicable GAAP, except where
failures to do so could not reasonably be expected in the aggregate to result in
a Material Adverse Effect. Each KOF Company will permit any representatives of
the Administrative Agent and Lenders designated by the Administrative Agent,
upon reasonable prior notice, to examine its books and records, and to discuss
its affairs, finances and condition with its financial officers, all at such
reasonable times and as often as reasonably requested but, unless an Event of
Default has occurred and is continuing at the time of such proposed visit or
inspection, no more than twice in any calendar year.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.08. <I>Compliance with Laws</I>. Each KOF Company will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its
property, except where failures to do so, in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.09. <i>Use of Proceeds</i>.
      The proceeds of the Loans will be used only Article 68 to pay amounts payable
      under the Acquisition Documents as consideration for the Acquisition, Article
      69 to consummate the Other Debt Refinancings (<I>provided</I> that any proceeds
      that will be so applied on a date other than the Acquisition Date shall
      be held on Borrower&#146;s balance sheet until so applied) and Article 70
      to pay fees, expenses and taxes, if any, payable in connection with the
      Transactions. No part of the proceeds of</FONT> </td>
  </tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
43</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>any Loan will be used, directly or  indirectly,
for any purpose that entails a violation of any of the Regulations  of the Federal
Reserve Board, including Regulations U and X.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.10. <I>Further Assurances</I>. From time to time, the Borrower and its Subsidiaries
shall do and perform any and all acts and execute any and all documents as may
be reasonably necessary pursuant to applicable law in order to effect the
purposes of this Agreement or to protect the rights or remedies of the Lenders
under the Loan Documents.</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 6  <BR>N<font size=1>EGATIVE</font> C<font size=1>OVENANTS</font></font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.01. <I>Liens</I>. Neither the Borrower nor any of its Subsidiaries will create or
permit to exist any Lien on any property now owned or hereafter acquired by it,
or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof, except:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
any Lien on any property of the Borrower or any of its Subsidiaries existing  on the date
hereof and listed in Schedule 6.01;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Liens imposed by law for taxes that are not yet due or are being contested in  good faith
by appropriate proceedings and for which appropriate reserves (if  any) required in
accordance with Applicable GAAP have been made in the financial  statements of the
Borrower and its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
Liens arising in the ordinary course of the business of the Borrower or any of  its
Subsidiaries that Article 71 do not secure Debt, Article 72 do not secure  any obligation
in an amount exceeding US$10,000,000 and Article 73 do not  materially detract from the
value of the affected property, or interfere with  the ordinary conduct of business, of
the Borrower or any of its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, performance bonds and other obligations of a like nature (excluding  items
described in clause (vi) below), in each case in the ordinary course of  business;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s,  repairmen&#146;s
and other like Liens imposed by law, arising in the ordinary  course of business and
securing obligations that are not overdue by more than 60  days or are being contested in
good faith by appropriate proceedings and for  which appropriate reserves (if any) have
been made in the financial statements  of the Borrower and its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
judgment liens in respect of judgments that do not constitute an Event of  Default under
clause (k) of Article 7 and any deposits to secure surety </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
44</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>and  appeal
bonds with respect to judgments or orders, in the ordinary course of  business and not
representing obligations of the relevant Person exceeding  US$50,000,000 (or its
equivalent in any other currency);</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
easements, zoning restrictions, rights-of-way and similar encumbrances on real  property
imposed by law or arising in the ordinary course of business that do  not secure any
monetary obligation and do not materially detract from the value  of the affected
property or interfere with the ordinary conduct of business of  the Borrower or any of
its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Liens on cash
      and cash equivalents securing obligations of the Borrower under Interest
      and Currency Hedges of the Borrower; <i>provided</i> that the aggregate
      amount of cash and cash equivalents subject to such Liens shall at no time
      exceed US$75,000,000 (or the equivalent thereof in any other currency);</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
Liens incurred or deposits made in the ordinary course of business in connection  with
workers&#146; compensation, unemployment insurance and other types of  social security;
and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
Liens not otherwise permitted by the foregoing clauses of this Section 6.01 securing
Debt or other obligations, <I>provided</I> that the Specified Priority Debt Amount shall at no
time exceed the greater of (A) 20% of Consolidated Tangible Assets determined at such
time and (B) US$570,000,000.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.02. <I>Fundamental Changes</I>. Article 74 The Borrower will not merge into or
consolidate with any other Person, or liquidate or dissolve, permit any other
Person to merge into or consolidate with it or permit any of its Subsidiaries to
liquidate or dissolve, except that, if at the time thereof and immediately after
giving effect thereto no Default shall have occurred and be continuing, (i) any
Person may merge into the Borrower in a transaction in which the Borrower is the
surviving Person and (ii) any Subsidiary of the Borrower may liquidate or
dissolve if the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Neither the Borrower nor any Material Subsidiary will engage to any material
extent in any business except businesses of the types conducted by the Borrower
and its Material Subsidiaries on the Borrowing Dates (including the production,
distribution or sale of soft drinks, beer, juices, water and other beverages)
and businesses reasonably related thereto.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.03. <I>Sale and Leaseback Transactions</I>. Neither the Borrower nor any of its
Subsidiaries will enter into any Sale and Leaseback Transaction other than (i)
Transportation Sale and Leaseback Transactions, <I>provided</I> that the aggregate
amount of Attributable Debt outstanding under Transportation Sale and Leaseback
Transactions shall at no time exceed US$30,000,000 (or the equivalent thereof in
any other currency), and (ii) other Sale and Leaseback Transactions; <I>provided</I>
that the Specified Priority Debt Amount shall at no time exceed the greater of
(A) 20% of Consolidated Tangible Assets determined at such time and (B)
US$570,000,000.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04.<I>Transactions with Affiliates</I>. No KOF Company will sell, lease or otherwise transfer any
property to, or purchase, lease or otherwise acquire any property</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
45</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>from, or otherwise engage in any other
transaction with, any of its Affiliates,  except Article 75 transactions that are at
prices and on terms and conditions  not less favorable to such KOF Company than could be
obtained on an  arm&#146;s-length basis from unrelated third parties, Article 76 any
Restricted  Payment permitted by Section 6.06, Article 77 transactions (including Debt
Transactions) between or among any KOF Company and The Coca Cola Company or any  of its
Subsidiaries and Article 78 any issuance of any Equity Interest by any  KOF Company to,
or the receipt directly or indirectly by any KOF Company of any  capital contribution
from, FEMSA.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05. <I>Restrictive
      Agreements</I>. Neither the Borrower nor any of its Subsidiaries will, directly
      or indirectly, enter into or permit to exist any agreement or other arrangement
      that prohibits, restricts or imposes any condition on the ability of any
      Subsidiary of the Borrower to pay dividends or other distributions with
      respect to any shares of its capital stock or to make or repay loans or
      advances to the Borrower or any of its Subsidiaries or to Guarantee the
      Loans or other obligations under the Loan Documents; <I>provided</I> that
      (a) the foregoing shall not apply to restrictions and conditions imposed
      by law or by any Loan Document, (b) the foregoing shall not apply to restrictions
      and conditions existing on the date hereof and identified on Schedule 6.05
      (but shall apply to any amendment or modification expanding the scope of
      any such restriction or condition) and (c) the foregoing shall not apply
      to customary restrictions and conditions contained in agreements relating
      to the sale of a Subsidiary of the Borrower pending such sale, <I>provided</I>
      that such restrictions and conditions apply only to such Subsidiary that
      is to be sold and such sale is permitted hereunder and (d) the foregoing
      shall not apply to shareholder agreements and similar restrictions with
      respect to any non-wholly-owned Subsidiary of the Borrower that is not organized
      under the laws of, and does not have a substantial portion of its assets
      (directly or indirectly, through any of its Subsidiaries) located in, Mexico
      (a &#147;<B>Foreign Joint Venture</B>&#148;),<I> provided</I> that (A) any
      such restrictions on dividends and distributions shall in any event permit
      the Borrower or its other Subsidiaries to declare annual dividends or distributions
      in an amount of at least 30% of such Foreign Joint Venture&#146;s annual
      consolidated net income, determined in accordance with generally accepted
      accounting principles then in effect in the jurisdiction in which such Foreign
      Joint Venture is organized, and (B) immediately after giving effect to any
      Joint Venture Investment Event with respect to any Foreign Joint Venture,
      the aggregate Asset Amount of all Joint Venture Investment Events does not
      exceed 15% of the consolidated total assets of the Borrower and its consolidated
      Subsidiaries at such time, determined for this purpose exclusive of minority
      interests in consolidated Subsidiaries of the Borrower held by Persons other
      than the Borrower and its consolidated Subsidiaries, and otherwise in accordance
      with Mexican GAAP.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this
Section 6.05:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Joint
Venture Investment Event</B>&#148; means (i) the transaction pursuant to which any Person
becomes a Foreign Joint Venture, including without limitation by acquisition by any KOF
Company of a portion of such Person&#146;s capital stock or the issuance by any
Subsidiary of the Borrower of a portion of its capital stock to a Person other than
another KOF Company, and (ii) (after any event described in clause (i)) the making of
any Investment in a Foreign Joint Venture or any of its Subsidiaries by any KOF Company
other than such Foreign Joint Venture or any of its Subsidiaries.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
46</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Asset
Amount</B>&#148; means with respect to any Joint Venture Investment Event, (A) in the case
of any Joint Venture Investment Event under clause (i) of the definition thereof, the
consolidated total assets of such Foreign Joint Venture and its consolidated
Subsidiaries (adjusted to reflect minority ownership by Persons other than a KOF
Company) immediately after giving effect to such transaction, and (B) in the case of any
Joint Venture Investment Event under clause (ii) of the definition thereof, the
aggregate amount of the assets comprising such Investment (including without limitation
the amount of any cash advanced or contributed as a capital contribution), determined,
in the case of each of (A) and (B), at the book value thereof at the time of such Joint
Venture Investment Event in accordance with Mexican GAAP, and, in the case of any Joint
Venture Investment Event in a currency other than Pesos, stated in Pesos at the spot
rate for the conversion of such other currency into Pesos at the time of such Joint
Venture Investment Event.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.06. <I>Restricted Payments</I>. No KOF Company will declare or make, or agree to pay
or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that (e) any Subsidiary of the
Borrower may declare and pay dividends with respect to its capital stock and (f)
the Borrower may make Restricted Payments not exceeding in the aggregate the
greater of (A) 25% of Adjusted Net Income for Fiscal Year 2003 and (B) 5.4% of
Consolidated EBITDA for Fiscal Year 2003, each determined on a consolidated
basis in accordance with Applicable GAAP if, both before and immediately after
giving effect to such Restricted Payment, no Event of Default shall be
continuing. As used above, &#147;<B>Adjusted Net Income</B>&#148; means, for Fiscal
Year 2003, consolidated net income of the Borrower and its consolidated
Subsidiaries determined in accordance with Mexican GAAP; <I>provided</I> that
consolidated net income (i) for the fiscal quarter ended March 31, 2003 shall be
deemed to be the sum of (A) the consolidated net income of the Borrower and its
consolidated Subsidiaries <I>plus</I> (B) the consolidated net income of Panamco and
its consolidated Subsidiaries, each determined for such financial quarter in
accordance with Applicable GAAP, and (ii) for the fiscal quarter ended June 30,
2003 shall be deemed to be the sum of (A) consolidated net income of the
Borrower and its consolidated Subsidiaries <I>plus</I> (B) consolidated net income of
Panamco and its consolidated Subsidiaries from April 1, 2003 through the
Acquisition Date, each determined for such financial quarter in accordance with
Applicable GAAP.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.07. <I>Interest Expense Coverage Ratio</I>. The Borrower will not permit the ratio of
Article 79 Consolidated EBITDA to Article 80 Consolidated Interest Expense, in
each case for any period of four consecutive Fiscal Quarters ending during the
Fiscal Year 2003 or the Fiscal Year 2004, to be less than the 3.00.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.08. <I>Leverage Ratio</I>. The Borrower will not permit the Leverage Ratio Article 81
at any time during the Fiscal Year 2003, to exceed 3.50 and Article 82 at any
time during the Fiscal Year 2004, to exceed 3.25.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09.<I>Investments and Acquisitions</I>. Neither the Borrower nor any of its Subsidiaries will
purchase, hold or acquire (including pursuant to any merger with any Person that was not
a wholly-owned Subsidiary) any Equity Interest in or evidence of indebtedness or other
security (including any option, warrant or other right to acquire any of the foregoing)
of, make or permit to exist any loan or advance to, Guarantee any obligation of, or make
or permit to exist any investment or other interest in, any other</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
47</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>Person, or purchase or otherwise acquire (in one transaction
      or a series of transactions) any assets of any other Person constituting
      a business unit (any of the foregoing, an &#147;<b>Investment</b>&#148;),
      except:</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Acquisition;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in
cash and cash equivalents;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in
Distribution Assets pursuant to Asset Swaps;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investments
existing on the Peso Borrowing Date;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
Investments by the Borrower and its Subsidiaries in Persons that are
Subsidiaries of the Borrower on the Peso Borrowing Date or that will become
Subsidiaries of the Borrower pursuant to and upon consummation of the
Acquisition;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
Investments in Persons that, after giving effect to such Investments, become
Subsidiaries of the Borrower, <I>provided</I> that (i) the aggregate amount of all
Investments made or acquired pursuant to this clause (f) does not exceed
US$400,000,000 (in each case determined at the book value thereof at the time
such Investment is made), (ii) such Investments shall be financed through the
issuance of not more than US$200,000,000 aggregate principal amount of Debt
otherwise permitted under this Agreement and none of any remaining amount shall
be financed through the issuance of Equity Interests to the public, (iii) unless
otherwise consented to by the Required Lenders, not more than US$200,000,000 in
the aggregate of such Investments shall be allocable to assets other than
Distribution Assets with respect to routes or territories in Mexico, (iv) all
such Investments are for Persons or assets engaged in businesses of the types
conducted by the Borrower and its Material Subsidiaries on the Borrowing Dates
and (v) prior to the consummation of any such Investment (other than an
Investment in Distribution Assets with respect to routes or territories in
Mexico) the Borrower shall have received confirmation from either S&amp;P or
Moody&#146;s (as selected by the Lead Arrangers) that its Long-Term Debt Rating
(after giving pro forma effect to such Investment) shall be at least BBB- and
Baa3, respectively, from such agencies, with stable outlook in each case;</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)
Investments received in connection with the bankruptcy or reorganization of, or
settlement of delinquent accounts and disputes with, customers and suppliers, in
each case in the ordinary course of business.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">Notwithstanding the foregoing, neither the
Borrower nor any of its Subsidiaries (other than a Venezuelan Subsidiary) shall make or
acquire Investments after the date hereof in Venezuelan Subsidiaries that exceed in the
aggregate US$120,000,000; and  <I>provided</I> that no more than US$50,000,000 aggregate amount
of such Investments may be used for purposes other than the payment of costs and
expenses in connection with the dissolution or termination of the operations of one or
more Venezuelan Subsidiaries.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.10. <I>Asset Sales</I>. Without limitation of any provision of Section 6.02, neither
the Borrower nor any of its Subsidiaries will sell, transfer, lease or otherwise
dispose (collectively, &#147;<B>dispose</B>&#148;; and any such transaction, a
&#147;<B>disposition</B>&#148;) of any assets, including any Equity Interest owned by
it, nor will any Subsidiary of the Borrower issue any additional Equity Interest
in such Subsidiary, except:</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
48</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sales of
inventory, used surplus or obsolete equipment and dispositions of  cash and cash
equivalents;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dispositions
to the Borrower or one of its Subsidiaries;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Asset
Swaps; and</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
dispositions of assets that are not permitted by the foregoing clauses of this
Section; <I>provided</I> that Article 83 each such disposition is made for fair value
and consideration consisting of not less than 75% cash received by the Borrower
or such Subsidiary of the Borrower at the closing thereof and Article 84 the Net
Proceeds thereof are applied to repay the Loans to the extent required in
accordance with Section 2.08.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.11. <I>Certain Payments of Debt</I>. No KOF Company will make or agree to pay or
make, directly or indirectly, any payment or other distribution (whether in
cash, securities or other property) of or in respect of principal of or interest
on any Debt, or any payment or other distribution (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, defeasance or termination of any Debt (including,
without limitation, any payment in respect of Debt under a Synthetic Purchase
Agreement), except:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
payment of Debt created under the Loan Documents;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
payment of regularly scheduled interest and principal payments as and when  due in
respect of any Debt;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
refinancings of Debt with the proceeds of Debt permitted by Section 6.12;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
payment of secured Debt that becomes due as a result of the voluntary sale or  transfer
of the property securing such Debt; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
the Other Debt Refinancings.</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12.<I>Debt</I>. Neither the Borrower nor any of its Subsidiaries will create, incur, assume or
permit to exist any Debt, except:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Debt created under the Loan Documents;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Debt of the Borrower,
      <i>provided</i> that the Net Proceeds thereof are used in full to repay
      the Loans (or, if such Net Proceeds are greater than the aggregate amount
      of the Loans and all interest accrued and owing thereunder, the amount thereof
      necessary to pay such amounts), all in the manner described in Section 2.10(b);</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Debt of the Borrower
      in an aggregate principal amount not exceeding the sum of (A) US$100,000,000
      <i>plus</i> (B) the amount, if any, by which US$2,050,000,000 exceeds the
      sum of (x) the aggregate initial Dollar Amount of all Loans under this Agreement
      and loans under the Other Loan Agreement and (y) the aggregate initial principal
      amount of any Prepayment Debt Incurrences after the Effective Date and on
      prior to the Peso Borrowing Date (stated in </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
49</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><FONT SIZE="2">Dollars at the
Peso Spot Rate in effect on the Peso Borrowing Date), <I>provided</I> that (I) any such Debt is
on terms and conditions reasonably acceptable to the Required Lenders, (II) the Borrower
shall have provided twenty days&#146; written notice to the Administrative Agent of any
intention to incur Debt pursuant to this clause (iii), (III) if the aggregate amount of
any such proposed issuance under this clause (iii), together with any prior such
issuances, exceeds the amount (if any) determined pursuant to clause (B) of this clause
(iii), then upon the request of the Lead Arrangers, the Borrower shall have received
confirmation from either S&amp;P or Moody&#146;s (as selected by the Lead Arrangers)
that its Long-Term Debt Rating (after giving pro forma effect to the expected use of
proceeds of such Debt) shall be at least BBB- and Baa3, respectively, from such
agencies, with stable outlook in each case and (IV) after giving pro forma effect to
such acquisition and the related financing, no Event of Default shall have occurred and
be continuing;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
Debt existing on the date hereof and listed in Schedule 6.12, and any  refinancing by
Panamco of its outstanding 7<sup><font size=1>1</font></sup>/<font size=1>4</font>% Bonds due 2009;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
Debt of any Subsidiary of the Borrower to the Borrower or any of its other
Subsidiaries; <I>provided</I> that Debt of any Subsidiary of the Borrower to the Borrower shall
be subject to Section 6.09;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
Debt of the Borrower under the Coca-Cola Facility; <I>provided</I> that none of such Debt by
its terms matures prior to the Bridge Maturity Date; and</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
Debt of any Subsidiary of the Borrower not otherwise permitted by the foregoing
provisions of this Section 6.12, <I>provided</I> that (i) the Specified Priority Debt Amount at
no time exceeds the greater of (A) 20% of Consolidated Tangible Assets determined at
such time and (B) US$570,000,000 and (ii) no Debt of any Subsidiary under the Coca-Cola
Facility shall by its terms mature prior to the Bridge Maturity Date.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13. <I>Amendment
      of Material Documents</I>. The Borrower will not amend, modify or waive
      any of its rights under its certificate of incorporation, by-laws,<I> estatutos
      sociales</I> or other organizational documents in any manner that could
      reasonably be expected to have a Material Adverse Effect.</FONT></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 7  <BR>E<font size=1>VENTS</font> O<font size=1>F</font> D<font size=1>EFAULT</font></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01.<I>Events Of Default</I>.
If any of the following events (&#147;<B>Events of Default</B>&#148;) shall
occur:</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Borrower shall fail to pay any principal of any Loan when the same shall become
due, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise;</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
50</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
Borrower shall fail to pay when due any interest on any Loan or any fee or other
amount (except an amount referred to in clause (a) above) payable under any Loan
Document, and such failure shall continue unremedied for a period of three
Business Days;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
representation or warranty made or deemed made by or on behalf of the Borrower
in any Loan Document or any amendment or modification thereof or waiver
thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to any Loan Document or any amendment or modification thereof
or waiver thereunder, shall prove to have been incorrect in any material respect
when made or deemed made;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
Borrower shall fail to observe or perform any covenant or agreement contained in
Section 5.02, 5.03 (with respect to the existence of the Borrower) or 5.09 or in
Article 6;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
Borrower or any of its Subsidiaries shall fail to observe or perform any
covenant or agreement contained in any Loan Document (other than those specified
in clause (a), (b) or (d) above), and such failure shall continue unremedied for
a period of 30 days after notice thereof from the Administrative Agent to the
Borrower (which notice will be given at the request of any Lender);</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
KOF Company shall fail to make a payment or payments (whether of principal or
interest and regardless of amount) in respect of Material Debt when the same
shall become due, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise and such failure shall have continued after any
grace period applicable pursuant to the relevant agreement;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
event or condition occurs or continues (after the passage of any grace period
applicable pursuant to the relevant agreement) that results in Material Debt
becoming due before its scheduled maturity or that enables or permits the holder
or holders of Material Debt or any trustee or agent on its or their behalf to
cause Material Debt to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, before its scheduled maturity; <I>provided</I> that
this clause shall not apply to secured Debt that becomes due as a result of a
voluntary sale or transfer of the property securing such Debt;</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an
involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking Article 85 liquidation, reorganization or other relief in respect
of the Borrower or any Material Subsidiary or its debts, or of a substantial
part of its assets, under any Federal, state or foreign bankruptcy, <I>concurso
mercantil</I>, insolvency, receivership or similar law now or hereafter in effect or
Article 86 the appointment of a receiver, trustee, <I>s&iacute;ndico,
conciliador</I>, custodian, sequestrator, conservator or similar official for the
Borrower or any Material Subsidiary or for a substantial part of its respective
assets, and, in any such case, such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the
foregoing shall be entered; or an order for relief shall be entered against the
Borrower or any Material Subsidiary under any applicable bankruptcy laws as now
or hereafter in effect (including the <I>Ley de Concursos Mercantiles</I>);</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
51</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower or any Material
      Subsidiary shall Article 87 voluntarily commence any proceeding or file
      any petition seeking liquidation, reorganization or other relief under any
      Federal, state or foreign bankruptcy, <I>concurso mercantil</I>, insolvency,
      receivership or similar law now or hereafter in effect, Article 88 consent
      to the institution of, or fail to contest in a timely and appropriate manner,
      any proceeding or petition described in clause (h) above, Article 89 apply
      for or consent to the appointment of a receiver, trustee,<I> s&iacute;ndico,
      conciliador</I>, custodian, sequestrator, conservator or similar official
      for the Borrower or any Material Subsidiary or for a substantial part of
      its respective assets, Article 90 file an answer admitting the material
      allegations of a petition filed against it in any such proceeding, Article
      91 make a general assignment for the benefit of creditors or Article 92
      take any action for the purpose of effecting any of the foregoing;</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower
shall become unable, admit in writing its inability or fail  generally to pay its debts
as they become due;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
either Article 93 one or more judgments for the payment of money in an aggregate
amount exceeding US$25,000,000 (or its equivalent in any other currency) shall
be rendered against one or more KOF Companies and shall remain undischarged for
a period of 60 consecutive days during which execution shall not be effectively
stayed, or Article 94 a judgment shall have attached or been levied upon any
asset with a value exceeding US$25,000,000;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)
Article 95 any Governmental Authority shall declare a moratorium or other type
of order that affects payments or obligations under the Loan Documents, Article
96 any Governmental Authority shall take any action, that restricts or has the
effect of restricting (A) the exchange of Pesos for Dollars, (B) the transfer of
funds outside of Mexico or (C) the transfer of Pesos within or outside of
Mexico, or affects the schedule of payments of Loans, or limits the foregoing to
impair the practical ability of the Borrower to pay its obligations under the
Loan Documents in US Dollars or Pesos, as required or Article 97 the Borrower
shall voluntarily or involuntarily seek the rescheduling of its debts or the
restructuring or restatement of the currency in which it may pay its obligations
by participating in, or by being required to participate in, any facility or
exercise that is sponsored or mandated, or in which participation is effectively
required, by any Governmental Authority in Mexico;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
Borrower or any of its Subsidiaries shall fail to pay when due any and all
amounts payable as required under IMSS, INFONAVIT, or SAR, except to the extent
that such payments are disputed in good faith through appropriate proceedings
and proper reserves therefor are maintained by the relevant Person or Persons,
or the outstanding amount of such due but unpaid payments does not in the
aggregate exceed at any time US$10,000,000;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a Change in
Control shall occur; or</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
Dollar Borrowing Date shall not occur on or prior to the second LIBO Business
Day after the Peso Borrowing Date;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>then, and in every such event (except an event with respect
      to the Borrower described in clause (h) or (i) above), and at any time thereafter
      during the continuance of such event, the Administrative Agent may, and
      at the request of the Required Lenders shall, by notice </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
52</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>to the Borrower, take either or both of the
following  actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, and (ii) declare the  Loans then
outstanding to be due and payable in whole (or in part, in which case  any principal not
so declared to be due and payable may thereafter be declared  to be due and payable), and
thereupon the principal of the Loans so declared to  be due and payable, together with
accrued interest thereon and all fees and  other obligations of the Borrower accrued
hereunder, shall become due and  payable immediately, without presentment, demand,
protest or other notice of any  kind, all of which are waived by the Borrower; and in the
case of any event with  respect to the Borrower described in clause (h) or (i) above, the
Commitments  shall automatically terminate and the principal of the Loans then
outstanding,  together with accrued interest thereon and all fees and other obligations
of the  Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are  waived by the
Borrower.</font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>ARTICLE 8  <BR>T<font size=1>HE</font> A<font size=1>GENTS</font></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.01. <I>Appointment and Authorization</I>. Each Lender Party irrevocably appoints the
Administrative Agent and, in the case of each Peso Lender, the Mexican
Administrative Agent, as its agent and authorizes the Administrative Agent and,
if applicable, the Mexican Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent
or the Mexican Administrative Agent, as applicable, by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental
thereto.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.02. <I>Rights and Powers as a Lender</I>. A bank serving as an Agent shall, in its
capacity as a Lender, have the same rights and powers as any other Lender and
may exercise the same as though it were not an Agent. Such bank and its
Affiliates may accept deposits from, lend money to and generally engage in any
kind of business with any KOF Company or Affiliate thereof as if it were not an
Agent.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03.<I>Limited Duties and Responsibilities</I>. No Agent shall have any duties or obligations
except those expressly set forth with respect to such Agent in the Loan Documents.
Without limiting the generality of the foregoing, Article 98 no Agent shall be subject
to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing, Article 99 no Agent shall have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent or the
Mexican Administrative Agent is required in writing to exercise by the Required Lenders
(or such other number or group of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02) and Article 100 except as expressly set forth
in the Loan Documents, no Agent shall have any duty to disclose, and shall not be liable
for any failure to disclose, any information relating to any KOF Company that is
communicated to or obtained by the bank serving as an Agent or any of its Affiliates in
any capacity. No Agent shall be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or group of the
Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in
the absence of its own gross negligence or willful misconduct. The Administrative Agent</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
53</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>shall be deemed not  to have knowledge of any
Default unless and until written notice thereof is  given to the Administrative Agent by
the Borrower or a Lender, and no Agent  shall be responsible for or have any duty to
ascertain or inquire into (a) any  statement, warranty or representation made in or in
connection with any Loan  Document, (b) the contents of any certificate, report or other
document  delivered thereunder or in connection therewith, (c) the performance or
observance of any of the covenants, agreements or other terms or conditions set  forth in
any Loan Document, (d) the validity, enforceability, effectiveness or  genuineness of any
Loan Document or any other agreement, instrument or document  or (e) the satisfaction of
any condition set forth in Article 4 or elsewhere in  any Loan Document, other than, in
the case of the Administrative Agent, to  confirm receipt of items expressly required to
be delivered to the  Administrative Agent. Without limitation of the foregoing, the
Syndication Agent  shall have no obligations, duties or responsibilities whatsoever under
the Loan  Documents.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.04. <I>Authority to Rely on Certain Writings, Statements and Advice</I>. Each Agent
shall be entitled to rely on, and shall not incur any liability for relying on,
any notice, request, certificate, consent, statement, instrument, document or
other writing believed by it to be genuine and to have been signed or sent by
the proper Person. Each Agent also may rely on any statement made to it orally
or by telephone and believed by it to be made by the proper Person, and shall
not incur any liability for relying thereon. Each Agent may consult with legal
counsel (who may be counsel for any KOF Company), independent accountants and
other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants
or experts.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.05. <I>Sub-Agents and Related Parties</I>. The Administrative Agent or Mexican
Administrative Agent may perform any and all of its duties and exercise its
rights and powers by or through one or more sub-agents appointed by it. The
Administrative Agent or Mexican Administrative Agent, as applicable, and any
such sub-agent may perform any and all of the duties of the Administrative Agent
or Mexican Administrative Agent, as applicable, and exercise the rights and
powers of the Administrative Agent or Mexican Administrative Agent, as
applicable, through their respective Related Parties. The exculpatory provisions
of the preceding Sections of this Article shall apply to any such sub-agent and
to the Related Parties of the Agents and any such sub-agent, and shall apply to
activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Agent.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06.<I>Resignation; Successor Administrative Agents</I>. Subject to the appointment and acceptance
of a successor Administrative Agent or Mexican Administrative Agent, as applicable, as
provided in this Section, the Administrative Agent or Mexican Administrative Agent may
resign at any time by giving at least 15 Business Days&#146; advance notice to the
Borrower and the Administrative Agent or Mexican Administrative Agent, as applicable,
and 10 Business Days&#146; advance notice to the Lenders. Upon any such resignation, the
Required Lenders shall have the right, acting jointly and with the consent of the
Borrower, to appoint a successor to such Administrative Agent or Mexican Administrative
Agent (as applicable). If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent or Mexican Administrative Agent (as applicable) gives notice of its
resignation, then the retiring Administrative Agent or Mexican Administrative Agent (as
applicable) may, on behalf of</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
54</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>the Lenders,  appoint a successor Administrative
Agent or Mexican Administrative Agent (as  applicable), which shall be (i) in the case of
the Administrative Agent, a bank  with an office in New York, New York, or an Affiliate
of any such bank and (ii)  in the case of the Mexican Administrative Agent, a Mexican
Bank with an office  in Mexico City, or an Affiliate of any such Person. Upon acceptance
of its  appointment as Administrative Agent or Mexican Administrative Agent, as
applicable, by a successor, such successor shall succeed to and become vested  with all
the rights, powers, privileges and duties of the retiring Agent, and  the retiring Agent
shall be discharged from its duties and obligations  hereunder. The fees payable by the
Borrower to any such successor Administrative  Agent or Mexican Administrative Agent (as
applicable) shall be the same as those  payable to its predecessor unless otherwise
agreed by the Borrower and such  successor. After any Administrative Agent&#146;s or
Mexican Administrative  Agent&#146;s resignation hereunder, the provisions of this
Article and Section  9.03 shall continue in effect for the benefit of such retiring
Agent, its  sub-agents and their respective Related Parties in respect of any actions
taken  or omitted to be taken by any of them while the retiring Agent was acting as
Administrative Agent or Mexican Administrative Agent, as applicable.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.07. <I>Credit Decisions by Lenders</I>. Each Lender acknowledges that it has,
independently and without reliance on any Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance on any Agent or
any other Lender and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based on this Agreement, any other Loan Document or
related agreement or any document furnished hereunder or thereunder.</FONT></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 9 <br>
      M<font size=1>ISCELLANEOUS</font></font></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.01. <I>Notices</I>. Except in the case of notices and other communications expressly
permitted to be given by telephone, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the
Borrower, to it at Guillermo Gonz&aacute;lez Camarena No. 600,  Colonia Centro de Ciudad
de Santa Fe, M&eacute;xico, D.F, Mexico 01210,  Attention: H&eacute;ctor Trevi&#241;o
Guti&eacute;rrez, Chief Financial  Officer, (Telecopy No. 52-55-5292-3475) and Carlos
Aldrete Ancira, Secretary of  the Board of Directors, (Telecopy No. 528-18-328-6181);</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the
Administrative Agent, to JPMorgan Chase Bank, 1111 Fannin, 10th  Floor, Houston, Texas
77002, Attention of Leah E. Hughes (Telecopy No.  713-750-2452) (or, in the case of any
notice by email for purposes of Section  5.01(d) only, Leah.E.Hughes@jpmorgan.com);</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the
Mexican Administrative Agent, to Banco J.P. Morgan, S.A.,  Instituci&oacute;n de Banca M&uacute;ltiple,
J.P. Morgan Grupo Financiero,  Divisi&oacute;n Fiduciaria, at </font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
55&nbsp;&nbsp;&nbsp;</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>Paseo de las Palmas 405, 15th Floor, C.P. 11000,
Mexico City, Mexico, Attention of David R. Jaime (Telecopy No. 52-55-5283-1620);  and</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if to any
other Lender, to it at its address (or telecopy number) set forth  in its Administrative
Questionnaire.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Any party  hereto may change its address or
telecopy number for notices and other  communications hereunder by notice to the
Administrative Agent, the Mexican  Administrative Agent and the Borrower. All notices and
other communications  given to any party hereto in accordance with the provisions of this
Agreement  will be deemed to have been given on the date of receipt.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.02. <I>Waivers; Amendments</I>. Article 101 No failure or delay by any Lender Party
in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the Lender
Parties under the Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of
any Loan Document or consent to any departure by the Borrower therefrom shall in
any event be effective unless the same shall be permitted by subsection (a) of
this Section, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan shall not be construed as a
waiver of any Default, regardless of whether any Lender Party had notice or
knowledge of such Default at the time.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
Agreement and any provision hereof may not be waived, amended or modified except
by an agreement or agreements in writing entered into by the Borrower and the
Required Lenders; <I>provided</I> that no such agreement shall:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
increase the Commitment of any Lender without its written consent;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
reduce the principal amount of any Loan or reduce the rate of interest thereon,  or
reduce any fee payable hereunder, without the written consent of each Lender  Party
affected thereby;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
postpone the maturity of any Loan or any date for the payment of any interest or  fee
payable hereunder, or reduce the amount of, waive or excuse any such  payment, or
postpone the scheduled date of expiration of any Commitment, without  the written consent
of each Lender Party affected thereby;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
change Section 2.15(a) or Section 2.15(b) in a manner that would alter the pro  rata
sharing of payments required thereby, or change Section 2.17 without the  written consent
of each Lender;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
change any provision of Section 2.03(b) or the definition of &#147;Initial Peso  Exchange
Rate&#148; without the consent of each Peso Lender (and such agreement  shall not
otherwise require the consent of the Required Lenders); or</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
56</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
change any provision of this Section or the percentage set forth in the  definition of
&#147;Required Lenders&#148; or any other provision of this  Agreement specifying the
number or percentage of Lenders (or Lenders of any  Tranche or Tranches) required to take
any action thereunder, without the written  consent of each Lender, or each Lender of
such Tranche or Tranches, as the case  may be.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><I>provided further</I> that (A) no such agreement
shall amend, modify or otherwise affect the rights or duties of any Agent without its
prior written consent and (B) any waiver, amendment or modification of this Agreement
that by its terms affects the rights or duties under this Agreement of either the
Dollars Lenders or Peso Lenders (but not both) may be effected by an agreement or
agreements in writing entered into by the Borrower and the requisite percentage in
interest of the affected Lenders that would be required to consent thereto under this
Section if such Lenders were the only Lenders hereunder at the time.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Notwithstanding the foregoing, if the Required Lenders enter into or consent to
any waiver, amendment or modification pursuant to subsection (b) of this
Section, no consent of any other Lender will be required if, when such waiver,
amendment or modification becomes effective, (i) the Commitment of each Lender
not consenting thereto terminates and (ii) all amounts owing to it or accrued
for its account hereunder are paid in full.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.03. <I>Expenses; Indemnity; Damage Waiver</I>. Article 102 The Borrower shall pay (a)
all reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent, the Mexican Administrative Agent and their respective
Affiliates, including the reasonable and documented fees, charges and
disbursements of special New York and Mexican counsel for the Agents, in
connection with the syndication of the credit facilities provided for herein,
the preparation and administration of the Loan Documents and any amendments,
modifications or waivers of the provisions thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated) and (b) all
reasonable and documented out-of-pocket expenses incurred by any Lender Party,
including the fees, charges and disbursements of any counsel for any Lender
Party, in connection with the enforcement or protection of its rights in
connection with the Loan Documents (including its rights under this Section) or
the Loans, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of the Loans.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower
shall indemnify each of the Lender Parties and their respective Related Parties (each
such Person being called an &#147;<B>Indemnitee</B>&#148;) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable and documented fees, charges and disbursements of counsel for
any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of Article 103 the execution or delivery of any Loan
Document or any other agreement or instrument contemplated hereby, the performance by
the parties to the Loan Documents of their respective obligations thereunder or the
consummation of the Transactions or any other transactions contemplated hereby, Article
104 any Loan or the use of the proceeds therefrom, or Article 105 any actual or
prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; <I>provided</I> that such indemnity shall not be available
to any Indemnitee to the extent that such losses, claims, damages,</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
57</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">liabilities or related expenses resulted (x)
from such Indemnitee&#146;s gross negligence or willful misconduct, (y) pursuant to a
dispute between Indemnitees and not predicated in any substantial manner on actions or
failures to act by the Borrower or (z) solely in the case of any Affiliate of JPMorgan
Chase Bank or Morgan Stanley Senior Funding Inc. (but not JPMorgan Chase Bank or Morgan
Stanley Senior Funding Inc.), pursuant to a dispute involving such Affiliate arising
solely in such Affiliate&#146;s Related Transaction Capacity and not predicated in any
substantial manner on the Loan Documents, the Other Loan Documents or any commitment
letter or other agreement preliminary or incidental to the Loan Documents and Other Loan
Documents. As used above, a matter is within the &#147;<B>Related Transaction Capacity</B>&#148; of
an Affiliate of JPMorgan Chase Bank or Morgan Stanley Senior Funding Inc. if, in taking
or failing to take any action, such Affiliate was acting pursuant to its engagement by
one of the parties to the Acquisition as financial advisor, and not pursuant to or
related to the role of JPMorgan Chase Bank or Morgan Stanley Senior Funding Inc. or any
of their respective Affiliates as an Agent, Co-Lead Arranger and Joint Bookrunner,
Lender or similar capacity with respect to the Loan Documents, the Other Loan Documents
or any commitment letter or other agreement preliminary or incidental to the Loan
Documents and Other Loan Documents.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that the
      Borrower fails to pay any amount required to be paid by it to the Administrative
      Agent or Mexican Administrative Agent under subsection Article 102 or (a)
      of this Section, each Lender severally agrees to pay to the Administrative
      Agent and/or Mexican Administrative Agent, as applicable, such Lender&#146;s
      pro rata share (determined as of the time that the applicable unreimbursed
      expense or indemnity payment is sought) of such unpaid amount;<I> provided</I>
      that the unreimbursed expense or indemnified loss, claim, damage, liability
      or related expense, as the case may be, was incurred by or asserted against
      the Administrative Agent and/or the Mexican Administrative Agent, as the
      case may be, in their capacity as such. For purposes hereof, a Lender&#146;s
      &#147;<B>pro rata share</B>&#148; shall be determined based on the proportion
      of the aggregate Dollar Amount of all Loans represented by the aggregate
      Dollar Amount of such Lender&#146;s Loan or Loans at such time (or, if the
      Borrowing Dates have not occurred, of the aggregate Commitments represented
      by its Commitment or Commitments), all determined on the date on which such
      claim arose, as determined in the sole good faith discretion of such Agent.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
the extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of any failure of such Indemnitee to perform its
obligations or undertakings in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
amounts due under this Section shall be payable within ten Business Days after
written demand therefor setting forth a reasonably detailed explanation as to
the reason for any amounts.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.04. <i>Successors
      and Assigns</i>. Article 106 The provisions of this Agreement shall be binding
      on and inure to the benefit of the parties hereto and their respective successors
      and assigns permitted hereby, except that the Borrower may not assign or
      otherwise transfer any of its rights or obligations hereunder without the
      prior written consent of each Lender (and any attempted assignment or transfer
      by the </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
58</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>Borrower without such consent shall be null and
void).  Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (except the parties hereto, their respective successors and  assigns
permitted hereby and, to the extent expressly provided herein, the  directors, officers,
employees, agents or advisors of the Lender Parties) any  legal or equitable right,
remedy or claim under or by reason of this Agreement.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of any Commitment
it has at the time and any Loans at the time owing to it); <I>provided</I> that:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
except in the case of an assignment to a Lender or an Affiliate of a Lender, each of the
Borrower and the Administrative Agent must give their prior written consent to such
assignment (which consent shall not be unreasonably withheld or delayed), <I>provided</I> that
solely for purposes of this clause (b)(i), no collateralized loan obligation fund or
similar Person that purchases or invests in bank loans or similar extensions of credit
and that is managed by a Lender or any of such Lender&#146;s other Affiliates shall be
deemed to be an &#147;Affiliate&#148; of such Lender by virtue of such management;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
each  partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender&#146;s rights and obligations under this Agreement; except  that
this clause (ii) shall not prohibit the assignment of a proportionate part  of all the
assigning Lender&#146;s rights and obligations in respect of its (I)  Dollar Loan
Commitments or Dollar Loans or (II) Peso Loan Commitments or Peso  Loans;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
unless each of the Borrower and the Administrative Agent otherwise consent, the amount
of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date on which the relevant Assignment is delivered to the
Administrative Agent) shall not be less than US$5,000,000 (or, in the case of Peso
Loans, Ps. 50,000,000); <I>provided</I> that this clause (iii) shall not apply to an assignment
to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender&#146;s Commitment or Loans;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment, together with a processing and recordation fee of US$2,500 which shall be
paid by the parties to such assignment; <I>provided</I> that only one such fee shall be due in
respect of a simultaneous assignment to more than one Affiliate of a Lender;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
each such assignee will be either a Mexican Bank or registered as a Foreign Financial
Institution that is resident (or, if applicable, the main office of which is resident)
in a country that has entered into a treaty for the avoidance of double taxation with
Mexico, <I>provided</I> that such registration is required to avoid the imposition of
Indemnified Taxes and Other Taxes covered by Section 2.14 in excess of the rate
applicable to such a registered Foreign Financial Institution or it is otherwise agreed
by such assignee that any amount payable by the Borrower under Section 2.14 to such
assignee shall not be higher than the amount payable to an institution so registered.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
59</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
the assignee, if it shall not be a Lender, shall deliver to the  Administrative Agent a
completed Administrative Questionnaire;</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><I>provided</I> that no consent of the Borrower
otherwise required under this clause shall be required if an Event of Default is
continuing at the time of such assignment. Subject to acceptance and recording thereof
pursuant to subsection (c) of this Section, from and after the effective date specified
in each Assignment the assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment, be released from its obligations under this
Agreement (and, in the case of an Assignment covering all of the assigning Lender&#146;s
rights and obligations under this Agreement, such Lender shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with subsection (d) of this Section.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in New York City a copy of each Assignment
delivered to it and a register for the recordation of the names and addresses of
the Lenders, their respective Commitments and the principal amounts of the Loans
owing to each Lender pursuant to the terms hereof from time to time (the
&#147;<B>Register</B>&#148;). The entries in the Register shall be conclusive, absent
manifest error, and the parties hereto may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by any party hereto at any reasonable time and
from time to time upon reasonable prior notice.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
its receipt of a duly completed Assignment executed by an assigning Lender and
an assignee, the assignee&#146;s completed Administrative Questionnaire (unless
the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in subsection (a) of this Section and any written
consent to such assignment required by subsection (a) of this Section, the
Administrative Agent shall accept such Assignment and record the information
contained therein in the Register. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in
this subsection.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without
      the consent of the Borrower or any other Lender Party, sell participations
      to one or more banks or other entities (&#147;<B>Participants</B>&#148;)
      in all or a portion of such Lender&#146;s rights and obligations under this
      Agreement (including all or a portion of its Commitments and the Loans owing
      to it); <I>provided</I> that Article 107 such Lender&#146;s obligations
      under this Agreement shall remain unchanged, Article 108 such Lender shall
      remain solely responsible to the other parties hereto for the performance
      of such obligations and Article 109 the Borrower and the other Lender Parties
      shall continue to deal solely and directly with such Lender in connection
      with such Lender&#146;s rights and obligations under this Agreement. Any
      agreement or instrument pursuant to which a Lender sells such a participation
      shall provide that such Lender shall retain the sole right to enforce the
      Loan Documents and to approve<I> </I>any amendment, modification or waiver
      of any provision of the Loan Documents;<I> provided</I> that such agreement
      or instrument may provide that such Lender will not, without the consent
      of the Participant, agree to</FONT> </td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
60</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">any amendment, modification or waiver described
in the first proviso to Section 9.02(a) that affects such Participant. Subject to
subsection (e) of this Section, each Participant shall be entitled to the benefits of
Sections 2.12, 2.13, and 2.14 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (a) of this Section. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section
9.08 as though it were a Lender, <I>provided</I> that such Participant agrees to be subject to
Section 2.15(c) as though it were a Lender.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
Participant shall not be entitled to receive any greater payment under Section
2.12 or 2.14 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower&#146;s prior written
consent.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender
to a Federal Reserve Bank, any central bank, or any similar institution and this
Section shall not apply to any such pledge or assignment of a security interest.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.05. <I>Survival</I>. All covenants, agreements, representations and warranties made
by the Borrower in the Loan Documents and in certificates or other instruments
delivered in connection with or pursuant to the Loan Documents shall be
considered to have been relied upon by the other parties hereto and shall, from
the date made or entered, survive the execution and delivery of the Loan
Documents and the making of any Loans and shall continue in full force and
effect as long as any principal of or accrued interest on any Loan or any fee or
other amount payable hereunder is outstanding and unpaid or any Commitment has
not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14, 9.03 and
Article 8 shall survive and remain in full force and effect for two years from
the date on which the Commitments have expired or terminated and the principal
of and interest on each Loan have been paid in full.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.06. <I>Counterparts; Integration; Effectiveness</I>. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. From and after the Borrowing Dates, this
Agreement, the other Loan Documents and any separate letter agreements with
respect to fees payable to the Administrative Agent shall constitute the entire
contract among the parties relating to the subject matter hereof and shall
supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof (except, in the case of commitment letters
and similar agreements between the Borrower and one or more of the Agents and
their affiliates executed solely for the accounts of the parties thereto).
Except as provided in Section 4.01, this Agreement (a) will become effective
when the Administrative Agent shall have signed this Agreement and received
counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto and (b) thereafter will be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by
telecopy will be effective as delivery of a manually executed counterpart of
this Agreement.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.07.<I>Severability</I>. If any provision of any Loan Document is invalid, illegal or unenforceable
in any jurisdiction then, to the fullest extent permitted by law, (c) such provision
shall, as to such jurisdiction, be ineffective to the extent (but only to the</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
61</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>extent) of such invalidity, illegality or
unenforceability, (d)  the other provisions of the Loan Documents shall remain in full
force and effect  in such jurisdiction and shall be liberally construed in favor of the
Lender  Parties in order to carry out the intentions of the parties thereto as nearly as
may be possible and (e) the invalidity, illegality or unenforceability of any  such
provision in any jurisdiction shall not affect the validity, legality or  enforceability
of such provision in any other jurisdiction.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.08. <I>Right of Set-off</I>. If an Event of Default shall have occurred and be
continuing, each Lender is authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and
other obligations at any time owing by such Lender to or for the credit or the
account of the Borrower against any obligations of the Borrower due hereunder
and held by such Lender, irrespective of whether or not such Lender shall have
made any demand hereunder and although such obligations may be unmatured. The
rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender may have.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.09. <I>Governing Law; Jurisdiction; Consent to Service of Process</I>. Article 110
This Agreement shall be construed in accordance with and governed by the law of
the State of New York.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
of the parties hereto hereby irrevocably and unconditionally submits, for
itself, to the jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the
Southern District of New York, and any relevant appellate court (each, a
&#147;<B>New York Court</B>&#148;) and to the courts of its own corporate domicile in
respect of actions brought against it as a defendant, in any action or
proceeding arising out of or relating to any Loan Document, or for recognition
or enforcement of any judgment, and each party hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such courts. Each party hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Borrower irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to any Loan Document in any court referred to in subsection (a) of this
Section and any right to which it may be entitled on account of place of
residence or domicile. Each party hereto irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance
of any such suit, action or proceeding in any such court.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower
hereby irrevocably designates, appoints, authorizes and empowers as its agent for
service of process, CT Corporation System, at its offices currently located at 111
Eighth Avenue, 13th Floor, New York, NY 10011 (the &#147;<B>Process Agent</B>&#148;), to
receive and forward on its behalf service of any and all process, notices or other
documents that may be served in any suit, action or proceeding relating hereto in any
New York Court (as defined in subsection (b) of this Section). The Borrower consents to
process being served in any suit, action or proceeding of the nature referred to in this
Section 9.09 by serving a copy thereof upon the Process Agent. Without prejudice to the
foregoing, the Lenders agree that to the extent lawful and possible, written notice of
said service upon the Process Agent shall also be mailed by registered or certified</FONT></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
62</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>airmail, postage prepaid, return receipt
requested, to the Borrower at the  address provided pursuant to Section 9.01. If said
service upon the Process  Agent shall not be possible or shall otherwise be impractical
after reasonable  efforts to effect the same, the Borrower consents to process being
served in any  suit, action or proceeding of the nature referred to in Section 9.09 by
the  mailing of a copy thereof by registered or certified airmail, postage prepaid,
return receipt requested, to the address of the Borrower provided pursuant to  Section
9.01, which service shall be effective 14 days after deposit in the  United States Postal
Service. The Borrower agrees that such service (1) shall be  deemed in every respect
effective service of process upon it in any such suit,  action or proceeding and (2)
shall, to the fullest extent permitted by law, be  taken and held to be valid personal
service upon and personal delivery to it.  Without limitation of the foregoing, each
party hereto irrevocably consents to  service of process in the manner provided for
notices in Section 9.01. Nothing  in any Loan Document will affect the right of any party
hereto to serve process  in any other manner permitted by law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
the extent that the Borrower has or hereafter may be entitled to claim or may
acquire, for itself or any of its assets, any immunity from suit, jurisdiction
of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, or otherwise) with
respect to itself or its property, it hereby irrevocably waives such immunity in
respect of its obligations under the Loan Documents to the extent permitted by
applicable law and, without limiting the generality of the foregoing, agrees
that the waivers set forth in this Section shall be effective to the fullest
extent now or hereafter permitted under the Foreign Sovereign Immunities Act of
1976 of the United States and are intended to be irrevocable for purposes of
such Act.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.10. <I>WAIVER OF JURY TRIAL</I>. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN
DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.11. <I>Headings</I>. Article and Section headings and the Table of Contents herein
are for convenience of reference only, are not part of this Agreement and shall
not affect the construction of, or be taken into consideration in interpreting,
this Agreement.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.12.<I>Confidentiality</I>. Each Lender Party agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed Article 111 to
its and its Affiliates&#146; directors, officers, employees and agents, including
accountants, legal counsel and other advisors strictly on a need to know basis (it being
understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and will be instructed on and will agree to keep
such Information confidential), Article 112 to the extent requested by any regulatory</FONT> </td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
63</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><FONT SIZE="2">authority, including the regulatory authority
having jurisdiction over any Affiliate, Article 113 to the extent required by applicable
laws or regulations, or by any subpoena or similar legal process, Article 114 to any
other party to this Agreement, Article 115 in connection with the exercise of any remedy
hereunder or any suit, action or proceeding relating to any Loan Document or the
enforcement of any right thereunder, Article 116 subject to an agreement containing
provisions substantially the same as those of this Section to any actual or prospective
assignee of or Participant in any of its rights or obligations under this Agreement,
Article 117 with the consent of the Borrower or Article 118 to the extent such
Information either (a) becomes publicly available other than as a result of a breach of
this Section or (b) becomes available to any Lender Party on a nonconfidential basis
from a source other than the Borrower. For the purposes of this Section, &#147;<B>Information</B>&#148; means
all information received from the Borrower relating to the Borrower or its business,
other than any such information that is available to any Lender Party on a
nonconfidential basis before disclosure by the Borrower.</FONT></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
64</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.</font></td></tr></table>

<P><table width=600><TR><TD width=60% valign=top><FONT SIZE="2"></FONT></TD><TD width=40% valign=top><font size=2><B><U>BORROWER</U></B></font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>COCA-COLA FEMSA,
S.A. DE C.V.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ H&eacute;ctor Trevi&#241;o Guti&eacute;rrez <HR SIZE="1" noshade>
            Title: Chief Financial Officer</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
65</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P><table width=600><TR><TD width=60% valign=top><FONT SIZE="2"></FONT></TD><TD width=40% valign=top><font size=2><B><U>ADMINISTRATIVE AGENT</U></B></font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>JPMORGAN CHASE BANK,<BR>&nbsp;&nbsp;&nbsp;as Administrative Agent</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Linda M. Meyer <HR SIZE="1" noshade>
            Title: Vice President</font></TD>
        </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
66</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P><table width=600><TR><TD width=60% valign=top><FONT SIZE="2"></FONT></TD><TD width=40% valign=top><font size=2><B><U>MEXICAN ADMINISTRATIVE AGENT</U></B></font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>BANCO J.P. MORGAN, S.A., <BR>INSTITUCI&Oacute;N DE BANCA M&Uacute;LTIPLE, <BR>J.P. MORGAN GRUPO FINANCIERO, <BR>DIVISI&Oacute;N
FIDUCIARIA, as Mexican <BR>Administrative Agent</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Mar&iacute;a Elisa Cornejo Mirabal <HR SIZE="1" noshade>
            Title: Trustee Delegate</font></TD>
        </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
67</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<P><table width=600><TR><TD width=60% valign=top><FONT SIZE="2"></FONT></TD><TD width=40% valign=top><font size=2><B><U>LENDERS</U></B></font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>JPMORGAN CHASE BANK</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Linda M. Meyer <HR SIZE="1" noshade>
            Title: Vice President</font></TD>
        </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
68</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>MORGAN STANLEY SENIOR FUNDING, INC.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Lucy Galbraith <HR SIZE="1" noshade>
            Title: Vice President</font></TD>
        </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
69</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>BANCO NACIONAL DE M&Eacute;XICO, S.A., <BR>INTEGRANTE DEL GRUPO FINANCIERO <BR>BANAMEX</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Leopoldo Amaya Gonz&aacute;lez <HR SIZE="1" noshade>
            Title: Director de Finanzas Corporativas</font></TD>
        </TR></TABLE><p></P>

<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Julio Alvarez <HR SIZE="1" noshade>
            Title: Vice President</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
70</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>BBVA BANCOMER, S.A.<BR>
INSTITUCION DE BANCA MULTIPLE<BR>
GRUPO FINANCIERO BANCOMER, <BR>SUCURSAL GRAN CAIMAN</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Agustin de la Garza Vidaurri <HR SIZE="1" noshade>
            Title: Attorney in Fact</font></TD>
        </TR></TABLE><p></P>

<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Sergio del Rio Herrera <HR SIZE="1" noshade>
            Title: Attorney in Fact</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
71</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD>
    <TD width=40% valign=top><font size=2>ING BANK, N.V. ACTING THROUGH <br>
      ITS CURACAO BRANCH</font></TD>
  </TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ A.B. Rosaria <HR SIZE="1" noshade>
            Title: Risk Manager</font></TD>
        </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=60% valign=top>&nbsp;</TD>
    <TD width=5% valign=top><font size=2>By:</font></TD>
    <TD valign=top colspan="2"><font size=2>/s/ A.C. Zulia </font>
      <hr size="1" noshade>
      </TD>
  </TR>
  <TR>
    <TD width=60% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=6% valign=top><font size=2> Title:</font></TD>
    <TD width=29% valign=top><font size=2> Vice President<BR>
      Senior Manager<BR>
      Transaction Processing</font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
72</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>THE BANK OF NOVA SCOTIA</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Robert D. Hirsh <HR SIZE="1" noshade>
            Title: Representative</font></TD>
        </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
73</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 80; page: 80" -->




<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>BNP PARIBAS PANAMA BRANCH</font></TD></TR></TABLE><p></P>


<P>
<table width=600>
  <tr>
    <td width=60% valign=top>&nbsp;</td>
    <td width=5% valign=top><font size=2>By:</font></td>
    <td valign=top colspan="2"><font size=2>/s/ Jorge Dixon</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width=60% valign=top><font size=2> </font></td>
    <td width=5% valign=top>&nbsp;</td>
    <td width=6% valign=top><font size=2> Title:</font></td>
    <td width=29% valign=top><font size=2> Vice President &amp; Commercial Director</font></td>
  </tr>
</table>
<p></P>

<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Leticia Sang <HR SIZE="1" noshade>
            Title: Commercial Officer</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
74</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 81; page: 81" -->


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>COMERICA BANK</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Myrna E. Fernandez-Lynch <HR SIZE="1" noshade>
            Title: International Lending Officer</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
75</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 82; page: 82" -->


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>STANDARD CHARTERED BANK</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Steve Aloupis <HR SIZE="1" noshade>
            Title: Senior Vice President</font></TD>
        </TR></TABLE><p></P>

<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ Andrew Y. Ng <HR SIZE="1" noshade>
            Title: Vice President</font></TD>
        </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
76</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;




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<!-- MARKER PAGE="sheet: 83; page: 83" -->



<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=40% valign=top><font size=2>WACHOVIA BANK, NATIONAL <BR>ASSOCIATION</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=60% valign=top><font size=2>
</FONT></TD><TD width=5% valign=top><font size=2>By:</font></TD>
<TD width=35% valign=top><font size=2>/s/ J. Tyler Rollins <HR SIZE="1" noshade>
            Title: Director</font></TD>
        </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
77</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;

</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.6
<SEQUENCE>7
<FILENAME>e14932ex2-6.htm
<DESCRIPTION>TERM LOAN AGREEMENT
<TEXT>
<html>
<head>
<title> Exhibit 2.6 </title>
</head>
<body>






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<p><table width=600><tr><td align=right><font size=2><B>Exhibit 2.6</B></font></td></tr></table>



<p>
<TABLE WIDTH=600><TR><TD>
<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>
  </TR></TABLE>


<p><table width=600><tr>
    <td  align=center><font size=2>TERM LOAN AGREEMENT</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>dated as of</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>April 23, 2003</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>among</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>COCA-COLA FEMSA, S.A. DE C.V.</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>THE LENDERS PARTY HERETO</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>JPMORGAN CHASE BANK <BR>
      as Administrative Agent</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>and</font></td>
  </tr></table>





<p><table width=600><tr>
    <td  align=center><font size=2>BANCO J.P. MORGAN, S.A., <BR>
      INSTITUCI&Oacute;N DE BANCA M&Uacute;LTIPLE, J.P. MORGAN GRUPO FINANCIERO,
      <BR>
      DIVISI&Oacute;N FIDUCIARIA <BR>
      as Mexican Administrative Agent</font></td>
  </tr></table>



<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>




<p><table width=600><tr>
    <td  align=center><font size=2>MORGAN STANLEY SENIOR FUNDING, INC. <BR>
      Syndication Agent</font></td>
  </tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2>J.P. MORGAN SECURITIES INC. <BR>
      and <BR>
      MORGAN STANLEY SENIOR FUNDING, INC., <B><BR>
      </B>Co-Lead Arrangers and Joint Bookrunners</font></td>
  </tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2>BANCO NACIONAL DE M&Eacute;XICO, S.A., <BR>
      BBVA BANCOMER, <BR>
      ING BANK, N.V., <BR>
      Senior Arrangers</font></td>
  </tr></table>



<br>
<TABLE WIDTH=600><TR>
    <TD>
      <HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>
</TR></TABLE>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td><font size="2"><b>TABLE OF CONTENTS</b></font>
      <hr size="1" noshade width="150">
    </td>
  </tr>
</table>
<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="right">
    <td colspan="2"> <font size="2"> <u>P<font size="1">AGE</font></u></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2"><font size="2"></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2"> ARTICLE 1</font> <font size="2"> <br>
      D<font size="1">EFINITIONS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 1.01. <i>Defined Terms</i></font></td>
    <td align="right"> <font size="2"> 1</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 1.02. <i>Terms Generally</i></font></td>
    <td align="right"> <font size="2"> 17</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td><font size="2">Section 1.03. <i>Accounting Terms</i></font></td>
    <td align="right"><font size="2">18</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2"> ARTICLE 2</font><font size="2"></font> <font size="2">
      <br>
      T<font size="1">HE</font> C<font size="1">REDITS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.01. <i>Commitments</i></font></td>
    <td align="right"> <font size="2"> 18</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.02. <i>Loans, Notes and other Evidence of Loans</i></font></td>
    <td align="right"> <font size="2"> 19</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.03. <i>Borrowing Request; Notice of Initial
      Peso Exchange Rate</i></font></td>
    <td align="right"> <font size="2"> 20</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.04. <i>Funding of Loans</i></font></td>
    <td align="right"> <font size="2"> 21</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.05.<i> Interest Period Elections</i></font></td>
    <td align="right"> <font size="2"> 23</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.06. <i>Termination or Reduction of Commitments</i></font></td>
    <td align="right"> <font size="2"> 24</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.07. <i>Payment at Maturity; Scheduled Amortization</i></font></td>
    <td align="right"> <font size="2"> 24</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.08. <i>Prepayments</i></font></td>
    <td align="right"> <font size="2"> 25</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.09. <i>Fees</i></font></td>
    <td align="right"> <font size="2"> 26</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.10. <i>Interest</i></font></td>
    <td align="right"> <font size="2"> 26</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.11. <i>Alternate Rate of Interest</i></font></td>
    <td align="right"> <font size="2"> 27</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.12. <i>Increased Costs</i></font></td>
    <td align="right"> <font size="2"> 28</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.13. <i>Break-Funding Payments</i></font></td>
    <td align="right"> <font size="2"> 29</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.14. <i>Taxes</i></font></td>
    <td align="right"> <font size="2"> 29</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.15. <i>Payments Generally; Pro Rata Treatment;
      Sharing of Set-offs</i></font></td>
    <td align="right"> <font size="2"> 31</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.16. <i>Lender&#146;s Obligation to Mitigate; Replacement
      of Lenders</i></font></td>
    <td align="right"> <font size="2"> 33</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 2.17.<i> Judgment Currency</i></font></td>
    <td align="right"> <font size="2"> 34</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2"> ARTICLE 3</font><font size="2"></font> <font size="2">
      <br>
      R<font size="1">EPRESENTATIONS AND</font> W<font size="1">ARRANTIES</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.01. <i>Organization; Powers</i></font></td>
    <td align="right"> <font size="2"> 35</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.02. <i>Authorization; Enforceability</i></font></td>
    <td align="right"> <font size="2"> 35</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.03. <i>Governmental Approvals; No Conflicts</i></font></td>
    <td align="right"> <font size="2"> 35</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.04. <i>Financial Statements; No Material Adverse
      Change</i></font></td>
    <td align="right"> <font size="2"> 35</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.05. <i>Properties</i></font></td>
    <td align="right"> <font size="2"> 36</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.06.<i> Litigation and Environmental Matters</i></font></td>
    <td align="right"> <font size="2"> 37</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.07. <i>Compliance with Laws and Agreements</i></font></td>
    <td align="right"> <font size="2"> 37</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.08. <i>Investment and Holding Company Status</i></font></td>
    <td align="right"> <font size="2"> 37</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.09. <i>Taxes</i></font></td>
    <td align="right"> <font size="2"> 37</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.10. <i>Disclosure</i></font></td>
    <td align="right"> <font size="2"> 38</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.11. <i>Pari Passu Status</i></font></td>
    <td align="right"> <font size="2"> 38</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.12. <i>Subsidiaries</i></font></td>
    <td align="right"> <font size="2"> 38</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.13. <i>Insurance</i></font></td>
    <td align="right"> <font size="2"> 38</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2"> Section 3.14.<i> Labor Matters</i></font></td>
    <td align="right"> <font size="2"> 38</font></td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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<p>&nbsp;
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 3.15. <i>Solvency</i></font></td>
    <td align="right"> <font size="2">38</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 3.16.<i> Legal Form</i></font></td>
    <td align="right"> <font size="2">38</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2">ARTICLE 4</font><font size="2"></font> <font size="2">
      <br>
      C<font size="1">ONDITIONS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 4.01.<i> Effective Date</i></font></td>
    <td align="right"> <font size="2">39</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 4.02. <i>Conditions To Borrowing</i></font></td>
    <td align="right"> <font size="2">39</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2">ARTICLE 5</font><font size="2"></font> <font size="2">
      <br>
      A<font size="1">FFIRMATIVE</font> C<font size="1">OVENANTS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.01. <i>Financial Statements and Other Information</i></font></td>
    <td align="right"> <font size="2">42</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.02. <i>Notice of Material Events</i></font></td>
    <td align="right"> <font size="2">43</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.03. <i>Existence; Conduct of Business</i></font></td>
    <td align="right"> <font size="2">44</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.04. <i>Payment of Obligations</i></font></td>
    <td align="right"> <font size="2">44</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.05. <i>Maintenance of Properties</i></font></td>
    <td align="right"> <font size="2">44</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.06. <i>Insurance</i></font></td>
    <td align="right"> <font size="2">44</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.07.<i> Proper Records; Rights to Inspect and
      Appraise</i></font></td>
    <td align="right"> <font size="2">44</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.08. <i>Compliance with Laws</i></font></td>
    <td align="right"> <font size="2">45</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.09. <i>Use of Proceeds</i></font></td>
    <td align="right"> <font size="2">45</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.10. <i>Further Assurances</i></font></td>
    <td align="right"> <font size="2">45</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 5.11. <i>Covenants During Bridge Period</i></font></td>
    <td align="right"> <font size="2">45</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2">ARTICLE 6</font><font size="2"></font> <font size="2">
      <br>
      N<font size="1">EGATIVE</font> C<font size="1">OVENANTS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.01. <i>Liens</i></font></td>
    <td align="right"> <font size="2">45</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.02. <i>Fundamental Changes</i></font></td>
    <td align="right"> <font size="2">46</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.03. <i>Transactions with Affiliates</i></font></td>
    <td align="right"> <font size="2">47</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.04. <i>Restrictive Agreements</i></font></td>
    <td align="right"> <font size="2">47</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.05. <i>Interest Expense Coverage Ratio</i></font></td>
    <td align="right"> <font size="2">48</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.06.<i> Leverage Ratio</i></font></td>
    <td align="right"> <font size="2">49</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 6.07. <i>Subsidiary Debt</i></font></td>
    <td align="right"> <font size="2">49</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2">ARTICLE 7</font><font size="2"></font> <font size="2">
      <br>
      E<font size="1">VENTS</font> O<font size="1">F</font> D<font size="1">EFAULT</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 7.01. <i>Events Of Default</i></font></td>
    <td align="right"> <font size="2">49</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="center">
    <td colspan="2"> <font size="2">ARTICLE 8</font><font size="2"></font> <font size="2">
      <br>
      T<font size="1">HE</font> A<font size="1">GENTS</font></font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.01. <i>Appointment and Authorization</i></font></td>
    <td align="right"> <font size="2">52</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.02.<i> Rights and Powers as a Lender</i></font></td>
    <td align="right"> <font size="2">52</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.03. <i>Limited Duties and Responsibilities</i></font></td>
    <td align="right"> <font size="2">52</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.04. <i>Authority to Rely on Certain Writings,
      Statements and Advice</i></font></td>
    <td align="right"> <font size="2">53</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.05.<i> Sub-Agents and Related Parties</i></font></td>
    <td align="right"> <font size="2">53</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.06. <i>Resignation; Successor Administrative
      Agents</i></font></td>
    <td align="right"> <font size="2">53</font></td>
  </tr>
  <tr valign="bottom" align="left">
    <td> <font size="2">Section 8.07. <i>Credit Decisions by Lenders</i></font></td>
    <td align="right"> <font size="2">54</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
ii</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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<p>&nbsp;
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr align="center" valign="bottom">
    <td colspan="2"> <font size="2">ARTICLE 9</font><font size="2"></font> <font size="2">
      <br>
      M<font size="1">ISCELLANEOUS</font></font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.01. <i>Notices</i></font></td>
    <td align="right"> <font size="2">54</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.02. <i>Waivers; Amendments</i></font></td>
    <td align="right"> <font size="2">55</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.03.<i> Expenses; Indemnity; Damage Waiver</i></font></td>
    <td align="right"> <font size="2">56</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.04. <i>Successors and Assigns</i></font></td>
    <td align="right"> <font size="2">58</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.05. <i>Survival</i></font></td>
    <td align="right"> <font size="2">60</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.06. <i>Counterparts; Integration; Effectiveness</i></font></td>
    <td align="right"> <font size="2">60</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.07. <i>Severability</i></font></td>
    <td align="right"> <font size="2">61</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.08. <i>Right of Set-off</i></font></td>
    <td align="right"> <font size="2">61</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.09. <i>Governing Law; Jurisdiction; Consent
      to Service of Process</i></font></td>
    <td align="right"> <font size="2">61</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.10. <i>WAIVER OF JURY TRIAL</i></font></td>
    <td align="right"> <font size="2">62</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.11. <i>Headings</i></font></td>
    <td align="right"> <font size="2">63</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td> <font size="2">Section 9.12. <i>Confidentiality</i></font></td>
    <td align="right"> <font size="2">63</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
iii</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>SCHEDULES AND EXHIBITS:</font></td></tr></table>





<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 1.01A</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Acquisition Documents</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 1.01B</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Initial Material Subsidiaries</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 2.01</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Commitments</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 2.04</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Deferred Funding Lenders</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 3.03</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Governmental Approvals</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 3.06</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Disclosed Matters</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 3.12</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Subsidiaries</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 6.01</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Existing Liens</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Schedule 6.04</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Existing Restrictions</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">&nbsp;</td>
    <td align="center" width="34">&nbsp;</td>
    <td width="469">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit A</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Assignment</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit B-1</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Dollar Tranche A Note</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit B-2</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Dollar Tranche B Note</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit B-3</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Peso Note</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit C-1</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Opinion of New York Counsel to the Borrower</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit C-2</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Opinion of Mexican Counsel to the Borrower</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit D-1</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Opinion of New York Counsel to the Agents</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit D-2</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Opinion of Mexican Counsel to the Agents</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit E-1</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Borrowing Request</font>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="97">
      <p><font size="2">Exhibit E-2</font>
    </td>
    <td align="center" width="34">
      <p><font size="2">-</font>
    </td>
    <td width="469">
      <p><font size="2">Form of Interest Period Election Notice</font>
    </td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
iv</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TERM LOAN
AGREEMENT dated as of April 23, 2003 among COCA-COLA FEMSA, S.A. DE C.V.,  the LENDERS
party hereto, BANCO J.P. MORGAN, S.A., INSTITUCI&Oacute;N DE BANCA M&Uacute;LTIPLE,  J.P.
MORGAN GRUPO FINANCIERO, DIVISI&Oacute;N FIDUCIARIA, as Mexican Administrative Agent, and
JPMORGAN CHASE BANK, as Administrative Agent.</font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>RECITALS</B></font></td></tr></table>





<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower proposes to acquire all of the outstanding capital stock of Panamco (as
defined below) pursuant to a merger of a wholly-owned Subsidiary of the Borrower
with and into Panamco, and desires to borrow funds under this Agreement to
finance such acquisition and for the other purposes set forth herein. The
Lenders are willing to make loans hereunder on the terms and subject to the
conditions set forth herein. The parties hereto therefore agree as follows:</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 1 <br>
      D<font size="1">EFINITIONS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. <i>Defined Terms</i>.
      As used in this Agreement, the following terms have the meanings specified
      below:</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Acquisition</b>&#148;
      means the merger between Panamco and a wholly-owned Subsidiary of the Borrower,
      all pursuant to the Acquisition Documents.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Acquisition Date</b>&#148;
      has the meaning set forth in Section 2.04(c).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Acquisition Documents</b>&#148;
      means the Merger Agreement and other documents specified in Schedule 1.01A.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Adjusted LIBO Rate</b>&#148;
      means, for any Interest Period, an interest rate per annum (rounded upwards,
      if necessary, to the next 0.01%) equal to (a) the LIBO Rate for such Interest
      Period multiplied by (b) the Statutory Reserve Adjustment in effect on the
      date of the determination.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;</font><font size="2"><b>Administrative
      Agent</b>&#148; means JPMorgan Chase Bank, in its capacity as administrative
      agent under the Loan Documents, and its successors in such capacity. </font>
      <p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Administrative Questionnaire</b>&#148;
      means an Administrative Questionnaire in a form supplied by the Administrative
      Agent.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Affected Facility</b>&#148;
      has the meaning set forth in Section 2.04(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Affiliate</b>&#148;
      means, with respect to a specified Person, another Person that directly,
      or indirectly through one or more intermediaries, Controls or is Controlled
      by or is under common Control with such specified Person. &#147;<b>Control</b>&#148;
      means possession, directly or indirectly, of the power to direct or cause
      the direction of the management or policies of a Person, whether through
      the ability to exercise voting power, by contract or otherwise. &#147;<b>Controlling</b>&#148;
      and &#147;<b>Controlled</b>&#148; have meanings correlative thereto.</font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Agents</b>&#148; means
      the Administrative Agent, the Mexican Administrative Agent and the Syndication
      Agent.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Alternate Rate</b>&#148;
      has the meaning set forth in Section 2.11(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Alternate Rate Loan</b>&#148;
      means, at any time, any Loan that is bearing interest at a rate based upon
      the Alternate Rate at such time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Attributable Debt</b>&#148;
      in respect of a Sale and Leaseback Transaction means, at any date, the present
      value of the obligation of the lessee for net rental payments during the
      remaining term of the lease included in such Sale and Leaseback Transaction
      including any period for which such lease has been extended or may, at the
      option of the lessor, be extended. Such present value shall be calculated
      using a discount rate equal to the rate of interest implicit in such transaction,
      determined in accordance with GAAP.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Applicable GAAP</b>&#148;
      has the meaning set forth in Section 1.03.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Applicable Margin</b>&#148;
      means (as used below, the &#147;Third Anniversary&#148; and &#147;Fourth
      Anniversary&#148; means the third or fourth anniversary, respectively, of
      the relevant Borrowing Date for Loans of such Tranche) (a) with respect
      to any Dollar Loan for any day, the rate per annum set forth below under
      the caption &#147;LIBO Rate Margin&#148; opposite the period in which such
      day occurs and (b) with respect to any Peso Loan for any day, the rate per
      annum set forth below under the caption &#147;TIIE Rate Margin&#148; opposite
      the period in which such day occurs:</font></td>
  </tr></table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td><b><font size="2">Period</font></b>
      <hr noshade size="1">
    </td>
    <td><b>&nbsp;&nbsp;</b></td>
    <td><b><font size="2">LIBO Rate <br>
      Margin</font></b>
      <hr noshade size="1">
    </td>
    <td><b>&nbsp;&nbsp;</b></td>
    <td><b><font size="2">TIIE Rate <br>
      Margin</font></b>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size="2">Relevant Borrowing Date through
      Third Anniversary</font></td>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">0.85%</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">0.45%</font></td>
  </tr>
  <tr>
    <td align="left" valign="bottom"><font size="2">Third Anniversary through
      Fourth Anniversary</font></td>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">0.95%</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">0.50%</font></td>
  </tr>
  <tr>
    <td height="18" align="left" valign="bottom"><font size="2">Fourth Anniversary
      and thereafter</font></td>
    <td height="18">&nbsp;</td>
    <td height="18" align="center" valign="bottom"><font size="2">1.05%</font></td>
    <td height="18" align="center" valign="bottom">&nbsp;</td>
    <td height="18" align="center" valign="bottom"><font size="2">0.55%</font></td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Asset Amount</b>&#148;
      has the meaning set forth in Section 6.04.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Asset Swap</b>&#148;
      means any sale, transfer, lease or other disposition by the Borrower or
      any of its Subsidiaries of any asset or assets, including any Equity Interest
      owned by the Borrower or any of its Subsidiaries, in which the consideration
      received for such asset or assets are in the form of Distribution Assets.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Assignment</b>&#148;
      means an assignment and assumption agreement entered into by a Lender and
      an assignee (with the consent of any party whose consent is required by
      Section 9.04), and accepted by the Administrative Agent, in the form of
      Exhibit A or any other form approved by the Administrative Agent.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Borrower</b>&#148;
      means Coca-Cola Femsa, S.A. de C.V., a <i>sociedad an&oacute;nima de capital
      variable</i> organized under the laws of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Borrowing</b>&#148;
      means Loans of the same Tranche made on the same day and as to which the
      same Interest Period is in effect.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Borrowing Dates</b>&#148;
      means the Dollar Borrowing Date and the Peso Borrowing Date; and the &#147;relevant
      Borrowing Date&#148; means, for the Dollar Loans, the Dollar Borrowing Date
      and, for the Peso Loans, the Peso Borrowing Date.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Borrowing Request</b>&#148;
      has the meaning set forth in Section 2.03.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Bridge Loans</b>&#148;
      means the loans made pursuant to the Other Loan Agreement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Bridge Period</b>&#148;
      means the period from and including the date of the Other Loan Agreement
      to and including the first date on which the Bridge Loans and all interest
      due with respect to such Bridge Loans shall have been repaid in full and
      the commitments under the Other Loan Agreement shall have expired or been
      terminated.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Business Day</b>&#148;
      means any day that is not a Saturday, Sunday, or other day on which commercial
      banks in New York City or Mexico City are authorized or required by law
      to remain closed.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Capital Lease Obligations</b>&#148;
      of any Person means obligations of such Person to pay rent or other amounts
      under any lease of (or other arrangement conveying the right to use) real
      or personal property, or a combination thereof, which obligations are required
      under Applicable GAAP to be classified and accounted for as capital leases
      on a balance sheet of such Person (including without limitation any such
      obligation arising under a Sale and Leaseback Transaction). The amount of
      such obligations will be the capitalized amount thereof determined in accordance
      with Applicable GAAP.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Change in Control</b>&#148;
      means the occurrence of either of the following:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
during the Bridge Period, any &#147;Change of Control&#148; as defined in the  Other Loan
Agreement on the date hereof (without giving effect to any amendment  or modification
thereof not consented to in writing by the Required Lenders  under this Agreement
pursuant to Section 9.02(b)); or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  failure by The Coca-Cola Company at any time after the end of the Bridge Period  to
own, directly or indirectly, beneficially and of record, ordinary shares of  capital
stock of the Borrower representing at least 25% of the voting power of  all issued and
outstanding capital stock of all classes of capital stock of the  Borrower (exclusive of
any matters as to which (x) class voting rights exist and  (y) holders of a class of
shares of the Borrower may exercise limited voting  rights).</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Change in Law</b>&#148;
      means (a) the adoption of any law, rule or regulation after the date of
      this Agreement (including circulars or other rules issued by any Governmental
      Authority of Mexico), (b) any change in any law, rule or regulation or in
      the interpretation or application thereof by any relevant Governmental Authority
      after such date or (c) compliance by any Lender (or, for purposes of Section
      2.12(b), by any lending office of such Lender or by such Lender&#146;s holding
      company, if any) with any request, guideline or directive (whether or not
      having the force of law) of any Governmental Authority made or issued after
      such date.</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 9; page: 9" -->




<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>CNBV</b>&#148; means
      the National Banking and Securities Commission (<i>Comisi&oacute;n Nacional
      Bancaria y de Valores</i>) of Mexico or any entity succeeding to any or
      all of its functions.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Coca-Cola Facility</b>&#148;
      means a liquidity facility extended by The Coca-Cola Company and/or any
      of its Subsidiaries to the Borrower and/or one or more of its Subsidiaries
      the proceeds of which shall be used for ongoing working capital, general
      corporate and related purposes, and the aggregate principal amount of which
      shall not exceed US$250,000,000.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Commitment</b>&#148;
      means a Tranche A Commitment, Tranche B Commitment or Peso Loan Commitment,
      or any combination thereof (as the context requires).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Consolidated EBITDA</b>&#148;
      means, for any period, EBITDA of the Borrower and its Subsidiaries for such
      period; <i>provided</i> that &#147;<b>Consolidated EBITDA</b>&#148; (i)
      for the fiscal quarters ended June 30, 2002, September 30, 2002 and December
      31, 2002 shall be deemed to be US$249,657,504, US$199,780,002 and US$220,686,730,
      respectively, (ii) for the fiscal quarter ended March 31, 2003 shall be
      deemed to be the sum of (A) EBITDA of the Borrower and its consolidated
      Subsidiaries <i>plus</i> (B) EBITDA of Panamco and its consolidated Subsidiaries,
      each determined for such financial quarter in accordance with Applicable
      GAAP and (iii) for the fiscal quarter ended June 30, 2003 shall be deemed
      to be the sum of (A) EBITDA of the Borrower and its consolidated Subsidiaries
      plus (B) EBITDA of Panamco and its consolidated Subsidiaries from April
      1, 2003 through the Acquisition Date, each determined for such financial
      quarter in accordance with Applicable GAAP.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Consolidated Interest
      Expense</b>&#148; means, for any period, Interest Expense of the Borrower
      and its Subsidiaries for such period; <i>provided</i> that &#147;<b>Consolidated
      Interest Expense</b>&#148; (i) for the fiscal quarters ended June 30, 2002,
      September 30, 2002 and December 31, 2002 shall be deemed to be US$30,729,849,
      US$27,921,840 and US$28,968,628, respectively, (ii) for the fiscal quarter
      ended March 31, 2003 shall be deemed to be the sum of (A) the Interest Expense
      of the Borrower and its consolidated Subsidiaries for such fiscal quarter
      <i>plus</i> (B) the Interest Expense of Panamco and its consolidated Subsidiaries
      for such fiscal quarter, and (iii) for the fiscal quarter ended June 30,
      2003 shall be deemed to be the sum of (A) the Interest Expense of the Borrower
      and its consolidated Subsidiaries for such fiscal quarter <i>plus</i> (B)
      the Interest Expense of Panamco and its consolidated Subsidiaries from April
      1, 2003 through the Acquisition Date.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Consolidated Tangible
      Assets</b>&#148; means at any time the total assets appearing on a consolidated
      balance sheet of the Borrower and its Subsidiaries less intangible assets
      appearing on such balance sheet, all determined on a consolidated basis
      at such time in accordance with Mexican GAAP.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Debt</b>&#148; of
      any Person means, without duplication, (a) all obligations of such Person
      for borrowed money or with respect to advances of any kind, (b) all obligations
      of such Person evidenced by bonds, debentures, notes or similar instruments,
      (c) all obligations of such Person in respect of the deferred purchase price
      of property or services (excluding current trade payables or accounts payable
      incurred in the ordinary course of business), (d) all Debt of other Persons
      secured by any Lien on property owned or acquired by such Person, whether
      or not the Debt secured thereby has been assumed, </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>(e) all Guarantees including an <i>aval</i> by such Person
      of Debt of other Persons, (f) all Capital Lease Obligations of such Person,
      (g) all Derivatives Obligations of such Person (determined, where applicable,
      at the net termination value thereof and giving effect to contractually
      permitted netting with the relevant counterparty), (h) all non-contingent
      obligations of such Person as an account party in respect of letters of
      credit and letters of guaranty and (i) all obligations, contingent or otherwise,
      of such Person in respect of bankers&#146; acceptances.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Default</b>&#148;
      means any event or condition which constitutes an Event of Default or which
      upon notice, lapse of time or both would, unless cured or waived, become
      an Event of Default.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Deferred Funding Amount</b>&#148;
      and &#147;<b>Deferred Funding Lender</b>&#148; each have the respective
      meaning set forth in Section 2.04(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Derivatives Obligations</b>&#148;
      of any Person means all obligations of such Person in respect of any rate
      swap transaction, basis swap, forward rate transaction, commodity swap,
      commodity option, equity or equity index swap, equity or equity index option,
      bond option, interest rate option, derivatives transactions with respect
      to foreign currency exchange, cap transaction, floor transaction, collar
      transaction, currency swap transaction, cross-currency rate swap transaction,
      currency option or any other similar transaction (including any option with
      respect to any of the foregoing transactions) or any combination of the
      foregoing transactions, including without limitation obligations under any
      Synthetic Purchase Agreement; <i>provided</i> that in no event shall the
      term &#147;Derivative Obligations&#148; include any swap, option or similar
      transaction relating to the price of aluminum or other commodities used
      in the business of the Borrower and its Subsidiaries entered into in the
      ordinary course of business of such Person or Persons and not for speculative
      purposes.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Disclosed Matters</b>&#148;
      means the matters disclosed in Schedule 3.06.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Distribution Assets</b>&#148;
      means the assets consisting of brands, routes, territories or distribution
      rights with respect to the distribution or sale of soft drinks, beer, juices,
      water and other beverages, together with related assets for production and
      distribution in such routes or territories, including Equity Interests in
      any Person all or substantially all of whose assets consist of the foregoing,
      <i>provided</i> that immediately after giving effect to any such acquisition
      of Equity Interests, such Person is a Subsidiary of the Borrower.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Dollar Amount</b>&#148;
      means, at any time, for any Lender and with respect to any determination
      required hereunder:</font></td>
  </tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
with  respect to any Dollar Commitment or Peso Commitment of such Lender, the  respective
Dollar amount thereof as set forth on Schedule 2.01 or in the  Assignment pursuant to
which such Dollar Commitment or Peso Commitment (or  portion thereof) has been assigned
under Section 9.04</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
with respect to any Dollar Loan, the principal amount of such Dollar Loan  then
outstanding; and</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
with respect to any Peso Loan, the Dollar equivalent of the principal amount  thereof
then outstanding, determined using the Peso Spot Rate at the time of  such determination.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Dollar Borrowing Date</b>&#148;
      has the meaning set forth in Section 4.02.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Dollar Loan</b>&#148;
      means any Tranche A Loan or Tranche B Loan.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Dollar Loan Commitments</b>&#148;
      means any Tranche A Commitment or Tranche B Commitment.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Dollars</b>&#148;,
      &#147;<b>$</b>&#148; or &#147;<b>US$</b>&#148; means the lawful money of
      the United States.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>EBITDA</b>&#148; means,
      for any period and for any Person, the sum of: (a) operating income of such
      Person and its Subsidiaries for such period <i>plus</i> (b) only to the
      extent deducted in determining such operating income for such period, (x)
      depreciation and amortization of such Person and its Subsidiaries for such
      period, all as determined in accordance with Applicable GAAP, and (y) all
      other non-cash items of such Person and its Subsidiaries reducing such operating
      income for such period (not including any such non-cash charges in such
      period that reflect cash expenses paid or to be paid in any other period).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>EDC</b>&#148; means
      Export Development Canada.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Effective Date</b>&#148;
      means the date on which each of the conditions specified in Section 4.01
      is satisfied (or waived in accordance with Section 9.02).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Environmental Laws</b>&#148;
      means all laws, rules, regulations, codes, ordinances, technical standards
      (<i>normas t&eacute;cnicas</i>), orders, decrees, judgments, injunctions,
      notices or binding agreements issued, promulgated or entered into by any
      Governmental Authority, relating in any way to the environment, the preservation
      or reclamation of natural resources, the management, release or threatened
      release of any Hazardous Material or health and safety matters.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Environmental Liability</b>&#148;
      means any liability, contingent or otherwise (including any liability for
      damages, costs of remediation, fines, penalties or indemnities), of the
      Borrower or any of its Subsidiaries directly or indirectly resulting from
      or based on (a) violation of any Environmental Law, (b) the generation,
      use, handling, transportation, storage, treatment or disposal of any Hazardous
      Material, (c) exposure to any Hazardous Material, (d) the release or threatened
      release of any Hazardous Material into the environment or (e) any contract,
      agreement or other consensual arrangement pursuant to which liability is
      assumed or imposed with respect to any of the foregoing.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Equity Interests</b>&#148;
      means (i) shares of capital stock, partnership interests, membership interests
      in a limited liability company, beneficial interests in a trust or other
      equity ownership interests in a Person or (ii) any warrants, options, convertible
      bonds or other rights to acquire such shares or interests.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Events of Default</b>&#148;
      has the meaning specified in Article 7.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Excluded Taxes</b>&#148;
      means, with respect to any Lender Party or other recipient of a payment
      made by or on account of any obligation of the Borrower under any Loan Document
      (a) Taxes imposed on (or measured by) its net income or net profits by the
      jurisdiction (or any subdivision thereof or therein) under the laws of which
      such recipient is organized or in which its principal office is located
      or, in the case of any Lender, in which its applicable lending office is
      located, (b) Taxes imposed as a result of the failure of such Lender Party&#146;s
      representation in Section 2.14(e) (or in the case of EDC, Section 2.14(h))
      to be accurate as of the date as of which it is made and (c) Taxes imposed
      as a result of a failure of such Lender Party (other than a Lender Party
      that is a Mexican Bank) to comply with its obligations set forth in Section
      2.14(f), subject to the exceptions and limitations <i>provided</i> therein;
      <i>provided</i> that (i) in the case of clauses (b) and (c) above, Excluded
      Taxes shall only be deemed to include withholdings or deductions payable
      by the Borrower in respect of payments hereunder, in excess of a rate equal
      to the rate applicable if there had been no such failure by such Lender
      Party under Section 2.14(e) or Section 2.14(f), as applicable, and (ii)
      in the case of EDC, Excluded Taxes shall include any amounts in excess of
      what would be payable to EDC if it were a Foreign Financial Institution.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Federal Funds Effective
      Rate</b>&#148; means, for any day, the weighted average (rounded upwards,
      if necessary, to the next 0.01%) of the rates on overnight Federal funds
      transactions with members of the Federal Reserve System arranged by Federal
      funds brokers, as published on the next succeeding Business Day by the Federal
      Reserve Bank of New York, or, if such rate is not so published on such Business
      Day, the average (rounded upwards, if necessary, to the next 0.01%) of the
      quotations for such day for such transactions received by the Administrative
      Agent from three Federal funds brokers of recognized standing selected by
      it.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Federal Reserve Board</b>&#148;
      means the Board of Governors of the Federal Reserve System of the United
      States.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>FEMSA</b>&#148; means
      Fomento Econ&oacute;mico Mexicano, S.A. de C.V., a <i>sociedad an&oacute;nima
      de capital variable</i> organized under the laws of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Financial Officer</b>&#148;
      means the chief financial officer, principal accounting officer, treasurer
      or controller of the Borrower.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Financing Transactions</b>&#148;
      means (a) the Loan Transactions and (b) the Other Debt Refinancings.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Fiscal Quarter</b>&#148;
      means a fiscal quarter of the Borrower.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Fiscal Year</b>&#148;
      means a fiscal year of the Borrower.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Foreign Financial
      Institution</b>&#148; means an institution registered as a foreign financial
      institution with the Ministry of Finance in the registry referred to in
      Article 197 of Mexico&#146;s Income Tax Law and any successor provision
      thereof, for purposes of <i>fracci&oacute;n I, inciso a), subinciso 1</i>,
      of Article 195 of Mexico&#146;s Income Tax Law.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Foreign Joint Venture</b>&#148;
      has the meaning set forth in Section 6.04.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 13; page: 13" -->





<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Governmental Authority</b>&#148;
      means the executive, legislative and judicial branches of power of Mexico
      or any political subdivision thereof, the government of Mexico or any political
      subdivision thereof, or the government of any other nation or any political
      subdivision thereof, whether state or local, and any agency, authority,
      instrumentality, regulatory body, court, central bank or other entity exercising
      executive, legislative, judicial, taxing, regulatory or administrative powers
      or functions of or pertaining to government (including, without limitation,
      the United States Federal Reserve Board, <i>Banco de M&eacute;xico</i>,
      the CNBV and IPAB).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Guarantee</b>&#148;
      by any Person (the &#147;<b>Guaranteeing Person</b>&#148;) means any obligation,
      contingent or otherwise, of the Guaranteeing Person guaranteeing any Debt
      of any other Person (the &#147;<b>Primary Obligor</b>&#148;) in any manner,
      whether directly or indirectly, and including an <i>aval</i> and any obligation
      of the Guaranteeing Person, direct or indirect, (a) to purchase or pay (or
      advance or supply funds for the purchase or payment of) such Debt or to
      purchase (or advance or supply funds for the purchase of) any security for
      the payment thereof, (b) to purchase or lease property, securities or services
      for the purpose of assuring the owner of such Debt of the payment thereof,
      (c) pursuant to a contract of such Guaranteeing Person, to maintain working
      capital, equity capital or any other financial statement condition or liquidity
      of the Primary Obligor so as to enable the Primary Obligor to pay such Debt
      or (d) as an account party in respect of any letter of credit or letter
      of guaranty issued to support such Debt; <i>provided</i> that the term &#147;Guarantee&#148;
      shall not include endorsements for collection or deposit in the ordinary
      course of business.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Hazardous Materials</b>&#148;
      means all explosive or radioactive substances or wastes and all hazardous
      or toxic substances, wastes or other pollutants, including petroleum or
      petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
      biphenyls, radon gas, infectious or medical wastes and all other substances
      or wastes of any nature regulated pursuant to any Environmental Law.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>IMSS</b>&#148; means
      the<i> Instituto Mexicano del Seguro Social</i>.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Indemnified Taxes</b>&#148;
      means all Taxes imposed by Mexico or any other jurisdiction (or any subdivision
      thereof or therein) from which or through which any payment is made or deemed
      made (for tax purposes) by the Borrower under the Loan Documents, except
      Excluded Taxes.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>INFONAVIT</b>&#148;
      means the<i> Instituto del Fondo Nacional de la Vivienda para los Trabajadores</i>
      of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Information Memorandum</b>&#148;
      means the Confidential Information Memorandum dated January, 2003 relating
      to the Borrower and the Transactions.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Initial Peso Exchange
      Rate</b>&#148; has the meaning set forth in Section 2.03(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Interest and Currency
      Hedges</b>&#148; means agreements, however documented, entered into with
      the purpose of hedging interest rate or currency risk with respect to Debt
      for borrowed money of the Borrower and its Subsidiaries, and not for speculative
      purposes.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Interest Expense</b>&#148;
      means, for any period and for any Person, an amount equal to the interest
      expense (including deemed interest expense in respect of Capital Lease Obligations)
      of such Person and its Subsidiaries for such period, including fees or other
      similar amounts paid in connection with or in addition to interest and interest
      paid in respect of factoring or equivalent arrangements even if not reflected
      on a Person&#146;s balance sheet or financial statements, determined on
      a consolidated basis in accordance with Applicable GAAP.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Interest Period</b>&#148;
      means:</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any Borrowing
      of Dollar Loans, (I) in the case of the first such Interest Period, the
      period beginning on the Dollar Borrowing Date and ending on the numerically
      corresponding date in the first, third or sixth calendar month thereafter
      and (II) in the case of each succeeding such Interest Period, the period
      beginning on the last day of the preceding Interest Period and ending on
      the numerically corresponding date in the first, third or sixth calendar
      month thereafter (or such other period, not longer than six months, as the
      Borrower and Administrative Agent may agree in order to facilitate orderly
      prepayment of the Loans), in each case as specified by the Borrower in the
      applicable Borrowing Request or Interest Period Election with respect to
      such Borrowing of Dollar Loans; <i>provided</i> that prior to the 90<font size="1"><sup>th</sup></font>
      day after the Dollar Borrowing Date, the Borrower shall select Interest
      Periods for Dollar Loans of one or two weeks or one month as agreed with
      the Administrative Agent, and <i>provided</i> <i>further</i> that:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any Interest Period
      would end on a day other than a LIBO Business Day, such Interest Period
      shall (subject to clause (iii) below) be extended to the next succeeding
      LIBO Business Day unless (in the case of an Interest Period for Dollar Loans
      of one, three or six months (a &#147;<b>monthly Interest Period</b>&#148;))
      such next succeeding LIBO Business Day would fall in the next calendar month,
      in which case such monthly Interest Period shall end on the next preceding
      LIBO Business Day;</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
any  monthly Interest Period that commences on the last LIBO Business Day of a  calendar
month (or on a day for which there is no numerically corresponding day  in the last
calendar month of such monthly Interest Period) shall (subject to  clause (iv) below) end
on the last LIBO Business Day of the last calendar month  of such Interest Period;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
if  any Interest Period with respect to a Tranche B Loan includes a date on which a
scheduled payment of principal of Tranche B Loans is required to be made under  Section
2.07(b) but does not end on such date, then (x) the principal amount of  each Loan or
portion thereof required to be repaid on such date shall have an  Interest Period ending
on such date and (y) the remainder (if any) of each such  Loan shall have an Interest
Period determined as set forth above; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
any  Interest Period for Tranche A Loans or Tranche B Loans that would otherwise end
after the Tranche A Maturity Date or Tranche B Maturity Date, as applicable,  shall end
on the Tranche A Maturity Date or Tranche B Maturity Date, as  applicable.</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 15; page: 15" -->





<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any Borrowing
      of Peso Loans, (I) in the case of the first such Interest Period, the period
      beginning on the Peso Borrowing Date and ending on the 28th day thereafter
      and (II) in the case of each succeeding such Interest Period, the period
      beginning on the last day of the preceding Interest Period and ending on
      the 28th day thereafter (or such other period as the Borrower and Administrative
      Agent (in consultation with the Mexican Administrative Agent) may agree
      in order to facilitate orderly prepayment of the Loans), as specified by
      the Borrower in the applicable Borrowing Request or Interest Period Election
      with respect to such Borrowing of Peso Loans; <i>provided</i> that:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
if  any such Interest Period would end on a day other than a Peso Business Day, such
Interest Period shall (subject to clause (ii) below) be extended to the next  succeeding
Peso Business Day;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
any  such Interest Period that commences on the last Peso Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the  last
calendar month of such Interest Period) shall (subject to clause (iv)  below) end on the
last Peso Business Day of the last calendar month of such  Interest Period;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
if  any such Interest Period includes a date on which a scheduled payment of  principal
of Peso Loans is required to be made under Section 2.07(c) but does  not end on such
date, then (x) the principal amount of each Loan or portion  thereof required to be
repaid on such date shall have an Interest Period ending  on such date and (y) the
remainder (if any) of each such Loan shall have an  Interest Period determined as set
forth above; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
any  Interest Period for Peso Loans that would otherwise end after the Peso Loan
Maturity Date shall end on the Peso Loan Maturity Date.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Interest Period Election</b>&#148;
      has the meaning set forth in Section 2.05(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Investment</b>&#148;
      by any Person (the &#147;<b>Investor</b>&#148;) in or with respect to any
      other Person means any investment by the Investor in such other Person,
      including without limitation through the acquisition or holding of any Equity
      Interest in or evidence of indebtedness or other security (including any
      option, warrant or other right to acquire any of the foregoing) of such
      other Person, or the making or holding of any loan or advance to or the
      Guarantee of any obligations of, such other Person.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>IPAB</b>&#148; means
      the<i> Instituto para la Protecci&oacute;n al Ahorro Bancario</i> of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Joint Venture Investment
      Event</b>&#148; has the meaning set forth in Section 6.04.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>KOF Companies</b>&#148;
      means the Borrower and its Subsidiaries.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Lender Parties</b>&#148;
      means the Lenders, the Administrative Agent and the Mexican Administrative
      Agent.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Lenders</b>&#148;
      means the Persons listed on Schedule 2.01 and any other Person that shall
      have become a party hereto pursuant to an Assignment, other than any such
      Person that ceases to be a party hereto pursuant to an Assignment.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
10</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Leverage Ratio</b>&#148;
      means, on any day, the ratio of (a) Total Debt as of such day to (b) Consolidated
      EBITDA for the period of four consecutive Fiscal Quarters ended on such
      day (or, if such day is not the last day of a Fiscal Quarter, ended on the
      last day of the Fiscal Quarter most recently ended before such day).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>LIBO Adjusted Business
      Day</b>&#148; means any day (i) that is not a Saturday, Sunday, or other
      day on which commercial banks in New York City are authorized or required
      by law to remain closed and (ii) on which banks are open for dealings in
      Dollar deposits in the London interbank market.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>LIBO Business Day</b>&#148;
      means any Business Day on which banks are open for dealings in Dollar deposits
      in the London interbank market.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>LIBO Rate</b>&#148;
      means, with respect to any Borrowing for any Interest Period, (i) the rate
      appearing on Page 3750 of the Dow Jones Market Service (or on any successor
      or substitute page of such Service, or any successor to or substitute for
      such Service, providing rate quotations comparable to those currently provided
      on such page of such Service, as determined by the Administrative Agent
      from time to time for purposes of providing quotations of interest rates
      applicable to Dollar deposits in the London interbank market) (&#147;<b>Page
      3750</b>&#148;) at approximately 11:00 a.m., London time, two LIBO Adjusted
      Business Days before the beginning of such Interest Period, as the rate
      for Dollar deposits with a maturity most nearly comparable to such Interest
      Period or (ii) if such rate does not appear on Page 3750 for any relevant
      Interest Period, the LIBO Rate shall be the interest rate <i>per annum </i>determined
      by the Administrative Agent to be equal to the arithmetic mean (rounded
      upward, if necessary, to the nearest 0.01%) of the rates <i>per annum</i>
      for Dollar deposits which appear on the Reuters Screen LIBO Page at or about
      11:00 a.m., London time, on the second LIBO Adjusted Business Day prior
      to the first day of such Interest Period for a period equal to (or, if there
      is no equal, then most nearly equal to) such Interest Period. If no such
      rate appears on Page 3750 or on the Reuters Screen LIBO Page for any relevant
      Interest Period, the LIBO Rate for such Interest Period shall be the average
      (rounded upward, if necessary, to the next higher 0.01%) of the rates per
      annum at which deposits in Dollars in a principal amount of US$5,000,000
      are offered by four major banks in the London interbank market (selected
      by the Administrative Agent after consultation with the Borrower) to JPMorgan
      Chase Bank in the London interbank market at approximately 11:00 a.m., London
      time, two LIBO Adjusted Business Days before the first day of such Interest
      Period and for a period of time most nearly comparable to such Interest
      Period.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Lien</b>&#148; means,
      with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
      hypothecation, encumbrance, charge or security interest in, on or of such
      asset, (b) the interest of a vendor or a lessor under any conditional sale
      agreement, capital lease or title retention agreement (or any financing
      lease having substantially the same economic effect as any of the foregoing)
      relating to such asset and (c) in the case of securities, any purchase option,
      call or similar right of a third party with respect to such securities.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Loans</b>&#148; means
      the loans made by the Lenders to the Borrower pursuant to Section 2.01.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Loan Documents</b>&#148;
      means this Agreement and the Notes.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
11</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Loan Transactions</b>&#148;
      means the execution, delivery and performance by the Borrower of the Loan
      Documents, the borrowing of Loans and the use of the proceeds thereof.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Long-Term Debt Rating</b>&#148;
      means the foreign currency rating assigned by S&amp;P or Moody&#146;s (as
      applicable) of the Borrower&#146;s long-term senior unsecured debt.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Material Adverse Change</b>&#148;
      means any event, change, circumstance or effect that has or could reasonably
      be expected to have a material adverse effect on (a) the business, results
      of operations or financial condition of the KOF Companies taken as a whole,
      since September 30, 2002, (b) the ability of the Borrower to perform its
      obligations under the Loan Documents, since September 30, 2002, or (c) the
      rights of Lenders under the Loan Documents, <i>provided</i>, <i>however</i>,
      that any event, change, circumstance or effect, to the extent (i) resulting
      from any change in U.S. or Mexican generally accepted accounting principles
      or official interpretations thereof after December 22, 2002 that apply to
      the KOF Companies, (ii) resulting from a downturn in the economy or business
      conditions in general in any country in which the Borrower or Panamco or
      any of their subsidiaries do business and not specifically relating to the
      KOF Companies or (iii) resulting from the public announcement of the Acquisition,
      shall be excluded in determining whether a Material Adverse Change has occurred;
      and <i>provided</i> <i>further</i> that in the case of Panamco&#146;s business,
      financial condition and results of operations in Venezuela, all of the foregoing
      shall be determined in accordance with the provisions of Schedule 3.07A
      of the Merger Agreement (other than (b)(ii) to the extent it relates to
      exchange controls or (b)(iii)).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Material Adverse Effect</b>&#148;
      means a material adverse effect on (a) the business, results of operations,
      or financial condition of the KOF Companies taken as a whole, (b) the ability
      of the Borrower to perform its obligations under the Loan Documents or (c)
      the rights and remedies available to any Lender Party under the Loan Documents.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Material Debt</b>&#148;
      means Debt (other than obligations in respect of the Loans) of any one or
      more KOF Companies in an aggregate principal amount exceeding US$30,000,000
      (or its equivalent in any other currency).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Material Subsidiary</b>&#148;
      means (i) prior to the first date on which financial statements are delivered
      pursuant to clause (a) or (b) under Section 5.01, the Persons listed on
      Schedule 1.01B hereto and (ii) at any time from and after such first date,
      any Subsidiary of the Borrower the total assets or total EBITDA of which
      (determined, in the case of any such Subsidiary that has Subsidiaries, on
      a consolidated basis for such Subsidiary and its Subsidiaries) are at least
      10% of the consolidated total assets of the Borrower and its consolidated
      Subsidiaries or 10% of Consolidated EBITDA, respectively, in each case as
      reflected in the financial statements of the Borrower then most recently
      delivered to the Lenders pursuant to clause (a) or (b) under Section 5.01;
      <i>provided</i> that solely for purposes of clauses (h) and (i) of Section
      7.01, &#147;Material Subsidiary&#148; shall include any group of Subsidiaries
      of the Borrower with respect to which any relevant event or condition of
      the type specified in such clause shall have occurred and be continuing,
      if such Subsidiaries taken together would constitute a &#147;Material Subsidiary&#148;
      as defined above.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Merger Agreement</b>&#148;
      means the merger agreement between the Borrower and Panamco dated December
      22, 2002.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
12</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Mexican Administrative
      Agent</b>&#148; means Banco J.P. Morgan, S.A., Instituci&oacute;n de Banca
      M&uacute;ltiple, J.P. Morgan Grupo Financiero, Divisi&oacute;n Fiduciaria,
      in its capacity as administrative agent for the Lenders with respect to
      Peso Loans and its successors in such capacity.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Mexican Bank</b>&#148;
      shall be a bank organized pursuant to the laws of Mexico and authorized
      to conduct banking activities in Mexico by the Ministry of Finance.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Mexican GAAP</b>&#148;
      has the meaning set forth in Section 1.03.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Mexico</b>&#148; means
      the United Mexican States.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Ministry of Finance</b>&#148;
      means the <i>Secretar&iacute;a de Hacienda y Cr&eacute;dito P&uacute;blico</i>
      of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Moody&#146;s</b>&#148;
      means Moody&#146;s Investors Service, Inc.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Note</b>&#148; has
      the meaning set forth in Section 2.02(a).</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Other Debt Refinancings</b>&#148;
      means the refinancing of (i) approximately US$270,500,000 outstanding amount
      of loans under Panamco&#146;s existing bank term loans and (ii) all or a
      portion of US$156,500,000 of Debt of certain Subsidiaries of Panamco.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Other Debt Refinancings
      Loan</b>&#148; means, for any Lender, the loan or loans owing to such Lender
      with respect to one or more issues of debt included in the Other Debt Refinancings
      and identified as an &#147;Other Debt Refinancings Loan&#148; on Schedule
      2.04.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Other Loan Agreement</b>&#148;
      means the Bridge Loan Agreement dated as of the date hereof among the Borrower,
      the lenders party thereto, and the &#147;Agents&#148; party thereto, including
      JPMorgan Chase Bank, as administrative agent.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Other Loan Documents</b>&#148;
      means the Other Loan Agreement and the Notes (as defined in the Other Loan
      Agreement).</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Other Taxes</b>&#148;
      means any and all present or future recording, stamp, documentary, excise,
      transfer, sales, property or similar taxes, charges or levies not based
      on net income or profit arising from any payment made under any Loan Document
      or from the execution, delivery or enforcement of, or otherwise with respect
      to, any Loan Document.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Panama</b>&#148; means
      the Republic of Panama.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Panamco</b>&#148;
      means Panamerican Beverages, Inc., a corporation organized under the laws
      of Panama.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Participants</b>&#148;
      has the meaning specified in Section 9.04(e).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Person</b>&#148; means
      any natural person, corporation, limited liability company, trust, joint
      venture, association, company, partnership, Governmental Authority or other
      entity.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Borrowing Date</b>&#148;
      has the meaning set forth in Section 4.02.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
13</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Business Day</b>&#148;
      means any day that is not a Saturday, Sunday, or other day on which commercial
      banks in Mexico City are authorized or required by law to remain closed.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Lender</b>&#148;
      means a Lender with a Peso Loan Commitment or an outstanding Peso Loan.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Loan</b>&#148;
      means a loan, funded and payable in Pesos, made pursuant to Section 2.01(c).</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Loan Commitment</b>&#148;
      means, with respect to each Lender, the commitment, if any, of such Lender
      to make a Peso Loan on the Peso Borrowing Date, expressed as an amount in
      Dollars representing the maximum principal amount of such Peso Loan, as
      such commitment may be (a) reduced from time to time pursuant to Section
      2.06 and (b) reduced or increased from time to time pursuant to assignments
      by or to such Lender pursuant to Section 9.04. The initial amount in Dollars
      of each Lender&#146;s Peso Loan Commitment is set forth on Schedule 2.01,
      or in the Assignment pursuant to which such Lender shall have assumed its
      initial Peso Loan Commitment, as applicable.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Loan Maturity
      Date</b>&#148; means the fifth anniversary of the Dollar Borrowing Date;
      <i>provided</i> that if such day is not both a LIBO Business Day and a Peso
      Business Day, the Peso Loan Maturity Date shall be extended to the next
      succeeding LIBO Business Day that is also a Peso Business Day unless such
      next succeeding day would fall in the next calendar month, in which case
      the Peso Loan Maturity Date shall be the next preceding LIBO Business Day
      that is also a Peso Business Day.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Peso Spot Rate</b>&#148;
      means, on any day, the rate at which Pesos may be exchanged into Dollars,
      at (i) the spot (same day) rate announced by <i>Banco de M&eacute;xico</i>
      and (A) quoted at 12:15 p.m. (Mexico City time) on Reuters Monitor Screen
      (Page MEX01, or any successor page for quoting such rate) on such day (or,
      if such day is not a Peso Business Day, on the immediately preceding Peso
      Business Day) or (B) if such rate is not so quoted on Reuters Monitor Screen
      for the relevant date of determination, then such spot rate as may be published
      in the <i>Diario Oficial de la Federaci&oacute;n</i> to be in effect on
      such day (or, if such day is not a Peso Business Day, on the immediately
      preceding Peso Business Day) or (ii) if such rate is not so published or
      quoted as described in clause (i) for the relevant date of determination,
      the &#147;Peso Spot Rate&#148; shall be the rate of exchange at which in
      accordance with normal banking procedures the Administrative Agent could
      purchase Dollars for Pesos on a customary basis in the Administrative Agent&#146;s
      New York City office at 11:00 a.m. (New York City time) on the date of such
      determination (or, if such day is not a Peso Business Day, on the immediately
      preceding Peso Business Day), and such determination shall be conclusive
      absent manifest error.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Pesos</b>&#148; or
      &#147;<b>Ps</b>.&#148; means the lawful money of Mexico.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Process Agent</b>&#148;
      has the meaning specified in Section 9.09(d).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Register</b>&#148;
      has the meaning specified in Section 9.04(c).</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
14</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Related Parties</b>&#148;
      means, with respect to any specified Person, such Person&#146;s Affiliates
      and the respective directors, officers, employees and agents of such Person
      and its Affiliates.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Required Lenders</b>&#148;
      means, at any time, Lenders having outstanding Loans and/or unused Commitments
      representing more than 50% of the total Dollar Amount (determined, in the
      case of any Peso Loan, at the Peso Spot Rate in effect on the Peso Borrowing
      Date) of all outstanding Loans and/or unused Commitments at such time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Restricted Payment</b>&#148;
      means any dividend or other distribution (whether in cash, securities or
      other property) with respect to any Equity Interest in any KOF Company,
      or any payment (whether in cash, securities or other property), including
      any sinking fund or similar deposit, on account of the purchase, redemption,
      retirement, acquisition, cancellation or termination of any Equity Interest
      in any KOF Company (including, for this purpose, any payment under a Synthetic
      Purchase Agreement with respect to an Equity Interest).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Sale and Leaseback
      Transaction</b>&#148; means any arrangement under which a Person shall sell
      or transfer any property and thereafter rent or lease such property or other
      property that such Person intends to use for substantially the same purpose
      or purposes as the property sold or transferred.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>SAR</b>&#148; means
      <i>Sistema de Ahorro para el Retiro.</i></font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>SEC</b>&#148; means
      the Securities and Exchange Commission.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>S&amp;P</b>&#148;
      means Standard &amp; Poor&#146;s Ratings Services, a division of The McGraw-Hill
      Companies, Inc.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Specified Priority
      Debt Amount</b>&#148; means at any time the sum, without duplication, of
      (A) the aggregate outstanding principal amount of all Debt of the Borrower
      and other obligations secured by Liens in reliance on clause (i) or (x)
      of Section 6.01 (or, in the case of any Interest and Currency Hedge secured
      in reliance on such clause (x), the amount of assets subject to a Lien in
      support of such obligation) <i>plus</i> (B) the aggregate outstanding principal
      amount of all Debt of Subsidiaries of the Borrower at such time, other than
      Debt owed to the Borrower or another Subsidiary of the Borrower, <i>plus</i>
      (C) during the Bridge Period, the aggregate amount of Attributable Debt
      in respect of all Sale and Leaseback Transactions at such time (other than
      Transportation Sale and Leaseback Transactions permitted pursuant to clause
      (i) of Section 6.03 of the Other Loan Agreement), all determined on a consolidated
      basis and without duplication in accordance with Applicable GAAP at such
      time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Statutory Reserve
      Adjustment</b>&#148; means a fraction (expressed as a decimal), the numerator
      of which is the number one and the denominator of which is the number one
      minus the aggregate of the maximum reserve percentages (including any marginal,
      special, emergency or supplemental reserves) expressed as a decimal established
      by the Federal Reserve Board to which the Administrative Agent is subject
      with respect to eurocurrency funding (currently referred to as &#147;Eurocurrency
      Liabilities&#148; in Regulation D of the Federal Reserve Board). Such reserve
      percentages will include those imposed pursuant to such Regulation D. Loans
      will be deemed to constitute eurocurrency funding and to be subject to such
      reserve requirements without benefit of or credit for proration,</font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
15</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>exemptions or offsets that may be available from
time to time to any Lender  under such Regulation D or any comparable regulation.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Subsidiary</b>&#148;
      means, with respect to any Person (the &#147;<b>parent</b>&#148;) at any
      date, (a) any corporation, limited liability company, partnership or other
      entity the accounts of which would be consolidated with those of the parent
      in the parent&#146;s consolidated financial statements if such financial
      statements were prepared in accordance with Mexican GAAP as of such date
      and (b) any other corporation, limited liability company, partnership or
      other entity (i) of which securities or other ownership interests representing
      more than 50% of the equity or more than 50% of the ordinary voting power
      or, in the case of a partnership, more than 50% of the general partnership
      interests are, as of such date, owned, controlled or held, or (ii) that
      is otherwise Controlled as of such date, by the parent and/or one or more
      of its Subsidiaries. For purposes of the representations and warranties
      made herein on the Borrowing Dates (except with respect representations
      and warranties made pursuant to Section 3.04(a)), the term &#147;<b>Subsidiary</b>&#148;,
      when used with respect to the Borrower, includes Panamco and its Subsidiaries.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Syndication Agent</b>&#148;
      means Morgan Stanley Senior Funding, Inc., in its capacity as syndication
      agent for the Lenders.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Synthetic Purchase
      Agreement</b>&#148; means any &#147;total return swap&#148; or sale and
      repurchase agreement with respect to any Equity Interest or debt obligation,
      or any other swap, derivative or other agreement or combination of agreements
      pursuant to which such Person is or may become obligated to make (i) any
      payment in connection with the purchase by any third party, from a Person
      other than a KOF Company, of any Equity Interest or debt obligation or (ii)
      any payment (other than on account of a permitted purchase by it of any
      Equity Interest or debt obligation) the amount of which is determined by
      reference to the price or value at any time of any Equity Interest or debt
      obligation.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Taxes</b>&#148; means
      any and all present or future taxes, levies, imposts, duties, deductions,
      charges or withholdings imposed by any Governmental Authority.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>TIIE Rate</b>&#148;
      means, for each Interest Period with respect to Peso Loans, the Equilibrium
      Interbank Interest Rate (<i>Tasa de Interes Interbancaria de Equilibrio</i>)
      for a period of 28 days or such other period so published as is most nearly
      equal to the relevant Interest Period, as determined by the Mexican Administrative
      Agent, all as published by <i>Banco de M&eacute;xico</i> in the <i>Diario
      Oficial de la Federaci&oacute;n</i> on the first Peso Business Day, or of
      most recent publication, prior to the commencement of the relevant Interest
      Period, or if such day is not a Peso Business Day, on the next preceding
      Peso Business Day on which there was such a quote; <i>provided</i> that
      in the event the TIIE Rate shall cease to be published, &#147;TIIE Rate&#148;
      shall mean any rate specified by the <i>Banco de M&eacute;xico</i> as the
      substitute rate therefor.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Total Debt</b>&#148;
      means, as of any date, the aggregate amount for the KOF Companies at such
      date of Debt of the type referred to in clauses (a), (b), (e) and (f) of
      the definition thereof, and all obligations of such Persons with respect
      to any Synthetic Purchase Agreements, all determined without duplication
      on a consolidated basis at such date in accordance with Mexican GAAP.</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
16</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche</b>&#148;,
      when used with respect to Loans or Commitments, refers to whether such Loans
      or Commitments are Tranche A Loans, Tranche B Loans or Peso Loans, or Tranche
      A Commitments, Tranche B Commitments or Peso Loan Commitments, as applicable.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche A Commitment</b>&#148;
      means, with respect to each Lender, the commitment, if any, of such Lender
      to make a Tranche A Loan on the Dollar Borrowing Date, expressed as an amount
      representing the maximum principal amount of such Tranche A Loan, as such
      commitment may be (a) reduced from time to time pursuant to Section 2.06
      and (b) reduced or increased from time to time pursuant to assignments by
      or to such Lender pursuant to Section 9.04. The initial amount of each Lender&#146;s
      Tranche A Commitment is set forth on Schedule 2.01, or in the Assignment
      pursuant to which such Lender shall have assumed its initial Tranche A Commitment,
      as applicable.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche A Loan</b>&#148;
      means a Loan, denominated and payable in Dollars, made pursuant to Section
      2.01(a).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche A Maturity
      Date</b>&#148; means the third anniversary of the Dollar Borrowing Date;
      <i>provided</i> that if such day is not a LIBO Business Day, the Tranche
      A Maturity Date shall be extended to the next succeeding LIBO Business Day
      unless such next succeeding LIBO Business Day would fall in the next calendar
      month, in which case the Tranche A Maturity Date shall be the next preceding
      LIBO Business Day.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche B Commitment</b>&#148;
      means, with respect to each Lender, the commitment, if any, of such Lender
      to make a Tranche B Loan on the Dollar Borrowing Date, expressed as an amount
      representing the maximum principal amount of such Tranche B Loan, as such
      commitment may be (a) reduced from time to time pursuant to Section 2.06
      and (b) reduced or increased from time to time pursuant to assignments by
      or to such Lender pursuant to Section 9.04. The initial amount of each Lender&#146;s
      Tranche B Commitment is set forth on Schedule 2.01, or in the Assignment
      pursuant to which such Lender shall have assumed its initial Tranche B Commitment,
      as applicable.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche B Loan</b>&#148;
      means a Loan, denominated and payable in Dollars, made pursuant to Section
      2.01(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Tranche B Maturity
      Date</b>&#148; means the fifth anniversary of the Dollar Borrowing Date;
      <i>provided</i> that if such day is not both a LIBO Business Day and a Peso
      Business Day, the Tranche B Maturity Date shall be extended to the next
      succeeding LIBO Business Day that is also a Peso Business Day unless such
      next succeeding day would fall in the next calendar month, in which case
      the Tranche B Maturity Date shall be the next preceding LIBO Business Day
      that is also a Peso Business Day.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Transactions</b>&#148;
      means the Acquisition and the Financing Transactions.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>Transportation Sale
      and Leaseback Transactions</b>&#148; means Sale and Leaseback Transactions
      in respect of trucks, forklifts and other transportation equipment.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<b>United States</b>&#148;
      means the United States of America.</font></td>
  </tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02. <i></i><I>Terms
      Generally</I>. The definitions of terms herein (including those incorporated
      by reference to another document) apply equally to the singular and plural</FONT>
    </td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
17</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>forms of the terms defined. Whenever the context may require,
      any pronoun includes the corresponding masculine, feminine and neuter forms.
      The words &#147;<b>include</b>&#148;, &#147;<b>includes</b>&#148; and &#147;<b>including</b>&#148;
      shall be deemed to be followed by the phrase &#147;<b>without limitation</b>&#148;.
      The word &#147;<b>will</b>&#148; shall be construed to have the same meaning
      and effect as the word &#147;<b>shall</b>&#148;. Unless the context requires
      otherwise, (a) any definition of or reference to any agreement, instrument
      or other document herein shall be construed as referring to such agreement,
      instrument or other document as from time to time amended, supplemented
      or otherwise modified (subject to any restrictions on such amendments, supplements
      or modifications set forth herein), (b) any reference herein to any Person
      shall be construed to include such Person&#146;s successors and assigns,
      (c) the words &#147;<b>herein</b>&#148;, &#147;<b>hereof</b>&#148; and &#147;<b>hereunder</b>&#148;,
      and words of similar import, shall be construed to refer to this Agreement
      in its entirety and not to any particular provision hereof, (d) all references
      herein to Articles, Sections, Exhibits and Schedules shall be construed
      to refer to Articles and Sections of, and Exhibits and Schedules to, this
      Agreement and (e) the word &#147;<b>property</b>&#148; shall be construed
      to refer to any and all tangible and intangible assets and properties, including
      cash, securities, accounts and contract rights.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03. <I>Accounting
      Terms</I>. Except as otherwise expressly provided herein, all terms of an
      accounting or financial nature shall be construed in accordance with generally
      accepted accounting principles as in effect from time to time in Mexico,
      applied on a basis consistent (except for changes concurred in by the Borrower&#146;s
      independent public accountants) with the most recent audited consolidated
      financial statements of the Borrower and its consolidated Subsidiaries delivered
      to the Lenders (&#147;<b>Mexican GAAP</b>&#148;); <i>provided</i> that,
      if the Borrower notifies the Administrative Agent that the Borrower requests
      an amendment of any provision hereof to eliminate the effect of any change
      occurring after the date hereof in Mexican GAAP or in the application thereof
      (or if the Administrative Agent notifies the Borrower that the Required
      Lenders request an amendment of any provision hereof for such purpose),
      regardless of whether such notice is given before or after such change in
      Mexican GAAP or in the application thereof, then such provision shall be
      applied on the basis of Mexican GAAP as in effect and applied immediately
      before such change shall have become effective until such notice shall have
      been withdrawn or such provision amended in accordance herewith. Any terms
      of an accounting or financial nature with respect to Panamco and its Subsidiaries
      for periods prior to the Acquisition Date shall be construed in accordance
      with generally accepted accounting principles pursuant to which the audited
      consolidated financial statements for Panamco and its Subsidiaries referred
      to in Section 3.04(a) have been prepared (such generally accepted accounting
      principles for such Persons and periods, together with Mexican GAAP applied
      as provided above with respect to the Persons and periods provided therein,
      &#147;<b>Applicable GAAP</b>&#148;).</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center>
      <p><font size=2>ARTICLE 2 <br>
        </font><font size="2">T<font size="1">HE</font>
        C<font size="1">REDITS</font></font></p>
      </td>
  </tr></table>


<p>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. <i>Commitments</i>.
      (a) Subject to the terms and conditions set forth herein, each Lender with
      a Tranche A Commitment agrees to make a Tranche A Loan in Dollars to the
      Borrower on the Dollar Borrowing Date in a principal amount equal to its
      pro rata portion (in accordance with its respective Tranche A Commitment)
      of the Dollar amount set forth in the Borrowing Request as the aggregate
      amount of the Borrowing of</font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
18</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><FONT SIZE="2">Tranche A Loans; <I>provided</I> that the principal amount
      of such Tranche A Loan does not exceed the amount of its Tranche A Commitment.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and
      conditions set forth herein, each Lender with a Tranche B Commitment agrees
      to make a Tranche B Loan in Dollars to the Borrower on the Dollar Borrowing
      Date in a principal amount equal to its pro rata portion (in accordance
      with its respective Tranche B Commitment) of the amount set forth in the
      Borrowing Request as the aggregate amount of the Borrowing of Tranche B
      Loans; <i>provided</i> that the principal amount of such Tranche B Loan
      does not exceed the amount of its Tranche B Commitment.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and
      conditions set forth herein, each Lender with a Peso Loan Commitment agrees
      to make a Peso Loan in Pesos to the Borrower on the Peso Borrowing Date
      in a principal amount equal to its pro rata portion (in accordance with
      its respective Peso Loan Commitment) of the Dollar amount set forth in the
      Borrowing Request; <i>provided</i> that the principal amount of such Peso
      Loan does not exceed the amount of its Peso Loan Commitment multiplied by
      the Initial Peso Exchange Rate.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Amounts repaid in respect
      of Loans may not be reborrowed. All Dollar Loans shall be funded in Dollars,
      and all Peso Loans shall be funded in Pesos, as more fully set forth in
      Section 2.04. The Commitments of the Lenders are several, <i>i.e.</i>, the
      failure of any Lender to make any Loan required to be made by it shall not
      relieve any other Lender of its obligations hereunder, and no Lender shall
      be responsible for any other Lender&#146;s failure to make Loans as and
      when required hereunder.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02.
<I>Loans, Notes and other Evidence of Loans</I>.</FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender&#146;s Tranche
      A Loan (if any) shall be represented by a promissory note payable in Dollars
      to the order of such Lender in substantially the form of Exhibit B-1 hereto
      and in a principal amount equal to such Lender&#146;s Tranche A Loan. Each
      Lender&#146;s Tranche B Loan (if any) shall be represented by a promissory
      note payable in Dollars to the order of such Lender in substantially the
      form of Exhibit B-2 hereto and in a principal amount equal to such Lender&#146;s
      Tranche B Loan. Each Lender&#146;s Peso Loan (if any) shall be represented
      by a promissory note payable in Pesos to the order of such Lender in substantially
      the form of Exhibit B-3 hereto and in a principal amount equal to such Lender&#146;s
      Peso Loan. Each such promissory note referred to in this clause (a) (each,
      a &#147;<b>Note</b>&#148;) shall be executed by the Borrower, shall qualify
      as a <i>pagar&eacute;</i> under Mexican law and shall include the legend
      &#147;<i>no negociable</i>&#148;.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
any assignment made pursuant to Section 9.04 of Commitments or Loans of any
Tranche, the Borrower shall prepare, execute and deliver, against simultaneous
delivery of the existing Note or Notes, (i) a new Note with respect to the
Commitment or Loan of each relevant Tranche so assigned, payable to the order of
the assignee Lender and (ii) if required, a new Note with respect to the
Commitment or Loan of each relevant Tranche so assigned, payable to the order of
the assignor Lender, each dated the date of such Note being exchanged, in a
principal amount equal to the principal amount of the Commitment or Loan so
assigned (or, in the case of the assignor Lender, retained after such
assignment) and otherwise duly completed.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
19</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 25; page: 25" -->







<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
Loan shall be made as part of a Borrowing consisting of Loans of the same
Tranche made by the Lenders ratably in accordance with their respective
Commitments of the applicable Tranche. Each Lender at its option may make any
Loan by causing any domestic or foreign branch of such Lender to make such Loan.
Any exercise of such option shall not affect the Borrower&#146;s obligation to
repay such Loan as provided herein. Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness of
the Borrower to such Lender resulting from each Loan made by such Lender,
including the amounts of principal and interest payable and paid to such Lender
from time to time.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The entries made in good
      faith in the accounts maintained pursuant to subsection (c) of this Section
      shall be <i>prima facie</i> evidence of the existence and amounts of the
      obligations recorded therein; <i>provided</i> that any failure by any Lender
      to maintain such accounts or any error therein shall not affect the Borrower&#146;s
      obligation to repay the Loans in accordance with the terms of this Agreement.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03.
<I>Borrowing Request; Notice of Initial Peso Exchange Rate</I>.</FONT></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To request the Borrowings
      on the Borrowing Dates, the Borrower shall notify the Administrative Agent
      and the Mexican Administrative Agent of such request not later than (I)
      in the case of the Dollar Loans, 11:00 a.m., New York City time, on the
      latest day that is at least three LIBO Business Days before the proposed
      Dollar Borrowing Date and (II) in the case of the Peso Loans, 3:00 p.m.,
      Mexico City time, two Peso Business Days before the proposed Peso Borrowing
      Date. Any such notice (a &#147;<b>Borrowing Request</b>&#148;) shall be
      irrevocable, shall specify the following information in compliance with
      Section 2.02 and shall be substantially in the form of Exhibit E-1:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the aggregate amount of the Borrowing of each Tranche of Loans, which in  each case shall
be expressed in Dollars;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  Peso Borrowing Date, which shall be a Peso Business Day, and the Dollar  Borrowing
Date, which shall be not later than the second LIBO Business Day after  the Peso
Borrowing Date;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the  initial Interest Period to be applicable to Loans of each Tranche or, if more  than
one Interest Period is elected with respect to different portions of  Tranche A, Tranche
B or Peso Loans, the initial Interest Periods for each  portion of such Borrowing, each
of which shall be a period or periods  contemplated by the definition of &#147;Interest
Period&#148;; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  location and number of the Borrower&#146;s accounts to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If no  Interest
Period with respect to a requested Borrowing is specified, the Borrower  will be deemed
to have selected an Interest Period of one month, in the case of  a Borrowing of Dollar
Loans, or 28 days, in the case of a Borrowing of Peso  Loans (subject to the definition
of Interest Period). Promptly after it receives  a Borrowing Request in accordance with
this Section, the Administrative Agent  shall advise each Lender with a Dollar Loan
Commitment and the Mexican  Administrative Agent shall advise each </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
20</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 26; page: 26" -->





<p><table width=600><tr><td><font size=2>Lender with a Peso Loan Commitment of the
details of such Borrowing Request and the amount of such Lender&#146;s Loan or  Loans to
be made pursuant thereto.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Simultaneously with the
      delivery of the Borrowing Request, the Borrower shall deliver to each Peso
      Lender a certificate executed by a Financial Officer setting forth the amount
      in Pesos of the Peso Loan to be funded on the Peso Borrowing Date by each
      such Peso Lender in respect of its Peso Loan Commitment and the basis for
      such calculation in reasonable detail, including the exchange rate (the
      &#147;<b>Initial Peso Exchange Rate</b>&#148;) of Pesos per Dollar that
      reflects the Borrower&#146;s reasonable, good faith calculation of the observable
      exchange rate.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.04. <I>Funding of Loans</I>. (a) Each Lender shall wire the principal amount of its
Dollar Loan or Loans (if any), in Dollars in immediately available funds, by
12:00 noon, New York City time, on the Dollar Borrowing Date, to the account of
the Administrative Agent designated by it for such purpose by notice to the
Lenders. Each Lender shall wire the principal amount of its Peso Loan (if any),
in Pesos in immediately available funds, by 12:00 noon, Mexico City time, on the
Peso Borrowing Date, to the account of the Mexican Administrative Agent
designated by it for such purpose by notice to the Lenders.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing,
      any Lender listed on Schedule 2.04 as a Deferred Funding Lender (each, a
      &#147;<b>Deferred Funding Lender</b>&#148;) may defer its obligation to
      fund all or a portion of its Dollar Loan Commitment or Peso Commitment in
      such amount and for such Commitment or Commitments as may be described on
      such Schedule (for each Deferred Funding Lender, its &#147;<b>Deferred Funding
      Amount</b>&#148;) from the relevant Borrowing Date to the date of payment
      of the relevant Affected Facility (as defined below) as further provided
      in this clause (b). To defer such funding obligation, each Deferred Funding
      Lender shall notify the Administrative Agent and Mexican Administrative
      Agent by the relevant time provided for funding in clause (a) above that
      it will apply the Deferred Funding Amount of funds to which it will be entitled
      upon repayment of its Other Debt Refinancings Loan described on such Schedule
      2.04 (but only in respect of the principal portion thereof) to satisfy its
      funding obligation with respect to a portion of its Loan or Loans hereunder
      in the Deferred Funding Amount. Such notice shall be deemed to be a representation
      and warranty by such Deferred Funding Lender that it has full right, title
      and interest in and to the relevant Other Debt Refinancings Loan in aggregate
      in the Deferred Funding Amount on and as of the relevant Borrowing Date
      and a covenant by the Deferred Funding Lender that it will not transfer
      or otherwise encumber any right, title and interest in and to the relevant
      Other Debt Refinancing Loans prior to the refinancing thereof (which covenant
      shall terminate if the Loans are repaid pursuant to clause (c) of this Section
      2.04 and such refinancing does not occur as contemplated hereby). Upon the
      refinancing in full of the issue in which such Other Debt Refinancings Loan
      is included (the &#147;<b>Affected Facility</b>&#148;), such Deferred Funding
      Lender shall notify (i) the administrative or paying agent with respect
      to the Affected Facility that an amount of the principal of such Other Debt
      Refinancings Loan to which the Deferred Funding Lender is entitled, in an
      amount equal to the Deferred Funding Amount, shall be applied to discharge
      in an equal amount the funding obligation of such Deferred Funding Lender
      with respect to its relevant Loan or Loans, and paid as directed by the
      Borrower and (ii) the Administrative Agent and/or Mexican Administrative
      Agent (as relevant) that such refinancing has occurred on such date and
      its affected Loan or Loans shall be deemed funded simultaneously therewith
      for purposes of the calculation of interest accrued thereon. Such Deferred
      Funding Lender hereby </font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
21</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 27; page: 27" -->




<p><table width=600><tr><td><font size=2>irrevocably  agrees that its right to receive
payment with respect to the principal of such  Other Refinancing Debt Loan shall, to the
extent of the Deferred Funding Amount  (but not with respect to any interest, fees or
similar amounts calculated on the  basis of the outstanding amount thereof, except to the
extent otherwise  expressly provided in such notice), be applied to satisfy such Lender&#146;s
funding obligation with respect to its Loan or Loans hereunder in the Deferred  Funding
Amount. Each Deferred Funding Lender further agrees that, solely for the  period from and
including the relevant Borrowing Date and to but excluding the  date of repayment of the
Affected Facility, it shall not be entitled to receive  interest hereunder with respect
to the Deferred Funding Amount of its affected  Loan or Loans, and that interest on such
portion thereof shall commence accruing  from and including the date of such repayment.
The Administrative Agent and/or  Mexican Administrative Agent, as relevant, shall make
appropriate adjustments to  payments of interest for the first Interest Period with
respect to each affected  Loan of a Deferred Funding Lender to reflect the foregoing. In
addition, the  Borrower shall prepare, execute and deliver to each Deferred Funding
Lender a  Note or Notes representing the Deferred Funding Amount of such Lender&#146;s
Loans (or, if requested by such Lender, and against simultaneous delivery of its
existing Note or Notes, a new Note or Notes reflecting the aggregate principal  amount of
such Loan or Loans) and otherwise duly completed.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrative Agent
      shall transfer the funds received by it pursuant to clause (a) above to
      a separate and segregated account of the Borrower maintained at JPMorgan
      Chase Bank in New York City and identified by the Borrower and the Administrative
      Agent prior to the Peso Borrowing Date (the &#147;<b>New York Funding Account</b>&#148;),
      and such funds shall be maintained therein until the Borrower notifies the
      Administrative Agent that the Acquisition is being consummated and that
      such funds shall be applied forthwith upon release in accordance with Section
      5.09 hereof (the &#147;<b>Acquisition Date</b>&#148;). During the period
      between the Dollar Borrowing Date and the Acquisition Date, the Borrower
      shall invest such funds in overnight or other short-term liquid investments
      consistent with liquidation on or prior to the Acquisition Date, and any
      interest or other amounts earned thereon shall be added to and considered
      part of the funds held in the New York Funding Account. The Mexican Administrative
      Agent shall (I) hold the funds received by it pursuant to clause (a) above
      in a separate and segregated account, identified by the Mexican Administrative
      Agent to the Borrower on the Peso Borrowing Date, at Banco J.P. Morgan,
      S.A., Instituci&amp;oacute;n de Banca M&amp;uacute;ltiple, J.P. Morgan Grupo
      Financiero in Mexico City and (II) on any Peso Business Day prior to the
      Acquisition Date, upon written notice and instruction from the Borrower,
      release such funds in Pesos to the Borrower to permit the Borrower to acquire
      Dollars in foreign exchange transactions arranged by the Borrower, <i>provided</i>
      that the Dollars so acquired are forthwith deposited into the New York Funding
      Account for withdrawal on the Acquisition Date. During the period between
      the Peso Borrowing Date and the date on which it releases such funds, the
      Borrower shall invest the funds held in such account in such overnight or
      other short-term liquid investments, and any interest or other amounts earned
      thereon shall be added to and considered part of the funds held with the
      Mexican Administrative Agent. Notwithstanding the foregoing, if the Acquisition
      Date shall not have occurred by the close of business in New York City on
      the 10<font size="1"><sup>th</sup></font> Business Day after the Peso Borrowing Date,
      the Loans shall be prepaid in full on the third LIBO Business Day thereafter,
      together with interest thereon to the date of payment.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  Unless the
Administrative Agent or the Mexican Administrative Agent, as  applicable, receives notice
from a Lender before the relevant Borrowing Date  that such Lender will not make its
share of the Dollar Loans or Peso Loans  available as provided in </font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
22</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td><font size=2>this Section 2.04, then the Administrative Agent or Mexican
      Administrative Agent (as applicable) may assume that such Lender has made
      such share available on such date in accordance with this Section 2.04 and
      may, in reliance on such assumption, make a corresponding share of the Dollar
      Loans or Peso Loans (as applicable) available to the Borrower. In such event,
      if a Lender has not in fact made its share of such Borrowing available to
      the Administrative Agent or Mexican Administrative Agent, as applicable,
      such Lender and the Borrower severally agree to pay to the Administrative
      Agent or Mexican Administrative Agent, as applicable, forthwith on demand
      such corresponding amount with interest thereon, for each day from and including
      the day such amount is made available to the Borrower to but excluding the
      date of payment to such Agent, at (i) in the case of such Lender, the greater
      of the Federal Funds Effective Rate and a rate determined by such Agent
      in accordance with banking industry rules on interbank compensation or (ii)
      in the case of the Borrower, the greater of the Federal Funds Effective
      Rate and the rate of interest otherwise applicable to such Loan (including,
      after the date of any demand, pursuant to Section 2.10(c)); <i>provided</i>
      that any such payment by the Borrower shall be subject to Section 2.13.
      If such Lender pays such amount to the Administrative Agent or Mexican Administrative
      Agent, as applicable, such amount shall constitute such Lender&#146;s Loan
      included in such Borrowing.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05. <i>Interest Period
      Elections</i>. (a) Each Borrowing shall have an initial Interest Period
      as specified in the Borrowing Request. Thereafter, the Borrower may continue
      such Borrowing for subsequent Interest Periods, all as provided in this
      Section. The Borrower may elect different options with respect to different
      portions of the affected Borrowing, in which case each such portion shall
      be allocated ratably among the Lenders holding the Loans comprising such
      Borrowing, and the Loans comprising each such portion shall be considered
      a separate Borrowing.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To make an election pursuant
      to this Section, the Borrower shall notify (i) in the case of Dollar Loans,
      the Administrative Agent thereof by telephone or through a notice in writing
      not later than 11:00 a.m., New York City time, three LIBO Adjusted Business
      Days before the effective date of the proposed election and (ii) in the
      case of Peso Loans, the Mexican Administrative Agent thereof by telephone
      or through a notice in writing not later than 11:00 a.m., Mexico City time,
      three Peso Business Days before the effective date of the proposed election
      (an &#147;<b>Interest Period Election</b>&#148;). Each such Interest Period
      Election shall be irrevocable and shall be confirmed promptly by hand delivery
      or telecopy to the Administrative Agent or the Mexican Administrative Agent,
      as applicable, of a written Interest Period Election in the form attached
      hereto as Exhibit E-2.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
telephonic and written Interest Period Election shall specify the following
information in compliance with Section 2.02 and subsection (e) of this Section:</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the  Borrowing to which such Interest Period Election applies and, if different  options
are being elected with respect to different portions thereof, the  portions thereof to be
allocated to each resulting Borrowing (in which case the  information to be specified
pursuant to clause (iii) below shall be specified  for each resulting Borrowing);</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  effective date of the election made pursuant to such Interest Period Election,
which shall be, in the case of a Dollar Loan, a LIBO Business Day or, in the  case of a
Peso Loan, a Peso Business Day; and</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
23</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 29; page: 29" -->







<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the Interest Period to be applicable thereto after giving effect to such  election, which
shall be a period contemplated by the definition of &#147;Interest  Period&#148;.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an
Interest Period Election does not specify an Interest Period, the Borrower will
be deemed to have selected an Interest Period of the same duration as for the
prior Interest Period with respect to such Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Promptly after it receives an Interest Period Election, the Administrative Agent
(or, in the case of any Interest Period Election for Peso Loans, the Mexican
Administrative Agent) shall advise each Lender with a Loan subject to such
Interest Period Election as to the details thereof and such Lender&#146;s
portion of each resulting Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
the Borrower fails to deliver a timely Interest Period Election before the end
of an Interest Period applicable to a Borrowing, the Borrower will be deemed to
have selected an Interest Period of the same duration as for the prior Interest
Period with respect to such Borrowing.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.06. <I>Termination or Reduction of Commitments</I>. (a) Unless previously terminated,
the Commitments of each Tranche will terminate on the Borrowing Date with
respect to such Tranche immediately after the relevant Borrowing hereunder.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may at any
      time between the Effective Date and the Peso Borrowing Date terminate or
      reduce the Commitments of any Tranche; <i>provided</i> that the amount of
      each reduction of the Commitments of any Tranche shall be at least US$10,000,000
      or an integral multiple of US$5,000,000 in excess thereof. The Borrower
      shall notify the Administrative Agent (and in the case of any reduction
      of the Peso Loan Commitments, the Mexican Administrative Agent) of any election
      to terminate or reduce the Commitments under this clause (b) at least three
      LIBO Adjusted Business Days before the effective date of such termination
      or reduction, specifying such election and the effective date thereof. Promptly
      after it receives any such notice, the Administrative Agent or Mexican Administrative
      Agent (as applicable) shall advise the affected Lenders of the contents
      thereof. Each notice delivered by the Borrower pursuant to this Section
      will be irrevocable. Any termination or reduction of the Commitments of
      any Tranche will be permanent and will be made ratably among the Lenders
      in accordance with their respective Commitments of such Tranche prior to
      such termination or reduction.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.07. <I>Payment at Maturity; Scheduled Amortization</I>. (a) <I>Maturity.</I> Without
limitation of clauses (b) and (c) of this Section 2.07, the Borrower
unconditionally promises to pay (i) on the Tranche A Maturity Date, to the
Administrative Agent for the account of each Lender with a Tranche A Loan, the
then unpaid principal amount of such Lender&#146;s Tranche A Loan, (ii) on the
Tranche B Maturity Date, to the Administrative Agent for the account of each
Lender with a Tranche B Loan, the then unpaid principal amount of such
Lender&#146;s Tranche B Loan and (iii) on the Peso Loan Maturity Date, to the
Mexican Administrative Agent for the account of each Lender with a Peso Loan,
the then unpaid principal amount of such Lender&#146;s Peso Loan, payable in
Pesos.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<i> Scheduled Amortization
      of Tranche B Loans</i>. Subject to adjustment pursuant to Section 2.07(d),
      the Borrower shall repay the Tranche B Loans on the date</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
24</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 30; page: 30" -->



<p><table width=600><tr>
    <td><font size=2>numerically corresponding to the Dollar Borrowing Date in
      each of the month after the Dollar Borrowing Date set forth below (<i>provided</i>
      that if such day is not a LIBO Business Day, then on the next succeeding
      LIBO Business Day unless such next succeeding LIBO Business Day would fall
      in the next calendar month, in which case on the next preceding LIBO Business
      Day), in an aggregate principal amount equal to the percentage of the initial
      aggregate principal amount of the Tranche B Loans set forth opposite such
      month:</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B><u>TRANCHE B LOANS</u></B></font></td></tr></table>





<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center" valign="bottom"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></td>
    <td align="center" valign="bottom"><b><font size="2">Month after the Dollar
      <br>
      Borrowing Date</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" valign="bottom"><b>&nbsp;&nbsp;</b></td>
    <td align="center" valign="bottom"><b><font size="2">Percentage of Initial
      <br>
      Amount</font></b>
      <hr size="1" noshade>
    </td>
    <td>&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">30<sup><font size="1">th</font></sup> month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">36<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">42<sup><font size="1">nd</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">48<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">54<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">Tranche B Maturity Date</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.65%</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <i>Scheduled Amortization
      of Peso Loans</i>. Subject to adjustment pursuant to Section 2.07(d), the
      Borrower shall repay the Peso Loans, in Pesos, on the date numerically corresponding
      to the Dollar Borrowing Date in each of the months after the Dollar Borrowing
      Date set forth below (<i>provided</i> that if such day is not a Peso Business
      Day, then on the next succeeding Peso Business Day unless such next succeeding
      Peso Business Day would fall in the next calendar month, in which case on
      the next preceding Peso Business Day), in an aggregate principal amount
      equal to the percentage of the initial aggregate principal amount of the
      Peso Loans set forth opposite such month:</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B><u>PESO LOANS</u></B></font></td></tr></table>





<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="center" valign="bottom"><b><font size="2">Month after the Dollar
      <br>
      Borrowing Date</font></b>
      <hr size="1" noshade>
    </td>
    <td align="center" valign="bottom">&nbsp;&nbsp;</td>
    <td align="center" valign="bottom"><b><font size="2">Percentage of Initial
      <br>
      Amount</font></b>
      <hr size="1" noshade>
    </td>
    <td>&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">30<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">36<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">42<sup><font size="1">nd</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">48<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">54<sup><font size="1">th</font></sup>
      month</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.67%</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center" valign="bottom"> <font size="2">Peso Loan Maturity Date</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">16.65%</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<br>
<table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <i>Application of Prepayments</i>.
      Any prepayment of Tranche B Loans or Peso Loans pursuant to Section 2.08
      will be applied to reduce the subsequent scheduled repayments of such Loans
      to be made pursuant to this Section ratably.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08. <i>Prepayments</i>.
      (a) <i>Optional Prepayments</i>. The Borrower will have the right at any
      time to prepay any Borrowing in whole or in part, subject to the provisions
      of this Section, in each case in an aggregate principal amount of not less
      than US$5,000,000 (calculated with respect to Peso Loans using the Dollar
      Amount thereof at such time) or, if less, the then outstanding aggregate
      principal amount of such Borrowing. Each such prepayment shall be accompanied
      by accrued interest on the amount so repaid to the date of such prepayment.</font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
25</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 31; page: 31" -->






<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <i>Notice of Prepayments</i>.
      The Borrower shall notify the Administrative Agent (and, in the case of
      any Peso Loans, the Mexican Administrative Agent) by telephone (confirmed
      by telecopy) of any prepayment of Loans, which notice shall be (i) if such
      Loans are Dollar Loans, not later than 11:00 a.m., New York City time, three
      LIBO Adjusted Business Days before the date of prepayment and (ii) if such
      Loans are Peso Loans, not later than 11:00 a.m., Mexico City time, three
      Peso Business Days before the date of prepayment. Each such notice shall
      be irrevocable and shall specify the prepayment date and the principal amount
      of each Borrowing or portion thereof to be prepaid. Promptly after it receives
      any such notice, the Administrative Agent (or, in the case of Peso Loans,
      the Mexican Administrative Agent) shall advise the affected Lenders of the
      contents thereof. Before any prepayment of Borrowings under this Section
      2.08, the Borrower shall select the Borrowing or Borrowings to be prepaid
      and shall specify such selection in the notice of such prepayment pursuant
      to this Section 2.08(b).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09. <i>Fees</i>.
      The Borrower shall pay to the Administrative Agent and the Mexican Administrative
      Agent, each for its own account, fees payable in the amounts and at the
      times separately agreed upon by the Borrower and the Administrative Agent
      or the Borrower and the Mexican Administrative Agent, as applicable.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10. <i>Interest</i>.
      (a) The Dollar Loans comprising each Borrowing of each Tranche shall bear
      interest for each Interest Period in effect for such Borrowing at the Adjusted
      LIBO Rate for such Interest Period plus the Applicable Margin for Dollar
      Loans for such day (subject to the provisions of Section 2.11).</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
Peso Loans comprising each Borrowing shall bear interest for each Interest
Period in effect for such Borrowing at the TIIE Rate plus the Applicable Margin
for the Peso Loans for such day, payable in Pesos.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing,
      if any principal of or interest on any Loan or any fee or other amount payable
      by the Borrower hereunder is not paid when due, whether at stated maturity,
      upon acceleration or otherwise, such overdue amount (or, if at such time
      the Bridge Period is still in effect, all outstanding Loans and any overdue
      interest) shall bear interest, after as well as before judgment, to the
      extent permitted under applicable law, at a rate per annum equal to (i)
      in the case of overdue principal of or interest on any Loan, 2% plus the
      rate otherwise applicable to such Loan as provided in the preceding subsections
      of this Section (<i>provided</i> that, after the end of the final Interest
      Period with respect to such Loan, the LIBO Rate (in the case of Dollar Loans)
      or the TIIE Rate (in the case of Peso Loans) for such Loan shall be determined
      by the Administrative Agent on the basis of such period, not longer than
      one month or 28 days, respectively, as the Administrative Agent may determine
      in its sole discretion) or (ii) in the case of any other amount, the rate
      that is then applicable to overdue principal pursuant to clause (i) above
      (A) in respect of a Dollar Loan, if such amount is owing in Dollars or (B)
      in respect of a Peso Loan, if such amount is owing in Pesos (or, if no such
      Dollar Loan or Peso Loan, as applicable, is outstanding at such time, as
      would be applicable if such Loan were outstanding).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest accrued on each
      Loan shall be payable in arrears on the last day of the Interest Period
      applicable to the Borrowing of which such Loan is a part and, in the case
      of Dollar Loans, if such Interest Period is longer than three months, each
      day during such Interest Period that occurs at intervals of three months&#146;
      duration after the first day of such Interest Period; <i>provided</i> that
      (i) interest accrued pursuant to Section 2.10(c) shall be </font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
26</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 32; page: 32" -->







<p><table width=600><tr><td><font size=2>payable on demand and  (ii) upon any repayment
of any Loan, interest accrued on the principal amount  repaid shall be payable on the
date of such repayment.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
interest hereunder will be computed on the basis of a year of 360 days, and will
be payable for the actual number of days elapsed (including the first day but
excluding the last day). Each applicable Adjusted LIBO Rate and (except as
provided in the definition thereof) Alternate Rate shall be determined by the
Administrative Agent, and each applicable TIIE Rate shall be determined by the
Mexican Administrative Agent, and each such determination thereof will be
conclusive absent manifest error.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11.<i> Alternate
      Rate of Interest</i>. (a) If before the beginning of any Interest Period
      for a Borrowing of Dollar Loans:</font></td>
  </tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the  Administrative Agent determines (which determination will be conclusive absent
manifest error) that, by reason of circumstances affecting the London interbank  market,
adequate and reasonable means do not exist for ascertaining the Adjusted  LIBO Rate for
such Interest Period; or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Lenders whose Loans aggregate more than 50% of such Borrowing provide notice to  the
Administrative Agent, with a copy to the Borrower, that the Adjusted LIBO  Rate for such
Interest Period will not adequately and fairly reflect the cost to  such Lenders of
making or maintaining such Loans for such Interest Period;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>then the Administrative Agent shall give notice thereof to
      the Borrower and the Lenders by telephone or telecopy as promptly as practicable
      thereafter and, from such date (the &#147;<b>Alternate Rate Date</b>&#148;)
      until the Administrative Agent notifies the Borrower and the Lenders that
      the circumstances giving rise to such notice no longer exist, (i) any Interest
      Period Election that requests the continuation of any Borrowing of Dollar
      Loans will be ineffective and (ii) all Dollar Loans will bear interest at
      the Alternate Rate for such period.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein, &#147;<b>Alternate
      Rate</b>&#148; means for any Lender and for any day a rate per annum equal
      to the sum of (i) the Base Funding Rate for such Lender for such day <i>plus</i>
      (ii) the Applicable Margin for Dollar Loans for such date; and &#147;<b>Base
      Funding Rate</b>&#148; means for any Lender and for any day a rate per annum
      equal to the Federal Funds Effective Rate for such day; <i>provided</i>
      that if any Lender that is required to make or maintain Alternate Rate Loans
      pursuant to this Section 2.11 determines in good faith that the Base Funding
      Rate as so determined does not accurately reflect the cost to such Lender
      of obtaining funds to fund its Loans, then (A) such Lender shall notify
      the Borrower and the Administrative Agent of such fact promptly (but in
      any event within 10 Business Days) after the Alternate Rate Date and (B)
      during the 20 Business Days after the date on which such notice is given
      (the &#147;<b>Negotiation Period</b>&#148;), the Borrower and such Lender
      shall negotiate in good faith to determine the rate necessary to compensate
      such Lender for its cost of obtaining as of the commencement of the then
      current Interest Period (and thereafter as of the commencement of each subsequent
      Interest Period), funds for such Interest Period in an amount equal to the
      applicable principal amount of such Lender&#146;s Dollar Loan or Loans (which
      may be established with reference to a fluctuating benchmark or otherwise).
      If the Borrower and such Lender agree to any such rate pursuant to the preceding
      sentence, the rate so agreed shall be the Base Funding Rate for such Lender
      for each such day or Interest Period, as applicable. Such Lender shall notify
      </font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
27</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 33; page: 33" -->






<p><table width=600><tr><td><font size=2>the Administrative Agent of such Base Funding
Rate promptly  upon such determination and on the first day of each Interest Period
thereafter,  and, if requested by the Administrative Agent from time to time, shall
provide  the Administrative Agent sufficient information to allow it to determine such
Base Funding Rate from time to time. If the Borrower and such Lender do not  agree to
such rate, then the Borrower shall, within 10 days after the end of the  Negotiation
Period (and on three LIBO Business Day&#146;s notice to such Lender  and the
Administrative Agent), either (and notwithstanding anything to the  contrary in Section
2.16) (x) require such Lender to sell its Dollar Loans in  accordance with Section 2.16
or (y) prepay all Loans of such Lender, with  interest accrued thereon to the date of
such prepayment calculated at the  Alternate Rate applicable from time to time during
such period calculated using  the Base Funding Rate determined solely for this purpose
without regard to the  proviso thereof, from and after the date on which such Alternate
Rate otherwise  first so applies to but excluding the date of such prepayment.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12.<I>Increased Costs</I>. (a) If any Change in Law shall:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
impose, modify or deem applicable any reserve, assessment (contribution),  special
deposit or similar requirement against assets of, deposits with or for  the account of,
or credit extended by, any Lender (except any such reserve  requirement reflected in the
Adjusted LIBO Rate in the case of Dollar Loans); or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
impose on any Lender, the London interbank market or the Mexican interbank  market, as
may be appropriate, any other condition affecting this Agreement or  Loans made by such
Lender;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>and the  result of any of the foregoing shall be
to increase the cost to such Lender of  making or maintaining any Loan (or of maintaining
its obligation to make Loans)  or to reduce any amount received or receivable by such
Lender hereunder (whether  of principal, interest or otherwise) (excluding, for purposes
of this Section  2.12, any such increased costs resulting from Taxes and Other Taxes
(which shall  be exclusively governed by Section 2.14)), then the Borrower shall pay to
such  Lender such additional amount or amounts as will compensate it for such  additional
cost incurred or reduction suffered in accordance with subsection (c)  of this Section.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
any Lender determines in good faith that any Change in Law (other than a Change
in Law with respect to Taxes or Other Taxes, which shall be governed by the
provisions of Section 2.14) regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender&#146;s capital or on the
capital of such Lender&#146;s holding company, if any, as a consequence of this
Agreement or the Loans made by such Lender, to a level below that which such
Lender or such Lender&#146;s holding company could have achieved but for such
Change in Law (taking into consideration such Lender&#146;s policies and the
policies of such Lender&#146;s holding company with respect to capital
adequacy), then from time to time the Borrower shall pay to such Lender such
additional amount or amounts as will compensate it or its holding company for
any such reduction suffered in accordance with subsection (c) of this Section.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A  certificate
of a Lender setting forth the amount or amounts necessary to  compensate it or its
holding company, as the case may be, as specified in  subsection (a) or (b) of this
Section (and setting forth in reasonable detail  the basis for calculating such </font></td></tr></table>




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28</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td><font size=2>increased costs owed to such Lender) shall be delivered to
      the Borrower and shall constitute <i>prima facie</i> evidence of any such
      amounts payable. The Borrower shall pay such Lender the amount shown as
      due on any such certificate within 10 Business Days after receipt thereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Failure or delay by any
      Lender to demand compensation pursuant to this Section will not constitute
      a waiver of its right to demand such compensation; <i>provided</i> that
      the Borrower will not be required to compensate a Lender pursuant to this
      Section for any increased cost or reduction incurred more than 180 days
      before it notifies the Borrower of the Change in Law giving rise to such
      increased cost or reduction and of its intention to claim compensation therefor.
      However, if the Change in Law giving rise to such increased cost or reduction
      is retroactive, then the 180-day period referred to above will be extended
      to include the period of retroactive effect thereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13. <I>Break-Funding
      Payments</I>. If (a) any principal of any Loan is repaid on a day other
      than the last day of an Interest Period applicable thereto (including as
      a result of an Event of Default or pursuant to Section 2.11 or Section 2.16),
      (b) the Borrower fails to borrow, continue or prepay any Loan on the date
      specified in any notice delivered pursuant hereto, or (c) any Loan is assigned
      on a day other than the last day of an Interest Period applicable thereto
      as a result of a request by the Borrower pursuant to Section 2.16, then
      the Borrower shall compensate each Lender for its loss, cost and expense
      attributable to such event, which shall be deemed to include an amount determined
      by such Lender to be the excess, if any, of (i) the amount of interest that
      would have accrued on the principal amount of such Loan had such event not
      occurred, at the Adjusted LIBO Rate (or, in the case of any Peso Loan, the
      TIIE Rate) that would have been applicable to such Loan, for the period
      from the date of such event to the end of the then current Interest Period
      therefor (or, in the case of a failure to borrow or continue, the Interest
      Period that would have begun on the date of such failure), over (ii) the
      amount of interest that would accrue on such principal amount for such period
      at the interest rate which such Lender would bid were it to bid, at the
      beginning of such period, for Dollar deposits of a comparable amount and
      period from other banks in the eurodollar market (or, in the case of any
      Peso Loan, for Peso deposits of a comparable amount and period from appropriate
      sources in the markets or from the sources through which such Lender funds
      its Peso Loan). A certificate of any Lender setting forth in reasonable
      detail the basis for calculating such increased costs owed to such Lender
      that such Lender is entitled to receive pursuant to this Section shall be
      delivered to the Borrower and shall constitute <i>prima facie</i> evidence
      of such amounts payable. The Borrower shall pay such Lender the amount shown
      as due on any such certificate within 10 Business Days after receipt thereof.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14. <I>Taxes.</I>
      (a) All payments by the Borrower under the Loan Documents shall be made
      free and clear of and without deduction or withholding for any Indemnified
      Taxes or Other Taxes; <i>provided</i> that, if the Borrower shall be required,
      by law or otherwise, to deduct any Indemnified Taxes or Other Taxes from
      such payments, then (i) the Borrower shall make such deduction or withholding
      and pay the full amount deducted to the relevant Governmental Authority
      in accordance with applicable law and (ii) the sum payable by the Borrower
      to the relevant Lender Party under the Loan Documents shall be increased
      as necessary so that, after all required deductions or withholdings (including
      deductions applicable to additional sums payable under this Section) are
      made, each such Lender Party receives an amount equal to the sum it would
      have received had no such deductions or withholdings been made.</FONT></td>
  </tr></table>






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<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
29</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Borrower shall indemnify each Lender Party, within 30 days after written demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by,
or claimed from, or assessed in respect of, such Lender Party with respect to
any payment by or obligation of the Borrower under the Loan Documents (including
Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) and any penalties, surcharges, interest and
reasonable costs and expenses arising therefrom or related thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount
of any such payment delivered to the Borrower by a Lender Party, or by the
Administrative Agent on behalf of any Lender Party, shall be conclusive and
binding absent manifest error. As soon as practicable after such Lender Party
pays any Indemnified Taxes or Other Taxes to a Governmental Authority, the
Lender Party shall deliver to the Borrower a copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting
such payment, or other evidence of such payment reasonably satisfactory to the
Borrower.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As
soon as practicable after the Borrower pays any Indemnified Taxes or Other Taxes
to a Governmental Authority, the Borrower shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment,
duly stamped or acknowledged by the relevant Governmental Authority, or other
evidence of such payment, reasonably satisfactory to the Administrative Agent.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each
Lender Party (other than EDC) hereby represents as of the relevant Borrowing
Date (or in the case of any Lender that is an assignee pursuant to Section
9.04(b), other than any such assignee Lender that has notified the Borrower and
the Administrative Agent that it is electing to be subject to the proviso in
clause (b)(v) of Section 9.04, as of each date the assignment of any Commitment
or Loans becomes effective) that it is either (i) a Mexican Bank or (ii) a
Foreign Financial Institution that is resident (or, if applicable, the main
office of which is a resident) in a country that has entered into a treaty for
the avoidance of double taxation with Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each  Lender
Party (other than EDC and a Lender Party that is a Mexican Bank) shall,  at the request
of the Borrower, made pursuant to a written notice given at least  10 days prior to the
relevant filing date, use reasonable commercial efforts to  file with the Ministry of
Finance or, where applicable, in accordance with the  laws of any jurisdiction outside
Mexico from or through which payments hereunder  or under any Notes are made, a form,
certificate or other similar document  requested by the Borrower (including without
limitation any such form,  certificate or other similar document that may be required to
maintain such  Lender Party&#146;s status as a Foreign Financial Institution) if (i) such
filing is required under applicable law or a treaty for the avoidance of double  taxation
then in effect, (ii) such filing would avoid the need for making any  tax withholding or
deduction, or reduce the amount of any such withholding or  deduction which may
thereafter accrue to or for the account of such Lender Party  pursuant to this Section
and (iii) such filing would not, in the good faith  judgment of such Lender Party,
require such Lender Party to disclose any  confidential or proprietary information or be
otherwise materially  disadvantageous to such Lender Party. Notwithstanding the </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
30</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>foregoing, it is  understood and agreed that
nothing in this Section shall interfere with the  rights of any Lender Party to conduct
its fiscal or tax affairs in such manner  as it deems appropriate.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If after the Borrower has
      paid any Indemnified Taxes for the account of any Lender Party under this
      Section 2.14, such Lender Party thereafter receives a cash rebate of such
      payment (but not a credit with respect to such payment) from the applicable
      authority expressly identified by such authority as being in respect of
      such Indemnified Taxes for which the Borrower has made such payment, such
      Lender Party shall pay to the Borrower, within 60 days after receipt of
      such rebate, the amount of such rebate. Any Lender Party shall use reasonable
      efforts to cooperate, at the request and sole expense of the Borrower, with
      the Borrower&#146;s efforts to submit a claim for such rebate, <i>provided</i>
      that such cooperation shall not, in the good faith judgment of such Lender
      Party, require such Lender Party to disclose any confidential or proprietary
      information or be otherwise materially disadvantageous to such Lender Party.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) EDC
represents and warrants to the Borrower that, as of the relevant Borrowing Date,
the head office of EDC is in Ottawa, Canada, and EDC was previously named an
Export Development Corporation as referred to in Article 11 of the
&#147;Convention Between the Government of Canada and the Government of the
United Mexican States for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with Respect to Taxes on Income&#148;.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.15. <I>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</I>. (a) The
Borrower shall make each payment required to be made by it under the Loan
Documents (whether of principal, interest or fees or amounts payable under
Section 2.12, 2.13, or 2.14 or otherwise) on or before the time expressly
required under the relevant Loan Document for such payment (or, if no such time
is expressly required, before 3:00 P.M., New York City time), on the date when
due, in immediately available funds, without set-off or counterclaim. Any amount
received after such time on any day may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York
10017, except that (i) payments in respect of Peso Loans shall be made to the
Mexican Administrative Agent at its offices in Mexico City and (ii) payments
pursuant to Sections 2.12, 2.13, 2.14 and 9.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent and the Mexican
Administrative Agent shall distribute any such payment received by it for the
account of any other Person to the appropriate recipient promptly after receipt
thereof. If any payment under any Loan Document shall be due on a day that is
not (i) in the case of any payment of principal on or interest with respect to
any Dollar Loan, a LIBO Business Day, the date for payment will be extended to
the next succeeding LIBO Business Day, (ii) in the case of any payment of
principal on or interest with respect to any Peso Loan, a Peso Business Day, the
date for payment will be extended to the next succeeding Peso Business Day and
(iii) in the case of any other payment hereunder, a Business Day, the date for
payment will be extended to the next succeeding Business Day, and, in each case,
if such payment accrues interest, interest thereon will be payable for the
period of such extension. All payments with respect to Dollar Loans under each
Loan Document shall be made in Dollars and all payments with respect to Peso
Loans under each Loan Document shall be made in Pesos.</FONT></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
31</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at
any time insufficient funds are received by and available to the Administrative
Agent or Mexican Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder and payable through the Administrative
Agent or Mexican Administrative Agent, as relevant, the Agent with insufficient
funds shall promptly notify the other such Agent thereof, and the Administrative
Agent and the Mexican Administrative Agent shall jointly apply such funds (i)
first, to pay fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of fees then due to such parties, (ii)
second, to pay interest then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest then due to such parties,
(iii) third, to pay principal then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of principal then due to such
parties and (iv) fourth, to pay any other amounts then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts then due to
such parties.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Lender shall, by
      exercising any right of set-off or counterclaim or otherwise, obtain payment
      in respect of any principal of or interest on any of its Loans resulting
      in such Lender receiving payment of a greater proportion of the aggregate
      amount of its Loans and accrued interest thereon than the proportion received
      by any other Lender, then the Lender receiving such greater proportion shall
      purchase (for cash at face value) participations in the Loans of other Lenders
      to the extent necessary so that the benefit of all such payments shall be
      shared by the Lenders ratably in accordance with the aggregate amount of
      principal of and accrued interest on their respective Loans; <i>provided</i>
      that (i) if any such participations are purchased and all or any portion
      of the payment giving rise thereto is recovered, such participations shall
      be rescinded and the purchase price restored to the extent of such recovery,
      without interest, and (ii) the provisions of this subsection shall not apply
      to any payment made by the Borrower pursuant to and in accordance with the
      express terms of this Agreement or any payment obtained by a Lender as consideration
      for the assignment of or sale of a participation in any of its Loans to
      any assignee or participant, other than to the Borrower or any Subsidiary
      or Affiliate thereof (as to which the provisions of this subsection shall
      apply). The Borrower consents to the foregoing and agrees, to the extent
      it may effectively do so under applicable law, that any Lender acquiring
      a participation pursuant to the foregoing arrangements may exercise against
      the Borrower rights of set-off and counterclaim with respect to such participation
      as fully as if such Lender were a direct creditor of the Borrower in the
      amount of such participation.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Unless, before the date on which any payment is due to the Administrative Agent
or Mexican Administrative Agent (herein, the &#147;<B>Relevant Administrative
Agent</B>&#148;) for the account of one or more Lender Parties hereunder, the
Relevant Administrative Agent receives from the Borrower notice that the
Borrower will not make such payment, the Relevant Administrative Agent may
assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance on such assumption, distribute to each relevant
Lender Party the amount due to it. In such event, if the Borrower has not in
fact made such payment, each Lender Party severally agrees to repay to the
Relevant Administrative Agent forthwith on demand the amount so distributed to
such Lender Party with interest thereon, for each day from and including the day
such amount is distributed to it to but excluding the day it repays the Relevant
Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Relevant Administrative Agent in accordance with banking
industry rules on interbank compensation.</FONT></td></tr></table>





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32</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
any Lender fails to make any payment required to be made by it pursuant to
Section 2.04(a), 2.15(d) or 9.03(c), the Relevant Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Relevant Administrative Agent for the account
of such Lender to satisfy such Lender&#146;s obligations under such Sections
until all such unsatisfied obligations are fully paid.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All
calculations of ratable amounts required for sharing of payments or otherwise
under this Section 2.15 shall be determined on the basis of the Dollar Amount of
outstanding Loans determined on the date on which any such payment is first
received.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.16. <I>Lender&#146;s Obligation to Mitigate; Replacement of Lenders</I>. (a) If (x)
any Lender requests compensation under Section 2.12, or (y) the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.14 in excess of
the amount that the Borrower would be required to pay if such Lender were a
Foreign Financial Institution resident (or, if applicable, the main office of
which is a resident) in a country that has entered into a treaty for the
avoidance of double taxation with Mexico, then such Lender (except in the case
of (y) if the Lender makes the election set forth in the proviso to clause
(b)(v) of Section 9.04) shall use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the reasonable judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section
2.12 or Section 2.14, as the case may be, in the future, (ii) would not subject
such Lender to any unreimbursed cost or expense and (iii) would not otherwise be
materially disadvantageous to such Lender. The Borrower shall pay all reasonable
and documented costs and expenses incurred by any Lender in connection with any
such designation or assignment.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If (x) any
Lender requests compensation under Section 2.12 or (y) the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.14 in excess of the amount that the Borrower would be
required to pay if such Lender were a Foreign Financial Institution resident (or, if
applicable, the main office of which is a resident) in a country that has entered into a
treaty for the avoidance of double taxation with Mexico, unless such Lender has made the
election set forth in the proviso to clause (b)(v) of Section 9.04, or (z) any Lender
defaults in its obligation to fund Loans hereunder, then the Borrower may, at its sole
expense, upon notice to such Lender and the Administrative Agent, require such Lender to
assign, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights and obligations under this Agreement to an
assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); <I>provided</I> that (i) the Borrower shall have received the
prior written consent of the Administrative Agent, which consent shall not unreasonably
be withheld, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other
amounts) and (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.12 or payments required to be made pursuant to Section
2.14, such assignment will result in a reduction in such compensation or payments that
is material to the Borrower in its reasonable judgment. A Lender shall not be required
to</FONT> </td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
33</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>make  any such assignment if, prior thereto, as
a result of a waiver by such Lender or  otherwise, the circumstances entitling the
Borrower to require such assignment  cease to apply.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Borrower becomes
      obligated to pay additional amounts to any Lender pursuant to Section 2.12
      or Section 2.14 of this Agreement (in this last case, in excess of additional
      amounts that would be paid to such Lender if it were a Foreign Financial
      Institution resident (or, if applicable, the main office of which is a resident)
      in a country that has entered into a treaty for the avoidance of double
      taxation with Mexico), the Borrower shall be entitled to prepay the Loans
      of any Lender affected by such conditions by providing five LIBO Business
      Days prior written notice to the Administrative Agent of such prepayment
      (which prepayment shall occur not more than 20 days after the date of such
      notice); <I>provided</I> that the Borrower has endeavored in good faith
      to find an assignee to purchase the Loans of such Lender pursuant to Section
      2.16(b) and has been unable to find any such assignee for thirty days from
      the commencement of such efforts; and <i>provided</i> <i>further</i>, that
      Lenders claiming equivalent additional amounts shall be treated equally.
      On the date of any such prepayment, the Lenders shall be paid the principal
      amount of the Loans to be prepaid, together with interest accrued thereon
      through the date of prepayment and all other amounts due, with respect to
      such Loans, hereunder. Payments pursuant to this Section 2.16(c) shall not
      be subject to Section 2.15.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2.17. <I>Judgment Currency</I>. If for the purpose of obtaining judgment in any court
it is necessary to convert a sum due from the Borrower under any Loan Document
in the currency expressed to be payable in such Loan Document (the
&#147;<B>specified currency</B>&#148;) into another currency, the parties hereto agree,
to the fullest extent that they may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the
Administrative Agent (or, in the case of any Peso Loan, the Mexican
Administrative Agent) could purchase the specified currency with such other
currency at (i) where the specified currency is Dollars, the Administrative
Agent&#146;s New York City office and (ii) where the specified currency is
Pesos, the Mexican Administrative Agent&#146;s Mexico City office, in each case
at 11:00 a.m. (New York City or Mexico City time, as applicable) on the Peso
Business Day preceding that on which final judgment is given. The obligations of
the Borrower in respect of any sum due to any Lender or any Agent under any Loan
Document shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day
(or Peso Business Day, in the case of any sum where the specified currency is
Pesos) following receipt by such Lender or such Agent (as the case may be) of
any sum adjudged to be so due in such other currency such Lender or Agent (as
the case may be) may in accordance with normal banking procedures purchase the
specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or such
Agent, as the case may be, in the specified currency, the Borrower agrees, to
the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or such Agent, as
applicable, against such loss, and if the amount of the specified currency so
purchased exceeds (i) the sum originally due to such Lender or Agent, as
applicable, and (ii) any amounts shared with other Lenders as a result of
allocations of such excess as a disproportionate payment to such Lender under
Section 2.15, such Lender or Agent, as applicable, agrees to remit such excess
to the Borrower.</FONT></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
34</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 3 <br>
      R<font size="1">EPRESENTATIONS AND</font> W<font size="1">ARRANTIES</font>
      </font></td>
  </tr></table>


<p><table width=600><tr>
    <td  align=center>
      <div align="left"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower
        represents and warrants to the Lender Parties that:</FONT></div>
    </td>
  </tr></table>


<p>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.01. <I>Organization; Powers.</I> The Borrower has been duly incorporated, is validly
existing under the laws of Mexico, has all requisite power and authority to
carry on its business as now conducted and, except where failures to do so, in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business and is in good standing in every
jurisdiction where such qualification is required. Each Subsidiary of the
Borrower has been duly incorporated, is validly existing and, where applicable,
in good standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and is
qualified to do business in, and is in good standing in, every jurisdiction
where such qualification is required, except where failures to do so, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. <I>Authorization;
      Enforceability.</I> The Transactions to be entered into by each KOF Company
      are within its corporate powers and have been duly authorized by all necessary
      corporate and, if required, stockholder action. This Agreement has been
      duly executed and delivered by the Borrower and constitutes, and each other
      Loan Document to which the Borrower is to be a party, when executed and
      delivered by the Borrower, will constitute, a legal, valid and binding obligation
      of the Borrower, in each case enforceable in accordance with its terms,
      subject to applicable bankruptcy, <i>concurso mercantil</i>, insolvency,
      reorganization, moratorium and other laws affecting creditors&#146; rights
      generally and subject to general principles of equity, regardless of whether
      considered in a proceeding in equity or at law.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03. <I>Governmental
      Approvals; No Conflicts</I>. Except as provided in Schedule 3.03, the Transactions
      (a) do not require any consent or approval of, registration or filing with,
      or other action by, any Governmental Authority, except such as have been
      obtained or made and are in full force and effect on the date of this Agreement
      or (to the extent not necessary until the relevant Borrowing Date) shall
      be obtained or made on or prior to, and be in full force and effect on,
      the relevant Borrowing Date, (b) will not violate any applicable law or
      regulation or the charter, by-laws, <i>estatutos sociales</i> or other organizational
      documents of any KOF Company or any order of any Governmental Authority,
      (c) will not violate or result in a default under (x) any indenture, instrument
      or other agreement with respect to Debt of the type included in the calculation
      of &#147;Total Debt&#148;, in excess of US$1,000,000, or (y) any other material
      agreement, in each case binding upon any KOF Company or any of its material
      properties, or give rise to a right thereunder to require any KOF Company
      to make any material payment and (d) will not result in the creation or
      imposition of any Lien on any property of any KOF Company.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04.
<I>Financial Statements; No Material Adverse Change</I>. (a) The Borrower has heretofore
furnished to the Lenders:</FONT></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the consolidated balance sheet of the Borrower and its consolidated  Subsidiaries as of
December 31, 2001 and the related consolidated statements of  income, changes in
stockholders&#146; equity and changes in financial position for  the Fiscal Year then ended,
reported on by Ruiz, Urquiza y Cia., S.C.,  independent public accountants;</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
35</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the  consolidated balance sheet of the Borrower and its consolidated Subsidiaries as  of
September 30, 2002 and the related consolidated statements of income, changes  in
stockholders&#146; equity and changes in financial position for the Fiscal  Quarter then
ended and for the portion of the Fiscal Year then ended;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
December 31, 2001 and the related consolidated statements of income,  stockholders&#146; equity
and cash flows for the Fiscal Year then ended,  reported on by Arthur Andersen LLP,
independent public accountants; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
September 30, 2002 and the related consolidated statements of income,  stockholders&#146; equity
and cash flows for the Fiscal Quarter then ended and  for the portion of the Fiscal Year
then ended.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The  financial statements referred to in clauses
(i) and (ii) above present fairly,  in all material respects, the financial position of
the Borrower and its  consolidated Subsidiaries, as of such dates and their results of
operations and  changes of financial position for such periods in accordance with Mexican
GAAP,  subject to normal year-end adjustments and the absence of footnotes in the case
of the statements referred to in clause (ii) above. The financial statements  referred to
in clauses (iii) and (iv) above present fairly, in all material  respects, the financial
position of Panamco and its consolidated Subsidiaries as  of such dates and their results
of operations and cash flows for such periods in  accordance with generally accepted
accounting principles in the United States at  the date hereof, subject to normal
year-end adjustments.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
pro forma consolidated balance sheet as of September 30, 2002 included in the
Information Memorandum has been prepared giving effect (as if such event has
occurred on such date) to (i) the consummation of the Acquisition, (ii) the
maximum borrowings that could be made hereunder and under the Other Loan
Agreement in connection with the Acquisition and the use of proceeds thereof and
(iii) the payment of fees and expenses in connection with the foregoing. Such
pro forma consolidated balance sheet (i) has been prepared in good faith based
on assumptions believed by the Borrower to be reasonable and (ii) is based on
the best information available to the Borrower after due inquiry.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After
giving effect to the Transactions, none of the KOF Companies will have or has,
as of either Borrowing Date, any material contingent liabilities, unusual
long-term commitments or unrealized losses, except as disclosed in the financial
statements referred to above or the notes thereto or in the Information
Memorandum and except for the Disclosed Matters.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There has not
occurred after December 22, 2002 any Material Adverse Change.</font></td></tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05.<I> Properties.</I>
      Each KOF Company has good title to, or valid leasehold interests in, all
      real and personal property material to its business, except for minor defects
      in title that do not interfere with its ability to conduct its business
      as currently conducted or to utilize such properties for their intended
      purposes and except</FONT> </td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
36</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>where failures to have such title or interests
could not  reasonably be expected to result in a Material Adverse Effect.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.06. <I>Litigation and Environmental Matters</I>. (a) Except for the Disclosed
Matters, there are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of the Borrower,
threatened in writing against or affecting any KOF Company which if decided
adversely to any KOF Company, could reasonably be expected to have a material
adverse effect on (i) the business, condition (financial or otherwise),
operations, results of operations, performance, properties, assets, liabilities
(contingent or otherwise) or prospects of the Borrower or Panamco, in each case
together with its respective Subsidiaries, taken as a whole, whether before or
after giving effect to the Transactions, (ii) the Acquisition, (iii) the rights
of the Lenders or (iv) the ability of the Borrower to perform its financial
obligations under the Loan Documents (excluding in all cases the matters
disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger Agreement).</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Except for the Disclosed Matters and except for other matters that, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect, no KOF Company (i) has failed to comply with any Environmental Law or to
obtain, maintain or comply with any permit, license or other approval required
under any Environmental Law, (ii) is subject to any Environmental Liability,
(iii) has received notice of any claim with respect to any Environmental
Liability or (iv) knows of any basis for any Environmental Liability.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Since
the date of this Agreement, there has been no change in the status of the
Disclosed Matters that, individually or in the aggregate, has resulted in, or
materially increased the likelihood of, a Material Adverse Change.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.07. <I>Compliance with Laws and Agreements</I>. Each KOF Company is in compliance
with all laws, regulations and orders of any Governmental Authority applicable
to it or its property (including, without limitation, Environmental Laws, IMSS,
INFONAVIT and SAR rules) and all indentures, agreements and other instruments
binding on it or its property, except where failures to do so, in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No
Default has occurred and is continuing.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.08. <I>Investment and Holding Company Status</I>. The Borrower is not (a) an
&#147;investment company&#148; as defined in, or subject to regulation under,
the Investment Company Act of 1940 or (b) a &#147;holding company&#148; or
&#147;subsidiary company&#148; of a holding company as defined in, or subject to
regulation under, the Public Utility Holding Company Act of 1935.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.09. <I>Taxes.</I> Each KOF Company has timely filed or caused to be filed all Tax
returns and reports required to have been filed by it and has paid or caused to
be paid all Taxes required to have been paid by it, except (a) any Taxes that
are being contested in good faith by appropriate proceedings and for which the
relevant KOF Company has set aside on its books reserves (to the extent required
by Applicable GAAP) or (b) to the extent that failures to do so, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.</FONT></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
37</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10. <I>Disclosure.</I>
      The Information Memorandum and all other reports, financial statements,
      certificates or other information furnished by or on behalf of the Borrower
      or any of its Subsidiaries to the Administrative Agent or any Lender in
      connection with the negotiation of this Agreement or any other Loan Document
      or delivered hereunder or thereunder (as modified or supplemented by other
      information so furnished), taken as a whole, are true and correct in all
      material respects and do not omit to state a material fact necessary to
      make the statements contained therein not misleading, in light of the circumstances
      under which such statements were made, in each case on the date on which
      such information was furnished; <i>provided</i> that, with respect to projected
      financial information, the Borrower represents only that such information
      was prepared in good faith based on assumptions believed to be reasonable
      at the time.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11. <I>Pari Passu
      Status</I>. The obligations of the Borrower under the Loan Documents constitute
      direct and unconditional obligations of the Borrower and rank at all times
      at least <i>pari passu</i> in right of payment and in all other respects
      with all other unsecured, unsubordinated Debt of the Borrower at any time
      outstanding.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.12. <I>Subsidiaries.</I> Schedule 3.12 sets forth the name of, and the ownership
interest of the Borrower in, each of its Subsidiaries as of each Borrowing Date.
Upon the consummation of the Acquisition, all the Borrower&#146;s Subsidiaries,
including Panamco and its Subsidiaries, will be fully consolidated in the
Borrower&#146;s consolidated financial statements.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.13. <I>Insurance.</I> The Borrower and its Subsidiaries maintain all insurance as
required by law or as usually carried by companies of established repute engaged
in the same or similar business, owning similar properties, and located in the
same general areas as the Borrower and its Subsidiaries, except for any such
failure that could not reasonably be expected to have a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.14. <I>Labor Matters</I>. As of each Borrowing Date, there are no strikes, lockouts
or slowdowns against any KOF Company pending or, to the knowledge of the
Borrower, threatened, except such strikes, lockouts or slowdowns which in the
aggregate would not reasonably be expected to have a Material Adverse Effect.
All payments due from any KOF Company, or for which any claim may be made
against any KOF Company, on account of wages and employee health and welfare
insurance and other benefits (including IMSS, INFONAVIT and SAR), have been paid
or accrued as a liability on the books of such KOF Company , except such
payments which in the aggregate would not reasonably be expected to have a
Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
3.15. <I>Solvency.</I> Immediately after the Transactions to occur on the Borrowing
Dates and Acquisition Date are consummated and after giving effect to the
application of the proceeds of each Loan to be made hereunder, (a) the fair
value of the assets of the Borrower, at a fair valuation, will exceed its debts
and liabilities, subordinated, contingent or otherwise and (b) the Borrower will
be able to pay its debts and liabilities, subordinated, contingent or otherwise,
as such debts and liabilities become absolute and matured.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.16.<I>Legal Form</I>. (a) Each of the Loan Documents is in proper legal form under all applicable
laws for the enforcement thereof in accordance with their respective terms against the
parties thereto under such laws. To ensure the legality, validity, enforceability or
admissibility into evidence of the Loan Documents, it is not</FONT> </td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
38</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>necessary that any of such Loan Documents or any
other  document be filed or recorded with any applicable Governmental Authority or that
any stamp or similar tax be paid on or in respect of this Agreement or any Note,  or any
other such document, except that in the event that any legal proceedings  with respect to
any Loan Document are brought in the courts of Mexico, a Spanish  translation of the
documents required in such proceedings prepared by a Mexican  court-approved translator
would have to be approved by the court after the  defendant had been given an opportunity
to be heard with respect to the accuracy  of such translation, and the proceedings would
thereafter be based upon the  translated documents. Any judgment against the Borrower
obtained in a  non-Mexican state or federal court to which the Borrower is submitting
pursuant  to Section 9.09(b) hereof is capable of being enforced in the courts of Mexico,
subject to the satisfaction of all applicable procedural requirements.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Neither the Borrower nor any of its property has any immunity on the ground of
sovereignty or otherwise, from the jurisdiction of any court or from any legal
process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) under any applicable
laws in respect of the obligations of the Borrower under the Loan Documents or
from the execution or enforcement of any judgment resulting therefrom, and if
the Borrower or any of its revenues, assets or properties should become entitled
to any such right of immunity, the Borrower has effectively waived such right
pursuant to Section 9.09(e).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is
not necessary in order for any Lender Party to enforce any of its rights or
remedies under the Loan Documents or solely by reason of the execution, delivery
and performance by the Borrower of the Loan Documents, that any Lender Party be
licensed or qualified with any Mexican Governmental Authority or be entitled to
carry on business in any jurisdiction.</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 4 <br>
      C<font size="1">ONDITIONS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.01. <I>Effective Date</I>. This Agreement shall become effective on the date (the
&#147;<B>Effective Date</B>&#148;) on which the Administrative Agent (or its counsel)
shall have received from each party hereto either (a) a counterpart of this
Agreement signed on behalf of such party or (b) written evidence satisfactory to
the Administrative Agent (which may include telecopy transmission of a signed
signature page) that such party has signed a counterpart of this Agreement.
Promptly upon the occurrence of the Effective Date, the Administrative Agent
shall notify the Borrower and the Lenders thereof, and such notice shall be
conclusive and binding.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.02. <I>Conditions To Borrowing</I>. The obligations of the Lenders to make Loans
hereunder shall not become effective until the date, if any (in the case of
Lenders with Peso Loan Commitments, the &#147;<B>Peso Borrowing Date</B>&#148;; and in
the case of Lenders with Dollar Loan Commitments, the &#147;<B>Dollar Borrowing
Date</B>&#148;) on which each of the following additional conditions is first
satisfied (or waived by the Required Lenders and otherwise in accordance with
Section 9.02):</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Administrative Agent shall have received each of the following, in each  case dated on or
as of the Peso Borrowing Date unless expressly provided  otherwise below:</font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
39</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
for each Lender a Note of each relevant Tranche duly executed by the  Borrower and dated
the relevant Borrowing Date;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
an  opinion of each of (A) Cleary, Gottlieb, Steen &amp; Hamilton, special New York
counsel for the Borrower and (B) Lic. Carlos Aldrete Ancira, corporate counsel  for the
Borrower, substantially in the form of Exhibits C-1 and C-2,  respectively;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
an  opinion of each of (A) Davis Polk &amp; Wardwell, special New York counsel for  the
Agents and (B) Ritch, Heather y Mueller, S.C., special Mexican counsel for  the Agents,
substantially in the form of Exhibits D-1 and D-2, respectively, and  each covering such
additional matters relating to the Loan Documents or the  Transactions as the Required
Lenders may reasonably request;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the  following documents and certificates, all in form and substance satisfactory to  the
Administrative Agent and its counsel:</font></td></tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
    <td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the<i> estatutos
      sociales</i> of the Borrower, certified by a Mexican notary public as to
      its authenticity and certified by an appropriate officer of the Borrower
      as true and correct and in full force and effect in its delivered form on
      the Peso Borrowing Date;</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
    <td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a power of attorney,
      certified by a Mexican notary public, authorizing the relevant officers
      of the Borrower to execute and deliver the Notes (with<i> poder para suscribir
      t&iacute;tulose cr&eacute;dito</i>) and this Agreement and any other document
      or certificate to be delivered by the Borrower on or prior to the Peso Borrowing
      Date in connection with this Agreement, including authority for acts of
      administration (<i>poder para actos de administraci&oacute;n</i>); and</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=60>&nbsp;</td>
<td width=540><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
powers of attorney, certified by a Mexican notary public, in form reasonably
satisfactory to the Administrative Agent, appointing the Process Agent to act as  such on
behalf of the Borrower, together with a letter to such effect and  written evidence of
acceptance by the Process Agent of such appointment;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
confirmation that the Borrower shall have received final Long-Term Debt Ratings  (giving
pro forma effect to the Transactions) of BBB- and Baa3, or higher, from  S&amp;P and Moody&#146;s,
respectively, with stable outlook in each case; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
payment of all reasonable and documented fees and other amounts due and payable  to the
Lender Parties on or before the Peso Borrowing Date for which invoices  have been
received by the Borrower not less than five Business Days before the  Peso Borrowing
Date, including, to the extent invoiced, all out-of-pocket  expenses of the Agents
(including fees, charges and disbursements of their  counsel) required to be reimbursed
or paid by the Borrower under the Loan  Documents.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All  consents
and approvals required to be obtained from any Governmental Authority  or other Person
prior to the Borrowing Dates in connection with </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
40</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>the Transactions  shall have been obtained, and
all applicable waiting periods and appeal periods  shall have expired, in each case
without the imposition of any burdensome  condition; and no law or regulation shall be
applicable, in the reasonable  judgment of the Administrative Agent, and no action, suit,
investigation,  litigation or proceeding shall be pending or threatened in writing, in
each case  that restrains, prevents or imposes materially adverse conditions upon the
Transactions.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Administrative Agent shall have received confirmation satisfactory to it that
the Acquisition is expected to be consummated promptly (and in any event within
10 Business Days) after the Peso Borrowing Date in accordance with the
Acquisition Documents and applicable law, without any amendment to or waiver of
any material term or condition of the Acquisition Documents not approved by the
Required Lenders, and that the proceeds of the Loans are to be applied as
provided in Section 5.09. Copies of the Acquisition Documents and all
certificates, opinions and other documents delivered thereunder shall be made
available to the Administrative Agent for inspection.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There
shall exist no action, suit, investigation, litigation or proceeding pending or
threatened in any court or before any arbitrator or governmental or regulatory
agency or authority that could reasonably be expected, in the determination of
the Required Lenders, to have a material adverse effect on (i) the business,
condition (financial or otherwise), operations, results of operations,
performance, properties, assets, liabilities (contingent or otherwise) or
prospects of the Borrower or Panamco, in each case together with its respective
Subsidiaries, taken as a whole, whether before or after giving effect to the
Transactions, (ii) the Acquisition, (iii) the rights of the Lenders under the
Loan Documents or (iv) the ability of the Borrower to perform its financial
obligations under the Loan Documents (excluding in all cases the matters
disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger Agreement).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There
shall not have occurred after December 22, 2002, in the sole good faith judgment
of the Required Lenders, any Material Adverse Change.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
representations and warranties of the Borrower set forth in the Loan Documents
shall be true on and as of each Borrowing Date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Immediately
after giving effect to the Borrowings, no Default shall have  occurred and be continuing.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
the case of the Lenders holding Dollar Loan Commitments, the Dollar Borrowing
Date shall occur not later than the second LIBO Business after the Peso
Borrowing Date.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Each  Borrowing shall be deemed to constitute a
representation and warranty by the  Borrower on the date thereof as to the matters
specified in clauses (c), (f) and  (g) of this Section. Notwithstanding the foregoing,
the obligations of the  Lenders to make Loans shall not become effective unless each of
the foregoing  conditions is satisfied (or waived pursuant to Section 9.02) and the
Borrowing  Dates occur before 5:00 p.m., New York City time, on September 18, 2003.</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
41</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 5 <br>
      A<font size="1">FFIRMATIVE</font> C<font size="1">OVENANTS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01.
<I>Financial Statements and Other Information</I>. The Borrower will furnish to the
Administrative Agent (for delivery to the Lenders):</FONT></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 120
days after the end of each Fiscal Year:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
in  the case of the Fiscal Year ended December 31, 2002, (A) the audited  consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as  of the end of such
Fiscal Year and the related statements of income,  stockholders&#146; equity and change
of financial position for such Fiscal Year  and (B) the audited consolidated balance
sheet of Panamco and its consolidated  Subsidiaries as at December 31, 2002 and the
related statements of income,  stockholders&#146; equity and cash flows for the Fiscal
Year then ended, setting  forth in each case in comparative form the corresponding
figures for the  previous Fiscal Year, all reported on by Deloitte Touche Tohmatsu or
other  independent public accountants of recognized national standing (without a  &#147;going
concern&#148; or like qualification or exception and without any  qualification or
exception as to the scope of such audit) as presenting fairly  in all material respects
the financial position, results of operations and  change of financial position (or cash
flows, as applicable) of the Borrower and  its consolidated Subsidiaries or Panamco and
its consolidated Subsidiaries, as  applicable, on a consolidated basis in accordance with
Applicable GAAP;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
in  the case of each Fiscal Year from and including the Fiscal Year ending December  31,
2003, the audited consolidated balance sheet of the Borrower and its  consolidated
Subsidiaries as of the end of such Fiscal Year and the related  statements of income,
stockholders&#146; equity and change of financial position  for such Fiscal Year setting
forth in each case in comparative form the figures  for the previous Fiscal Year, all
reported on by Deloitte Touche Tohmatsu or  other independent public accountants of
recognized national standing (without a  &#147;going concern&#148; or like qualification
or exception and without any  qualification or exception as to the scope of such audit)
as presenting fairly  in all material respects the financial position, results of
operations and  change of financial position of the Borrower and its consolidated
Subsidiaries  on a consolidated basis in accordance with Mexican GAAP;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  within 60
days after the end of each of the first three Fiscal Quarters of each Fiscal  Year:</font></td></tr></table>


<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>(i) in  the
case  of the Fiscal Quarter ended March 31, 2003, (A) the consolidated  balance sheet of
the  Borrower and its consolidated Subsidiaries as of the end of  such Fiscal Quarter and
the  related statements of income, stockholders&#146; equity and change of financial
position  for such Fiscal Quarter and (B) the  consolidated balance sheet of Panamco and
its  consolidated Subsidiaries as at  March 31, 2003 and the related statements of
income,  stockholders&#146; equity</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
42</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>and cash flows
for the Fiscal Quarter then ended, setting forth in each case in  comparative form the
figures for the corresponding period of (or, in the case of  the balance sheet, as of the
end of) the previous Fiscal Year, all certified by  a Financial Officer as presenting
fairly in all material respects the financial  position, results of operations and change
of financial position (or cash flows,  as applicable) of the Borrower and its
consolidated Subsidiaries or Panamco and  its consolidated Subsidiaries, as applicable,
on a consolidated basis in  accordance with Applicable GAAP, subject to normal year-end
adjustments and the  absence of footnotes;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
in  the case of each Fiscal Quarter ending after March 31, 2003, the consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as of the end of  such
Fiscal Quarter and the related statements of income, stockholders&#146; equity and change
of financial position for such Fiscal Quarter and for the then  elapsed portion of such
Fiscal Year setting forth in each case in comparative  form the figures for the
corresponding period or periods of (or, in the case of  the balance sheet, as of the end
of) the previous Fiscal Year, all certified by  a Financial Officer as presenting fairly
in all material respects the financial  position, results of operations and change of
financial position of the Borrower  and its consolidated Subsidiaries on a consolidated
basis in accordance with  Mexican GAAP, subject to normal year-end adjustments and the
absence of  footnotes;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
concurrently with each delivery of financial statements under clause (a) or (b)
above, a certificate of a Financial Officer (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto, (ii)
setting forth reasonably detailed calculations demonstrating compliance with
Section 6.05 and Section 6.06, (iii) listing each Material Subsidiary as of the
date of such financial statements and (iv) listing any Joint Venture Investment
Events that have occurred during such period, and setting forth a reasonably
detailed calculation demonstrating compliance with Section 6.04 with respect
thereto;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after the same
      become publicly available, copies of all periodic and other reports, proxy
      statements or any other materials filed by the Borrower or Panamco with
      the SEC, the CNBV or similar Governmental Authority; <i>provided</i> that
      the Borrower may comply with this subsection by delivering a notice, by
      email or otherwise, to the Administrative Agent (which shall be promptly
      forwarded to the Lenders by the Administrative Agent) that any documents
      described herein have been posted on a website identified in such notice
      and accessible by the Lenders without charge;</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of any KOF Company, or
compliance with the terms of any Loan Document, as the Administrative Agent or
any Lender may reasonably request.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02.<I> Notice of
      Material Events</I>. The Borrower will furnish to the Administrative Agent
      and each Lender prompt written notice of the following:</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence
of any Default; and</font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
43</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting any KOF Company that
in the opinion of the Borrower has a reasonable likelihood of being adversely
determined and that, if adversely determined, could reasonably be expected to
result in a Material Adverse Effect.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
notice delivered under this Section shall be accompanied by a statement of a
Financial Officer or other executive officer of the Borrower setting forth the
details of the event or development requiring such notice and any action taken
or proposed to be taken with respect thereto.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03. <I>Existence;
      Conduct of Business</I>. Each of the Borrower and the Material Subsidiaries
      will preserve and maintain its legal existence and all of its material rights,
      licenses, privileges and franchises, except where failures to do so could
      not reasonably be expected in the aggregate to result in a Material Adverse
      Effect; <i>provided</i> that the foregoing shall not prohibit any merger,
      consolidation, liquidation or dissolution permitted under Section 6.02.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.04. <I>Payment of Obligations</I>. Each of the Borrower and the Material Subsidiaries
will pay its Debt and other obligations, including Tax liabilities, before the
same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b)
the relevant KOF Company has set aside on its books adequate reserves with
respect thereto as required by Applicable GAAP, and (c) the failure to make
payment pending such contest could not reasonably be expected to result in a
Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.05. <I>Maintenance of Properties</I>. Each of the Borrower and the Material
Subsidiaries will maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted, except
where failures to do so could not reasonably be expected in the aggregate to
result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.06. <I>Insurance</I>. The Borrower and the Material Subsidiaries will maintain with
insurance companies (believed in good faith by the Borrower to be financially
sound and reputable) that customarily write insurance for the risks covered
thereby such insurance as may be required by law or as is usually carried by
companies of established repute engaged in the same or similar business, owning
similar properties, and located in the same general areas as the Borrower and
the Material Subsidiaries, except where failures to do so could not reasonably
be expected to result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.07.<I> Proper Records;
      Rights to Inspect and Appraise</I>. Each of the Borrower and the Material
      Subsidiaries will keep proper books of record and account in which complete
      and correct entries are made of all transactions relating to its business
      and activities in accordance with Applicable GAAP, except where failures
      to do so could not reasonably be expected in the aggregate to result in
      a Material Adverse Effect. Each KOF Company will permit any representatives
      of the Administrative Agent and Lenders designated by the Administrative
      Agent, upon reasonable prior notice, to examine its books and records, and
      to discuss its affairs, finances and condition with its financial officers,
      all at such reasonable times and as often as reasonably requested but, unless
      an</FONT> </td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
44</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>Event of  Default has occurred and is continuing
at the time of such proposed visit or  inspection, no more than twice in any calendar
year.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.08. <I>Compliance with Laws</I>. Each KOF Company will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its
property, except where failures to do so, in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.09. <I>Use of Proceeds</I>.
      The proceeds of the Loans will be used only (a) to pay amounts payable under
      the Acquisition Documents as consideration for the Acquisition, (b) to consummate
      the Other Debt Refinancings (<i>provided</i> that any proceeds that will
      be so applied on a date other than the Acquisition Date shall be held on
      Borrower&#146;s balance sheet until so applied) and (c) to pay fees, expenses
      and taxes, if any, payable in connection with the Transactions. No part
      of the proceeds of any Loan will be used, directly or indirectly, for any
      purpose that entails a violation of any of the Regulations of the Federal
      Reserve Board, including Regulations U and X.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.10. <I>Further Assurances</I>. From time to time, the Borrower and its Subsidiaries
shall do and perform any and all acts and execute any and all documents as may
be reasonably necessary pursuant to applicable law in order to effect the
purposes of this Agreement or to protect the rights or remedies of the Lenders
under the Loan Documents.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
5.11. <I>Covenants During Bridge Period</I>. During the Bridge Period, the Borrower
shall comply with the covenants set forth in Sections 5.02(c), 6.03, 6.09 (other
than items (ii) through (v) of clause (f) thereof), 6.10, 6.11, 6.12 (other than
the proviso of clause (iii) thereof) and 6.13 of the Other Loan Agreement as if
such covenants and any related definitions were set forth in full herein. No
waiver, amendment or modification of any such covenant or any defined term used
therein shall be effective, for purposes of this Agreement, unless consented to
in writing by the Required Lenders under this Agreement pursuant to Section
9.02(b).</FONT></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 6 <br>
      N<font size="1">EGATIVE</font> C<font size="1">OVENANTS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.01. <I>Liens.</I> Neither the Borrower nor any of its Subsidiaries will create or
permit to exist any Lien on any property now owned or hereafter acquired by it,
or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof, except:</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
any Lien on any property of the Borrower or any of its Subsidiaries existing  on date
hereof and listed in Schedule 6.01;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Liens imposed by law for taxes that are not yet due or are being contested in  good faith
by appropriate proceedings and for which appropriate </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
45</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>reserves (if
any) required in accordance with Applicable GAAP have been made in the financial
statements of the Borrower and its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
Liens arising in the ordinary course of the business of the Borrower or any of  its
Subsidiaries that (A) do not secure Debt, (B) do not secure any obligation  in an amount
exceeding US$10,000,000 and (C) do not materially detract from the  value of the affected
property, or interfere with the ordinary conduct of  business, of the Borrower or any of
its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, performance bonds and other obligations of a like nature (excluding  items
described in clause (vi) below), in each case in the ordinary course of  business;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s,  repairmen&#146;s
and other like Liens imposed by law, arising in the ordinary  course of business and
securing obligations that are not overdue by more than 60  days or are being contested in
good faith by appropriate proceedings and for  which appropriate reserves (if any) have
been made in the financial statements  of the Borrower and its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
judgment liens in respect of judgments that do not constitute an Event of  Default under
clause (k) of Article 7 and any deposits to secure surety and  appeal bonds with respect
to judgments or orders, in the ordinary course of  business and not representing
obligations of the relevant Person exceeding  US$50,000,000 (or its equivalent in any
other currency);</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
easements, zoning restrictions, rights-of-way and similar encumbrances on real  property
imposed by law or arising in the ordinary course of business that do  not secure any
monetary obligation and do not materially detract from the value  of the affected
property or interfere with the ordinary conduct of business of  the Borrower or any of
its Subsidiaries;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Liens on cash
      and cash equivalents securing obligations of the Borrower under Interest
      and Currency Hedges of the Borrower; <i>provided</i> that the aggregate
      amount of cash and cash equivalents subject to such Liens may at no time
      exceed US$75,000,000 (or the equivalent thereof in any other currency);</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
Liens incurred or deposits made in the ordinary course of business in connection  with
workers&#146; compensation, unemployment insurance and other types of  social security;
and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens not otherwise
      permitted by the foregoing clauses of this Section 6.01 securing Debt or
      other obligations, <i>provided</i> that the Specified Priority Debt Amount
      shall at no time exceed the greater of (A) 20% of Consolidated Tangible
      Assets determined at such time and (B) US$570,000,000.</font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02.<I>Fundamental Changes</I>. (a) The Borrower will not merge into or consolidate with any other
Person, or liquidate or dissolve, permit any other Person to merge into or consolidate
with it or permit any of its Subsidiaries to liquidate or dissolve, except that, if at
the time thereof and immediately after giving effect thereto no Default</FONT> </td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
46</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>shall have occurred and be continuing, (i) any
Person  may merge into the Borrower in a transaction in which the Borrower is the
surviving Person and (ii) any Subsidiary of the Borrower may liquidate or  dissolve if
the Borrower determines in good faith that such liquidation or  dissolution is in the
best interests of the Borrower and is not materially  disadvantageous to the Lenders.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Without limitation of any provision of Section 6.10 of the Other Loan Agreement
as such Section is incorporated by reference into this Agreement through Section
5.11 hereof, the Borrower will not, and will not permit any of its Subsidiaries
to, sell, transfer, lease or otherwise dispose of (i) all or substantially all
of the property (including Equity Interests) of the Borrower and its
Subsidiaries, taken as a whole, pursuant to any transaction or series of related
transactions or (ii) all or any substantial portion of, the property (including
Equity Interests) owned by the Borrower and its Subsidiaries, taken as a whole,
pursuant to any transaction or series of related transactions, except in the
case of this clause (ii) for any such sale, transfer, lease or disposition (A)
from a Subsidiary of the Borrower to the Borrower or another of its
Subsidiaries, (B) pursuant to any Asset Swap or (C) the net proceeds of which
are applied within 180 days thereafter to (x) the acquisition of long-term
assets to be used in the existing lines of business of the Borrower or any
Subsidiary (including through the acquisition of Equity Interests of any Person
owning such long-term assets) or (y) the permanent repayment of Loans or any
other Debt of the Borrower or its Subsidiaries (other than Debt of the Borrower
or any of its Subsidiaries owed to the Borrower or one or more of its
Subsidiaries).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Neither the Borrower nor any Material Subsidiary will engage to any material
extent in any business except businesses of the types conducted by the Borrower
and its Material Subsidiaries on the Borrowing Dates (including the production,
distribution or sale of soft drinks, beer, juices, water and other beverages)
and businesses reasonably related thereto.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.03. <I>Transactions with Affiliates</I>. No KOF Company will sell, lease or otherwise
transfer any property to, or purchase, lease or otherwise acquire any property
from, or otherwise engage in any other transaction with, any of its Affiliates,
except (a) transactions that are at prices and on terms and conditions not less
favorable to such KOF Company than could be obtained on an arm&#146;s-length
basis from unrelated third parties, (b) any Restricted Payments, (c)
transactions (including Debt Transactions) between or among any KOF Company and
The Coca Cola Company or any of its Subsidiaries and (d) any issuance of any
Equity Interest by any KOF Company to, or the receipt directly or indirectly by
any KOF Company of any capital contribution from, FEMSA.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04.<I>Restrictive
      Agreements</I>. Neither the Borrower nor any of its Subsidiaries will, directly
      or indirectly, enter into or permit to exist any agreement or other arrangement
      that prohibits, restricts or imposes any condition on the ability of any
      Subsidiary of the Borrower to pay dividends or other distributions with
      respect to any shares of its capital stock or to make or repay loans or
      advances to the Borrower or any of its Subsidiaries or to Guarantee the
      Loans or other obligations under the Loan Documents; <i>provided</i> that
      (i) the foregoing shall not apply to restrictions and conditions imposed
      by law or by any Loan Document, (ii) the foregoing shall not apply to restrictions
      and conditions existing on the date hereof and identified on Schedule 6.04
      (but shall apply to any amendment or modification expanding the scope of
      any such restriction or condition), (iii) the foregoing shall not apply
      to customary restrictions and</FONT> </td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
47</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><FONT SIZE="2">conditions contained in agreements relating to the sale
      of a Subsidiary of the Borrower pending such sale, <i>provided</i> that
      such restrictions and conditions apply only to such Subsidiary that is to
      be sold and such sale is permitted hereunder and (iv) the foregoing shall
      not apply to shareholder agreements and similar restrictions with respect
      to any non-wholly-owned Subsidiary of the Borrower that is not organized
      under the laws of, and does not have a substantial portion of its assets
      (directly or indirectly, through any of its Subsidiaries) located in, Mexico
      (a &#147;<B>Foreign Joint Venture</B>&#148;), <I>provided</I> that (A) any
      such restrictions on dividends and distributions shall in any event permit
      the Borrower or its other Subsidiaries to declare annual dividends or distributions
      in an amount of at least 30% of such Foreign Joint Venture&#146;s annual
      consolidated net income, determined in accordance with generally accepted
      accounting principles then in effect in the jurisdiction in which such Foreign
      Joint Venture is organized, and (B) immediately after giving effect to any
      Joint Venture Investment Event with respect to any Foreign Joint Venture,
      the aggregate Asset Amount of all Joint Venture Investment Events does not
      exceed 15% of the consolidated total assets of the Borrower and its consolidated
      Subsidiaries at such time, determined for this purpose exclusive of minority
      interests in consolidated Subsidiaries of the Borrower held by Persons other
      than the Borrower and its consolidated Subsidiaries, and otherwise in accordance
      with Mexican GAAP.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this
Section 6.04:</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#148;<B>Joint
Venture Investment Event</B>&#148; means (i) the transaction pursuant to which any Person
becomes a Foreign Joint Venture, including without limitation by acquisition by any KOF
Company of a portion of such Person&#146;s capital stock or the issuance by any
Subsidiary of the Borrower of a portion of its capital stock to a Person other than
another KOF Company, and (ii) (after any event described in clause (i)) the making of
any Investment in a Foreign Joint Venture or any of its Subsidiaries by any KOF Company
other than such Foreign Joint Venture or any of its Subsidiaries.</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#148;<B>Asset
Amount</B>&#148; means with respect to any Joint Venture Investment Event, (A) in the case
of any Joint Venture Investment Event under clause (i) of the definition thereof, the
consolidated total assets of such Foreign Joint Venture and its consolidated
Subsidiaries (adjusted to reflect minority ownership by Persons other than a KOF
Company) immediately after giving effect to such transaction, and (B) in the case of any
Joint Venture Investment Event under clause (ii) of the definition thereof, the
aggregate amount of the assets comprising such Investment (including without limitation
the amount of any cash advanced or contributed as a capital contribution), determined,
in the case of each of (A) and (B), at the book value thereof at the time of such Joint
Venture Investment Event in accordance with Mexican GAAP, and, in the case of any Joint
Venture Investment Event in a currency other than Pesos, stated in Pesos at the spot
rate for the conversion of such other currency into Pesos at the time of such Joint
Venture Investment Event.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
6.05. <I>Interest Expense Coverage Ratio</I>. The Borrower will not permit the ratio of
(a) Consolidated EBITDA to (b) Consolidated Interest Expense, in each case for
any period of four consecutive Fiscal Quarters ending during any Fiscal Year set
forth below, to be less than the ratio set forth below opposite such period:</FONT></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
48</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 54; page: 54" --> <br>
  <br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align="center" valign="bottom"><b><font size="2">Fiscal Year</font> </b>
      <hr size="1" noshade width="100">
    </td>
    <td align="center" valign="bottom"><b>&nbsp;&nbsp;</b></td>
    <td align="center" valign="bottom"><b><font size="2">Ratio</font> </b>
      <hr size="1" noshade width="100">
    </td>
    <td>&nbsp;&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2003</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">3.00</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2004</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">3.00</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2005</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2"> 3.25</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2006</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">3.50</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2007</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">3.50</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">2008</font></td>
    <td align="center" valign="bottom">&nbsp;</td>
    <td align="center" valign="bottom"><font size="2">3.75 </font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06.<I> Leverage
      Ratio</I>. The Borrower will not permit the Leverage Ratio at any time during
      any period set forth below to exceed the ratio set forth opposite such period:</FONT></td>
  </tr></table>


<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="center" valign="bottom">
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><b><font size="2">Fiscal Year</font> </b>
      <hr size="1" noshade width="100">
    </td>
    <td><b>&nbsp;&nbsp;</b></td>
    <td><b><font size="2">Ratio</font> </b>
      <hr size="1" noshade width="100">
    </td>
    <td>&nbsp;&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2003</font></td>
    <td>&nbsp;</td>
    <td><font size="2">3.50</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2004</font></td>
    <td>&nbsp;</td>
    <td><font size="2">3.25</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2005</font></td>
    <td>&nbsp;</td>
    <td><font size="2"> 3.00</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2006</font></td>
    <td>&nbsp;</td>
    <td><font size="2"> 3.00</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2007</font></td>
    <td>&nbsp;</td>
    <td><font size="2">2.75</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr align="center" valign="bottom">
    <td>&nbsp;</td>
    <td><font size="2">2008</font></td>
    <td>&nbsp;</td>
    <td><font size="2">2.50</font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07.<I> Subsidiary
      Debt</I>. The Borrower will not permit any of its Subsidiaries to create,
      incur, assume or permit to exist any Debt, except:</FONT></td>
  </tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
Debt of any Subsidiary of the Borrower to the Borrower or any of its other  Subsidiaries;
and</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
Debt of any Subsidiary of the Borrower not otherwise permitted by the foregoing
provision of this Section 6.07, <I>provided</I> that (i) the Specified Priority Debt Amount at
no time exceeds the greater of (A) 20% of Consolidated Tangible Assets determined at
such time and (B) US$570,000,000 and (ii) no Debt of any Subsidiary under the Coca-Cola
Facility shall by its terms mature prior to the Bridge Maturity Date (as defined in the
Other Loan Agreement).</FONT></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 7 <br>
      E<font size="1">VENTS</font> O<font size="1">F</font> D<font size="1">EFAULT</font>
      </font></td>
  </tr></table>


<p>
<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01. <I>Events Of
      Default.</I> If any of the following events (&#147;<B>Events of Default</B>&#148;)
      shall occur:</FONT></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Borrower shall fail to pay any principal of any Loan when the same shall become
due, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
Borrower shall fail to pay when due any interest on any Loan or any fee or other
amount (except an amount referred to in clause (a) above) payable under any Loan
Document, and such failure shall continue unremedied for a period of three
Business Days;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
representation or warranty made or deemed made by or on behalf of the Borrower  in any
Loan Document or any amendment or modification thereof or waiver  thereunder, or in any
report, certificate, financial statement or other document</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
49</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td><font size=2>furnished pursuant to any Loan Document or any
amendment or modification thereof  or waiver thereunder, shall prove to have been
incorrect in any material respect  when made or deemed made;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
Borrower shall fail to observe or perform any covenant or agreement contained in
Section 5.02, 5.03 (with respect to the existence of the Borrower), 5.09 or 5.11
or in Article 6;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
Borrower or any of its Subsidiaries shall fail to observe or perform any
covenant or agreement contained in any Loan Document (other than those specified
in clause (a), (b) or (d) above), and such failure shall continue unremedied for
a period of 30 days after notice thereof from the Administrative Agent to the
Borrower (which notice will be given at the request of any Lender);</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
KOF Company shall fail to make a payment or payments (whether of principal or
interest and regardless of amount) in respect of Material Debt when the same
shall become due, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise and such failure shall have continued after any
grace period applicable pursuant to the relevant agreement;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) any event or condition
      occurs or continues (after the passage of any grace period applicable pursuant
      to the relevant agreement) that results in Material Debt becoming due before
      its scheduled maturity, or requires the prepayment, repurchase, redemption
      or defeasance thereof, before its scheduled maturity or (ii) any event or
      condition occurs and continues for the lesser of (x) 45 days after the passage
      of any grace period applicable pursuant to the relevant agreement and (y)
      60 days in the case of any credit agreements, loan agreements or other facilities
      placed with banks or similar lenders in the syndicated loan market or otherwise,
      and 90 days in the case of any other Material Debt, and in either case that
      enables or permits the holder or holders of Material Debt or any trustee
      or agent on its or their behalf to cause such Material Debt to become due,
      or to require the prepayment, repurchase, redemption or defeasance thereof,
      before its scheduled maturity; <i>provided</i> that clauses (i) and (ii)
      above shall not apply to secured Debt that becomes due as a result of a
      voluntary sale or transfer of the property securing such Debt;</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an involuntary proceeding
      shall be commenced or an involuntary petition shall be filed seeking (i)
      liquidation, reorganization or other relief in respect of the Borrower or
      any Material Subsidiary or its debts, or of a substantial part of its assets,
      under any Federal, state or foreign bankruptcy, <i>concurso mercantil</i>,
      insolvency, receivership or similar law now or hereafter in effect or (ii)
      the appointment of a receiver, trustee, <i>s&iacute;ndico, conciliador</i>,
      custodian, sequestrator, conservator or similar official for the Borrower
      or any Material Subsidiary or for a substantial part of its respective assets,
      and, in any such case, such proceeding or petition shall continue undismissed
      for 60 days or an order or decree approving or ordering any of the foregoing
      shall be entered; or an order for relief shall be entered against the Borrower
      or any Material Subsidiary under any applicable bankruptcy laws as now or
      hereafter in effect (including the <I>Ley de Concursos Mercantiles</I>);</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower
or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Federal, state or
foreign bankruptcy, <I>concurso mercantil</I>, insolvency,</FONT> </td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
50</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><FONT SIZE="2">receivership or similar law now or hereafter in effect,
      (ii) consent to the institution of, or fail to contest in a timely and appropriate
      manner, any proceeding or petition described in clause (h) above, (iii)
      apply for or consent to the appointment of a receiver, trustee, <i>s&iacute;ndico</i>,
      <i>conciliador</i>, custodian, sequestrator, conservator or similar official
      for the Borrower or any Material Subsidiary or for a substantial part of
      its respective assets, (iv) file an answer admitting the material allegations
      of a petition filed against it in any such proceeding, (v) make a general
      assignment for the benefit of creditors or (vi) take any action for the
      purpose of effecting any of the foregoing;</FONT></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2">(j) the
      Borrower shall become unable, admit in writing its inability or fail generally
      to pay its debts as they become due; </font>
      <p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)
either (i) one or more judgments for the payment of money in an aggregate amount
exceeding US$25,000,000 (or its equivalent in any other currency) shall be
rendered against one or more KOF Companies and shall remain undischarged for a
period of 60 consecutive days during which execution shall not be effectively
stayed, or (ii) a judgment shall have attached or been levied upon any asset
with a value exceeding US$25,000,000;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (i)
any Governmental Authority shall declare a moratorium or other type of order
that affects payments or obligations under the Loan Documents, (ii) any
Governmental Authority shall take any action that restricts or has the effect of
restricting (A) the exchange of Pesos for Dollars, (B) the transfer of funds
outside of Mexico or (C) the transfer of Pesos within or outside of Mexico, or
affects the schedule of payments of Loans, or limits the foregoing to impair the
practical ability of the Borrower to pay its obligations under the Loan
Documents in US Dollars or Pesos, as required, or (iii) the Borrower shall
voluntarily or involuntarily seek the rescheduling of its debts or the
restructuring or restatement of the currency in which it may pay its obligations
by participating in, or by being required to participate in, any facility or
exercise that is sponsored or mandated, or in which participation is effectively
required, by any Governmental Authority in Mexico;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
Borrower or any of its Subsidiaries shall fail to pay when due any and all
amounts payable as required under IMSS, INFONAVIT, or SAR, except to the extent
that such payments are disputed in good faith through appropriate proceedings
and proper reserves therefor are maintained by the relevant Person or Persons,
or the outstanding amount of such due but unpaid payments does not in the
aggregate exceed at any time US$10,000,000;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a Change in
Control shall occur; or</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
Dollar Borrowing Date shall not occur on or prior to the second LIBO Business
Day after the Peso Borrowing Date;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>then, and  in every such event (except an event
with respect to the Borrower described in  clause (h) or (i) above), and at any time
thereafter during the continuance of  such event, the Administrative Agent may, and at
the request of the Required  Lenders shall, by notice to the Borrower, take either or
both of the following  actions, at the same or different times: (i) terminate the
Commitments, and  thereupon the Commitments shall terminate immediately, and (ii) declare
the  Loans then outstanding to be due and payable in whole (or in part, in which case
any principal not so declared to be due and payable may </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
51</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>thereafter be declared  to be due and payable),
and thereupon the principal of the Loans so declared to  be due and payable, together
with accrued interest thereon and all fees and  other obligations of the Borrower accrued
hereunder, shall become due and  payable immediately, without presentment, demand,
protest or other notice of any  kind, all of which are waived by the Borrower; and in the
case of any event with  respect to the Borrower described in clause (h) or (i) above, the
Commitments  shall automatically terminate and the principal of the Loans then
outstanding,  together with accrued interest thereon and all fees and other obligations
of the  Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are  waived by the
Borrower.</font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 8 <br>
      T<font size="1">HE</font> A<font size="1">GENTS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.01. <I>Appointment and Authorization</I>. Each Lender Party irrevocably appoints the
Administrative Agent and, in the case of each Peso Lender, the Mexican
Administrative Agent, as its agent and authorizes the Administrative Agent and,
if applicable, the Mexican Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent
or the Mexican Administrative Agent, as applicable, by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental
thereto.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.02. <I>Rights and Powers as a Lender</I>. A bank serving as an Agent shall, in its
capacity as a Lender, have the same rights and powers as any other Lender and
may exercise the same as though it were not an Agent. Such bank and its
Affiliates may accept deposits from, lend money to and generally engage in any
kind of business with any KOF Company or Affiliate thereof as if it were not an
Agent.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03.<I> Limited
      Duties and Responsibilities</I>. No Agent shall have any duties or obligations
      except those expressly set forth with respect to such Agent in the Loan
      Documents. Without limiting the generality of the foregoing, (a) no Agent
      shall be subject to any fiduciary or other implied duties, regardless of
      whether a Default has occurred and is continuing, (b) no Agent shall have
      any duty to take any discretionary action or exercise any discretionary
      powers, except discretionary rights and powers expressly contemplated by
      the Loan Documents that the Administrative Agent or the Mexican Administrative
      Agent is required in writing to exercise by the Required Lenders (or such
      other number or group of the Lenders as shall be necessary under the circumstances
      as provided in Section 9.02) and (c) except as expressly set forth in the
      Loan Documents, no Agent shall have any duty to disclose, and shall not
      be liable for any failure to disclose, any information relating to any KOF
      Company that is communicated to or obtained by the bank serving as an Agent
      or any of its Affiliates in any capacity. No Agent shall be liable for any
      action taken or not taken by it with the consent or at the request of the
      Required Lenders (or such other number or group of the Lenders as shall
      be necessary under the circumstances as provided in Section 9.02) or in
      the absence of its own gross negligence or willful misconduct. The Administrative
      Agent shall be deemed not to have knowledge of any Default unless and until
      written notice thereof is given to the Administrative Agent by the Borrower
      or a Lender, and no Agent shall be responsible for or have any duty to ascertain
      or inquire into (i) any statement, warranty or representation made in or
      in connection with any Loan Document, (ii) the contents of any certificate,
      report or other document delivered thereunder or in connection therewith,
      (iii)</FONT> </td>
  </tr></table>





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<p><table width=600><tr><td><font size=2>the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in any Loan  Document, (iv)
the validity, enforceability, effectiveness or genuineness of any  Loan Document or any
other agreement, instrument or document or (v) the  satisfaction of any condition set
forth in Article 4 or elsewhere in any Loan  Document, other than, in the case of the
Administrative Agent, to confirm  receipt of items expressly required to be delivered to
the Administrative Agent.  Without limitation of the foregoing, the Syndication Agent
shall have no  obligations, duties or responsibilities whatsoever under the Loan
Documents.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.04. <I>Authority to Rely on Certain Writings, Statements and Advice</I>. Each Agent
shall be entitled to rely on, and shall not incur any liability for relying on,
any notice, request, certificate, consent, statement, instrument, document or
other writing believed by it to be genuine and to have been signed or sent by
the proper Person. Each Agent also may rely on any statement made to it orally
or by telephone and believed by it to be made by the proper Person, and shall
not incur any liability for relying thereon. Each Agent may consult with legal
counsel (who may be counsel for any KOF Company), independent accountants and
other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants
or experts.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.05. <I>Sub-Agents and Related Parties</I>. The Administrative Agent or Mexican
Administrative Agent may perform any and all of its duties and exercise its
rights and powers by or through one or more sub-agents appointed by it. The
Administrative Agent or Mexican Administrative Agent, as applicable, and any
such sub-agent may perform any and all of the duties of the Administrative Agent
or Mexican Administrative Agent, as applicable, and exercise the rights and
powers of the Administrative Agent or Mexican Administrative Agent, as
applicable, through their respective Related Parties. The exculpatory provisions
of the preceding Sections of this Article shall apply to any such sub-agent and
to the Related Parties of the Agents and any such sub-agent, and shall apply to
activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Agent.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.06.<I> Resignation;
      Successor Administrative Agents</I>. Subject to the appointment and acceptance
      of a successor Administrative Agent or Mexican Administrative Agent, as
      applicable, as provided in this Section, the Administrative Agent or Mexican
      Administrative Agent may resign at any time by giving at least 15 Business
      Days&#146; advance notice to the Borrower and the Administrative Agent or
      Mexican Administrative Agent, as applicable, and 10 Business Days&#146;
      advance notice to the Lenders. Upon any such resignation by the Administrative
      Agent, Lenders holding more than 50% of the aggregate outstanding principal
      amount of the Dollar Loans shall have the right, acting jointly and with
      the consent of the Borrower, to appoint a successor Administrative Agent.
      Upon any such resignation by the Mexican Administrative Agent, Lenders holding
      more than 50% of the aggregate outstanding principal amount of the Peso
      Loans shall have the right, with the consent of the Borrower, to appoint
      a successor Mexican Administrative Agent. If no successor Administrative
      Agent or Mexican Administrative Agent (as applicable) shall have been so
      appointed and shall have accepted such appointment within 30 days after
      the retiring Administrative Agent or Mexican Administrative Agent (as applicable)
      gives notice of its resignation, then the retiring Administrative Agent
      or Mexican Administrative Agent (as applicable) may, on behalf of the Lenders,
      appoint a successor Administrative Agent or Mexican Administrative Agent
      (as applicable), which shall be (i) in the case of the Administrative</FONT>
    </td>
  </tr></table>





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<p><table width=600><tr><td><font size=2>Agent, a bank with an office in New York, New
York,  or an Affiliate of any such bank and (ii) in the case of the Mexican
Administrative Agent, a Mexican Bank with an office in Mexico City, or an  Affiliate of
any such Person. Upon acceptance of its appointment as  Administrative Agent or Mexican
Administrative Agent, as applicable, by a  successor, such successor shall succeed to and
become vested with all the  rights, powers, privileges and duties of the retiring Agent,
and the retiring  Agent shall be discharged from its duties and obligations hereunder.
The fees  payable by the Borrower to any such successor Administrative Agent or Mexican
Administrative Agent (as applicable) shall be the same as those payable to its
predecessor unless otherwise agreed by the Borrower and such successor. After  any
Administrative Agent&#146;s or Mexican Administrative Agent&#146;s  resignation
hereunder, the provisions of this Article and Section 9.03 shall  continue in effect for
the benefit of such retiring Agent, its sub-agents and  their respective Related Parties
in respect of any actions taken or omitted to  be taken by any of them while the retiring
Agent was acting as Administrative  Agent or Mexican Administrative Agent, as applicable.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
8.07. <I>Credit Decisions by Lenders</I>. Each Lender acknowledges that it has,
independently and without reliance on any Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance on any Agent or
any other Lender and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based on this Agreement, any other Loan Document or
related agreement or any document furnished hereunder or thereunder.</FONT></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>ARTICLE 9 <br>
      M<font size="1">ISCELLANEOUS</font> </font></td>
  </tr></table>


<p>
<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.01. <I>Notices.</I> Except in the case of notices and other communications expressly
permitted to be given by telephone, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows:</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the
Borrower, to it at Guillermo Gonz&aacute;lez Camarena No. 600,  Colonia Centro de Ciudad
de Santa Fe, M&eacute;xico, D.F, Mexico 01210,  Attention: H&eacute;ctor Trevi&#241;o
Guti&eacute;rrez, Chief Financial  Officer, (Telecopy No. 52-55-5292-3475) and Carlos
Aldrete Ancira, Secretary of  the Board of Directors, (Telecopy No. 528-18-328-6181);</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Administrative
      Agent, to JPMorgan Chase Bank, 1111 Fannin, 10<sup><font size="1">th</font></sup> Floor,
      Houston, Texas 77002, Attention of Leah E. Hughes (Telecopy No. 713-750-2452)
      (or, in the case of any notice by email for purposes of Section 5.01(d)
      only, Leah.E.Hughes@jpmorgan.com);</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the
Mexican Administrative Agent, to Banco J.P. Morgan, S.A.,  Instituci&oacute;n de Banca M&uacute;ltiple,
J.P. Morgan Grupo Financiero,  Divisi&oacute;n Fiduciaria, Paseo de las Palmas 405, 15th
Floor, C.P. 11000,  Mexico City, Mexico, Attention of David R. Jaime (Telecopy No.
52-55-5283-1620);  and</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
54</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if to any
other Lender, to it at its address (or telecopy number) set forth  in its Administrative
Questionnaire.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any party
hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the Administrative Agent, the Mexican
Administrative Agent and the Borrower. All notices and other communications
given to any party hereto in accordance with the provisions of this Agreement
will be deemed to have been given on the date of receipt.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.02. <I>Waivers; Amendments.</I> (a) No failure or delay by any Lender Party in
exercising any right or power hereunder or under any other Loan Document shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Lender
Parties under the Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of
any Loan Document or consent to any departure by the Borrower therefrom shall in
any event be effective unless the same shall be permitted by subsection (b) of
this Section, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan shall not be construed as a
waiver of any Default, regardless of whether any Lender Party had notice or
knowledge of such Default at the time.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement and any
      provision hereof may not be waived, amended or modified except by an agreement
      or agreements in writing entered into by the Borrower and the Required Lenders;
      <i>provided</i> that no such agreement shall:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
increase the Commitment of any Lender without its written consent;</font></td></tr></table>


<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
reduce the principal amount of any Loan or reduce the rate of interest thereon,  or
reduce any fee payable hereunder, without the written consent of each Lender  holding
Loans of such Tranche (and such agreement shall not otherwise require  the consent of the
Required Lenders);</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
postpone the maturity of any Loan, or any scheduled date of payment of the  principal
amount of any Tranche B Loan or Peso Loan under Section 2.07, or any  date for the
payment of any interest or fee payable hereunder, or reduce the  amount of, waive or
excuse any such payment, or postpone the scheduled date of  expiration of any Commitment,
without the written consent of each Lender holding  the Loan or Loans the terms of which
are affected thereby;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
change Section 2.15(b) or Section 2.15(c) in a manner that would alter the pro  rata
sharing of payments required thereby, or change Section 2.17 without the  written consent
of each Lender;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
change any provision of Section 2.03(b) or the definition of &#147;Initial Peso  Exchange
Rate&#148; without the consent of each Peso Lender (and such agreement  shall not
otherwise require the consent of the Required Lenders); or</font></td></tr></table>



<p>&nbsp;
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55</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
change any provision of this Section or the percentage set forth in the  definition of
&#147;Required Lenders&#148; or any other provision of this  Agreement specifying the
number or percentage of Lenders (or Lenders of any  Tranche or Tranches) required to take
any action thereunder, without the written  consent of each Lender, or each Lender of
such Tranche or Tranches, as the case  may be;</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><I>provided further</I> that (A) no such agreement
shall amend, modify or otherwise affect the rights or duties of any Agent without its
prior written consent and (B) any waiver, amendment or modification of this Agreement
that by its terms affects the rights or duties under this Agreement of the Lenders of
any Tranche of Loans (but not all Tranches) may be effected by an agreement or
agreements in writing entered into by the Borrower and the requisite percentage in
interest of the affected Lenders that would be required to consent thereto under this
Section if such Lenders were the only Lenders hereunder at the time.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Notwithstanding the foregoing, if the Required Lenders enter into or consent to
any waiver, amendment or modification pursuant to subsection (b) of this
Section, no consent of any other Lender will be required if, when such waiver,
amendment or modification becomes effective, (i) the Commitment of each Lender
not consenting thereto terminates and (ii) all amounts owing to it or accrued
for its account hereunder are paid in full.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If,
within 90 days after the effectiveness of any Required Lender Amendment (as
defined below), (i) the Borrower optionally prepays a principal amount of the
Loans of any Tranche by more than 75% of the aggregate principal amount thereof
outstanding at the time such Required Lender Amendment became effective (other
than pursuant to a prepayment of all Loans of all Tranches pro rata in
accordance with their respective outstanding principal amounts) and (ii) such
Required Lender Amendment was not approved by the Required Lenders determined,
solely for purposes of this clause (ii), after giving effect to the optional
prepayment under clause (i) above, then such Required Lender Amendment shall
have no further force or effect from and after the 30th day after the date of
the prepayment under clause (i) above unless within such 30-day period the
Required Lenders as so determined after giving effect to such prepayment shall
have consented in writing to such amendment or waiver pursuant to Section
9.02(a). As used herein, a &#147;<B>Required Lender Amendment</B>&#148; means a waiver,
amendment or modification of this Agreement effected by an agreement in writing
entered into by the Borrower and the Required Lenders pursuant to clause (b)
above, but excluding any such waiver, amendment or modification described in the
provisos thereto.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03. <I>Expenses;
      Indemnity; Damage Waiver</I>. (a) The Borrower shall pay (i) all reasonable
      and documented out-of-pocket expenses incurred by the Administrative Agent,
      the Mexican Administrative Agent and their respective Affiliates, including
      the reasonable and documented fees, charges and disbursements of special
      New York and Mexican counsel for the Agents, in connection with the syndication
      of the credit facilities provided for herein, the preparation and administration
      of the Loan Documents and any amendments, modifications or waivers of the
      provisions thereof (whether or not the transactions contemplated hereby
      or thereby shall be consummated) and (ii) all reasonable and documented
      out-of-pocket expenses incurred by any Lender Party, including the fees,
      charges and disbursements of any counsel for any Lender Party, in connection
      with the enforcement or protection of its rights in connection with the
      Loan Documents (including its rights under this Section) or the Loans, including
      all such out-</FONT></td>
  </tr></table>






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<p><table width=600><tr><td><font size=2>of-pocket expenses incurred during any workout,
restructuring or  negotiations in respect of the Loans.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall indemnify
      each of the Lender Parties and their respective Related Parties (each such
      Person being called an &#147;<B>Indemnitee</B>&#148;) against, and hold
      each Indemnitee harmless from, any and all losses, claims, damages, liabilities
      and related expenses, including the reasonable and documented fees, charges
      and disbursements of counsel for any Indemnitee, incurred by or asserted
      against any Indemnitee arising out of, in connection with, or as a result
      of (i) the execution or delivery of any Loan Document or any other agreement
      or instrument contemplated hereby, the performance by the parties to the
      Loan Documents of their respective obligations thereunder or the consummation
      of the Transactions or any other transactions contemplated hereby, (ii)
      any Loan or the use of the proceeds therefrom, or (iii) any actual or prospective
      claim, litigation, investigation or proceeding relating to any of the foregoing,
      whether based on contract, tort or any other theory and regardless of whether
      any Indemnitee is a party thereto; <i>provided</i> that such indemnity shall
      not be available to any Indemnitee to the extent that such losses, claims,
      damages, liabilities or related expenses resulted (x) from such Indemnitee&#146;s
      gross negligence or willful misconduct, (y) pursuant to a dispute between
      Indemnitees and not predicated in any substantial manner on actions or failures
      to act by the Borrower or (z) solely in the case of any Affiliate of JPMorgan
      Chase Bank or Morgan Stanley Senior Funding Inc. (but not JPMorgan Chase
      Bank or Morgan Stanley Senior Funding Inc.), pursuant to a dispute involving
      such Affiliate arising solely in such Affiliate&#146;s Related Transaction
      Capacity and not predicated in any substantial manner on the Loan Documents,
      the Other Loan Documents or any commitment letter or other agreement preliminary
      or incidental to the Loan Documents and Other Loan Documents. As used above,
      a matter is within the &#147;<B>Related Transaction Capacity</B>&#148; of
      an Affiliate of JPMorgan Chase Bank or Morgan Stanley Senior Funding Inc.
      if, in taking or failing to take any action, such Affiliate was acting pursuant
      to its engagement by one of the parties to the Acquisition as financial
      advisor, and not pursuant to or related to the role of JPMorgan Chase Bank
      or Morgan Stanley Senior Funding Inc. or any of their respective Affiliates
      as an Agent, Co-Lead Arranger and Joint Bookrunner, Lender or similar capacity
      with respect to the Loan Documents, the Other Loan Documents or any commitment
      letter or other agreement preliminary or incidental to the Loan Documents
      and Other Loan Documents.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent that the
      Borrower fails to pay any amount required to be paid by it to the Administrative
      Agent or Mexican Administrative Agent under subsection (a) or (b) of this
      Section, each Lender severally agrees to pay to the Administrative Agent
      and/or Mexican Administrative Agent, as applicable, such Lender&#146;s pro
      rata share (determined as of the time that the applicable unreimbursed expense
      or indemnity payment is sought) of such unpaid amount; <i>provided</i> that
      the unreimbursed expense or indemnified loss, claim, damage, liability or
      related expense, as the case may be, was incurred by or asserted against
      the Administrative Agent and/or the Mexican Administrative Agent, as the
      case may be, in their capacity as such. For purposes hereof, a Lender&#146;s
      &#147;<B>pro rata share</B>&#148; shall be determined based on the proportion
      of the aggregate Dollar Amount of all Loans represented by the aggregate
      Dollar Amount of such Lender&#146;s Loan or Loans at such time (or, if the
      Borrowing Dates have not occurred, of the aggregate Commitments represented
      by its Commitment or Commitments), all determined on the date on which such
      claim arose, as determined in the sole good faith discretion of such Agent.</FONT></td>
  </tr></table>





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57</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
the extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of any failure of such Indemnitee to perform its
obligations or undertakings in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
amounts due under this Section shall be payable within ten Business Days after
written demand therefor setting forth a reasonably detailed explanation as to
the reason for any amounts.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.04. <I>Successors and Assign</I>s. (a) The provisions of this Agreement shall be
binding on and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby, except that the Borrower may not assign
or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void). Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person
(except the parties hereto, their respective successors and assigns permitted
hereby and, to the extent expressly provided herein, the directors, officers,
employees, agents or advisors of the Lender Parties) any legal or equitable
right, remedy or claim under or by reason of this Agreement.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Lender may assign to
      one or more assignees all or a portion of its rights and obligations under
      this Agreement (including all or a portion of any Commitment it has at the
      time and any Loans at the time owing to it); <i>provided</i> that:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
except in the case of an assignment to a Lender or an Affiliate of a Lender, each of the
Borrower and the Administrative Agent must give their prior written consent to such
assignment (which consent shall not be unreasonably withheld or delayed), <I>provided</I> that
solely for purposes of this clause (b)(i), no collateralized loan obligation fund or
similar Person that purchases or invests in bank loans or similar extensions of credit
and that is managed by a Lender or any of such Lender&#146;s other Affiliates shall be
deemed to be an &#147;Affiliate&#148; of such Lender by virtue of such management;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
each  partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender&#146;s rights and obligations under this Agreement, except  that
this clause (ii) shall not prohibit the assignment of a proportionate part  of all the
assigning Lender&#146;s rights and obligations in respect of one  Tranche of Commitments
or Loans;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
unless each of the Borrower and the Administrative Agent otherwise consent, the amount
of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date on which the relevant Assignment is delivered to the
Administrative Agent) shall not be less than US$5,000,000 (or, in the case of Peso
Loans, Ps. 50,000,000); <I>provided</I> that this clause (iii) shall not apply to an assignment
to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender&#146;s Commitment or Loans;</FONT></td></tr></table>







<p>&nbsp;
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<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment, together with a processing and recordation fee of US$2,500 which shall be
paid by the parties to such assignment; <I>provided</I> that only one such fee shall be due in
respect of a simultaneous assignment to more than one Affiliate of a Lender;</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
each such assignee will be either a Mexican Bank or registered as a Foreign Financial
Institution that is resident (or, if applicable, the main office of which is resident)
in a country that has entered into a treaty for the avoidance of double taxation with
Mexico, <I>provided</I> that such registration is required to avoid the imposition of
Indemnified Taxes and Other Taxes covered by Section 2.14 in excess of the rate
applicable to such a registered Foreign Financial Institution or it is otherwise agreed
by such assignee that any amount payable by the Borrower under Section 2.14 to such
assignee shall not be higher than the amount payable to an institution so registered.</FONT></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
the assignee, if it shall not be a Lender, shall deliver to the  Administrative Agent a
completed Administrative Questionnaire;</font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><I>provided</I> that no consent of the Borrower
otherwise required under this clause shall be required if an Event of Default is
continuing at the time of such assignment. Subject to acceptance and recording thereof
pursuant to subsection (d) of this Section, from and after the effective date specified
in each Assignment the assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment, be released from its obligations under this
Agreement (and, in the case of an Assignment covering all of the assigning Lender&#146;s
rights and obligations under this Agreement, such Lender shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with subsection (e) of this Section.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in New York City a copy of each Assignment
delivered to it and a register for the recordation of the names and addresses of
the Lenders, their respective Commitments and the principal amounts of the Loans
owing to each Lender pursuant to the terms hereof from time to time (the
&#147;<B>Register</B>&#148;). The entries in the Register shall be conclusive, absent
manifest error, and the parties hereto may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by any party hereto at any reasonable time and
from time to time upon reasonable prior notice.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon  its
receipt of a duly completed Assignment executed by an assigning Lender and  an assignee,
the assignee&#146;s completed Administrative Questionnaire (unless  the assignee shall
already be a Lender hereunder), the processing and  recordation fee referred to in
subsection (b) of this Section and any written  consent to such assignment required by
subsection (b) of this Section, the  Administrative Agent shall accept such Assignment
and record the information  contained therein in the Register. No assignment </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
59</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>shall be effective for purposes  of this
Agreement unless it has been recorded in the Register as provided in  this subsection.</font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Lender may, without
      the consent of the Borrower or any other Lender Party, sell participations
      to one or more banks or other entities (&#147;<B>Participants</B>&#148;)
      in all or a portion of such Lender&#146;s rights and obligations under this
      Agreement (including all or a portion of its Commitments and the Loans owing
      to it); <I>provided</I> that (i) such Lender&#146;s obligations under this
      Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible
      to the other parties hereto for the performance of such obligations and
      (iii) the Borrower and the other Lender Parties shall continue to deal solely
      and directly with such Lender in connection with such Lender&#146;s rights
      and obligations under this Agreement. Any agreement or instrument pursuant
      to which a Lender sells such a participation shall provide that such Lender
      shall retain the sole right to enforce the Loan Documents and to approve
      any amendment, modification or waiver of any provision of the Loan Documents;
      <I>provided</I> that such agreement or instrument may provide that such
      Lender will not, without the consent of the Participant, agree to any amendment,
      modification or waiver described in the first proviso to Section 9.02(b)
      that affects such Participant. Subject to subsection (f) of this Section,
      each Participant shall be entitled to the benefits of Sections 2.12, 2.13,
      and 2.14 to the same extent as if it were a Lender and had acquired its
      interest by assignment pursuant to subsection (b) of this Section. To the
      extent permitted by law, each Participant also shall be entitled to the
      benefits of Section 9.08 as though it were a Lender, <I>provided</I> that
      such Participant agrees to be subject to Section 2.15(c) as though it were
      a Lender.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A
Participant shall not be entitled to receive any greater payment under Section
2.12 or 2.14 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower&#146;s prior written
consent.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender
to a Federal Reserve Bank, any central bank, or any similar institution and this
Section shall not apply to any such pledge or assignment of a security interest.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.05. <I>Survival.</I> All covenants, agreements, representations and warranties made
by the Borrower in the Loan Documents and in certificates or other instruments
delivered in connection with or pursuant to the Loan Documents shall be
considered to have been relied upon by the other parties hereto and shall, from
the date made or entered, survive the execution and delivery of the Loan
Documents and the making of any Loans and shall continue in full force and
effect as long as any principal of or accrued interest on any Loan or any fee or
other amount payable hereunder is outstanding and unpaid or any Commitment has
not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14, 9.03 and
Article 8 shall survive and remain in full force and effect for two years from
the date on which the Commitments have expired or terminated and the principal
of and interest on each Loan have been paid in full.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.06.<I>Counterparts; Integration; Effectiveness</I>. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single
contract. From and after the Borrowing Dates, this Agreement, the other Loan Documents
and any separate letter agreements with respect to fees payable to the</FONT> </td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
60</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td><font size=2>Administrative Agent shall constitute the entire
contract among the parties relating to the subject matter hereof and shall  supersede any
and all previous agreements and understandings, oral or written,  relating to the subject
matter hereof (except, in the case of commitment letters  and similar agreements between
the Borrower and one or more of the Agents and  their affiliates executed solely for the
accounts of the parties thereto).  Except as provided in Section 4.01, this Agreement (i)
will become effective  when the Administrative Agent shall have signed this Agreement and
received  counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto and (ii) thereafter will be binding upon and inure to  the
benefit of the parties hereto and their respective successors and assigns.  Delivery of
an executed counterpart of a signature page of this Agreement by  telecopy will be
effective as delivery of a manually executed counterpart of  this Agreement.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.07. <I>Severability.</I> If any provision of any Loan Document is invalid, illegal or
unenforceable in any jurisdiction then, to the fullest extent permitted by law,
(i) such provision shall, as to such jurisdiction, be ineffective to the extent
(but only to the extent) of such invalidity, illegality or unenforceability,
(ii) the other provisions of the Loan Documents shall remain in full force and
effect in such jurisdiction and shall be liberally construed in favor of the
Lender Parties in order to carry out the intentions of the parties thereto as
nearly as may be possible and (iii) the invalidity, illegality or
unenforceability of any such provision in any jurisdiction shall not affect the
validity, legality or enforceability of such provision in any other
jurisdiction.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.08. <I>Right of Set-off</I>. If an Event of Default shall have occurred and be
continuing, each Lender is authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and
other obligations at any time owing by such Lender to or for the credit or the
account of the Borrower against any obligations of the Borrower due hereunder
and held by such Lender, irrespective of whether or not such Lender shall have
made any demand hereunder and although such obligations may be unmatured. The
rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender may have.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.09.<I> Governing
      Law; Jurisdiction; Consent to Service of Process</I>. (a) This Agreement
      shall be construed in accordance with and governed by the law of the State
      of New York.</FONT></td>
  </tr></table>


<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
of the parties hereto hereby irrevocably and unconditionally submits, for
itself, to the jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the
Southern District of New York, and any relevant appellate court (each, a
&#147;<B>New York Court</B>&#148;) and to the courts of its own corporate domicile in
respect of actions brought against it as a defendant, in any action or
proceeding arising out of or relating to any Loan Document, or for recognition
or enforcement of any judgment, and each party hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such courts. Each party hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The  Borrower
irrevocably and unconditionally waives, to the fullest extent it may  legally and
effectively do so, any objection that it may now or hereafter have  to </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
61</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td><font size=2>the laying of venue of any suit, action or
proceeding arising out of or  relating to any Loan Document in any court referred to in
subsection (b) of this  Section and any right to which it may be entitled on account of
place of  residence or domicile. Each party hereto irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance  of any
such suit, action or proceeding in any such court.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
Borrower hereby irrevocably designates, appoints, authorizes and empowers as its
agent for service of process, CT Corporation System, at its offices currently
located at 111 Eighth Avenue, 13th Floor, New York, NY 10011 (the &#147;<B>Process
Agent</B>&#148;), to receive and forward on its behalf service of any and all
process, notices or other documents that may be served in any suit, action or
proceeding relating hereto in any New York Court (as defined in subsection (b)
of this Section). The Borrower consents to process being served in any suit,
action or proceeding of the nature referred to in this Section 9.09 by serving a
copy thereof upon the Process Agent. Without prejudice to the foregoing, the
Lenders agree that to the extent lawful and possible, written notice of said
service upon the Process Agent shall also be mailed by registered or certified
airmail, postage prepaid, return receipt requested, to the Borrower at the
address provided pursuant to Section 9.01. If said service upon the Process
Agent shall not be possible or shall otherwise be impractical after reasonable
efforts to effect the same, the Borrower consents to process being served in any
suit, action or proceeding of the nature referred to in Section 9.09 by the
mailing of a copy thereof by registered or certified airmail, postage prepaid,
return receipt requested, to the address of the Borrower provided pursuant to
Section 9.01, which service shall be effective 14 days after deposit in the
United States Postal Service. The Borrower agrees that such service (1) shall be
deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (2) shall, to the fullest extent permitted by law, be
taken and held to be valid personal service upon and personal delivery to it.
Without limitation of the foregoing, each party hereto irrevocably consents to
service of process in the manner provided for notices in Section 9.01. Nothing
in any Loan Document will affect the right of any party hereto to serve process
in any other manner permitted by law.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
the extent that the Borrower has or hereafter may be entitled to claim or may
acquire, for itself or any of its assets, any immunity from suit, jurisdiction
of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, or otherwise) with
respect to itself or its property, it hereby irrevocably waives such immunity in
respect of its obligations under the Loan Documents to the extent permitted by
applicable law and, without limiting the generality of the foregoing, agrees
that the waivers set forth in this Section shall be effective to the fullest
extent now or hereafter permitted under the Foreign Sovereign Immunities Act of
1976 of the United States and are intended to be irrevocable for purposes of
such Act.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.10.<I>WAIVER OF JURY TRIAL</I>. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT OR ANY
TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO</FONT> </td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
62</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER  PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER  THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.11. <I>Headings.</I> Article and Section headings and the Table of Contents herein
are for convenience of reference only, are not part of this Agreement and shall
not affect the construction of, or be taken into consideration in interpreting,
this Agreement.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
9.12. <I>Confidentiality.</I> Each Lender Party agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates&#146; directors, officers, employees and agents,
including accountants, legal counsel and other advisors strictly on a need to
know basis (it being understood that the Persons to whom such disclosure is made
will be informed of the confidential nature of such Information and will be
instructed on and will agree to keep such Information confidential), (b) to the
extent requested by any regulatory authority, including the regulatory authority
having jurisdiction over any Affiliate, (c) to the extent required by applicable
laws or regulations, or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any remedy
hereunder or any suit, action or proceeding relating to any Loan Document or the
enforcement of any right thereunder, (f) subject to an agreement containing
provisions substantially the same as those of this Section to any actual or
prospective assignee of or Participant in any of its rights or obligations under
this Agreement, (g) with the consent of the Borrower or (h) to the extent such
Information either (i) becomes publicly available other than as a result of a
breach of this Section or (ii) becomes available to any Lender Party on a
nonconfidential basis from a source other than the Borrower. For the purposes of
this Section, &#147;<B>Information</B>&#148; means all information received from the
Borrower relating to the Borrower or its business, other than any such
information that is available to any Lender Party on a nonconfidential basis
before disclosure by the Borrower.</FONT></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
63</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.</font></td></tr></table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="368">&nbsp;&nbsp;</td>
    <td colspan="2" align="left" valign="top"><font size=2><u><b>BORROWER</b></u></font></td>
  </tr>
  <tr>
    <td width="368">&nbsp;</td>
    <td width="24" align="left" valign="top">&nbsp;&nbsp;</td>
    <td width="214" align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="368">&nbsp;</td>
    <td colspan="2" align="left" valign="top"><font size=2>COCA-COLA FEMSA, S.A.
      DE C.V</font></td>
  </tr>
  <tr>
    <td width="368">&nbsp;</td>
    <td colspan="2" align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="368">&nbsp;</td>
    <td width="24" align="left" valign="top"><font size=2>By:</font></td>
    <td width="214" align="left" valign="top"><font size=2>/s/ H&eacute;ctor Trevi&#241;o
      Guti&eacute;rrez</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="368">&nbsp;</td>
    <td width="24" align="left" valign="top">&nbsp;</td>
    <td width="214" align="left" valign="top"><font size=2>Title: Chief Financial
      Officer</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
64</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 70; page: 70" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="364">&nbsp;&nbsp;</td>
    <td colspan="2" align="left" valign="top"><font size=2><u><b>ADMINISTRATIVE
      AGENT</b></u></font></td>
  </tr>
  <tr>
    <td width="364">&nbsp;</td>
    <td width="30" align="left" valign="top">&nbsp;&nbsp;</td>
    <td width="206" align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="364">&nbsp;</td>
    <td colspan="2" align="left" valign="top"><font size=2>JPMORGAN CHASE BANK,
      <br>
      &nbsp;&nbsp; as Administrative Agent</font></td>
  </tr>
  <tr>
    <td width="364">&nbsp;</td>
    <td width="30" align="left" valign="top">&nbsp;</td>
    <td width="206" align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="364">&nbsp;</td>
    <td width="30" align="left" valign="top"><font size=2>By:</font></td>
    <td width="206" align="left" valign="top"><font size=2>/s/ Linda M. Meyer</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="364">&nbsp;</td>
    <td width="30" align="left" valign="top">&nbsp;</td>
    <td width="206" align="left" valign="top"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
65</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 71; page: 71" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="335">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2><b><u>MEXICAN ADMINISTRATIVE AGENT</u></b></font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="335">&nbsp;</td>
    <td width="28">&nbsp;&nbsp;</td>
    <td width="237">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="335">&nbsp;</td>
    <td colspan="2"><font size=2>BANCO J.P. MORGAN, S.A., INSTITUCI&Oacute;N <br>
      DE BANCA M&Uacute;LTIPLE, J.P. MORGAN <br>
      GRUPO FINANCIERO, DIVISI&Oacute;N <br>
      FIDUCIARIA as Mexican Administrative <br>
      Agent</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="335">&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="237">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="335">&nbsp;</td>
    <td width="28"><font size=2>By:</font></td>
    <td width="237"><font size=2>/s/ Mar&iacute;a Elisa Cornejo Mirabal</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="335">&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="237"><font size=2>Title: Trustee Delegate</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
66</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
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<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="328">&nbsp;&nbsp;</td>
    <td align="left" valign="top" colspan="2"><font size=2><b><u>LENDERS</u></b></font></td>
  </tr>
  <tr>
    <td width="328">&nbsp;</td>
    <td align="left" valign="top" width="33">&nbsp;&nbsp;</td>
    <td align="left" valign="top" width="239">&nbsp;</td>
  </tr>
  <tr>
    <td width="328">&nbsp;</td>
    <td align="left" valign="top" colspan="2"><font size=2>JPMORGAN CHASE BANK</font></td>
  </tr>
  <tr>
    <td width="328">&nbsp;</td>
    <td align="left" valign="top" width="33">&nbsp;</td>
    <td align="left" valign="top" width="239">&nbsp;</td>
  </tr>
  <tr>
    <td width="328">&nbsp;</td>
    <td align="left" valign="top" width="33"><font size=2>By:</font></td>
    <td align="left" valign="top" width="239"><font size=2>/s/ Linda M. Meyer</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="328">&nbsp;</td>
    <td align="left" valign="top" width="33">&nbsp;</td>
    <td align="left" valign="top" width="239"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
67</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 73; page: 73" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="329">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>MORGAN STANLEY SENIOR FUNDING, <br>
      INC.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="329">&nbsp;</td>
    <td width="35">&nbsp;&nbsp;</td>
    <td width="240">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="329">&nbsp;</td>
    <td width="35"><font size=2>By:</font></td>
    <td width="240"><font size=2>/s/ Lucy Galbraith</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="329">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="240"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
68</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 74; page: 74" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="317">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>BANCO NACIONAL DE M&Eacute;XICO, S.A., <br>
      INTEGRANTE DEL GRUPO FINANCIERO <br>
      BANAMEX</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35">&nbsp;&nbsp;</td>
    <td width="248">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35"><font size=2>By:</font></td>
    <td width="248"><font size=2>/s/ Julio Alvarez</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="248"><font size=2>Title: Vice President</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="248">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35"><font size=2>By:</font></td>
    <td width="248"><font size=2> /s/ Leopoldo Amaya Gonz&aacute;lez</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="317">&nbsp;</td>
    <td width="35">&nbsp;</td>
    <td width="248"><font size=2>Title: Director de Finanzas Corporativas</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
69</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 75; page: 75" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="344">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>BBVA BANCOMER, S.A. <br>
      INSTITUCION DE BANCA MULTIPLE <br>
      GRUPO FINANCIERO BANCOMER</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;&nbsp;</td>
    <td width="223">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33"><font size=2>By:</font></td>
    <td width="223"><font size=2>/s/ Agustin de la Garza Vidaurri</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;</td>
    <td width="223"><font size=2>Title: Attorney in Fact</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;</td>
    <td width="223">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33"><font size=2>By:</font></td>
    <td width="223"><font size=2>By: /s/ Sergio del Rio Herrera</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;</td>
    <td width="223"><font size=2>Title: Attorney in Fact</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;</td>
    <td width="223">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="344">&nbsp;</td>
    <td width="33">&nbsp;</td>
    <td width="223">&nbsp;</td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
70</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p><!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 76; page: 76" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="351">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>ING BANK, N.V. ACTING THROUGH ITS <br>
      CURACAO BRANCH</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30">&nbsp;&nbsp;</td>
    <td width="219">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30"><font size=2>By:</font></td>
    <td width="219"><font size=2>/s/ A.B. Rosaria</font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="219"><font size=2>Title: Risk Manager</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="219">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30"><font size=2>By:</font></td>
    <td width="219"><font size=2> /s/ A.C. Zulia</font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="351">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="219"><font size=2>Title: Vice President Senior <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manager Transaction
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
71</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 76; page: 76" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="354">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>ING BANK (M&Eacute;XICO) S.A. INSTITUCI&Oacute;N
      <br>
      DE BANCA M&Uacute;LTIPLE, ING GRUPO <br>
      FINANCIERO</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="354">&nbsp;</td>
    <td width="28">&nbsp;&nbsp;</td>
    <td width="218">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="354">&nbsp;</td>
    <td width="28"><font size=2>By:</font></td>
    <td width="218"><font size=2>/s/ Daniel Rodriguez Palacios</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="354">&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="218"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
72</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 77; page: 77" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="357">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>THE BANK OF NOVA SCOTIA</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;&nbsp;</td>
    <td width="214">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29"><font size=2>By:</font></td>
    <td width="214"><font size=2>/s/ Robert D. Hirsh</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="214"><font size=2>Title: Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
73</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 78; page: 78" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="358">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>SCOTIABANK INVERLAT, S.A., <br>
      INSTITUCI&Oacute;N DE BANCA M&Uacute;LTIPLE, <br>
      GRUPO FINANCIERO SCOTIABANK <br>
      INVERLAT</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="358">&nbsp;</td>
    <td width="29">&nbsp;&nbsp;</td>
    <td width="213">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="358">&nbsp;</td>
    <td width="29"><font size=2>By:</font></td>
    <td width="213"><font size=2>/s/ David Cotterall</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="358">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="213"><font size=2>Title: General Counsel</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
74</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 79; page: 79" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="349">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>BNP PARIBAS PANAMA BRANCH</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27">&nbsp;&nbsp;</td>
    <td width="224">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27"><font size=2>By:</font></td>
    <td width="224"><font size=2>/s/ Jorge Dixon</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="224"><font size=2>Title: Vice President &amp; Commercial <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="224">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27"><font size=2>By:</font></td>
    <td width="224"><font size=2>/s/ Leticia Sang</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="224"><font size=2>Title: Commercial Officer</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
75</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 80; page: 80" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="349">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>COMERICA BANK</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="29">&nbsp;&nbsp;</td>
    <td width="222">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="29"><font size=2>By:</font></td>
    <td width="222"><font size=2>/s/ Myrna E. Fernandez-Lynch</font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="349">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="222"><font size=2>Title: International Lending Officer</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
76</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 81; page: 81" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="353">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>STANDARD CHARTERED BANK</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25">&nbsp;&nbsp;</td>
    <td width="222">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25"><font size=2>By:</font></td>
    <td width="222"><font size=2>/s/ Steve Aloupis</font>
      <hr size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="222"><font size=2>Title: Senior Vice President</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="222">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25"><font size=2>By:</font></td>
    <td width="222"><font size=2>/s/ Andrew Y. Ng </font>
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="353">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="222"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
77</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 82; page: 82" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="366">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>WACHOVIA BANK, NATIONAL <br>
      ASSOCIATION</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="366">&nbsp;</td>
    <td width="28">&nbsp;&nbsp;</td>
    <td width="206">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="366">&nbsp;</td>
    <td width="28"><font size=2>By:</font></td>
    <td width="206"><font size=2>/s/ J. Tyler Rollins</font>
      <hr size="1">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="366">&nbsp;</td>
    <td width="28">&nbsp;</td>
    <td width="206"><font size=2>Title: Director</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
78</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 83; page: 83" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="362">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>CO&Ouml;PERATIEVE CENTRALE <br>
      RAIFFEISEN-BOERENLEENBANK B.A. <br>
      &#147;RABOBANKINTERNATIONAL&#148; <br>
      NEW YORK BRANCH</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32">&nbsp;&nbsp;</td>
    <td width="206">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32"><font size=2>By:</font></td>
    <td width="206"><font size=2>/s/ W. Pieter C. Kodde</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32">&nbsp;</td>
    <td width="206"><font size=2>Title: Managing Director</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32">&nbsp;</td>
    <td width="206">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32"><font size=2>By:</font></td>
    <td width="206"><font size=2>/s/ Barbara A. Hyland</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="362">&nbsp;</td>
    <td width="32">&nbsp;</td>
    <td width="206"><font size=2>Title: Managing Director</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
79</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 84; page: 84" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="357">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>EXPORT DEVELOPMENT CANADA</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;&nbsp;</td>
    <td width="214">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29"><font size=2>By:</font></td>
    <td width="214"><font size=2>/s/ J.M. Scully</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="214"><font size=2>Title: Financial Services Manager</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="214">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29"><font size=2>By:</font></td>
    <td width="214"><font size=2>/s/ Denis L&#146;Heureux</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="29">&nbsp;</td>
    <td width="214"><font size=2>Title: Financial Services Manager</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
80</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 85; page: 85" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="357">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=4><font size="2">ABN AMRO BANK N.V.&nbsp;</font><font size="2"></font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27">&nbsp;&nbsp;</td>
    <td width="216">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27"><font size=4><font size="2">By:</font></font></td>
    <td width="216"><font size=4><font size="2">/s/ Manuel Gomez</font></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="216"><font size=4><font size="2">Title: Group Vice President</font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="216">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27"><font size=4><font size="2">By:</font></font></td>
    <td width="216"><font size=4><font size="2">/s/ Luis Cuellar</font></font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="357">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="216"><font size=4><font size="2">Title: Senior Vice President&nbsp;</font></font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
81</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
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<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="346">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>THE BANK OF TOKYO-MITSUBISHI, LTD.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="346">&nbsp;</td>
    <td width="25">&nbsp;&nbsp;</td>
    <td width="229">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="346">&nbsp;</td>
    <td width="25"><font size=2>By:</font></td>
    <td width="229"><font size=2>/s/ Seiji Sato</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="346">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="229"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
82</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
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<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="341">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>LANDESBANK BADEN-WUERTTEMBERG <br>
      INTERNATIONAL BANKING FACILITY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30">&nbsp;&nbsp;</td>
    <td width="229">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30"><font size=2>By:</font></td>
    <td width="229"><font size=2>/s/ Karen Richard</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="229"><font size=2>Title: Vice President</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="229">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30"><font size=2>By:</font></td>
    <td width="229"><font size=2>/s/ Carolyn Gutbrod</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="341">&nbsp;</td>
    <td width="30">&nbsp;</td>
    <td width="229"><font size=2>Title: Vice President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
83</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
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<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="top">
    <td width="348">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>HUA NAN COMMERCIAL BANK, LTD., <br>
      NEW YORK AGENCY</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="348">&nbsp;</td>
    <td width="25">&nbsp;&nbsp;</td>
    <td width="227">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="348">&nbsp;</td>
    <td width="25"><font size=2>By:</font></td>
    <td width="227"><font size=2>/s/ Yun-Peng Chang</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="348">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="227"><font size=2>Title: General Manager <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice
      President</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
84</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 89; page: 89" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="337">&nbsp;&nbsp;</td>
    <td colspan="2"><font size=2>ISRAEL DISCOUNT BANK OF NEW YORK</font></td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27">&nbsp;&nbsp;</td>
    <td width="236">&nbsp;</td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27"><font size=2>By:</font></td>
    <td width="236"><font size=2>/s/ Anthony M. Fitzgerald-Swan</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="236"><font size=2>Title: Vice President</font></td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="236">&nbsp;</td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27"><font size=2>By:</font></td>
    <td width="236"><font size=2>/s/ Ilan Hadani</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="337">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="236"><font size=2>Title: Senior Vice President I <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Head International
      Banking <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
85</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>8
<FILENAME>e14932ex4_13.htm
<DESCRIPTION>AMENDED AND RESTATED SHAREHOLDERS AGREEMENT
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->






<p><table width=600><tr><td align=right><font size=2></font></td></tr></table>
<p><table width=600><tr>
    <td align=right><font size=2>Exhibit 4.13</font></td>
  </tr></table>

<p>
<table width=600><tr>
    <td  align=center><font size=2>AMENDED AND RESTATED <br>
      SHAREHOLDERS AGREEMENT</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>by and among</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>COMPA&Ntilde;IA INTERNACIONAL DE BEBIDAS, S.A. DE
      C.V.,</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>GRUPO INDUSTRIAL EMPREX, S.A. DE C.V.,</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>THE COCA-COLA COMPANY,</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>and</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>THE INMEX CORPORATION</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Dated as of July 6, 2002</font></td>
  </tr></table>


<p>
<table width=600>
  <tr>
    <td  align=center>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td  align=center><font size=2>COCA-COLA FEMSA, S.A. DE C.V.</font></td>
  </tr>
  <tr>
    <td  align=center>
      <hr noshade size="1">
    </td>
  </tr>
</table>







<p>&nbsp; </p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 3; page: 3" -->
<p>&nbsp; </p>
<p><table width=600><tr>
    <td  align=center><font size=2><B>TABLE OF CONTENTS</B></font></td>
  </tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right" colspan="5"><font size="2"><b>Page</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">1.</font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="left" colspan="3"><font size="2">Definitions</font></td>
    <td>&nbsp;&nbsp;</td>
    <td align="right">
      <p><font size="2">1</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">2.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Corporate Governance</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">8</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.1.</font></td>
    <td>&nbsp;&nbsp;</td>
    <td>
      <p><font size="2">Board of Directors</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">8</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Officers</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">9</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.3.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Shareholder Meetings</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">10</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.4.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Chart of Authority</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">10</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.5.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Business Plans</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">10</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.6.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Subsidiaries of the Company</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">10</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.7.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Code of Business Conduct</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">11</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.8.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Corporate Records</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">12</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">2.9.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Severance of Officers in Connection with Change of Management</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">12</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">3.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Certain Agreements</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">12</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Transfers of Shares</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">12</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Secondary Offering</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">14</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.3.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Confidentiality</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">14</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.4.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Horizontal Growth</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">15</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.5.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Policies Regarding Indebtedness</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">15</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.6.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Dividend Policy</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">15</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.7.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Policy Regarding Entry into Mineral Waters Business</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">15</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.8.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Provision of Certain Information</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">15</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">3.9.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Fair Market Value</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">17</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">4.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Certain Rights in the Event of Change of Control</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">17</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">4.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Notification of Change of Control</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">17</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">4.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Share Acquisition in the Event of Change of Control</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">17</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">5.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Certain Rights in the Event of Irreconcilable Differences</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">18</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">5.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Impasse</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">18</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">5.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Resolution of Differences</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">19</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">5.3.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Certain Related Matters</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">20</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">6.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Certain Rights in the Event of Specified Default</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">21</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">6.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Specified Default</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">21</font></p>
    </td>
  </tr>
</table>
<p>&nbsp; </p>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
i</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td  align=center><font size=2><B>TABLE OF CONTENTS<BR>
      </B>(continued)</font></td>
  </tr></table>







<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3" align="right"><font size="2"><b>Page</b></font></td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="left"><font size="2">6.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Share Acquisition in the Event of Specified Default</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">22</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">7.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Termination of Certain Provisions; Term</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">23</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">7.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Termination of Certain Provisions</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">23</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">7.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Term</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">24</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">8.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Certain Guarantees</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">24</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">8.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Obligations of the CIB Shareholders</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">24</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">8.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Obligations of CIB</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">24</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">8.3.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Obligations of the Inmex Shareholders</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">24</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">8.4.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Obligations of Inmex</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">25</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">8.5.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Matters Relating to the Guarantees</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">25</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="right">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p><font size="2">9.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="left" colspan="3">
      <p><font size="2">Miscellaneous</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">26</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.1.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Specific Performance</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">26</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.2.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">No Third Party Beneficiaries</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">26</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.3.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Notices</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">26</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.4.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Successors and Assigns</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">27</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.5.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Resolution of Legal Disputes; Consent to Jurisdiction;
        Etc.</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">27</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.6.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Governing Law; Construction and Representation of Counsel;
        Conflict with Estatutos</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">28</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.7.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Headings</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">29</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.8.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Entire Agreement; Amendment</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">29</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.9.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">No Waiver</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">29</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.10.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Exchange Rate</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">29</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.11.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Originals</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">29</font></p>
    </td>
  </tr>
  <tr valign="bottom">
    <td align="left">
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="left"><font size="2">9.12.</font></td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Waiver, Preservation of Rights</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="right">
      <p><font size="2">30</font></p>
    </td>
  </tr>
</table>
<br>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
ii</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 4; page: 4" -->
<p>&nbsp;
<table width=600>
  <tr>
    <td  align=center><font size=2>EXHIBITS</font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit A:</font></p>
    </td>
    <td>&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p><font size="2">Chart of Authority</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit B:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Code of Business Conduct</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit C:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Specified Bottler&#146;s Agreement Provisions</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit D:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Form of Subsidiary <i>Estatutos</i></font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit E:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Form of Transfer Agency Agreement</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit F:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Form of Assumption Agreement</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit G:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Form of Pledgee Agreement</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit H:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Statement on Horizontal Growth</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit I:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Notice of Consummation of Permitted Transfer</font></p>
    </td>
  </tr>
  <tr valign="bottom" align="left">
    <td>
      <p><font size="2">Exhibit J:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">Form of <i>Estatutos</i> for Coca-Cola FEMSA de Buenos
        Aires, S.A.</font></p>
    </td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B><u>AMENDED AND RESTATED SHAREHOLDERS AGREEMENT</u></B></font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED SHAREHOLDERS
      AGREEMENT dated as of July 6, 2002 (this &#147;<u>Agreement</u>&#148;) by
      and among Compania Internacional de Bebidas, S.A. de C.V. (&#147;CIB&#148;),
      a<i> sociedad an&oacute;nima de capital variable</i> organized under the
      laws of the United Mexican States (&#147;<u>Mexico</u>&#148;), Grupo Industrial
      Emprex, S.A. de C.V. (formerly named Fomento Econ&oacute;mico Mexicano,
      S.A. de C.V.) (&#147;<u>Emprex</u>&#148;), a <i>sociedad an&oacute;nima
      de capital variable</i> organized under the laws of Mexico, The Coca-Cola
      Company (&#147;<u>KO</u>&#148;), a corporation organized under the laws
      of Delaware, and The Inmex Corporation (&#147;<u>Inmex</u>&#148;), a corporation
      organized under the laws of Florida.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Emprex, KO and Inmex
      are parties to a shareholders agreement dated as of June 21, 1993, as amended
      on January 28, 1999 (the &#147;<u>Original Shareholders Agreement</u>&#148;)
      pursuant to which Emprex, KO and Inmex entered into certain arrangements
      regarding their respective rights and obligations with respect to the management,
      capitalization and operation of Coca-Cola FEMSA, S.A. de C.V. (the &#147;<u>Company</u>&#148;),
      a <i>sociedad an&oacute;nima de capital variable</i> organized under the
      laws of Mexico;</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the
Company has an authorized capital stock  consisting of ordinary restricted Series A
Shares (as defined below), ordinary  restricted Series D Shares (as defined below),
ordinary unrestricted Series B  Shares (as defined below) and special, limited voting,
unrestricted Series L  Shares (as defined below);</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as of the
date hereof, Emprex holds all of the  Company&#146;s Series A Shares and Inmex holds all of
the Company&#146;s Series D Shares;</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, on July 6, 2002, Emprex
      through an <i>escisi&oacute;n</i> or split-up under Mexican law has transferred
      all of the Company&#146;s Series A Shares held by Emprex to CIB; and</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as a result of said
      <i>escisi&oacute;n</i>, Emprex, KO, Inmex and CIB wish to amend and restate the
      Original Shareholders Agreement effective as of, from and after July 6,
      2002, in order to add CIB as a party in its capacity as a shareholder of
      the Company, to remove Emprex as a party in its capacity as a shareholder
      of the Company, and to add Emprex as a party in its capacity as a guarantor
      of CIB&#146;s obligations under this Agreement, all as hereinafter set forth.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, the
parties hereto deem it in their best  interests and in the best interest of the Company
to provide consistent and  uniform management for the Company and to regulate certain of
their rights in  connection with their interests in the Company, and desire to enter into
this  Agreement in order to effectuate those purposes.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, in
consideration of the premises and of the terms  and conditions herein contained, the
parties hereto mutually agree as follows:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>1. &nbsp;<u>Definitions</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this
Agreement, the following terms shall have the  following meanings:</font></td></tr></table>








<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Affiliate</u>&#148;
      shall mean, with respect to any Person, any Person that directly or indirectly
      controls, is controlled by or is under common control with such Person.
      For purposes of determining whether a Person is an Affiliate, the term &#147;control&#148;
      shall mean Managing Control.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Agreement</u>&#148;
      shall have the meaning set forth above in the preliminary statement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Annual Business Plan</u>&#148;
      shall mean, with respect to the period from June 21, 1993 through December
      31, 1993, the corresponding portion of the first Five Year Business Plan,
      and with respect to any period of one year commencing on or after January
      1, 1994, the first year of the Five-Year Business Plan then in effect, in
      each case as such plan shall have been amended, supplemented, modified or
      replaced by the Board of Directors of the Company (or at a general meeting
      of the shareholders of the Company) in accordance with the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Attributable To CIB</u>&#148;
      shall mean a breach or violation of an obligation of the Company or any
      Subsidiary arising out of an act or omission of, approved by or made or
      omitted to be made with the actual, contemporaneous knowledge of a Series
      A Key Officer, which act or omission was not approved, ratified or authorized
      in writing (specifically or as part of a general approval or authorization)
      by a duly authorized officer of KO, Inmex, or any Inmex Shareholder or the
      Board of Directors of the Company, or such Subsidiary (with at least one
      Series D Director supporting such approval or authorization).</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Bottler&#146;s Agreements</u>&#148;
      shall mean (i) the Bottler&#146;s Agreement and supplemental letter agreement,
      each dated June 21, 1993, between the Company and KO, relating to the Valley
      of Mexico territories (the &#147;<u>Valley of Mexico Bottler&#146;s Agreement</u>&#148;),
      as they shall be amended or extended from time to time, (ii) the Bottler&#146;s
      Agreement and supplemental letter agreement, each dated June 21, 1993, between
      the Company and KO, relating to the southeastern Mexico territories (the
      &#147;<u>Southeastern Bottler&#146;s Agreement</u>&#148;), as they shall
      be amended or extended from time to time, and (iii) any similar bottler&#146;s
      agreement with KO or an Affiliate thereof to which the Company or any Subsidiary
      may from time to time be a party.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Change Of Control</u>&#148;
      shall mean a CIB Change Of Control, a CIB Shareholder Change Of Control,
      an Inmex Change Of Control or an Inmex Shareholder Change Of Control.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Chart of Authority</u>&#148;
      shall mean the Chart of Authority attached as Exhibit A hereto, as it shall
      from time to time be amended, supplemented, modified or replaced by the
      Board of Directors of the Company (or at a general meeting of the shareholders
      of the Company) in accordance with the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>CIB</u>&#148; shall
      have the meaning set forth above in the preliminary statement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>CIB Change Of Control</u>&#148;
      shall mean the occurrence of any of the following: (i) at any time when
      a group of Persons led by the Garza Laguera family has Managing Control
      of CIB, such group ceases to have Managing Control of CIB; or (ii) at any
      time when Managing Control of CIB is held by a Person that is not a group
      of Persons led by the Garza Laguera family, such Person ceases to have Managing
      Control of CIB.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>CIB Shareholder</u>&#148;
      shall as of a particular time mean CIB (if it is then a Shareholder) or
      any Shareholder that at such time is a Majority Owned Subsidiary of CIB.</font></td>
  </tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>CIB Shareholder Change
      Of Control</u>&#148; with respect to a CIB Shareholder shall mean that such
      CIB Shareholder shall cease to be a Majority Owned Subsidiary of CIB.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>COC Shareholder</u>&#148;
      shall mean (i) with respect to a CIB Change Of Control, each of the CIB
      Shareholders and each Shareholder that was a CIB Shareholder immediately
      prior to the time of such CIB Change Of Control, (ii) with respect to a
      CIB Shareholder Change Of Control, each Shareholder that ceased to be a
      CIB Shareholder upon the occurrence of such CIB Shareholder Change Of Control,
      (iii) with respect to an Inmex Change Of Control, each of the Inmex Shareholders
      and each Shareholder that was an Inmex Shareholder immediately prior to
      such Inmex Change Of Control and (iv) with respect to an Inmex Shareholder
      Change Of Control, each Shareholder that ceased to be an Inmex Shareholder
      upon the occurrence of such Inmex Shareholder Change Of Control.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>COC Shares</u>&#148;
      shall mean all Restricted Shares owned by a COC Shareholder at the time
      of the occurrence of a Change Of Control.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Code of Business Conduct</u>&#148;
      shall mean the Code of Business Conduct attached as Exhibit B hereto, as
      it shall from time to time be amended, supplemented, modified or replaced
      by the Board of Directors of the Company (or at a general meeting of the
      shareholders of the Company) in accordance with the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Company</u>&#148;
      shall have the meaning set forth above in the recitals.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Company Value</u>&#148;
      shall mean the amount in United States Dollars that, as of the valuation
      date, would be received for all issued, subscribed and paid shares of the
      Company&#146;s capital stock in an arm&#146;s-length transaction between
      a willing buyer and seller, determined as follows:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The FMV Determining
      Parties will each make an independent determination of the Company Value
      (each an &#147;<u>Original Valuation Determination</u>&#148;) and will submit
      it to the Chairman of the Board of Directors of the Company, the Series
      D Representative and the Transfer Agent. If the Original Valuation Determinations
      differ by an amount which is less than 10% of the smaller Original Valuation
      Determination, the Company Value will be the average of such Original Valuation
      Determinations.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the difference
      between the Original Valuation Determinations is an amount which is greater
      than 10% of the smaller Original Valuation Determination, the FMV Determining
      Parties will each select a financial institution from the FMV Institution
      List. These two institutions will make their respective determinations of
      the Company Value (each a &#147;<u>Second Valuation</u>&#148;) and submit
      them to the Chairman of the Board of Directors, the Series D Representative
      and the Transfer Agent. If the Second Valuations differ by an amount which
      is less than 10% of the smaller Second Valuation, the Company Value will
      be the average of such Second Valuations.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Second Valuations
      differ by an amount which is greater than 10% of the smaller Second Valuation,
      the two aforementioned institutions will select a third institution from
      the FMV Institution List, which institution shall then make its own determination
      of the Company Value (the &#147;<u>Third Valuation</u>&#148;). The two Second
      </font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Valuations and
the Third Valuation will be averaged together,  and the Original Valuation Determination
that is nearest to this  average will be deemed to be the Company Value.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>For all purposes of this Agreement, the Company Value shall
      be computed on the assumption that the Bottler&#146;s Agreements shall continue
      in effect for a period of ten years from the date as of which such Company
      Value is to be calculated and without regard to any action by KO or any
      Affiliate thereof under the Bottler&#146;s Agreements in response to a default
      or asserted default thereunder by the Company or any Subsidiary; <u>provided</u>,
      <u>however</u>, that such Company Value shall reflect any adverse effects
      (other than direct effects of such actions or threat thereof on the part
      of KO or any Affiliate thereof) on the business or financial condition of
      the Company resulting from (i) the facts giving rise to such default or
      asserted default, and (ii) the effects of such actions upon any agreement
      or transaction of the Company or any Subsidiary with any third party.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Designated Guarantor</u>&#148;
      shall have the meaning set forth in Section 8.4 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Emprex</u>&#148; shall
      have the meaning set forth above in the preliminary statement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Emprex Guarantee</u>&#148;
      shall have the meaning set forth in Section 8.2 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#148;<i><u>Estatutos</u></i>&#148;
      shall mean the <i>Estatutos</i> of the Company in effect from time to time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Fair Market Value</u>&#148;
      of the Restricted Shares to be valued shall mean an amount equal to the
      Company Value multiplied by a fraction, the numerator of which is the number
      of such Restricted Shares and the denominator of which is the total number
      of issued, subscribed and paid Shares as of the valuation date.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Final Offer</u>&#148;
      shall have the meaning set forth in Section 5.2(b) hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Five-Year Business
      Plan</u>&#148; shall mean, with respect to the period from June 21, 1993
      through December 31, 1996, the first business plan to be adopted at a general
      shareholders meeting of the Company, and with respect to any period of five
      years commencing on or after January 1, 1994, the five-year business plan
      adopted by the Board of Directors of the Company (or at a general meeting
      of the shareholders of the Company) in accordance with the Estatutos, containing
      information of a nature substantially similar to that contained in such
      first business plan, in each case as such plan shall have been amended,
      supplemented, modified or replaced by the Board of Directors of the Company
      in accordance with the <i>Estatutos</i>, it being understood in each case
      that any such adoption of a Five-Year Business Plan shall be deemed to replace
      any previous Five-Year Business Plans.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>FMV Determining Parties</u>&#148;
      shall mean (i) for purposes of Section 4 hereof, the COC Shareholders, acting
      unanimously, and the Non-COC Shareholders, acting unanimously, (ii) for
      purposes of Section 6 hereof, the Specified Default Parties, acting unanimously,
      and the Non-Defaulting Parties, acting unanimously, (iii) for purposes of
      paragraphs (h) through (k) of Article 15 of the <i>Estatutos</i>, the proposed
      transferor of Restricted Shares and the &#147;FMV Offeree Shareholders&#148;
      (as defined therein) and (iv) for purposes of paragraph (f) of Article 15
      of the <i>Estatutos</i>, the &#147;Pledgee&#148; (as defined therein) and
      the &#147;Offeree Shareholders&#148; (as defined in paragraph (b) of such
      Article).</font></td>
  </tr></table>









<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 9; page: 9" -->






<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>FMV Institution List</u>&#146;
      shall have the meaning set forth in Section 3.9 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Guarantees</u>&#148;
      shall mean the KO Guarantee, the Emprex Guarantee and the guarantees set
      forth in Sections 8.1 and 8.3 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Horizontal Growth
      Transaction</u>&#148; shall have the meaning set forth in Section 3.4 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Impasse</u>&#148;
      shall have the meaning set forth in Section 5.1 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Indebtedness</u>&#148;
      of the Company or any of its Subsidiaries shall mean and include all indebtedness
      of such Person for borrowed money and all guarantees by such Person of indebtedness
      of others for borrowed money; <u>provided</u>, <u>however</u>, that &#147;<u>Indebtedness</u>&#148;
      shall not include any such indebtedness or guarantee to the extent incurred
      (i) as working capital obligations by such Person in the ordinary course
      of operating its business, or (ii) by any such Person in favor of the Company
      or any of its Subsidiaries.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Initial Offer</u>&#148;
      shall have the meaning set forth in Section 5.2(a) hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Inmex</u>&#148; shall
      have the meaning set forth above in the recitals.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Inmex Change Of Control</u>&#148;
      shall mean the occurrence of any of the following: (i) at any time when
      Inmex is a Majority Owned Subsidiary of KO or KO is the legal successor
      of Inmex, a Person that is not approved by KO&#146;s Board of Directors
      shall obtain effective working control of KO; (ii) Inmex shall cease to
      be a Majority Owned Subsidiary of KO other than in a transaction pursuant
      to which KO becomes the legal successor of Inmex; or (iii) at any time when
      Inmex is not a Majority Owned Subsidiary of KO, there shall occur a change
      in the then existing Managing Control over Inmex.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Inmex Shareholder</u>&#148;
      shall as of a particular time mean Inmex (if it is then a Shareholder) or
      any Shareholder that at such time is a Majority Owned Subsidiary of Inmex.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Inmex Shareholder
      Change Of Control</u>&#148; with respect to an Inmex Shareholder shall mean
      that such Inmex Shareholder shall cease to be a Majority Owned Subsidiary
      of Inmex.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Key Officers</u>&#148;
      shall mean the Series A Key Officers and the Series D Key Officers.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>KO</u>&#148; shall
      have the meaning set forth above in the recitals.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>KO Guarantee</u>&#148;
      shall have the meaning set forth in Section 8.4 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>KO Mexican Division
      Office</u>&#148; shall mean any Affiliate (other than the Company or any
      Subsidiary) or office of KO resident in, having operations in or organized
      under the laws of Mexico and responsible for managing KO&#146;s concentrate
      business or any of KO&#146;s soft drink bottling operations in Mexico.</font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>KOFBA</u>&#148; shall
      have the meaning set forth in Section 2.6 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Majority Owned Subsidiary</u>&#148;
      of a Person shall mean a corporation more than 50% of the voting securities
      of which are owned, directly or indirectly, by such Person.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Managing Control</u>&#148;
      shall mean, with respect to a Person, the possession, directly or indirectly,
      of effective managing control of such Person.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Mexico</u>&#148; shall
      have the meaning set forth above in the recitals.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Non-COC Shareholder</u>&#148;
      shall mean (i) each of the Inmex Shareholders, in the case of a CIB Change
      Of Control or a CIB Shareholder Change Of Control, and (ii) each of the
      CIB Shareholders, in the case of an Inmex Change Of Control or an Inmex
      Shareholder Change Of Control.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Non-Defaulting Party</u>&#148;
      shall mean (i) each of the Inmex Shareholders, in the case of a Specified
      Default with respect to which any CIB Shareholder is a Specified Default
      Party, and (ii) each of the CIB Shareholders, in the case of a Specified
      Default with respect to which any Inmex Shareholder is a Specified Default
      Party.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Notice of Continuing
      Impasse</u>&#148; shall have the meaning set forth in Section 5.1 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Ordinary Shares</u>&#148;
      shall mean the Restricted Shares and the Series B Shares.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>P$</u>&#148; shall
      mean Mexican pesos.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Party</u>&#148; shall
      mean any of the parties hereto on the date hereof or any Shareholder from
      time to time, it being understood that the term &#147;parties hereto&#148;
      shall mean the parties hereto on the date hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Person</u>&#148; shall
      mean any individual, corporation, unincorporated association, business trust,
      estate, partnership, trust, nation or political subdivision or agency thereof
      or any other entity.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Restricted Shares</u>&#148;
      shall mean the Series A Shares and the Series D Shares.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series A Directors</u>&#148;
      shall have the meaning set forth in Section 2.1 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series A Key Officers</u>&#148;
      shall mean the Chief Executive Officer and the Chief Financial and Administrative
      Officer of the Company.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series A Shares</u>&#148;
      shall mean the ordinary restricted shares of Series A Common Stock of the
      Company, with a par value of P$1.00.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series B Shares</u>&#148;
      shall mean the ordinary unrestricted shares of Series B Common Stock of
      the Company, with a par value of P$1.00.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series D Directors</u>&#148;
      shall have the meaning set forth in Section 2.1 hereof.</font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series D Key Officers</u>&#148;
      shall mean the Chief Operating Officer, the Controller, the Marketing Director
      and the Systems Services Director of the Company.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series D Representative</u>&#148;
      shall have the meaning set forth in Section 2.1(f) hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series D Shares</u>&#148;
      shall mean the ordinary restricted shares of Series D Common Stock of the
      Company, with a par value of P$1.00.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Series L Shares</u>&#148;
      shall mean the special, limited voting, unrestricted shares of Series L
      Common Stock of the Company, with a par value of P$1.00.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Services Agreement</u>&#148;
      shall mean the Services Agreement, dated as of June 21, 1993, between the
      Company and Femsa Servicios, S.A. de C.V., as it shall be amended from time
      to time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Shareholder</u>&#148;
      shall mean any holder (whether directly or through a trust effectively controlled
      by it) from time to time of Restricted Shares who becomes and remains bound
      by this Agreement, and such holder shall be deemed directly to own any Shares
      held through such a trust.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Shares</u>&#148; shall
      mean the Ordinary Shares and the Series L Shares.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Significant Obligation</u>&#148;
      shall mean any contractual obligation of a Specified Default Party the breach
      or violation of which is so significant that such breach or violation, had
      it been specifically foreseen at the time the Non-Defaulting Party entered
      into the agreement giving rise to such obligation, would have caused such
      Non-Defaulting Party not to enter into such agreement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Simple Majority Period</u>&#148;
      shall have the meaning set forth in the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Specified Bottler&#146;s
      Agreement Provisions</u>&#148; shall mean those provisions of the Valley
      of Mexico Bottler&#146;s Agreement and the Southeastern Bottler&#146;s Agreement
      identified in Exhibit C attached hereto, any corresponding provisions in
      such agreements as they may be amended or extended from time to time or
      in other Bottler&#146;s Agreements and any provisions in any Bottler&#146;s
      Agreements designated as such by the parties thereto.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Specified Default</u>&#148;
      shall have the meaning set forth in Section 6.1 hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Specified Default
      Party</u>&#148; shall mean (i) each of the CIB Shareholders, in the case
      of a Specified Default by CIB, any CIB Shareholder, the Company or any Subsidiary,
      and (ii) each of the Inmex Shareholders, in the case of a Specified Default
      by KO, an Affiliate thereof, Inmex or any Inmex Shareholder.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Stock Subscription
      Agreement</u>&#148; shall mean the stock subscription agreement dated as
      of June 21, 1993 among Emprex, the Company, KO and Inmex.</font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Subsidiary</u>&#148;
      shall mean any corporation that shall from time to time be a Majority Owned
      Subsidiary of the Company.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Subsidiary <i>Estatutos</i></u>&#148;
      shall mean the <i>estatutos</i> of any Subsidiary, in Spanish reading substantially
      as attached hereto as Exhibit D, as they shall from time to time be amended,
      supplemented, modified or replaced by action authorized by the Board of
      Directors of the Company (or authorized at a general meeting of the shareholders
      of the Company) in accordance with the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Transfer</u>&#148;
      shall mean sell, transfer, assign, pledge, or otherwise dispose of.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Transfer Agency Agreement</u>&#148;
      shall mean the Transfer Agency Agreement entered into on June 21, 1993,
      between the Company and Banca Serfin, S.A., as transfer agent, in Spanish
      reading substantially as attached hereto as Exhibit E, as it shall be amended
      from time to time, or any similar agreement entered into upon termination
      thereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<u>Transfer Agent</u>&#148;
      shall mean the transfer agent under the Transfer Agency Agreement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>2. &nbsp;<u>Corporate Governance</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. &nbsp;<u>Board of Directors</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As provided in the <i>Estatutos</i>,
      the Company shall be governed by a Board of Directors which shall consist
      of not less than 16 members. The <i>Estatutos</i> provide that 11 directors
      of the Company (the &#147;<u>Series A Directors</u>&#148;), and any alternates
      therefor, shall be elected by the holders of Series A Shares, that four
      directors of the Company (the &#147;<u>Series D Directors</u>&#148;), and
      any alternates therefor, shall be elected by the holders of Series D Shares
      and that one director of the Company, and one alternate therefor, shall
      be elected by the holders from time to time of Series L Shares. In addition,
      the <i>Estatutos</i> provide that any holder or group of holders of Shares
      that were not voted in favor of the directors of the Company elected by
      the holders of Series A Shares, Series D Shares or Series L Shares shall
      have the right to designate one director of the Company, and one alternate
      therefor, for each 10% of all issued, subscribed and paid Shares such holder&#146;s
      or group&#146;s Shares represent. Each Shareholder agrees that, if such
      Shareholder votes any Series A Shares or Series D Shares held by it in favor
      of any individual who is elected as a Series A Director or Series D Director
      at any general meeting, or related special meeting, of shareholders of the
      Company, such Shareholder shall vote all such Restricted Shares held by
      it in favor of such individual at such meetings.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  The Inmex
Shareholders, Inmex and KO agree that no individual then  employed by the KO Mexican
Division Office shall be designated or  nominated, nor shall serve, as a Series D
Director or alternate  therefor.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  Each
Shareholder (other than any holder of Series A Shares) agrees not  to take any action or
to cause the Company to take any action to remove  or replace, without cause, any Series
A Director, and each Shareholder  (other than any holder of Series D Shares) agrees not
to take any  action or to cause the Company to take any action to remove or replace,
without cause, any Series D Director.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Shareholders acknowledge
      that the <i>Estatutos</i> provide for certain notice, quorum and voting
      requirements for action of the Board of Directors and agree not to take
      any action inconsistent with such provisions.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Shareholders acknowledge
      that the <i>Estatutos</i> provide for declaration by the Series A Directors
      of a Simple Majority Period in certain circumstances where they reasonably
      and in good faith believe that an action by KO or any Affiliate thereof
      under a Bottler&#146;s Agreement is materially adverse to the business interests
      of the Company considered as a whole, with the consequence that, during
      the pendency of such Simple Majority Period, certain actions of the Company&#146;s
      Board of Directors (including introduction of a new line of business) would
      be treated as matters to be approved by a simple majority vote of the entire
      Board of Directors of the Company, without requiring the presence or approval
      of any Series D Director. The Shareholders agree not to take any action
      inconsistent with such provisions subject, in the case of a Shareholder
      that is KO or any Affiliate thereof, to Section 9.9(b) hereof.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Inmex Shareholders
      agree to cause (i) the designation from among the Series D Directors of
      one individual who shall serve as the representative of the Series D Directors,
      (ii) if any such representative shall cease for any reason to serve as such,
      the designation from among the Series D Directors of a replacement therefor,
      and (iii) the Chairman of the Board of Directors and the Corporate Secretary
      of the Company to be promptly notified of the identity of such representative
      and of any replacement representatives, which notices shall be conclusive
      evidence of the authority of such representative (the &#147;<u>Series D
      Representative</u>&#148;) for all purposes hereof and of the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  The CIB
Shareholders shall, if practicable, cause actual notice of each  meeting of the Board of
Directors of the Company and each Subsidiary to  be given to the Series D Representative
at least 15 days prior to the  date thereof. If such actual notice of a meeting is not
given, the CIB  Shareholders shall, unless the Series D Representative agrees otherwise
in writing, cause such meeting to be postponed until such actual notice  can be given.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  The
Shareholders shall, if practicable, cause the meetings of the Board  of Directors of the
Company to be conducted in English. To the extent  that conducting such a meeting in
English is impracticable,  simultaneous translation into English shall be provided if
requested by  any director present at such meeting.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. &nbsp;<u>Officers</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholders acknowledge
      that the <i>Estatutos</i> provide for designation, by a majority vote of
      the Board of Directors, of the Series A Key Officers and the Series D Key
      Officers from lists proposed by the Series A Directors and the Series D
      Directors respectively, provided that such majority includes at least two
      Series D Directors or Series A Directors, respectively. The holders of Series
      A Shares agree to cause the Series A Directors, and the holders of Series
      D Shares agree to cause the Series D Directors, not to withhold unreasonably
      their votes in favor of the election of the individuals so designated. The
      Shareholders acknowledge that the <i>Estatutos</i> provide for removal of
      the Series A Key Officers by the Series A Directors and of the Series D
      Key Officers by the Series D Directors</font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 14; page: 14" -->







<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  The holders
of Series A Shares and Series D Shares agree to cause the  Series A Directors and the
Series D Directors, respectively, (i) not to  designate as a Series A Key Officer or a
Series D Key Officer,  respectively, any individual who holds a management position with
any  entity other than the Company or any of its Subsidiaries, and (ii) to  remove any
Series A Key Officer or Series D Key Officer, respectively,  who holds such a position.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  The
Shareholders agree that in no event shall the aggregate  compensation of any individual
as an officer or employee of the Company  or any of its Subsidiaries exceed the
compensation of the Chief  Executive Officer of the Company as such, with the exception
of any  excess that may result from such individual&#146;s expatriate allowance.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Shareholder Meetings</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholders acknowledge
      that the <i>Estatutos</i> provide for certain notice, quorum and voting
      requirements at ordinary, extraordinary and special shareholders meetings
      and agree not to take any action inconsistent with such provisions.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  If any
ordinary, extraordinary or special meeting of the Shareholders  of the Company shall be
called other than by the Board of Directors of  the Company and the Chairman of the Board
of Directors of the Company  (or the Series D Representative) shall become aware of such
call, the  CIB Shareholders agree to cause such Chairman (or the Inmex  Shareholders
agree to cause the Series D Representative, as the case  may be), if practicable, to give
the Series D Representative (or such  Chairman) actual notice of the call of such
meeting. If such actual  notice of a meeting is not given, the CIB Shareholders shall,
unless  the Series D Representative agrees otherwise in writing, cause such  meeting to
be postponed until such actual notice can be given.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. &nbsp;<u>Chart of Authority</u>.
      The Shareholders agree that the Company and the Subsidiaries shall have
      in effect at all times a Chart of Authority. In addition to any authorizations
      that may be required by applicable law, the provisions of the <i>Estatutos</i>
      or the Board of Directors of the Company or any Subsidiary, the Shareholders
      agree that the actions of the Company and each Subsidiary specified in the
      Chart of Authority shall require the recommendation or final authorization
      of certain Key Officers or the Board of Directors of the Company, all as
      specified therein.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. &nbsp;<u>Business Plans</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as permitted both
      hereunder and under the <i>Estatutos</i>, the Company shall operate each
      year in accordance with the Annual Business Plan then in effect.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as permitted both
      hereunder and under the <i>Estatutos</i>, the Company shall operate in accordance
      with the Five-Year Business Plan then in effect.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Subsidiaries of the
      Company</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  The
Shareholders agree that, except as otherwise provided in Section  2.6(d), each of the
Subsidiaries shall have (i) a Board of Directors  consisting at all times of three
directors and three alternates  therefor, of which one director and the alternate
therefor shall be</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
10</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>selected from the Series D Directors or any alternates therefor,
      and two directors and the alternates therefor shall be selected from the
      Series A Directors or any alternates therefor, and (ii) in effect at all
      times, Subsidiary <i>Estatutos</i> (or the substantial equivalent thereof,
      in the case of any Subsidiary organized under the laws of a jurisdiction
      other than Mexico).</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  The
Shareholders agree that, except as otherwise provided in Section  2.6(d), of the two
directors of any Subsidiary who are required to sign  any certificate representing any of
the capital stock thereof, one  shall be a Series D Director, or any alternate therefor.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  The
Shareholders agree that the members (and any alternates therefor)  of the Board of
Directors (and any examiners and alternates therefor,  if applicable) of each Subsidiary
shall be such individuals as shall be  appointed or authorized by the Company or its
designee, in accordance  with resolutions naming the individuals and duly adopted by the
Board  of Directors of the Company.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Shareholders agree
      that Coca-Cola FEMSA de Buenos Aires, S.A., a Subsidiary of the Company
      (&#147;<u>KOFBA</u>&#148;), shall have in effect at all times By-laws in
      Spanish reading substantially as attached hereto as Exhibit J, as they shall
      from time to time be amended, supplemented, modified or replaced by action
      authorized by the Board of Directors of the Company (or authorized at a
      general meeting of the shareholders of the Company) in accordance with the
      <i>Estatutos</i>. Notwithstanding the provisions of Section 2.6(a), it is
      not necessary for the members (and any alternates therefor) of the Board
      of Directors of KOFBA to be selected from the Series D Directors (or any
      alternates therefor) or from the Series A Directors (or any alternates therefor).
      The Shareholders agree to take such actions as may be necessary to cause
      all matters of material significance with respect to the condition (financial
      or other), assets, business, properties, operations or earnings of KOFBA
      promptly to be reported in writing to all members of the Board of Directors
      of the Company, or to be reported in writing at a meeting of the Board of
      Directors of the Company.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  Section
2.6(d) of this Agreement, together with all references thereto  in any portion of this
Agreement other than this Section 2.6(e) and  Exhibit J, immediately shall cease to be a
part of this Agreement and  shall be of no further effect in the event that either CIB or
Inmex at  any time notifies the other party hereto in writing that it is invoking  the
provisions of this Section 2.6(e) for such purpose. As soon as  practicable following any
such notice, the Shareholders shall cause the  Company to amend the By-laws of KOFBA in
accordance with the provisions  of Exhibit D, to the maximum extent permissible under the
laws of  Argentina.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  The
Shareholders agree that no individual then employed by KO&#146;s River  Plate Division office
in Argentina shall be designated or nominated,  nor shall serve, as a member of the Board
of Directors of KOFBA (or  alternate therefor).</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Code of Business Conduct</u>.
      The Shareholders agree (i) that the Company and the Subsidiaries shall have
      in effect at all times a Code of Business Conduct, and (ii) to take, and
      the CIB Shareholders and the Inmex Shareholders agree to cause the Series
      A Directors and the Series D Directors, respectively, to take, appropriate
      action to assure that the Code of Business Conduct is adequately communicated
      to management and all employees of the Company and the Subsidiaries.</font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
11</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. &nbsp;<u>Corporate Records</u>.
      The Shareholders acknowledge that the corporate records of the Company and
      the Subsidiaries shall be kept by Femsa Servicios, S.A. de C.V., an Affiliate
      of CIB, pursuant to and subject to the terms of a separate agreement with
      the Company, which agreement shall at all times provide CIB, the CIB Shareholders,
      Inmex and the Inmex Shareholders with full access to such records during
      regular business hours and upon reasonable advance notice.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. &nbsp;<u>Severance of
      Officers in Connection with Change of Management</u>. The Shareholders agree:
      if any officer of the Company or any of the Subsidiaries whose officer or
      employee status changes, whether by termination, layoff or otherwise, in
      such manner as to entitle such officer to severance or termination benefits
      either under Mexican law or in accordance with the past practice of the
      Company and the Subsidiaries, in each case as a result of the change in
      the management of the Company from being operated as a division of CIB to
      being operated as a joint venture between CIB and Inmex, then such officer
      shall be entitled to termination or severance benefits in accordance with
      such past practice, unless Mexican law requires more generous benefits or
      the Board of Directors of the Company, subject to Mexican law, determines
      otherwise.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>3. &nbsp;<u>Certain Agreements</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. &nbsp;<u>Transfers of
      Shares</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shareholders acknowledge
      that the <i>Estatutos</i> restrict the Transfer of the Restricted Shares,
      and each Shareholder agrees that it shall not directly or indirectly Transfer
      any Restricted Shares unless such action shall have been effected in accordance
      with the terms of the <i>Estatutos</i>, the Transfer Agency Agreement and
      this Agreement. Each of the Shareholders agrees to provide the Transfer
      Agent with such certifications as the Transfer Agent may require, to give
      all notices as and to the Persons required by the <i>Estatutos</i>, the
      Transfer Agency Agreement and this Agreement and to cooperate with the Transfer
      Agent, in connection with the Transfer Agent&#146;s discharge of its duties relating
      to the Restricted Shares pursuant to the Transfer Agency Agreement.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  Each
Shareholder agrees not to Transfer any Shares at any time if such  action would (i)
constitute a violation of any applicable securities  laws or (ii) cause any Shares not to
be exempt from registration under  any such laws.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Shareholders agree
      that, (i) as a condition precedent to any sale of any Restricted Shares
      to any proposed purchaser in accordance with paragraphs (b) through (d)
      of Article 15 of the <i>Estatutos</i> or to any Person in accordance with
      paragraph (g) of such Article, or any Transferring of any Restricted Shares
      to any proposed transferee in accordance with paragraphs (h) through (k)
      of such Article, such proposed purchaser, proposed transferee or other Person
      shall have executed an instrument causing such proposed purchaser, proposed
      transferee or other Person to become bound by this Agreement, substantially
      in the form of Exhibit F attached hereto (for purposes of this Section 3.1,
      an &#147;<u>Assumption Agreement</u>&#148;), and delivered such instrument
      to the Chairman of the Board of Directors of the Company, with a copy to
      the Series D Representative and the Transfer Agent, (ii) as a condition
      precedent to any public sale of Restricted Shares in accordance with paragraph
      (e) of Article 15 of the <i>Estatutos</i>, the selling </font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
12</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>Shareholder shall place such Restricted Shares in a manner
      designed to ensure, in the reasonable judgment of those Shareholders entitled
      to a right of first refusal to purchase such Shares, that no person or group
      will initially acquire in such placement more than 3% of the Company&#146;s issued,
      subscribed and paid Shares, and any fees, costs or expenses of the Company
      in connection with such public sale and placement shall be for the account
      of such selling Shareholder, and (iii) as a condition precedent to any pledge
      of Restricted Shares to any financial or credit institution in accordance
      with paragraph (f) of Article 15 of the <i>Estatutos</i>, the &#147;Pledgor&#148;
      (as defined therein) shall have delivered to the Chairman of the Board of
      Directors, with a copy to the Series D Representative and the Transfer Agent,
      an agreement of the &#147;Pledgee&#148; (as defined therein) substantially
      in the form of Exhibit G attached hereto.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Shareholder agrees
      that, except for this Agreement, any amendment hereto, any Assumption Agreement
      or any agreements or arrangements solely among CIB Shareholders or Inmex
      Shareholders, it shall not grant any proxy or enter into or agree to be
      bound by any voting trust with respect to any Shares nor enter into any
      agreement or arrangement of any kind with any Person with respect to any
      Shares inconsistent with the provisions of the <i>Estatutos</i> or this
      Agreement (regardless of whether such agreement or arrangement is with any
      Shareholder or holder of Shares that is not bound by this Agreement), including
      agreements or arrangements with respect to the acquisition, disposition
      or voting of any Shares, nor shall any Shareholder act, for any reason,
      as a member of a group or in concert with any other Person in connection
      with the acquisition, disposition or voting of any Shares in any manner
      which is inconsistent with the provisions of this Agreement.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  The
Shareholders agree to cause the Corporate Secretary of the Company,  or any alternate
therefor, subject to under the terms of the Transfer  Agency Agreement, to provide the
Chairman of the Board of Directors of  the Company and the Series D Representative with
full access to the  Company&#146;s stock register maintained by the Transfer Agent, subject
only  to such ordinary and reasonable notice as the Transfer Agent may  require and to
the Transfer Agent&#146;s normal business hours.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  The
Shareholders hereby agree that each stock certificate representing  Restricted Shares
shall bear endorsements in Spanish reading  substantially as follows:</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The shares represented by this certificate have not been registered  under the United
States Securities Act of 1933, as amended, and may not  be transferred, sold or otherwise
disposed of except pursuant to an  effective registration statement or pursuant to an
exemption from  registration under such Act and in compliance with all other applicable
securities laws.</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The shares represented
      by this certificate are subject to restrictions on transfer, certain other
      restrictions, certain rights of the shareholders of the Company to purchase
      such shares and certain other rights the terms and conditions of which are
      set forth in the Company&#146;s By-Laws <u>[for definitive certificates,
      add the following</u>:</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>reproduced on
the reverse of this certificate] and the Service  Agreement, dated June 21, 1993, between
the Company and the Trustee  Division of Banca Serfin, S.A. and the Shareholders
Agreement dated as  of June 21, 1993, as such </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
13</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Agreements may
have been amended. No transfer  of such shares will be made on the stock register of the
Corporation  unless accompanied by evidence of compliance with the terms of such  By-Laws
and Agreements.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. &nbsp;<u>Secondary Offering</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  KO, Inmex and
the Inmex Shareholders agree that they will support an  initial secondary public offering
of Series L Shares in Mexico, the  United States or elsewhere, and the exchange listing
of such Shares,  subject to their satisfaction that the Company shall meet all
applicable legal requirements in connection therewith. CIB agrees to  consult with KO
with respect to the timing, terms and conditions of any  such offering.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties hereto agree
      that the Company shall, in connection with such offering, pay (i) all registration
      and filing fees imposed by the Mexican<i> Comisi&oacute;n Nacional Bancaria
      y de Valores</i>, the U.S. Securities and Exchange Commission and similar
      fees in other national jurisdictions, (ii) all exchange listing, registration
      and filing fees and (iii) all fees and disbursements of the Company&#146;s
      independent public accountants in connection with such offering; <u>provided</u>,
      <u>however</u>, the Company shall not be responsible for (1) any U.S. state
      securities law registration, qualification or filing fees, (2) any costs
      associated with printing or delivering offering documents in connection
      with such offering, (3) any transfer taxes in connection with sales of such
      Series L Shares, (4) any underwriting discounts or brokerage commissions,
      (5) any fees or disbursements of counsel in connection with such offering
      or (6) any other costs or expenses in connection with such offering, which
      in each case shall be for the account of the selling Shareholder or, if
      not paid or provided for thereby, for the account of CIB.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. &nbsp;<u>Confidentiality</u>.
      From and after June 21, 1993 through a period of two years from the termination
      of this Agreement, unless otherwise agreed to by all of them, each Shareholder,
      CIB, Inmex and KO shall keep, and shall ensure that their officers, employees
      and advisors keep, confidential all information acquired from the Company
      or any of its Subsidiaries or from each other or their respective Affiliates
      pursuant to this Agreement or otherwise, including the contents of this
      Agreement and the Stock Subscription Agreement, which information the Board
      of Directors of the Company shall have designated as confidential either
      through specific action or through confidentiality categories adopted thereby,
      except that the foregoing restriction shall not apply to any such information
      that (i) is or hereafter becomes generally available to the public other
      than by reason of any default with respect to a confidentiality obligation
      under this Agreement; or (ii) was already known to the recipient as evidenced
      by prior written documents in its possession; or (iii) is disclosed to the
      recipient by a third party who is not in default of any confidentiality
      obligation to the disclosing party hereunder; or (iv) is developed by or
      on behalf of the receiving Person, without reliance on confidential information
      received hereunder; or (v) is otherwise required to be disclosed in compliance
      with applicable laws or regulations or order by a court or other regulatory
      body having competent jurisdiction; or (vi) is disclosed in connection with
      any public offering of Shares; or (vii) is disclosed to any professional
      advisor of the recipient in connection with such advisor&#146;s retention,
      or the performance of its duties, as such.</font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
14</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. &nbsp;<u>Horizontal Growth</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  On the terms
and subject to the conditions set forth therein, KO hereby  agrees to comply with the
provisions regarding horizontal growth  attached as Exhibit H hereto.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Company
      issues any Shares in connection with any transaction of a kind described
      in Exhibit H hereto (a &#147;<u>Horizontal Growth Transaction</u>&#148;),
      (i) the Shareholders agree, if practicable, to cause the Company to issue
      only Series B Shares or Series L Shares held as treasury shares, with respect
      to which all preemptive rights have been waived, (ii) if issuance of only
      Series B Shares or Series L Shares is not practicable in connection therewith
      or if such Series B Shares and Series L Shares have been exhausted, CIB
      and Inmex agree, subject to the approval of their respective Boards of Directors,
      to exercise (or cause any CIB Shareholders or Inmex Shareholders, as the
      case may be, to exercise) their preemptive rights to purchase Ordinary Shares
      to the extent necessary so that upon such acquisition, the CIB Shareholders
      together shall own greater than 50%, and the Inmex Shareholders shall own
      not less than 25%, of the issued, subscribed and paid Ordinary Shares.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. &nbsp;<u>Policies Regarding
      Indebtedness</u>. The Shareholders agree that, except as may otherwise be
      approved by the Shareholders or the Board of Directors of the Company, it
      shall be an objective of the Company and its Subsidiaries to incur Indebtedness
      only as follows: (i) as a primary objective, to expand the existing business
      of the Company generally in accordance with the Five-Year Business Plan
      in effect from time to time, and (ii) as a secondary and subordinate objective,
      to finance Horizontal Growth Transactions, to the extent not inconsistent
      with the Annual Business Plan in effect from time to time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. &nbsp;<u>Dividend Policy</u>.
      The Shareholders agree that it shall be an objective of the Company to pay
      annual dividends of at least 20% of the preceding year&#146;s consolidated
      net profits, subject, however, to applicable law and to due consideration
      being given to reinvestment to support growth and market development generally
      in accordance with the Five-Year Business Plan then in effect.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. &nbsp;<u>Policy Regarding
      Entry into Mineral Waters Business</u>. The Shareholders agree that, from
      and after January 1, 1996, the Company shall actively explore entering the
      mineral waters business in Mexico.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. &nbsp;<u>Provision of
      Certain Information</u>. CIB, the CIB Shareholders, Inmex and the Inmex
      Shareholders agree that the Company shall provide each of them with the
      following:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
such information and calculations as to permit each of them to meet its  planning,
accounting, tax and regulatory requirements (including the  U.S. Foreign Corrupt
Practices Act, if applicable, and any similar  Mexican laws), and shall conduct its
affairs in such manner as to  permit each of them to comply with such Act and laws, it
being  understood that, except to the extent required to comply with such Act  and laws,
the Company will not be required to change its existing  accounting practices;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
monthly unaudited US$ and P$ consolidated financial statements  (including net income)
prepared in accordance with Mexican generally  accepted accounting principles,
consistently applied, and reconciled to  U.S. generally accepted </font></td></tr></table>











<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
15</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>accounting
principles, as soon as practicable  but not later than 60 days after the end of each
month for 1993 and  1994; in 1995 and beyond this information will be provided within 30
days after the end of each month;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
monthly  rolling estimate of US$ and P$ consolidated net income by month  for the
remainder of the  year prepared in accordance with Mexican  generally accepted accounting
principles,  consistently applied, and  reconciled to U.S. generally accepted accounting
principles,  by the  15th of each month;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
quarterly  unaudited US$ and P$ consolidated financial statements  (including net
revenues, cost of  goods sold, operating income, cash  operating profit and net income)
prepared in  accordance with Mexican  generally accepted accounting principles,
consistently applied,  and  reconciled to U.S. generally accepted accounting principles,
as soon as  practicable  but not later than 60 days after the end of each quarter  for
1993 and 1994; in 1995 and  beyond this information will be provided  within 30 days
after the end of each quarter;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
quarterly  physical and unit case sales each categorized into KO and  non-KO brands as
soon as  practicable but not later than 30 days after  the end of each quarter;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
annual US$  and P$ audited consolidated financial statements prepared in  accordance with
Mexican  generally accepted accounting principles,  consistently applied, and reconciled
to U.S.  generally accepted  accounting principles, as soon as practicable but not later
than 60  days after the end of each fiscal year;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
for the  Company and each Subsidiary, annual P$ audited financial  statements prepared in
accordance with Mexican generally accepted  accounting principles, consistently applied,
and reconciled to U.S.  generally accepted accounting principles, as soon as practicable
but  not later than 90 days after the end of each fiscal year;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
copies of  the stamped tax returns for the Company and each Subsidiary  as soon as
practicable but  not later than 95 days after the end of each  fiscal year;</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
US$ and P$  budget (including net revenues, cost of goods sold,  operating income, cash
operating  profit, net income and unit cases) on  a consolidated basis by quarter for the
next  fiscal year prepared in  accordance with Mexican generally accepted accounting
principles,  consistently applied, and reconciled to U.S. generally accepted  accounting
principles, on a preliminary basis in September of each year  and finalized in December
of each year; and</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
US$ and P$  budget (including net revenues, cost of goods sold,  operating income, cash
operating  profit, net income and unit cases) on  a consolidated basis by year for the
next three  fiscal years prepared  in accordance with Mexican generally accepted
accounting  principles,  consistently applied, and reconciled to U.S. generally accepted
accounting  principles, in May of each year.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
16</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. &nbsp;<u>Fair Market Value</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  The
Shareholders who hold Series A Shares agree to cause the Series A  Directors, and the
Shareholders who hold Series D Shares agree to cause  the Series D Directors, to create
and maintain at all times with the  Corporate Secretary of the Company and the Transfer
Agent an agreed  list (the &#147;FMV Institution List&#148;) of internationally
recognized  institutions from which institutions may be selected from time to time  for
purposes of determining Fair Market Value.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders agree
      that, in the case of any determination of Fair Market Value pursuant to
      Section 4 or 6 hereof or paragraphs (h) through (k) of Article 15 of the
      <i>Estatutos</i>, each of the two FMV Determining Parties shall bear the
      fees and expenses of any institution it selects from the FMV Institution
      List, and the fees and expenses of any institution selected from the FMV
      Institution List by such institutions to render a &#147;Third Valuation&#148;
      (as defined in Article 15(1) of the <i>Estatutos</i>) shall be shared equally
      by such FMV Determining Parties.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Shareholders agree
      that, in the case of any determination of Fair Market Value pursuant to
      Article 15(f) of the <i>Estatutos</i>, (i) each of the two FMV Determining
      Parties shall pay the fees and expanses of any institution it selects from
      the FMV Institution List, (ii) the two FMV Determining Parties shall pay
      equally the fees and expenses of any institution selected from the FMV Institution
      List to render a &#147;Third Valuation&#148; and (iii) the &#147;Pledgor&#148;
      (as defined in such Article) shall promptly reimburse each of the two FMV
      Determining Parties for all such fees and expenses.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Shareholders agree
      that any determination of Fair Market Value pursuant to paragraphs (h) through
      (k) or paragraph (f) of Article 15 of the <i>Estatutos</i> shall be made
      on the assumption set forth in the second sentence of the definition herein
      of Company Value.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>4. &nbsp;<u>Certain Rights in the Event of Change of Control</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. &nbsp;<u>Notification
      of Change of Control</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  CIB and the
CIB Shareholders agree to notify Inmex and the Inmex  Shareholders immediately upon the
occurrence of a CIB Change Of Control  or a CIB Shareholder Change Of Control.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  Inmex and the
Inmex Shareholders agree to notify CIB and the CIB  Shareholders immediately upon the
occurrence of an Inmex Change Of  Control or an Inmex Shareholder Change Of Control.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. &nbsp;<u>Share Acquisition
      in the Event of Change of Control</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  For a period
of 90 days following receipt by a Non-COC Shareholder of a  notice under Section 4.1
hereof, such Non-COC Shareholder shall be  entitled to demand a determination of Fair
Market Value of the COC  Shares. If such a demand is made, the COC Shareholders and the
Non-COC  Shareholders shall proceed as rapidly as practicable to determine the  Fair
Market Value of all of the COC Shares.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
17</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  The Non-COC
Shareholders shall have an irrevocable option to purchase,  or to cause their designee or
designees to purchase, the COC Shares for  United States Dollars in cash at a price equal
to their Fair Market  Value, payable in lump sum, within 90 days following the
determination  of such Fair Market Value.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  The
Shareholders agree that, after the occurrence of a Change Of  Control and during any
consequent determination of Fair Market Value or  option period, they shall cooperate to
continue the operations of the  Company and the Subsidiaries in the ordinary course of
business.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Immediately upon the occurrence
      of a CIB Change Of Control, any purchase option under this Section 4.2 arising
      or that may arise from a prior Inmex Change Of Control shall be deemed to
      terminate, and immediately upon the occurrence of an Inmex Change Of Control,
      any purchase option under this Section 4.2 arising or that may arise from
      a prior CIB Change Of Control shall be deemed to terminate. Each of CIB
      and Inmex agrees that, from and after the occurrence of a Change Of Control
      until consummation of the exercise of the Non-COC Shareholders&#146; purchase
      option under this Section 4.2 with respect to such Change Of Control or
      lapse or termination thereof, it shall not permit to occur a CIB Shareholder
      Change Of Control or an Inmex Shareholder Change Of Control, respectively,
      and each of the Shareholders agrees that it shall not Transfer any of its
      Restricted Shares during such time period. No Change Of Control shall relieve
      any guarantor hereunder or any Designated Guarantor of any requirement to
      guarantee (whether directly or, in the case of the KO Guarantee or the Emprex
      Guarantee, indirectly through Inmex&#146;s guarantee pursuant to Section
      8.3 hereof or CIB&#146;s guarantee pursuant to Section 8.1 hereof, as the
      case may be) any obligation under this Section 4 of a COC Shareholder with
      respect to such Change Of Control; <u>provided</u>, <u>however</u>, that
      this Section 4.2(d) shall not be construed to affect any Guarantee of any
      obligation other than those contained in this Section 4; and provided, further,
      that any such Guarantee of such obligations contained in this Section 4
      shall terminate to the full extent provided by Section 8 hereof upon the
      consummation of the exercise of the Non-COC Shareholders&#146; purchase
      option under this Section 4.2 with respect to such Change Of Control or
      lapse or termination of such option.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>5. &nbsp;<u>Certain Rights in the Event of Irreconcilable
      Differences</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. &nbsp;<u>Impasse</u>.
      In the event that (i) two successive meetings of the Board of Directors
      of the Company or any Subsidiary shall lack a quorum, after having been
      duly called, after notices thereof have been duly given in accordance with
      the <i>Estatutos</i> or the Subsidiary <i>Estatutos</i> of such Subsidiary
      and after actual notice thereof has been given to the Series D Representative
      pursuant to Section 2.1(g) hereof, which meetings would have had a quorum
      but for the absence of any Series A Director or Series D Director, (ii)
      two successive meetings (ordinary or extraordinary) of the shareholders
      of the Company shall lack a quorum, after having been duly called, after
      notices thereof have been duly given in accordance with the <i>Estatutos</i>
      and after actual notice thereof has been given to the Series D Representative
      pursuant to Section 2.3(b) hereof, which meetings would have had a quorum
      but for the absence of any CIB Shareholder or Inmex Shareholder, (iii) the
      Board of Directors of the Company (or any Subsidiary) is unable at any two
      consecutive meetings to reach a decision by the required vote concerning
      any matter that was on the agenda for such meeting, (iv) the holders of
      Shares do not approve, at any ordinary or extraordinary meeting of shareholders
      of the Company, any matter </font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
18</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>that was on the agenda for such meeting or (v) a Simple Majority
      Period remains in existence for a continuous period of more than one year
      (any such occurrence, an &#147;<u>Impasse</u>&#148;), the CIB Shareholders
      and the Inmex Shareholders shall consult with each other in good faith on
      a regular basis during the 120-day period following the occurrence of such
      Impasse, subject to extension by mutual agreement of all such CIB Shareholders
      and Inmex Shareholders (for purposes of this Section 5, the &#147;<u>Initial
      Consultation Period</u>&#148;), in an effort to resolve such Impasse; <u>provided</u>,
      <u>however</u>, that a meeting called but lacking a quorum as set forth
      in clause (i) or clause (ii) of this Section 5.1 shall not constitute a
      meeting for purposes of clause (iii) or clause (iv) of this Section 5.1.
      Within 30 days after the end of the Initial Consultation Period, such 30-day
      period being subject to extension by mutual agreement of all such CIB Shareholders
      and Inmex Shareholders (for purposes of this Section 5, the &#147;<u>Parent
      Consultation Period</u>&#148;), CIB and Inmex shall cause the chief executive
      officer of CIB and the President of KO (or, if Inmex shall not be a Majority
      Owned Subsidiary of KO and KO shall not be the legal successor to Inmex,
      the chief executive officer of the ultimate parent of Inmex, or person of
      equivalent standing), respectively, to meet in a mutually agreeable place
      and to make a good faith effort to resolve such Impasse. In the event such
      officers are unable to resolve such Impasse, (i) prior to the end of the
      Parent Consultation Period, the CIB Shareholders and the Inmex Shareholders
      may mutually agree to submit such matter to such non-binding mediation on
      such terms as they may agree, or any CIB Shareholder or Inmex Shareholder
      may give written notice to each Inmex Shareholder or each CIB Shareholder,
      respectively, of the continuance of such Impasse (a &#147;<u>Notice of Continuing
      Impasse</u>&#148;), or (ii) if no such action is taken prior to the end
      of the Parent Consultation Period, such Impasse shall be deemed immediately
      to terminate.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. &nbsp;<u>Resolution of
      Differences</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 30 days following
      delivery of a Notice of Continuing Impasse, the CIB Shareholders or the
      Inmex Shareholders (for purposes of this Section 5.2, the &#147;<u>Offering
      Shareholders</u>&#148;) may advise the Inmex Shareholders or the CIB Shareholders,
      respectively (for purposes of this Section 5.2, the &#147;<u>Offeree Shareholders</u>&#148;),
      in writing either (i) that the Offering Shareholders offer to sell all of
      their Restricted Shares to the Offeree Shareholders, or (ii) that the Offering
      Shareholders offer to purchase (or cause a nominee or nominees designated
      by them to purchase) all of the Offeree Shareholders&#146; Restricted Shares,
      specifying the aggregate price at which the Offering Shareholders are willing
      to sell or buy, as the case may be (the &#147;<u>Initial Offer</u>&#148;).
      Upon receipt of an Initial Offer, the Offeree Shareholders must respond
      in writing within 30 days indicating their acceptance of the Initial Offer
      or making a counteroffer to either (1) sell all of their Restricted Shares
      to the Offering Shareholders, or (2) purchase (or cause a nominee or nominees
      designated by them to purchase) all of the Offering Shareholders&#146; Restricted
      Shares, specifying the aggregate price at which the Offeree Shareholders
      are willing to sell or buy, as the case may be (for purposes of this Section
      5.2, the &#147;<u>Response</u>&#148;). If no such Response is so given,
      the Initial Offer shall be deemed to have been accepted.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Initial Offer and
      the Response indicate that (i) (A) the Offering Shareholders wish to buy
      and the Offeree Shareholders wish to sell, or (B) the Offeree Shareholders
      wish to buy and the Offering Shareholders wish to sell, then they shall
      continue negotiations in good faith to reach a final agreement on price,
      or (ii) both the Offering Shareholders and the Offeree Shareholders wish
      to sell their Restricted Shares, they shall promptly meet to determine how
      to realize the maximum value for their Shares; <u>provided</u>, </font></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
19</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td><font size=2><u>however</u>, that if, in the case of clause (i) above,
      they have not reached final agreement on price or, in the case of clause
      (ii) above, they have not reached such a mutual determination, within 45
      days after delivery of the Response, then either the Offering Shareholders
      or the Offeree Shareholders may deliver a final offer (the &#147;<u>Final
      Offer</u>&#148;) stating the price per Restricted Share at which such Shareholders
      (for purposes of this Section 5.2, the &#147;<u>Final Offering Shareholders</u>&#148;)
      are willing at the election of the recipient of the Final Offer (for purposes
      of this Section 5.2, the &#147;<u>Final Offeree Shareholders</u>&#148;)
      either to (1) sell all of their Restricted Shares to the Final Offeree Shareholders,
      or (2) purchase (or cause a nominee or nominees designated by them to purchase)
      from the Final Offeree Shareholder all of their Restricted Shares. The Final
      Offer shall be irrevocable for a period of 30 days following delivery and
      shall preempt the right of the Final Offeree Shareholders to make a Final
      Offer.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  Within 30
days following delivery of the Final Offer, the Final Offeree  Shareholders shall, by
notice to the Final Offering Shareholders, elect  either to purchase (or to cause a
nominee or nominees designated by  them to purchase) all of the Final Offering
Shareholders&#146; Restricted  Shares or to sell all of the Final Offeree Shareholders&#146;
Restricted  Shares to the Final Offering Shareholders, in either case at the price  per
Restricted Share set forth in the Final Offer. In the event that  the Final Offeree
Shareholders fail to make such an election within  such 30-day period, the Final Offering
Shareholder may then elect  whether to buy all of the Final Offeree Shareholders
Restricted Shares  or sell all of the Final Offering Shareholders&#146; Restricted Shares to
the Final Offeree Shareholder at the price per Restricted Share set  forth in the Final
Offer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  If the
Initial Offer and the Response indicate that both the Offering  Shareholders and the
Offeree Shareholders wish to buy all of the  others&#146; Restricted Shares, the CIB
Shareholders and the Inmex  Shareholders shall begin a bidding process therefor. The
higher of the  aggregate prices (on a per Restricted Share basis) offered in the  Initial
Offer and the Response shall constitute the initial bid. Such  initial bid and each
subsequent bid must be met in turn, within 30 days  following delivery thereof, by either
acceptance or delivery of a  counteroffer, which must be at least 5% higher than the
preceding bid  (on a per Restricted Share basis). This bidding process shall continue
until acceptance, or failure to respond, within 30 days following  receipt of any bid.
Any such failure to respond shall be deemed to  constitute acceptance.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. &nbsp;<u>Certain Related
      Matters</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  For purposes
of this Section 5, all offers, bids, acceptances and  counteroffers must be in writing,
in a form which is firm and binding  and solely for United States Dollars in cash payable
in a lump sum.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  For purposes
of this Section 5, to the extent there exists more than  one CIB Shareholder or Inmex
Shareholder, (i) the CIB Shareholders or  the Inmex Shareholders, as the case may be,
shall be required to act  unanimously, and (ii) any obligation of the CIB Shareholders or
the  Inmex Shareholders shall be the joint and several obligation of each of  the CIB
Shareholders or each of the Inmex Shareholders, respectively.</font></td></tr></table>








<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
20</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 25; page: 25" -->
<p>&nbsp;
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  All sales and
transfers made pursuant to this Section 5 shall be  consummated as soon as practicable
following the acceptance or deemed  acceptance of an offer or bid, and each Shareholder
agrees to take all  actions necessary to conclude such sales and transfers as
contemplated  hereunder.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  In the event
that the Inmex Shareholders either elect or are required  to purchase any Restricted
Shares pursuant to this Section 5 at a time  when one or more of them would not be
permitted by applicable law to  hold such additional Restricted Shares, the Inmex
Shareholders shall  (i) be required to purchase all such Restricted Shares that any of
them  may legally purchase, and (ii) within nine months after the acceptance  or deemed
acceptance of the related offer or bid and to the extent  permitted by applicable law,
either cause a third party to acquire all  such remaining Restricted Shares or establish
a satisfactory trust  arrangement that would permit the Inmex Shareholders to hold a
beneficial interest in all such remaining Restricted Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  During the
pendency of any Impasse or the procedures set forth in this  Section 5, the Parties shall
cooperate to continue the operations of  the Company and the Subsidiaries in the ordinary
course of business.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  Any Impasse
may be terminated at any time by written agreement of all  CIB Shareholders and Inmex
Shareholders.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Change Of Control after
      the occurrence of an Impasse shall relieve any guarantor hereunder or any
      Designated Guarantor of any requirement to guarantee (whether directly or,
      in the case of the KO Guarantee or the Emprex Guarantee, indirectly through
      Inmex&#146;s guarantee pursuant to Section 8.3 hereof or CIB&#146;s guarantee
      pursuant to Section 8.1 hereof, as the case may be) any obligation under
      this Section 5 of any Person who was a CIB Shareholder or an Inmex Shareholder
      immediately prior to such Change of Control; <u>provided</u>, <u>however</u>,
      that this Section 5.3(g) shall not be construed to affect any Guarantee
      of any obligation other than those contained in this Section 5; and <u>provided</u>,
      <u>further</u>, that any such Guarantee of such obligations contained in
      this Section 5 shall terminate to the full extent provided by Section 8
      hereof upon fulfillment of all procedures set forth in Section 5.2 hereof
      or earlier termination of such Impasse. Each of CIB and Inmex agrees that,
      during the pendency of any Impasse or the procedures set forth in this Section
      5, it shall not permit to occur a CIB Shareholder Change Of Control or an
      Inmex Shareholder Change Of Control, respectively, and each of the Shareholders
      agrees that it shall not Transfer any of its Restricted Shares during such
      time period.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>6. &nbsp;<u>Certain Rights in the Event of Specified Default</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. &nbsp;<u>Specified Default</u>.
      The following events shall constitute a specified default (a &#147;Specified
      Default&#148;) with respect to the Specified Default Parties:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any breach or
      violation of any Significant Obligation of (1) CIB, any CIB Shareholder,
      Inmex or any Inmex Shareholder or KO under this Agreement (including, without
      limitation, any obligation of CIB, Inmex or KO under any of the Guarantees),
      the <i>Estatutos</i> or the Subsidiary <i>Estatutos</i> of any Subsidiary,
      or (2) the Company, any </font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
21</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>Subsidiary, KO or any Affiliate of KO under any
      of the Bottler&#146;s Agreements, which breach or violation referred to
      in clause (1) or (2) of any such Person continues unremedied for at least
      90 days after the Non-Defaulting Party has delivered written notice of such
      breach or violation of all Specified Default Parties; <u>provided</u>, <u>however</u>,
      that no such breach or violation of an obligation referred to in clause
      (2) of the Company or any Subsidiary shall constitute a Specified Default
      unless (I) such obligation is contained in the Specified Bottler&#146;s
      Contract Provisions and (II) such breach or violation thereof is Attributable
      To CIB; or</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
the commencement by CIB, any CIB Shareholder, Inmex or any Inmex  Shareholder or, for so
long as Inmex shall be a Majority Owned  Subsidiary of KO or KO shall be the legal
successor of Inmex, KO of a  proceeding for receivership, bankruptcy, insolvency,
dissolution,  liquidation or reorganization or any similar proceeding; or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the commencement against CIB, any CIB Shareholder, Inmex or any Inmex  Shareholder or,
for so long as Inmex shall be a Majority Owned  Subsidiary of KO or KO shall be the legal
successor of Inmex, KO of any  proceeding specified in clause (ii) of this Section 6.1,
and such  proceeding has resulted in the entry of an order for any relief which  shall
not have been vacated, discharged, stayed or bonded pending  appeal within 60 days from
the entry thereof.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. &nbsp;<u>Share Acquisition
      in the Event of Specified Default</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  If any
Specified Default shall occur and be continuing, any  Non-Defaulting Party may by written
notice to all Specified Default  Parties declare a Specified Default. If such Specified
Default shall  cease to be continuing within 30 days of the delivery of such
declaration, no Non-Defaulting Party shall have any rights under this  Section 6 with
respect to such Specified Default.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  If such
Specified Default shall not have ceased to be continuing at or  prior to the expiration
of such 30-day period, the Specified Default  Parties, acting unanimously, and the
Non-Defaulting Parties, acting  unanimously, shall proceed as rapidly as practicable to
determine the  Fair Market Value, payable in lump sum, of all of the Specified Default
Parties&#146; Restricted Shares.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  The
Non-Defaulting Parties shall have an irrevocable option to  purchase, or to cause their
designee or designees to purchase, the  Specified Default Parties&#146; Restricted Shares for
United States Dollars  in cash at a price equal to 95% of their Fair Market Value,
payable in  lump sum, within 90 days following the determination of such Fair  Market
Value.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  During the
pendency of a Specified Default and the exercise of remedies  in connection therewith,
the Shareholders shall cooperate to continue  the operations of the Company and the
Subsidiaries in the ordinary  course of business.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  No Change Of
Control after the occurrence of a Specified Default shall  relieve any guarantor
hereunder or any Designated Guarantor of any  requirement to guarantee (whether directly
or, in the case of the KO  Guarantee or the Emprex Guarantee, indirectly through Inmex&#146;s
guarantee  pursuant to Section 8.3 hereof or CIB&#146;s guarantee pursuant to Section  8.1 </font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
22</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td><font size=2>hereof, as the case may be) any obligation under this Section
      6 of any Person who was a Specified Default Party immediately prior to such
      Change Of Control; <u>provided</u>, <u>however</u>, that this Section 6.2(e)
      shall not be construed to affect any Guarantee of any obligation other than
      those contained in this Section 6; and <u>provided</u>, <u>further</u>,
      that any such Guarantee of such obligations contained in this Section 6
      shall terminate to the full extent provided by Section 8 hereof upon the
      consummation of the exercise of the Non-Defaulting Parties&#146; purchase
      option under this Section 6.2 with respect to such Specified Default or
      lapse or termination of such option. Each of CIB, the CIB Shareholders,
      Inmex and the Inmex Shareholders agrees that, during the pendency of a Specified
      Default and the exercise of remedies in connection therewith, it shall not
      permit to occur a CIB Shareholder Change Of Control or an Inmex Shareholder
      Change Of Control, respectively, and each of the Shareholders agrees that
      it shall not Transfer any of its Restricted Shares during such period.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) CIB, the CIB Shareholders,
      KO, Inmex and the Inmex Shareholders agree that, in the event the Non-Defaulting
      Parties purchase all of the Specified Default Parties&#146; Restricted Shares
      pursuant to this Section 6.2, none of the Non-Defaulting Parties shall thereafter
      have any remedy under this Agreement, the <i>Estatutos</i> or the Subsidiary
      <i>Estatutos</i> of any Subsidiary or otherwise for any Specified Defaults,
      and each of them agrees not to assert or continue the assertion of any such
      remedy against any Specified Default Party. Nothing in this Section 6 shall
      prevent (i) any of them from asserting any such remedy against any other
      Party that is not a Specified Default Party with respect to such Specified
      Default, or (ii) any Party that is not a Non-Defaulting Party with respect
      to such Specified Default from asserting any claim based on such Specified
      Default against any other Party.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>7. &nbsp;<u>Termination of Certain Provisions; Term</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. &nbsp;<u>Termination of
      Certain Provisions</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event (i) an option
      of Non-COC Shareholders to purchase Restricted Shares arises under Section
      4.2(b) and the closing with respect to such option would cause, (ii) any
      proposed Transfer of Restricted Shares pursuant to Article 15 of the <i>Estatutos</i>
      would cause or (iii) any exercise of a purchase option pursuant to such
      Article would cause, the Restricted Shares held by the Inmex Shareholders
      (or the CIB Shareholders, as the case may be) to constitute less than 25%
      of all issued, subscribed and paid Ordinary Shares, then upon the request
      of any of the CIB Shareholders (or any of the Inmex Shareholders, as the
      case may be), promptly but in any case not later than the date of such closing
      pursuant to Section 4.2(b) or the closing of such Transfer or purchase option
      exercise, as the case may be, each of the Shareholders shall take all action
      necessary to eliminate, effective not later than immediately prior to any
      such closing, all special majority quorum and voting requirements (other
      than those herein or in the <i>Estatutos</i> relating to restrictions on
      Transferring the Restricted Shares) from this Agreement, the <i>Estatutos</i>
      and the Subsidiary <i>Estatutos</i> of each of the Subsidiaries.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  In the event
(i) an option of Non-COC Shareholders to purchase  Restricted Shares arises under Section
4.2(b), (ii) the acceptance or  deemed acceptance of an Initial Offer, a Final Offer or a
bid to  purchase Restricted Shares under Section 5.2 hereof or (iii) an option  of
Non-Defaulting Parties to purchase Restricted Shares arises under  Section 6.2(c), and
the closing with respect to any such option or the  closing of the acquisition of
Restricted Shares in </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
23</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr>
    <td><font size=2>connection with such acceptance or deemed acceptance, as
      the case may be, would cause the Restricted Shares held by the Inmex Shareholders
      (or the CIB Shareholders, as the case may be) to constitute less than 20%
      of all issued, subscribed and paid Ordinary Shares, then upon the request
      of any of the CIB Shareholders (or any of the Inmex Shareholders, as the
      case may be), promptly but in any case not later than the date of such closing,
      (1) each of the Shareholders shall take all action necessary to eliminate,
      effective not later than immediately prior to such closing, all special
      majority quorum and voting requirements and all restrictions on Transferring
      the Restricted Shares from this Agreement, the <i>Estatutos</i> and the
      Subsidiary <i>Estatutos</i> of each Subsidiary, and (2) the CIB Shareholders
      shall cause the Chairman of the Board of Directors, and the Inmex Shareholders
      shall cause the Series D Representative, to transmit to the Transfer Agent
      a notice substantially in the form attached hereto as Exhibit I.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event any proposed
      Transfer of Restricted Shares pursuant to Article 15 of the <i>Estatutos</i>
      would cause, or any exercise of a purchase option pursuant to such Article
      would cause, the Restricted Shares held by the Inmex Shareholders (or the
      CIB Shareholders, as the case may be) to constitute less than 20% of all
      issued, subscribed and paid Ordinary Shares, then upon the request of any
      of the CIB Shareholders (or any of the Inmex Shareholders, as the case may
      be), promptly but in any case not later than the date of closing of such
      Transfer or purchase option exercise, each of the Shareholders shall take
      all action necessary to eliminate, effective not later than immediately
      prior to such closing, all special majority quorum and voting requirements
      and all restrictions on Transferring the Restricted Shares from this Agreement,
      the <i>Estatutos</i> and the Subsidiary <i>Estatutos</i> of each Subsidiary.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. &nbsp;<u>Term</u>. This
      Agreement shall terminate upon the first to occur of either of the following
      events: (i) effectiveness of a unanimous written consent to the termination
      hereof executed by each of the Shareholders, or (ii) consummation of any
      transaction in accordance with paragraph (b) or (c) of Section 7.1 hereof;
      <u>provided</u>, <u>however</u>, that the provisions of Section 3.3 hereof
      and this Section 7 shall survive any such termination.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>8. &nbsp;<u>Certain Guarantees</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Obligations of the
      CIB Shareholders</u>. CIB hereby guarantees, absolutely, irrevocably and
      unconditionally, to Inmex and the Inmex Shareholders, their successors and
      assigns, the full and prompt performance and observance of all of the covenants,
      agreements and obligations of each of the other CIB Shareholders under this
      Agreement and the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. &nbsp;<u>Obligations of
      CIB</u>. Emprex hereby guarantees, absolutely, irrevocably and unconditionally,
      to Inmex and the Inmex Shareholders, their successors and assigns, the full
      and prompt performance and observance of all of the covenants, agreements
      and obligations of CIB under this Agreement, including any covenants, agreements
      and obligations contained in Section 8.1 hereof, the Stock Subscription
      Agreement and the <i>Estatutos</i> (the &#147;<u>Emprex Guarantee</u>&#148;).
      Emprex may assign and be released from its obligations under the Emprex
      Guarantee with the prior written consent of Inmex, which it may withhold
      in its sole discretion.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. &nbsp;<u>Obligations of
      the Inmex Shareholders</u>. Inmex hereby guarantees, absolutely, irrevocably
      and unconditionally, to CIB and the CIB Shareholders, their successors </font></td>
  </tr></table>








<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
24</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









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<p><table width=600><tr>
    <td><font size=2>and assigns, the full and prompt performance and observance
      of all of the covenants, agreements and obligations of each of the other
      Inmex Shareholders under this Agreement and the <i>Estatutos</i>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. &nbsp;<u>Obligations of
      Inmex</u>. KO hereby guarantees, absolutely, irrevocably and unconditionally,
      to CIB and the CIB Shareholders, their successors and assigns, the full
      and prompt performance and observance of all of the covenants, agreements
      and obligations of Inmex under this Agreement, including any covenants,
      agreements and obligations contained in Section 8.3 hereof, the Stock Subscription
      Agreement and the <i>Estatutos</i> (the &#147;<u>KO Guarantee</u>&#148;).
      In the event KO delivers to CIB one or more guarantee agreements executed
      by a Person that is and remains a record holder of shares of common stock
      of Inmex (each, a &#147;<u>Designated Guarantor</u>&#148;) in favor of CIB
      and the CIB Shareholders, in form and substance satisfactory to CIB, and
      provided that each such Designated Guarantor&#146;s net worth shall exceed
      US$200,000,000 at the time of delivery thereof, then the KO Guarantee shall
      be the several, but not joint, obligation of KO and any such Designated
      Guarantors, in such proportions as shall be set forth in such guarantee
      agreements; <u>provided</u>, <u>however</u>, that in the event (i) a Designated
      Guarantor&#146;s net worth shall not exceed US$200,000,000 at the time any
      obligation on the part of a guarantor arises pursuant to the KO Guarantee
      or at any time thereafter until such obligation is satisfied in full, (ii)
      a Designated Guarantor shall commence a proceeding for receivership, bankruptcy,
      insolvency, dissolution, liquidation or reorganization or any similar proceeding
      or (iii) any proceeding specified in clause (ii) of this proviso shall be
      commenced against a Designated Guarantor, and such proceeding has resulted
      in the entry of an order for any relief which shall not have been vacated,
      discharged, stayed or bonded pending appeal within 60 days from the entry
      thereof, then in any such case any portion of the KO Guarantee set forth
      in such Designated Guarantor&#146;s guarantee agreement as being the several
      obligation of such Designated Guarantor shall be the guarantee obligation
      of KO as if no such guarantee agreement had been delivered; and <u>provided</u>,
      <u>further</u>, that in no case shall such proportionate guarantees of KO
      or the Designated Guarantors, taken as a whole, constitute less than 100%
      of the KO Guarantee on a several basis; and <u>provided</u>, <u>further</u>,
      that, subject to Sections 4.2(d), 5.3(f) and 6.2(e) hereof, in no event
      shall KO be obligated under this Section 8.4 with respect to the performance
      or observance, after Inmex shall have ceased to be a Majority Owned Subsidiary
      of KO, of any covenant, agreement or obligation of Inmex; and <u>provided</u>,
      <u>further</u>, that for so long as Inmex shall be a Majority Owned Subsidiary
      of KO, KO&#146;s proportionate obligation with respect to the KO Guarantee
      shall not be less than its direct percentage ownership interest, if any,
      in Inmex; and <u>provided</u>, <u>further</u>, that in no event shall there
      be more than 3 Designated Guarantors at any one time.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. &nbsp;<u>Matters Relating
      to the Guarantees</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) CIB, Emprex, Inmex and
      KO waive (i) notice of acceptance of the respective Guarantees by the Persons
      for whose benefit such Guarantees are made (for purposes of this Section
      8.5, the &#147;<u>Guarantee Beneficiaries</u>&#148;), (ii) any right they
      may have to require the respective Guarantee Beneficiaries to notify them
      of any non-performance or non-observance by the CIB Shareholders, CIB, the
      Inmex Shareholders or Inmex, as the case may be, (iii) any right they may
      have to require that the Guarantee Beneficiaries make a demand upon them
      as a precondition to their obligations to perform the respective Guarantees
      and (iv) any right they may have to require that the Guarantee Beneficiaries
      comply with other formalities that might otherwise be legally required in
      order to charge them with liability under this Section 8. Each of CIB, Emprex,
      Inmex </font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
25</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>and KO hereby expressly waives the benefits of <i>orden y
      excusi&oacute;n</i> and such other rights provided in Articles 2814, 2815,
      2817, 2818, 2820, 2821, 2822, 2823, 2836, 2839, 2842, 2844, and 2845 of
      the Civil Code for the Federal District of Mexico.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  If any of the
Guarantee Beneficiaries grants a deferral, a stay or a  release with regard to any of the
covenants, agreements or obligations  that are the subject of the respective Guarantee as
to which it is a  beneficiary without the consent of the guarantor thereof, even if such
release subjects the principal obligation to new encumbrances or  conditions with regard
to such Guarantee Beneficiary, no such covenant,  agreement or obligation shall be
discharged, and such guarantor  expressly waives its respective rights and benefits in
terms of  Articles 2846, 2847, 2848 and 2849 of the Civil Code for the Federal  District
of Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  Insofar as
the respective Guarantees may require payment of any sums of  money to the Guarantee
Beneficiaries, the respective Guarantees are  guarantees of payment and not of collection
and shall remain in full  force and effect until the respective Guarantee Beneficiaries
have  received payment in full of all monies payable with respect to the  guaranteed
obligations.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>9. &nbsp;<u>Miscellaneous</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. &nbsp;<u>Specific Performance</u>.
      Any aggrieved Party shall, in addition to any other available remedies,
      be entitled to specific performance, to the extent such remedy is or shall
      become available under applicable law.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. &nbsp;<u>No Third Party
      Beneficiaries</u>. Except as otherwise specifically provided herein, nothing
      in this Agreement is intended to confer upon any Person other than the Parties
      any rights or remedies.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. &nbsp;<u>Notices</u>.
      All notices, statements, instructions or other documents required to be
      given hereunder, shall be in writing and shall be given either personally
      or by facsimile transmission at the addresses specified below, in the case
      of any of the parties hereto, or in the case of any other Party, the address
      specified by such Party at the time it became a Party. Any of the Parties,
      by written notice given to the other Parties hereto in accordance with this
      Section 9.3, may change the address to which notices, statements, instructions
      or other documents are to be sent to such Party.</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td colspan="2"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to CIB:</font></td>
  </tr>
</table>

<p>
<table width=600>
  <tr>
    <td width="34">&nbsp;</td>
    <td width="554"><font size=2>General Anaya No. 601 Pte. <br>
      Colonia Bella Vista <br>
      Monterey, NL 64410, Mexico <br>
      Attention: Chief Financial Officer and Legal Department <br>
      Phone: 52.81.83.28.6000 <br>
      Facsimile: 52.81.83.28.6080</font></td>
  </tr>
</table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
26</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 31; page: 31" -->





<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width="31">&nbsp;&nbsp;</td>
    <td width="557"><font size=2>Cleary, Gottlieb, Steen &amp; Hamilton <br>
      One Liberty Plaza <br>
      New York, New York 10006 U.S.A. <br>
      Attention: Jaime A. El Koury, Esq. <br>
      Phone: 212-225-2570 <br>
      Facsimile: 212-225-3999</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to KO or Inmex:</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width="32">&nbsp;&nbsp;</td>
    <td width="556"><font size=2>One Coca-Cola Plaza <br>
      Atlanta, Georgia 30313 U.S.A. <br>
      Attention: Chief Financial Officer <br>
      Phone: 404-676-2121 <br>
      Facsimile: 404-676-8621</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to:</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width="31">&nbsp;&nbsp;</td>
    <td width="557"><font size=2>One Coca-Cola Plaza <br>
      Atlanta, Georgia 30313 U.S.A. <br>
      Attention: General Counsel <br>
      Phone: 404-676-2121 <br>
      Facsimile: 404-676-6792</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width="31">&nbsp;&nbsp;</td>
    <td width="557"><font size=2>Guillermo Gonz&aacute;lez Camarena No. 600 <br>
      Centro de Ciudad Santa Fe <br>
      01210 M&eacute;xico, D.F., M&eacute;xico <br>
      Attention: Chief Financial Officer <br>
      Phone: 52.55.50.81.5109 <br>
      Facsimile: 52.55.52.92.3475 <br>
      &nbsp;&nbsp;with copies to CIB at its addresses specified pursuant to this
      Section 9.3.</font></td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. &nbsp;<u>Successors and
      Assigns</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement and
the rights of a Party hereunder may not be  assigned and, except for any delegation by KO
of any portion of the KO Guarantee  pursuant to Section 8.4 hereof, the obligations of a
Party hereunder may not be  delegated, in whole or in part, without the prior written
consent of all of the  Shareholders. This Agreement shall be binding upon and shall inure
to the  benefit of the Parties and their respective successors and permitted assigns.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. &nbsp;<u>Resolution of
      Legal Disputes; Consent to Jurisdiction; Etc</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree to make
      a good faith effort to resolve any legal disagreement, dispute, controversy
      or claim (for purposes of this Section 9.5, a &#147;<u>Legal Dispute</u>&#148;)
      arising out of or relating to this Agreement, the <i>Estatutos</i> or the
      Subsidiary <i>Estatutos</i> of any </font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
27</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 32; page: 32" -->




<p><table width=600><tr><td><font size=2>Subsidiary, the interpretation hereof or
thereof, any arrangements relating hereto or thereto or contemplated herein or  therein,
or the breach, termination or invalidity hereof or thereof. Failing  such a resolution,
such Legal Dispute shall, if the parties thereto so agree, be  resolved by resort to a
non-binding dispute resolution procedure on terms to be  agreed by them.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the
Parties hereby submits to the exclusive jurisdiction of (i) the  courts of the State of
New York and the Federal courts of the United States of  America located in such State,
in the case of any action, suit or proceeding  commenced with respect to a Legal Dispute
by CIB, Emprex, any CIB Shareholder,  any Affiliate of any of them, the Company or any
other Shareholder that is a  resident of Mexico and is not an Affiliate of KO, Inmex or
any Designated  Guarantor, and (ii) any competent court located in Mexico City, Mexico,
in the  case of any action, suit or proceeding commenced with respect to a Legal Dispute
by KO, any Inmex Shareholder, Inmex, any Designated Guarantor, any Affiliate of  any of
them or any other Shareholder that is neither a resident of Mexico nor an  Affiliate of
CIB or Emprex.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties
agree that, after any Legal Dispute is before a court as  specified in paragraph (b) of
this Section 9.5 and during the pendency of such  Legal Dispute before such court, all
actions, suits or proceedings with respect  to such Legal Dispute or any other Legal
Dispute, including without limitation  any counterclaim, cross-claim or interpleader,
shall be subject to the exclusive  jurisdiction of such court.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each of the
Parties hereby waives, and agrees not to assert, as a defense in  any action, suit or
proceeding referred to in paragraph (b) or (c) of this  Section 9.5, that it is not
subject thereto or that such action, suit or  proceeding may not be brought or is not
maintainable in such court or that its  property is exempt or immune from execution, that
the action, suit or proceeding  is brought in an inconvenient forum or that the venue of
the action, suit or  proceeding is improper. Each of the Parties agrees that service of
process in  any such action, suit or proceeding shall be deemed in every respect
effective  service of process upon it if personally served upon the applicable Party at
its  address for notice purposes designated pursuant to Section 9.3 hereof.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement has been
      executed, each of the <i>Estatutos</i> and the Subsidiary <i>Estatutos</i>
      of each of the Subsidiaries exists and all amendments, supplements, modifications
      or replacements to any thereof shall be made in English and Spanish versions,
      each of which shall be an original, except that the English version shall
      control in any action, suit or proceeding before a court sitting in the
      United States of America, and the Spanish version shall control in any action,
      suit or proceeding before a court sitting in Mexico.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. &nbsp;<u>Governing Law;
      Construction and Representation of Counsel; Conflict with <i>Estatutos</i></u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Regardless of
the place of execution, this Agreement shall be governed by  and construed in accordance
with the laws of Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each party
hereto represents that, in the negotiation and drafting of this  Agreement, such party
has been represented by and relied upon the advice of  counsel of such party&#146;s choice.
Each such party affirms that such party&#146;s  counsel has had a substantial role in the </font></td></tr></table>








<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
28</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 33; page: 33" -->





<p><table width=600><tr><td><font size=2>drafting and negotiation of this  Agreement.
Each Shareholder that became a party hereto after the date hereof  represents that such
party has been represented by and relied upon the advice of  counsel of such
Shareholder&#146;s choice in entering into this Agreement. Therefore,  each Party agrees that
the rule of construction to the effect that any  ambiguities are to be resolved against
the drafting Party shall not be employed  in the interpretation of this Agreement or any
Exhibit hereto.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. &nbsp;<u>Headings</u>.
      All headings are inserted herein for convenience of reference only and do
      not form a part of this Agreement.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. &nbsp;<u>Entire Agreement;
      Amendment</u>. This Agreement contains the entire agreement among the parties
      hereto on the date hereof with respect to the transactions contemplated
      herein and supersedes all prior written agreements and negotiations and
      oral understandings, including but not limited to the letter of intent dated
      April 25, 1993 among KO, Emprex and the Company. Except to the extent any
      addition of a party hereto by execution of an Assumption Agreement constitutes
      an amendment or supplement hereto, this Agreement may not be amended or
      supplemented except by an instrument in writing signed by each of the Shareholders;
      <u>provided</u>, <u>however</u>, that any such amendment or supplement that
      would restrict the rights of any Party hereunder or the exercise thereof
      or add to such Party&#146;s obligations must also be signed by such Party.
      In the event that the amendment or modification of this Agreement in accordance
      with its terms requires that the <i>Estatutos</i> be amended, the Shareholders
      shall cause the Board of Directors of the Company to meet within 30 days
      following such amendment or modification or as soon thereafter as is practicable
      for the purpose of amending the <i>Estatutos</i> and proposing such amendments
      to the shareholders of the Company entitled to vote thereon, and such action
      shall be the first action to be taken at such meeting.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. &nbsp;<u>No Waiver</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No failure to
exercise and no delay in exercising any right, power or  privilege of a Party shall
operate as a waiver nor a consent to the modification  of the terms hereof unless given
by that Party in writing.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in the <i>Estatutos</i>
      or in this Agreement, including without limitation Sections 2.1(e) and 6
      hereof, shall be construed as restricting, waiving or modifying in any manner
      the rights of KO or any Affiliate thereof, as franchisor, under the Bottler&#146;s
      Agreements, including without limitation any rights thereunder with respect
      to any proposal by the Company to introduce a new line of business, or as
      modifying or affecting in any manner any of the terms or conditions of the
      Bottler&#146;s Agreements.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. &nbsp;<u>Exchange Rate</u>.
      To the extent that any amount specified herein in a particular currency
      is paid in another currency, the amount paid shall be converted into the
      specified currency at the average of the conversion rates for such currencies
      as announced by Banco Nacional de Mexico, S.A. and Citibank, N.A. For purposes
      hereof, the &#147;conversion rate&#148; shall be the average of the buy
      and sell conversion rates for commercial transactions at the end of the
      business day prior to the business day on which such amount is paid.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11. &nbsp;<u>Originals</u>.
      This Agreement has been executed in 6 originals.</font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
29</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 34; page: 34" -->






<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12. &nbsp;<u>Waiver, Preservation
      of Rights</u>.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of July 6,
      2002, each of KO and Inmex waives any rights either may have under the Original
      Shareholders Agreement or the <i>Estatutos</i> with respect to, and otherwise
      consents to, the transfer on July 6, 2002 of all of the Company&#146;s Series
      A Shares from Emprex to CIB.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set
forth in Section 9.12(a), nothing in this Agreement shall  affect any rights or
obligations of any Party under the terms of the Original  Shareholders Agreement with
respect to any action, inaction or state of facts  occurring or in existence at any time
prior to July 6, 2002.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
30</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>





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<!-- MARKER PAGE="sheet: 1; page: 1" -->



<p>&nbsp;
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, on August
      27, 2002 the parties hereto have caused this instrument to be duly executed
      as of July 6, 2002 by their respective duly authorized representatives.
      </font></td>
  </tr>
</table>
<br>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr valign="top">
    <td><font size="2">COMPA&Ntilde;IA INTERNACIONAL DE <br>
      BEBIDAS, S.A. DE C.V. </font>
      <p><font size="2">By: ___________________________<br>
        Name:<br>
        Title:</font></p>
    </td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td>
      <p><font size="2">THE COCA-COLA COMPANY</font></p>
      <p><font size="2"><br>
        By: ___________________________<br>
        Name:<br>
        Title:</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>
      <p><font size="2">GRUPO INDUSTRIAL EMPREX, S.A. DE<br>
        C.V. (formerly named FOMENTO<br>
        ECON&Oacute;MICO MEXICANO, S.A. DE C.V.)</font></p>
      <p><font size="2">By: ___________________________<br>
        Name:<br>
        Title:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">THE INMEX CORPORATION</font></p>
      <p><font size="2"><br>
        <br>
        By: ___________________________<u><br>
        </u>Name:<br>
        Title:</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>
      <p>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>
      <p><font size="2">WITNESS:</font></p>
      <p><font size="2"><u> </u>______________________________<br>
        Name:</font></p>
    </td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">WITNESS:</font></p>
      <p><font size="2"><u> </u></font><font size="2">______________________________</font><font size="2">
        <br>
        Name:</font></p>
      </td>
  </tr>
</table>
<p>&nbsp;
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
31</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 36; page: 36" -->




















<p><table width=600><tr>
    <td align=right><font size=2>EXHIBIT A</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>Chart of Authority <BR>
      (all amounts in US $)</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>This Chart of Authority is to govern specified
matters, whether arising at the  Company level or the level of one or more consolidated
subsidiaries. References  herein to the Board of Directors shall be to the Board of
Directors of the  Company. Any decision of Executive Management or the Board of Directors
for  which corporate action of a consolidated subsidiary is necessary or appropriate
shall be reflected by such corporate action. Attached as ANNEX A hereto are  brief
descriptions of the responsibilities of Key Officers of the Company.</font></td></tr></table>


<br>
<table border=0 cellspacing=0 cellpadding=0 width="640">
  <tr valign="bottom">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td width="25">
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td width="411">&nbsp;</td>
    <td width="14">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="53">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="411">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p><font size="2">&nbsp;</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14"><font size="2">I.</font></td>
    <td width="8">&nbsp;</td>
    <td colspan="2"><font size="2"> </font><font size="2">Five Year Business Plan</font></td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="411">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">A. </font></p>
    </td>
    <td width="411"><font size="2">The Five Year Business Plan (including volume,
      income statement, <br>
      balance sheet, capital investments, marketing plans and strategies, etc.)
      <br>
      will be reviewed by CFO, COO and CEO (&#147;Executive Management&#148;)
      and <br>
      presented to the Board of Directors for approval each year.</font></td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="411">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">B.</font></p>
    </td>
    <td width="411"><font size="2"> Significant modifications to the Five Year
      Business Plan</font></td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14"><font size="2">II.</font></td>
    <td width="8">&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Capital</font></p>
    </td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="411">&nbsp;</td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="14">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">A. </font></p>
    </td>
    <td width="411"><font size="2">The Annual Capital Investment Plan will be
      reviewed by Executive Management during the annual business planning process.
      The <br>
      Annual Capital Investment Plan (in addition to the Annual Business Plan)
      will be presented to the Board of Directors for approval each year.</font></td>
    <td width="14">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="53">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
</table>
<br>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<p>&nbsp; </p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 37; page: 37" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td>
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B. </font></p>
    </td>
    <td><font size="2">All capital projects must be individually formally authorized:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">C. </font></p>
    </td>
    <td><font size="2">Revisions in excess of 15% to an approved capital project
      <br>
      such that the revised project would involve total past and <br>
      expected future expenditures of:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">III.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Annual Business Plan</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> The Annual Business Plan (including volume, income statement,
      <br>
      balance sheet, marketing plans and strategies, etc.) will be reviewed <br>
      by Executive Management and presented to the Board of Directors <br>
      for approval each year.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B. </font></p>
    </td>
    <td><font size="2">Adverse revisions in excess of 15% with respect to any
      line item <br>
      of the Annual Business Plan.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">IV.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Asset Disposals (Sale, Write Off, Other)</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as any
      other required approval.</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 38; page: 38" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td>
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td align="center" height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td align="center" height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td align="center" height="20">&nbsp;</td>
    <td height="20">&nbsp;</td>
    <td align="center" height="20">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> Fixed asset disposals with book or market value <br>
      (whichever is greater) of:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B.</font></p>
    </td>
    <td><font size="2"> Disposals of inventory outside the ordinary course of
      business, <br>
      or of any other assets, with book or market value <br>
      (whichever is greater) of:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$1.0 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp; $.5 million and less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">V.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Acquisitions or Divestitures</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> Authority to negotiate to merge, acquire or sell any business
      <br>
      as a going concern.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B. </font></p>
    </td>
    <td><font size="2">Authority to commit to merge, acquire or sell any business
      <br>
      as a going concern.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">C.</font></p>
    </td>
    <td><font size="2"> Introduction of any new line of business or termination
      of any <br>
      existing line of business.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">VI.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Indebtedness or Other Obligations</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> Incurrence of indebtedness or other financial obligations
      <br>
      (or guaranties of the same) in respect of a single transaction <br>
      or a series of related transactions.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as any
      other required approval.</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 39; page: 39" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td>
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td>&nbsp;&nbsp;</td>
    <td align="center">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B. </font></p>
    </td>
    <td><font size="2">Modification of any indebtedness or other financial obligations
      <br>
      (or guaranties of the same) in excess of 15% such that the modified <br>
      indebtedness or financial obligation would involve total past and <br>
      maximum future expenditures of:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">C.</font></p>
    </td>
    <td><font size="2"> New or renewed operating leases for real or personal property
      <br>
      having a present value of minimum future payments:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">D.</font></p>
    </td>
    <td><font size="2"> New or renewed commitments of any type having a present
      value <br>
      of the payments:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as any
      other required approval.</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 40; page: 40" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td width="25">
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td width="10">&nbsp;&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">E.</font></p>
    </td>
    <td width="412"><font size="2"> Unbudgeted expenditures in respect of any
      single transaction <br>
      or series of related transactions:*</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5
      million</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">F. </font></p>
    </td>
    <td width="412"><font size="2">Transactions with affiliates in respect of
      any single transaction <br>
      or series of related transactions:</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">1.&nbsp;&nbsp;$1.0 million or more</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td width="51">
      <p align=center><font size="2">Informed</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">2.&nbsp;&nbsp;$.5 million and less than $1.0
      million</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">3.&nbsp;&nbsp;less than $.5 million</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19"><font size="2">VII.</font></td>
    <td width="8">&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Personnel</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">A. </font></p>
    </td>
    <td width="412"><font size="2">Designation, job description, reporting relationships
      and <br>
      remuneration (including incentive compensation) of:</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center>&nbsp;</p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center>&nbsp;</p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">1.&nbsp;&nbsp;Key Officers (CEO, COO, CFO,
      Controller, Market Director, <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Systems Services Director (see brief description
      of Key Officer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;responsibilities in Annex A
      hereto)).</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p>&nbsp;</p>
    </td>
    <td width="412"><font size="2">2.&nbsp;&nbsp;Other direct reports to Executive
      Management.</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">A</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">&nbsp;</td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">&nbsp;</td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;</td>
    <td width="25">
      <p><font size="2">B.</font></p>
    </td>
    <td width="412"><font size="2"> Salary policy and inventive plans for all
      non-unionized employees.</font></td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="8">&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2">R</font></p>
    </td>
    <td width="10">&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
</table>
<br>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as any
      other required approval.</font></td>
  </tr>
</table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 41; page: 41" --> <br>
  <br>
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td width="25">
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td width="10">&nbsp;&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">C. </font></p>
    </td>
    <td><font size="2">Establishment of guidelines for union negotiations.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">VIII.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Legal</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> Commencement or settlement of any litigation of:</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">1.&nbsp;&nbsp;$2.5 million or more</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">2.&nbsp;&nbsp;$1.0 million and less than $2.5 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p>&nbsp;</p>
    </td>
    <td><font size="2">3.&nbsp;&nbsp;less than $1.0 million</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2">IX.</font></td>
    <td>&nbsp;</td>
    <td colspan="2">
      <p><font size="2">Other</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">A.</font></p>
    </td>
    <td><font size="2"> Change the appointed external auditors.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center>&nbsp;</p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">B.</font></p>
    </td>
    <td><font size="2"> Revisions to the Chart of Authority.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">C. </font></p>
    </td>
    <td><font size="2">Delegation of authority from Board to Coca-Cola FEMSA&#146;s
      officers, employees or agents.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">D. </font></p>
    </td>
    <td><font size="2">Creation of any branch or subsidiary.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">E. </font></p>
    </td>
    <td><font size="2">Designation of members for Board of Directors of subsidiaries.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">F. </font></p>
    </td>
    <td><font size="2">Action to grant or withhold any vote or consent as shareholder
      of subsidiaries.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">G.</font></p>
    </td>
    <td><font size="2"> Appointment of the Transfer Agent, approval of any subsequent
      <br>
      change in the Transfer Agent or any amendment to the Transfer <br>
      Agent Agreement.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">H. </font></p>
    </td>
    <td><font size="2">Granting of a power of attorney to take any action </font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
</table>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as any
      other required approval.</font></td>
  </tr>
</table>
<p>&nbsp;</p><table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 42; page: 42" -->
<p>&nbsp;
<table border=0 cellspacing=0 cellpadding=0 width="630">
  <tr valign="bottom">
    <td width="19">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td width="25">
      <p align=center><font size="2"><b>&nbsp;</b></font></p>
    </td>
    <td width="412">&nbsp;</td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CFO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="29">
      <p align=center><font size="2"><b><u>COO</u></b></font></p>
    </td>
    <td width="8">&nbsp;&nbsp;</td>
    <td align="center" width="26">
      <p align=center><font size="2"><b><u>CEO</u></b></font></p>
    </td>
    <td width="10">&nbsp;&nbsp;</td>
    <td align="center" width="51">
      <p align=center><font size="2"><b>Board<br>
        of<br>
        <u>Directors</u></b></font></p>
    </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2">specified in this Chart of Authority as requiring authorization
      by the Board of Directors.</font></td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>
      <p><font size="2">J. </font></p>
    </td>
    <td><font size="2">Approval of any political contributions.</font></td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">R</font></p>
    </td>
    <td>&nbsp;</td>
    <td align="center">
      <p align=center><font size="2">A</font></p>
    </td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td><font size="2">R = Review and Recommend <br>
      A = Final Authorization </font></td>
  </tr>
</table>
<br>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">R</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Review and recommend</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="10"><font size="1">A</font></td>
    <td align="center" width="20"><font size="1">=</font></td>
    <td width="570"><font size="1">Final Authorization</font></td>
  </tr>
</table>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr align="left" valign="bottom">
    <td width="15" valign="top"><font size="2">*</font></td>
    <td width="574" valign="top"><font size="2">Marketing or advertising expenditures
      in excess of $.25 million will require the CFO&#146;s approval as well as
      any other required approval.</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 43; page: 43" -->







<p><table width=600><tr>
    <td  align=center><font size=2>ANNEX A</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><u>Key Officers of Coca-Cola FEMSA, S.A. de
      C.V. (the &#147;Company&#148;)</u>.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>CHIEF EXECUTIVE OFFICER (&#147;CEO&#148;):  The
powers and duties of the CEO are:</font></td></tr></table>
<p>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act as the
chief executive officer of the Company and, subject  to the control of the Board of
Directors of the Company, to have general  supervision, direction and control of the
business and affairs of the Company  and its consolidated subsidiaries; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the
direction of the Board of Directors of the Company,  to have general charge of the
property of the Company and its consolidated  subsidiaries, to supervise and control all
officers, agents and employees of the  Company and to exercise such other general powers
of management as are usually  vested in the office of chief executive officer of a
corporation organized under  the laws of the United Mexican States (&#147;Mexico&#148;).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER
(&#147;CFO&#148;):  The powers and duties of the CFO are:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act as the
chief financial officer of the Company and, subject  to the control of the Board of
Directors of the Company and the CEO, to have  general supervision, direction and control
of the financial affairs of the  Company and its consolidated subsidiaries;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to supervise
and control the keeping and maintaining of adequate  and correct accounts of the
Company&#146;s investments and business transactions,  including accounts of its assets,
liabilities, receipts, disbursements, gains,  losses, capital, retained earnings and
shares;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to render to
the CEO and to the Board of Directors, whenever they  may require, accounts of all
transactions and of the financial condition of the  Company; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) generally to
do and perform all such duties as pertain to, and to  have such general powers of
management as are usually vested in, the office of  chief executive officer of a
corporation organized under the laws of Mexico, and  to do and perform such duties and
have such powers as may be assigned to him by  the Board of Directors of the Company or
the CEO.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 44; page: 44" -->






<p><table width=600><tr>
    <td  align=center><font size=2><u>Chief Operating Officer</u></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chief
Operating Officer (&#147;COO&#148;) of the Company shall have the  following powers,
functions and duties:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under the
direction of the Board of Directors and the Chief  Executive Officer, such person shall
have general supervision over and active  management of the property, affairs and
business of the Company;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person
shall have the general supervision and direction over  the operating officers of the
Company and shall see that their duties are  properly performed;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such person
shall execute and acknowledge all contracts,  agreements, deeds, bonds, mortgages and
other obligations and instruments in the  name of the Company when so authorized by the
Board of Directors or a committee  of the Board of Directors and all other papers and
documents necessary and  proper to be executed in the performance of such person&#146;s
duties; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such person
shall be vested with such other powers of supervision  and management and shall perform
such other duties as may be delegated to such  person by the Chief Executive Officer, the
Board of Directors, a committee of  the Board of Directors or as devolve upon the Chief
Operating Officer of like  companies.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 45; page: 45" -->







<p><table width=600><tr>
    <td  align=center><font size=2><u>Controller</u></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The Controller of the Company shall have the
following powers,  functions and duties:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such person
shall provide and maintain financial and  accounting controls over the business and
affairs of the Company;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person
shall maintain, among others, adequate  records of the assets, liabilities and financial
transactions of the  Company, and shall direct the preparation of financial statements,
reports and analyses;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such person
shall perform such other duties and exercise  such other powers as are incident to the
office of the Controller,  subject to the control of the Board of Directors; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such person
shall perform such other duties as may be  delegated to him by the Chief Executive
Officer, the Chief Financial  Officer, the Board of Directors or a committee of the Board
of  Directors.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 46; page: 46" -->






<p><table width=600><tr>
    <td  align=center><font size=2><u>Marketing Director</u></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The Marketing Director of the Company shall have
the following powers, functions  and duties:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the
direction of the Chief Executive Officer,  the Chief Operating Officer and the Board of
Directors, such person  shall have general authority and responsibility over all aspects
of the  Company&#146;s marketing and advertising function and shall be responsible  for
developing and implementing marketing and advertising plans and  strategies for the
Company; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person
shall perform such other duties as may be  delegated to such person by the Chief
Executive Officer, the Chief  Operating Officer, the Board of Directors or a committee of
the Board  of Directors.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 47; page: 47" -->







<p><table width=600><tr>
    <td  align=center><font size=2><u>Systems Services Director</u></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Systems
Services Director of the Company shall have the following  powers, functions and duties:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to the
direction of the Chief Executive Officer,  the Chief Operating Officer and the Board of
Directors, such person  shall have general responsibility and authority over the
development  and maintenance of the Company&#146;s information and communication systems;  and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such person
shall perform such other duties as may be  delegated to such person by the Chief
Executive Officer, the Chief  Financial Officer, the Board of Directors or a committee of
the Board  of Directors.</font></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td align=right><font size=2>EXHIBIT B</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Code of Business Conduct</font></td></tr></table>

<p><table width=600><tr><td><font size=2><I>Words in italics are defined in the Glossary.</I></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>AUDIT AND CONTROL</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Responsibility</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">The Internal Audit Department of the <I>Company</I>
shall be responsible for reviewing the operations as well as the administrative
procedures of the <I>Company</I> in order to ensure compliance with the policies, rules and
procedures set forth herein. It shall also act to support management&#146;s efforts to ensure
the safekeeping and profitable use of the resources of the <I>Company.</I></FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All officers shall ensure that the internal
auditors&#146; recommendations as to (i) any deviations from the policies, rules or
procedures set forth herein or (ii) irregularities in the <I>Company&#146;s</I> operations or
management of resources, are implemented or shall provide justification as to why they
have not been so implemented.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All <I>employees</I> shall immediately communicate to
their immediate superiors and to the Internal Audit Department any serious irregularity
of which they become aware. Administrative and operating officers may request the
internal auditors to perform special reviews, to extend their normal audits and shall
allow them to establish the priorities that they consider appropriate.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All transactions shall be supported by accurate
documentation in reasonable detail, recorded in the proper account and recorded in the
proper accounting time period. Compliance with Generally Accepted Accounting Principles
and the <I>Company&#146;s</I> systems of internal accounting controls is required at all times. No
false or misleading entries shall be made in the <I>Company&#146;s</I> accounting records.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Reports to Management</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>The internal auditors shall report any
deviations discovered during the course  of an audit to the responsible officer.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The internal auditors shall, upon completion of
an audit, present an audit  report to the responsible officer who shall establish a plan
designed to address  the concerns raised in such report in a timely manner. The Internal
Audit  Department shall ensure that such officer&#146;s plan has been implemented.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Payments</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>All payments made by the <i>Company</i> for goods or services
      (including advertising, marketing and promotional participation) shall be
      made by check or draft drawn to the order of the party entitled thereto.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>In no case shall such checks or drafts be drawn
against any account created for  the receipt of sales proceeds.</font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Disposition of Assets</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All materials, by-products or waste products
shall either be sold through the appropriate department of the <I>Company</I> or be otherwise
disposed of.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">The prices of materials, by-products or waste
products to be sold shall be fixed by a Committee comprised of 3 departmental officials,
each of whom represents a different department of the <I>Company</I>, which Committee shall
also define a system for updating prices.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">In disposing of such items, preference shall be
given to subsidiaries of the <I>Company</I> that may utilize them. Transfer prices shall be
determined according to the procedures established for the <I>Company.</I> Equipment which
cannot be used internally shall be sold at market price, provided that proper
authorization has been received and such sale is not made to a competitor.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>Any waste product not sold shall be disposed of
by a company authorized by the  SEDESOL for solid waste management, which disposal shall
be conducted pursuant  to the written contract in effect with such company and in
compliance with  Mexican law.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Inquiries</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>All officers of the <i>Company</i> shall facilitate any review
      conducted by external and internal auditors and shall provide such auditors
      with:</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>an
adequate workplace.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>access to complete and accurate information and
      documents of the <i>Company</i>.</font></td>
  </tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>tools
and equipment required for the performance of their work.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=3%></td>
    <td width=1% valign=top><font size=3>&#149;</font></td>
    <td width=3%></td>
    <td width=93%><font size=2>technical
and auxiliary employees to improve efficiency.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Sales</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All products that are regularly marketed shall
be listed in a &#147;Price List&#148; duly authorized by the <I>Company</I> or operational area
thereof and shall be sold at the prices fixed in such Price List, which prices shall be
fixed on the date such products are first listed. Such Price List shall additionally set
forth any discounts and credits terms.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>The price of products that do not appear in the
Price List shall be determined  by special order of the Manager that oversees such
products and the  corresponding Administrative Manager.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">Abnormally large sales prior to announced price
increases or sales at prices no longer valid, are forbidden. Exceptions shall be
authorized in writing by the Chief Operating Officer of the <I>Company.</I></FONT></td></tr></table>

<p><table width=600><tr><td><font size=2>The collection of accounts is the responsibility
of the Sales Department.  Judicial collection should be sought if necessary.</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">The sale of fixed assets shall be documented
through a written request to take such assets out of service. Prices of such assets
shall be fixed by the Administrative Department of the <I>Company</I>, which shall assure that
necessary accounting record are kept.</FONT></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Purchases</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>All purchases shall be carried out by the
Purchasing Department or by the party  charged with such responsibility. Negotiation and
payment of large purchases  shall be made in a centralized manner.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The person in charge of purchasing shall be
responsible for obtaining the best  terms for such purchases and for maintaining good
commercial relationships.</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>CONFLICTS OF INTEREST</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>General</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">At all times while acting within the scope of
his or her employment, each  <I>employee</I> shall conduct himself or herself in accordance with
applicable law and Company standards and shall not take any action in excess of his or
her authority.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">No <I>employee</I> shall promote his or her own interests
      or the interests of superiors, other <i>employees</i> or personal friends
      over the interests of the <I>Company.</I></FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> shall work for or supervise any
family member that may work for the <I>Company</I> without first obtaining the written
authorization of the Director of the Human Resources Department.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> shall devote significant <I>Company</I>
time to personal or non-company activities which are not within the scope of his or her
day-to-day responsibilities.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Transactions</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> shall transact business or make any
decision with respect to any transaction with a company whose representative is a family
member or friend or in which the <I>employee</I> or the <I>employee&#146;s</I> family has an ownership
interest. In such a case, the official or <I>employee</I> shall notify their superior of such
conflict in order that another competent person may carry out the transaction. The terms
of the transaction shall be no less favorable to the Company than are available to or
from other customers or suppliers.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Financial or Business Interests</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> shall have any ownership interest of
more than 1% of the equity interests of any competitor, supplier, contractor, client or
customer.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> that, directly or indirectly,
participates in the procuring of supplies or services, shall accept any gift or other
compensation from a seller of supplies or services.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">No <I>employee</I> shall accept any payment, advantage
      or gift (except business related meals or small gifts of little value) from
      suppliers, construction contractors, competitors, customers or any other
      company or person with whom the <i>Company</i> does business.</FONT></td>
  </tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2><B>Assets, Resources, Information</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">No <I>employee</I> shall use the name of the <I>Company</I> or
its subsidiaries, the personnel or the resources of the <I>Company</I> or its subsidiaries for
his or her personal benefit or the benefit of relatives or friends.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><i>Company</i> <I>employees</I> may not use privileged
      information of the <I>Company</I> for personal benefit, or for the benefit
      of relatives or friends.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">In the event of embezzlement by any <I>employee</I>,
the operations executive in charge of the area in which such <I>employee</I> works, the
appropriate administrative executive and the Internal Audit Department shall be
immediately notified of such embezzlement. The operations executive shall implement
procedures in order to recover the embezzled funds and shall file an appropriate claim
with the surety bond company.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">The authorization of an officer two levels
higher than manager, the participation of the Legal Department and the approval of the
Human Resources Department shall be required in order to bring criminal charges against
an  <I>employee</I> for fraud or embezzlement.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Penalties</B></font></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2">Non-compliance with the above policies, rules, and procedures
      shall result in severe sanctions against the appropriate <I>employee.</I>
      Should any <I>employee</I> believe that he or she may not (for any reason
      whatsoever) be able to comply with such policies, rules and procedures,
      such <I>employee</I> should communicate this concern to the <I>Chief Financial
      and Administrative Officer</I>.</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2><B>DEALING WITH GOVERNMENT OFFICIALS</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All <I>Company</I> dealings with <I>government officials</I>
shall be carried out in accordance with applicable Mexican law and with the customary
course of business conduct ordinarily followed by Mexican companies in the same or
similar line of business.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>POLITICAL CONTRIBUTIONS</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All requests for authorization of <I>political
contributions</I> shall be in writing, shall set forth the relevant circumstances of the
contribution and shall be forwarded to the <I>Company&#146;s</I> Board of Directors for their
approval.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>ADMINISTRATION OF <i>CODE</i></B></font></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2">All <I>Company</I> officers are responsible for knowing
and understanding the general policies, rules and procedures set forth herein, and are
additionally responsible for ensuring that such policies, rules and procedures are made
known to, are understood, and are carried out by each <I>employee</I> in their charge. A copy
of this <I>Code</I> shall be furnished to any agent, consultant or other party who is retained
to perform services for the <I>Company</I> or on behalf of the <I>Company.</I></FONT></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr><td><font size=2><B>GLOSSARY</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>As used in this Code of Business Conduct, the
terms included in italic type face  shall have the following meanings:</font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><I>Chief Financial and Administrative Officer</I> means
the Chief Financial and Administrative Officer of Coca-Cola FEMSA, S.A. de C.V. or other
person specifically designated by the Chief Financial and Administrative Officer of
Coca-Cola FEMSA, S.A. de C.V. in writing to be responsible for assisting with the
administration of the Code.</FONT></td></tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Company</I> means Coca-Cola FEMSA, S.A. de C.V. and
      its subsidiaries. A subsidiary of the <I>Company</I> is a corporation more
      than 50% of the voting stock of which is owned directly or indirectly by
      the <I>Company</I> or a partnership more than 50% of the equity interest
      of which is owned directly or indirectly by the<I> Company.</I> The term
      <I>Company</I> does not include any business entity in which the <I>Company</I>
      (and its subsidiaries) owns 50% or less of the equity interest.</FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Code</I> means this Code of Business Conduct of the<I>
      Company.</I></FONT></td>
  </tr></table>

<p><table width=600><tr>
    <td><FONT SIZE="2"><I>Employee</I> means all officers and employees of the<I>
      Company.</I></FONT></td>
  </tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><I>Government official</I> includes persons acting in
an official capacity for or on behalf of the executive, legislative or judicial organs
of Mexico or any foreign state, whether federal or unitary, central or local, or any
subdepartments, agencies or instrumentalities thereof.</FONT></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2"><I>Political Contribution</I> means, any direct or
indirect expenditures or contributions in cash, property or services rendered on behalf
of the <I>Company</I> given to political parties, their affiliates or candidates for nomination
or election to public office, as well as indirect assistance or support such as
furnishing goods, transportation, or equipment, or purchasing tickets or subscriptions
to political fund raising events.</FONT></td></tr></table>

<p><table width=600><tr><td><font size=2><B>BUSINESS CONDUCT INQUIRIES</B></font></td></tr></table>

<p><table width=600><tr><td><FONT SIZE="2">Any questions regarding this <I>Code</I>, its meaning
or its application to specific circumstances should be addressed to the Chief Financial
and Administrative Officer who shall see that each such inquiry receives a prompt
response. If the <I>Chief Financial and Administrative Officer&#146;s</I> initial response is not in
writing, the <I>Chief Financial and Administrative Officer</I> shall immediately prepare a
written record of the responses a copy of which shall be sent to the <I>employee</I> who made
the inquiry. The <I>Chief Financial and Administrative Officer</I> may, from time to time,
issue interpretative memoranda to <I>Company employees</I> with respect to issues arising under
this <I>Code.</I></FONT></td></tr></table>







<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td><font size=2>Additional copies of this <i>Code of Business Conduct </i>are
      available through the Human Resources Department of Coca-Cola FEMSA, S.A.
      de C.V.</font></td>
  </tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Coca-Cola
FEMSA, S.A. de C.V.  <BR>
      Guillermo Gonz&aacute;lez Camarena No. 600 <BR>
      Centro de Ciudad Santa Fe <BR>
01210 M&eacute;xico, D.F., M&eacute;xico</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:&nbsp;&nbsp; Chief
      Financial and Administrative Officer</font></td>
  </tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td align=right><font size=2>EXHIBIT C</font></td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><u>Specified Bottler Agreement Provisions</u></font></td>
  </tr></table>

<br>
<table cellspacing=0 border=0 cellpadding=0 width=600>
  <tr align="left" valign="bottom">
    <td width="50%"> <font size=2>Section<font size="1"><sup>1</sup></font></font>
      <hr size="1" noshade align="left" width="50">
    </td>
    <td width="50%"> <font size=2>General Description<font size="1"><sup>2</sup></font></font>
      <hr size="1" noshade align="left" width="125">
    </td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>4(b)</font></td>
    <td width="50%"> <font size=2>Beverage Bases to be used exclusively for preparation
      of Beverages pursuant to Bottling Agreement.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>8</font></td>
    <td width="50%"> <font size=2>Advertising and promotional material relating
      to the Trade Marks or the Beverages used by Company subject to KO approval.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>12(a)</font></td>
    <td width="50%"> <font size=2>Company to adopt and apply KO standards for
      design and decoration of trucks, cases, etc.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>13</font></td>
    <td width="50%"> <font size=2>Company to refrain from sale or distribution
      of the Beverages outside the Territory.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>14-19</font></td>
    <td width="50%"> <font size=2>Obligations of Company relative to the Trade
      Marks.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>20(a)</font></td>
    <td width="50%"> <font size=2>Company to use only the Beverage Bases in preparing
      the Beverages and to conform to manufacturing standards.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>20(c)</font></td>
    <td width="50%"> <font size=2>Company to withdraw Beverages or Authorized
      Containers from the market if required by KO.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>22(a)</font></td>
    <td width="50%"> <font size=2>Company to purchase and use only packaging materials
      approved by KO from suppliers approved by KO.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>32(a)</font></td>
    <td width="50%"> <font size=2>Company not to assign, encumber, etc., Bottler&#146;s
      Agreement without KO approval.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>32(b)</font></td>
    <td width="50%"> <font size=2>Company not to delegate Bottler&#146;s Agreement
      without KO approval.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>36(d)</font></td>
    <td width="50%"> <font size=2>Indemnification.</font></td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%">&nbsp;</td>
    <td width="50%">&nbsp;</td>
  </tr>
  <tr align="left" valign="top">
    <td width="50%"> <font size=2>37</font></td>
    <td width="50%"> <font size=2>Confidentiality.</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><hr size=1 noshade align=left  width=75></td></tr></table>


<table width=600>
  <tr>
    <td width=2% valign=top><font size="1"><sup>1</sup> </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97%><font size="1"> Section
references are to each of (i) the Bottler&#146;s Agreement dated June 21,  1993 between The
Coca-Cola Company and Coca-Cola FEMSA, S.A. de C.V., as amended  by the letter agreement
between such parties of even date, relating to certain  Valley of Mexico territories, and
(ii) the Bottler&#146;s Agreement dated June 21,  1993 between The Coca-Cola Company and
Coca-Cola FEMSA, S.A. de C.V., as amended  by the letter agreement between such parties
of even date, relating to certain  southeastern Mexico territories.</font></td></tr></table>

<table width=600>
  <tr>
    <td width=2% valign=top><font size="1"><sup>2</sup> </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97%><font size="1"> Descriptions are inserted for convenience of
      reference only.</font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>

<p> <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 55; page: 55" -->

<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT D</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>[Form of Subsidiary By-Laws]</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>[[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ], S.A. DE C.V.]</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>BY-LAWS</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER I</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>NAME, PURPOSE, DURATION, LEGAL RESIDENCE
      <br>
      AND NATIONALITY OF THE COMPANY</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 1</u>:</b>
      The Company is called &#147;[ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ]&#148; followed by the words &#147;SOCIEDAD ANONIMA DE CAPITAL VARIABLE&#148;
      (Variable Stock Corporation), or by the abbreviation &#147;S.A. DE C.V.&#148;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 2</u>:</b>
      The purposes of the Company shall be:<font size="1"><sup>1</sup></font></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;<b>ARTICLE 3</b></u><b>:</b>
      The Company shall have a duration of 99 (ninety-nine) years, beginning as
      of the date the Company was incorporated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;<b>ARTICLE 4</b></u><b>:</b>
      The legal domicile of the Company is Mexico, D.F., and the Company may establish
      agencies, offices or branches in other places in the Republic or abroad.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 5</u>:</b>
      Any foreigner who, at the time of incorporation or at any subsequent time,
      acquires a corporate interest or participation in the Company, will be considered
      by that fact alone as Mexican with respect to such interest or participation,
      and it is understood that he agrees not to invoke the protection of his
      government, under the penalty, in case of failure to comply with this agreement,
      of forfeiting said interest or participation to the benefit of the Mexican
      Nation.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2"><font size="1"><sup>1</sup></font></font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97% valign="top"><font size="1"> The purposes of the Company shall
      be those currently in effect (with certain minor updates) and will depend
      upon the type of business engaged in. </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 56; page: 56" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER II</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>CAPITAL STOCK AND SHARES</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;<b>ARTICLE 6</b></u><b>:</b>
      (a) The Company is a variable capital corporation. The minimum fixed Capital
      Stock not subject to withdrawal is N$[_________] new pesos, national currency,<font size="1"><sup>2</sup></font>
      represented by ordinary Series &#147;I&#148; Shares, each with a par value
      of N$l.00 (One New Peso, National Currency).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The variable part of the
      Capital Stock is unlimited and is represented by ordinary Series &#147;II&#148;
      Shares, each with a par value of N$1.00 (One New Peso, National Currency).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within their respective
      Series, the shares give their holders the same rights and subject their
      holders to the same obligations.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The certificates representing
      the shares shall bear the manual signatures of two Proprietary Directors.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 7</u>: </b>Any
      increase or reduction of the fixed portion of the Capital Stock, any changes
      to the authorized Capital Stock and any consequent amendment of clause three
      of the <i>escritura constitutiva</i> and Article 6 of these By-Laws shall
      be accomplished pursuant to a resolution adopted at an Extraordinary Shareholders&#146;
      Meeting in accordance with the terms of Article 18 hereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 8</u>:</b>
      Any increase or reduction of the variable portion of the Capital Stock shall
      be accomplished pursuant to a resolution adopted at an Ordinary Shareholders&#146;
      Meeting in accordance with the terms of Article 18 hereof.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="2"><font size="1"><sup>2</sup></font></font><font size="1">
      </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97%><font size="1"> The fixed part of the Capital Stock will be
      as currently fixed.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 2</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 57; page: 57" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 9</u>:</b>
      The variable portion of the Capital Stock may be increased, as and when
      approved at an Ordinary Shareholders&#146; Meeting, through the issuance
      of new shares or the offering of treasury shares (shares that are authorized,
      issued and unsubscribed shall be referred to herein as &#147;Treasury Shares&#148;)
      held for this purpose, provided that the shareholders shall have preemptive
      rights to subscribe such shares. The exercise of this right shall be carried
      out pursuant to the terms of Article 132 of the General Law of Commercial
      Companies.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 10</u>:</b>
      All increases or reductions of the Capital Stock shall be recorded by the
      Company in a Capital Variations Book kept for such purpose.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 11</u>:</b>
      The Company may redeem part of its shares by using distributable profits
      according to the following rules:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The redemption must be
      resolved by an Extraordinary Shareholders&#146; Meeting. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only fully paid shares
      may be redeemed. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The shares to be redeemed
      shall be acquired pursuant to the rules set forth in Article 136 of the
      General Law of Commercial Companies. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td>
      <p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The certificates representing
        redeemed shares shall be cancelled. </font></p>
      <p><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 12</u>: </b>The
        Company may be reorganized into one of several corporations pursuant to
        a resolution adopted at an Extraordinary Shareholders&#146; Meeting. </font></p>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 13</u>:</b>
      The Company will have a stock transfer book and will consider as shareholders
      only those persons who appear registered in such book. Such book must, at
      a minimum, comply with the provisions of Article 128 of The General Law
      of Commercial Companies.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 3</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 58; page: 58" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER III</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>SHAREHOLDERS&#146; GENERAL MEETING</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;<u>ARTICLE 14</u>: </b>(a)
      The General Meeting of Shareholders is the supreme authority of the Company,
      all other corporate authority being subordinate thereto.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Shareholders&#146;
      Meetings shall be either Ordinary or Extraordinary. All Shareholders&#146;
      Meetings will be held at the domicile of the Company. Extraordinary Meetings
      will be those which are held to deal with any of the matters contemplated
      in Article 182 of the General Law of Commercial Companies; all other General
      Meetings will be Ordinary Meetings. Each meeting shall deal only with the
      matters included in the Agenda.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 15</u>: </b>(a)
      An Ordinary Meeting shall be held at least once a year in the Company&#146;s
      domicile on the date set by the Board of Directors, which date shall be
      within four months following the close of the corresponding fiscal year.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Extraordinary Shareholders&#146;
      Meetings shall be called by the Board of Directors. Any such meetings will
      also be called at the request of the shareholders of the Company pursuant
      to Articles 184 and 185 of the General Law of Commercial Companies.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;<u>ARTICLE 16</u>:</b> (a)
      The call for the Ordinary and Extraordinary Shareholders&#146; Meetings,
      in first or further call, shall be published in the Official Gazette in
      the domicile of the Company or in at least one of the newspapers of major
      circulation in the domicile of the Company, at least 15 days prior to the
      date scheduled for the meeting to take place.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calls for a General Shareholders&#146;
      Meeting shall comply with the requirements set forth in Articles 186 and
      187 of the General Law of Commercial Companies.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 4</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 59; page: 59" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 17</u>:</b>
      To attend a Shareholders&#146; Meeting, shareholders must be registered
      in the stock transfer book kept by the Company. The shareholders are entitled
      to be represented at the meetings by proxies, through a simple power of
      attorney letter.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 18</u>:</b>
      (a) The Ordinary Shareholders Meeting held through first call shall be considered
      legally convened if shareholders representing more than 50% of the issued,
      subscribed and paid Capital Stock are present. Such meeting held pursuant
      to a second call shall be considered legally convened if shareholders representing
      more than 40% of the issued, subscribed and paid Capital Stock are present.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Extraordinary Shareholders
      Meeting held through first call shall be considered legally convened if
      shareholders representing at least 76% of the issued, subscribed and paid
      Capital Stock are present. Such meeting held pursuant to a second call shall
      be considered legally convened if shareholders representing more than 50%
      of the issued, subscribed and paid Capital Stock are present.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Ordinary and Extraordinary
      Shareholders&#146; Meetings shall be lawfully convened if all issued, subscribed
      and paid shares are represented therein, even if no notice was published,
      and their Resolutions will be deemed valid if, at the time of voting, all
      shares continue to be represented.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 19</u>:</b>
      The Chairman of the Board of Directors, or whoever may substitute for him
      in his functions, shall preside over the corresponding Shareholders&#146;
      Meeting; in his absence, such meeting shall be presided over by any shareholder
      designated by those shareholders attending the meeting. The Secretary shall
      be the Board&#146;s Secretary or, in his absence, any person designated
      by those shareholders attending the meeting. The Chairman shall name two
      of the shareholders present as vote-counters (&#147;<i>escrutadores</i>&#148;).</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 5</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 60; page: 60" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">Voting shall be by show of hands (&#147;<i>econ&oacute;micas</i>&#148;)
      unless at least three of the shareholders attending the meeting request
      that it be made by roll call (&#147;<i>nominales</i>&#148;). Furthermore,
      at the request of shareholders holding 33% (thirty-three percent) of the
      shares represented at a Shareholders&#146; Meeting, the vote for any matter
      with respect to which they do not consider themselves sufficiently informed
      may be postponed by them for up to three days without the need for a new
      call. This right may only be exercised once for a particular matter.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER IV</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>ADMINISTRATION AND VIGILANCE</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 20</u>:</b>
      (a) The management and administration of Company matters shall be entrusted
      to a Board of Directors, which shall be comprised of three Proprietary Directors
      and their respective alternates, each of whom shall be authorized to substitute
      for the specific Director for whom he is designated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall be
      elected for one year and shall continue in the exercise of their functions
      even if the term for which they have been designated has concluded until
      such time as those persons appointed to replace them have taken office.
      The Ordinary Meeting of Shareholders at which the Directors of the Company
      are designated shall determine the compensation that the Directors will
      receive for their service during the period so designated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 21</u>:</b>
      Any minority shareholder or group of shareholders holding shares that were
      not voted in favor of the Directors appointed by the holders of a majority
      of the shares shall have the right to designate 1 Proprietary Director for
      each 25% of all issued, subscribed and paid shares of Capital Stock of the
      Company. When Alternate Directors are to be named, the aforementioned minority
      shall be entitled to designate 1 Alternate for each Proprietary Director
      appointed by such minority.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 6</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 61; page: 61" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 22</u>:</b>
      The calls for Board of Directors meetings shall be signed by the Chairman
      or, in his absence, by the Vice-Chairman or by the Secretary, and shall
      be sent by fax or personal delivery, or by any other means permitted by
      law, at least 15 days before the date of the meeting. Any Director may request
      a meeting of the Board of Directors of the Company, in which case the Chairman,
      Vice-Chairman or Secretary shall duly issue a call for such meeting to be
      held within 30 days after receipt of such request, and shall include in
      the agenda therefor any matter requested by such Director.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;<b>ARTICLE 23</b></u><b>:</b>
      (a) The Board of Directors shall meet at least once a year. Annually, at
      the first session after the meeting that designated them, the Board of Directors
      shall name a Chairman and a Vice-Chairman. The Chairman, who shall act as
      chairman of the meetings of the Board of Directors and the Shareholder&#146;s
      Meetings, shall, during his absences, have his position temporarily filled
      by the Vice-Chairman, and during the Vice-Chairman&#146;s absence, by the
      other Directors in the order in which they have been designated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary and an Alternate
      Secretary of the Company, neither of whom need be a Director, shall be designated
      by majority of the issued, subscribed and paid Capital Stock. Minutes shall
      be taken at all meetings and must be approved in writing by all the Directors
      who attended the respective session, and be signed by the Chairman and Secretary.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 24</u>:</b>
      (a) The Board of Directors shall be considered legitimately functioning
      with respect to any action only if all of its members (or their respective
      alternates, as the case may be) are present at the time such action is taken.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A resolution of the Board
      of Directors shall be valid only if it has been approved by all of its members
      (or their respective alternates, as the case may be) who vote on the matter
      (not counting as voting members those who abstain).</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 7</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 62; page: 62" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors
      may, without convening, adopt resolutions by a unanimous vote of its members
      (or their respective alternates, as the case may be), provided that such
      resolutions are confirmed in a writing signed by all members (or their respective
      alternates, as the case may be) and recorded in the minute books of the
      Company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 25</b></u><b>:</b>
      The Board of Directors shall have the following powers:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To manage the Company&#146;s
      business and property, with the broadest powers of administration, pursuant
      to Article 2554, second paragraph, of the Civil Code of the Federal District.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise acts of ownership
      with regard to the Company&#146;s personal and real property as well as
      its real and personal rights as set forth in the third paragraph of Article
      2554 of the Civil Code of the Federal District, and to grant guarantees
      of any type with regard to the obligations contracted or to the securities
      issued or accepted by third parties.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To act as agent of the
      Company with the broadest powers (including those that under Mexican law
      require a special Clause) before all administrative or judicial authorities
      of any Municipality or State or the Federation, as well as before labor
      or any other authorities, or before arbitrators or referees; to take depositions
      and testify, including withdrawing from civil rights (&#147;amparo&#148;)
      proceedings, under the terms of the first paragraph of Article 2554 of the
      Civil Code of the Federal District; as well as to act as agent of the Company
      before all types of criminal, Federal and State authorities; to file and
      withdraw criminal complaints; to cause the Company to assist Mexico&#146;s
      Attorney General in those proceedings and to grant pardons.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To draw, make, endorse
      and guarantee (&#147;<i>avalar</i>&#148;) negotiable instruments on behalf
      of the Company, to issue securities secured with real property or unsecured,
      to cause the Company to be jointly and severally liable, to give guarantees
      (&#147;<i>avales</i>&#148;), bonds, or any other</font> </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 8</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 63; page: 63" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>guarantee of payment with respect to any obligations contracted
      or securities issued or accepted by third parties, to donate or contribute
      the Company&#146;s personal and real property to other companies, to subscribe
      shares of Capital Stock as well as acquire interests in other companies,
      and in general to conclude acts, enter into contracts and carry out other
      transactions which may be necessary, conducive, complementary or connected
      to the Company&#146;s main business purpose.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To appoint the Officers
      and Managers deemed necessary. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To approve the internal
      policies applicable to the Company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To grant and revoke powers
      of attorney as it deems necessary, with or without the power of delegation,
      within the authority granted to the Board of Directors by these By-Laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To determine the manner
      in which the shares owned by the Company shall be voted at Ordinary and
      Extraordinary Shareholders&#146; Meetings of any controlled company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To implement the resolutions
      taken at General Shareholders&#146; Meetings and, in general, to carry out
      all the acts and transactions necessary or convenient for the business purposes
      of the Company, except for those acts expressly reserved by law and these
      By-Laws to the Shareholders&#146; Meetings.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The shareholders or the Board of Directors of the Company
      shall (by valid action at a General Shareholders&#146; Meeting or by action
      of the Board of Directors, in either case in accordance with these By-Laws)
      be entitled to reserve exclusively unto themselves all or any portion of
      their powers provided for herein or by applicable law, on such terms and
      subject to such conditions as they may specify, acting as aforesaid, from
      time to time.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 26</u>:</b>
      The surveillance of the Company shall be entrusted to two Proprietary Examiners
      and two Alternate Examiners designated at the Ordinary Shareholders</font>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 9</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 64; page: 64" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Meetings. The Examiners shall perform their duties for one
      year with the understanding that they will continue to carry out these duties
      until the successors appointed to replace them take possession of their
      charges.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER V</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>FISCAL YEAR, FINANCIAL STATEMENTS, <br>
      AND DISTRIBUTION OF PROFIT AND LOSS</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 27</u>:</b>
      The fiscal year of the Company shall be 12 (twelve) months, beginning on
      January 1 and ending on December 31 of the same year.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 28</u>:</b>
      Annual profits, after payment of Income Tax (&#147;<i><u>Impuesto Sobre
      la Renta</u></i>&#148;), workers&#146; profit sharing and any other items
      that must be deducted or separated in accordance with Mexican law, shall
      be applied as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A minimum of 5% shall be
      set aside to constitute the legal reserve fund until it reaches at least
      20% (twenty percent) of the Company&#146;s Capital Stock;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The remainder may be distributed
      as dividends among the shareholders proportionally to the number of shares
      held by them or, if resolved by the Shareholders&#146; Meeting, it shall
      be totally or partially allocated in provision funds, reinvestment reserve
      funds, special funds or any other funds the meeting may determine.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 29</u>:</b>
      The founders do not reserve any special participation in the Company&#146;s
      profits.</font> </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;<b>&nbsp;&nbsp;<u>ARTICLE 30</u>:</b> Losses,
      if any, shall be divided among shareholders pro rata according to the number
      of shares held but shall not exceed the shares&#146; face value.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 10</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 65; page: 65" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER VI</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>DISSOLUTION AND LIQUIDATION</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 31</u>:</b>
      The Company shall be dissolved in the cases referred to in points II, III,
      IV and V of Article 229 of the General Law of Commercial Companies or, if
      the Extraordinary Shareholders&#146; Meeting so determines, in accordance
      with the terms of Article 18 of these By-Laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 32</u>:</b>
      Once the Company is dissolved, the Extraordinary Shareholders&#146; Meeting,
      voting as set forth in Article 18, shall designate a Liquidator, fixing
      a term for the carrying out of his duties and the compensation that shall
      be paid to him.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 33</b></u><b>:</b>
      The Liquidator shall carry out the liquidation of the Company pursuant to
      the resolutions of the General Shareholders&#146; Meeting, and in the absence
      thereof, in accordance with the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Liquidator shall conclude
      the Company&#146;s business in the manner he deems most appropriate, collecting
      receivables, paying debts and selling the Company&#146;s property required
      therefor.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Liquidator shall prepare
      the Liquidation Financial Statements and shall submit them for the approval
      of a duly called General Shareholders&#146; Meeting.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liquidator shall distribute
      among the shareholders the remaining assets as per the Financial Statements
      approved by the General Shareholders&#146; Meeting, in accordance with law
      and these By-Laws and against the delivery and cancellation of the corresponding
      share certificates.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 34</u>:</b>
      During the liquidation period, the Ordinary or Extraordinary Shareholders&#146;
      Meeting shall meet in accordance with the terms set forth in Article III
      of those</font> </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 11</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 66; page: 66" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>By-Laws, and the Liquidator shall perform the same functions
      the Board of Directors had during the normal course of the Company&#146;s
      business.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 35</b></u><b>:</b>
      During liquidation and with respect to the Liquidator, the Examiner shall
      perform the same duties attributed to them in the normal course of business
      regarding supervision of the Board of Directors&#146; acts.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 12</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 1; page: 1" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT E</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><u>[Transfer Agency Agreement]</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>SERVICE AGREEMENT entered between COCA-COLA FEMSA, S.A. DE
      C.V., herein represented by _______________________________, which shall
      be hereinafter referred to as &#147;THE COMPANY&#148;, and BANCA SERFIN,
      S.A., Banking Institution, Serfin Financing Group, herein represented by
      its Trustee Representative JAIME CESAR ANCER TIJERINA, hereinafter referred
      to as &#147;THE TRANSFER AGENT&#148;, in accordance with the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><u>R E C I T A L S</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>I. THE COMPANY through its representative states the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) That it is a Commercial
      Company (&#147;Sociedad An&oacute;nima de Capital Variable&#148;), of Mexican
      Nationality, with Federal Taxpayer&#146;s Registry No. FRE-911030-425, incorporated
      by Public Deed No. 11,373, dated October 30, 1991, granted before the Notary
      Public No. 12, and registered under No. 2916, Page 171, Volume 365, Book
      3, Second Aux., Deeds of Commercial Entities, in the Public Registry of
      Property and Commerce of Monterrey, N.L., on November 22, 1991.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) That its representative
      executing this Agreement has the authority to bind THE COMPANY to the provisions
      hereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) That THE COMPANY desires
      to enter into this Agreement in order to have BANCA SERFIN, S.A. through
      its Trustee Department to keep custody and carry out the corresponding entries
      in the registry of the shares representing the capital stock of THE COMPANY
      (hereinafter, &#147;THE SHARES&#148;), in accordance with the provisions
      of articles 128 and 129, of the General Law of Commercial Entities, as well
      as in accordance with the By-Laws of THE COMPANY and subject to the provisions
      of this Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) That the By-laws of THE
      COMPANY (hereinafter &#147;The By-laws&#148;), provide in Article 17 thereof
      that the registry of THE SHARES shall be maintained by THE TRANSFER AGENT
      or any other trust institution that the Board of Directors of THE COMPANY
      may select. A copy of the By-laws is attached hereto as Exhibit &#147;A&#148;.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>II. BANCA SERFIN, S.A. through its Trustee Representative
      states the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) That it is a Commercial
      Company (&#147;Sociedad An&oacute;nima&#148;) according to the transformation
      decree published in the Official Gazette on January 16, 1992, being authorized
      to operate as a Banking Institution under the terms of the Transitory Articles
      Eighth and Thirteenth of the Law of Credit Institutions.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) That the appointment of
      the Trustee Representative is evidenced by the Public Deed No. 29,088 dated
      April 17, 1990, granted before the Notary Public No. 105, and registered
      </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 2; page: 2" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>under No. 2047, Volume 193/41, Book 4, Third Aux., Deeds
      and diverse contracts, in the Public Registry of Property and Commerce of
      Monterrey, N.L.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) That THE TRANSFER AGENT
      has the capability and interest to grant the services consisting of keeping
      custody of and carrying out the corresponding entries on the registry of
      THE SHARES, in connection with changes of the ownership thereof occurring
      from the date hereof, in accordance with the applicable regulations, the
      By-Laws, and according to this Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>III. Each of the parties hereto mutually acknowledges the
      powers and authority of the other party entering this Agreement, since they
      have been vested with sufficient authority to execute and deliver it, the
      same having not been limited or revoked.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Therefore the parties hereto
      agree to bind themselves by the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><u>C L A U S E S</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>FIRST: PURPOSE OF THE AGREEMENT</u>.
      THE TRANSFER AGENT shall grant services to THE COMPANY consisting in keeping
      custody of the registry of THE SHARES and to carry out entries on such registry
      in connection with ownership changes of THE SHARES, occurring from the date
      hereof, in accordance with the applicable regulations on the subject matter,
      the By-laws and the provisions of this Agreement. To that end, THE COMPANY
      through the Secretary of its Board of Directors, as delegate of the same,
      delivers simultaneously herewith the book containing the registry of THE
      SHARES (hereinafter, the &#147;Registry Book&#148;) which bears all authorized
      transfers to this date, from which is inferred the shareholding of THE SHARES
      described on Exhibit &#147;B&#148; attached hereto.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE TRANSFER AGENT simultaneously
      herewith receives the Registry Book, under the assumption that the entries
      thereon recorded up to this date are true and correct, and consequently
      in no way shall THE TRANSFER AGENT be held responsible therefor.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;SECOND: SCOPE OF SERVICES</u>.
      THE TRANSFER AGENT by this Agreement is committed to keep custody of the
      Registry Book and shall be responsible to cause all related entries therein
      to be made properly, in conformity with articles 128 and 129 of the General
      Law of Commercial Entities, and in accordance with the By-laws of THE COMPANY
      and this Agreement. According to the foregoing, THE TRANSFER AGENT shall
      verify and shall at all time be responsible to:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Record the name, nationality
      and address of the shareholders of THE COMPANY and, additionally in the
      case of the Series &#147;A&#148; and Series &#147;D&#148; shareholders only,
      their telephone and telefax numbers.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Specify the shareholding
      of THE SHARES, determining the ones pertaining to each shareholder, indicating
      the provisional or definite certificate number, as the case may be, the
      amount thereof covered by such documents, as well as indicating the class,
      series and issuance date.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 2</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 3; page: 3" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the notices that
      THE TRANSFER AGENT shall receive as provided in Article 15 of the By-laws
      and in Clauses THIRD and FOURTH hereof, record the date and form of transfer
      of the shares, registering the name, nationality, address, telephone and
      telefax numbers of the new holder of the shares; as well as record the liens
      and other rights granted to third parties in the Series &#147;A&#148; and
      Series &#147;D&#148; shares, as provided on paragraph 2 of Clause FOURTH.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Issue certifications of
      the entries in the Registry Book to shareholders, whether directly or through
      the Secretary of the Board of Directors of THE COMPANY, under the circumstances
      contemplated by Article 22 of the By-laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Replace the Registry Book
      for a new one once the space in the Registry Book herein delivered has been
      depleted, using in any case a book with numbered pages.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Keep strictly secret the
      contents of the Registry Book, not being allowed to release such information
      unless the request is made through the Secretary of the Board of THE COMPANY.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Provide directly the services
      hereunder, not being allowed to delegate such services to other persons
      or institutions, provided that if it may be deemed necessary, with the prior
      written authorization of THE COMPANY, THE TRANSFER AGENT may seek support
      with specialists or firms, provided, further, that in no event shall the
      seeking of such support or any such authorization relieve THE TRANSFER AGENT
      of any responsibility hereunder.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>THIRD: NOTICES</u>. In case
      any of the Series &#147;A&#148; and Series &#147;D&#148; shareholders proposes
      to sell or otherwise transfer (the &#147;Transferring Shareholder&#148;)
      its shares (the &#147;Subject Shares&#148;), all notices that it shall provide
      in order to evidence compliance with the procedures established in Article
      15 of the By-laws shall be made, substantially in the appropriate form attached
      hereto as part of Exhibit &#147;C&#148;, which may be sent by telefax, and
      which shall be sent to the persons specified in such forms; provided that
      all such notices of proposed transfer (other than notices in respect of
      proposed transfers made in compliance with Article 15(g) of the By-Laws)
      shall be given so as to provide not less than 90 days from the date of receipt
      thereof to the proposed transfer date.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE TRANSFER AGENT shall require
      confirmation of receipt of the aforementioned notices by the persons specified
      in such forms.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders that are granted
      an option pursuant to Article 15 of the By-laws with respect to a proposed
      transfer (the &#147;Option Shareholders&#148;), shall, through the Chairman
      of the Board of Directors (in the case the Subject Shares are Series &#147;D&#148;
      shares) or the designated representative of the Directors appointed by the
      Series &#147;D&#148; shareholders (in the case the Subject Shares are Series
      &#147;A&#148; shares), notify THE TRANSFER AGENT if they elect to exercise
      their option to purchase the Subject Shares, specifying any designated persons
      who will purchase Subject Shares on behalf of any of them, such notice to
      be made substantially in the form attached hereto as Exhibit &#147;C-2&#148;
      or Exhibit &#147;C-8,&#148; as appropriate.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Likewise, in any case THE TRANSFER
      AGENT carries out a change of ownership of Series &#147;A&#148; or Series
      &#147;D&#148; shares in the Registry Book, THE TRANSFER AGENT shall confirm</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 3</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 4; page: 4" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>so in writing to the Chairman of the Board of Directors through
      its Secretary and to the Series &#147;A&#148; shareholders when the selling
      Shares are Series &#147;D&#148; shares and when the Selling Shares are Series
      &#147;A&#148; shares, to the Series &#147;D&#148; shareholders and to the
      designated representative of the Directors appointed by Series &#147;D&#148;
      shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>FOURTH: ENTRIES OF OWNERSHIP
      CHANGES OF AND LIENS ON THE SHARES ON THE REGISTRY BOOK.</u> THE TRANSFER
      AGENT shall proceed to make changes in the Registry Book of THE COMPANY
      subject to the full compliance with the following:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In the case of Series &#147;A&#148;
      shares and Series &#147;D&#148; shares:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) THE TRANSFER AGENT shall
      verify that the Transferring Shareholder has duly given the requisite notices
      referred to in Clause THIRD of this Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Upon receipt of a notice
      of final transfer or consummation of transfer of the Subject Shares in the
      appropriate form attached hereto as part of Exhibit &#147;C&#148; (including
      any documents referred to in any such notice), THE TRANSFER AGENT shall
      make entries in the Registry Book changing the ownership of the Subject
      Shares as specified in such notice; provided, however, that no such entry
      shall be made with respect to a notice in the form of Exhibit &#147;C-3&#148;
      if the date specified in such notice as the date of consummation of the
      sale of the Subject Shares is less than 90 days after the date of the related
      notice in the form of Exhibit &#147;C-1&#148;. Should THE TRANSFER AGENT
      deem it convenient it may verify the content of such notices with the person
      giving any such notice.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Except as provided in Subparagraph
      (d) below, in case THE TRANSFER AGENT does not receive an appropriate notice
      in accordance with Clause THIRD of this Agreement, it shall abstain from
      making any change in the Registry Book until it considers that the procedure
      preceding an ownership change on the Registry Book has been accomplished
      in conformity with the above provisions.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) THE TRANSFER AGENT is authorized
      to enter changes in the ownership of the Series &#147;A&#148; or &#147;D&#148;
      shares in the Registry Book, without verifying the compliance of the terms
      of Article 15 of the By-laws, provided that a document is executed and delivered
      by all the Series &#147;A&#148; and &#147;D&#148; shareholders granting
      their consent to such ownership change.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon receipt of a notice
      of the proposed granting of a pledge in the form attached hereto as part
      of Exhibit &#147;C-4&#148; (including any documents referred to in such
      notice), THE TRANSFER AGENT shall notify the Series &#147;A&#148; or Series
      &#147;D&#148; shareholder giving such notice of receipt of such notice (and
      the documents referred to in such notice). Upon receipt of a notice from
      such shareholder of the consummation of the granting of such pledge, THE
      TRANSFER AGENT shall make the appropriate entries with regard to the granting
      of such pledge. No change of ownership with respect to Series &#147;A&#146;&#148;
      or Series &#147;D&#148; shares subject to such pledge shall be effected
      without compliance with Paragraph 1 of this Clause Fourth.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to ownership
      changes of Series &#147;B&#148; or &#147;L&#148; shares, THE TRANSFER AGENT
      shall only proceed to enter them in the Record Book following a notice sent
      by the Secretary of the Board of Directors of THE COMPANY requiring such
      change. If a request of</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 4</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 5; page: 5" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>transfer is received directly from the new holder of Series
      &#147;B&#148; or &#147;L&#148; shares, it shall so inform the Secretary
      of the Board of Directors of THE COMPANY requesting such authorization.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. THE TRANSFER AGENT with
      the assistance of THE COMPANY shall verify the compliance with applicable
      tax obligations in connection with the transfer of THE SHARES.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. THE TRANSFER AGENT shall
      make all transfer entries on the Registry Book no later than three business
      days following compliance, in THE TRANSFER AGENT&#146;s own judgment, of
      the corresponding terms of the provisions of Article 15 of the By-laws and
      Clauses THIRD and FOURTH of this Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any ownership change of
      THE SHARES derived from increases or reductions in the capital stock of
      THE COMPANY shall be advised by the Secretary of the Board who shall furnish
      to THE TRANSFER AGENT in writing all relevant information in order to authorize
      the corresponding changes in the Registry Book.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Notwithstanding the provisions
      under Clause THIRD and in the preceding paragraph of this Clause FOURTH,
      THE TRANSFER AGENT is entitled, in case of any doubt with regard to the
      legitimacy or rightfulness of any request for ownership change of THE SHARES,
      to require the Board of Directors of THE COMPANY to resolve over the legitimacy
      or rightfulness of such request and to instruct THE TRANSFER AGENT to proceed
      according to such resolution.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>FIFTH: COVENANTS OF THE
      COMPANY</u>. THE COMPANY shall comply with the following obligations: </font></td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Inform THE TRANSFER AGENT,
      through the Secretary of the Board, with respect to any notice received
      by the Chairman of the Board of Directors from any Transferring Shareholder
      with regard to a proposed transfer of Series &#147;A&#148; or Series &#147;D&#148;
      shares according to Article 15 of the By-Laws, within the three business
      days following receipt thereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In case of receipt of any
      notice of change of record ownership on Series &#147;B&#148; or Series &#147;L&#148;
      shares, THE COMPANY through the Secretary of the Board shall notify in writing
      to THE TRANSFER AGENT, not later than three business days following receipt
      of the notice of transfer of such shares.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Inform THE TRANSFER AGENT,
      through the Secretary of the Board of Directors, of the notice of any shareholder
      proposing to grant a pledge on its shares, not later than three business
      days following receipt thereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Keep THE TRANSFER AGENT
      informed of the identity of the Chairman, Vice Chairman, Secretary and Alternate
      Secretary of the Board of Directors of THE COMPANY, and of the designated
      representative of the Directors appointed by the Series &#147;D&#148; shareholders
      referred to in Article 15 of the By-Laws and in Clause THIRD hereof, as
      well as informed of any amendment to the By-laws affecting in any way the
      provisions of this Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Assure the compliance with
      tax obligations in effect, applicable in connection with the transfer of
      THE SHARES.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 5</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 6; page: 6" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Keep THE TRANSFER AGENT
      informed of any change of the shareholding of THE SHARES resulting from
      increases or reductions in the capital stock of THE COMPANY.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Hold and save THE TRANSFER
      AGENT harmless and released from any liability, when acting in conformity
      with the information and documentation that have to be furnished in accordance
      with this Agreement and the By-laws of THE COMPANY, as well as from losses
      and damages that it may suffer from acts or omissions incurred in performing
      the services specified herein and in the By-laws; provided, however, that
      in no case shall THE COMPANY be responsible to hold and save THE TRANSFER
      AGENT harmless and released from liabilities, losses or damages resulting
      from its bad faith, gross negligence or willful misconduct.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;SIXTH: INFORMATION</u>.
      THE COMPANY shall provide all the information and documentation that may
      be required by THE TRANSFER AGENT in order to efficiently carry out the
      services it is responsible for. In that regard, is agreed that THE COMPANY
      shall have a period of no more than five business days to provide the information
      and documentation requested by THE TRANSFER AGENT.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Likewise, THE TRANSFER AGENT
      may request from THE COMPANY all such information and documentation that
      it may require in order to make changes in the Registry Book of THE SHARES
      in accordance with the provisions of this Agreement and the By-laws of THE
      COMPANY.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Furthermore, THE TRANSFER AGENT
      shall provide any information that THE COMPANY may request through the Secretary
      of the Board of Directors and shall issue a duly signed report during the
      first 15 days of January, April, July and October of each year with respect
      to the entries made during the immediately preceding three calendar month
      term. This report shall be sent to the secretary of the Company&#146;s board
      of directors and to the designated representative of the Series &#147;D&#148;
      shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>SEVENTH: CONSIDERATION</u>.
      The parties hereof agree that THE TRANSFER AGENT shall be paid by THE COMPANY
      as fees the amounts mentioned herein below.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For the acceptance of performance
      of the services herein provided, the amount of NP$10,000, payable only once,
      simultaneously with the execution hereof,</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For the performance of such
      services, it shall be charged quarterly in arrears the amount of NP$25,000,
      provided that such amount shall be revised annually to adjust it in proportion
      to the inflation index published by Banco de Mexico.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) It is understood that THE
      TRANSFER AGENT shall be entitled to charge any Value Added Tax accrued as
      a result of its services hereunder to THE COMPANY.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Likewise, it is agreed that
      all expenses incurred by THE TRANSFER AGENT in relation with the performance
      of the services and its obligations hereunder shall be on account of THE
      COMPANY.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 6</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 7; page: 7" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>EIGHTH: TERM</u>. This Agreement
      shall be for an undetermined term, being understood that any party hereof
      may terminate this Agreement by a 60 day previous written notice; provided
      however, that no termination notice on the part of THE TRANSFER AGENT shall
      become effective until THE COMPANY has appointed a substitute therefor.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NlNTH: DOMICILES</u>. Both
      parties designate as their addresses to receive notices, communications
      and summons and in general for anything related to this Agreement, as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=16% valign=top>&nbsp;</td>
    <td width=33% valign=top><font size=2> THE COMPANY</font></td>
    <td width=51% valign=top><font size=2> Ave Cuauhtemoc 400 sur <br>
      Monterrey, N.L., 64000<br>
      phone 42 59 43 fax 45 47 69<br>
      Attn: Secretary of the Board of Directors</font></td>
  </tr>
  <tr>
    <td width=16% valign=top>&nbsp;</td>
    <td width=33% valign=top>&nbsp;</td>
    <td width=51% valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=16% valign=top>&nbsp;</td>
    <td width=33% valign=top><font size=2>THE TRANSFER AGENT</font></td>
    <td width=51% valign=top><font size=2>Ave. Morelos 133 ote., 8&deg;p. <br>
      Monterrey, N.L., 64000 <br>
      phone 42 59 43 fax 45 47 69 <br>
      Attn: Trustee Representative</font></td>
  </tr>
</table>
<p></p>
<p>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Transfer Agent
      is hereby advised that, unless otherwise informed, the authorized representative
      of the Series &#147;D&#148; shareholders is Mr. Jack Stahl, and that his
      address is One Coca-Cola Plaza, Atlanta, GA 30313, U.S.A., telephone number
      (404) 676-2121 and telecopier number (404) 676-8683.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;TENTH: JURISDICTION</u>.
      The parties hereof submit themselves to the jurisdiction of the competent
      Courts sitting in Monterrey, Nuevo Leon, for the adjudication of any controversy
      that may arise in connection with the construction, performance or execution
      of the agreements hereof, waiving the right to any other venue that may
      correspond to them for reasons of their present or future domicile, or for
      any other circumstance.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In witness whereof, having
      read this Agreement and acknowledging the extent thereof, the parties hereof
      execute this Agreement before the undersigned witnesses, in the city of
      Monterrey, N.L. the 21st day of June, 1993.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=45% valign=top><font size=2>&#147;THE COMPANY&#148;</font></td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top><font size=2>&#147;THE TRANSFER AGENT&#148;</font></td>
  </tr>
  <tr>
    <td width=45% valign=top>&nbsp;</td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=45% valign=top>
      <hr noshade size="1">
    </td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top>
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width=45% valign=top>&nbsp;</td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top>&nbsp;</td>
  </tr>
  <tr align="center">
    <td width=45% valign=top><font size=2>WITNESS</font></td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top><font size=2>WITNESS</font></td>
  </tr>
  <tr>
    <td width=45% valign=top>&nbsp;</td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top>&nbsp;</td>
  </tr>
  <tr>
    <td width=45% valign=top>
      <hr noshade size="1">
    </td>
    <td width=9% valign=top>&nbsp;</td>
    <td width=46% valign=top>
      <hr noshade size="1">
    </td>
  </tr>
</table>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 7</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 8; page: 8" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT A</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>FEMSA REFRESCOS, S.A. DE C.V.</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>BY-LAWS</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER I</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>NAME, PURPOSE, DURATION, LEGAL RESIDENCE</u></b></font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>AND NATIONALITY OF THE COMPANY</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 1</u>:</b>
      The Company is called &#147;FEMSA REFRESCOS&#148; followed by the words
      &#147;SOCIEDAD ANONIMA DE CAPITAL VARIABLE&#148; (Variable Stock Corporation),
      or by the abbreviation &#147;S.A. DE C.V.&#148;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 2</u>: </b>
      The purposes of the Company shall be:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To establish,
      promote and organize commercial or civil companies of any type, as well
      as to acquire and possess shares or participations in them;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To acquire, possess
      and sell bonds, shares, participations and securities of any type, participate
      in the borrowing and lending of securities, enter into partnerships, companies
      and joint ventures and, in general, to carry out all types of active and
      passive transactions involving said securities;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To provide or
      receive advisory, consulting or other types of services in industrial, commercial,
      financial, legal and tax matters and in any other area related to the promotion,
      administration and management of companies;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To acquire, build,
      manufacture, import, export, dispose of and, in general, conduct business
      with all types of machinery, equipment, raw materials and any other items
      necessary to the companies in which it has an interest or with which it
      has commercial relations;</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 9; page: 9" -->
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To request, obtain,
      register, buy, least, sell or in any other way dispose of and acquire trademarks,
      commercial names, copyrights, patents, inventions, franchises, distributions,
      concessions and processes;</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To acquire, build,
      lease and, under any other title possess and operate, the real and personal
      property required by or necessary for its purpose, as well as to install
      or, under any other title operate, plants, workshops, warehouses, stores,
      storage facilities or depositories; to subscribe or buy and sell stocks,
      bonds and securities as well as to undertake any other transactions which
      may be necessary or conducive to the main business purpose; and</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=30>&nbsp;</td>
    <td width=570><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To draw, accept,
      make, endorse or guarantee (&#147;<i><u>avalar</u></i>&#148;) negotiable
      instruments, issue bonds secured with real property or unsecured, and to
      make the company jointly and severally liable, as well as to grant security
      of any type with regard to the obligations entered into by the Company or
      by third parties, and in general, to perform such acts, enter into such
      contracts and carry out such other transactions as may be necessary or conducive
      to the business purpose of the Company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 3</u>:</b>
      The Company shall have a duration of 99 (ninety-nine) years, beginning as
      of the date the Company is incorporated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 4</u>:</b>
      The legal domicile of the Company is M&eacute;xico, D.F., and the Company
      may establish agencies, offices or branches in other places in the Republic
      or abroad.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 5</u>: </b>Any
      foreigner who, at the time of incorporation or at any subsequent time, acquires
      a corporate interest or participation in the Company, will be considered
      by that fact alone as Mexican with respect to such interest or participation,
      and it is understood that he agrees not to invoke the protection of his
      government, under the penalty, in</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 2</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 10; page: 10" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>case of failure to comply with this agreement, of forfeiting
      said interest or participation to the benefit of the Mexican Nation.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER II</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>CAPITAL STOCK AND SHARES</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 6</u>: </b>(a)
      The Company is a variable capital corporation. The minimum fixed Capital
      Stock not subject to withdrawal is equal to N$633,250,000 new pesos, national
      currency, of which the amount of N$475,000,000 is fully paid and subscribed.
      The variable Capital Stock shall not exceed ten times the amount of the
      minimum fixed Capital Stock.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At least 75% of the Capital
      Stock will be represented by ordinary shares, each with a par value of N$l.00
      one new peso, national currency. These shares will be divided into three
      Series: Series &#147;A&#148; ordinary shares with restricted transferability,
      Series &#147;D&#148; ordinary shares with restricted transferability, and
      series &#147;B&#148; ordinary shares of free transferability. The Capital
      Stock will also be represented by not more than 25% of Series &#147;L&#148;
      shares with limited voting rights, free transferability and a par value
      per share of N$1.00 one new peso, national currency.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series &#147;A&#148;
      shares shall constitute at all times no less than 51% of the Capital Stock
      represented by ordinary shares and shall be subscribed to and held only
      by Mexican investors. The Series &#147;D&#148; shares shall constitute at
      all times no less than 25% of the Capital Stock represented by ordinary
      shares and shall be freely subscribable. The Series &#147;B&#148; shares
      shall be freely subscribable and shall, together with the Series &#147;D&#148;
      shares, not exceed 49% of the Capital Stock represented by ordinary shares.
      The Series &#147;L&#148; shares shall, at all times subsequent to the authorization
      of the National Securities Commission and the Foreign Investment Commission
      of Mexico, not be counted for purposes of determining the amount and percentage
      of foreign participation in the Capital Stock of the Company.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 3</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 11; page: 11" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Series &#147;A&#148;
      and the Series &#147;D&#148; shares shall be shares with restricted transferability,
      and as such, shall be subject to the restriction, set forth in Article 15
      hereto and verification by the Company&#146;s Transfer Agent referred to
      in Article 17 hereof for their transfer to be effective.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within their respective
      Series, the shares give their holders the same rights and subject their
      holders to the same obligations.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The certificates representing
      the shares shall bear the manual signatures of two Directors and, from and
      after the initial appointment of Series &#147;D&#148; Directors, shall bear
      the manual signature of one Series &#147;A&#148; and one Series &#147;D&#148;
      Proprietary Director.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Series &#147;L&#148;
      shares shall only have voting rights as to those limited matters described
      in these By-Laws and specified in the corresponding share certificates.
      Such limited matters are as follows: changes in the legal form of the Company,
      other than changes from Sociedad An&oacute;nima de Capital Variable to Sociedad
      An&oacute;nima and vice versa; merger with another corporation, in the capacity
      of merged corporation, or merger with another corporation in the capacity
      of merging corporation, when the principal corporate purposes of the merged
      corporation are not related to or connected with those of the Company or
      its subsidiaries; and the cancellation of the registration of the shares
      issued by the company with the special section or securities section of
      the National Registry of Securities and brokers or with other foreign stock
      exchanges in which the shares may be listed.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is understood and agreed
      by the holders of Series &#147;L&#148; shares that under no circumstances
      will such holders have the right to determine the management of the Company,
      its investments, increases or reductions of Capital Stock, the issuance
      or amortization of the shares representing the Capital Stock, changes in
      these By-Laws or the dissolution or liquidation </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 4</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 12; page: 12" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>of the Company, or have any rights other then those expressly
      granted pursuant to paragraph (g) of this Article 6; <u>provided</u>, <u>however</u>,
      that the holders of Series &#147;L&#148; shares shall, pursuant to Article
      25 hereof, have the right to designate 1 Proprietary Director and 1 Alternate
      Director.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 7</u>: </b>The
      Company shall be able to issue limited voting shares, described herein as
      Series &#147;L&#148; shares, which, with the prior authorization of the
      National Securities Commission and the Foreign Investment Commission of
      Mexico, will be considered issued under the terms of Part III of Article
      14b is of the Stock Exchange Law. Article 198 of the General Law of Commercial
      Companies shall not apply to such shares, and such shares shall be subject
      to other limitations on corporate rights as specified herein.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 8</u>:</b>
      Any increase or reduction of the fixed portion of the Capital Stock, any
      changes to the authorized Capital Stock and any consequent amendment of
      clause three of the escritura constitutiva and Article 6 of these By-Laws
      shall be accomplished pursuant to a resolution adopted at an Extraordinary
      Shareholders&#146; Meeting in accordance with the terms of Article 23 hereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 9</u>:</b>
      Any increase or reduction of the variable portion of the Capital Stock,
      within the maximum amount authorized, shall (except when the shareholders
      exercise their right of redemption pursuant to Article 11 hereof) be accomplished
      pursuant to a resolution adopted at an Ordinary Shareholders&#146; Meeting
      in accordance with the terms of Article 23 hereof.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 10</u>:</b>
      The variable portion of the Capital Stock may be increased, as and when
      approved at an Ordinary Shareholders&#146; Meeting, through the issuance
      of new shares or the offering of treasury shares (shares that are authorized,
      issued and unsubscribed shall be referred to herein as &#147;Treasury Shares&#148;)
      held for this purpose, provided that the shareholders</font> </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 5</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 13; page: 13" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>shall have preemptive rights to subscribe such shares. The
      exercise of this right shall be carried out pursuant to the terms of Article
      132 of the General Law of Commercial Companies.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 11</u>: </b>(a)
      Subject to the provisions of this Article 11 and applicable law, the variable
      portion of the Capital stock may be reduced, among other means, through
      the partial or full redemption of shares by the Company at the request of
      any shareholder, provided that prior notice of such intention to have their
      shares redeemed is given to the Company, which notice, (i) if received before
      the last quarter of the fiscal year, shall become effective, as of the end
      of the fiscal year in question, or (ii) if received during the last quarter
      of the fiscal year, shall become effective as of the end of the following
      fiscal year. Notwithstanding the foregoing, the shareholders may not exercise
      their right of redemption if such redemption affects the fixed portion of
      the Capital Stock not subject to redemption or the percentages established
      in Article 6 of these By-Laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should the Company receive
      redemption requests that would cause a reduction below the minimum of the
      Capital Stock of the Company or of the percentages established in Article
      6 hereof, the Company shall only redeem such shares which would not cause
      a reduction in the Capital Stock below the minimum required or affect the
      percentages established in Article 6 hereof; such redemption shall be made
      with respect to each requesting shareholder in the order in which such request
      was received.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should the Company receive
      simultaneous redemption requests that would cause a reduction below the
      minimum of the Capital Stock of the Company or of the percentages established
      in Article 6 hereof, the Company shall only redeem such shares which would
      not cause a reduction in the Capital Stock below the minimum required or
      affect the percentages established in Article 6 hereof; such redemption
      shall be made with respect to each requesting</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 6</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 14; page: 14" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>shareholder on a pro-rata basis as to the number of shares
      for which redemption was simultaneously requested.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The procedure for the
      exercise of the right of redemption by shareholders of the variable portion
      of the Capital Stock shall, in addition to complying with the provisions
      of Articles 220 and 221 of the General Law of Commercial Companies, conform
      to the requirement that such redemption shall be at the lower of the following
      amounts: 95% (ninety-five percent) of the quoted stock market price on the
      Mexican Stock Exchange (&#147;<i><u>Bolsa de Valores</u></i>&#148;), calculated
      based on the average of the closing prices for the thirty trading days prior
      to the date such redemption is effected, or the full book value of the shares
      in accordance with the year-end financial statements for the fiscal year
      in which the redemption is effected, as previously approved at the Ordinary
      Shareholders&#146; Meeting.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The redemption amount shall
      be due and payable as of the day following the Ordinary Shareholders&#146;
      Meeting at which the Company&#146;s audited financial statements for the
      fiscal year at the end of which the redemption is effected are approved.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 12</u>:</b>
      Following a resolution of the Board of Directors, the Company, under the
      terms of Article 14b is, Part I of the Stock Exchange Law and the general
      regulations issued by the National Securities Commission, shall be able
      to temporarily acquire shares representing its Capital Stock through the
      Mexican Stock Exchange at current market prices; provided, however, that
      such repurchase is charged to the net profits reserve account, which shall
      be denominated &#147;Reserve for Repurchase of Shares&#148;. This reserve
      if such is the case will be replenished with the proceeds of any resale
      of the shares repurchased. During such time as the shares belong to the
      Company, the Company shall not exercise the corporate rights that such shares
      confer and such shares will be registered in a special asset account, denominated
      &#147;Owned </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 7</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 15; page: 15" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Shares&#148;, which will be used to record the losses and
      profits from their subsequent transfer through the Stock Exchange.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 13</u>: </b>All
      increases or reductions of the Capital Stock shall be recorded by the Company
      in a Registry Book kept for such purpose.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 14</u>:</b>
      The Company may redeem part of its shares by using distributable profits
      according to the following rules:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The redemption must be
      resolved by an Extraordinary Shareholders&#146; Meeting. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only fully paid shares
      may be redeemed.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The shares to be redeemed
      shall be acquired pursuant to the rules set forth in Article 135 of the
      General Law of Commercial Companies. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The certificates representing
      redeemed shares shall be cancelled.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 15</u>:</b>
      (a) No sale, transfer, assignment, pledge or other disposition (any of the
      foregoing being hereinafter referred to as a &#147;Transfer&#148;) of Series
      &#147;A&#148; shares or Series &#147;D&#148; shares will be valid if it
      is not carried out in accordance with the following procedures, unless all
      the holders of the Series &#147;A&#148; and &#147;D&#148; shares give their
      prior written approval.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any shareholder that wishes
      to sell Series &#147;A&#148;&#146; or &#147;D&#148; shares (the &#147;Selling
      Shareholder&#148;) shall communicate such intention in writing to the Series
      &#147;A&#148; shareholders (if the shares to be sold are Series &#147;D&#148;
      shares) or the Series &#147;D&#148; shareholders (if the shares to be sold
      are Series &#147;A&#148; shares) (the shareholders required to receive such
      notice being hereafter referred to as &#147;Offeree Shareholders&#148;)
      and to the Chairman of the Board of Directors, the designated representative
      of the Series D Directors and the Transfer Agent 90 days prior to such proposed
      sale, which writing shall communicate the intention to sell such shares,
      the number of shares </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 8</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 16; page: 16" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>intended to be sold, the name of the proposed purchaser,
      the proposed price, which must be payable entirely in cash (the &#147;First
      Refusal Price&#148;), as well as any other terms in connection with the
      proposed sale.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During said period of 90
      days, the Offeree Shareholders, each of whom shall be bound by the decision
      of Offeree Shareholders holding a majority of the Series &#147;A&#148; or
      Series &#147;D&#148; shares, as the case may he, will have an option to
      purchase all (but not less than all) of the shares offered at the First
      Refusal Price, to be paid in cash and on the same terms offered to the proposed
      purchaser, provided that, in the event such option is exercised, any Offeree
      Shareholder so required to purchase shares may designate any other person
      or persons on its behalf to acquire such shares and provided that the Offeree
      Shareholders give prior written notice of the exercise of such option to
      the Chairman of the Board of Directors, the designated representative of
      the Directors appointed by the Series &#147;D&#148; shareholders and the
      Transfer Agent. In the event such option is exercised, (i) if the shares
      to be acquired pursuant to such option are Series &#147;A&#148; shares,
      each Offeree Shareholder shall be required to acquire such shares in the
      proportion its Series &#147;D&#148; shares bear to all issued, subscribed
      and paid Series &#147;D&#148; shares, (ii) if the shares to be acquired
      pursuant to such option are Series &#147;D&#148; shares, each Offeree Shareholder
      shall be required to acquire such shares in the proportion its Series &#147;A&#148;
      shares bear to all issued, subscribed and paid Series &#147;A&#148; shares
      and (iii) the Selling Shareholder and each of the Offeree Shareholders (or
      any designee of such Offeree Shareholder) shall consummate the transactions
      implied by the exercise of such option within 10 business days after the
      date on which such option is exercised.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case the Offeree Shareholders
      do not exercise the aforementioned purchase option, the Selling Shareholder
      will have 90 days beginning on the earlier of (i) the date </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 9</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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<p>
<table width=600>
  <tr>
    <td><font size=2>on which the 90 day period referred to in the immediately
      preceding paragraph ends and (ii) the date on which the Selling Shareholder
      receives written notice from the Offeree Shareholders of their desire not
      to exercise their option, to consummate the proposed sale, in its entirety,
      at a price not less than the First Refusal Price and on terms no less favorable
      to the Selling Shareholder than those offered to the Offeree Shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At any time when any
      shares of the Company&#146;s Capital Stock are listed for public trading
      on the Mexican Stock Exchange (&#147;<u><i>Bolsa de Valores</i></u>&#148;),
      any holder shall be entitled to sell Series &#147;A&#148; or Series &#147;D&#148;
      shares through a public offering on such Exchange, provided that it complies
      with the terms of paragraphs (b) through (e) of this Article 15, except
      that the Selling Shareholder need not provide the Offeree Shareholders with
      the names of the proposed purchasers.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Should any Series &#147;A&#148;
      or &#147;D&#148; shareholder propose to pledge its shares to a financial
      or credit institution (the &#147;Pledges&#148;), such shareholder (the &#147;Pledgor&#148;)
      shall deliver to the Chairman of the Board of Directors, the designated
      representative, of the Series D Directors and the Transfer Agent, prior
      to the execution of such pledge, a written agreement in which the Pledges
      agrees (i) to notify the Chairman of the Board of Directors of the Company
      and the designated representative or the Series D Directors of any default
      under the pledge, (ii) to comply with all the procedures set forth in paragraphs
      (b) through (d) and any other applicable provisions of this Article 15 prior
      to any foreclosure of the pledged shares and (iii) to irrevocably waive
      any right of self adjudicating the shares, even with the written consent
      of the shareholder that granted the pledge, until it has fully complied
      with such restrictions and procedures, and (iv) that the Pledgor shall be
      entitled to vote the pledged shares so long as it is the registered holder
      thereof. In the event of such a foreclosure, the First Refusal Price shall
      be determined by an </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 10</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 18; page: 18" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>auction or, if such auction is not required by law and the
      transfer is to be carried out in a different manner, such First Refusal
      Price will be equivalent to the &#147;Fair Market Value&#148; of such shares,
      as determined pursuant to paragraph (1) of this Article 15.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding the foregoing,
      (i) any shareholder (a &#147;Subscription Shareholder&#148;) that acquired
      Series &#147;A&#148; or Series &#147;D&#148; shares by subscription (or
      that acquired Series &#147;A&#148; or Series &#147;D&#148; shares in connection
      with a recapitalization in exchange for shares of the Company it acquired
      by subscription) may Transfer any such shares to a company in which it owns,
      directly or indirectly, more than 50% of the outstanding shares of the capital
      stock with voting power (with respect to such Subscription Shareholder,
      a &#147;Subscription Subsidiary&#148;), and (ii) any Subscription Subsidiary
      may Transfer any such shares to such Subscription Shareholder or any other
      Subscription Subsidiary of such Subscription Shareholder, provided that
      in each case the Transferor shall give prior written notice to the Chairman
      of the Board, the designated representative of the Directors appointed by
      the Series &#147;D&#148; shareholders and the Transfer Agent.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any shareholder that wishes
      to Transfer Series &#147;A&#148; or &#147;D&#148; shares in any manner whatsoever
      except as permitted by paragraphs (b) through (g) hereof (the &#147;FMV
      Shares&#148;) shall communicate such intention in writing to the Series
      &#147;A&#148; shareholders (if the FMV Shares are Series &#147;D&#148; shares)
      or the Series &#147;D&#148; shareholders (if the FMV Shares are Series &#147;A&#148;
      shares) (the shareholders required to receive such notice being hereafter
      referred to as the &#147;FMV Offeree Shareholders&#148;) and to the Chairman
      of the Board of Directors, the designated representative of the Series D
      Directors and the Transfer Agent, which writing shall communicate the intention
      to Transfer the FMV Shares, the number of FMV Shares, the name of the proposed
      transferee and a detailed description of the proposed Transfer and the terms
      thereof, including any compensation to be paid.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 11</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 19; page: 19" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For a period of 90 days
      following delivery of such notice, FMV Offeree Shareholders holding a majority
      of the Series &#147;A&#148; or Series &#147;D&#148; shares, as the case
      may be, shall be entitled to demand a determination of Fair Market Value
      of the FMV Shares by delivering a notice in writing to the proposed transferor
      and to the Chairman of the Board of Directors, the designated representative
      of the Series D Directors and the Transfer Agent. If such a demand is so
      delivered, the FMV Offeree Shareholders, each of whom shall be bound by
      the decision of FMV Offeree Shareholders holding a majority of the Series
      &#147;A&#148; or Series &#147;D&#148; shares, as the case may be, and the
      proposed transferor shall proceed as rapidly as practicable to determine
      the Fair Market Value of the FMV Shares.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The FMV Offeree Shareholders,
      each of whom shall be bound by the decision of FMV Offeree Shareholders
      holding a majority or the Series &#147;A&#148; or Series &#147;D&#148; shares,
      as the case may be, shall have an option to purchase all (but not less than
      all) of the FMV Shares at a price equal to their Fair Market Value within
      90 days following the determination thereof, provided that, in the event
      such option is exercised, any FMV Offeree Shareholder so required to purchase
      shares may designate any other person or persons on its behalf to acquire
      such FMV Shares. In the event such option is exercised, (i) if the FMV Shares
      are Series &#147;A&#148; shares, each FMV Offeree Shareholder shall be required
      to acquire such FMV Shares in the proportion its Series &#147;D&#148; shares
      bear to all issued, subscribed and paid Series &#147;D&#148; shares, (ii)
      if the FMV Shares are Series &#147;D&#148; shares, each Offeree Shareholder
      shall be required to acquire such FMV Shares in the proportion its Series
      &#147;A&#148; shares bear to all issued, subscribed and paid Series &#147;A&#148;
      shares and (iii) the proposed transferor and each of the FMV Offeree Shareholders
      (or any designee of such FMV Offeree Shareholder) shall consummate the transactions
      implied by the exercise of such option within 10 business days after the
      date on which such option is exercised.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 12</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 20; page: 20" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In case the FMV Offeree
      Shareholders do not exercise the aforementioned purchase option, the proposed
      transferor will have 90 days beginning on the earlier of (i) the date on
      which the 90 day option period referred to in the immediately preceding
      paragraph ends and (ii) the date on which the proposed transferor receives
      written notice from the FMV Offerse Shareholders of their desire not to
      exercise their option, to consummate the proposed Transfer, in its entirety,
      on the terms specified in the notice referred to in paragraph (h) of this
      Article 15.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) As used in this Article
      15, the &#147;Fair Market Value&#148; of the Company&#146;s shares shall
      mean an amount equal to the &#147;Company Value&#148;, as defined below,
      multiplied by a fraction, the numerator of which is the number of the Company&#146;s
      shares that are being valued, and the denominator of which is the total
      number of issued, subscribed and paid shares as of the valuation date. As
      used in this Article 15, the term &#147;Company Value&#148; shall mean the
      amount in New Pesos that, as of the date of such valuation, would be received
      for all issued, subscribed and paid shares of the Company&#146;s Capital
      Stock in an arm&#146;s-length transaction between a willing buyer and seller,
      determined as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The two parties determining
      Fair Market Value will each make an independent determination of the Company
      Value (each an &#147;Original Valuation Determination&#148;) and will submit
      it to the Chairman of the Board of Directors, the designated representative
      of the Series D Directors and the Transfer Agent. If the two valuations
      differ by an amount which is less than 10% of the smaller valuation, the
      Company Value will be the average of such Original Valuation Determinations.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the difference between
      the two valuations is an amount which is greater than 10% of the smaller
      valuation, the parties will each select a financial institution from a list
      of internationally recognized institutions approved by a majority of the
      Series A Directors and a </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 13</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 21; page: 21" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>majority of the Series D Directors. These two institutions
      will make their respective determinations of the Company Value (the &#147;Second
      Valuations&#148;) and submit them to the Chairman of the Board of Directors,
      the designated representative of the Series D Directors and the Transfer
      Agent. If the Second Valuations differ by an amount which is less than 10%
      of the smaller valuation, the Company Value will be the average of such
      Second Valuations.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the Second Valuations
      differ by an amount which is greater than 10% of the smaller valuation,
      the two aforementioned institutions will select a third institution from
      the same list from which they were chosen, which institution shall then
      make its own determination of the Company Value (the &#147;Third Valuation&#148;).
      The two Second Valuations and the Third Valuation will be averaged together,
      and the original Valuation Determination that is nearest to this average
      will be deemed to be the Company Value.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 16</u>:</b>
      The Company may be reorganized into one of several corporations pursuant
      to a resolution adopted at an Extraordinary Shareholders&#146; Meeting.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 17</u>:</b>
      The Company will have a shares registry and will consider as shareholders
      only those persons who appear registered in such registry. Upon the appointment
      of the Trustee Division of Banca Serfin, S.A. (or any other trust institution
      that the Board of Directors may select) as transfer agent of the Company
      (the &#147;Transfer Agent&#146;&#148;), the Company will register its shares
      of Capital Stock of any Series with the Transfer Agent; with respect to
      such shares, the Company will consider as owner only those shareholders
      who appear in the registry of such trust institution and, before making
      changes in such registry with respect to Series &#147;A&#148; or &#147;D&#148;
      shares, such trust institution must verify full compliance with the provisions
      set forth in Article 15 hereof.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 14</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 22; page: 22" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 18</u>:</b>
      (a) The Company&#146;s controlling shareholders are required, in the event
      of cancellation of the registration of any shares of the Company in the
      Securities Section of the National Register of Securities and Financial
      Instruments, either at the request of the Company or by a resolution of
      the National Security Commission of Mexico in accordance with law, to make
      a public offer to acquire said shares prior to such cancellation at the
      highest price resulting from the average of the closing prices of such shares
      over the thirty day period immediately preceding the offering date, or at
      the book value of the shares according to the most recent quarterly report
      presented to the Commission and the Mexican Stock Exchange prior to the
      offering.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such shareholders shall
      not be obliged to carry out the aforementioned public acquisition offer
      in the event that all of the shareholders approve the cancellation of the
      registration.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER III</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>SHAREHOLDERS&#146; MEETINGS</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 19</u>:</b>
      (a) The General Meeting of Shareholders is the supreme authority of the
      company, all other corporate authority being subordinate thereto.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders&#146;
      Meetings shall be either General (Ordinary or Extraordinary) or Special
      and will be held at the domicile of the Company. Extraordinary Meetings
      will be those which are held to deal with any of the matters stipulated
      under Article 182 of the General Commercial Companies Law, as well as for
      the cancellation of the registration of shares issued or to be issued by
      the Company, which have been filed with the securities or special sections
      of the National Register of Securities and Financial Instruments, or with
      foreign stock exchanges in which such shares may have been listed. All other
      General Meetings will be Ordinary Meetings. Special Meetings will be those
      which are held to deal with </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 15</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 23; page: 23" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>matters put to the vote of a particular Series of shares.
      Each meeting shall deal only with the matters included in the Agenda.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 20</u>:</b>
      (a) An Ordinary Meeting shall be held at least once a year in the Company&#146;s
      offices on the date set by the Board of Directors, which date shall be within
      four months following the close of the corresponding fiscal year.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Extraordinary and Special
      Shareholders&#146; Meetings shall be called by the Board of Directors. Any
      such meetings will be called upon shareholder request pursuant to the terms
      set forth in Articles 184 and 185 of the General Commercial Companies Law.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 21</u>: </b>(a)
      The call for the Ordinary, Extraordinary and Special Shareholders&#146;
      Meetings, in first or further call, shall be published in the Official Newspaper
      in the domicile of the Company or in at least one of the newspapers of major
      circulation in the domicile, of the Company, at least 15 days prior to the
      date determined for the meeting to take place.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calls for a General Shareholders&#146;
      Meeting shall comply with the requirements set forth in Articles 186 and
      187 of the General Law of Commercial Companies.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 22</u>:</b>
      To attend the meetings, holders of Series &#147;A&#148; and &#147;D&#148;
      shares must deposit their shares with the Transfer Agent and obtain written
      proof of ownership of such shares from the Transfer Agent in order to obtain
      from the Company&#146;s Corporate Secretary a certificate authorizing such
      shareholders&#146; participation in the meetings, which certificate must
      be received at least 48 hours before the day and hour indicated for the
      meeting; holders of Series &#147;B&#148; and &#147;L&#148; shares must deposit
      their shares with the Corporate Secretary and obtain a certificate from
      the Company&#146;s Corporate Secretary authorizing such shareholders&#146;
      participation in the meetings, at least 48 hours before the day and hour
      indicated for the meeting or, in the case</font> </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 16</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 24; page: 24" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>of Series &#147;B&#148; or &#147;L&#148; shares deposited
      in an institution for the custody of securities, said institution shall
      inform the Company&#146;s Corporate Secretary, on a timely basis, of the
      number of shares that each of its depositors maintains therein, and shall
      indicate if the deposit has been made on the depositor&#146;s or on a third
      party&#146;s behalf; this proof shall be accompanied by a listing of names
      prepared by depositors and previously delivered to the Company&#146;s Corporate
      Secretary, within the aforementioned time, in order to obtain a certificate
      valid for entry. The shareholders are entitled to be represented at the
      meetings by proxies, through a simple power of attorney letter which must
      be received by the Company&#146;s Corporate Secretary within the aforementioned
      time.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 23</u>:</b>
      (a) The Ordinary and Extraordinary Shareholders&#146; Meetings, called to
      deal with matters in which the holders of Series &#147;L&#148; shares do
      not have voting rights, shall be considered legally convened through first
      or further call, provided that shareholders representing at least 76% of
      the issued, subscribed and paid ordinary Capital Stock are present, and
      their resolutions shall be valid when adopted by the holders of at least
      a majority of the issued, subscribed and paid shares of ordinary Capital
      Stock voting (and not abstaining) at such meeting.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided
      in paragraph (d) of this Article 23, Extraordinary Shareholders&#146; Meetings
      which are held through first or further call, to deal with matters in which
      the holders of Series &#147;L&#148; shares have voting rights, shall be
      considered legally convened, provided that shareholders representing at
      least 82% of the issued, subscribed and paid shares of Capital Stock are
      present, and their resolutions shell be valid when adopted by holders of
      at least a majority of the issued, subscribed and paid shares of Capital
      Stock voting (and not abstaining) at such meeting.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 17</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 25; page: 25" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Special Shareholders&#146;
      Meetings of any Series of shares, which are held through first or further
      call, shall be considered legally convened when holders of at least a majority
      of the issued, subscribed and paid shares of such Series are present, and
      their resolutions shall be valid when adopted by at least a majority of
      the issued, subscribed and paid shares of such Series.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The approval of the modification
      of any of the provisions of, Article 18 hereof requires a minimum quorum
      of holders of 95% of all the issued, subscribed and paid shares of Capital
      Stock, the vote of holders of at least 95% of all the issued, subscribed
      and paid shares of Capital Stock voting (and not abstaining) in connection
      therewith and the previous approval of the National Securities Commission.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Ordinary, Special and
      Extraordinary Shareholders&#146; Meetings shall be deemed lawfully called
      if all issued, subscribed and paid shares are represented therein, even
      if no notice was published, and their Resolutions will be deemed valid if,
      at the time of voting, all shares continue to be represented.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During an Ordinary Shareholders&#146;
      Meeting where the Company&#146;s Financial Statements for the prior fiscal
      year are discussed, the report referred to by Article 172 of the General
      Law of Commercial Companies, corresponding to the Company&#146;s prior fiscal
      year, shall also be discussed, along with those Reports that correspond
      to other companies of which the Company owns 50% or more of the capital
      stock.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 24</u>: </b>The
      Chairman of the Board of Directors, or whoever may substitute for him in
      his functions, shall preside over the corresponding Shareholders&#146; Meeting;
      in his absence, the meeting shall be presided over by any shareholder designated
      by those shareholders attending the meeting. The Secretary shall be the
      Board&#146;s Secretary or, in his</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 18</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 26; page: 26" -->
<p>
<table width=600>
  <tr>
    <td><font size="2">absence, any person designated by those shareholders attending
      the meeting. The Chairman shall name two of the shareholders present as
      vote-counters (&#147;<i><u>escrutadores</u></i>&#148;). Voting shall be
      by show of hands (&#147;<i>econ&oacute;micas</i>&#148;) unless at least
      three of the shareholders attending the meeting request that it be made
      by roll call (&#147;<u><i>nominales</i></u>&#148;). Furthermore, at the
      request of shareholders holding 33% (thirty-three percent) of the shares
      represented at a Meeting, the vote for any matter with respect to which
      they do not consider themselves sufficiently informed may be postponed by
      them for up to three days without the need for a new call. This right may
      only be exercised once for a particular matter.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER IV</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>ADMINISTRATION AND VIGILANCE</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 25</u>:</b>
      (a) The management and administration of Company matters shall be entrusted
      to a Board of Directors, which shall be comprised of at least 16 Proprietary
      Directors and up to 11 Alternate Directors. The number of Proprietary and
      Alternate Directors will be increased if the minority shareholders exercise
      their right to designate a Director in accordance with Article 26 hereof.
      Nominations of Directors for each Series of shares will take place in a
      Special Shareholders&#146; Meeting for such Series, convened in accordance
      with Article 23 hereof. The Series &#147;A&#148; shareholders shall, by
      a majority vote, appoint 11 Proprietary Directors and 6 Alternate Directors;
      the Series &#147;D&#148; shareholders shall, by a majority vote, appoint
      4 Proprietary Directors and up to 4 Alternate Directors; the Series &#147;L&#148;
      shareholders shall, by a majority vote, appoint 1 Proprietary Director and
      1 Alternate Director; and the Series &#147;B&#148; shareholders may appoint
      one or more Directors to the extent provided in Article 26 hereof. Any Alternate
      Director may act as a substitute in the absence of any Proprietary Director
      designated by the holders of the same Series of shares. The Delegates for
      such Special Shareholders Meetings will notify the Chairman of the Board
      of Directors of the Company of the</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 19</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 27; page: 27" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>resolutions adopted at the Special Shareholders Meetings
      at which they were present, whereupon the shareholders in attendance at
      the Ordinary Shareholders&#146; Meeting, convened for the election of the
      Directors and Examiners, shall adopt the designation of Directors determined
      by the shareholders in the Special Shareholders Meetings.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors shall be
      elected for one year and shall continue in the exercise of their functions
      even if the term for which they have been designated has concluded until
      such time as those persons appointed to replace them have taken office.
      The Ordinary Meeting of Shareholders at which the Directors of the Company
      are designated shall determine the compensation that the Directors will
      receive for their service during the period so designated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 26</u>:</b>
      Any shareholder or group of shareholders holding paid Series &#147;B&#148;
      shares or other paid shares of Capital Stock of the Company that were not
      voted in favor of the Directors appointed by the holders of a majority of
      the shares of any other Series pursuant to Article 25(a) hereof, shall,
      without affecting the number of Directors appointed pursuant to such Article,
      have the right to designate 1 Proprietary Director for each 10% of all issued,
      subscribed and paid shares of Capital Stock of the Company such Series &#147;B&#148;
      shares or other shares represent. When Alternate Directors are to be named,
      the aforementioned minority shall be entitled to designate 1 Alternate for
      each Proprietary Director appointed by such minority.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 27</u>: </b>The
      calls for Board of Director meetings shall be signed by the Chairman or,
      in his absence, by the Vice-Chairman or by the Secretary, and shall be sent
      by fax or personal delivery, or by any other means permitted by law, at
      least 15 days before the date of the meeting. Any three Directors may request
      a meeting of the Board of Directors of the company, in which case the Chairman,
      Vice-Chairman or Secretary shall duly issue a call for</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 20</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 28; page: 28" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>such meeting to be held within 30 days after receipt of such
      request, and shall include in the agenda therefor any matter requested by
      such Directors.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 28</u>:</b>
      (a) The Board of Directors shall meet at least 4 times a year. Annually,
      at the first session after the meeting that designated them, the Board of
      Directors shall name, from the Directors designated by the Series &#147;A&#148;
      shareholders, a Chairman and a Vice-Chairman. The Chairman, who shall act
      as chairman of the Board of Directors meetings and the Shareholders&#146;
      Meetings, shall, during his absences, have his position temporarily filled
      by the Vice-Chairman, and during the Vice-Chairman&#146;s absence, by the
      other Series A Directors in the order in which they have been designated.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary and an Alternate
      Secretary of the Company, neither of whom need be a Director, shall be designated
      by majority of the issued, subscribed and paid Capital Stock represented
      by Series &#147;A&#148; shares Minutes shall be taken at all, meetings and
      must be approved in writing by at least a majority of the Directors designated
      by the Series &#147;A&#148; shareholders and by at least two Directors designated
      by the Series &#147;D&#148; shareholders who attended the respective session,
      and be signed by the Chairman and Secretary.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 29</u>: </b>(a)
      The Board of Directors shall be considered legitimately functioning with
      respect to any action only if the majority of its members are present at
      the time such action is taken, and (except during the pendency of a Simple
      Majority Period under Article 31 hereof, which exception shall apply only
      with respect to the Simple Majority Matter, as defined therein), as part
      of such majority, at least two Directors designated by the Series &#147;D&#148;
      shareholders are also present at the time such action is taken.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 21</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 29; page: 29" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors
      may, without convening, adopt resolutions by a unanimous vote of its members,
      provided that such resolutions are confirmed in a writing signed by all
      members and recorded in the minute books of the Company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolutions of the Board
      of Directors shall be valid only if they have been approved by a majority
      of Directors voting (and not abstaining) at a meeting, which majority must
      (except (i) during the pendency of a Simple Majority Period under Article
      31 hereof, which exception shall apply only with respect to the Simple Majority
      Matters, or (ii) in the event that all Series D Directors present thereat
      abstain) include at least two Series D Directors.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing,
      the designation of the Chief Executive Officer and the Chief Financial and
      Administrative Officer shall be made, from a list proposed by the Series
      A Directors, by the majority vote of the Directors present, which majority
      must include the vote of at least two Series D Directors. The designation
      of the Chief operating Officer, the Controller, the Systems Services Director
      and the Marketing Director shall be made, from the list proposed by the
      Series D Directors, by the majority vote of the Directors present.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The removal of the above
      referenced officers shall be resolved by a majority of the Directors of
      the Series that proposed them.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 30</u>:</b>
      The Board of Directors shall have the following powers:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To manage the Company&#146;s
      business and property, with the broadest powers of administration, pursuant
      to Article 2554, second paragraph, of the Civil Code of the Federal District.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise acts of ownership
      with regard to the Company&#146;s personal and real property as well as
      its real and personal rights as set forth in the third paragraph of Article</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 22</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 30; page: 30" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>2554 of the Civil Code of the Federal District, and to grant
      guarantees of any type with regard to the obligations contracted or to the
      securities issued or accepted by third parties.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To act as agent of the
      Company with the broadest powers (including those that under Mexican law
      require a special Clause) before all administrative or judicial authorities
      of any Municipality or State or the Federation, as well as before labor
      or any other authorities, or before arbitrators or referees; to take depositions
      and testify, including withdrawing from civil rights (&#147;amparo&#148;)
      proceedings, under the terms of the first paragraph of Article 2554 of the
      Civil Code of the Federal District; as well as to act as agent of the Company
      before all types of criminal, Federal and State authorities; to file and
      withdraw criminal, complaints; to cause the Company to assist Mexico&#146;s
      Attorney General in those proceedings and to grant pardons.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To draw, make, endorse
      and guarantee (&#147;<i><u>avalar</u></i>&#148;) negotiable instruments
      on behalf of the Company, to issue securities secured with real property
      or unsecured, to cause the Company to be jointly and severally liable, to
      give guarantees (&#147;<i><u>avales</u></i>&#148;), bonds, or any other
      guarantee of payment with respect to any obligations contracted or securities
      issued or accepted by third parties, to donate or contribute the company&#146;s
      personal and real property to other companies, to subscribe shares of Capital
      Stock as well as acquire interests in other companies, and in general to
      conclude acts, enter into contracts and carry out other transactions which
      may be necessary, conducive, complementary or connected to the Company&#146;s
      main business purpose.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To appoint the Officers
      and Managers deemed necessary. </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To approve the internal
      policies applicable to the Company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To grant and revoke powers
      of attorney as it deems necessary, with or without the power of delegation,
      within the authority granted to the Board of Directors by these By-Laws.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 23</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
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  <!-- MARKER PAGE="sheet: 31; page: 31" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To determine the manner
      in which the shares owned by the Company shall be voted at Ordinary and
      Extraordinary Shareholders&#146; Meetings of any controlled company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To implement the resolutions
      taken at General Shareholders&#146; Meetings and, in general, to carry out
      all the acts and transactions necessary or convenient for the business purposes
      of the Company, except for those acts expressly reserved by law or these
      By-Laws to the Shareholders&#146; Meetings.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To approve the Five-Year
      Business Plan and the Annual Business Plan of the Company and its subsidiaries.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To approve any significant
      deviations from such Five-Year Business Plan or Annual Business Plan of
      the Company and its subsidiaries.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To approve the introduction
      of any new line of business or the termination of any existing line of business.
      The shareholders or the Board of Directors of the Company shall (by valid
      action at a General Shareholders&#146; Meeting or by action of the Board
      of Directors, in either case in accordance with these By-Laws) be entitled
      to reserve exclusively unto the Board of Directors, except for those determinations
      expressly reserved by law or these By-Laws to the Shareholders&#146; Meetings,
      all or any portion of its powers provided for herein or by applicable law,
      on such terms and subject to such conditions as the shareholders or the
      Board of Directors, acting as aforesaid, may specify from time to time.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 31</u>:</b>
      In the event that The Coca-Cola Company or any affiliate thereof takes any
      action under a bottler&#146;s agreement (or any agreement supplemental or
      related thereto) executed with the Company or any of its subsidiaries that
      a majority of the Directors of the Company designated by the Series &#147;A&#148;
      shares reasonably and in good faith believe to be</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 24</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 32; page: 32" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>materially adverse to the business interests of the company
      considered as a whole (a &#147;Simple Majority Determination&#148;), such
      majority may deliver written notice of such Simple Majority Determination
      (detailing the specific basis therefor) to The Cola-Cola Company or such
      affiliate and the designated representative of the Series D Directors. At
      any time during the 90-day period commencing on the 61st day following delivery
      of such notice, a majority of the Directors designated by the Series &#147;A&#148;
      shares may, if such action shall not have been cured to their reasonable
      satisfaction, deliver another written notice to the same persons declaring
      a &#147;Simple Majority Period&#148; to be in existence. During the pendency
      (and only during the pendency) of any such Simple Majority Period, only
      matters (as so limited, the &#147;Simple Majority Matters&#148;) described
      in paragraphs (j), (k) and (1) of Article 30 hereof, and matters described
      in paragraph (h) thereof only to the extent required to implement such matters
      described in such paragraphs (j), (k) and (1) at the level of any controlled
      company, shall be treated as matters to be approved by a simple majority
      vote of the entire Board of Directors of the Company, without requiring
      the presence or approval of any Director designated by the Series &#147;D&#148;
      shares. A majority of the Directors of the Company designated by the Series
      &#147;A&#148; shares may terminate a simple Majority Period at any time
      by giving written notice thereof to The Coca-Cola Company or such affiliate
      and the designated representative of the Series D Directors. For a period
      of one year following any such termination, the Directors designated by
      the Series &#147;A&#148; shares will have no right to declare another Simple
      Majority Period to be in existence. No cure after the declaration of a Simple
      Majority Period of the action that gave rise thereto shall terminate such
      Simple Majority Period. No failure to declare a Simple Majority Period during
      such 90-day period shall prevent a majority of the Directors of the Company
      designated by the Series &#147;A&#148; shares from subsequently </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 25</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 33; page: 33" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>exercising the rights conferred by this Section 31 by making
      another Simple Majority Determination with respect to such action.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 32</b></u><b>:
      </b>The holders of ordinary shares, voting at an Ordinary Shareholders&#146;
      Meeting as set forth in Article 23, may set up intermediate, levels of administration
      which differ from the ones set forth in the Law of Commercial Companies.
      The creation, structure and operation of such intermediate levels of administration
      shall be subject to the general rules issued by the National Securities
      Commission.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 33</u>: </b>The
      surveillance of the Company shall be entrusted to two Proprietary Examiners
      and two Alternate Examiners. The Series &#147;A&#148; shareholders shall
      designate, by a majority vote, a Proprietary Examiner and his Alternate,
      and the Series &#147;D&#148; shareholders shall, by a majority vote, designate
      a Proprietary Examiner and his Alternate. The Examiners shall perform their
      duties for one year with the understanding that they will continue to carry
      out these duties until the successors appointed to replace them take possession
      of their charges.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER V</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>FISCAL YEAR, FINANCIAL STATEMENTS, AND
      <br>
      DISTRIBUTION OF PROFIT AND LOSS</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 34</u>:</b>
      The fiscal year of the Company shall be 12 (twelve) months, beginning on
      January 1 and ending on December 31 of the same year.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 35</b></u><b>:</b>
      Annual profits, after payment of Income Tax (&#147;<i>Impuesto Sobre la
      Renta</i>&#148;), workers&#146; profit sharing and any other items that
      must be deducted or separated in accordance with Mexican law, shall be applied
      as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A minimum of 5% shall be
      set aside to constitute the legal reserve fund until it reaches at least
      20% (twenty percent) of the Company&#146;s Capital Stock;</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 26</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 34; page: 34" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The remainder may be distributed
      as dividends among the shareholders proportionally to the number of shares
      held by them or, if resolved by the Shareholders&#146; Meeting, it shall
      be totally or partially allocated in provision funds, reinvestment reserve
      funds, special funds or any other funds the meeting may determine.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 36</u>: </b>
      The founders do not reserve any special participation in the Company&#146;s
      profits.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 37</u>:</b>
      Losses, if any, shall be divided among shareholders pro rate according to
      the number of shares held but shall not exceed the shares&#146; face value.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b>CHAPTER VI</b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><b><u>DISSOLUTION AND LIQUIDATION</u></b></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 38</u>: </b>The
      Company shall be dissolved in the cases referred to in points II, III, IV
      and V of Article 229 of the General Law of Commercial Companies or, if the
      Extraordinary Shareholders&#146; Meeting so determines, in accordance with
      the terms of Article 23 of these By-Laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 39</u>: </b>Once
      the company is dissolved, the Extraordinary Shareholders&#146; Meeting,
      voting as set forth in Article 23, shall designate a Liquidator, fixing
      a term for the carrying out of his duties and the compensation that shall
      be paid to him.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 40</u>:</b>
      The Liquidator shall carry out the liquidation of the Company pursuant to
      the resolutions of the Extraordinary Shareholders&#146; Meeting, and in
      the absence thereof, in accordance with the following:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Liquidator shall conclude
      the Company&#146;s business in the manner he deems, most appropriate, collecting
      receivables, paying debts and selling the Company&#146;s property required
      therefor.</font></td>
  </tr>
</table>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 27</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 35; page: 35" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Liquidator shall prepare
      the Liquidation Financial Statements and shall submit them for the approval
      of a duly called Extraordinary Shareholders&#146; Meeting.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Liquidator shall distribute
      among the shareholders the remaining assets as per the Financial Statements
      approved by the Extraordinary Shareholders&#146; Meeting, in accordance
      with law and these By-Laws and against the delivery and cancellation of
      the corresponding share certificates.</font></td>
  </tr>
</table>
<p>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b>ARTICLE 41</b></u><b>:</b>
      During the liquidation period, the Extraordinary, Ordinary or Special Shareholders&#146;
      Meeting shall meet in accordance with the terms set forth in these By-Laws
      in the chapter relating to Shareholders&#146; Meetings, and the Liquidator
      shall perform the same functions the Board of Directors had during the normal
      course of the Company&#146;s business.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><u>ARTICLE 42</u>: </b>During
      liquidation and with respect to the Liquidator, the Examiner shall perform
      the same duties attributed to them in the normal course of business regarding
      supervision of the Board of Directors&#146; acts.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 28</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 36; page: 36" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2> EXHIBIT B </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANCA SERFIN, Divisi&oacute;n
      Fiduciaria, en los t&eacute;rminos del contrato de Prestaci&oacute;n de
      Servicios celebrado con Coca-Cola FEMSA, S.A. de C. V. de fecha 21 de Junio
      de 1993, CERTIFICA de acuerdo al Libro de Registro de Accionistas que con
      esta fecha recibo de la compa&#241;&iacute;a las &uacute;ltimas anotaciones
      que aparecen en el Libro son las siguientes:</font></td>
  </tr>
</table>
<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr>
    <td valign=bottom width=250>
      <p><font size="2" face="Times New Roman">ACCIONISTA</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">No. <br>
        C.P.</font></p>
    </td>
    <td valign=bottom colspan="2" align="center">
      <p align=center><font size="2" face="Times New Roman">ACCIONES</font></p>
    </td>
    <td valign=bottom width=203>
      <p><font size="2" face="Times New Roman">TIPO</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>&nbsp;</td>
    <td valign=top align="center" width=60>&nbsp;</td>
    <td valign=top align="right" width=68>&nbsp;</td>
    <td valign=top align="right" width=19>&nbsp;</td>
    <td valign=top width=203>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">FOMENTO ECONOMICO</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p>&nbsp;</p>
    </td>
    <td valign=top align="right" width=68>
      <p>&nbsp;</p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">MEXICANO, S.A. DE C.V.</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">1</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">996</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">SERIE &#147;A&#148;</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">LIC. ARTUTRO QUIROGA GZA.</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">2</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">4</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">ORIDINARIAS</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">FOMENTO ECONOMICO</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p>&nbsp;</p>
    </td>
    <td valign=top align="right" width=68>
      <p>&nbsp;</p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">DE CIRCULACION</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">MEXICANO<i> </i>S.A. DE C.V.</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">3</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">242,249,000</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">RESTRINGIDA.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">ACCIONES EN TESORERIA</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">1</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">90,250,000</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">SERIE &#147;B&#148; ORDINARIAS.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">THE INMEX CORPORATION</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">1</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">142,500,000</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">SERIE &#147;D&#148; <br>
        ORDINARIAS<br>
        DE CIRCULACION<br>
        RESTRINGIDA.<br>
        <br>
        </font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">IMPULSORA DE MERCADOS, <br>
        S.A. DE C.V.</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">1</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">90,250,000</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">SERIE &#147;L&#148;<br>
        DE VOTO</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=250>
      <p><font size="2" face="Times New Roman">ACCIONES EN TESORERIA</font></p>
    </td>
    <td valign=top align="center" width=60>
      <p><font size="2" face="Times New Roman">2</font></p>
    </td>
    <td valign=top align="right" width=68>
      <p><font size="2" face="Times New Roman">68,000,000</font></p>
    </td>
    <td valign=top align="right" width=19><font size="2"></font></td>
    <td valign=top width=203>
      <p><font size="2" face="Times New Roman">LIMITADO.</font></p>
    </td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340" align="center"><font size=2>21 de junio de 1993</font></td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340">&nbsp;</td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340"><font size=2>BANCA SERFIN, DIVISION FIDUCIARIA</font></td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340">&nbsp;</td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340">&nbsp;</td>
  </tr>
  <tr>
    <td width="248"><font size=2>Coca-Cola FEMSA. S.A. de C.V.</font></td>
    <td width="340">&nbsp;</td>
  </tr>
  <tr>
    <td width="248">&nbsp;</td>
    <td width="340">&nbsp;</td>
  </tr>
  <tr>
    <td width="248">
      <hr noshade size="1">
    </td>
    <td width="340">&nbsp;</td>
  </tr>
</table>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 29</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 37; page: 37" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2> EXHIBIT C-1 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Proposed Sale Pursuant to Article 15(b),
      Article 15(e) or Article 15(f) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2> [Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> [Name of Series A or Series D <br>
      Shareholders (as applicable)]</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2>Chairman of the Board of Directors of
      Coca-Cola FEMSA, S.A. de C.V.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Designated Representative of <br>
      &nbsp;&nbsp;Series D Shareholders</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Trustee Division of Banca Serfin, S.A.,
      <br>
      &nbsp;&nbsp;as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to signify the intention
      of the undersigned to sell the following shares of Coca-Cola FEMSA, S.A.
      de C.V. (the &#147;Company&#148;):</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>Series:<br>
      Certificate Number:<br>
      Number of Shares:<br>
      Name of Proposed Purchaser*:<br>
      Address of Proposed Purchaser*: <br>
      Proposed Sale Price: <br>
      Date of Sale: <br>
      Other Terms:</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the option to
      purchase all (but not less than all) said shares in accordance with the
      terms of Article 15(c) of the By-Laws of the Company shall be notified to
      the undersigned at the address specified below.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours, </font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]**<br>
      [NAME OP PLEDGEE]***<br>
      [Address] </font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">* </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=95%><font size="1">Information not required if sale is proposed
      to be effected pursuant to Article 15(e) of the By-Laws. </font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">** </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=95%><font size="1">In the event such sale is proposed to be effected
      pursuant to Article 15(b) or Article 15(e) of the By-Laws.</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=4% align=right valign=top><font size="1">*** </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=95%><font size="1">To be used in the event such sale is proposed
      to be effected pursuant to Article 15(f) of the By-Laws.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 1</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 38; page: 38" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-2 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Acceptance Pursuant to Article 15(c) of
      the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> [Name of Transferring Shareholder(s)]</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2>[Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V.]</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> [Designated Representative of <br>
      &nbsp;&nbsp;Series D Shareholders]</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Trustee Division of Banca Serfin, S.A.,
      <br>
      &nbsp;&nbsp; as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby agrees to purchase all
      (but not less than all) of the shares specified in the letter dated _____________
      of [Name of Transferring Shareholder] in accordance with the terms of Article
      15(c) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V. (the &#147;Company&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This will serve to certify
      that a majority of [Series A] [Series D] shareholders have approved such
      purchase.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[Name of chairman of the Board <br>
      &nbsp;&nbsp; of Directors of the Company) <br>
      [Name of Designated<br>
      &nbsp;&nbsp;Representative of Series D Shareholders] </font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 39; page: 39" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-2(A) </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Consummation of Transfer Pursuant to Article
      15(c) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Trustee Division of Banca Serfin, S.A.,
      as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to notify you of the
      communication of the transfer of all (but not less than all) of the shares
      specified in the letter dated ____________[Name of Transferring Shareholder]
      in accordance with the terms of Article 15(c) of the By-Laws of Coca-Cola
      FEMSA, S.A. de C.V. (the &#147;Company&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares purchased
      by each [Series A] [Series D] shareholder and the names of such shareholders
      or of their designees (a &#147;Designated Purchaser&#148;) are as follows:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Enclosed herewith is an executed
      original of the Assumption Agreement of the Designated Purchaser in the
      form of Exhibit ______ of the Shareholders Agreement dated as of __________
      by and among Fomento Econ&oacute;mico Mexicano, S.A. de C.V., The Coca-Cola
      Company and The Inmex Corporation.]<font size="1"><sup>1</sup></font></font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[Name of chairman of the Board <br>
      &nbsp;&nbsp; of Directors of the Company) </font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>[Name of Designated<br>
      &nbsp;&nbsp;Representative of Series D Shareholders] </font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<p>
<p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% valign=top><font size="1"><sup>1</sup> </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97%><font size="1">To be used in the event such purchase is made
      to a Designated Purchaser.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 40; page: 40" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-3 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Final Sale Pursuant to Article 15(d) or
      Article 15(f) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Designated Representative of Series
      D Shareholders <br>
      <br>
      Trustee Division of Banca Serfin, S.A., as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to notify you of the
      sale of the shares specified in our letter to you dated _________, pursuant
      to [Article 15(d)] [Article 15(f)] of the By-Laws of Coca-Cola FEMSA, S.A.
      de C.V. (the &#147;Company&#148;). This will serve to certify that such
      sale was consummated on [date] pursuant to [Article 15(d)] [Article 15(f)]
      of the By-Laws of the Company and in compliance with all applicable provisions
      of the By-Laws of the Company. The name and address of the purchaser (the
      &#147;Purchaser&#148;) are:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed herewith is an executed
      original of the Assumption Agreement of the Purchaser in the form of Exhibit
      ____ to the Shareholders Agreement dated as of _________ by and among Fomento
      Econ&oacute;mico Mexicano, S.A. de C.V., The Coca-Cola Company, and The
      Inmex Corporation.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]*
      <br>
      [NAME OF PLEDGEE]** <br>
      [Address]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% align=right valign=top><font size="1">* </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=96%><font size="1">To be used in the event such sale is made in
      accordance with Article 15(d).</font></td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=3% align=right valign=top><font size="1">** </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=96%><font size="1">To be used in the event such sale is made in
      accordance with Article 15(f).</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 41; page: 41" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-4 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Proposed Granting of Pledge Pursuant to
      Article 15(f) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"> [Date]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Chairman of the Board of Directors
      of <br>
      Coca-Cola FEMSA, S.A. de C.V. (the &#147;Company&#148;)</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Designated Representative of Series
      D Shareholders <br>
      <br>
      Trustee Division of Banca Serfin, S.A., as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to notify you of the
      proposed granting of a pledge to [Name of Financial or Credit Institution]
      in respect of the [Series A] [Series D] shares specified in the enclosed
      executed original of the Assumption Agreement of [Name of Financial or Credit
      Institution] in the form of Exhibit _____ to the Shareholders Agreement
      dated as of ________________ by and among Fomento Econ&oacute;mico Mexicano,
      S.A. de C.V., The Coca-Cola Company and The Inmex Corporation.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This will serve to certify
      that the enclosed documentation complies in all respects with Article 15(f)
      of the By-Laws and that the proposed pledge will be consummated pursuant
      to Article 15(f) of the By-Laws of the Company and in compliance with all
      applicable provisions of the By-Laws of the Company. Please advise the undersigned
      of receipt of this notice and the enclosures hereto.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF PLEDGOR] <br>
      [Address]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 42; page: 42" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-5 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Transfer Pursuant to Article 15(g) of
      the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Chairman of the Board of Directors
      of <br>
      Coca-Cola FEMSA, S.A. de C.V.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> </font></td>
    <td width=90% valign=top><font size=2> Designated Representative of Series
      D Shareholders <br>
      <br>
      Trustee Division of Banca Serf&iacute;n, S.A., as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to notify you of the
      transfer of the shares specified in the enclosed executed original of the
      Assumption Agreement (in the form of Exhibit _____ to the Shareholders Agreement
      dated as of _________________ by and among Fomento Econ&oacute;mico Mexicano,
      S.A. de C.V., The Coca-Cola Company and The Inmex Corporation) of [Name
      of Transferee]. This is to certify that such transfer was effected pursuant
      to the terms of Article 15(g) of the By-Laws of Coca-Cola FEMSA, S.A. de
      C.V. and in compliance with all applicable provisions of the By-Laws of
      the Company.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]
      <br>
      [Address]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 43; page: 43" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-6 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Proposed Transfer Pursuant to Article
      15(h) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> [Name of Series A or Series D Shareholders
      (as applicable)]</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Chairman of the Board of Directors of Coca-Cola FEMSA, S.A.
      de C.V.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Designated Representative of Series D Shareholders</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Trustee Division of Banca Serf&iacute;n, S.A., as Transfer
      Agent</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to signify the intention
      of the undersigned to transfer the following shares of Coca-Cola FEMSA,
      S.A. de C.V. (the &#147;Company&#148;):</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>Series: <br>
      Certificate Number: <br>
      Number of Shares: <br>
      Name of Proposed Transferee: <br>
      Address of Proposed Transferee: <br>
      Proposed Compensation: <br>
      Date of Sale: <br>
      Other Terms:</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acceptance of the option to
      acquire all (but not less than all) said shares in accordance with the terms
      of Article 15(h) of the By-Laws of the Company shall be notified to the
      undersigned at the address specified below. In addition, any demand for
      a determination of Fair Market Value of said shares in accordance with the
      terms of Article 15(i) of the By-Laws of the Company shall also be notified
      to the undersigned.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]<br>
      [Address]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 44; page: 44" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-7 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Demand for a Determination of Fair Market Value
      Pursuant to Article 15(i) of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> [Name of Transferring Shareholder(s)]
      <br>
      <br>
      [Chairman of the Board of Directors of Coca-Cola FEMSA, S.A. <br>
      &nbsp;&nbsp; de C.V. (the &#147;Company&#148;)] <br>
      <br>
      [Designated Representative of Series D Shareholders] <br>
      <br>
      Trustee Division of Banca Serf&iacute;n, S.A., as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby notifies you of our demand
      for a determination of the Fair Market Value of the shares specified in
      your letter to us (pursuant to Article 15(h) of the By-Laws of the Company)
      dated ___, which demand is made pursuant to Article 15(i) of the By-Laws
      of the Company.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[Name of Chairman of the Board <br>
      &nbsp;&nbsp; of Directors of the Company] <br>
      [Name of Designated Representative <br>
      &nbsp;&nbsp; of Series D Shareholders]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<p>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 45; page: 45" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-8 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Acceptance Pursuant to Article 15(j) of
      the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> [Name of Transferring Shareholders]
      <br>
      <br>
      [Chairman of the Board of Directors of Coca-Cola FEMSA, S.A. de C.V.] <br>
      <br>
      [Designated Representative of Series D Shareholders] <br>
      <br>
      Trustee Division of Banca Serfin, S.A., <br>
      &nbsp;&nbsp;as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, on behalf
      of the [Series A] [Series D] shareholders, hereby agrees to acquire all
      (but not less than all) of the shares specified in the letter dated _____________
      of [Name of Transferring Shareholder] in accordance with the terms of Article
      15(j) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V. (the &#147;Company&#148;)</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Enclosed herewith is an executed
      original of the Assumption Agreement of the Designated Acquiror in the form
      of Exhibit ____ of the Shareholders Agreement dated as of ______________
      by and among Fomento Econ&oacute;mico Mexicano, S. A . de C.V., The Coca-Cola
      Company and The Inmex Corporation.]*</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This will serve to certify
      that a majority of [Series A] [Series D] shareholders have approved such
      acquisition. The number of shares being acquired by each [Series A] (Series
      D] shareholder and the names of such shareholders or their designees (a
      &#147;Designated Acquirer&#148;) are as follows:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td>
      <hr noshade size="1" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[Name of Chairman of the Board <br>
      &nbsp;&nbsp; of the Company] <br>
      [Name of Designated Representative <br>
      &nbsp;&nbsp; of Series D Shareholders]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td>
      <hr size=1 noshade align=left  width=75>
    </td>
  </tr>
</table>
<table width=600>
  <tr>
    <td width=2% align=right valign=top><font size="1">* </font></td>
    <td width=1%><font size="1"></font></td>
    <td width=97%><font size="1">To be used in the event such purchase is made
      to a Designated Acquiror.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 46; page: 46" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-9 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Final Transfer Pursuant to Article 15(k)
      of the By-Laws]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>[Date] </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Chairman of the Board of Directors
      of Coca-Cola FEMSA, S.A. de C.V. <br>
      <br>
      Designated Representative of Series D Shareholders <br>
      <br>
      Trustee Division of Banca Serfin, S.A., as Transfer Agent</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to notify you of the
      transfer of the shares specified in our letter to you dated ____________
      pursuant to Article 15(k) of the By-Laws of Coca-Cola FEMSA, S.A. de C.V.
      (the &#147;Company&#148;). This will serve to certify that such transfer
      was consummated on [date] pursuant to Article 15(k) of the By-Laws of the
      Company and in compliance with all applicable provisions of the By-Laws
      of the company. The name and address of the acquiror (the &#147;Acquiror&#148;)
      are:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="16">&nbsp; </td>
    <td width="572">
      <hr noshade size="1" align="left" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="16">&nbsp; </td>
    <td width="572">
      <hr noshade size="1" align="left" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="16">&nbsp; </td>
    <td width="572">
      <hr noshade size="1" align="left" width="60%">
    </td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enclosed herewith is an executed
      original of the Assumption Agreement of the Acquiror in the form of Exhibit
      ______ to the Shareholders Agreement dated as of _______________ by and
      among Fomento Econ&oacute;mico Mexicano, S.A. de C.V., The Coca-Cola Company
      and The Inmex Corporation.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]
      <br>
      [Address]</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27"><font size=2>By: </font></td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333"><font size=2>Title:</font> </td>
  </tr>
</table>
<p>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 47; page: 47" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT C-10 </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Consummation of Transfer in Connection
      with Which the By-Laws Have Been Amended to Eliminate Transfer Restrictions]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top><font size=2> To: </font></td>
    <td width=90% valign=top><font size=2> Trustee Division of Banca Serf&iacute;n,
      S.A.</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The undersigned Chairman of the Board of Directors of the
      Company and designated representative of the Directors of the Company appointed
      by the Series &#147;D&#148; shares hereby certify that the restrictions
      on transfer of Series &#147;A&#148; and Series &#147;D&#148; shares of Coca-Cola
      FEMSA, S.A. de C.V. (the &#147;Company&#148;) previously contained in Article
      15 of the By-Laws of the Company have been eliminated therefrom. The undersigned
      hereby direct you immediately to enter the following sale of shares in the
      Registry Book:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>Series: <br>
      Certificate Number: <br>
      Number of Shares: <br>
      Name of Purchaser: <br>
      Address of Purchaser:</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Name:<br>
      Chairman of the Board</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224" height="19">&nbsp;</td>
    <td width="360" height="19" colspan="2"><font size=2>Name:<br>
      Series D Representative</font></td>
  </tr>
</table>
<p></p>
<p>
<p>
<p>
<p>
<p>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 48; page: 48" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT F </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><u>[Form of Assumption Agreement]</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>[LETTERHEAD OF ASSUMING PARTY]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>_______________ __, 200_</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Coca-Cola FEMSA, S.A. de C.V. <br>
      Guillermo Gonz&aacute;lez Camarena No. 600 <br>
      Centro de Ciudad Santa Fe <br>
      01210 M&eacute;xico, D.F., M&eacute;xico</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Attention:&nbsp;&nbsp;Chairman of the Board of Directors</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sir:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Amended
      and Restated Shareholders Agreement, dated as of July 6, 2002 (the &#147;<u>Amended
      Shareholders Agreement</u>&#148;), by and among Grupo Industrial Emprex,
      S.A. de C.V. (formerly named Fomento Econ&oacute;mico Mexicano, S .A. de
      C.V.) (&#147;<u>Emprex</u>&#148;), Compania Internacional de Bebidas, S.A.
      de C.V. (&#147;<u>CIB</u>&#148;), The Coca-Cola Company (&#147;<u>KO</u>&#148;)
      and The Inmex Corporation (&#147;<u>Inmex</u>&#148;). Capitalized terms
      used but not defined herein have the respective meanings set forth in the
      Amended Shareholders Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This assumption agreement (this
      &#147;<u>Assumption Agreement</u>&#148;) is being delivered pursuant to
      Section 3.1(c)(i) of the Amended Shareholders Agreement as a condition precedent
      to the Transfer of Restricted Shares (the &#147;<u>Subject Transfer</u>&#148;)
      to the undersigned (the &#147;<u>Assuming Party</u>&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement to be Bound</u>.
      The Assuming Party hereby agrees that, effective upon consummation of the
      Subject Transfer, it shall join the Amended Shareholders Agreement as a
      Shareholder and shall be subject to all the terms and conditions thereof,
      and, from and after the time of the Subject Transfer, shall assume all responsibilities,
      duties, obligations and liabilities, and succeed to all rights and privileges,
      of a [Series A] [Series D] Shareholder thereunder.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations</u>.
      The Assuming Party hereby represents to each of the Parties, the Company
      and the Transfer Agent as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amended
      Shareholders Agreement, <i>Estatutos</i> and Transfer Agency Agreement</u>.
      The Assuming Party has received a copy of, and has carefully read, the Amended
      Shareholders Agreement, the <i>Estatutos</i> and the Transfer Agency Agreement.
      In particular and without limiting the foregoing, the Assuming Party acknowledges
      that by delivering this Assumption Agreement, it will become bound by the
      provisions of Section 9.5 of the Amended Shareholders Agreement, and that
      service of legal process thereunder shall be deemed in every </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 49; page: 49" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>respect effective if personally served at the address for
      notice purposes designated pursuant to Section 3 below.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery; Spanish and
      English Versions</u>. An executed original of the Spanish version hereof
      has been delivered to the Chairman of the Board of Directors of the Company.
      Copies of the English and Spanish versions hereof have been delivered to
      the Series D Representative and the Transfer Agent.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Subject Transfer</u>.
      [<u>for a sale under Article 15(b) through (d) of the <i>Estatutos</i></u>:
      Pursuant to the Subject Transfer, the Assuming Party shall purchase _______________
      Series [A <u>or</u> D] Shares, represented by stock certificate nos. _________________________________________
      , at a price equal to ___________ per Share. All other terms of the Subject
      Transfer are set forth in Schedule I hereto.]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>--or--</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>for a foreclosure under
      Article 15(f) of the <i>Estatutos</i></u>: Pursuant to the Subject Transfer,
      the Assuming Party [in this case the pledges of Restricted Shares] shall
      acquire by way of foreclosure _______________ Series [A <u>or</u> D] Shares,
      represented by certificate nos. ______________, provided, however, that
      such Assuming Party has, prior to such foreclosure, complied with the procedures
      set forth in paragraphs (b) through (d) of Article 15 of the <i>Estatutos</i>.]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>--or--</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>for a Transfer under Article
      15(g) of the <i>Estatutos</i></u>: Pursuant to the Subject Transfer, the
      Assuming Party shall [<u>acquire or describe other Transfer</u>] _________
      Series [A <u>or</u> D] Shares, represented by stock certificate nos.____________,
      owned of record by ________________ (the &#147;<u>Subject Transferor</u>&#148;).
      [The Subject Transferor owns, directly or indirectly, more than 50% of the
      outstanding shares of the capital stock with voting power of the Assuming
      Party. <u>or</u> A person that owns, directly or indirectly, more than 50%
      of the outstanding shares of the capital stock with voting power of the
      Assuming Party also owns, directly or indirectly, more than 50% of the outstanding
      shares of the capital stock with voting power of the Subject Transferor.]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>--or--</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>for a Transfer under Article
      15(h) through (k) of the <i>Estatutos</i></u>: Pursuant to the Subject Transfer,
      the Assuming Party shall [<u>describe Transfer</u>] ______________ Series
      [A <u>or</u> D] Shares, represented by stock certificate nos. ______________,
      all on the terms set forth in Schedule I hereto. [<u>Attach copy of notice
      previously given under Article 15(h) of <i>Estatutos</i></u>]. ]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate Organization</u>.
      The Assuming Party is a [corporation duly organized, validly existing and
      in good standing under the laws of _________] [<u>if the Assuming Party
      is a partnership or other &#147;non-corporate&#148; entity, include comparable
      language to reflect such form of organization</u>] and has all requisite
      power to execute and deliver this Assumption Agreement, to perform its obligations
      hereunder and under the Amended Shareholders Agreement and to consummate
      the transactions contemplated hereby and thereby.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 50; page: 50" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Authorization</u>.
      The execution and delivery of this Assumption Agreement and the performance
      and consummation of the transactions contemplated hereby and by the Amended
      Shareholders Agreement have been duly authorized by all required action.
      This Assumption Agreement has been duly executed and delivered by the Assuming
      Party, and this Assumption Agreement and the Amended Shareholders Agreement
      constitute the valid and binding obligations of the Assuming Party, enforceable
      against the Assuming Party in accordance with their terms, in each case
      subject to applicable bankruptcy, insolvency, reorganization, moratorium
      and other laws affecting the rights of creditors generally.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No
      conflict</u>. The execution and delivery by the Assuming Party of this Agreement,
      the consummation by the Assuming Party of the transactions contemplated
      hereby and by the Amended Shareholders Agreement, and the fulfillment of,
      and compliance with the terms and conditions hereof and thereof do not and
      will not violate or conflict with its governing instruments or any law or
      regulation, judicial or governmental order, judgment or ruling, or result
      in the breach, default, modification or alteration of any term in any contract,
      license or other instrument, to which it or any of its property is subject
      or bound.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Pending
      Litigation</u>. No suit, investigation, action or other proceeding is pending
      or, to the knowledge of the Assuming Party, threatened, against the Assuming
      Party before any court or governmental agency restraining or prohibiting
      the Assuming Party from consummating the transactions contemplated hereby
      or by the Amended Shareholders Agreement or which could result in the obtaining
      of damages from the Assuming Party in connection therewith.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Acquisition
      for Investment</u>. The Assuming Party acknowledges that the Shares that
      form part of the Subject Transfer have not and will not be registered under
      the United States Securities Act of 1933, as amended (the &#147;Securities
      Act&#148;), and represents that (i) it is excluded from the definition of
      &#147;U.S. person&#148; as defined in Regulation S of the Securities Act,
      or (ii) (x) the Assuming Party is an institutional investor and an &#147;accredited
      investor&#148; within the meaning of Rule 501(a) of Regulation D of the
      Securities Act and has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of investment
      in such Shares, and is able to bear the economic risk of its investment
      and (y) it is purchasing such Shares for its own account for investment
      and not with a view to the distribution of or with any present intention
      of distributing or selling any of such Shares. Without limiting the foregoing,
      the Assuming Party agrees that it (A) will only reoffer or resell such Shares
      in accordance with any available exemption from the requirements of Section
      5 of the Securities Act and, in any event, in accordance with any applicable
      state securities laws and (B) shall provide to any person purchasing any
      such Shares from it a notice advising such purchaser that transfers of such
      Shares are restricted as set forth herein.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Notices</u>. All notices,
      requests, instructions or other documents to be given hereunder to the Assuming
      Party shall be in writing and shall be given personally or by facsimile
      transmission at the address specified below:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Assuming
      Party</u>]<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Address</u>]
      <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 51; page: 51" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phone: <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Third Party Beneficiaries</u>.
      This Assumption Agreement has been entered into and is intended to be for
      the benefit of the parties to the Amended Shareholders Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Law</u>. Regardless
      of the place of execution, this Assumption Agreement shall be governed by
      and construed in accordance with the laws of the United Mexican States (without
      regard to the conflict of laws principles thereof).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Originals</u>. This Assumption
      Agreement has been executed in ___ originals.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Very truly yours,</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[<u>NAME OF ASSUMING PARTY</u>]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>By: ________________________________</font></td>
  </tr>
  <tr>
    <td><font size=2>Name: <br>
      Title:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>ACKNOWLEDGED AND <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREED TO:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[NAME OF TRANSFERRING SHAREHOLDER]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>By: ________________________________</font></td>
  </tr>
  <tr>
    <td><font size=2>Name: <br>
      Title:</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 52; page: 52" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT G </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2><u>[Form of Pledgee Agreement)</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>[LETTERHEAD OF PLEDGEE]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>_______________ __, 200_</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Coca-Cola FEMSA, S.A. de C.V. <br>
      Guillermo Gonz&aacute;lez Camarena No. 600 <br>
      Centro de Ciudad Santa Fe <br>
      01210 M&eacute;xico, D.F., M&eacute;xico</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Attention:&nbsp;&nbsp;&nbsp;Chairman of the Board of Directors</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sir:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Amended
      and Restated Shareholders Agreement, dated as of July 6, 2002 (the &#147;<u>Amended
      Shareholders Agreement</u>&#148;), by and among Grupo Industrial Emprex,
      S.A. de C.V. (formerly named Fomento Econ&oacute;mico Mexicano, S.A. de
      C.V.) (&#147;<u>Emprex</u>&#148;), Compa&#241;ia Internacional de Bebidas,
      S.A. de C.V. (&#147;<u>CIB</u>&#148;), The Coca-Cola Company (&#147;<u>KO</u>&#148;)
      and the Inmex Corporation (&#147;Inmex&#148;). Capitalized terms being used
      but not defined herein have the respective meanings set forth in the Amended
      Shareholders Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This pledgee agreement (this
      &#147;<u>Pledgee Agreement</u>&#148;) is being delivered pursuant to Section
      3.1(c)(iii) of the Amended Shareholders Agreement as a condition precedent
      to the pledge (the &#147;<u>Subject Pledge</u>&#148;) of Restricted Shares
      (the &#147;<u>Pledged Shares</u>&#148;) to the undersigned (the &#147;<u>Pledgee</u>&#148;).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement</u>. Effective
      upon the consummation of the Subject Pledge, the Pledgee hereby agrees as
      follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Pledgee
      shall promptly notify the Chairman of the Board of Directors of the Company,
      the Series D Representative and the Transfer Agent of any default under
      the Subject Pledge that would, immediately, with the passage of time or
      with the giving of notice, enable the Pledgee to proceed against the Pledged
      Shares.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Pledgee
      agrees to be bound by and shall comply with all procedures set forth in
      Article 15 of the <i>Estatutos</i> prior to any foreclosure of the Pledged
      Shares.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Pledgee
      irrevocably waives any right of self-adjudicating the Pledged Shares, even
      with the written consent of the Pledgor, until the Pledgee has fully complied
      with such procedures.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Pledgee
      agrees that all voting rights with respect to the Pledged Shares shall remain
      exclusively with the Pledgor so long as the Pledgor is the owner of record
      of the Pledged Shares.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 52; page: 52" --> <br>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations</u>.
      The Pledges hereby represents to each of the Parties, the Company and the
      Transfer Agent as follows:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) <u>Amended
      Shareholders Agreement, <i>Estatutos</i> and Transfer Agency Agreement</u>.
      The Pledges has received a copy of, and has carefully read, the Amended
      Shareholders Agreement, the <i>Estatutos</i> and the Transfer Agency Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Delivery;
      Spanish and English Versions</u>. An executed original of the Spanish version
      hereof has been delivered to the Chairman of the Board of Directors of the
      Company. Copies of the English and Spanish versions hereof have been delivered
      to the Series D Representative and the Transfer Agent.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Subject
      Pledge</u>. The Pledgee is a financial or credit institution. Upon consummation
      of the Subject Pledge, the Pledgee will have a security interest in the
      Pledged Shares (______________ Series [A <u>or</u> D] Shares, represented
      by stock certificate nos. ______________), pursuant to [<u>identify security
      agreement</u>] to secure certain obligations of the Pledger under [<u>identify
      agreement</u>] copies of which agreements are attached hereto.]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Corporate
      Organization.</u> The Pledgee is a [corporation duly organized, validly
      existing and in good standing under the laws of _________] [<u>if the Pledgee
      is a partnership or other &#147;non-corporate&#148; entity, include comparable
      language to reflect such form of organization</u>] and has all requisite
      power to execute and deliver this Pledgee Agreement, to perform its obligations
      hereunder and to consummate the transactions contemplated hereby.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Authorization.</u>
      The execution and delivery of this Pledgee Agreement and the performance
      and consummation of the transactions contemplated hereby have been duly
      authorized by all required action. This Pledgee Agreement has been duly
      executed and delivered by the Pledgee and constitutes the valid and binding
      obligation of the Pledgee, enforceable against the Pledgee in accordance
      with its terms, in each case subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws affecting the rights of creditors
      generally.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No
      Conflict.</u> The execution and delivery by the Pledgee of this Pledge Agreement,
      the consummation by the Pledgee of the transactions contemplated hereby
      and the fulfillment of, and compliance with, the terms and conditions hereof
      do not and will not violate or conflict with its governing instruments or
      any law or regulation, judicial or governmental order, judgment or ruling,
      or result in the breach, default, modification or alteration of any term
      in any contract, license or other instrument, to which it or any of its
      property is subject or bound.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Pending
      Litigation.</u> No suit, investigation, action or other proceeding is pending
      or, to the knowledge of the Pledgee, threatened, against the Pledgee before
      any court or governmental agency restraining or prohibiting the Pledgee
      from consummating the transactions contemplated hereby or which could result
      in the obtaining of damages from the Pledgee in connection therewith.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 53; page: 53" -->
<p> <br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Notices.</u> All notices,
      requests, instructions or other documents to be given hereunder to the Pledgee
      shall be in writing and shall be given personally or by facsimile transmission
      at the address specified below:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2><u>[Pledgee]</u><br>
      <u>[Address] </u><br>
      Attention: <br>
      Phone: <br>
      Facsimile:</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Third Party Beneficiaries.</u>
      This Pledgee Agreement has been entered into and is intended to be for the
      benefit of the parties to the Amended Shareholders Agreement.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Law.</u> Regardless
      of the place of execution, this Pledgee Agreement shall be governed by and
      construed in accordance with the laws of United Mexican States (without
      regard to the conflict of laws principles thereof).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Originals.</u> This Pledge
      Agreement has been executed in ____ originals.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Very truly yours,</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2><u>[NAME OF PLEDGEE]</u></font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>By: ________________________________</font></td>
  </tr>
  <tr>
    <td><font size=2>Name: <br>
      Title:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>ACKNOWLEDGED AND <br>
      &nbsp;&nbsp;&nbsp;&nbsp; AGREED TO:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[NAME OF PLEDGOR]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>By: ________________________________</font></td>
  </tr>
  <tr>
    <td><font size=2>Name: <br>
      Title:</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 54; page: 54" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT H </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The parties agree that it is desirable for Coca-Cola FEMSA,
      S.A. de C.V. (&#147;Coca-Cola FEMSA&#148;) to expand its scope of operations
      in Latin America. Therefore, it is the intention of The Coca-Cola Company
      (&#147;KO&#148;) that Coca-Cola FEMSA will be a primary vehicle as territories
      become available in Mexico and other parts of Latin America to facilitate
      the consolidation of such territories. In other words, Coca-Cola FEMSA will
      be viewed as one of a small number of &#147;anchor&#148; bottlers for KO
      in Latin America. Therefore, if and when current owners of Coca-Cola bottling
      operations in Mexico and in other parts of Latin America choose to sell
      their bottling operations, KO will fully consider Coca-Cola FEMSA as a potential
      owner of such operations. In considering Coca-Cola FEMSA as a potential
      owner, KO must also consider the overall best interests of its bottling
      system including the acquisition interests of other anchor bottlers. In
      any event, Coca-Cola FEMSA must successfully negotiate the terms and conditions
      of any transaction on an economically sound basis with the owners of the
      available operations in question.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>In the event that owners of operations, which Coca-Cola FEMSA
      and KO agree fit with Coca-Cola FEMSA&#146;s operations on a logistical
      and marketing basis, decide to sell and KO purchases such operations, KO
      will provide Coca-Cola FEMSA with an option to purchase these operations
      from KO. The option will allow Coca-Cola FEMSA to purchase these operations
      at prices equal to the prices KO paid plus KO&#146;s related expenses and
      carrying costs and on the same terms and conditions as obtained by KO, all
      as more specifically described on attached Schedule A.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>For other operations in Latin America where KO or one or
      more of its majority owned subsidiaries directly controls the ownership
      of the bottling operations therein (apart from its rights under the bottler&#146;s
      agreements) and KO determines that Coca-Cola FEMSA is the most desirable
      owner of such operations and KO also decides to sell any such operations,
      KO and Coca-Cola FEMSA will negotiate in good faith the sale of any such
      operations to Coca-Cola FEMSA at fair market value. It is understood that
      this is not a commitment by KO to sell any such operations.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>In connection with any proposed acquisition of a Coca-Cola
      bottling operation, Coca-Cola FEMSA at all times (before and after the acquisition)
      must meet the usual franchise requirements of KO (including aggressive development
      of the soft drink market in Coca-Cola FEMSA&#146;s existing operations and
      maintenance of a financially sound operation), and KO must be satisfied
      of this prior to the acquisition.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>KO will support prudent and sound modifications to Coca-Cola
      FEMSA&#146;s capital structure to support horizontal growth.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The provisions of this Exhibit will be void and of no further
      effect upon the earlier of: (i) the elimination of the special majority
      voting requirements in accordance with Section 7.1(a) of the Amended and
      Restated Shareholders Agreement to which this Exhibit is attached, or (ii)
      the election of KO to terminate the provisions of this Exhibit, which KO
      shall have the right to do at any time following any Specified Default by
      any CIB Shareholder (as such terms are defined in such Shareholders Agreement).</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 55; page: 55" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>SCHEDULE A</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>In the event KO obtains ownership of a bottling operation
      that the parties agree fits with Coca-Cola FEMSA&#146;s operations on a
      logistical and marketing basis, KO will provide Coca-Cola FEMSA with an
      option (the &#147;First Option&#148;), exercisable for a period of ninety
      (90) days following the date of notice to Coca-Cola FEMSA of KO obtaining
      such ownership, to acquire the bottling operation from KO, within ninety
      (90) days after the expiration date of the First Option, on the same terms
      and conditions (other than the amount of the purchase price) on which KO
      acquired the bottling operation. The First Option purchase price shall be
      an all cash price equal to the sum of (i) the purchase price paid by KO
      for the bottling operation, plus (ii) all out-of-pocket expenses incurred
      by KO in connection with the purchase, ownership, operation and sale of
      the bottling operation, plus (iii) carrying charges equal to KO&#146;s standard
      intercompany advance rate per annum, calculated as set forth in accordance
      with the formula set forth on Appendix I attached to this Schedule, multiplied
      by the sum of (i), (ii) and any amounts accrued as a result of prior application
      of this clause (for all prior monthly periods from the date on which KO
      acquired ownership of the bottling operation) for the period from and after
      the date on which KO obtained ownership of the bottling operation to the
      date on which Coca-Cola FEMSA acquires the bottling operation pursuant to
      the exercise of the First Option computed on the basis of a 360-day year
      and compounded monthly, less (iv) any dividends received by KO during such
      period in respect of the bottling operation. If the First Option expires
      unexercised, KO will be free for a period of one year thereafter to sell
      the bottling operation to whomever it may wish, provided that the sale price
      and other terms and conditions of the sale are no less favorable to KO than
      those provided for in the First Option. If after the expiration of this
      one year period KO wishes to transfer ownership of the bottling operation,
      KO will provide Coca-Cola FEMSA with a ninety (90) day option (the &#147;Second
      Option&#148;) to acquire the bottling operation from KO within ninety (90)
      days after the expiration date of the Second Option for an all cash price
      equal to the then fair market value of the bottling operation as determined
      in good faith by KO (the &#147;KO Price&#148;). In the event the Second
      Option expires unexercised, the applicable bottling operation thereafter
      will be freely transferable by KO, except that if KO proposes to transfer
      ownership of the bottling operation at a price lower than the KO Price,
      KO will provide Coca-Cola FEMSA with a ninety (90) day option (the &#147;Third
      Option&#148;) to acquire the bottling operation from KO within ninety (90)
      days after the expiration date of the Third Option on the same terms and
      conditions as the proposed transfer.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 56; page: 56" -->
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>APPENDIX I</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td  align=center><font size=2>Calculation of KO&#146;S Standard Intercompany
      Advance Rate</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>The KO standard intercompany advance rate charged/credited
      on advance account balances is based on KO&#146;s &#147;market&#148; cost
      (which does not include any administrative overhead charge, but includes
      estimated bank back-up line charges and dealer commissions) of 30-day commercial
      paper. For example, on the first of the month, if the actual rate on one-month
      commercial paper (rate is estimated if no commercial paper issuance on reset
      date) is 4.10%, the effective rate for 30 days would be 4.32%. The intercompany
      advance rate, which is rounded to .25% increments, would then be set at
      either 4.25% or 4.50% based on: current market conditions, KO Treasury&#146;s
      forecast of rate trends for the remainder of the month, and unanticipated
      rate changes occurring in the previous month. In determining the monthly
      rate to be used, KO does not attempt to precisely reflect actual rate movements;
      the preference is to minimize rate fluctuations. After considering all of
      the above factors, the rate is set effective the first of each month, to
      remain in effect for the entire month, as of the first working day of each
      month.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 57; page: 57" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT I </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>[Form of Notice of Consummation of Transfer in Connection
      with Which the By-Laws Have Been Amended to Eliminate Transfer Restrictions]</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>To: Trustee Division of Banca Serfin, S.A.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>Dear Sirs:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Chairman of
      the Board of Directors of the Company and designated representative of the
      Directors of the Company appointed by the Series &#147;D&#148; shares hereby
      certify that the restrictions on transfer of Series &#147;A&#148; and Series
      &#147;D&#148; shares of Coca-Cola FEMSA, S.A. de C.V. (the &#147;Company&#148;)
      previously contained in Article 15 of the By-Laws of the Company have been
      eliminated therefrom. The undersigned hereby direct you immediately to enter
      the following sale of shares in the Registry Book:</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td width=60>&nbsp;</td>
    <td width=540><font size=2>Series: <br>
      Certificate Number: <br>
      Number of Shares: <br>
      Name of Purchaser: <br>
      Address of Purchaser:</font></td>
  </tr>
</table>
<p></p>
<p>
<table width=600>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Very truly yours,</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2"><font size=2>Name:<br>
      Chairman of the Board</font></td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="27">&nbsp;</td>
    <td width="333">&nbsp;</td>
  </tr>
  <tr>
    <td width="224">&nbsp;</td>
    <td width="360" colspan="2">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td width="224" height="19">&nbsp;</td>
    <td width="360" height="19" colspan="2"><font size=2>Name:<br>
      Series D Representative</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 58; page: 58" -->
<p>
<table width=600>
  <tr>
    <td align=right><font size=2>EXHIBIT J </font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 1</u>:</b> The company is named &#147;COCA-COLA
      FEMSA DE BUENOS AIRES, S.A.&#148; and will continue operating under this
      name. This company was initially named &#147;Coca-Cola S.A. F&aacute;brica
      Argentina de Bebidas Carbonatadas&#148; and subsequently &#147;Coca-Cola
      S.A. Industrial, Comercial y Financiera.&#148; The legal domicile of the
      company is the city of Buenos Aires.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 2</u>: </b>The duration of the company shall
      be 99 (ninety-nine) years, beginning on the date of the company&#146;s registration
      in the Public Register of Commerce. This term may be extended.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 3</u>:</b> The purpose of the company is
      the production, bottling, distribution, sale, exportation and importation,
      under the license of The Coca-Cola Company, of soft drinks bearing the trademark
      &#147;Coca-Cola&#148; and other products of The Coca-Cola Company, within
      certain designated territories in the Republic of Argentina, as a result
      of the authorization referred to in article 11. Furthermore, the company
      may produce, bottle, distribute, sell, import and export non-alcoholic beverages,
      syrups for drinks, concentrates, mineral water, juices, carbonated gas and
      food products, as well as the fabrication, distribution, importation, exportation
      and sale of crowns for bottles for beverages, plastic glasses, any type
      of containers and computer services. The non-alcoholic beverages, syrups
      for beverages or concentrates that the company may produce, import and export,
      distribute and/or sell shall not imitate the concentrates, the syrups, or
      the &#147;Coca-Cola&#148; beverages and other beverages under the license
      of The Coca-Cola Company and shall not be sold with designations or in containers
      that imitate or infringe the registered trademarks &#147;Coca-Cola&#148;,
      &#147;Coke&#148;, &#147;Cola&#148;, &#147;Coca&#148; or the distinctive
      bottle, or any graphic or phonetic edition thereof or of the other trademarks
      under the license of The Coca-Cola Company. Furthermore, the company may
      acquire, subscribe and/or sell shares of the company and of other companies
      related with the same activities of the company, as well as acquire and
      sell titles, shares, and other securities; execute any commercial and industrial
      financing, through loans with interest, with or without specific guarantee,
      or by means of contributions of capital to other companies incorporated
      or to be incorporated or to persons, make advances of funds for the acquisition
      and importation of merchandise and raw materials, by acquiring by assignment
      of rights from the sale of merchandise, discounting, commercial documents
      and pledges; take participation in any specific financial transactions,
      issuing guarantees or bonds for liabilities of third parties and in general
      using the funds of the company commercially or in the formation of the capital
      of all type of companies in the country and/or abroad, by participating
      with individuals or private, public, mixed or state entities or in commercial
      entities, in its capacity as shareholders and in any other capacity, and
      to execute any required legal acts and transactions, exception made of those
      transactions contemplated in the law of Financial Entities and all those
      transactions that require the concurrence of the public. For this purpose,
      the company has full legal capacity to acquire rights, to assume obligations
      and to execute any act not prohibited by law or by these by-laws.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 4</u>:</b> The capital stock is the amount
      of $52,694,342, represented by 52,694,342 registered, non-endorsable, ordinary
      shares, with a face value of $1 (one peso) each, and with the right of one
      vote per share. The capital stock of the company may be increased by resolution
      of the ordinary general shareholders meeting, by up to five times its total
      amount pursuant to article 188 of Law No 19,550. Capital stock increases
      shall be filed in the Public Register of</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 59; page: 59" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>Commerce. The company shall register all increases and decreases
      of its capital stock in its general balance.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 5</u>:</b> The company shall have a share
      registry book, and shall only consider as shareholders those persons appearing
      in such register. The book shall contain, at least, the references specified
      in article 213 of Law No 19,550. The definitive or provisional certificates
      representing the shares will contain the references and information specified
      in articles 211 and 212 of Law 19,550.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 6</u>:</b> The shareholders meetings may
      be ordinary or extraordinary. Ordinary meetings shall be those that are
      called to address any of the matters specified in article 234 of Law 19,550;
      all other meetings shall be extraordinary, as specified by article 235 of
      Law 19,550.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 7</u>: </b>Shareholders meetings shall be
      called in accordance with the specifications of article 237 of Law 19,550,
      subject to the provisions specified in the referenced article regarding
      meetings to be held with the presence of all shareholders.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 8</u>:</b> The quorum and resolution rules
      for shareholders meetings shall be subject to the provisions of articles
      234 and 244 of Law 19,550, for the class of meetings, notices and matters
      to be discussed, exception made for the quorum for the extraordinary meetings
      to be held upon in second notice, which will be considered legally held
      regardless of the number of shares with full voting rights that are represented.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 9</u>:</b> The management of the company
      shall be the responsibility of a board of directors, consisting of a number
      of members to be resolved by the shareholders meeting, which shall be at
      least 3 and no more than 5 members. The members of the board of directors
      shall hold their position for one year, but they shall continue in their
      duties until the new directors appointed to replace them assume their duties.
      The shareholders meeting may appoint alternate directors up to the same
      number of directors appointed and up to the same term. The alternate directors
      will substitute for any of the directors appointed, in the order of their
      appointment. The members of the board, in the first meeting, shall appoint
      the chairman of the board and may appoint a vice-chairman and a secretary
      as well. The chairman shall preside at the board of directors meetings and
      shall be temporarily substituted for in his absences by the vice-chairman,
      and in the absence of the vice-chairman by the other members of the board
      in the order of their appointment. The board of directors shall function
      with the presence of the absolute majority of the members of the board (or
      the respective alternates, as the case may be). A resolution shall be valid
      only if it has been approved by the majority of votes represented at the
      time of voting. The members of the board shall receive such compensation
      as the ordinary shareholders meeting may determine. Every member of the
      board shall post a guarantee in favor of the company in the amount of $100
      (one-hundred pesos).</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 10</u>:</b> The notices for the meetings
      of the board shall be signed by the chairman, and in his absence by the
      secretary of the board, and shall be delivered personally or by any other
      means permitted by law to each member of the board at least 10 (ten) days
      prior to the date set forth for the meeting, with the following exception,
      that any member of the board may request to hold a board meeting, and the
      chairman shall call such meeting to be held within 5 (five) days following</font>
    </td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 2</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 60; page: 60" -->
<p>
<table width=600>
  <tr>
    <td><font size=2>receipt of such request, which notice shall include the agenda
      requested by such member of the board. The board of directors shall hold
      meetings at least quarterly. The minutes prepared for every meeting must
      be signed by the members of the board attending the meeting.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 11</u>:</b> The board of directors shall
      have the power to manage and dispose of the assets of the company, including
      those powers which require special legal powers as specified in article
      1881 of The Civil Code and in article 9 of law decree No 5965/63. Consequently
      the board shall have the power to execute on behalf of the company all types
      of legal acts to comply with the corporate purposes; among their powers
      the board may: operate with the Banks of the Republic of Argentina, of the
      Province of Buenos Aires, Hipotecario Nacional and other official and private
      credit institutions: establish agencies, branch offices, and any other type
      of representation in the country or abroad; grant to one or more person(s)
      the judicial powers, including powers to sue in criminal or extra-judiciary
      complaints, with the extension and purpose that it may deem convenient.
      Furthermore the board of directors shall have the power to obtain and maintain
      the authorization of The Coca-Cola Export Corporation, a corporation established
      under the laws of the State of Delaware, United States of America, and/or
      of The Coca-Cola Company, a corporation established under the laws of the
      Sate of Delaware, United States of America, by which the company is authorized
      to bottle and sell the &#147;Coca-Cola&#148; trademark soft-drinks and other
      products of The Coca-Cola Company within certain specific territories in
      Argentina, with the express understanding that the company assumes herein
      the commitment with The Coca-Cola Company of canceling the use of the trademark
      &#147;Coca-Cola&#148; from its name and to cease any use of such trademark,
      if such authorization expires or is canceled. The legal representation of
      the company is vested in the chairman of the board of directors, or in his
      absence in the vice-chairman. The board may appoint one or more representatives,
      which may or may not be members of the board, with the powers and subject
      to the terms and conditions that may be set forth in the corresponding notary
      deed.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 12</u>:</b> The surveillance of the operations
      of the company shall be entrusted to an examiner and his alternate who shall
      be appointed by the ordinary shareholders meeting. The examiner and his
      alternate shall be appointed annually, but shall continue in their duties
      until the new examiners assume their duties. The examiners shall have the
      duties and attributions specified in article 294 of Law 19,550.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 13</u>:</b> The fiscal year of the company
      shall be of 12 (twelve) months, beginning the first day of January and ending
      the last day of December of each year.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 14</u>:</b> The annual net profits, after
      deduction of the necessary amounts of any applicable taxes and any other
      amounts required by law to be deducted or segregated shall be applied as
      follows: a) Five percent shall be deducted to establish the legal reserve
      fund, until such fund is equal to twenty percent of the paid capital stock.
      b) Payment of fees to the members of the board and examiners, which shall
      be subject to the limits set by article 261 of Law 19,550. c) The balance
      shall be distributed as dividends to the shareholders, in proportion to
      their number of shares, or if resolved by the shareholders meeting it shall
      be applied totally or partially to create any reserve or fund that the shareholders
      meeting may resolve.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 3</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 61; page: 61" -->
<p>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 15</u>:</b> The company shall be dissolved
      upon the occurrence of any of the events contemplated in article 94 of Law
      19,550.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 16</u>:</b> Once the company is dissolved,
      the board of directors shall act as a liquidator.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 17</u>:</b> The board of directors shall
      implement the liquidation of the company and will have the power to execute
      all the necessary actions for the liquidation of the assets and the cancellation
      of the liabilities, in accordance with the obligations set forth in article
      109 of Law 19,550. Once the liabilities are paid and the capital stock reimbursed,
      the balance shall be distributed to the shareholders in the same manner
      as the capital stock.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 18</u>:</b> During the liquidation process
      the ordinary and extraordinary shareholders meeting shall meet in accordance
      with articles 6, 7 and 8 of these by-laws, and the liquidator shall have
      those duties and rights pertaining to the board of directors during the
      normal operation of the company.</font></td>
  </tr>
</table>
<p>
<table width=600>
  <tr>
    <td><font size="2"><b><u>Article 19</u>:</b> During the liquidation and with
      respect to the liquidator the examiners shall continue to perform the same
      duties and obligations that they normally perform during the normal operation
      of the company, with respect to the board of directors.</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> 4</font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>9
<FILENAME>e14932ex4_14.htm
<DESCRIPTION>FIRST AMENDMENT TO AGREEMENT
<TEXT>
<html>
<head>
<title> Exhibit 4.14 </title>
</head>
<body>







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.14</B></font></td></tr></table>







<p><table width=600><tr><td  align=center><font size=2><B>FIRST AMENDMENT TO SHAREHOLDERS
AGREEMENT</B></font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST AMENDMENT dated as of
      May 6, 2003 (this &#147;Amendment&#148;), by and among COMPA&Ntilde;&Iacute;A
      INTERNACIONAL DE BEBIDAS, S.A. DE C.V., a sociedad an&oacute;nima de capital
      variable organized under the laws of the United Mexican States (&#147;CIB&#148;),
      GRUPO INDUSTRIAL EMPREX, S.A. DE C.V., a sociedad an&oacute;nima de capital
      variable organized under the laws of the United Mexican States (&#147;Emprex&#148;),
      THE COCA-COLA COMPANY, a Delaware corporation (&#147;KO&#148;), THE INMEX
      CORPORATION, a Florida corporation (&#147;Inmex&#148;), ATLANTIC INDUSTRIES,
      a Cayman Islands corporation (&#147;AI&#148;), DULUX CBAI 2003 B.V., a private
      company with limited liability (<i>besloten vennootschap met beperkte aansprakelijkheid</i>)
      incorporated under the laws of The Netherlands and an indirect wholly owned
      subsidiary of AI (&#147;Dulux 1&#148;), and DULUX CBEXINMX 2003 B.V., a
      private company with limited liability (<i>besloten vennootschap met beperkte
      aansprakelijkheid</i>) incorporated under the laws of The Netherlands and
      an indirect wholly owned subsidiary of Inmex (&#147;Dulux 2&#148;), to the
      Amended and Restated Shareholders Agreement dated as of July 6, 2002 (the
      &#147;Shareholders Agreement&#148;) by and among CIB, Emprex, KO and Inmex.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, CIB,
Emprex, KO and Inmex have entered into the Shareholders Agreement; and</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, as a
result of the Agreement of Merger, dated as of December 22, 2002 among Coca-Cola  FEMSA,
S.A. de C.V. (the &#147;Company&#148;), Midtown Sub, Inc. and Panamerican Beverages, Inc.
and the transactions  contemplated therein, Dulux 1 and Dulux 2 hold, respectively,
174,943,682 and 129,101,996 ordinary restricted  shares of Series D Common Stock of the
Company, with a par value of P$1.00.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, pursuant to
      the terms of the Shareholders Agreement and in accordance with Section 9.8
      thereof, the parties hereto agree to amend the Shareholders Agreement as
      follows: </font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. &nbsp;<u>Definitions</u>.
      Capitalized terms used herein and not otherwise defined shall have the meanings
      ascribed to such terms in the Shareholders Agreement.</font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. &nbsp;<u>Agreement
      to be Bound</u>. (a) Each Party and each of AI, Dulux 1 and Dulux 2 agrees that,
      effective as of the date hereof, each of AI, Dulux 1 and Dulux 2 shall join
      the Shareholders Agreement (as amended hereby) as a Shareholder and shall
      be subject to all the terms and conditions thereof, and, from and after
      the date hereof, shall assume all responsibilities, duties, obligations
      and liabilities, and be entitled to all rights and privileges, of a holder
      of Series D Shares thereunder.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AI agrees to
comply with all  agreements,  obligations and  duties under Sections 3.3,  3.4(b),
4.2(d),  5.1 and 5.3(g) of the Shareholders  Agreement  that are  applicable  to </font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
1</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td><font size=2>Inmex, and AI hereby agrees to all of the waivers set forth
      in Section 8.5 of the Shareholders Agreement; <u>provided</u> that these
      agreements and waivers by AI shall not relieve Inmex of any of its obligations
      under the Shareholders Agreement.</font></td>
  </tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>SECTION 3. &nbsp;<u>Amendment</u>. (a) Section 1 of the Shareholders
      Agreement is hereby amended as follows:</font></td>
  </tr>
</table>
<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The following
definition shall be included:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;&#145;<u>AI</u>&#146;  shall
mean  Atlantic  Industries,  a  Cayman  Islands  corporation.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  The
definition  of  &#147;COC  Shareholder&#148;  is  amended  by  deleting the definition in
its entirety and replacing such  definition  with the  following:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>&#147;&#145;<u>COC
Shareholder</u>&#146; shall mean (i) with respect to a CIB Change  Of Control,  each of the CIB
Shareholders and each Shareholder  that was a CIB  Shareholder  immediately  prior to the
time of  such  CIB  Change  Of  Control,  (ii)  with  respect  to a CIB  Shareholder
Change Of Control, each Shareholder that ceased to  be  a  CIB  Shareholder  upon  the
occurrence  of  such  CIB  Shareholder  Change Of Control,  and (iii) with  respect to an
Inmex Change Of Control,  each of the Inmex  Shareholders  and  each  Shareholder  that
was an Inmex  Shareholder  immediately  prior to such Inmex Change Of Control and (iv)
with respect to  an Inmex Shareholder Change Of Control,  each Shareholder that  ceased
to be an Inmex  Shareholder upon the occurrence of such  Inmex Shareholder Change Of
Control.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
definition  of &#147;Inmex Change Of Control&#148; is amended  by deleting the
definition in its entirety and replacing such  definition  with  the following:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>&#147;&#145;<u>Inmex
Change  Of  Control</u>&#146;  shall  mean at any time when an  Inmex  Shareholder is a Majority
Owned  Subsidiary of KO or KO  is the legal  successor  of such Inmex  Shareholder,  a
Person  that is not approved by KO&#146;s Board of  Directors  shall obtain  effective working
control of KO.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
definition  of &#147;Inmex  Shareholder&#148;  is  amended  by  deleting the definition
in its entirety and replacing such  definition  with the  following:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>&#147;&#145;<u>Inmex
Shareholder</u>&#146; shall as of a particular time mean Inmex  (if  it  is  then  a
Shareholder),  AI  (if  it  is  then  a  Shareholder)  or  any  Shareholder  that  at
such  time  is a  Majority Owned Subsidiary of KO.&#148;</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
2</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The definition
of &#147;Inmex Shareholder Change Of Control&#148; is  amended by deleting the definition
in its entirety and replacing such definition  with the following:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>&#147;&#145;<u>Inmex
Shareholder  Change Of  Control</u>&#146;  with  respect to an  Inmex  Shareholder  shall mean
that (i) such Inmex Shareholder  shall cease to be a Majority  Owned  Subsidiary  of KO,
other  than in a  transaction  pursuant to which KO (or any  Majority  Owned  Subsidiary
of KO) becomes the legal  successor of such  Inmex  Shareholder;  or  (ii)  at  any  time
when  an  Inmex  Shareholder  is not a Majority  Owned  Subsidiary of KO, there  shall
occur a change in the then  existing  Managing  Control  over such Inmex
Shareholder.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section
2.1(a) of the  Shareholders  Agreement  is hereby  amended and restated as follows:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;2.1. &nbsp;<u>Board of
      Directors</u>.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As provided in
      the <i>Estatutos</i>, the Company shall be governed by a Board of Directors
      which shall consist of not more than 18 members. The <i>Estatutos</i> provide
      that 11 directors of the Company (the &#147;<u>Series A Directors</u>&#148;), and
      any alternates therefor, shall be elected by the holders of Series A Shares,
      that four directors of the Company (the &#147;<u>Series D Directors</u>&#148;),
      and any alternates therefor, shall be elected by the holders of Series D
      Shares and that up to 3 directors of the Company, and any alternates therefor,
      shall be elected by the holders from time to time of Series L Shares. In
      addition, the <i>Estatutos</i> provide that any holder or group of holders
      of Shares that were not voted in favor of the directors of the Company elected
      by the holders of Series A Shares, Series D Shares or Series L Shares shall
      have the right to designate one director of the Company, and one alternate
      therefor, for each 10% of all issued, subscribed and paid Shares such holder&#146;s
      or group&#146;s Shares represent. Each Shareholder agrees that, if such
      Shareholder votes any Series A Shares or Series D Shares held by it in favor
      of any individual who is elected as a Series A Director or Series D Director
      at any general meeting, or related special meeting, of shareholders of the
      Company, such Shareholder shall vote all such Restricted Shares held by
      it in favor of such individual at such meetings.&#148;</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section
3.8(i) of the  Shareholders  Agreement  is hereby  amended and restated as follows:</font></td></tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
3</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;3.8. &nbsp;<u>Provision
      of Certain Information</u>. CIB, the CIB Shareholders, Inmex and the Inmex Shareholders
      agree that the Company shall provide each of them with the following:</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
such  information  and  calculations as to permit  each  of  them  to  meet  its
planning,  accounting,  tax and  regulatory  requirements  (including the U.S.  Foreign
Corrupt  Practices Act, if applicable,  and any similar  Mexican laws),  and shall
conduct its affairs in such manner as to permit each  of them to comply with such Act and
laws, it being  understood  that,  except to the extent required to permit each of them
to  comply with such tax and  regulatory  requirements  (including  the U.S. Foreign
Corrupt Practices Act, if applicable, and any  similar  Mexican  laws),  the Company
will not be required to  change its existing accounting practices;&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  Sections
6.1(ii) and 6.1(iii) of the Shareholders Agreement are hereby amended and restated as
follows:</font></td></tr></table>
<p>
<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;(ii)
the  commencement by CIB, any CIB  Shareholder,  Inmex or any Inmex  Shareholder or, for
so long as Inmex or AI  shall be a Majority Owned  Subsidiary of KO or KO shall be the
legal  successor  of  Inmex  or  AI,  KO of a  proceeding  for  receivership, bankruptcy,
insolvency, dissolution, liquidation  or reorganization or any similar proceeding; or</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
the  commencement  against  CIB,  any  CIB  Shareholder, Inmex or any Inmex Shareholder
or, for so long as  Inmex or AI shall be a Majority  Owned  Subsidiary of KO or KO  shall
be the  legal  successor  of  Inmex  or  AI,  KO of any  proceeding  specified  in clause
(ii) of this Section 6.1, and  such  proceeding has resulted in the entry of an order for
any  relief which shall not have been vacated,  discharged,  stayed  or  bonded  pending
appeal  within  60 days  from  the  entry  thereof.&#148;</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 8.3 of the Shareholders
      Agreement is hereby amended and restated as follows: </font></td>
  </tr>
</table>
<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;8.3. &nbsp;<u>Obligations
      of the Inmex Shareholders</u>. Inmex hereby guarantees, absolutely, irrevocably
      and unconditionally, to CIB and the CIB Shareholders, their successors and
      assigns, the full and prompt performance and observance of all of the covenants,
      agreements and obligations of each of the Majority Owned Subsidiaries of
      Inmex under this Agreement and the </font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
4</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td>
    <td width=570><font size=2><i>Estatutos</i>. AI hereby guarantees, absolutely,
      irrevocably and unconditionally, to CIB and the CIB Shareholders, their
      successors and assigns, the full and prompt performance and observance of
      all of the covenants, agreements and obligations of each of the Majority
      Owned Subsidiaries of AI under this Agreement and the <i>Estatutos</i>.&#148;</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Section 8.4 of
the  Shareholders  Agreement  is hereby  amended and  restated as follows:</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;8.4. &nbsp;<u>Obligations
      of Inmex</u>. KO hereby guarantees, absolutely, irrevocably and unconditionally,
      to CIB and the CIB Shareholders, their successors and assigns, the full
      and prompt performance and observance of all of the covenants, agreements
      and obligations of Inmex and AI under this Agreement, including any covenants,
      agreements and obligations contained in Section 8.3 hereof, the Stock Subscription
      Agreement and the <i>Estatutos</i> (the &#147;<u>KO Guarantee</u>&#148;). In the
      event KO delivers to CIB one or more guarantee agreements executed by a
      Person that is and remains a record holder of shares of common stock of
      Inmex and/or AI (each, a &#147;<u>Designated Guarantor</u>&#148;) in favor of CIB
      and the CIB Shareholders, in form and substance satisfactory to CIB, and
      provided that each such Designated Guarantor&#146;s net worth shall exceed
      US$200,000,000 at the time of delivery thereof, then the KO Guarantee shall
      be the several, but not joint, obligation of KO and any such Designated
      Guarantors, in such proportions as shall be set forth in such guarantee
      agreements; <u>provided</u>, <u>however</u>, that in the event (i) a Designated Guarantor&#146;s
      net worth shall not exceed US$200,000,000 at the time any obligation on
      the part of a guarantor arises pursuant to the KO Guarantee or at any time
      thereafter until such obligation is satisfied in full, (ii) a Designated
      Guarantor shall commence a proceeding for receivership, bankruptcy, insolvency,
      dissolution, liquidation or reorganization or any similar proceeding or
      (iii) any proceeding specified in clause (ii) of this proviso shall be commenced
      against a Designated Guarantor, and such proceeding has resulted in the
      entry of an order for any relief which shall not have been vacated, discharged,
      stayed or bonded pending appeal within 60 days from the entry thereof, then
      in any such case any portion of the KO Guarantee set forth in such Designated
      Guarantor&#146;s guarantee agreement as being the several obligation of
      such Designated Guarantor shall be the guarantee obligation of KO as if
      no such guarantee agreement had been delivered; and <u>provided</u>, <u>further</u>, that
      in no case shall such </font></td>
  </tr></table>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
5</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>proportionate
guarantees of KO or the  Designated  Guarantors, taken as a whole, constitute less than
100% of the  KO Guarantee on a several basis; and <u>provided</u>, <u>further</u>, that,  subject to
Sections  4.2(d),  5.3(f) and 6.2(e) hereof,  in no  event  shall  KO be  obligated
under  this  Section  8.4 with  respect to the  performance or  observance,  after Inmex
or AI  shall have ceased to be a Majority Owned  Subsidiary of KO, of  any  covenant,
agreement or obligation of Inmex or AI, as the  case may be; and <u>provided</u>,  <u>further</u>, that
for so long as Inmex  or AI  shall  be a  Majority  Owned  Subsidiary  of  KO,  KO&#146;s
proportionate  obligation  with  respect  to the KO  Guarantee  shall  not  be  less
than  its  direct  percentage  ownership  interest,  if any,  in  Inmex or AI,  as the
case may be;  and  <u>provided</u>, <u>further</u>, that in no event shall there be more than 3
Designated Guarantors at any one time.&#148;</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
references in Sections  5.3(g) and 6.2(e) of the  Shareholders  Agreement to &#147;the
Inmex  guarantee  pursuant to Section 8.3&#148; shall be understood  to refer to the
guarantees  of Inmex  and AI  pursuant  to  Section  8.3 of the  Shareholders Agreement.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. <u> &nbsp;Representations</u>.
      Each of AI, Dulux 1 and Dulux 2 hereby represents to each of the other Parties
      and to the Company as follows:</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Shareholders
Agreement and Estatutos</u>.  Each such party has  received a copy of, and has carefully
read, the  Shareholders  Agreement and the  Estatutos.  In particular and without
limiting the  foregoing,  each such party  acknowledges  that by  delivering  this
Amendment,  it will become bound by the  provisions  of Section 9.5 of the  Shareholders
Agreement,  and that service of  legal  process  thereunder  shall  be  deemed  in  every
respect  effective  if  personally  served at the address for notice to KO or Inmex set
forth in Section  9.3 of the Shareholders Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  <u>Corporate
Organization</u>.  AI  is  a  corporation  duly  organized,  validly  existing  and  in  good
standing  under  the  laws  of the  jurisdiction  of its  incorporation,  and  each  of
Dulux  1 and  Dulux  2 is a  corporation  duly  incorporated  and  validly  existing
under  the  laws of The  Netherlands. Each such party has all requisite power to execute
and deliver this  Amendment,  to perform  its  obligations  hereunder  and under the
Shareholders  Agreement and to consummate the transactions contemplated hereby and
thereby.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
<u>Authorization</u>.  The  execution  and  delivery  of  this  Amendment by each such party and
the performance  and  consummation by it of the  transactions  contemplated  hereby and
by the  Shareholders  Agreement have been  duly authorized by all required action on the
part of such party. This Amendment  has been duly  executed  and  delivered  by each such
party,  and,  assuming due  authorization,  execution and delivery of this  Amendment
and the  Shareholders  Agreement  by the other  parties  hereto and  thereto,  this
Amendment  and the  Shareholders Agreement constitute the valid and binding obligations
of each such  party,  enforceable  against it </font></td></tr></table>




<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
6</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td><font size=2>in  accordance  with their  terms,  in each case
subject to applicable  bankruptcy,  insolvency,  reorganization,  moratorium and  other
laws affecting the rights of creditors generally.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflict</u>.
The execution and delivery by each such party  of this  Amendment,  the  consummation  by
it of the  transactions  contemplated  hereby and by the  Shareholders  Agreement and the
fulfillment of and compliance  with the terms and conditions  hereof and thereof do not
and will not violate or  conflict with its governing  instruments or any law or
regulation,  judicial or  governmental  order,  judgment  or  ruling,  or result in the
breach,  default,  modification  or  alteration  of any  term in any  contract,  license
or  other  instrument, to which it or any of its property is subject or bound.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  <u>Pending
Litigation</u>.  No suit,  investigation,  action or  other proceeding is pending, or to the
knowledge of each such party, threatened,  against  such  party  before any court or
governmental  agency  restraining  or  prohibiting such party from consummating the
transactions contemplated hereby or  by the Shareholders  Agreement or which could result
in the obtaining of damages  from such party in  connection  therewith.  SECTION  5. Full
Force and  Effect.  Except as expressly amended hereby, the Shareholders Agreement shall
continue in  full  force and effect in  accordance  with the  provisions  thereof on the
date  hereof.  SECTION 6. Counterparts.  This Amendment may be executed in two or more
counterparts, each of which when executed shall be deemed an original but all of  which
taken together shall constitute one and the same agreement.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. &nbsp;<u>Full Force
      and Effect</u>. Except as expressly amended hereby, the Shareholders Agreement
      shall continue in full force and effect in accordance with the provisions
      thereof on the date hereof. SECTION 6. Counterparts. This Amendment may
      be executed in two or more counterparts, each of which when executed shall
      be deemed an original but all of which taken together shall constitute one
      and the same agreement.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 6. &nbsp;<u>Counterparts</u>.
      This Amendment may be executed in two or more counterparts, each of which
      when executed shall be deemed an original but all of which taken together
      shall constitute one and the same agreement.</font></td>
  </tr>
</table>
<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7. &nbsp;<u>Captions</u>.
      The Section headings contained in this Amendment are inserted in this Amendment
      only as a matter of convenience and for reference and in no way define,
      limit, extend or describe the scope of this Amendment or the intent of any
      provision of this Amendment.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8. &nbsp;<u>Governing
      Law</u>. This Amendment will be governed by and construed and enforced in accordance
      with the laws of Mexico. </font></td>
  </tr></table>


<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9. &nbsp;<u>Further Assurances</u>.
      Each Party hereto agrees, at its own expense, to perform all such further
      acts and execute and deliver all such further agreements, instruments and
      other documents as another Party shall reasonably request to evidence more
      effectively the assignments and assumptions made by the Parties under this
      Amendment.</font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>[THE REMAINDER OF THIS PAGE IS
INTENTIONALLY LEFT BLANK]</B></font></td></tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
7</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 8; page: 8" -->





<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS
WHEREOF, the undersigned have caused this Amendment  to be executed as of the date first
written above by their  respective  officers  thereunto duly authorized.</font></td></tr></table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="308">&nbsp;&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>COMPA&Ntilde;&Iacute;A
      INTERNACIONAL DE <br>
      BEBIDAS, S.A. DE C.V.</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;Carlos
      Aldrete Ancira</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp;&nbsp;Carlos
      Aldrete Ancira <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>GRUPO INDUSTRIAL
      EMPREX, S.A. DE C.V.</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;Carlos
      Aldrete Ancira</u> </font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp; Carlos
      Aldrete Ancira <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Attorney-in-fact</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
8</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 9; page: 9" -->
<p>&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="308">&nbsp;&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;David
      M. Taggart</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp; David
      M. Taggart <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>THE INMEX CORPORATION</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;David
      M. Taggart</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp;&nbsp;David
      M. Taggart <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Treasurer</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>ATLANTIC INDUSTRIES</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;Steve
      M. Whaley</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name: &nbsp;Steve
      M. Whaley <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Director and Vice President</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>DULUX CBAI 2003
      B.V.</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;Steve
      M. Whaley</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp;&nbsp;Steve
      M. Whaley <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Director</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>DULUX CBEXINMX 2003
      B.V.</font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292">&nbsp;</td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>By: <u>/s/ &nbsp;Steve
      M. Whaley</u></font></td>
  </tr>
  <tr>
    <td width="308">&nbsp;</td>
    <td align="left" valign="bottom" width="292"><font size=2>Name:&nbsp;&nbsp;Steve
      M. Whaley <br>
      Title:&nbsp;&nbsp;&nbsp;&nbsp;Director</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
9</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>10
<FILENAME>e14932ex4_32.htm
<DESCRIPTION>BOTTLER AGREEMENT
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>







<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.32</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2>B O T T L E R&nbsp;&nbsp;&nbsp; AG R E E M
      E N T</font></td>
  </tr></table>



<p><table width=600><tr><td><font size=2>THIS BOTTLER  AGREEMENT  (hereinafter  referred
to as the  &#147;Agreement&#148;)  valid as of July 1, 1999 entered by and between THE
COCA-COLA  COMPANY,  a company duly  incorporated  pursuant to the Law  regulating  the
State of  Delaware,  United  States of America,  with main  headquarters at One Coca-Cola
Plaza,  N.W., in Atlanta City,  State of Georgia,  U.S.A  (hereinafter  referred to as
the &#147;Company&#148;) and  PANAMCO GOLFO,  S.A. DE C.V., a corporation  duly
incorporated  and regulated  under the Mexican Law with main  headquarters  at Blvd.
Manuel &#193;vila Camacho No. 40, Col.  Lomas de  Chapultepec  Del.  Miguel  Hidalgo,
11000 M&#233;xico,  D.F.  (hereinafter  referred to as the  &#147;Bottler&#148;).</font></td></tr></table>


<p><table width=600><tr>
    <td  align=center><font size=2>W H E R E A S</font></td>
  </tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
A. </FONT></TD><TD width=90% valign=top><font size=2> The
Company&#146;s business purpose is the manufacturing and sale of certain concentrates and
Beverages Bases  (hereinafter  referred to as &#147;Beverages  Bases&#148;) the formulas
of which are  industrial  secrets of the Company,  and which are used as basis  for the
preparation  of syrups for  non-alcoholic  beverages  (hereinafter  referred to as the
&#147;Syrups&#148;),  as well as to the  manufacturing and sale of such Syrups used for
the preparation of certain  non-alcoholic  beverages explained in detail within  Appendix
I  (hereinafter  referred to as the  &#147;Beverages&#148;)  which are put for sale in
bottles and other packages as well as in  other forms or manners.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
B </FONT></TD><TD width=90% valign=top><font size=2> The
Company owns the registered  trade marks detailed in Appendix II securing such Bases for
Beverages,  Syrups and Beverages.  It also owns several trade marks  consisting of
Distinctive  Containers in different  sizes in which the Beverages  have been
commercialized  for many years, as well as the registered  trade marks  consisting of the
design of a Dynamic Tag used for the  advertisement and marketing of some Beverages (all
registered trade marks whether  collectively or on an individual basis will  hereinafter
be referred to as the &#147;Trade Marks&#148;).</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
C </FONT></TD><TD width=90% valign=top><font size=2> The
Company  has the  exclusive  right for the  Beverages  preparation,  bottling  and sale
as well as that for the Bases for  Beverages and Syrups manufacture and sale in the
Republic of M&#233;xico.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
D </FONT></TD><TD width=90% valign=top><font size=2> The
Company has designated and authorized  certain third parties to manufacture the Beverages
Bases for their sale to bottlers  duly appointed as such (those third parties mentioned
above will be hereinafter referred to as the &#147;Authorized Suppliers&#148;).</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
E. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler has requested for authorization  from the Company so as to use the
&#147;Trademarks&#148; in connection with the preparation  and bottling of the Beverages
and </font></TD></TR></TABLE><p></P>



<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<P><table width=600><TR><TD width=10% valign=top><font size=2>
&nbsp; </FONT></TD><TD width=90% valign=top><font size=2> for the
distribution and sale of the Beverages within the stated territory described  herein.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
F. </FONT></TD><TD width=90% valign=top><font size=2> The
Company is willing to grant such  authorization  requested to the Bottler  under the
terms and  conditions  stated in this  Agreement.</font></TD></TR></TABLE><p></P>



<p><table width=600><tr><td><font size=2>THEREFORE, the parties agree as follows:</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
I. </FONT></TD><TD width=90% valign=top><font size=2> APPROVAL</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
1. </FONT></TD><TD width=90% valign=top><font size=2> By
means of this  Agreement,  the Company  authorizes the Bottler and in turn,  the Bottler
is obligated,  under the terms and  conditions  herein, to prepare and bottle the
Beverages in Authorized  Packages as defined later on and to distribute and sell  them
under the Trademarks  exclusively  in and within the territory  defined in Appendix III
(hereinafter  referred to as the  &#147;Territory&#148;).</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
2. </FONT></TD><TD width=90% valign=top><font size=2> The
Company will approve during the validity period of this Agreement and at its own
discretion,  the types of container,  its  sizes, shapes and other distinctive
characteristics for each one of the Beverages (hereinafter referred to as the
&#147;Authorized  Packages&#148;) the Bottler is entitled to use pursuant to this
Agreement for the packing of each one of the  Beverages.  The list  of Authorized
Packages in connection with each one of the Beverages upon the beginning of this
Agreement&#146;s  term is detailed  in Appendix  IV). The Company may, by means of written
communication  sent to the Bottler,  authorize the usage of additional  Authorized
Packages for the preparation, bottling, distribution and sale of one or more types of
Beverages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
3. </FONT></TD><TD width=90% valign=top><font size=2> The
Exhibits to this Agreement, if any, identify the nature of the complementary
authorizations  that may be granted  from time to time to the Bottler  pursuant to this
Agreement,  and regulate the specific  rights and obligations of the parties in
connection with complementary authorizations.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
II. </FONT></TD><TD width=90% valign=top><font size=2> OBLIGATIONS
OF THE COMPANY</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
4. </FONT></TD><TD width=90% valign=top><font size=2> The
Company or Authorized  Suppliers  will sell and deliver the Bottler the amount of
Beverages  Bases the Bottler may request  for on a regular basis, in the understanding
that:</font></TD></TR></TABLE><p></P>


<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will request for and the
      Company or the Authorized Suppliers will sell and deliver to the Bottler
      only the amount of Beverages Bases that may be necessary and enough in order
      to comply with this Agreement; and</font></TD>
  </TR>
</TABLE>
<p></P>






<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->




<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will use the Beverages
      Bases exclusively for the preparation of the Beverages as prescribed by
      the Company from time to time, and the Bottler is banned to whether sell
      the Beverages Bases or the Syrups or allow them to get to third parties
      without the Company&#146;s previous written consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2>The Company
will keep the  exclusive  right so as to determine  the  formulas,  composition  or
ingredients  for the  Beverages and Beverages Bases at any moment.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
5. </FONT></TD><TD width=90% valign=top><font size=2> The
Company,  within the validity  term of this  Agreement,  except for the stated in Section
11, will refrain from  selling,  distributing  or authorizing  third parties to sell or
distribute the Beverages  within the Territory in the Authorized  Packages,  keeping the
right however,  to prepare and bottle the Beverages in the Authorized Packages within the
Territory to be sold outside  the Territory and to prepare,  bottle,  distribute and sell
or authorize the preparation,  bottling,  distribution or to authorize  third parties to
sell the Beverages within the Territory in any other manner or form.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> </FONT></TD>
    <TD width=90% valign=top><font size=2>The Company, pursuant to the territoriality
      principle stated in Section 1 mentioned above, will have the exclusive right
      to import and export the Beverages both, to Mexico or from Mexico.</font></TD>
  </TR></TABLE><p></P>


<p>
<table width=600>
  <tr>
    <td width="10%" valign="top"><font size=2>III.</font></td>
    <td width="532" valign="top"><font size=2> OBLIGATIONS OF THE BOTTLER N CONNECTION
      WITH THE COMMERCIALIZATION OF BEVERAGES, FIANCIAL CAPACITY AND PLANNING.</font></td>
  </tr>
</table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
6. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler  will have the  continuous  obligation  to  develop,  foster and  totally
satisfy the demand for each one of the  Beverages within the Territory. Therefore, the
Bottler convenes and agrees with the Company, the following:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> Prepare, bottle, distribute and sell
      the necessary amounts of each one of the Beverages so as to satisfy in full
      and in all regards the whole demand of each one of the Beverages within
      the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> To all efforts and make use of all
      tested, practical and approved means so as to develop and exploit in full
      the business potential of the preparation, bottling, commercialization and
      distribution of each one of the Beverages within the Territory by means
      of the continuous creation, fostering and expansion of the future demand
      of each one of the Beverages, totally satisfying in all aspects, the current
      demand;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> To invest all capital and incur into
      all expenses that may be needed for the organization, installation, operation,
      maintenance and replacement of all storing, distribution, manufacture, commercialization,
      delivery and transportation facilities as well as any other kind of facilities
      and equipment within the Territory so as to comply with this Agreement;</font></TD>
  </TR>
</TABLE>
<p></P>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 3; page: 3" -->




<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> To sell and distribute the Beverages
      in Authorized Packages to final consumers or retailers within the Territory.
      However, the Bottler is authorized to distribute and sell the Beverages
      in the Authorized Packages to wholesalers within the Territory selling only
      to retailers within the Territory. Any other distribution method will be
      subject to the Company&#146;s previous authorization in written; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>e)</font></TD>
    <TD width=85% valign=top><font size=2> To have a competent management team,
      duly qualified and to recruit, train, maintain and direct all personnel
      that may be required in all aspects so as to comply with the Bottler&#146;s
      obligations pursuant to this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
7. </FONT></TD><TD width=90% valign=top><font size=2> The
parties  agree  that,  in order to develop and foster the demand of each one of the
Beverages,  advertisement  and other  marketing  activities  are  necessary.  The Bottler
therefore  agrees to spend the amounts of money that may be necessary for the
advertisement  and marketing of the  Beverages so as to maintain and increase the demand
of each one of the  Beverages  within the  Territory.  The Company may, at its own
discretion,  contribute to such advertisement and marketing expenses. The Company may
also  use its own funds for each  advertisement  or promotion  activity it may consider
appropriate  to conduct  within the  Territory,  having the foregoing by no means
affecting the Bottler&#146;s  obligation to invest the necessary  sums of money for
advertising  and  marketing of each one of the Beverages so as to foster and develop the
demand of each one of the Beverages within the Territory.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
8. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will submit to the Company,  for its previous  approval,  all advertising and
promotions related to the Trademarks  or Beverages and will use,  publish,  maintain and
distribute  only the  advertisements  and promotional  material  related to the
Trademarks or Beverages that may be approved and authorized by the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
9. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will maintain the consolidated financial capacity that may be  reasonably
necessary so as to make sure the Bottler can comply with its obligations  pursuant to
this Agreement.  The Bottler will  keep books,  accounts and records in a precise  manner
and will supply the Company,  upon request,  the  financial and  accounting  information
that may be required so as to allow the Company  determine the Bottler&#146;s  compliance of
its  obligations  pursuant to  this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 10. </FONT></TD>
    <TD width=90% valign=top><font size=2>The
Bottler convenes and agrees as follows:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> Deliver to the Company, once every
      calendar year, a program (hereinafter referred to as the &#147;Annual Program&#148;
      which should be acceptable for the Company in form and content. The Annual
      Program will include, but may not be limited to, the Bottler&#146;s plans
      for commercialization, administration and management, finance, promotion
      and advertising, showing in detail the activities envisioned for the following
      twelve-month period or any other period the Company may establish. The Bottler
      will diligently enforce the Annual Program and will inform on a quarterly
      bases or as stated by the Company, about the compliance with such Annual
      Program.</font></TD>
  </TR>
</TABLE>
<p></P>





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<!-- MARKER PAGE="sheet: 4; page: 4" -->





<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Will inform the Company, on a monthly
      basis or within the intervals the Company may state for such purposes, the
      sales volume of each one of the Beverages in a detailed manner and with
      the data the Company may request.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 11. </FONT></TD>
    <TD width=90% valign=top><font size=2>The
Bottler acknowledges that the Company has entered or may enter similar  agreements to
this Agreement with third parties outside the Territory and accepts the  limitations
such agreements may reasonably  impose to the Bottler in the performance of its business
according to the terms herein.  Likewise,  the Bottler agrees to conduct  its business in
such a way so as to avoid  conflicts  with such third  parties and,  should  disputes may
arise despite it all, is  obligated to make all reasonable efforts so as to settle them
in an amicable manner.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
&nbsp;</FONT></TD><TD width=90% valign=top><font size=2>The  Bottler
may not oppose,  without  valid  reasons,  to any  additional  measure,  the  adoption of
which may be  considered  as  necessary by the Company and justified by it aiming at
protecting and improving the Beverages sale and distribution  systems.  For  instance,
those that may be adopted  related to the  attention  of big or special  accounts  the
scope of which may go beyond the  Territory limits,  even if such measures  represent a
restriction of the Bottler&#146;s rights or obligations  within reasonable limits  without
affecting the essence of this Agreement.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="left"><font size=2> 12. </FONT></div>
    </TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> The Bottler acknowledging the important
      benefit both, for itself and all third parties referred to in Clause 11
      mentioned above, derived from the external uniform appearance of the distribution
      equipment and other equipment and material used pursuant to the terms herein,
      agrees on accepting and applying the adopted rules that may be issued from
      time to time by the Company for the design and decoration of the trucks
      and other vehicles used for distribution, as well as cases, cardboard, refrigerators,
      vending machines and other materials and equipment used for the distribution
      and sale of Beverages pursuant to this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Moreover, the Bottler is obligated
      to maintain and replace such equipment at reasonable invervals as well as
      to use such equipment to distribute or sell only the Beverages and the Beverages
      by products specified in Appendix V as long as the usage of such equipment
      related to the products included in Appendix V does not affect the Bottler&#146;s
      capacity to fulfil its obligations pursuant to this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 13. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> By no means may the Bottler prepare,
      sell, or distribute or cause the sale or distribution of any of the Beverages
      outside the Territory without the Company&#146;s previous consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> In the event any of the prepared, bottled,
      distributed or sold Beverages by the Bottler were found within the Territory
      of another authorized Bottler by the Company (hereinafter referred to as
      the &#147;Injured Bottler&#148;, besides the other resources available,
      the following may apply:</font></TD>
  </TR>
</TABLE>
<p></P>


<P>
<table width=600>
  <TR>
    <TD width=15% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>1)</font></TD>
    <TD width=80% valign=top><font size=2> The Company may immediately cancel
      the authorization of the Authorized container(s) found within the Injured
      Bottler&#146;s Territory;</font></TD>
  </TR>
</TABLE>
<p></P>






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<P>
<table width=600>
  <TR>
    <TD width=15% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>2)</font></TD>
    <TD width=80% valign=top><font size=2> The Company may charge the Bottler
      a compensatory amount for the Beverages found in the Injured Bottler&#146;s
      Territory so as to compensate the lost profit, the expenses and other costs
      incurred by the Company and the Injured Bottler; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=15% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>3)</font></TD>
    <TD width=80% valign=top><font size=2> The Company may buy any of the prepared,
      bottled, distributed or sold by the Bottler that may be found in the Injured
      Bottler&#146;s Territory and the Bottler, additionally to any other obligation
      that may have pursuant to this Agreement, will reimburse the Company with
      the cost incurred for the transportation and or purchase or destruction
      of the Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> In the event the prepared, bottled,
      distributed or sold Beverages by the Bottler were found in the Territory
      of an Injured Bottler, the Bottler may submit to the Company&#146;s representatives
      all sale contracts and other records related with such Beverages and will
      help the Company in all investigations conducted related with the sale and
      distribution of such Beverages outside the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will inform the Company
      immediately in the event of receiving an order or a purchase offer from
      a third party regarding which, the Bottler may know or may have reasons
      to believe or suspect would led to the commercialization, sale, resale,
      distribution or redistribution of Beverages outside the Territory infringing
      the stated herein.</font></TD>
  </TR>
</TABLE>
<p></P>

<p>
<table width=600>
  <tr>
    <td width="10%"><font size=2>IV. </font></td>
    <td width="543"><font size=2>BOTTLER&#146;S OBLIGATIONS IN CONNECTION WITH
      THE TRADEMARKS</font></td>
  </tr>
</table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
14. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will  acknowledge  at all times the validity of the  Trademarks  and the fact
they belong to the Company and by no  means will it question such validity or ownership
in any way whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
15. </FONT></TD><TD width=90% valign=top><font size=2> There
is nothing within this Agreement that may give the Bottler neither benefit not right
whatsoever over the Trademarks nor  the  goodwill  inherent  to them or over the  labels,
design,  bottling  or any other  visual  representation  of them or used in  connection
with them, and the Bottler  acknowledges  and agrees that all rights and interests
created by the usage of Trademarks,  labels, designs,  Packages or any other visual
representation may have a repercussion for the benefit and property of the Company.  The
parties agree and understand that this is nothing but a temporary  authorization  issued
in favour of the Bottler  pursuant to  the terms of this Agreement,  leading not to any
right or interest and without  payment of any right or royalty,  for the usage of  such
Trademarks,  labels,  designs,  packages or any other visual  representations  of them,
but only related to the preparation,  bottling,  distribution and sale of the Beverages
in Authorized  Packages.  Such usage must be conducted in a manner and form that  all
goodwill  related to it benefits the Company as the source and origin of such Beverages,
and the Company will keep full right  over  determining  the  presentation  of such
Trademarks  and other steps that may be  necessary  or  convenient  so as to assure
compliance in the stated in Section 15.</font></TD></TR></TABLE><p></P>





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<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 16. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
Bottler may neither adopt or use any name, corporate name, company name,  establishment
name nor any other commercial name  including  the words  &#147;Coca-Cola&#148;,
&#147;Coca&#148;,  &#147;Cola&#148;,  &#147;Coke&#148; or any of them that could be
mistaken for or considered as similar to  any graphic or visual  representation of the
Trademarks or any of any other brand or industrial  property of the Company,  without
previous written consent of the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 17. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
Bottler  convenes and agrees with the Company during the validity  period of this
Agreement and pursuant to the applicable  legislation as follows:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a) </font></TD>
    <TD width=85% valign=top><font size=2> To manufacture, prepare, bottle, distribute,
      sell, negotiate or in any other manner establish another type of relationship
      with any other beverages By products, besides those prepared, bottled, distributed
      or sold by the Bottler under authorization of the Company, except for those
      Beverages By products and flavours existing in the market within the Territory
      as of March 1, 1992 detailed in Appendix V. Any change or additions to Appendix
      V should be expressly approved in written form by the Company;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Not to manufacture, prepare, bottle,
      distribute, sale, negotiate or by any other means establish any relationship
      with any other concentrated solution, base for beverage, syrup or beverage
      that may be easily mistaken for or mixed up with any of the Beverages Bases,
      Syrups or Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> Not to manufacture, prepare, bottle,
      distribute, sell, negotiate or by any other means establish any other relationship
      with any other beverage by-product under any commercial design or any container
      imitating a commercial design or container over which the Company claims
      property rights or that may be subject to confusion or to cause confusion
      or that may be perceived by the consumer as confusingly similar or that
      may be substituted by such commercial design or container;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> Not to manufacture, prepare, bottle,
      distribute, sell, negotiate or by any other means establish any relationship
      with any product under any other brand or name that may be an imitation,
      copy, infringement or confusingly similar to any of the Trademarks, and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>e)</font></TD>
    <TD width=85% valign=top><font size=2> Within the validity term of this Agreement
      and within a period of two (2) years after termination of such term and
      acknowledging the valuable rights granted by the Company to the Bottler
      pursuant to this Agreement, not to manufacture, prepare, bottle, distribute,
      sell, negotiate or by any other means establish any other relationship with
      any other beverage the name of which may include the word &#147;Cola&#148;
      (whether on its own or together with any other word or words) or any other
      phonetic interpretation of such word.</font></TD>
  </TR>
</TABLE>
<p></P>




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<P><table width=600><TR><TD width=10% valign=top><font size=2>
&nbsp;</FONT></TD>
    <TD width=90% valign=top><font size=2> The stipulated herein apply not only
      to the operations with which the Bottler may be directly involved but also
      to the operations with which the Bottler may be indirectly involved by means
      of ownership, control, management, partnership, contract, agreement or any
      other means whether within or outside the Territory. The Bottler is obligated
      not to acquire, retain whether directly or indirectly any property interest
      in or become part of any contract or agreement related to the management
      or control of any person or legal entity, within or outside the Territory
      participating in any of the activities prohibited under this Section.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
18. </FONT></TD><TD width=90% valign=top><font size=2> This
agreement reflects mutual interest of the parties and in the event:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> a third party that, in the Company&#146;s
      opinion, is related whether directly or indirectly, by means of a property
      title, the exercise of a control or by any other means with the manufacture,
      preparation, bottling, distribution or sale of any product specified under
      Section 17 mentioned above, purchases or by any other means obtains control
      or influences anyhow whether directly or indirectly the Bottler&#146;s management
      activities;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> any natural person or legal entity
      having majority in ownership, direct or indirect control over the Bottler
      or is controlled, whether directly or indirectly by the Bottler or any third
      party having control, direct or indirect influence in the Bottler&#146;s
      management activities that may get involved, pursuant to the Company&#146;s
      opinion in the preparation, bottling, distribution or sale of any of the
      products specified in Section 17 mentioned above; the Company will have
      the right to immediately terminate this Agreement unless the third party
      is making such acquisition within the stated in subparagraph (a) mentioned
      above or the person, entity, firm or company referred to in subparagraph
      (b) mentioned above, after being notified in written of the Company&#146;s
      intention of terminating the Agreement as mentioned, may agree to discontinue
      and actually discontinue the manufacturing, preparation, bottling, distribution
      or sale of such products within a reasonable period exceeding not six (6)
      months as of the notification date.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 19. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> If the Company, for the purposes of
      this Agreement, requires, pursuant to the applicable laws regulating the
      registration and license of industrial property, for the Bottler to be registered
      as authorized user or licensee of the Trademarks, upon the Company&#146;s
      request, the Bottler will enter all an any contracts and documents that
      may deem necessary so as to establish, modify or cancel the registration.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> &nbsp;&nbsp;&nbsp; </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Should the public authority with the
      relevant jurisdiction reject the Company and Bottler&#146;s request so as
      to register the Bottler as authorized user or licensee of any of the Trademarks
      in connection with any of the Beverages prepared and bottled by the Bottler
      pursuant to this Agreement, the Company will be entitled to terminate this
      Agreement or immediately cancel the relevant authorization in connection
      with such Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>





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<!-- MARKER PAGE="sheet: 9; page: 9" -->




<p>
<table width=600>
  <tr valign="top">
    <td width="10%"><font size=2>V. </font></td>
    <td width="90%"><font size=2>OBLIGATIONS OF THE BOTTLER IN CONNECTION WITH
      THE PREPARATION AND BOTTLING OF THE BEVERAGES</font></td>
  </tr>
</table>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 19. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> The Bottler convenes and agrees with
      the Company to use, in the preparation of the Syrups for each one of the
      Beverages, only the Beverages Bases acquired from the Company or Authorized
      Suppliers and in using the Syrups only for the preparation and bottling
      of the Beverages strictly subject to and in compliance with the directions
      in written that will be communicated to the Bottler by the Company in a
      regular basis. bottling and distribution of the Beverages, will at all times
      be subject to the manufacturing, hygiene among other rules stated from time
      to time by the Company and to comply with all applicable legal requirements.
      Likewise, the Bottler will at all times allow the Company, its officers,
      agents, representatives or employees to have access and to inspect the plant,
      facilities, equipment and methods used by the Bottler for the preparation,
      bottling, storage and management of the Beverages in order to determine
      if the Bottler complies with the terms of this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2>The Bottler, acknowledging the relevance
      of identifying the manufacturing source for the Beverages in the market,
      agrees to use identification codes in all bottling and/or packaging materials
      for the Beverages, including Authorized Packages and disposable cases. Moreover,
      the Bottler agrees to install, maintain and use the necessary machinery
      and equipment required for the application of such identification codes.
      The Company supplies the Bottler from time to time with the necessary directions
      in written in connection with the forms of the identification codes that
      may be used by the Bottler as well as the production and sale records to
      be kept by the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> &nbsp;</FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> In the event the Company determines
      or notices the existence of any issue related to quality or of technical
      origin related to any of the Beverages or Authorized Packages in connection
      with any of the Beverages, the Company may require the Bottler to take all
      necessary measures so as to immediately withdraw such Beverages or Authorized
      Packages from the market. Additionally, the Company may revoke its authorization
      in connection with the Authorized Package(s) that may have shown quality
      or technical issues or due to other reasons being the interest of the Coca-Cola
      System in Mexico, eliminating the Authorized Package(s) detailed in Appendix
      IV herein. The Company will notify the Bottler whether by telephone, cable,
      telex, telefax or any other means of immediate communication of its decision
      of requesting the Bottler to withdraw such Beverages or Authorized Packages
      from the market or to cancel any Authorized Container. Upon reception of
      such notice, the Bottler will immediately stop the distribution of such
      Beverages or Authorized Packages and will take any other action that may
      be requested by the Company in connection with the withdrawal of such Beverages
      from the market or the cancellation of such Authorized Packages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2>In the event the Bottler determines
      or gets acquainted with any quality issue or of technical origin related
      to any of the Beverages or Authorized Packages in </font></TD>
  </TR>
</TABLE>
<p></P>





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<!-- MARKER PAGE="sheet: 10; page: 10" -->



<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp; </FONT></TD>
    <TD width=85% valign=top><font size=2> connection with
any of the Beverages,  the Bottler will  immediately  notify the  Company by  telephone,
cable,  telex,  telefax or any other means of immediate  communication.  This
notification  will  include: (1) identity and amount of Beverages involved,  including
the Authorized Packages, 2) codification data, (3) any  other relevant data, including
information helping in the tracing of such Beverages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 21. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
Bottler must, at its own cost and expense, submit to the Company,  samples of the Syrups,
Beverages and the materials used  for the preparation of such Syrups and Beverages
pursuant to the directions  communicated in written by the Company from time to  time.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2>In the bottling, distribution and sale
      of the Beverages, the Bottler will only use Authorized Containers, lids,
      boxes, cardboard, labels and other bottling or packaging materials approved
      from time to time by the Company, and the Bottler will acquire such items
      only from the suppliers previously authorised by the Company so as to manufacture
      such items to be used in connection with the Trade Marks and Beverages.
      The Company will make its best effort so as to approve two or more suppliers
      for such items, in the understanding that such authorized suppliers may
      be within or outside the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2>The Bottler will inspect the Authorized
      Packages, lids, cases, cardboard, labels and other bottling or packaging
      materials and will only use those items complying with the rules stated
      by the applicable law within the Territory besides the rules and specifications
      stated by the Company. The Bottler will assume, on an independent manner,
      the responsibility in connection with the usage of such Authorized Packages,
      lids, cases, cardboard, labels and other bottling or packaging materials
      complying with such rules.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2>The Bottler will maintain on an permanent
      basis, enough inventory of lids, labels, cases, cardboard cases and other
      bottling or packaging materials so as to comply in full, the demand of each
      one of the Beverages within the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 23. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> The Bottler acknowledges that the increases
      in demand for Beverages, as well as the changes in the list of Authorized
      Packages may require, from time to time, modifications or other changes
      in connection with the manufacture, their existent equipment for the manufacture,
      bottling, distribution or direct supply or may require the purchase of additional
      equipment for the manufacture, bottling, distribution or direct supply.
      The Bottler therefore agrees to modify the existent equipment, acquire and
      install the additional equipment that may be necessary with enough anticipation
      so as to permit the introduction of the new Authorized Packages and the
      preparation and bottling of the Beverages pursuant to the permanent obligations
      of the Bottler of develop, foster and satisfy in full the demand for each
      one of the Beverages within the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> In the event the Bottler uses non-returnable
      Authorized Containers for the preparation and bottling of the Beverages,
      the Bottler agrees to invest the </font></TD>
  </TR>
</TABLE>
<p></P>






<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->



<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> necessary capital as well as the sums
      that may be requested from time to time so as to create and maintain an
      adequate inventory of the Returnable Authorized Containers. Aiming at assuring
      the permanent quality and appearance of such inventory of Returnable Authorized
      Packages. The Bottler, moreover, agrees to replace all or part of such inventory
      of Returnable Authorized Packages as reasonably necessary and pursuant to
      the obligations of the Bottler stated herein.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler agrees not to re-bottle
      or by any other means re-use any of the non-returnable Authorized Packages
      that may have been previously used.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 24. </FONT></TD>
    <TD width=90% valign=top><font size=2> The Bottler is the only held responsible
      for the compliance of its obligations pursuant to this Agreement in the
      terms stated on the law and regulations applicable in the Territory, and
      should immediately inform the Company about any rule that may hinder or
      limit the Bottler regarding the strict compliance of its obligations herein
      clearly stated.</font></TD>
  </TR></TABLE><p></P>

<p>
<table width=600>
  <tr valign="top">
    <td><font size=2>VI. </font></td>
    <td width="90%"><font size=2>CONDITIONS FOR PURCHASE AND SALE</font></td>
  </tr>
</table>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 25. </FONT></TD>
    <TD width=90% valign=top><font size=2> The Bottler will acquire the Beverages
      Bases that may be required for the preparation and bottling of the Beverages
      from the Company or Authorized Suppliers only, pursuant to the stated in
      this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 26. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> The Company, by means of communication
      with the Bottler, keeps the right to establish its own discretion regarding
      prices of the Beverages Bases, including the shipment and payment conditions,
      the currency or currencies acceptable for payment purposes by the Company
      and its Authorized Suppliers, the place for procurement and/or alternative
      procurement places for each one of the Beverages Bases.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2>The Company and the Bottler agree that
      the maximum prices of the Beverages convenient to retailers, should be competitive,
      always aiming at maintaining the ratio &#147;volume, market share and profits&#148;
      in the right balance so as to permit the permanence of the business in the
      long run.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2>The Company keeps the right, by means
      of notification in written to the Bottler, to change the Authorized Suppliers
      and to revise from time to time and in any moment at its entire discretion,
      the prices of any of the Beverages Bases, the shipment conditions (including
      the place for procurement) as well as the currency or currencies acceptable
      for the Company or its Authorized Suppliers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2>If the Bottler is not willing to pay
      the revised price in connection with the Beverages Bases for &#147;Coca-Cola&#148;
      Beverage, the Bottler will notify so in written within the next thirty (30)
      days upon reception of the notification issued by the Company stating the
      revision of the price mentioned above. May this be the case, this Agreement
      will automatically be terminated upon three (3) calendar months following
      the reception date of the notification received by the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->


<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>e)</font></TD>
    <TD width=85% valign=top><font size=2>Except for the stated in subparagraph
      (d) mentioned above in connection with the Base for Beverage &#147;Coca-Cola&#148;,
      if the Bottler is not willing to pay the revised price in connection with
      the Base(s) for Beverage(s) for one or more of any of the other Beverages,
      the Bottler should notify so, in written, to the Company within the thirty
      (30) days upon reception of the written notification of the Company notifying
      the revision of the price or prices mentioned above. In this case, the Company,
      at its own discretion and taking into consideration the current and future
      market conditions, may take one of the following actions: (i) notify the
      Bottler, in written, that this Agreement will terminate after three (3)
      calendar months upon receipt of the notification for termination issued
      from the Company and sent to the Bottler or (i) notify the Bottler in written
      that the authorization to the Bottler in connection with such Beverage of
      Beverages regarding which the Bottler is not willing to pay the revised
      price is cancelled. Such cancellation will be effective three (3) calendar
      months upon receipt of the notification from the Company stating the cancellation
      of such authorization(s) to the Bottler. In the event the cancellation of
      authorization of a Beverage or Beverages pursuant to this subparagraph,
      the conditions stated on Section 30 will apply in connection with such Beverage
      of Beverages and, notwithstanding any other stipulation herein, the Company
      will have no additional obligations towards the Bottler in connection with
      the Beverage or Beverages the authorization of which has or have been cancelled,
      and the Company will have the right to prepare, bottle, distribute, sell
      or grant authorizations to a third party so as to prepare, bottle, distribute
      or sell such Beverage or Beverages within the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>f)</font></TD>
    <TD width=85% valign=top><font size=2>The omission committed by the Bottler
      regarding notification to the Company the related to the revised price in
      connection with one or more of the Beverages Bases regarding subparagraphs
      (d) and (e) mentioned above will be considered as acceptance by the Bottler
      of the revised price.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>g)</font></TD>
    <TD width=85% valign=top><font size=2>The Bottler commits to collect and charge
      the retail distributors the deposits the Company may determine from time
      to time by means of written notification to the Bottler for each one of
      the Returnable Authorized Packages and each one of the Returnable cases
      delivered to them, and to make all reasonable efforts so as to recover the
      empty Authorized Packages and cases and, once collected, to reimburse or
      credit the deposits corresponding to such Authorized Packages that may have
      no damage and that may be in good conditions.</font></TD>
  </TR>
</TABLE>
<p></P>


<p>
<table width=600>
  <tr valign="top">
    <td width="10%"><font size=2>VII. </font></td>
    <td width="90%"><font size=2>DURATION AND TERMINATION OF THE AGREEMENT</font></td>
  </tr>
</table>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 27. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> This Agreement will be effective as
      of July 1, 1999 and will expire on May 31, 2005, without notification, unless
      is terminated in advance as stated herein. The parties to this Agreement
      acknowledge and agree that the Bottler will have no right to claim the tacit
      renewal of this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> &nbsp;</FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2> b)</font></TD>
    <TD width=85% valign=top><font size=2>If the Bottler has complied in full
      with the terms, obligations, conditions and</font></TD>
  </TR>
</TABLE>
<p></P>
<hr size=5 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->
<p>
<p>
<table width=600>
  <tr>
    <td width=10% valign=top>
      <div align="right"><font size=2> &nbsp;</font></div>
    </td>
    <td width=5% valign=top>&nbsp;</td>
    <td width=85% valign=top><font size=2>stipulations in this Agreement, until
      its termination and the Bottler is capable of promoting, developing and
      exploiting the whole potential of the business in a regular basis in the
      preparation, bottling, distribution and sell of each one of the Beverages,
      the Bottler may request for an extension of this Agreement for an additional
      term of ten (10) years. The Bottler may request for such extension by means
      of a notice in written to the Company at least six (6) months, but not more
      than twelve (12) months of anticipation before the maturity date of this
      Agreement. The Bottler&#146;s request for such extension should be supported
      with the documentation the Company may request, including the documentation
      related with the Bottler&#146;s compliance with its obligations pursuant
      to this Agreement and the documentation supporting the continuous capacity
      of the Bottler so as to develop, foster and satisfy in full, the demand
      for each one of the Beverages within the Territory. If the Bottler, at the
      Company&#146;s total discretion, has satisfied the conditions for the extension
      of this Agreement, the Company, by notification in written, will grant the
      extension of this Agreement for such additional term.</font></td>
  </tr>
</table>
<p></p>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> Upon maturity of such additional term,
      this Agreement, without the need for notification, will finally terminate
      and the Bottler will have no right to claim a tacit renewal of it whatsoever.</font></TD>
  </TR>
</TABLE>
<p></P>


<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 28. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> This Agreement may be terminated by
      the Company or by the Bottler immediately and incurring in no liability
      whatsoever by means of written notification between the parties holding
      the right to terminate the other party:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=15% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>1</font></TD>
    <TD width=80% valign=top><font size=2> If the Company, the Authorized Suppliers
      or the Bottler can not obtain the foreign currency so as to make payments
      related to imports of the Beverages Bases, Syrups or Beverages in a legal
      manner; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=15% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>2</font></TD>
    <TD width=80% valign=top><font size=2> If any of the parties to this Agreement
      stops operating pursuant to the applicable Law or regulations in the country
      where the Territory is located, and if, derived from the foregoing or from
      any other Law affecting this Agreement, any of the substantial part of the
      stipulations herein can not be legally complied with or if the Syrups or
      Beverages can not be prepared or sold pursuant the directions issued by
      the Company in accordance with Section 20 mentioned above, or if any of
      the Beverages Bases can not be manufactured or sold pursuant to the formulas
      of the Company or to the rules issued by it</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> This Agreement may be immediately terminated
      by the Company, without incurring into liability for losses and damages:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> If the Bottler becomes insolvent or
      declares bankruptcy or if a request for bankruptcy is filed against or on
      behalf of the Bottler without having it suspended or rejected within the
      one hundred and twenty (120) days after its filing, or if the Bottler submits
      a request to liquidate or close its business, or if it </font></TD>
  </TR>
</TABLE>
<p></P>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 13; page: 13" -->




<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2>requests for dissolution or if a judicial
      order in this connection is issued against the Bottler, or if a receivership,
      bankruptcy trustee or judicial manager is appointed so as to manage the
      Bottler&#146;s business, or if the Bottler enters a scheme for judicial
      or voluntary organization with its creditors, or closes any similar deal
      with them or makes a general transfer of assets in favour of the creditors;
      or</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> In the event of dissolution, nationalization
      or expropriation of the Bottler or in the event the Bottler&#146;s productive
      or distribution assets are seized.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 29. </FONT></TD>
    <TD width=5% valign=top>
      <div align="left"><font size=2>a)</font></div>
    </TD>
    <TD width=85% valign=top><font size=2> This Agreement may also be terminated
      by the Company or the Bottler in the event the other party fails to comply
      with any of the terms, stipulations or conditions stated herein and defaults
      in fixing such non-compliance(s) within the following sixty (60) days after
      having such party receiving notification in written stating such default(s)
      on compliance.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Besides all other remedies the Company
      may be entitled to by virtue of this Agreement, if the Bottler stops following
      the rules established by the Company or those requested by the applicable
      laws in the Territory for the preparation of the Syrups or Beverages, the
      Company will have the right to prohibit the production of Syrups or Beverages
      until the default on compliance is solved at the entire satisfaction of
      the Company, and the Company may demand the withdrawal from the market,
      at the Bottler&#146;s expense of the Beverages that do not comply or are
      not manufactured pursuant to the directions, rules or requirements issued
      in such connection and the Bottler will immediately stick to such prohibition
      or demand. During such prohibition period, the Company will be entitled
      to suspend the supply of Beverages Bases to the Bottler and will also keep
      the right to supply, cause or allow others to supply the Beverages in Authorized
      Packages in the Territory. No prohibition or demand may be considered as
      a waiver of the Company&#146;s rights to terminate this Agreement pursuant
      to this Section whatsoever.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 30. </FONT></TD>
    <TD width=90% valign=top><font size=2> Upon maturity or anticipated termination
      of this Agreement or the cancellation of the authorization for one or more
      Beverage(s), only in connection that (those) Beverage(s) as it may deem
      appropriate:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> As of that date, the Bottler may not
      prepare, bottle, distribute or sell the Beverages or may use any of the
      Trademarks, Authorized Packages, cases, lids, labels, bottling material
      or advertising material used or aimed at being used by the Bottler in connection
      with the preparation, bottling, distribution and sale of the Beverages;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will immediately eliminate
      all reference to the Company, the Beverages and the Trademarks from the
      facilities, delivery vehicles, direct sale equipments and other equipments
      of the Bottler, as well as from all commercial stationery and all written,
      graphic, electromagnetic, digital material or promotional articles, or advertisements
      used or kept by the Bottler and as of that </font></TD>
  </TR>
</TABLE>
<p></P>




<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" -->




<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2>date,  by
no means the Bottler may assert it has any relationship with neither the Company,  the
Beverages nor the Trademarks in any way whatsoever.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will immediately deliver
      to the Company or a third party, pursuant to the directions issued by the
      Company, all Beverages Bases, Beverages in Authorized Packages, Authorized
      Packages that may be used with the Trademarks or with any of them, cases,
      lids, bottling or packing materials and advertising material for the Beverages
      still under the Bottler&#146;s possession or control, and the Company, upon
      receiving the material pursuant to such directions, will pay the Bottler
      an amount of money equivalent to the reasonable market price of such products
      or materials, in the understanding that the Company will only accept and
      pay such products or materials having the possibility of being used and
      first class ones; stating that all Authorized Packages, lids, labels, bottling
      or packing material and advertising material bearing the Bottler&#146;s
      name as well as products or materials which may not be adecquate pursuant
      to the rules stated by the Company will be destroyed by the Bottler with
      no cost to the Company whatsoever; stating as well that if this Agreement
      is terminated pursuant to the provisions stated in Section 18 6 28 (a) or
      derived from any of the circumstances stated in Section 35 (including termination
      due to legal provisions), or if the Agreement is terminated by the Bottler
      for any reason different from it or resulting from the application of Sections
      26 or 29 or upon conducting the cancellation of authorization for one or
      more Beverage(s) pursuant to Section 26 (e) or Section 31, the Company will
      have the option, but not the obligation, to buy from the Bottler, the products
      and materials referred to above; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> All rights and obligations stated herein,
      whether expressly defined or that may have been acquired or are being acquired
      deriving from the usage, practice or by any other manner will expire, cease
      and terminate, except for the Bottler&#146;s obligations stated in Sections
      13 (b) (2) and (b) (3), 14, 15, 16, 17 (e), 19 (a) , 30, 36 (a) , (b) ,
      (c) and (d) y 37, which will remain valid and with full effect. It is understood
      that this provision should not affect any of the rights that the Company
      may have against the Bottler in connection with claims for default on payment
      of any debt or obligation of the Bottler towards the Company or with the
      authorized suppliers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 31. </FONT></TD>
    <TD width=90% valign=top><font size=2> Besides all other resources of the
      Company in connection with any default from the Bottler in the terms, obligations
      and conditions of this Agreement, and as such default may be related only
      with the Bottler&#146;s preparation, bottling, distribution and sale of
      one or more but not all the Beverages, the Company may choose to cancel
      the authorizations granted to the Bottler pursuant to this Agreement, only
      in connection with such Beverage or Beverages. In the Event the Company
      cancels authorizations to the Bottler based on this Section, provisions
      in Section 30 will apply in connection with such Beverage or Beverages,
      and the Company will have no additional obligations towards the Bottler
      in connection with the Beverage or Beverages regarding which authorizations
      have been cancelled and the Company will have the right to prepare, bottle,
      distribute or sell or grant authorizations to a third party in connection
      with the </font></TD>
  </TR></TABLE><p></P>






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<!-- MARKER PAGE="sheet: 15; page: 15" -->



<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> &nbsp; </FONT></TD>
    <TD width=90% valign=top><font size=2>preparation, bottling, distribution
      and sale of such Beverage or Beverages in the Territory.</font></TD>
  </TR></TABLE><p></P>



<p>
<table width=600>
  <tr>
    <td width="10%" height="2"><font size=2>VIII. </font></td>
    <td height="2" width="90%"><font size=2>GENERAL PROVISIONS</font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 32. </FONT></TD>
    <TD width=90% valign=top> <FONT SIZE="2">The parties acknowledge and accept
      that the Company has a legitimate interest in maintaining, promoting and
      protecting the global performance, efficiency and integrity of the international
      system for bottling, distribution and sales. Likewise, the parties acknowledge
      and accept that this Agreement has been drafted by the Company <B>intuitu
      personae,</B> taking into consideration the identity, character and integrity
      of the owners, controlling parties and managers of the Bottler, and the
      Bottler in turn, guarantees to have disclosed in full, before the execution
      of this Agreement, the names of the owners and third parties having rights
      or exercising an effective power of control or management over the Bottler.
      Therefore, the Bottler accepts and obligates itself towards the Company
      as follows:</FONT></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> Neither to assign, transfer, pledge
      or by any other means encumber all or part of this Agreement, nor any interest
      stated herein in favour of a third party or third parties without previous
      written consent of the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Not to delegate the execution of this
      Agreement, all or part of it, to a third party or third parties without
      previous written consent of the Company;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> To immediately notify the Company in
      the event or upon acknowledging the action of a third party that may or
      actually results in any change of ownership or control of the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> To put at the Company&#146;s disposal
      on a regular basis and at the Company&#146;s request, the Bottler&#146;s
      complete property records with precise information regarding any third party
      or parties who may exercise direct or indirect control over it.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>e)</font></TD>
    <TD width=85% valign=top><font size=2> As the Bottler holds some legal control
      over changes in ownership or control of the Bottler, not to start, conduct,
      consent, accept changes without the Company&#146;s previous written consent;
      and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> f) </FONT></div>
    </TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=85% valign=top><font size=2> If the Bottler is incorporated as a
      partnership, not to change the composition of such partnership by means
      of accepting new partners or the resignation of any of the existing partners,
      without the Companys previous written consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr><td><font size=2>Besides the stated above in this Section, in the
event a proposed change regarding ownership or control of the Bottler involves in  whole
or in part a direct or indirect transfer or the acquisition of property or control of the
Bottler, by an individual or an  entity authorized by the Company to manufacture, sale,
distribute or by any other means negotiate regarding any of the Beverages  and/or any
mark of the Company (hereinafter referred to as the &#147;Acquiring Bottler&#148;, the
Company may request some and all information  that it may consider as relevant both, from
the Bottler and the Acquiring Bottler aiming at determining whether to accept such change
or not. In any of the circumstances mentioned above, the </font></td></tr></table>






<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 16; page: 16" -->




<p><table width=600><tr><td><font size=2>parties, acknowledging and  admitting the
legitimate interest of the Company  to maintain, promote and protect the  global
performance, efficiency and integrity of the bottling, distribution and sale
international system, expressly accept that the Company is empowered, it deciding so, to
consider all factors that may deem necessary  and to apply the relevant criteria.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Moreover, it is acknowledged and agreed between
the parties that the Company, at its own discretion, may deny consent to any change
proposed over the ownership or any other transaction embraced in this Section 32 or may
give consent subject to those conditions  that, at its own discretion, may determine.
The parties expressly agree that any infringement by the Bottler over the previous
stipulations contained in this Section 32, will entitle the Company to immediately
terminate this Agreement and, by virtue of the  personal nature of this Agreement, they
agree that the Company will have the right to terminate this Agreement if any other third
party or third parties obtain a direct or indirect interest in the property or control
over the Bottler, even though the Bottler has  no means to avoid such change and if, in
the Company&#146;s opinion, such change may permit such third party or third parties to
exercise  any influence over the Bottler&#146;s management or materially affect the Bottler&#146;s
capacity to strictly comply with the terms and  obligations stated herein.</font></td></tr></table>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 33. </FONT></TD>
    <TD width=90% valign=top><font size=2> The Bottler may, before the emission,
      offer, sale, transfer, commercialization or exchange of stocks or any other
      security, its bonds, obligations or any debt certificate or the promotion
      for selling the foregoing or the encouraging or request from a purchaser
      or an offer to sell, obtain the Company&#146;s written consent as long as
      the Bottler uses the name of the Company or the Trade Marks or makes any
      mention of its commercial relationship with the Company in connection with
      prospects, promotional material and other selling efforts.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> &nbsp;</FONT></TD>
    <TD width=90% valign=top><font size=2>The Bottler may not use the name of
      the Company or Trademarks or mention in any manner its relationship with
      the Company in prospects or advertising or promotional material used in
      connection with the acquisition by the Bottler of shares or other property
      titles in other company without the Company&#146;s previous approval in
      written.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 34. </FONT></TD>
    <TD width=90% valign=top><font size=2> The Company may assign any of its rights
      and delegate in whole or in part, its duties and obligations derived from
      this Agreement to one or more of its subsidiaries or affiliated companies
      by means of written notification to the Bottler, in the understanding however
      that any delegation of this sort does not release the Company from any of
      the obligations entered into by virtue of this Agreement. Moreover, the
      Company, at its entire discretion, may and by means of a written notification
      to the Bottler, appoint a third party as its representative so as to make
      sure the Bottler complies with its obligations pursuant to this Agreement,
      fully empowered so as to supervise the Bottler&#146;s performance and demand
      compliance of all terms and conditions stated herein. The Company may change
      or revoke such designation at any time by sending a written notification
      to the Bottler.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 35. </FONT></TD>
    <TD width=90% valign=top><font size=2> Neither the Company nor the Bottler
      will be held responsible for the default on compliance of any of the obligations
      mentioned herein whenever such default on compliance derives or results
      from the following:</font></TD>
  </TR></TABLE><p></P>




<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 17; page: 17" -->



<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> Strike, inclusion in the black list,
      boycott or commercial sanctions no matter their origin.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Fortuitous circumstance, force majeure,
      enemies or public actions, administrative legal provisions, including the
      withdrawal of any governmental authorization required by any of the parties
      for the compliance of the stated within this Agreement, attachment, quarantine,
      mutiny, insurrection, a declared or non declared war, state of war or beligerance
      or incidental risk or danger derived from the foregoing; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> Any other circumstance that may go
      beyond control of the parties</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr><td><font size=2>In the event the Bottler fails to comply with
its obligations resulting from any of the circumstances stated in this Section and as
the situation causing such default on compliance, the Company and Authorized Suppliers
will be relieved from their obligations stated  under Sections 4 and 5.  In the event
such default on compliance persists for six (6) months or more, any of the parties may
terminate this Agreement.</font></td></tr></table>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 36. </FONT></TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> The Company keeps the sole and exclusive
      right to file any proceedings or civil, administrative or criminal action
      and in general, to exercise or search for any of the legal solutions available
      it may consider appropriate for the protection of its reputation and industrial
      property rights, as well as to protect the Beverages Bases, Syrups and Beverages
      and defend any actions that may affect such matters. Upon the Company&#146;s
      request, the Bottler may assist in any of such actions. The Bottler may
      not file any claim against the Company resulting from such proceedings or
      actions or for any default in filing or defending such proceedings or actions.
      The Bottler will immediately notify the Company of any litigation or proceedings
      already filed that may affect such matters. The Bottler may not file any
      legal proceedings, whether legal or administrative against any third party
      which may affect the Company&#146;s interests without its previous written
      consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> The Company has exclusive right and
      responsibility for filing and defending all proceedings and actions related
      to the Trademarks. The Company may file or defend any of such proceedings
      or actions on its own behalf or request the Bottler to file or defend such
      proceedings or actions whether under its own name or in a joint manner under
      the Bottler&#146;s and the Company&#146;s names.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler agrees to ask for the Company&#146;s
      advise in connection with all claims for liability regarding products, proceedings
      or actions filed against the Bottler in connection with Beverages or Authorized
      Packages in order to defend and take the actions the Company may reasonably
      advise aiming at protecting the Company&#146;s interests regarding the Beverages,
      Authorized Packages or goodwill associated with the Trademarks.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>d)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will indemnify and compensate
      of all losses or liabilities to the Company, its affiliates and associates,
      their corresponding directors, managers and </font></TD>
  </TR>
</TABLE>
<p></P>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->




<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> </FONT></TD>
    <TD width=85% valign=top><font size=2>employees of and against all costs,
      damages, claims, obligations and liabilities derived from the facts and
      circumstances not imputable to the Company, including but not limited to
      costs and expenses incurred into derived from settling or any transaction
      of such resulting from the preparation, bottling, distribution, sale or
      promotion of the Beverages by the Bottler, including but not limited to
      the costs that may derive from the actions or omissions, whether negligent
      or not, of the Bottler, the Bottler&#146;s distributors, its suppliers and
      wholesalers</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>e)</font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will obtain and maintain
      valid an insurance policy with an insurance company that must be acceptable
      for the Company granting full and total coverage both, related to the amount
      and risk covered thereto, in connection with the issues referred to in subparagraph
      (d) described above, including the indemnity contained therein, and upon
      the Company&#146;s request, will submit evidence of the existence of such
      insurance policy. Compliance with Section 36 (e) will not limit or waive
      the Bottler from its obligations under Section 36 (d) stated herein.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 37.</FONT></TD>
    <TD width=90% valign=top><font size=2> The
Bottler convenes and agrees with the Company:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> That it will make no statements or
      disclose neither to the public, the governmental authorities or any third
      party related to the Beverages Bases, the Syrups or Beverages, without the
      Company&#146;s previous written consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2> b)</font></TD>
    <TD width=85% valign=top><font size=2> That at all times, both during the
      validity period of this Agreement and after its maturity date, will maintain
      strict confidentiality over all confidential or secret information including,
      but not restricted to, mixing directions and techniques, sales, marketing
      and distribution, projects and plans related to the matter subject to this
      Agreement that the Bottler may receive from the Company or in any other
      manner and will guarantee that such information will be disclosed only as
      it is needed by those directors, managers and employees having entered enforceable
      legal documents in which they are committed to maintain confidentiality
      over the matters described in this Section.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> That upon maturity or anticipated termination
      of this Agreement, the Bottler will make the necessary arrangements so as
      to deliver to the Company, pursuant to the directions it may issue in such
      connection, all written, graphic, electromagnetic, computarized, digital
      or any other material containing any information subject to the confidentiality
      obligation stated herein.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 38. </FONT></TD>
    <TD width=90% valign=top><font size=2> In
the event any of the provisions stated herein becomes or may become legally inefficient
or invalid, the validity or effect  of all other provisions in this Agreement will not be
affected aiming having not such invalidity or inefficiency of such  provisions hindering
in a wrong way, compliance of this Agreement or damaging the ownership or validity of the
Trade Marks. The  right to terminate this Agreement pursuant to Section 28(a)(29 will not
be affected by this</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 39. </FONT></TD>
    <TD width=5% valign=top><font size=2>a)</font></TD>
    <TD width=85% valign=top><font size=2> In connection with all issues mentioned
      herein, this Agreement is the sole</font></TD>
  </TR>
</TABLE>
<p></P>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" -->




<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> &nbsp; </FONT></TD>
    <TD width=85% valign=top><font size=2>agreement existing between the Company
      and the Bottler. All previous agreements entered between the parties and
      related to the same issues are cancelled by this Agreement except for the
      covenants entered pursuant to Section 19 in this Agreement in the understanding
      however that any statement in written made by the Bottler and that the Company
      took in consideration in order to enter this Agreement will continue valid
      and binding for the Bottler.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>b)</font></TD>
    <TD width=85% valign=top><font size=2> Any waiver or modification, alteration
      or addition to this Agreement or to any of its provisions, will not obligate
      neither the Company or the Bottler unless they are entered respectively
      by the corresponding authorized representatives both, of the Company and
      the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>
      <div align="right"><font size=2> </FONT></div>
    </TD>
    <TD width=5% valign=top><font size=2>c)</font></TD>
    <TD width=85% valign=top><font size=2> All notifications in written issued
      for this Agreement&#146;s purposes will be made by cable, telegram, telex,
      personal delivery or certified mail and will be considered as delivered
      upon issuing date of such notification, sending date of certified mail is
      sent or such personal delivery actually takes place. Such notifications
      in written will be addressed to the last known address of the interested
      party. The change of address by any of the parties must be soon notified
      in written to the other party.</font></TD>
  </TR>
</TABLE>
<p></P>


<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 40. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
omission by the Company in immediately exercising each of the rights granted herein or in
the event strict compliance of  any obligation assumed by the Bottler will not be
considered as a waiver of such right or of the right to demand the subsequent  compliance
of each and every obligation assumed by the Bottler pursuant to this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 41. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
Bottler is an independent contractor, not an agent of the Company. The Bottler accepts
that it will neither state it is  an agent of the Company nor will consider itself as
such for no purpose whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 42. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
heading lines stated herein are only for the convenience of the parties and will not
affect the interpretation of this  Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 43. </FONT></TD>
    <TD width=90% valign=top><font size=2> This
Agreement will be interpreted pursuant to the Mexican Law.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 44. </FONT></TD>
    <TD width=90% valign=top><font size=2> The
Appendixes and Exhibits attached hereto are considered, for any purpose, as inherent part
of this Agreement and should be  executed by the authorized representatives both, from
the Company and the Bottler.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>BY VIRTUE OF THE FOREGOING,  the Company
located in Atlanta,  Georgia,  U.S.A.  and the Bottler in Mexico City,  Mexico have
agreed on  entering this Agreement in triplicate by means of their authorized
representatives.  </font></td></tr></table>


<p>
<table width=600>
  <tr>
    <td width="60%"><font size=2>PANAMCO GOLFO, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font></td>
    <td width="50%"><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
</table>

<p>
<table width=600>
  <tr>
    <td width="60%"><font size=2>Represented by<br>
      Mr. Jos&#233; Ignacio Huerta G &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></td>
    <td width="50%"><font size=2> Represented by <br>
      Mr. Steve M. Whaley </font></td>
  </tr>
</table>




<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->



<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X&nbsp;&nbsp;&nbsp; I</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>B E V E R A G E S</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Location: Panamco Golfo<BR>
Territory  Date: March 1, 2001</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>For the purposes of the Bottler Agreement
entered by and between The Coca-Cola Company and the Bottler signing at the end of this
document, valid as of July 1, 1999, the Beverages referred to in Whereas A herein are as
follows:</font></td></tr></table>


<p>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>
  <tr valign="BOTTOM">
    <td width="46%" align="LEFT"><font size="-1">Coca-Cola</font></td>
    <td width="9%" align="LEFT"><font size="-1">&nbsp;</font></td>
    <td width="43%" align="LEFT"><font size="-1">Lift</font></td>
    <td width="2%" align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="left"><font size="-1">Coca-Cola light</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">Delaware Punch</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="-1">Fanta</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">Chispa</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="-1">Sprite</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">Fruitopia</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="-1">Sprite light</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">Senzao</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
  <tr valign="BOTTOM">
    <td align="LEFT"><font size="-1">Fresca</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
    <td align="LEFT"><font size="-1">&nbsp;</font></td>
  </tr>
</table>
<p></p>
<table width=600>
  <tr>
    <td><font size=2>The description of the Beverages in this Appendix I replaces
      all previous descriptions and Appendixes related to the Beverages for purposes
      of Whereas A of such Bottler Agreement.</font></td>
  </tr>
</table>


<p><TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="56%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="38%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta
      Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Eduardo Arrocha G&#237;o</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->




<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X&nbsp;&nbsp;&nbsp; II</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>T R A D E M A R K S</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Location: Panamco Golfo<BR>
Territory  Date: March 1, 2001</B></font></td></tr></table>



<p><table width=600><tr><td><font size=2>For the purposes of the Bottler Agreement
entered by and between The Coca-Cola Company  (hereinafter  referred to as the
&#147;Company&#148;) and  the Bottler  signing at the end of this document,  valid as of
July 1, 1999, the Trademarks of the Company  referred to in Whereas B of  such Agreement
are as follows:</font></td></tr></table>


<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="46%" ALIGN="LEFT"><FONT SIZE="-1">COCA-COLA</FONT></TD>
     <TD WIDTH="9%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="43%" ALIGN="LEFT"><FONT SIZE="-1">LIFT</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">COCA-COLA LIGHT</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">DELAWARE PUNCH</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">FANTA</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CHISPA</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">SPRITE</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">FRUITOPIA</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">SPRITE LIGHT</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">SENZAO</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">FRESCA</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
</TABLE>


<p><table width=600><tr><td><font size=2>Including all  transliterations,  requests,
records and copyright of all commercial  presentations  related to these  Trademarks.
The  description  of the  Trademarks in this Appendix II replaces all previous
descriptions  and  Appendixes  related to the Trademarks for  purposes of Whereas B of
such Bottler Agreement.</font></td></tr></table>



<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="49%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="11%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="38%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="49%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="11%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="38%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="2%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="49%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT" width="11%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="38%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT" width="2%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="49%"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta
      Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT" width="11%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="38%"><FONT SIZE="-1">Mr. Eduardo Arrocha G&#237;o</FONT></TD>
    <TD ALIGN="LEFT" width="2%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->



<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X&nbsp;&nbsp;&nbsp; III</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>T E R R I T O R Y</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Location: Panamco Golfo<BR>
Territory  Date: July 1, 1999</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>For the  purposes of the Bottler  Agreement
entered by and between The  Coca-Cola  Company and the Bottler  signing at the end of
this  document, valid as of July 1, 1999, the Territory referred to in Section 1 of such
Agreement are as follows:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>1.  In the Republic of M&#233;xico, in the
stated of PUEBLA, TLAXCALA, VERACRUZ,  OAXACA and GUERRERO,  the City of PUEBLA and the
area  surrounding  it, limited by an imaginary line beginning at ACAJETE;  towards the
East to SOLTEPEC;  towards the  Southeast to  ESPERANZA;  from that point  southwards  to
ACULTZINGO;  towards the  Southeast  through  TEXHUACAN and HUAUTLA to TALISTAC.  As of
that location,  towards the Northwest to IXITLAN;  to the Southwest and through CHILA
getting  to  CIENEGUILLA;  to the  Northwest and through  TOTOLAPA to  IXCAMILCA;  to the
Northwest to  LAGUNILLAS;  to the Northwest  reaching  CONCEPCION;  to the Northwest
through  TOCHIMILCO  to ATEXCAC.  As of such  location and towards the  Northwest
through  HUEJOTZINGO,  XOXTLA and NATIVITAS  reaching TEPEYANCO  following towards the
Southeast through  TEOLOCHOLCO and CANOA reaching the starting point at  ACAJETE.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The towns  mentioned  above in this  description
are part of the Territory  except for  SOLTEPEC,  ESPERANZA,  ACULTZINGO,  TEXHUACAN,
CHILA, ATEXCAC, HUEJOTZINGO, NATIVITAS and TEOLOCHOLCO.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The  settlement  called  TEXHUACAN is located at
the State of Veracruz,  HUAUTLA,  TALISTAC  and  CIENEGUILLA  are part of the State of
Oaxaca, TOTOLAPA belongs to the State of GUERRERO, NATIVITAS, TEPEYANCO and TEOLOCHOLCO
are located within the State of TLAXCALA.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>2.  In the Republic of M&#233;xico,  at the
States of Tlaxcala,  Puebla and Veracruz,  the city of Apizaco and the area surrounding
it,  limited by an imaginary line beginning at TETELA;  towards teh Northeast through
HUEYTLALPAN to COXQUIHUI,  to the Southeast  reaching  ZANJAMALA,  to the  Southwest
reaching  HUEYTAMALCO.  As of that  location  and towards the  Southeast  through
ATZALAN and LAS MINAS  reaching  VIGAS;  following to the Southwest  crossing  PALOMAS
and  CALZONTEPEC  getting to SALTILLO.  Then, and towards the Southeast  reaching;
CHICHIQUILA;  to the Southwest towards ESPERANZA;  then to the Northwest reaching
SOLTEPEC; to the West up to ACAJETE. As of  that  location  and towards  the  Northeast
and going  through  CANOA and  TEOLOCHOLCO  up to  TEPEXANCO.  Afterwards  and towards
the  Southwest  trough  NATIVITAS,  XOXTLA and HUEJOTZINGO up to ATEXCAC;  to the
Northeast up to TLAHUAPAN;  to the Northwest up to MAZAPA.  Towards the Northeast up to
the </font></td></tr></table>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 23; page: 23" -->



<p><table width=600><tr><td><font size=2>starting point at TETELA.  The towns  mentioned
in this  description  are part of the  Territory  except  for TETELA, HUEYTLALPAN,
COXQUIHUI, ZANJAMALA, VIGAS, CHICHIQUILA,  ESPERANZA, ACAJETE, CANOA, TEPEYANCO and
XOXTLA.  The towns called TETELA, HUEYTLALPAN,  ZANJAMALA,  HUEYTAMALCO,  SALTILLO,
CHICHIQUILA,  ESPERANZA,  SOLTEPEC, ACAJETE, CANOA,  XOXTLA,  HUEJOTZINGO,  ATEXCAC and
TLAHUAPAN are located at the State of Puebla,  COXQUIHUI,  ATZALAN,  LAS MINAS, VIGAS,
PALOMAS y CALZONTEPEC  are part of the State of  Veracruz. All other settlements
mentioned above are part of the State of Tlaxcala.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>3.  In the Republic of M&#233;xico within the
States of Veracruz and Puebla,  the city of Jalapa and the area  surrounding  it, limited
by an  imaginary  line  beginning  at Vigueta  in the coast  line of the Golfo de  M&#233;xico.
As of that  point,  towards  the  Southeast  following such coast line up to Antigua
Veracruz.  Then and towards the West of Xochiapa;  to the Northeast and through
Chichiquila to  Saltillo;  towards the Northeast  crossing  Calzontepec  and Palomas to
Vigas.  From there on, towards the Northwest  through Las Minas  and Atzalan to
Hueytamalco;  towards the  Northeast  of  Zanjamala;  to the  southeast  up to Martinez
de la Torre;  to the  northeast  crossing S. Marcos up to the starting point at Vigueta.
The towns mentioned in this description are part of the Territory,  except for  Saltillo,
Calzontepec,  Palomas, Las Minas,  Atzalan Hueytamalco and Zanjamala.  The towns of
Chichiquila,  Saltillo,  Hueytamalco and  Zanjamala are at the State of Puebla; all other
settlements are at the State of Veracruz.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>4.  In the Republic of M&#233;xico, in the
States of Veracruz, Oaxaca and Puebla, the cities of  VERACRUZ,  CORDOBA and ORIZABA and
the area  surrounding  them within an imaginary line beginning at the  northernmost
location called  ANTIGUA  VERACRUZ  by the Golf of M&#233;xico.  From that  point to the
Southeast  following  the coast line of the Golf of M&#233;xico to PUNTA  MORRILLO,
towards the West through MATA DE LINONES a CHIPILO;  and the  Southwest up to SANTIAGO;
towards the Southwest to SOCHIAPAN.  As from that point,  towards the Northeast and
through VALLE  NACIONAL up to TALISTAC;  reaching to the North  TEXHUACAN;  going to the
Northwest  through  ACULTZINGO  up to  ESPERANZA;  to the  Northeast  to  CHICHIQUILA;
towards the East to XOCHIAPA  going back to the  starting point in ANTIGUA VERACRUZ.  All
towns,  villages and settlements  mentioned in the description above are part of the
Territory  except for ANTIGUA VERACRUZ,  XOCHIAPA,  CHICHIQUILA,  TALISTAC y ESPERANZA,
which are specifically  excluded from the Territory.  The  towns of  CHICHIQUILA  and
ESPERANZA are located at the State of Puebla,  VALLE  NACIONAL and TALISTAC are at the
State of Oaxaca.  The  other towns  mentioned  above are located at the State of
Veracruz.  The description of the Territory in this Appendix III replaces all  previous
descriptions and Appendixes related to the Territory for purposes of Section 1 of such
Bottler Agreement.</font></td></tr></table>




<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="56%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="46%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD ALIGN="LEFT" WIDTH="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="56%"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta
      Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">Mr. Steve M. Whaley</FONT></TD>
    <TD ALIGN="LEFT" width="4%"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->




<p><table width=600><tr>
    <td  align=center height="2">
      <p><font size=2><B>A P P E N D I X &nbsp;&nbsp;&nbsp;IV</B></font></p>
      <p><font size=2><B> </B></font><font size=2><B>AUTHORIZED PACKAGES</B></font></p>
      </td>
  </tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: Panamco Golfo Territory<BR>
      Date: March 1, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  stated in Section 2
of the Bottler  Agreement  entered by and between The Coca-Cola  Company  (hereinafter
referred to as the &#147;Company&#148; and the Bottler  signing at the end of this
document,  valid as of July 1, 1999,  the Company  authorizes  the Bottler to prepare,
distribute and sell the Beverages in the following  Packages  that, for the purposes of
the Bottler  Agreement  mentioned herein are considered as Authorized Packages.</font></td></tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="21%" ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="29%" ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD WIDTH="3%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="42%" ALIGN="LEFT"><FONT SIZE="-1">192,355,473,500,769,1000,1250
      ml.</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola light</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">192,355 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">192,355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Delaware Punch</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Chispa</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Senzao</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">237,355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola light</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">237,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">355,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Delaware Punch</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fruitopia</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable glass bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">350 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1500, 2,000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1500, 2,000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1,500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500,600,1000,1500,2000,2500 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola light</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500,600,1000,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">250,500,1000,1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500,1000,1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">500,1000,1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite light</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">600.1000,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">250,500,1000,1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Delaware Punch</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">250,500,1000,1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Chispa</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">1000.1500,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Senzao</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Returnable PET bottle</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">600.1000,2000 ml.</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<p>
<HR SIZE=5 noshade>
<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 25; page: 25" --> <br>
<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="22%" ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="58%" ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="10%" ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola light</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite light</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Delaware Punch</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Senzao</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">CANS (Production, distribution and sale)</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">355 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
</TABLE>



<p><table width=600><tr><td><font size=2>The parties  hereby  acknowledge  and agree that
during the  validity of such  Bottler&#146;s  Agreement,  the  Company  will  refrain
from  enforcing  its right  stated in Section 2 within the Bottler  Agreement  of
cancelling  the  authorization  in  connection  with those  Authorized Packages described
in this Appendix as Returnable glass bottles.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This  authorization  replaces  all
authorizations  entered  before by and between the Company and the Bottler in  connection
with the  subject matter of this Appendix.</font></td></tr></table>





<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="46%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="38%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" width="46%"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta
      Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Eduardo Arrocha G&#237;o</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 26; page: 26" -->





<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X&nbsp;&nbsp;&nbsp; V</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>BEVERAGE PRODUCTS FROM THE
BOTTLER</B></font></td></tr></table>

<p><table width=600><tr>
    <td  align=center><font size=2><B>Location: Panamco Golfo Territory <br>
      Date: April 1, 2001</B></font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>Pursuant  to the  provisions  stated  in
Section  17 (a) of the  Bottler  Agreement  entered  by and  between  The  Coca-Cola
Company  (hereinafter  referred to as the &#147;Company&#148; and the Bottler  signing a
the end of this  Appendix,  valid as of July 1, 1999, the Bottler  may manufacture,
prepare, bottle, distribute and sell the following products Bottler&#146;s Beverages in the
following flavors:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Bottler&#146;s Beverage Products</font></td></tr></table>

<p><table width=600><tr><td><font size=2>PREMIO <BR> RISCO<BR>  TOPOCHICO <BR> AGUA MINERAL DE
LOURDES <BR> KELOCO</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The description of Bottler&#146;s  Beverages
included in this Appendix V replaces all descriptions and Appendixes drafted before
related to  the Bottler&#146;s Beverages for purposes of Section 17 (a) of such Bottler
Agreement.</font></td></tr></table>




<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="63%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="31%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Steve M. Whaley</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 27; page: 27" -->



<p><table width=600><tr>
    <td  align=center><font size=2><B>E X H I B I T&nbsp;&nbsp;&nbsp; A</B></font></td>
  </tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION IN CONNECTION
WITH SYRUPS FOR POST-MIX <BR>BEVERAGES <BR> Location: Panamco Golfo Territory <BR> Date: July 1, 1999</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>Pursuant to the  provisions  stated in Section 3
in the Bottler  Agreement  entered by and between The Coca-Cola  Company  (hereinafter
referred  to as the  &#147;Company&#148;)  and the  Bottler  signing  at the end of this
document,  valid  as of July 1,  the  Company  grants a  non-exclusive authorization to
the Bottler so as to prepare, bottle and distribute syrups for the following Beverages:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>Coca-Cola <br>
      Coca-Cola Light <br>
      Fanta <br>
      Sprite <br>
      Fresca<br>
      Lift</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>(the syrups  mentioned  above will be referred
to as &#147;Post-Mix  Syrups&#148; in this Exhibit A) to retailers in the Territory so as
to serve  the Beverages  through Post-Mix vending machines at or by the retailer&#146;s
establishments  and also to operate Post-Mix vending machines  and sell the Beverages
directly to the consumer subject to the following conditions:</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> 1. </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
Bottler may not sell Post-Mix  Beverages to retailers  within the Territory for their use
in any Post-Mix  vending machine  or operate any Post-Mix vending machine unless:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> (a) </FONT></div>
    </TD><TD width=85% valign=top><font size=2> There
is an adequate source of fresh water,</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> (b) </FONT></div>
    </TD><TD width=85% valign=top><font size=2> All
Post-Mix  vending  machines are as those approved by the Company and comply with all
hygiene  regulations and of any other  sort  stated by the  Company  and  communicated
in  written  form to the  Bottler  in  connection  with the  preparation, botling and
sale of the Post-Mix Syrups; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> (c) </FONT></div>
    </TD><TD width=85% valign=top><font size=2> The
Beverages served by means of Post-Mix vending machines are strictly  adjusted to the
directions for the preparation of the  Post-Mix Syrup Beverages pursuant to the stated in
written by the Company from time to time to the Bottler.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> 2. </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
Bottler will take samples of the Beverages served by means of the Post-Mix vending
machines  operated by retailers to whom  the Bottler has supplied with the Post-Mix
Syrups or those operated by the Bottler  pursuant to the directions and in  the
intervals  the  Company may  communicate  in </font></TD></TR></TABLE><p></P>




<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 28; page: 28" -->




<P><table width=600><TR><TD width=10% valign=top><font size=2>
&nbsp; </FONT></TD><TD width=90% valign=top><font size=2> written, and
will  submit  such  samples to the Company for their  inspection, at its own cost and
expense.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> 3. </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
Bottler,  from its initiative and under its  responsibility,  will immediately
discontinue the sale of Post-Mix Syrups to  any retailer who may not comply with the
rules stated by the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> 4. </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
Bottler will  discontinue the sale of Post-Mix  Beverages to any retailer  whenever it is
notified by the Company that any  of the Beverages  supplied by means of such Post-Mix
vending  machines located at or by the retailer&#146;s  establishment  do not comply with the
rules  prescribed by the Company for the Beverages,  or that the Post-Mix vending
machines are  not of the sort of those approved by the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> 5. </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
Bottler agrees to:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> (a) </FONT></div>
    </TD><TD width=85% valign=top><font size=2> Sell
and  distribute  the  Post-Mix  Syrups only in packages  approved  by the Company and to
use on such  packages,  the tags  approved by the Company; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> (b) </FONT></div>
    </TD><TD width=85% valign=top><font size=2> To
influence the retailer so as to persuade it to use a regular glass,  paper cup or any
other package approved by the Company  bearing the legends and graphic design approved by
the Company aiming at having the Beverages  served to the  client adequately  identified
and served in an attractive and hygienic  package.  Except for the modified in  this
Exhibit,  all terms,  covenants and conditions  contained in this Bottler  Agreement will
be applied to  this  complementary  authorization  for the  preparation,  bottling,
distribution  and sale of the Post-Mix  Beverages  and, in such  connection,  it is
expressly  agreed upon  between the parties  that the  Bottler&#146;s  terms,  conditions and
obligations as stated in the Bottler  Agreement  will be  incorporated  into it a sa
reference  and  that,  unless  the  context  states  otherwise,  any  reference  made in
such  Agreement  to  &#147;Beverages&#148;  will  also  be  considered  as  referring  to
the  Post-Mix  Syrups  for the  purposes  of this  complementary  authorization  granted
to the Bottler.  This authorization will automatically  terminate upon  maturity or
anticipated termination of such Bottler Agreement.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
&nbsp;</FONT></TD><TD width=85% valign=top><font size=2>This  authorization
replaces all authorizations  entered before by and between the Company and the Bottler in
connection with the subject matter of this Exhibit A.</font></TD></TR></TABLE><p></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="61%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="33%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Eduardo Arrocha Gio</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 29; page: 29" -->




<p><table width=600><tr>
    <td  align=center>
      <p><font size=2><B>E X H I B I T&nbsp;&nbsp;&nbsp; G</B></font></p>
      <p><font size=2><B> <BR>
        COMPLEMENTARY DISTRIBUTION AUTHORIZATION<BR>
        Location: Panamco Golfo Territory <BR>
        Date: July 1, 1999</B></font></p>
    </td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions in Section 3 of the
Bottler  Agreement entered by and between The Coca-Cola  Company  (hereinafter  referred
to as the &#147;Company&#148;) and the Bottler  signing at the end of this document,
valid as or July 1, 1999, the Company is hereby  granting a  complementary  authorization
so as to purchase  from the  Company,  or from  whoever it may appoint,  the  Beverages
in the  following  packages (hereinafter referred to as the &#147;Authorized
Packages&#148;) and to sell and distribute the Beverages through the Territory:</font></td></tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
<TR VALIGN="BOTTOM">
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH>
     <TH COLSPAN="2"></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="43%" ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola</FONT></TD>
     <TD WIDTH="9%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="22%" ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD WIDTH="22%" ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Coca-Cola 1ight</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Fanta</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Sprite light</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Fresca</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Lift</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Delaware Punch</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">Can   3</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
     <TD ALIGN="LEFT"><FONT SIZE="-1">55 ml.</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT SIZE="-1">Senzao</FONT></TD><TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD></TR>
</TABLE>

<p><table width=600><tr><td><font size=2>Subject to the following conditions:</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> a) </FONT></div>
    </TD><TD width=90% valign=top><font size=2> This
authorization will automatically terminate upon maturity or anticipated termination of
such Bottler Agreement.</font></TD></TR></TABLE><p></P>


<p><table width=600><tr><td><font size=2>l</font></td></tr></table>


<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> b) </FONT></div>
    </TD><TD width=90% valign=top><font size=2> Upon
maturity or cancellation of this authorization,  the Bottler will immediately discontinue
the sale and/or distribution of  the Beverages in the Authorized Containers within the
Territory.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top>
      <div align="right"><font size=2> c) </FONT></div>
    </TD><TD width=90% valign=top><font size=2> The
stipulations,  covenants,  agreements,  terms,  conditions and provisions within such
Bottler Agreement will be applied to  and will be valid in full in connection with this
complementary authorization.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>This  authorization  replaces  all
authorizations  entered  before by and between the Company and the Bottler in  connection
with the  subject matter of this Exhibit G.</font></td></tr></table>

<br>
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="600">
  <TR VALIGN="BOTTOM">
    <TH COLSPAN="2"></TH>
    <TH COLSPAN="2"></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD WIDTH="61%" ALIGN="LEFT"><FONT SIZE="-1">PANAMCO GOLFO, S.A. DE C.V</FONT></TD>
    <TD WIDTH="4%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD WIDTH="33%" ALIGN="LEFT"><FONT SIZE="-1">THE COCA-COLA COMPANY</FONT></TD>
    <TD WIDTH="2%" ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Hereby represented by</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Jos&#233; Ignacio Huerta Gonz&#225;lez</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">Mr. Eduardo Arrocha Gio</FONT></TD>
    <TD ALIGN="LEFT"><FONT SIZE="-1">&nbsp;</FONT></TD>
  </TR>
</TABLE>





<HR SIZE=5 noshade><!-- *************************************************************************** -->
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<p><table width=600><tr><td  align=center><font size=2><B>THE COCA-COLA COMPANY<BR>
COCA-COLA PLAZA  <BR>ATLANTA, GEORGIA</B></font></td></tr></table>

<p><table width=600><tr><td align=right><font size=2>ADDRESS REPLY TO <BR> P. O. DRAWER
1734  <BR>ATLANTA. GA 3O3OI</font></td></tr></table>


<p><table width=600><tr><td  align=RIGHT><font size=2>Atlanta, Ga., July 1, 1999.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>PANAMCO GOLFO, S.A. DE C.V. Blvd. <br>
      Manuel &#193;vila Camacho No. 40<br>
      Col. Lomas de Chapultepec 11000, M&#233;xico, D.F.</font></td>
  </tr></table>


<br>
<table width=600>
  <tr>
    <td>
      <div align="right"><font size="2">Attn.: Mr. Jos&#233; Ignacio Huerta Gonz&#225;lez
        </font></div>
    </td>
  </tr>
</table>
<br>
<p><table width=600><tr><td><font size=2>Dear Sirs:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We are hereby referring to the Coca-Cola
Bottler  Agreement and other products of The Coca-Cola  Company  (hereinafter  referred
to as  THE COMPANY),  entered as of this date by and between The Coca-Cola  Company and
Panamco Golfo, S.A. de C.V.  (hereinafter  referred to  as THE BOTTLER),  valid as of
July 1, 1999 and up to May 31, 2005  (hereinafter  referred to as THE AGREEMENT)  for a
Territory  within  the Republic of Mexico, described in THE AGREEMENT (hereinafter
referred to as THE TERRITORY).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>As you are well aware of, the  foundation  of
our precious and long business  relationship  has been and will keep being subject to the
New Agreement, the mutual respect, the good faith an the highest business code of ethics.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All along our conversations,  you asked us for
clarification of some Sections in THE AGREEMENT,  so The COMPANY has agreed to make such
clarifications pursuant to the following:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>1.  Section 1 in THE AGREEMENT will apply in the
understanding  that every time THE COMPANY may decide to introduce a new product  and/or
packaging  within THE TERRITORY,  understanding as such carbonated  refreshing  beverages
containing no juice, THE COMPANY will  inform in written such decision to THE BOTTLER,
explaining its intention,  program and other  conditions for the  introduction of such
new product and/or  packaging.  THE BOTTLER will have the right in the first position of
launching such product and/or packaging in THE  TERRITORY.  THE BOTTLER  will  enforce
such right in the first  position  within the 60 (sixty)  days upon  reception  of such
written  communication  issued by THE  COMPANY  by means of a  response  in written in
which it will  inform  THE  COMPANY  of its  interest  in  launching the new product
and/or  packaging  within THE TERRITORY,  showing at THE COMPANY&#146;s  entire  satisfaction,
its technical and  financial  capacity so as to conduct  such  launching  and in the
understanding  that it will comply </font></td></tr></table>





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<p><table width=600><tr><td><font size=2>with all the  programs  for such  launching in
the terms indicated by THE COMPANY</font></td></tr></table>

<p><table width=600><tr><td><font size=2>2.  Section 9 in the Agreement states that the
Company&#146;s request so as to  obtain  financial and accounting  information is for the only
purpose of verifying  compliance  with the AGREEMENT.  THE COMPANY agrees  that such
request in written will come from the THE COMPANY&#146;s subsidiary General Director in Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>3.  In Section 11 (first paragraph) in the
AGREEMENT it is stated that the  has entered or may enter other  agreements  similar to
THE  AGREEMENT  with other  parties  outside THE  TERRITORY and that THE BOTTLER  accepts
the limitations  that such agreements may reasonably  impose to THE BOTTLER in the
performance of its business  pursuant to THE  AGREEMENT.  THE COMPANY accepts that such
limitations will be exclusively  related to the territorial  structure of its bottling
system  in Mexico and the rest of the world.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>4.  In  connection  with the adoption of
additional  measures  considered  as necessary  and  justified by THE COMPANY  aiming at
protecting  and improving the beverages  sale and  distribution  system  regarding the
attention to big and/or  special  clients having  their business purpose going beyond the
limits of THE BOTTLER&#146;S TERRITORY  (hereinafter  referred to as KEY ACCOUNTS),  pursuant
to the  stated in Section 11 (second  paragraph) in THE AGREEMENT,  THE COMPANY will only
adopt such  measures,  including the direct supply of  the beverages in the KEY ACCOUNTS,
in the event THE BOTTLER fails to comply with the adequate  supply to such KEY ACCOUNTS
within THE  TERRITORY  (frequency in the service,  prices,  sale conditions,  etc.). THE
COMPANY besides working directly with a KEY ACCOUNT should  notify in written its
decision for doing so to THE  BOTTLER,  unless THE BOTTLER  corrects the issue within a
period of time no longer  than 15 (fifteen) days.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>5.  Pursuant to Section 12 a) in THE  AGREEMENT,
THE BOTTLER agreed to accept and apply the rules adopted and issued from time to  time by
THE COMPANY for a uniform  external  appearance  of the  distribution  equipment  and
other  materials  used by THE BOTTLER and  others  Coca-Cola  Bottlers.  It is agreed
upon that the  directions  THE COMPANY may issue on a regular basis in  connection  with
the  uniform external appearance will apply to all Bottlers in Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>6.  The  agreements  stated in Section 17 in THE
AGREEMENT  will apply not only to the operation in which THE BOTTLER is involved  but
also in those  activities in which THE BOTTLER may be directly  related by means of
ownership,  control,  management,  partnership,  agreement or any other manner,  whether
within or outside THE TERRITORY of THE BOTTLER.  THE COMPANY agrees that the term
&#147;or any other  manner&#148; in such context will refer to situations with similar or
equivalent effect.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>7.  In connection  with Section 27 b) the
procedure and schedule to be applied will be as follows:  in the event THE BOTTLER wants
to request  renewal of THE  AGREEMENT  for an  additional  period of 10 (ten)  years,
THE BOTTLER  should  request so with at least 18  (eighteen)  months but not more than 24
(twenty  four)  months  before  maturity of the </font></td></tr></table>




<HR SIZE=5 noshade><!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->




<p><table width=600><tr><td><font size=2>original  term through  submitting a request in
written,  supported by the  information  THE COMPANY may request  pursuant to the stated
in such Section 27 b). THE COMPANY THE BOTTLER  stating the  mentioned in Section 27 b)
upon  maturity  will notify in written its  decision,  at least 12 (twelve)  months
before the  original 10 (ten) year one.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>8.  In connection with Section 32 in THE
AGREEMENT,  it is understood  that the  limitations  therein for the assignment of shares
will not embrace the assignment of shares by legal means,  including legal or testate
succession.  Among shareholders and any of their  consanguineous  relatives,  wives,
in-law relatives and relatives  pursuant to the Civil Code (adoption).  In such cases,
the previous  approval of THE COMPANY will not be required.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>9.  Pursuant to Section 34 in THE AGREEMENT,
THE COMPANY will appoint only one or more of its  subsidiaries  controlled 100% in a
direct manner.  In the event this is possible or in its absence,  to one or ore of its
companies  controlled in an indirect manner,  as  its representative so as to make assure
The BOTTLER&#146;s full compliance with all terms and conditions stated in THE AGREEMENT.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>10.  In connection  with Section 36 b) in THE
AGREEMENT,  THE COMPANY agrees to reimburse THE BOTTLER all documented  costs related  to
paper work and actions that may be required by THE COMPANY from THE BOTTLER for the
protection  of THE COMPANY&#146;s  products  secured  by THE AGREEMENT.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>11.  It is understood  that the insurance
policy required by THE BOTTLER in Section 36 e) of THE AGREEMENT will be appropriate for
the Mexican  conditions  and practices as well as local uses  prevailing  for companies
with similar size and activities in connection  with this particular type of insurance
coverage.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>12.  In connection with the stated in EXHIBIT A
in THE AGREEMENT,  THE COMPANY  granted THE BOTTLER a  non-exclusive  authorization  for
the  preparation,  distribution  and sale of the beverages  stated therein,  as Post-Mix.
Consequently,  THE COMPANY may decide to  grant similar non-  exclusive  authorizations
for Post-Mix  rights to third parties  within THE TERRITORY or THE COMPANY may decide to
enforce such rights over Post-Mix  directly  within THE  TERRITORY.  In the event THE
COMPANY  decides to grant similar non-  exclusive  authorizations  to any third party or
to do it in a direct manner,  THE COMPANY agrees to discus such issue in an informal
manner with  THE BOTTLER,  in the  understanding  that this  discussion by no means will
limit the rights of THE COMPANY  stated in Exhibit A in THE  AGREEMENT whatsoever.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>13.  THE COMPANY and THE BOTTLER  agree that all
remaining  clauses,  terms and  conditions  in THE  AGREEMENT  will remain with no
amendment whatsover and with full validity and effect.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Sincerely, <BR> The Coca-Cola Company</font></td></tr></table>





<p>
<table width=600>
  <tr>
    <td><font size=2>Represented by<br>
      Mr. Steve M. Whaley</font></td>
  </tr>
</table>
<p>
<HR SIZE=5 noshade><!-- *************************************************************************** -->
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<p>
<table width=600><tr><td>
      <p><font size=2>Accepted on July 1, 1999</font></p>
      <p><font size=2>PANAMCO GOLFO, S.A. DE C.V.</font></p>
      </td></tr></table>





<p><table width=600><tr><td><font size=2>Represented by  <BR>Mr. Jos&#233; Ignacio Huerta Gonz&#225;lez</font></td></tr></table>




<p>
<hr size=5 noshade>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.33
<SEQUENCE>11
<FILENAME>e14932ex4_33.htm
<DESCRIPTION>BOTTLER AGREEMENT
<TEXT>
<html>
<head>
<title> </title>
</head>
<body>









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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.33</B></font></td></tr></table>


<p><table width=600><tr>
    <td><FONT SIZE="2"> B O T T L E R &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
      G R E E M E N T</FONT></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>THIS BOTTLER  AGREEMENT  (hereinafter  referred
to as the &#147;Agreement&#148;)  valid as of July 1, 1999,  entered by and between THE
COCA-COLA  COMPANY,  a corporation duly  incorporated  pursuant to the Law regulating the
State of Delaware,  United States of America,  with main  headquarters at One Coca-Cola
Plaza,  N.W., in Atlanta City,  State of Georgia,  U.S.A.  (hereinafter  referred to as
&#147;Company&#148;) , and  PANAMCO BAJIO,  S.A. DE C.V., a corporation  duly
incorporated  and regulated  under the Mexican Law with main  headquarters  at Blvd.
Manuel &Aacute;vila Camacho No. 40, Col.  Lomas de  Chapultepec  Del.  Miguel  Hidalgo,  11000
M&eacute;xico,  D.F.  (hereinafter  referred to as the  &#147;Bottler&#148;).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>W H E R E A S</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
A. </FONT></TD><TD width=90% valign=top><font size=2> The
Company&#146;s business purpose is the manufacturing and sale of certain  Concentrates
and  Beverages Bases (hereinafter referred to as &#147;Beverages  Bases&#148;) the
formulas of  which are industrial secrets of the Company,  and which are used as basis
for the  preparation of syrups for  non-alcoholic beverages (hereinafter referred to as
the  &#147;Syrups&#148;),  as  well as to the manufacturing and sale of such Syrups used
for  the  preparation of  certain non-alcoholic beverages explained in detail  within
Appendix  I (hereinafter  referred to as the &#147;Beverages&#148;) which  are put for
sale in  bottles and other  packages as well as in other  forms or manners.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
B. </FONT></TD><TD width=90% valign=top><font size=2> The
Company owns the registered Trademarks detailed in Appendix II  securing such Beverages
Bases, Syrups and Beverages. It also owns  several Trademarks consisting of Distinctive
Packages in different  sizes in which the Beverages have been commercialized for many
years,  as well as the registered Trademarks consisting of the design of a  Dynamic Tag
used for the advertisement and marketing of some Beverages  (all registered Trademarks
whether collectively or on an individual  basis will hereinafter be referred to as the
&#147;Trademarks&#148;).</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
C. </FONT></TD><TD width=90% valign=top><font size=2> The
Company has the exclusive right for the Beverages preparation,  bottling and sale as well
as that for the Beverages Bases and Syrups  manufacture and sale in the Republic of
Mexico.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
D. </FONT></TD><TD width=90% valign=top><font size=2> The
Company has designated and authorized certain third parties to  manufacture the Beverages
Bases for their sale to bottlers duly  appointed as such (those third parties mentioned
above will be  hereinafter referred to as the &#147;Authorized Suppliers&#148;).</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
E. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler has requested for authorization from the Company so as to  use the &#147;Trademarks&#148; in
connection with the preparation and bottling of  the Beverages and for the distribution
and sale of the Beverages within  the stated territory described herein.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
F. </FONT></TD><TD width=90% valign=top><font size=2> The
Company is willing to grant such authorization requested to the  Bottler under the terms
and conditions stated in this Agreement.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>THEREFORE, the parties agree as follows:</font></td></tr></table>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr><td><font size=2>I.  AUTHORIZATION</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
1. </FONT></TD><TD width=90% valign=top><font size=2> By
means of this Agreement, the Company authorizes the Bottler and in  turn, the Bottler is
obligated, under the terms and conditions herein,  to prepare and bottle the Beverages in
Authorized Packages as defined  later on and to distribute and sell them under the
Trademarks  exclusively in and within the territory defined in Appendix III  (hereinafter
referred to as the &#147;Territory&#148;) .</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
2. </FONT></TD><TD width=90% valign=top><font size=2> The
Company will approve during the validity period of this Agreement  and at its own
discretion, the types of container, their size, shape  and other distinctive
characteristics for each one of the Beverages  (hereinafter referred to as the &#147;Authorized
Packages&#148;) the bottler is  entitled to use pursuant to this Agreement for the
packaging of each  one of the Beverages. The list of Authorized Packages in connection
with each one of the Beverages upon the beginning of this Agreement&#146;s  term is
detailed in Appendix IV). The Company may, by means of written  communication sent to the
Bottler, authorize the usage of additional  Authorized Packages for the preparation,
bottling, distribution and  sale of one or more types of Beverages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
3. </FONT></TD><TD width=90% valign=top><font size=2> The
Exhibits attached to this Agreement, if any, identify the nature of  the complementary
authorizations that may be granted from time to time  to the Bottler pursuant to the
terms stated herein and regulate the  specific rights and obligations of the parties in
connection with the  complementary authorizations.</font></TD></TR></TABLE>
<p> </P>

<table width=600>
  <tr>
    <td><font size=2>II. OBLIGATIONS OF THE COMPANY</font></td>
  </tr>
</table>
<P><table width=600><TR>
    <TD width=10% valign=top><font size=2> 4. </FONT></TD>
    <TD width=90% valign=top><font size=2>The Company or Authorized Suppliers
      will sell and deliver the Bottler the amount of Beverages Bases the Bottler
      may request for on a regular basis, in the understanding that:</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The
Bottler will request for, and the Company or the  Authorized Suppliers will sell and
deliver to the Bottler,  only the amount of Beverages Bases that may be necessary and
enough in order to comply with this Agreement; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The
Bottler will use the Beverages Bases exclusively for the  preparation of the Beverages as
prescribed by the Company from  time to time, and the Bottler is banned to whether sell
the  Beverages Bases or the Syrups or allow them to get to third  parties without the
Company&#146;s previous written consent.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=15% valign=top><font size=2>
 </FONT></TD><TD width=85% valign=top><font size=2>The Company
will keep the exclusive right so as to determine  the formulas, composition or
ingredients for the Beverages and  Beverages Bases at any moment.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
5. </FONT></TD><TD width=90% valign=top><font size=2> The
Company, within the validity term of this Agreement, except for the  stated in Section
11, will refrain from selling, distributing or  authorizing third parties to sell or
distribute the Beverages within  the Territory in the Authorized Packages, keeping </font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2> the right
however, to  prepare and bottle the Beverages in the Authorized Packages within the
Territory to be sold outside the Territory and to prepare, bottle,  distribute and sell
or authorize the preparation, bottling,  distribution or to authorize third parties to
sell the Beverages within  the Territory in any other manner or form. The Company,
pursuant to the  territoriality principle stated in Section 1 mentioned above, will have
the exclusive right to import and export the Beverages both, to Mexico  or from Mexico.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>III.  OBLIGATIONS OF THE BOTTLER IN CONNECTION
WITH THE COMMERCIALIZATION OF  BEVERAGES, FIANCIAL CAPACITY AND PLANNING.</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
6. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will have the continuous obligation to develop, foster and  totally satisfy the
demand for each one of the Beverages within the  Territory. Therefore, the Bottler
convenes and agrees with the Company,  the following:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"> <font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
Prepare, bottle, distribute and sell the necessary amounts  of each one of the Beverages
so as to completely satisfy and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> by
all means cover the demand in full, of each one of the  Beverages within the Territory;
make all efforts and make use  of all tested, practical and approved means so as to
develop  and exploit in full the business potential of the preparation,  bottling,
commercialization and distribution of each one of  the Beverages within the Territory by
means of the continuous  creation, fostering and expansion of the future demand of each
one of the Beverages, totally satisfying in all aspects, the  current demand;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
invest all capital and incur into all expenses that may be  needed for the organization,
installation, operation,  maintenance and replacement of all storing, distribution,
manufacture, commercialization, delivery and transportation  facilities as well as any
other kind of facilities and  equipment within the Territory so as to comply with this
Agreement;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
sell and distribute the Beverages in Authorized Packages  only to final consumers or
retails within the Territory.  However, the Bottler is authorized to distribute and sell
the  Beverages in the Authorized Packages to wholesalers within the  Territory selling
only to retailers within the Territory. Any  other distribution method will be subject to
the Company&#146;s  previous authorization in written; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
have a competent management team, duly qualified and to  recruit, train, maintain and
direct all personnel that may be  required in all aspects so as to comply with the Bottler&#146;s
obligations pursuant to this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
7. </FONT></TD><TD width=90% valign=top><font size=2> The
parties  agree  that,  in order to develop and foster the demand of each one of the
Beverages,  advertisement  and other  marketing  activities are necessary.  The Bottler
therefore agrees to spend the amounts of money that may be necessary for the</font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2> advertisement and
marketing of the  Beverages so as to maintain and increase the demand  of each one of the
Beverages  within  the Territory.  The Company may, at its own  discretion,  contribute
to such advertisement and marketing expenses.  The Company  may  also use its own funds
for each  advertisement  or promotion  activity it may consider  appropriate  to conduct
within the  Territory,  having the  foregoing by no means  affecting the  Bottler&#146;s
obligation to invest the necessary  sums of money for  advertising  and  marketing of
each one of the  Beverages so as to foster and develop the  demand of each one of the
Beverages  within the Territory.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
8. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will submit to the Company, for its previous approval, all  advertising and
promotions related to the Trademarks or Beverages and  will use, publish, maintain and
distribute only the advertisements and  promotional material related to the Trademarks or
Beverages that may be  approved and authorized by the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
9. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will maintain the consolidated financial capacity that may  be reasonably
necessary so as to make sure the Bottler can comply with  its obligations pursuant to
this Agreement. The Bottler will keep  books, accounts and records in a precise manner
and will supply the  Company, upon request, the financial and accounting information that
may be required so as to allow the Company determine the Bottler&#146;s  compliance of
its obligations pursuant to this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
10 </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler convenes and agrees as follows</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
deliver a program to the Company each calendar year  (hereinafter referred to as &#147;Annual
Program&#148;), which should be  acceptable for the Company in form and content. The
Annual  Program will include, but may not be limited to, the Bottler&#146;s  plans for
commercialization, administration and management,  finance, promotion and advertising,
showing in detail the  activities envisioned for the following twelve-month period or
any other period the Company may establish. The Bottler will  diligently enforce the
Annual Program and will inform on a  quarterly basis or as stated by the Company, about
the  compliance with such Annual Program.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Will
inform the Company, on a monthly basis or within the  intervals the Company may state for
such purposes, the sales  volume of each one of the Beverages in a detailed manner and
with the data the Company may request.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
11. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler acknowledges that the Company has entered or may enter  agreements similar to
this Agreement with third parties outside the  Territory and accepts the limitations such
agreements may reasonably  impose to the Bottler in the performance of its business
according to  the terms herein. Likewise, the Bottler agrees to conduct its business  in
such a way so as to avoid conflicts with such third parties and,  should disputes may
arise despite it all, is obligated to make all  reasonable efforts so as to settle them
in an amicable manner.</font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>The Bottler
may not oppose, without valid reasons, to any additional  measure, the adoption of which
may be considered as necessary by the  Company and justified by it aiming at protecting
and improving the  Beverages sale and distribution systems. For instance, those that may
be adopted related to the attention of big or special accounts the  scope of which may go
beyond the Territory limits, even if such  measures represent a restriction of the Bottler&#146;s
rights or obligations  within reasonable limits without affecting the essence of this
Agreement.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2>12.&nbsp;</font></TD>
    <TD width=10% valign=top><font size=2> a) </FONT></TD>
    <TD width=90% valign=top><font size=2> The Bottler acknowledging the important
      benefit both, for itself and all third parties referred to in Clause 11
      mentioned above, derived from the external uniform appearance of the distribution
      equipment and other equipment and material used pursuant to the terms herein,
      agrees on accepting and applying the adopted rules that may be issued from
      time to time by the Company for the design and decoration of the trucks
      and other vehicles used for distribution, as well as cases, cardboard cases,
      refrigerators, vending machines and other materials and equipment used for
      the distribution and sale of Beverages pursuant to this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>&nbsp;</TD>
    <TD width=10% valign=top><font size=2> b) </FONT></TD>
    <TD width=90% valign=top><font size=2> Moreover, the Bottler is obligated
      to maintain and replace such equipment at reasonable intervals as well as
      to use such equipment to distribute or sell only the Beverages and the Beverages
      by products specified in Appendix V as long as the usage of such equipment
      related to the products included in Appendix V does not affect the Bottler&#146;s
      capacity to fulfil its obligations pursuant to this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=9% valign=top><font size=2> 13. </FONT></TD>
    <TD width=9% valign=top><font size=2> a)</font></TD>
    <TD width=82% valign=top><font size=2> By no means may the Bottler prepare,
      sell, or distribute or cause the sale or distribution of any of the Beverages
      outside the Territory without the Company&#146;s previous consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top>&nbsp;</TD>
    <TD width=10% valign=top><font size=2> b) </FONT></TD>
    <TD width=90% valign=top><font size=2> In the event any of the prepared, bottled,
      distributed or sold Beverages by the Bottler were found within the Territory
      of another authorized Bottler by the Company (hereinafter referred to as
      the &#147;Injured Bottler&#148;), besides the other remedies available,
      the following may apply:</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=23% valign=top align="right"><font size=2> 1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=77% valign=top><font size=2> The Company may immediately cancel
      the authorization of the Authorized Package(s) found within the Injured
      Bottler&#146;s Territory;</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top align="right"><font size=2> 2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=77% valign=top><font size=2> The Company may charge the Bottler
      a compensatory amount for the Beverages found in the Injured Bottler&#146;s
      Territory so as to compensate the lost profit, the expenses and other costs
      incurred by the Company and the Injured Bottler; and</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=23% valign=top align="right"><font size=2> 3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=77% valign=top><font size=2> The Company may buy any of the prepared,
      bottled, distributed or sold by the Bottler that may be found in the Injured
      Bottler&#146;s Territory and the Bottler, additionally to any other obligation
      that may have pursuant to this Agreement, will reimburse the Company with
      the cost incurred for the transportation and or Beverages.</font></TD>
  </TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P>
<table width=600>
  <TR>
    <TD width=10% valign=top align="right"><font size=2> </FONT></TD>
    <TD width=10% valign=top align="left"><font size=2>c) </font></TD>
    <TD width=90% valign=top><font size=2> In the event the prepared, bottled,
      distributed or sold Beverages by the Bottler were found in the Territory
      of an Injured Bottler, the Bottler may submit to the Company&#146;s representatives
      all sale contracts and other records related with such Beverages and will
      help the Company in all investigations conducted related with the sale and
      distribution of such Beverages outside the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top align="right"><font size=2> </FONT></TD>
    <TD width=10% valign=top align="left"><font size=2>d) </font></TD>
    <TD width=90% valign=top><font size=2> The Bottler will inform the Company
      immediately in the event of receiving an order or a purchase offer from
      a third party regarding which, the Bottler may know or may have reasons
      to believe or suspect would led to the commercialization, sale, resale,
      distribution or redistribution of Beverages outside the Territory infringing
      the stated herein.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td><font size=2>IV. BOTTLER&#146;S OBLIGATIONS IN CONNECTION WITH THE TRADEMARKS</font></td>
  </tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
14. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will acknowledge at all times the validity of the  Trademarks and the fact they
belong to the Company and by no means will  it question such validity or ownership in any
way whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
15. </FONT></TD><TD width=90% valign=top><font size=2> There
is nothing within this Agreement that may give the Bottler neither benefit not right
whatsoever over the Trademarks nor  the  goodwill  inherent to them or over the labels,
design,  bottling or any other visual  representation  of them or used in  connection
with them,  and the  Bottler  acknowledges  and  agrees  that all  rights  and  interests
created by the usage of  Trademarks,  labels, designs, packages or any other visual
representation may have a repercussion for the benefit and property  of the Company.  The
parties agree and understand  that this is nothing but a temporary  authorization  issued
in favor of the  Bottler  pursuant to the terms of this  Agreement,  leading not to any
right or interest  and without  payment of any right or  royalty, for the usage of such
Trademarks,  labels,  designs,  packages or any other visual  representations of them,
but only  related to the  preparation,  bottling,  distribution  and sale of the
Beverages in Authorized  Packages.  Such usage must be  conducted  in a manner  and form
that all  goodwill  related  to it  benefits  the  Company  as the  source and origin of
such  Beverages,  and the Company will keep full right over determining the presentation
of such Trademarks and other steps that may  be necessary or convenient so as to assure
compliance in the stated in Section 15.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
16. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler may neither adopt or use any name, corporate name, company  name, establishment
name nor any other commercial name including the  words &#147;Coca-Cola&#148;, &#147;Coca&#148;,
&#147;Cola&#148;, &#147;Coke&#148; or any of them that could be  mistaken for or
considered as similar to any graphic or visual  representation of the Trademarks or any
of any other brand or  industrial property of the Company, without previous written
consent of  the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
17. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler convenes and agrees with the Company during the validity  period of this
Agreement and pursuant to the applicable legislation as  follows:</font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Not
to manufacture, prepare, bottle, distribute, sell,  negotiate or in any other manner
establish another type of  relationship with any other beverages by products, besides
those prepared, bottled, distributed or sold by the Bottler  under authorization of the
Company, except for those Beverages  by products and flavors existing in the market
within the  Territory as of March 1, 1992 detailed in Appendix V. Any  change or
additions to Appendix V should be expressly approved  in written form by the Company;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Not
to manufacture, prepare, bottle, distribute, sale,  negotiate or by any other means
establish any relationship  with any other concentrated solution, base for beverage,
syrup  or beverage that may be easily mistaken for or mixed up with  any of the Beverages
Bases, Syrups or Beverages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Not
to manufacture, prepare, bottle, distribute, sell,  negotiate or by any other means
establish any type of  relationship with any other beverage by product under any
commercial design or any container imitating a commercial  design or container over which
the Company claims property  rights or that may be subject to confusion or to cause
confusion or that may be perceived by the consumer as  confusingly similar or that may be
substituted by such  commercial design or container;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Not
to manufacture, prepare, bottle, distribute, sell,  negotiate or by any other means
establish any relationship  with any product under any other brand or name that may be an
imitation, copy, infringement or confusingly similar to any of  the Trademarks, and  e)
Within the validity term of this Agreement and within a period  of two (2) years after
termination of such term and  acknowledging the valuable rights granted by the Company to
the Bottler pursuant to this Agreement, not to manufacture,  prepare, bottle, distribute,
sell, negotiate or by any other  means establish any other relationship with any other
beverage  the name of which may include the word &#147;Cola&#148; (whether on its  own or
together with any other word or words) or any other  phonetic interpretation of such word.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>The stipulated
herein apply not only to the operations with which the  Bottler may be directly involved
but also to the operations with which  the Bottler may be indirectly involved by means of
ownership, control,  management, partnership, contract, agreement or any other means
whether  within or outside the Territory. The Bottler is obligated not to  acquire,
retain whether directly or indirectly any property interest in  or become part of any
contract or agreement related to the management  or control of any person or legal
entity, within or outside the  Territory participating in any of the activities
prohibited under this  Section.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr>
    <td><font size=2>18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
      agreement reflects mutual interest of the parties and in the event:</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> a
third party that, in the Company&#146;s opinion, is related  whether directly or
indirectly, by means of a property title,  the exercise of control or by any other means
with the  manufacture, preparation, bottling, distribution or sale </font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR><TD width=15% valign=top><font size=2>
 </FONT></TD><TD width=85% valign=top><font size=2> of any
product  specified under Section 17 mentioned above,  purchases or by any other means
obtains  control or influences  anyhow whether directly or indirectly the Bottler&#146;s
management  activities; or</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> any
natural person or legal entity having  majority in ownership,  direct or indirect
control over the Bottler or is  controlled,  whether  directly or  indirectly  by the
Bottler or any third party having  control,  direct or indirect  influence in the Bottler&#146;s
management  activities  that may get involved,  pursuant to the Company&#146;s  opinion
in the  preparation,  bottling,  distribution  or sale of any of the products  specified
in Section 17 mentioned  above;  the  Company  will  have the right to  immediately
terminate  this  Agreement  unless  the  third  party is  making  such  acquisition
within the stated in subparagraph (a) mentioned above or the person,  entity, firm or
company referred to  in subparagraph  (b) mentioned above,  after being notified in
written of the Company&#146;s  intention of terminating the  Agreement as mentioned, may
agree to discontinue and actually discontinue the manufacturing,  preparation,  bottling,
distribution or sale of such products within a reasonable  period exceeding not six (6)
months as of the notification  date.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=15% valign=top><font size=2> 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      a)</FONT></TD>
    <TD width=85% valign=top><font size=2> If the Company, for the purposes of
      this Agreement, requires, pursuant to the applicable laws regulating the
      registration and license of industrial property, for the Bottler to be registered
      as authorized user or licensee of the Trademarks, upon the Company&#146;s
      request, the Bottler will enter all an any contracts and documents that
      may deem necessary so as to establish, modify or cancel the registration.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> Should the public authority with the
      relevant jurisdiction reject the Company and the Bottler&#146;s request
      so as to register the Bottler as authorized user or licensee of any of the
      Trademarks in connection with any of the Beverages prepared and bottled
      by the Bottler pursuant to this Agreement, the Company will be entitled
      to terminate this Agreement or immediately cancel the relevant authorization
      in connection with such Beverages.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>VI. OBLIGATIONS OF THE BOTTLER IN CONNECTION
WITH THE PREPARATION AND BOTTLING  OF THE BEVERAGES</font></td></tr></table>

<P><table width=600><TR>
    <TD width=14% valign=top><font size=2> 20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)</FONT></TD>
    <TD width=86% valign=top><font size=2> The Bottler convenes and agrees with
      the Company to use, in the preparation of the Syrups for each one of the
      Beverages, only the Beverages Bases acquired from the Company or Authorized
      Suppliers and in using the Syrups only for the preparation and bottling
      of the Beverages strictly subject to and in compliance with the directions
      in written that will be communicated to the Bottler by the Company in a
      regular basis. The Bottler also convenes and agrees with the Company that
      upon the preparation, bottling and distribution of the Beverages, will at
      all times be subject to the manufacturing, hygiene among other rules stated
      from time to time by the Company and to comply with all applicable legal
      requirements. Likewise, the Bottler will at all times allow the Company,
      its officers, agents, </font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> </FONT></TD>
    <TD width=85% valign=top><font size=2>representatives or employees to have
      access to as well as to inspect the plant, facilities, equipment and methods
      used by the Bottler for the preparation, bottling, storage and management
      of the Beverages in order to determine if the Bottler complies with the
      terms of this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> The
Bottler, acknowledging the relevance of identifying the  manufacturing source for the
Beverages in the market, agrees  to use identification codes in all bottling and/or
packaging  materials for the Beverages, including Authorized Packages and  disposable
cases. Moreover, the Bottler agrees to install,  maintain and use the necessary machinery
and equipment  required for the application of such identification codes. The  Company
will supply the Bottler from time to time with the  necessary directions in written in
connection with the forms  of the identification codes that may be used by the Bottler as
well as the production and sale records to be kept by the  Bottler.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> In
the event the Company  determines or notices the existence of any issue related to
quality or of technical  origin  related to any of the  Beverages or  Authorized
Packages in connection  with any of the  Beverages,  the Company may  require the Bottler
to take all  necessary  measures so as to  immediately  withdraw  such  Beverages  or
Authorized  Packages from the market.  Additionally,  the Company may revoke its
authorization in connection with the Authorized  Container(s)  that may has/have  shown
whether  quality or technical  issues or caused by any other  reason,  in the  interest
of the  Coca-Cola  System in Mexico,  eliminating  the  Authorized  Container(s)  from
Appendix IV in this  Agreement.  The Company will notify the Bottler  whether by
telephone,  cable,  telex,  telefax or any other means of  immediate  communication of
its decision of requesting the Bottler to withdraw such Beverages or Authorized  Packages
from the market or to cancel any Authorized  Container.  Upon reception of such notice,
the Bottler will immediately  stop the  distribution of such Beverages or Authorized
Packages and will take any other action that may be requested  by the Company in
connection  with the  withdrawal of such  Beverages  from the market or the  cancellation
of such  Authorized Packages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> In
the event the Bottler determines or gets acquainted with  any quality issue or of
technical origin related to any of the  Beverages or Authorized Packages in connection
with any of the  Beverages, the Bottler will immediately notify the Company by
telephone, cable, telex, telefax or any other means of  immediate communication. This
notification will include: (1)  identity and amount of Beverages involved, including the
Authorized Packages, 2) codification data, (3) any other  relevant means including
information helping in the tracing of  such Beverages.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
21. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler must, at its own cost and expense, submit to the Company,  samples of the Syrups,
Beverages and the materials used for the  preparation of such Syrups and Beverages
pursuant to the directions  communicated in written by the Company from time to time.</font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> 22. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)</FONT></TD>
    <TD width=85% valign=top><font size=2> In the bottling, distribution and sale
      of the Beverages, the Bottler will only use Authorized Packages, lids, cases,
      cardboard cases, labels and other bottling or packaging materials approved
      from time to time by the Company, and the Bottler will acquire such items
      only from the suppliers previously authorized by the Company so as to manufacture
      such items to be used in connection with the Trademarks and Beverages. The
      Company will make its best effort so as to approve two or more suppliers
      for such items, in the understanding that such authorized suppliers may
      be within or outside the Territory.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The Bottler will inspect the Authorized
      Packages, lids, cases, cardboard cases, labels and other bottling or packaging
      materials and will only use those items complying with the rules stated
      by the applicable law within the Territory besides the rules and specifications
      stated by the Company. The Bottler will assume, on an independent manner,
      the responsibility in connection with the usage of such Authorized Packages,
      lids, cases, cardboard cases, labels and other bottling or packaging materials
      complying with such rules.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The Bottler will maintain on a permanent
      basis, enough inventory of Authorized Packages, lids, labels, cases, cardboard
      cases and other bottling or packaging materials so as to fulfil, in full,
      the demand of each one of the Beverages within the Territory.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=14% valign=top><font size=2> 23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      a)</FONT></TD>
    <TD width=86% valign=top><font size=2> The Bottler acknowledges that the increases
      in demand for Beverages, as well as the changes in the list of Authorized
      Packages may require, from time to time, modifications or other changes
      in connection with their existent equipment for the manufacture, bottling,
      distribution or direct supply or may require the purchase of additional
      equipment for the manufacture, bottling, distribution or direct supply.
      The Bottler therefore agrees to modify the existent equipment, acquire and
      install the additional equipment that may be necessary with enough anticipation
      so as to permit the introduction of the new Authorized Packages and the
      preparation and bottling of the Beverages pursuant to the permanent obligations
      of the Bottler to develop, foster and satisfy in full the demand for each
      one of the Beverages within the Territory.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=14% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=86% valign=top><font size=2> In the event the Bottler uses non-returnable
      Authorized Packages for the preparation and bottling of the Beverages, the
      Bottler agrees to invest the necessary capital as well as the sums that
      may be requested from time to time so as to create and maintain an adequate
      inventory of the non-returnable Authorized Packages. Aiming at assuring
      the permanent quality and appearance of such inventory of non-returnable
      Authorized Packages. The Bottler, moreover, agrees to replace all or part
      of such inventory of non-returnable Authorized Packages as reasonably necessary
      and pursuant to the obligations of the Bottler stated herein.</font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR>
    <TD width=14% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=86% valign=top><font size=2> The Bottler agrees not to re-bottle
      or by any other means re-use any of the non-returnable Authorized Packages
      that may have been previously used.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
24. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler is the only held responsible for the compliance of its  obligations pursuant to
this Agreement in the terms stated on the law  and regulations applicable in the
Territory, and should immediately  inform the Company about any rule that may hinder or
limit the Bottler  regarding the strict compliance of its obligations clearly stated
herein .</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>VII.  CONDITIONS FOR PURCHASE AND SALE</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
25. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler will acquire the Beverages Bases that may be required for  the preparation and
bottling of the Beverages from the Company or  Authorized Suppliers only, pursuant to the
stated in this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> 26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      a)</FONT></TD>
    <TD width=85% valign=top><font size=2> The Company, by means of communication
      with the Bottler, keeps the right to establish its own discretion regarding
      prices of the Beverages Bases, including the shipment and payment conditions,
      the currency or currencies acceptable for payment purposes by the Company
      and its Authorized Suppliers, the place for procurement and/or alternative
      procurement places for each one of the Beverages Bases.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The
Company and the Bottler agree that the maximum prices of  the Beverages convenient to
retailers, should be competitive,  always aiming at maintaining the ratio &#147;volume,
market share  and profits&#148; in the right balance so as to permit the  permanence of
the business in the long run.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> The
Company keeps the right, by means of notification in  written to the Bottler, to change
the Authorized Suppliers and  to revise from time to time and in any moment at its entire
discretion, the prices of any of the Beverages Bases, the  shipment conditions (including
the place for procurement) as  well as the currency or currencies acceptable for the
Company  or for its Authorized Suppliers.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> If
the Bottler is not willing to pay the revised price in  connection with the Beverages
Bases for &#147;Coca-Cola&#148; Beverage,  the Bottler will notify so in written within
the next thirty  (30) days upon reception of the notification issued by the  Company
stating the revision of the price mentioned above. May  this be the case, this Agreement
will automatically be  terminated upon three (3) calendar months following the  reception
date of the notification received by the Bottler.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> Except
for the stated in subparagraph  (d) mentioned above in connection with the Beverage Base
for  &#147;Coca-Cola&#148;,  if  the Bottler is not willing to pay the revised  price in
connection  with the Beverage  Base(s) for one or more of any  of the other  Beverages,
the Bottler  should notify so, in written,  to the </font></TD></TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR><TD width=15% valign=top><font size=2>
 </FONT></TD><TD width=85% valign=top><font size=2>Company within
the thirty (30) days  upon  reception of the written  notification of the Company
notifying the revision of  the price or prices mentioned above.  In this case,  the
Company,  at its own  discretion  and taking into  consideration  the  current and future
market  conditions,  may take one of the following  actions:  (i) notify the Bottler,  in
written,  that this  Agreement will  terminate and, in such case,  this Agreement will be
terminated  after  three (3) calendar  months upon receipt of the  notification  for
termination  issued by  the  Company  and sent to the Bottler or (ii) notify the Bottler
in written  that the  authorization  to the Bottler in connection with such Beverage of
Beverages  regarding  which the Bottler is  not willing to pay the revised price is
cancelled.  Such  cancellation  will be effective  three (3) calendar  months  upon
receipt of the  notification from the Company stating the cancellation of such
authorization(s)  to the  Bottler.  In the event the  cancellation  of  authorization  of
a Beverage  or  Beverages  pursuant to this  subparagraph,  the  conditions  stated in
Section 30 will apply in  connection  with such Beverage of Beverages and,
notwithstanding  any  other stipulation  herein, the Company will have no additional
obligations towards the Bottler in  connection with the  Beverage or Beverages the
authorization of which has or have been  cancelled,  and the Company will have the right
to  prepare, bottle,  distribute,  sell  or grant authorizations to a third party so as
to prepare, bottle,  distribute or  sell  such Beverage or Beverages within the Territory.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> The
omission committed by the Bottler regarding notification  to the Company the related to
the revised price in connection  with one or more of the Beverages Bases regarding
subparagraphs (d) and (e) mentioned above will be considered  as acceptance by the
Bottler of the revised price.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The
Bottler commits to collect and charge the retail  distributors the deposits the Company
may determine from time  to time by means of written notification to the Bottler for
each one of the non-returnable Authorized Packages and each  one of the non-returnable
cases delivered to them, and to make  all reasonable efforts so as to recover the empty
Authorized  Packages and cases and, once collected, to reimburse or credit  the deposits
corresponding to such Authorized Packages that  may have no damage and that may be in
good conditions.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>VII. DURATION AND TERMINATION OF THE AGREEMENT</font></td></tr></table>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> 27. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)</FONT></TD>
    <TD width=85% valign=top><font size=2> This Agreement will be effective as
      of July 1, 1999 and will expire on May 31, 2005, without notification, unless
      is terminated by anticipate as stated herein. The parties to this Agreement
      acknowledge and agree that the Bottler will have no right to claim the tacit
      renewal of this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> If the Bottler has complied in full
      with the terms, obligations, conditions and stipulations in this Agreement
      until its termination and the Bottler is capable of promoting, developing
      and exploiting the whole potential of the business in a regular basis in
      the preparation, bottling, distribution and sell of each </font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> </FONT></TD>
    <TD width=85% valign=top><font size=2>one of the Beverages, the Bottler may
      request for an extension of this Agreement for an additional term of ten
      (10) years. The Bottler may request for such extension by means of a notice
      in written to the Company at least six (6) months, but not more than twelve
      (12) months of anticipation before the maturity date of this Agreement.
      The Bottler&#146;s request for such extension should be supported with the
      documentation the Company may request, including the documentation related
      with the Bottler&#146;s compliance with its obligations pursuant to this
      Agreement and the documentation supporting the continuous capacity of the
      Bottler so as to develop, foster and satisfy in full, the demand for each
      one of the Beverages within the Territory. If the Bottler, at the Company&#146;s
      total discretion, has satisfied the conditions for the extension of this
      Agreement, the Company, by notification in written, will grant the extension
      of this Agreement for such additional term.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=90% valign=top><font size=2> Upon
maturity of such additional term, this Agreement, without  the need for notification,
will finally terminate and the  Bottler will have no right to claim a tacit renewal of it
whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> 28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)</FONT></TD>
    <TD width=90% valign=top><font size=2> This Agreement may be terminated by
      the Company or by the Bottler immediately and incurring in no liability
      whatsoever by means of written notification between the parties holding
      the right to terminate the other party:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=13% valign=top align="right"><font size=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=5% valign=top align="left"><font size=2>1)</font></TD>
    <TD width=82% valign=top><font size=2> If the Company, the Authorized Suppliers
      or the Bottler can not obtain the foreign currency so as to make payments
      related to imports of the Beverages Bases, Syrups or Beverages in a legal
      manner; or 2) If any of the parties to this Agreement stops operating in
      accordance with the applicable Law or regulations in the country in which
      the Territory is located and in the event and due to the foregoing or resulting
      from any other law affecting this Agreement, any of the substantial part
      of the stipulations herein can not be legally complied with or if the Syrups
      or Beverages can not be prepared or sold pursuant the directions issued
      by the Company in accordance with Section 20 mentioned above, or if any
      of the Beverages Bases can not be manufactured or sold pursuant to the formulas
      of the Company or to the rules issued by it.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=90% valign=top><font size=2> This
Agreement may be immediately terminated by the Company,  without incurring into liability
for losses and damages:</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=13% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>1) </font></TD>
    <TD width=82% valign=top><font size=2> If the Bottler becomes insolvent or
      declares bankruptcy or if a request for bankruptcy is filed against or on
      behalf of the Bottler without having it suspended or rejected within the
      one hundred and twenty (120) days after its filing, or if the Bottler submits
      a request to liquidate or close its business, or if it requests for disolution
      or if a judicial order in this connection is issued against the Bottler,
      or if a receivership, bankruptcy trustee or judicial manager is appointed
      so as to manage the Bottler&#146;s business, or if the Bottler enters a
      scheme </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 13; page: 13" -->




<P>
<table width=600>
  <TR>
    <TD width=13% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=82% valign=top><font size=2>for judicial or voluntary organization
      with its creditors, or closes any similar deal with them or makes a general
      transfer of assets in favor of the creditors; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=13% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>2) </font></TD>
    <TD width=82% valign=top><font size=2> In the event of dissolution, nationalization
      or expropriation of the Bottler or in the event the Bottler&#146;s productive
      or distribution assets are seized.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=15% valign=top><font size=2> 29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)</FONT></TD>
    <TD width=90% valign=top><font size=2> This Agreement may also be terminated
      by the Company or the Bottler in the event the other party fails to comply
      with any of the terms, stipulations or conditions stated herein and defaults
      in fixing such non-compliance(s) within the following sixty (60) days after
      having such party receiving notification in written stating such default(s)
      on compliance.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b)&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=90% valign=top><font size=2> Besides
all other  resources  the  Company may be  entitled  to by virtue of this  Agreement,  if
the Bottler  stops  following the rules  established by the Company or those  requested
by the  applicable  laws in the Territory for the  preparation  of the Syrups or
Beverages,  the Company  will have the right to prohibit the  production  of Syrups or
Beverages until the default on compliance is solved at the entire  satisfaction  of the
Company,  and the Company may  demand the  withdrawal  from the market,  at the Bottler&#146;s
expense,  of the Beverages  that do not comply or are not  manufactured  pursuant to the
directions,  rules or  requirements  issued in such  connection  and the Bottler  will
immediately  stick to such  prohibition or demand.  During such prohibition  period,  the
Company will be entitled to  suspend the supply of  Beverages  Bases to the Bottler and
will also keep the right to supply,  cause or allow others  to supply the Beverages in
Authorized  Packages in the  Territory.  No  prohibition  or demand may be considered as
a  waiver of the Company&#146;s rights to terminate this Agreement pursuant to this
Section whatsoever.</font></TD></TR></TABLE><p></P>


<P><table width=600><TR><TD width=10% valign=top><font size=2>
30. </FONT></TD><TD width=90% valign=top><font size=2> Upon
maturity or anticipated termination of this Agreement or the  cancellation of the
authorization for one or more Beverage(s), only in  connection with that (those)
Beverage(s) as it may deem appropriate:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2>As
of that date, the Bottler may not prepare, bottle, distribute or  sell the  Beverages or
may use any of the Trademarks, Authorized  Packages, cases, lids, labels, bottling
material or  advertising material used or aimed at being used by the  Bottler in
connection with the preparation, bottling,  distribution and sale of the Beverages. The
Bottler will  immediately eliminate all reference to the Company, the  Beverages and the
Trademarks from the facilities, delivery  vehicles, direct sale equipments and other
equipments of the  Bottler, as well as from all commercial stationery and all  written,
graphic, electromagnetic, digital material or  promotional articles, or advertisements
used or kept by the  Bottler and as of that date, the Bottler </font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 14; page: 14" -->




<P><table width=600><TR><TD width=15% valign=top><font size=2>
 </FONT></TD><TD width=85% valign=top><font size=2>may not
assert it has  any  relationship with neither the Company, the Beverages nor  the
Trademarks in any way  whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> The
Bottler  will  immediately  deliver to the Company or a third  party,  pursuant to the
directions  issued by the  Company,  all  Beverages  Bases,  Beverages in  Authorized
Packages,  Authorized  Packages that may be used with the  Trademarks  or with any of
them,  cases,  lids,  bottling  or packing  materials  and  advertising  material  for
the  Beverages still under the Bottler&#146;s possession or control,  and the Company,
upon receiving the material pursuant to  such directions,  will pay the Bottler an amount
of money equivalent to the reasonable  market price of such products  or materials,  in
the  understanding  that the Company will only accept and pay such products or materials
having the  possibility  of being used and first class ones;  stating that all Authorized
Packages,  lids,  labesl,  bottling or  packing  material and advertising  material
bearing the Bottler&#146;s name as well as products or materials which may not  be
adecquate  pursuant  to the rules  stated by the Company  will be  destroyed  by the
Bottler  with no cost to the  Company  whatsoever;  stating as well that if this
Agreement  is  terminated  pursuant to the  provisions  stated in  Section 18 6 28 (a) or
derived  from any of the  circumstances  stated in Section 35  (including  termination
due to  legal  provisions),  or if the Agreement is terminated by the Bottler for any
reason  different  from it or resulting  from the  application  of Section s 26629,  or
upon  conducting the  cancellation  of  authorization  for one or more  Beverage(s)
pursuant to Section 26 (e) or Section 31, the Company will have the option,  but not the
obligation,  to  buy from the Bottler, the products and materials referred to above; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> All
rights and obligations stated herein, whether expressly  defined or that may have been
acquired or are being acquired  deriving from the usage, practice or by any other manner
will  expire, cease and terminate, except for the Bottler&#146;s  obligations stated in
Sections 13 (b) (2) and (b) (3), 14, 15,  16, 17 (e), 19 (a) , 30, 36 (a) , (b) , (c) and
(d) y 37,  which will remain valid and with full effect. It is understood  that this
provision should not affect any of the rights that  the Company may have against the
Bottler in connection with  claims for default on payment of any debt or obligation of
the  Bottler towards the Company or with the authorized suppliers.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
31. </FONT></TD><TD width=90% valign=top><font size=2> Besides
all other  resources  of the Company in  connection  with any default from the Bottler in
the terms,  obligations  and  conditions of this Agreement, and as such default may be
related only with the Bottler&#146;s preparation,  bottling,  distribution  and sale of
one or more but not all the Beverages,  the Company may choose to cancel the
authorizations granted to the Bottler  pursuant  to this  Agreement,  only in  connection
with  such  Beverage  or  Beverages.  In the  Event  the  Company  cancels
authorizations  to the Bottler based on this Section,  provisions in Section 30 will
apply in connection with such Beverage or  Beverages,  and the  Company </font></TD></TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 15; page: 15" -->




<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>will have
no  additional  obligations  towards the Bottler in  connection  with the  Beverage or
Beverages  regarding  which  authorizations  have been  cancelled  and the  Company  will
have the right to  prepare,  bottle,  distribute, sell or grant authorizations to a third
party in connection with the preparation,  bottling, distribution and sale  of such
Beverage or Beverages in the Territory.</font></TD></TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>VIII.  GENERAL PROVISIONS</font></td></tr></table>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
32. </FONT></TD>
    <TD width=90% valign=top><font size=2> The parties acknowledge and accept
      that the Company has a legitimate interest in maintaining, promoting and
      protecting the global performance, efficiency and integrity of the international
      system for bottling, distribution and sales. Likewise, the parties acknowledge
      and accept that this Agreement has been drafted by the Company <b>intuitu
      personae,</b> taking into consideration the identity, character and integrity
      of the owners, controlling parties and managers of the Bottler, and the
      Bottler in turn, guarantees to have disclosed, before the execution of this
      Agreement, the names of the owners and third parties having rights or exercising
      an effective power of control or management over the Bottler. Therefore,
      the Bottler accepts and obligates itself towards the Company as follows:</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> Neither
to assign, transfer, pledge or by any other means  encumber this Agreement in whole or in
part, nor any interest  stated herein in favour of a third party or third parties
without previous written consent of the Company.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Not
to delegate the execution of this Agreement, all or part  of it, to a third party or
third parties without previous  written consent of the Company;</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
immediately notify the Company in the event or upon  acknowledging the action of a third
party that may or actually  results in any change of ownership or control of the Bottler.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> To
put at the Company&#146;s disposal on a regular basis and at the  Company&#146;s request,
the Bottler&#146;s complete property records  with precise information regarding any
third party or parties  who may exercise direct or indirect control over it.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> As
the Bottler holds some legal control over changes in  ownership or control of the
Bottler, not to start, conduct,  consent, accept changes without the Company&#146;s
previous written  consent; and</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> If
the Bottler is incorporated as a partnership, not to change  the composition of such
partnership by means of accepting new  partners or the resignation of any of the existing
partners,  without the Companys previous written consent.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>Besides the
stated above in this Section, in the event a proposed  change regarding ownership or
control of the Bottler involves in whole  or in part a direct or indirect transfer or the
acquisition of property  or control of the Bottler, by an individual or an entity
authorized by  the Company to manufacture, sale, distribute or by any other means
negotiate regarding any of the Beverages and/or any mark of the Company </font></TD></TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 16; page: 16" -->


<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2> (hereinafter referred
to as the &#147;Acquiring Bottler&#148;), the Company may  request some and all
information that it may consider as relevant both,  from the Bottler and the Acquiring
Bottler aiming at determining  whether to accept such change or not. In any of the
circumstances  mentioned above, the parties, acknowledging and admitting the  legitimate
interest of the Company to maintain, promote and protect the  globality, efficiency and
integrity of the bottling, distribution and  sale international system, expressly accept
that the Company is  empowered, in the event of deciding so, to consider all factors that
may deem necessary and to apply the relevant criteria.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
, </FONT></TD><TD width=90% valign=top><font size=2>Moreover it
is acknowledged and agreed between the parties that the  Company, at its own discretion,
may deny consent to any change proposed  over the ownership or any other transaction
embraced in this Section 32  or may give consent subject to those conditions that, at its
own  discretion, may determine. The parties expressly agree that any  infringement by the
Bottler over the previous stipulations contained in  this Section 32, will entitle the
Company to immediately terminate this  Agreement and, by virtue of the personal nature of
this Agreement, they  agree that the Company will have the right to terminate this
Agreement  if any other third party or third parties obtain a direct or indirect
interest in the property or control over the Bottler, even though the  Bottler has no
means to avoid such change and if, in the Company&#146;s  opinion, such change may permit
such third party or third parties to  exercise any influence over the Bottler&#146;s
management or materially  affect the Bottler&#146;s capacity to strictly comply with the
terms and  obligations stated herein.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
33. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler may obtain the Company&#146;s  written  consent  before the  emission,  offer,
sale,  transfer,  commercialization  or  exchange of stocks or any other  security,  its
bonds,  obligations  or any debt  certificate or the promotion for selling the  foregoing
or the  encouraging  or request  from a purchaser  or an offer to sell,  as long as the
Bottler uses the name of the  Company or the Trademarks or makes any mention of its
commercial  relationship  with the Company in connection with prospects,  promotional
material and other selling  efforts.  The Bottler may not use the name of the Company or
Trademarks or mention in  any manner its relationship  with the Company in prospects or
advertising or promotional  material used in connection with the  acquisition  by the
Bottler of shares or other property  titles in other company  without the Company&#146;s
previous  approval in  written.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
34. </FONT></TD><TD width=90% valign=top><font size=2> The
Company may assign any of its rights and  delegate  in whole or in part,  its duties and
obligations  derived  from this  Agreement to one or more of its subsidiaries or
affiliated  companies by means of written  notification to the Bottler, in the
understanding  however that any delegation of this sort does not release the Company from
any of the obligations  entered into  by virtue of this Agreement.  Moreover,  the
Company, at its entire discretion,  may and by means of a written notification to  the
Bottler,  appoint a third  party as its  representative  so as to make sure the  Bottler
complies  with its  obligations  pursuant to this Agreement,  fully empowered so as to
supervise the Bottler&#146;s  performance and demand  compliance of all terms  and
conditions  stated  herein.  The  Company  may  change  or  revoke  such  designation  at
any time by  sending  a written  notification to the Bottler.</font></TD></TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<!-- MARKER PAGE="sheet: 17; page: 17" -->


<P><table width=600><TR><TD width=10% valign=top><font size=2>
35. </FONT></TD><TD width=90% valign=top><font size=2> Neither
the Company nor the Bottler will be held responsible for the  default on compliance of
any of the obligations mentioned herein  whenever such default on compliance derives or
results from the  following:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2>Strike,
inclusion in the black list, boycott or commercial sanctions  no matter their origin.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> Fortuitous
circumstance, major force, enemies or public  actions, administrative legal provisions,
including the  withdrawal of any governmental authorization required by any  of the
parties for the compliance of the stated within this  Agreement, attachment, quarantine,
mutiny, insurrection, a  declared or non declared war, state of war or beligerance or
incidental risk or danger regarding the foregoing; or</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c) &nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width=85% valign=top><font size=2> Any
other circumstance that may go beyond control of the  parties</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>In the
event the Bottler fails to comply with its obligations resulting  from any of the
circumstances stated in this Section and as the  situation causing such default on
compliance, the Company and  Authorized Suppliers will be relieved from their obligations
stated  under Sections 4 and 5. In the event such default on compliance  persists for six
(6) months or more, any of the parties may terminate  this Agreement.</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 36. </FONT></TD>
    <TD width=10% valign=top><font size=2>(a)</font></TD>
    <TD width=90% valign=top><font size=2> The Company keeps the sole and exclusive
      right to file any proceedings or civil, administrative or criminal action
      and in general, to exercise or search for any of the legal solutions available
      it may consider appropriate for the protection of its reputation and industrial
      property rights, as well as to protect the Beverages Bases, Syrups and Beverages
      and defend any actions that may affect such matters. Upon the Company&#146;s
      request, the Bottler may assist in any of such actions. The Bottler may
      not file any claim against the Company resulting from such proceedings or
      actions or for any default in filing or defending such proceedings or actions.
      The Bottler will immediately notify the Company of any litigation or proceedings
      already filed that may affect such matters. The Bottler may not file any
      legal proceedings, whether legal or administrative against any third party
      which may affect the Company&#146;s interests without its written previous
      consent.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> </FONT></TD>
    <TD width=10% valign=top><font size=2>b) </font></TD>
    <TD width=90% valign=top><font size=2> The Company has exclusive right and
      responsibility for filing and defending all proceedings and actions related
      to the Trademarks. The Company may file or defend any of such proceedings
      or actions on its own behalf or request the Bottler to file or defend them
      whether under its own name or in a joint manner under the Bottler&#146;s
      and the Company&#146;s names.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> </FONT></TD>
    <TD width=10% valign=top><font size=2>c) </font></TD>
    <TD width=90% valign=top><font size=2> The Bottler agrees to ask for the Company&#146;s
      advise in connection with all claims for liability regarding products, actions
      filed against the Bottler in connection with Beverages or Authorized Packages
      in order to defend and take the actions the Company may reasonably advise
      aiming at protecting </font></TD>
  </TR>
</TABLE>
<p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<P>
<table width=600>
  <TR>
    <TD width=8% valign=top><font size=2> </FONT></TD>
    <TD width=7% valign=top>&nbsp;</TD>
    <TD width=85% valign=top><font size=2>the Company&#146;s interests regarding
      the Beverages, Authorized Beverages or goodwill associated with the Trademarks.
      d) The Bottler will indemnify and compensate of all losses or liabilities
      to the Company, its affiliates and associates, their corresponding directors,
      managers and employees of and against all costs, damages, claims, obligations
      and liabilities derived from the facts and circumstances not imputable to
      the Company, including but not limited to costs and expenses incurred into
      derived from settling or any transaction of such resulting from the preparation,
      bottling, distribution, sale or promotion of the Beverages by the Bottler,
      including but not limited to the costs that may derive from the actions
      or omissions, whether negligent or not, of the Bottler, the Bottler&#146;s
      distributors, its suppliers and wholesalers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=9% valign=top><font size=2> </FONT></TD>
    <TD width=6% valign=top><font size=2>e) </font></TD>
    <TD width=85% valign=top><font size=2> The Bottler will obtain and maintain
      valid an insurance policy with an insurance company that must be acceptable
      for the Company granting full and total coverage both, related to the amount
      and risk covered thereto, in connection with the issues referred to in subparagraph
      (d) described above, including the indemnity contained therein, and upon
      the Company&#146;s request, will submit evidence of the existence of such
      insurance policy. Compliance with Section 36 (e) will not limit or waive
      number 45 Bottler from its obligations under Section 36 (d) stated herein.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
37. </FONT></TD><TD width=90% valign=top><font size=2>The
Bottler convenes and agrees with the Company:</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> That
it will make no statements or disclose neither to the  public, the governmental
authorities or any third party  related to the Beverages Bases, the Syrups or Beverages,
without the Company&#146;s previous written consent.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> That
at all times, both during the validity period of this  Agreement and after its maturity
date, will maintain strict  confidentiality over all confidential or secret information
including, but not restricted to, mixing directions and  techniques, sales, marketing and
distribution, projects and  plans related to the matter subject to this Agreement that
the  Bottler may receive from the Company or in any other manner  and will guarantee that
such information will be disclosed  only as it is needed by those directors, managers and
employees having entered enforceable legal documents in which  they are committed to
maintain confidentiality over the  matters described in this Section.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=15% valign=top align="right"><font size=2> c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width=85% valign=top><font size=2> That upon maturity or anticipated termination
      of this Agreement, the Bottler will make the necessary arrangements so as
      to deliver to the Company, pursuant to the directions it may issue in such
      connection, all written, graphic, electromagnetic, computarized, digital
      or any other material containing any information subject to the confidentiality
      obligation stated herein. </font></TD>
  </TR></TABLE><p></P>




<P><table width=600><TR><TD width=10% valign=top><font size=2>
38. </FONT></TD><TD width=90% valign=top><font size=2> In
the event any of the provisions stated herein becomes  or may become  legally inefficient
or invalid, the validity or effect of all other  provisions in this Agreement will not be
affected aiming having not  such invalidity or  inefficiency of such </font></TD></TR></TABLE><p></P>

<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<P><table width=600><TR><TD width=10% valign=top><font size=2>
 </FONT></TD><TD width=90% valign=top><font size=2>provisions hindering
in a wrong  way, compliance of this Agreement  or damaging the ownership or validity  of
the Trademarks. The right to terminate this  Agreement pursuant to  Section 28(a)(2) will
not be affected by this</font></TD></TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> 39 </FONT></TD>
    <TD width=10% valign=top><font size=2>(a)</font></TD>
    <TD width=90% valign=top><font size=2> In connection with all issues mentioned
      herein, this Agreement is the sole agreement existing between the Company
      and the Bottler. All previous agreements entered between the parties and
      related to the same issues are cancelled by this Agreement except for the
      covenants entered pursuant to Section 19 in this Agreement in the understanding
      however that any statement in written made by the Bottler and that the Company
      took in consideration in order to enter this Agreement will continue valid
      and binding for the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> </FONT></TD>
    <TD width=10% valign=top><font size=2>b) </font></TD>
    <TD width=90% valign=top><font size=2> Any waiver or modification, alteration
      or addition to this Agreement or to any of its provisions, will not obligate
      neither the Company or the Bottler unless they are entered respectively
      by the corresponding authorized representatives both, of the Company and
      the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=10% valign=top><font size=2> </FONT></TD>
    <TD width=10% valign=top><font size=2>c) </font></TD>
    <TD width=90% valign=top><font size=2> All notifications in written that may
      be issued for purposes of this Agreement will be made by cable, telegram,
      telex, personal delivery or certified mail and will be considered as delivered
      upon issuing date of such notification, sending date of certified mail is
      sent or such personal delivery actually takes place. Such notifications
      in written will be addressed to the last known address of the interested
      party. The change of address by any of the parties must be soon notified
      in written to the other party.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
40. </FONT></TD><TD width=90% valign=top><font size=2> The
omission by the Company in immediately exercising each of the  rights granted herein or
in the event strict compliance of any  obligation assumed by the Bottler will not be
considered as a waiver of  such right or of the right to demand the subsequent compliance
of each  and every obligation assumed by the Bottler pursuant to this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
41. </FONT></TD><TD width=90% valign=top><font size=2> The
Bottler is an independent contractor, not an agent of the Company.  The Bottler accepts
that it will neither state it is an agent of the  Company nor will consider itself as
such for no purpose whatsoever.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
42. </FONT></TD><TD width=90% valign=top><font size=2> The
heading lines stated herein are only for the convenience of the  parties and will not
affect the interpretation of this Agreement.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
43. </FONT></TD><TD width=90% valign=top><font size=2> This
Agreement will be interpreted pursuant to the Mexican Law.</font></TD></TR></TABLE><p></P>

<P><table width=600><TR><TD width=10% valign=top><font size=2>
44. </FONT></TD><TD width=90% valign=top><font size=2> Appendixes
and Exhibits attached hereto are considered, for any  purpose, as inherent part of this
Agreement and should be executed by  the authorized representatives both, from the
Company and the Bottler.</font></TD></TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p>
<table width=601>
  <tr><td><font size=2>BY VIRTUE OF THE FOREGOING, the Company located
in Atlanta, Georgia, U.S.A. and  the Bottler in Mexico City, Mexico have agreed on
entering this Agreement in  triplicate by means of their authorized representatives.</font></td></tr></table>

<br>
<table width="600" border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="311"><font size="2">PANAMCO BAJIO,</font></td>
    <td width="289"><font size="2">THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td width="311">&nbsp;</td>
    <td width="289">&nbsp;</td>
  </tr>
  <tr>
    <td width="311"><font size="2">Hereby represented by<br>
      Mr. Jose Ignacio Huerta G </font></td>
    <td width="289"><font size="2">Hereby represented by<br>
      Mr. Steve M. Whaley </font></td>
  </tr>
  <tr>
    <td width="311">&nbsp;</td>
    <td width="289">&nbsp;</td>
  </tr>
</table>
<font size="2"> </font>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;





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<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X &nbsp;&nbsp;I <BR>
      B E V E R A G E S <BR>
      Location: Territory Panamco Bajio <BR>
      Date: March 1, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>For the purposes of the Bottler Agreement
entered by and between The Coca-Cola  Company and the Bottler signing at the end of this
document, valid as of July 1,  1999, the Beverages referred to in Whereas A herein are as
follows:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beverages:</B></font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2>Coca-Cola </font></td>
    <td><font size=2>Lift</font></td>
  </tr>
  <tr>
    <td><font size=2>Coca-Cola light</font></td>
    <td><font size=2>Delaware Punch</font></td>
  </tr>
  <tr>
    <td><font size=2>Fanta</font></td>
    <td><font size=2>Chispa</font></td>
  </tr>
  <tr>
    <td><font size=2>Sprite</font></td>
    <td><font size=2>Fruitopia</font></td>
  </tr>
  <tr>
    <td><font size=2>Sprite light</font></td>
    <td><font size=2>Senzao</font></td>
  </tr>
  <tr>
    <td><font size=2>Fresca</font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>The description of the Beverages in this
Appendix I replace all previous  descriptions and Appendixes related to the Beverages for
purposes of Whereas A  of such Bottler Agreement.</font></td></tr></table>



<p>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Eduardo Arrocha G&iacute;o </font></td>
  </tr>
</table>




<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<!-- MARKER PAGE="sheet: 2; page: 2" -->







<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X &nbsp;&nbsp;II <BR>
      T R A D E M A R K S <BR>
      Location: Territory Panamco Bajio <BR>
      Date: March 1, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>For the purposes of the Bottler Agreement
entered by and between The Coca-Cola  Company (hereinafter referred to as the &#147;Company&#148;)
and the Bottler signing at  the end of this document, valid as of July 1, 1999, the
Trademarks of the  Company referred to in Whereas B of such Agreement are as follows:</font></td></tr></table>

<p><table width=600>
  <tr align="center">
    <td><font size=2><B>Trademarks</B></font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td><font size=2>COCA-COLA<b> </b></font></td>
    <td><font size=2>LIFT</font></td>
  </tr>
  <tr>
    <td><font size=2>COCA-COLA LIGHT </font></td>
    <td><font size=2>DELAWARE PUNCH</font></td>
  </tr>
  <tr>
    <td><font size=2>FANTA</font></td>
    <td><font size=2>CHISPA</font></td>
  </tr>
  <tr>
    <td><font size=2>SPRITE</font></td>
    <td><font size=2>FRUITOPIA</font></td>
  </tr>
  <tr>
    <td><font size=2>SPRITE LIGHT</font></td>
    <td><font size=2>SENZAO</font></td>
  </tr>
  <tr>
    <td><font size=2>FRESCA</font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p><table width=600><tr>
    <td><font size=2>Including all transliterations, requests, records and copyright
      of all commercial presentations related to these Trademarks. </font></td>
  </tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>The description of the Trademarks in this Appendix II replaces
      all previous descriptions and Appendixes related to the Trademarks for purposes
      of Whereas B of such Bottler Agreement.</font></td>
  </tr>
</table>
<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Eduardo Arrocha G&iacute;o </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X &nbsp;&nbsp;III <BR>
      T E R R I T O R Y <BR>
      Location: Territory Panamco Bajio <BR>
      Date: July 1, 1999</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>For the purposes of the Bottler Agreement
entered by and between The Coca-Cola  Company and the Bottler signing at the end of this
document, valid as of July 1,  1999, the Territory referred to in Section 1 of such
Agreement are as follows:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>1. In the Republic of M&eacute;xico, the States of GUANAJUATO,
      M&eacute;xico, CELAYA city and the area surrounding it, within an imaginary
      line beginning at SAN DIEGO DE LA UNION; following towards the Southeast
      through ESTACADA, up to a location in the border of the States of GUANAJUATO
      and QUERETARO towards the West of SANTA ROSA, QUERETARO. As from there towards
      the Southeast, following the border mentioned above to SAN VICENTE; continuing
      to the Southwest up to TARIMORO. Towards the Southeast through ENCARNACION
      and PASO DE OVEJAS up to a location at the border of States of GUANAJUATO
      and MICHOACAN; following such border towards the West up to the South part
      of COMAL. As of that part, towards the North through COMAL to SANTIAGO MARAVATIO.
      From there to the North up to OJO ZARCO; continuing towards the Northwest
      to SARABIA; towards the Northeast to JUVENTINO ROSAS and towards the North
      through SAN DAMIAN, going to PE&Ntilde;A (Railway Station); towards the Northeast
      going back to the starting point at SAN DIEGO DE LA UNION.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>All towns, villages and settlements mentioned
above are part of the Territory.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>2. In the Republic of Mexico, in the State of Michoac&aacute;n,
      the city of MORELIA and the area surrounding it within an imaginary line
      beginning in PANINDICUARO; towards the North up to AGUA CALIENTE, in the
      border between the States of Michoac&aacute;n and Guanajuato. As of such
      location, towards the East following such border towards an Eastern part
      of PASO DE OVEJAS; towards the Southeast to BUENAVISTA. As of that location,
      towards the Southwest through SAN FRANCISCO to REYES; towards the Southeast
      to a location between the States of Michoac&aacute;n and M&eacute;xico,
      directly to the East of APORO; going South following such border up to TINGANBATO;
      towards the Southwest to LAS ANONAS. From there, towards the Southwest and
      through NESTENAS to MELONAR; towards the West through JAZMIN going to LAS
      BALSAS; towards the North to HUACANA; towards the Northeast to NUEVO HURECHO;
      towards the Northeast to ZIRACUARETIRO. From that point towards the North
      going back to the starting point at PANINDICUARO.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>All towns, villages and settlements mentioned
above are part of the Territory,  except for HUACANA, NUEVO HURECHO and LAS ANONAS.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>All villages mentioned above are located at the State of
      Michoac&aacute;n, except for PASO DE OVEJAS which is located at the State
      of Guanajuato, LAS ANONAS, located at the State of Mexico and MELONAR and
      JAZMIN located at the State of Guerrero.</font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 4; page: 4" -->






<p><table width=600><tr><td><font size=2>3. In the Republic of Mexico, at the States of
Guanajuato and Jalisco, the City  of L&eacute;on and the area surrounding it, within an
imaginary line beginning at LA  CANADA; towards the Northeast up to CUARENTA
(approximately 22 kms. Northeast  Lagos de Moreno). As of that point towards the North to
LAGUNITA; towards the  Southeast and through GACHUPINES to LA ESTANCIA, as of there
towards the South  through PENA (Railway Station) to SAN DAMIAN. As of there towards the
Southwest  to JARIPITIO; continuing towards the Southwest up to GALVANES; towards the
Northeast following the borders between the States of Guanajuato and Jalisco  towards a
location to the West of MANUEL DOBLADO. From that location going  Northwest, up to
getting to the starting point at LA CA&Ntilde;ADA.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All towns, villages and settlements mentioned in
the description above are part  of the Territory, except for PENA (railway station), SAN
DAMIAN and JARIPITIO.  All of them are in the State of Guanajuato, except for LA CANADA,
CUARENTA,  LAGOS DE MORENO, LAGUNITA, GACHUPINES and GALVANES which are located at the
State of Jalisco.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>4. In the Republic of Mexico, in the State of
GUANAJUATO, the city of IRAPUATO  and the area surrounding it within an imaginary line
beginning at JARIPITIO, to  the Northeast up to SAN DAMIAN; continuing towards the South
to JUVENTINO ROSAS;  to the Southwest to SARABIA; following towards the Southeast to OJO
ZARCO. As of  that point southwards to MARAVATIO, following to the Southwest through
COMAL to  the border between the States of GUANAJUATO and MICHOACAN; continuing towards
the West following such border through LA PIEDAD where such border meets the  border of
the State of JALISCO and GUANAJUATO. From that point, towards the  Northeast following
the last border mentioned to GALVANES; going towards the  Northeast to the starting point
at JARIPITIO.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The town of JARIPITIO is included and is part of
the Territory. All other towns  mentioned above making up the border to such territory
are specifically  excluded.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>5. In the Republic of M&eacute;xico, in the States of MICHOACAN
      and JALISCO, the city of ZAMORA and the area surrounding it within an imaginary
      line beginning at the Northern most point of ROBLE; towards the Southeast
      to DEGOLLADO, to the South up to a location in the border between the States
      of MICHOACAN and JALISCO directly to the North of MIRANDILLAS; towards the
      East following the border to AGUA CALIENTE; towards the South to PANINDICUARO;
      to the South to ZIRACUARETIRO; towards the Southwest to TARETAN; to the
      West through TANCITARO to JILOTLAN DE LOS DOLORES (Jalisco). From that location
      towards the North to VALLE DE JUAREZ; to the Southwest to MAZAMITLA; to
      the North to TIZAPAN; towards the East to MALTARA&Ntilde;A; to the Northeast through
      EL CARMEN and SANTA RITA; going back to the starting point at ROBLE.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>All towns, villages and settlements mentioned in
the Territory described above,  except for PANINDICUARO, ZIRACUARETIRO, JILOTLAN DE LOS
DOLORES and AGUA  CALIENTE are part of the Territory. They are all located in the State
of  MICHOACAN, </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 5; page: 5" -->





<p><table width=600><tr><td><font size=2>except for MAZAMITLA, TIZAPAN, MALTARANA, EL
CARMEN, SANTA RITA,  ROBLE, DEGOLLADO and JILOTLAN DE LOS DOLORES which are located at
the State of  JALISCO.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>6. In the Republic of Mexico in the States of
Michoac&aacute;n and Jalisco, the city of  APATZINGAN and the area surrounding it, limited by an
imaginary line beginning  at TANCITARO; to the Northeast to TARETAN, to the Southwest
through NUEVO  HURECHO to HUACANA. To the South towards LAS BALSAS; to the Southwest
through  CANAS and ARTEAGA to LA PICHA; to the Northwest through PAROTA and COALCOMAN to
COPORO; to the Northeast to JILOTLAN DE LOS DOLORES going eastwards to the  starting
point at TANCITARO.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The towns mentioned in this description are part
of the Territory except for LAS  BALSAS, CA&Ntilde;AS, ARTEAGA, LA PICHA y PAROTA.</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>7. In the Republic of Mexico in the States of Michoac&aacute;n
      and Guerrero, the City of L&aacute;zaro C&aacute;rdenas and the area surrounding it, limited
      by an imaginary line beginning at ARTEAGA; going towards the Northeast through
      CA&Ntilde;AS to LAS BALSAS; towards the Southeast to COAHUAYUTLA; to the Southwest
      reaching EL POCHOTE; going to the Southeast reaching ZANJA. From that point,
      going Northwest following the Pacific Ocean&#146;s coast to PUNTA LIZARDO.
      To the Northwest reaching PAROTA; going to the Southeast up to LA PICHA
      towards the Northeast reaching the starting point at ARTEAGA.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>The towns mentioned above in this description
are part of the Territory except  for EL POCHOTE.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The description of the Territory in this
Appendix III replaces all previous  descriptions and Appendixes related to the Territory
for purposes of Section 1  of such Bottler Agreement.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Steve M. Whaley</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X &nbsp;&nbsp;IV <BR>
      AUTHORIZED PACKAGES <BR>
      Location: Territory Panamco Bajio <BR>
      Date: March 1, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions stated in Section 2
of the Bottler Agreement entered  by and between The Coca-Cola Company (hereinafter
referred to as the &#147;Company&#148; and the Bottler signing at the end of this
document, valid as of July 1, 1999,  the Company authorizes the Bottler to prepare,
distribute and sell the Beverages  in the following Packages that, for the purposes of
the Bottler Agreement  mentioned herein are considered as Authorized Packages.</font></td></tr></table>

<br>
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Coca-Cola</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>192,355,473,500,769,1000,1250 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Coca-Cola light</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>192 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Fanta</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>192,355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Sprite</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Fresca</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Lift</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Delaware Punch</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Chispa</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"> <font size=2>Senzao</font></td>
    <td width="37%"> <font size=2>Returnable glass bottle</font></td>
    <td width="35%"> <font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%">&nbsp;</td>
    <td width="37%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>237,355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola light</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>237,355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fanta</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>355,500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fresca</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Lift</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Delaware Punch</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fruitopia</font></td>
    <td width="37%"><font size=2>Non-Returnable glass bottle</font></td>
    <td width="35%"><font size=2>500 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%">&nbsp;</td>
    <td width="37%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola</font></td>
    <td width="37%"><font size=2>Returnable PET bottle</font></td>
    <td width="35%"><font size=2>600,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fanta</font></td>
    <td width="37%"><font size=2>Returnable PET bottle</font></td>
    <td width="35%"><font size=2>1,500.2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite</font></td>
    <td width="37%"><font size=2>Returnable PET bottle</font></td>
    <td width="35%"><font size=2>1,500 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fresca</font></td>
    <td width="37%"><font size=2>Returnable PET bottle</font></td>
    <td width="35%"><font size=2>1,500 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Lift</font></td>
    <td width="37%"><font size=2>Returnable PET bottle</font></td>
    <td width="35%"><font size=2>1,500 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%">&nbsp;</td>
    <td width="37%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>500,600,1000,1500,2000,2500 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola light</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>500,600,1000,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fanta</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>250,500,600,1000,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>500,600,1000,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite light</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>600.1000,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fresca</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>500,600,1000,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Lift</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>250,500,600,1000,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Delaware Punch</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>250,500,600,1000,1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Chispa</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>1000.1500,2000 ml.</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Senzao</font></td>
    <td width="37%"><font size=2>Non-returnable PET bottle</font></td>
    <td width="35%"><font size=2>600,1000,2000 ml.</font></td>
  </tr>
</table>
<br>
<br>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 7; page: 7" -->
<p>&nbsp;
<table 0 cellspacing=0 cellpadding=0 width=600>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Coca-Cola light</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fanta</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Sprite light</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Fresca</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Lift</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Delaware Punch</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Senzao</font></td>
    <td width="37%"><font size=2>CANS (Only distribution and sale)</font></td>
    <td width="35%"><font size=2>355 ml</font></td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%">&nbsp;</td>
    <td width="37%">&nbsp;</td>
    <td width="35%">&nbsp;</td>
  </tr>
  <tr align="left" valign="bottom">
    <td width="28%"><font size=2>Delaware Punch</font></td>
    <td width="37%" align="left"><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetrabrick
      Packages</font></td>
    <td width="35%"><font size=2>250 ml</font></td>
  </tr>
</table>
<br>
<table width=600><tr><td><font size=2>The parties hereby acknowledge and agree that
during such Bottler&#146;s  Agreement last validity year, the Company will refrain from
exercising its right  stated in Section 2 within the Bottler Agreement of cancelling the
authorization  in connection with those Authorized Packages described in this Appendix as
non-returnable glass bottles.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This authorization replaces all authorizations
entered before by and between the  Company and the Bottler in connection with the subject
matter of this Appendix.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Eduardo Arrocha G&iacute;o </font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>A P P E N D I X &nbsp;&nbsp;V <BR>
      BEVERAGE PRODUCTS FROM THE BOTTLER <BR>
      Location: Territory Panamco Bajio <BR>
      Date: April 1, 2001</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions stated in Section 17
(a) of the Bottler Agreement  entered by and between The Coca-Cola Company (hereinafter
referred to as the  &#147;Company&#148; and the Bottler signing a the end of this
Appendix, valid as of July  1, 1999, the Bottler may manufacture, prepare, bottle,
distribute and sell the  following products Bottler&#146;s Beverages in the following
flavors:</font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>Bottler&#146;s Beverage Products</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>PREMIO  <BR>RISCO  <BR>TOPOCHICO  <BR>AGUA <BR>MINERAL DE
LOURDES  <BR>KELOCO</font></td></tr></table>

<p><table width=600><tr><td><font size=2>The description of Bottler&#146;s Beverages
included in this Appendix V replaces all  descriptions and Appendixes drafted before
related to the Bottler&#146;s Beverages  for purposes of Section 17 (a) of such Bottler
Agreement.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Steve M. Whaley</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;








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<p><table width=600><tr><td  align=center><font size=2><B>E X H I B I T  <BR>AUTHORIZATION IN
CONNECTION WITH SYRUPS FOR POST-MIX <BR>BEVERAGES  <BR>Location: Territory Panamco Bajio  <BR>Date:
July 1, 1999</B></font></td></tr></table>


<p><table width=600><tr><td><font size=2>Pursuant to the provisions stated in Section 3
within the Bottler Agreement  entered by and between The Coca-Cola Company (hereinafter
referred to as the  &#147;Company&#148;) and the Bottler signing at the end of this
document, valid as of July  1, 1999, the Company hereby grants a non-exclusive
authorization to the Bottler  so as to prepare, bottle, distribute and sell syrups for
the following  Beverages:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>Coca-Cola  <BR>Coca-Cola Light  <BR>Fanta  <BR>Sprite
<BR>Fresca  <BR>Lift</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td>
      <p><font size="2">(the Syrups mentioned above will be referred to as &#147;Post-Mix
        Syrups&#148; in this Exhibit A) to retailers in the Territory so as to
        serve the Beverages through Post-Mix vending machines at or by the retailer&#146;s
        establishments and also to operate Post-Mix vending machines and sell
        the Beverages directly to the consumer subject to the following conditions:
        </font></p>
      <p>
    </td>
  </tr>
</table>
<br>
<table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>1.  The
Bottler may not sell Post-Mix Beverages to retailers  within the Territory for their use
in any Post-Mix vending  machine or operate any Post-Mix vending machine unless:</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>(a) </font></td>
    <td width=523 align="left" valign="top"><font size=2>There is an adequate
      source of fresh water,</font></td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=32 align="left" valign="top">&nbsp;</td>
    <td width=523 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>(b)</font></td>
    <td width=523 align="left" valign="top"><font size=2>All Post-Mix vending
      machines are as those approved by the Company and comply with all hygiene
      regulations and of any other sort stated by the Company and communicated
      in written form to the Bottler in connection with the preparation, bottling
      and sale of the Post-Mix Syrups; and</font></td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=32 align="left" valign="top">&nbsp;</td>
    <td width=523 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>(c)</font></td>
    <td width=523 align="left" valign="top"><font size=2>The Beverages served
      by means of Post-Mix vending machines are strictly adjusted to the directions
      for the preparation of the Post-Mix Syrup Beverages pursuant to the stated
      in written by the Company from time to time to the Bottler.</font></td>
  </tr>
</table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>2.  The
Bottler will take samples of the Beverages served by means  of the Post-Mix vending
machines operated by retailers to whom  the Bottler has supplied with the Post-Mix Syrups
or those  operated by the Bottler pursuant to the directions and in the  intervals the
Company may communicate in written, and will  submit such samples to the Company for
their inspection, at  its own cost and expense.</font></td></tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>3. The Bottler, from its initiative and under its responsibility,
      will immediately discontinue the sale of Post-Mix Syrups to any retailer
      who may not comply with the rules stated by the Company.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>4. The Bottler will discontinue the sale of Post-Mix
      Beverages to any retailer whenever it is notified by the Company that any
      of the Beverages supplied by means of such Post-Mix vending machines located
      at or by the retailer&#146;s establishment do not comply with the rules
      prescribed by the Company for the Beverages, or that the Post-Mix vending
      machines are not of the sort of those approved by the Company.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>5. The Bottler agrees to:</font></td>
  </tr></table>

<p>
<table width=600>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=36 align="left" valign="top"><font size=2>(a)</font></td>
    <td width=519 align="left" valign="top"><font size=2> Sell and distribute
      the Post-Mix Syrups only in packages approved by the Company and to use
      on such packages, the tags approved by the Company; and</font></td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=36 align="left" valign="top">&nbsp;</td>
    <td width=519 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=29>&nbsp;</td>
    <td width=36 align="left" valign="top"><font size=2>(b) </font></td>
    <td width=519 align="left" valign="top"><font size=2>To influence the retailer
      so as to persuade it to use a regular glass, paper cup or any other package
      approved by the Company bearing the legends and graphic design approved
      by the Company aiming at having the Beverages served to the client adequately
      identified and served in an attractive and hygienic package.</font></td>
  </tr>
</table>

<p>
<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>Except for the modified in this Exhibit, all terms,
      covenants and conditions contained in this Bottler Agreement will be applied
      to this complementary authorization for the preparation, bottling, distribution
      and sale of the Post-Mix Beverages and, in such connection, it is expressly
      agreed upon between the parties that the Bottler&#146;s terms, conditions
      and obligations as stated in the Bottler Agreement will be incorporated
      into it as a reference and that, unless the context states otherwise, any
      reference made in such Agreement to &#147;Beverages&#148; will also be considered
      as referring to the Post-Mix Syrups for the purposes of this complementary
      authorization granted to the Bottler.</font></td>
  </tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
    <td width=570><font size=2>This authorization will automatically terminate upon
      maturity or anticipated termination of such Bottler Agreement.</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>This authorization replaces all authorizations
entered before by and between the  Company and the Bottler in connection with the subject
matter of this Exhibit A.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Eduardo Arrocha G&iacute;o </font></td>
  </tr>
</table>
<p>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<p><table width=600><tr>
    <td  align=center><font size=2><B>E X H I B I T &nbsp;&nbsp;F <BR>
      COMPLEMENTARY AUTHORIZATION FOR ADDITIONAL TERRITORY <BR>
      Location: Territory Panamco Bajio <BR>
      Date: July 1, 1999</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions stated in Section 3
in the Bottler Agreement entered  by and between The Coca-Cola Company (hereinafter
referred to as the &#147;Company&#148; and the Bottler signing at the end of this
document, valid as of July 1 1999,  the Company is hereby granting a complementary
authorization to the Bottler so  as to sell and distribute the Beverages and/or Syrups
(as defined in the Bottler  Agreement) within the following additional territory:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>In the State of Jalisco, the area limited by an
imaginary line beginning at LA  ISLA, towards the East to ROBLE, from there to the
Southwest through STA. RITA  and EL CARMEN to MALTARANA. As of there, towards the
Northeast to SAN RAMON and  SAN JOSE CASAS CAIDAS; going back to the starting point in LA
ISLA.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All towns, villages and settlements mentioned
above are part of the Territory,  except for ROBLE, MALTRA&Ntilde;A, STA. RITA, EL CARMEN and LA
ISLA.</font></td></tr></table>

<p><table width=600>
<tr><td width=30>&nbsp;</td>
<td width=570><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the following conditions:</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=45>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>a)</font></td>
    <td width=507 align="left" valign="top"><font size=2> This authorization may
      be cancelled by the Company at any time. It is also understood and accepted
      that this complementary authorization will automatically terminate upon
      maturity or anticipated termination of such Bottler Agreement. </font></td>
  </tr>
  <tr>
    <td width=45>&nbsp;</td>
    <td width=32 align="left" valign="top">&nbsp;</td>
    <td width=507 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=45>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>b)</font></td>
    <td width=507 align="left" valign="top"><font size=2> Upon termination of
      cancellation of this authorization, the Bottler will immediately discontinue
      such sale and/or distribution in such additional territory and will recover
      all empty bottles, cases and packages for Beverages and Syrups in possession
      of the original purchasers of Beverages in such additional territory.</font></td>
  </tr>
  <tr>
    <td width=45>&nbsp;</td>
    <td width=32 align="left" valign="top">&nbsp;</td>
    <td width=507 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=45>&nbsp;</td>
    <td width=32 align="left" valign="top"><font size=2>c)</font></td>
    <td width=507 align="left" valign="top"><font size=2>The stipulations, covenants,
      agreements, terms, conditions and provisions within such Bottler Agreement
      will be applied to and will be valid in full in connection with such additional
      territory.</font></td>
  </tr>
</table>

<p>
<p><table width=600><tr><td><font size=2>This authorization replaces all authorizations
entered before by and between the  Company and the Bottler in connection with the subject
matter of this Exhibit F.</font></td></tr></table>


<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Steve M. Whaley</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td  align=center><font size=2><B>E X H I B I T &nbsp;&nbsp;G <BR>
      COMPLEMENTARY DISTRIBUTION AUTHORIZATION <BR>
      Location: Territory Panamco Bajio <BR>
      Date: July 1, 1999</B></font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>Pursuant to the provisions in Section 3 of the
Bottler Agreement entered by and  between The Coca-Cola Company (hereinafter referred to
as the &#147;Company&#148; and the  Bottler signing at the end of this document, valid as
or July 1, 1999, the  Company is hereby granting a complementary authorization so as to
purchase from  the Company, or from whoever it may appoint, the Beverages in the
following  packages (hereinafter referred to as the &#147;Authorized Packages&#148;) and
to sell and  distribute the Beverages through the Territory:</font></td></tr></table>

<br>
<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr>
    <td width="186"><font size="2">Coca-Cola</font></td>
    <td width="22"><font size="2">&nbsp;&nbsp;</font></td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Coca-Cola light</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Fanta</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Sprite</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Sprite light</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Fresca</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Lift</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Delaware Punch</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
  <tr>
    <td width="186"><font size="2">Senzao</font></td>
    <td width="22">&nbsp;</td>
    <td width="135"><font size="2">Can</font></td>
    <td width="26">&nbsp;</td>
    <td width="231"><font size="2">355 ml.</font></td>
  </tr>
</table>
<br>
<font size="2"> </font>
<table width=600><tr><td><font size=2>Subject to the following conditions</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width=44>&nbsp;</td>
    <td width=31 align="left" valign="top"><font size=2>a)</font></td>
    <td width=509 align="left" valign="top"><font size=2>This authorization will
      automatically terminate upon maturity or anticipated termination of such
      Bottler Agreement.</font></td>
  </tr>
  <tr>
    <td width=44>&nbsp;</td>
    <td width=31 align="left" valign="top">&nbsp;</td>
    <td width=509 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=44>&nbsp;</td>
    <td width=31 align="left" valign="top"><font size=2>b)</font></td>
    <td width=509 align="left" valign="top"><font size=2>Upon maturity or cancellation
      of this authorization, the Bottler will immediately discontinue the sale
      and/or distribution of the Beverages in the Authorized Containers within
      the Territory.</font></td>
  </tr>
  <tr>
    <td width=44>&nbsp;</td>
    <td width=31 align="left" valign="top">&nbsp;</td>
    <td width=509 align="left" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width=44>&nbsp;</td>
    <td width=31 align="left" valign="top"><font size=2>c)</font></td>
    <td width=509 align="left" valign="top"><font size=2>The stipulations, covenants,
      agreements, terms, conditions and provisions within such Bottler Agreement
      will be applied to and will be valid in full in connection with this complementary
      authorization.</font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>This authorization replaces all authorizations
entered before by and between the  Company and the Bottler in connection with the subject
matter of this Exhibit G.</font></td></tr></table>

<br>
<table width=600>
  <tr>
    <td><font size=2>PANAMCO BAJIO, S.A. DE C.V. </font></td>
    <td><font size=2>THE COCA-COLA COMPANY</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2>Hereby represented by <br>
      Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez </font></td>
    <td><font size=2>Hereby represented by <br>
      Mr. Eduardo Arrocha G&iacute;o </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









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<p><table width=600><tr><td  align=center><font size=3><B>COCA-COLA PLAZA  <BR>ATLANTA,
GEORGIA</B></font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td align=right><font size="1">ADDRESS REPLY TO <BR>
      P. O. DRAWER 1734 <BR>
      ATLANTA, GA 3O3OI</font></td>
  </tr>
  <tr>
    <td align=right>&nbsp;</td>
  </tr>
  <tr>
    <td align=right><font size="1">4O4 676-2121</font></td>
  </tr>
</table>

                                                                                                                           <p><table width=600><tr>
    <td align=right><font size=2>Atlanta, Ga., July 1, 1999</font></td>
  </tr></table>

<p><table width=600><tr><td><font size=2>PANAMCO BAJIO, S.A. DE C.V.  <BR>Blvd. Manuel &Aacute;vila
Camacho No. 40  <BR>Col. Lomas de Chapultepec  <BR>11000, M&eacute;xico, D.F.</font></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width="280">&nbsp;</td>
    <td width="308"><font size=2>Attn.: Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez
      </font></td>
  </tr>
</table>

<p><table width=600><tr><td><font size=2>Dear Sirs:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>We are hereby referring to the Coca-Cola Bottler
Agreement and other products of  The Coca-Cola Company (hereinafter referred to as THE
COMPANY), entered as of  this date by and between The Coca-Cola Company and Panamco
Baj&iacute;o, S.A. de C.V.  (hereinafter referred to as THE BOTTLER), valid as of July 1, 1999
and up to May  31, 2005 (hereinafter referred to as THE AGREEMENT) for a Territory within
the  Republic of Mexico, described in THE AGREEMENT (hereinafter referred to as THE
TERRITORY).</font></td></tr></table>

<p><table width=600><tr><td><font size=2>As you are well aware of, the foundation of our
precious and long business  relationship has been and will keep being subject to the New
Agreement, the  mutual respect, the good faith an the highest business code of ethics.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>All along our conversations, you asked us for
clarification of some Sections in  THE AGREEMENT, so The COMPANY has agreed to make such
clarifications pursuant to  the following:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>1. Section 1 in THE AGREEMENT will apply in the
understanding that every time  THE COMPANY may decide to introduce a new product and/or
packaging within THE  TERRITORY, understanding as such carbonated refreshing beverages
containing no  juice, THE COMPANY will inform in written such decision to THE BOTTLER,
explaining its intention, program and other conditions for the introduction of  such new
product and/or packaging. THE BOTTLER will have the right in the first  position of
launching such product and/or packaging in THE TERRITORY. THE  BOTTLER ATLANTA GEORGIA
will enforce such right in the first position within the  60 (sixty) days upon reception
of such written communication issued by THE  COMPANY by means of a response in written in
which it will inform THE COMPANY of  its interest in launching the new product and/or
packaging within THE TERRITORY,  showing at THE COMPANY&#146;s entire satisfaction, its
technical and financial  capacity so as to conduct such launching and in the
understanding that it will  comply with all the programs for such launching in the terms
indicated by THE  COMPANY.</font></td></tr></table>












<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;









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<!-- MARKER PAGE="sheet: 13; page: 13" -->







<p><table width=600><tr><td><font size=2>2. Section 9 in  THE AGREEMENT states that the
request from THE COMPANY so as to  obtain financial and  accounting information is for
the sole purpose of verifying  compliance with THE  AGREEMENT. THE COMPANY agrees that
such request in written  will come from the THE COMPANY&#146;s  subsidiary General
Director in Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>3. In Section 11  (first paragraph) within THE
AGREEMENT, it is stated that THE  COMPANY has entered or may  enter other agreements
similar to THE AGREEMENT with  other parties outside THE TERRITORY  and that THE BOTTLER
accepts the limitations  that such agreements may reasonably impose  to THE BOTTLER in
the performance of  its business pursuant to THE AGREEMENT. THE COMPANY  accepts that
such  limitations will be exclusively related to the territorial structure  of its
bottling system in Mexico and the rest of the world.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>4. In connection  with the adoption of
additional measures considered as  necessary and justified by THE  COMPANY aiming at
protecting and improving the  beverages sale and distribution system  regarding the
attention to big and/or  special clients having their business purpose  going beyond the
limits of THE  BOTTLER&#146;S TERRITORY (hereinafter referred to as KEY  ACCOUNTS),
pursuant to the  stated in Section 11 (second paragraph) in THE AGREEMENT, THE  COMPANY
will only  adopt such measures, including the direct supply of the beverages in  the KEY
ACCOUNTS, in the event THE BOTTLER fails to comply with the adequate supply to  such KEY
ACCOUNTS within THE TERRITORY (frequency in the service, prices, sale  conditions, etc.).
THE COMPANY besides working directly with a KEY ACCOUNT  should notify  in written its
decision for doing so to THE BOTTLER, unless THE  BOTTLER corrects the  issue within a
period of time no longer than 15 (fifteen)  days.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>5. Pursuant to  Section 12 a) in THE AGREEMENT,
THE BOTTLER agreed to accept and  apply the rules adopted  and issued from time to time
by THE COMPANY for a  uniform external appearance of the  distribution equipment and
other materials  used by THE BOTTLER and others from  Coca-Cola. It is agreed upon that
the  directions THE COMPANY may issue on a regular  basis in connection with the  uniform
external appearance will apply to all Bottlers in  Mexico.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>6. The agreements  stated in Section 17 in THE
AGREEMENT will apply not only to  the operation in which THE  BOTTLER is involved but
also in those activities in  which THE BOTTLER may be directly  related by means of
ownership, control,  management, partnership, agreement or any other  manner, whether
within or  outside THE TERRITORY of THE BOTTLER. THE COMPANY agrees that  the term &#147;or
any  other manner&#148; in such context will refer to situations with  similar or
equivalent effect.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>7. In connection  with Section 27 b) the
procedure and schedule to be applied  will be as follows: in the  event THE BOTTLER wants
to request renewal of THE  AGREEMENT for an additional period of  10 (ten) years, THE
BOTTLER should request  so with at least 18 (eighteen) months but not  more than 24
(twenty four) months  before maturity of the original term through  submitting a request
in written,  supported by the information THE COMPANY may request  pursuant to the stated
in  such Section 27 b). THE COMPANY </font></td></tr></table>





<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 14; page: 14" -->






<p><table width=600><tr><td><font size=2>THE BOTTLER stating the mentioned in Section 27
b) upon maturity will notify in written its decision, at least 12 (twelve)  months before
original 10 (ten) years [sic].</font></td></tr></table>

<p><table width=600><tr><td><font size=2>8. In connection with Section 32 in THE
AGREEMENT, it is understood that the  limitations therein for the assignment of shares
will not embrace the assignment  of shares by legal means, including legal or testate
succession. Among  shareholders and any of their consanguineous relatives, wives, in-law
relatives  and relatives pursuant to the Civil Code (adoption). In such cases, the
previous  approval of THE COMPANY will not be required.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>9. Pursuant to Section 34 in THE AGREEMENT, THE
COMPANY will appoint only one or  more of its subsidiaries controlled 100% in a direct
manner. In the event this  is possible or in its absence, to one or ore of its companies
controlled in an  indirect manner, as its representative so as to make assure The BOTTLER&#146;s
full  compliance with all terms and conditions stated in THE AGREEMENT.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>10. In connection with Section 36 b) in THE
AGREEMENT, THE COMPANY agrees to  reimburse THE BOTTLER all documented costs related to
paper work and actions  that may be required by THE COMPANY from THE BOTTLER for the
protection of THE  COMPANY&#146;s products secured by THE AGREEMENT.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>11. It is understood that the insurance policy
required by THE BOTTLER in  Section 36 e) of THE AGREEMENT will be appropriate for the
Mexican conditions  and practices as well as local uses prevailing for companies with
similar size  and activities in connection with this particular type of insurance
coverage.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>12. In connection with the stated in EXHIBIT A
in THE AGREEMENT, THE COMPANY  granted THE BOTTLER a non-exclusive authorization for the
preparation,  distribution and sale of the beverages stated therein, as Post-Mix.
Consequently, THE COMPANY may decide to grant similar non- exclusive  authorizations for
Post-Mix rights to third parties within THE TERRITORY or THE  COMPANY may decide to
enforce such rights over Post-Mix directly within THE  TERRITORY. In the event THE
COMPANY decides to grant similar non- exclusive  authorizations to any third party or to
do it in a direct manner, THE COMPANY  agres to discus such issue in an informal manner
with THE BOTTLER, in the  understanding that this discussion by no means will limit the
rigths of THE  COMPANY stated in Exhibit A in THE AGREEMENT whatsoever.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>13. THE COMPANY and THE BOTTLER agree that all
remaining clauses, terms and  conditions in THE AGREEMENT will remain with no amendment
whatsover and with  full validity and effect.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>S i n c e r e l y,  <BR>The Coca-Cola Company</font></td></tr></table>


<p><table width=600><tr><td><font size=2>Represented by  <BR>Mr. Steve M. Whaley</font></td></tr></table>








<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
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<p><table width=600><tr>
    <td><font size=2>Accepted on July 1, 1999 <br>
      By PANAMCO BAJIO, S.A. DE C.V.</font></td>
  </tr></table>



<p><table width=600><tr>
    <td><font size=2>Hereby represented by Mr. Jos&eacute; Ignacio Huerta Gonz&aacute;lez
      </font></td>
  </tr></table>






<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.34
<SEQUENCE>12
<FILENAME>e14932ex4_34.htm
<DESCRIPTION>BOTTLER'S AGREEMENT
<TEXT>
<html>
<head>
<title>Exhibit 4.34 </title>
</head>
<body>





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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 4.34</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>BOTTLER&#146;S AGREEMENT</B></font></td></tr></table>


<p><table width=600><tr><td><FONT SIZE="2"><B>THIS BOTTLER&#146;S AGREEMENT</B> (the &#147;Agreement&#148;)
entered into with effect from _______ by and between THE COCA-COLA COMPANY, a
corporation organized and existing under the laws of the State of Delaware, United
States of America, with principal offices at One Coca-Cola Plaza, N.W., in the
City of Atlanta, State of Georgia, U.S.A. (hereinafter referred to as the
&#147;Company&#148;), and _________________________, a corporation organized and
existing under the laws of _____________ with principal offices at
________________, ______________ (hereinafter referred to as the &#147;_____________&#148;).</FONT></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>WITNESSETH:</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2><B>WHEREAS,</B></font></td></tr></table>


<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> A. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company is engaged in the manufacture
      and sale of certain concentrates and beverage bases (hereinafter referred
      to as the &#147;Beverage Bases&#148;) the formulae for which are industrial
      secrets of the Company, from which non-alcoholic beverage syrups (hereinafter
      referred to as the &#147;Syrups&#148;) are prepared, and is also engaged
      in the manufacture and sale of the Syrups, which are used in the preparation
      of certain non-alcoholic beverages which are more fully described in Appendix
      I (hereinafter referred to as the &#147;Beverages&#148;) and which are offered
      for sale in bottles and other containers and in other forms or manners.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> B. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company is the owner of the trade
      marks set forth in Appendix II that distinguish the said Beverage Bases,
      Syrups and Beverages and is also the owner of various trade marks consisting
      of Distinctive Containers in various sizes in which the Beverages have been
      marketed for many years and of the trade marks consisting of Dynamic Ribbon
      devices which are used in the advertising and marketing of certain of the
      Beverages (all of the said trade marks being collectively or severally referred
      to hereinafter as the &#147;Trade Marks&#148;).</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> C. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company has the exclusive right
      to prepare, package and sell the Beverages and the exclusive right to manufacture
      and sell the Beverage Bases and the Syrups in ______________.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> D. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company has designated and authorized
      certain third parties to manufacture the Beverage Bases for sale to duly
      appointed bottlers (said third parties being hereinafter referred to as
      &#147;Authorized Suppliers&#148;).</font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;



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<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> E. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler has requested a license
      from the Company to use the Trade Marks in connection with the preparation
      and packaging of the Beverages and in connection with the distribution and
      sale of the Beverages in and throughout a territory as defined and described
      in this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> F. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company is willing to grant the
      requested license to the Bottler under the terms and conditions set forth
      in this Agreement.</font></TD>
  </TR></TABLE><p></P>


<p><table width=600><tr><td><FONT SIZE="2"><B>NOW, THEREFORE,</B> the parties hereto agree as
follows:</FONT></td></tr></table>

<p>
<table width=600>
  <tr>
    <td width="38"><font size=2><B>I. </B></font></td>
    <td width="550"><font size=2><b>AUTHORIZATION</b></font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 1. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company hereby authorizes the Bottler,
      and the Bottler undertakes, subject to the terms and conditions contained
      herein, to prepare and package the Beverages in Authorized Containers, as
      defined hereinafter, and to distribute and sell the same under the Trade
      Marks, in and throughout, but only in and throughout, the territory which
      is defined and described in Appendix III (hereinafter referred to as the
      &#147;Territory&#148;).</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 2. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> The Company shall, during the term
      of this Agreement, in its discretion, approve for each of the Beverages
      the container types, sizes, shapes and other distinguishing characteristics
      (hereinafter referred to as &#147;Authorized Containers&#148;) which the
      Bottler is authorized to use under this Agreement for the packaging of each
      of the Beverages. The list of Authorized Containers in respect of each of
      the Beverages as of the effective date hereof is set forth in Appendix IV.
      The Company may, by giving written notice to the Bottler, authorize the
      Bottler to use additional Authorized Containers in the preparation, packaging,
      distribution and sale of one or more of the Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> Subject to the provisions of subclause
      (c) of this Clause 2, the Company under this Clause 2 reserves the right
      to cancel its authorization of each of the Authorized Containers for any
      of the Beverages upon six (6) months written notice to the Bottler. It is
      recognized between the parties hereto that the Company will exercise its
      right to cancel its authorization in such a way as to enable the Bottler
      to prepare, package, distribute and sell the Beverages pursuant to this
      Agreement in at least one Authorized Container. In the event of such cancellation
      the provisions of Clause 30(c) shall apply to containers in respect of which
      authorization has been cancelled. Subject to the provisions of subclause
      (c) of this Clause 2, the Company shall not withdraw an Authorized Container
      for the sole purpose of granting a third party rights to manufacture, package,
      distribute and sell Beverages in that Authorized Container in the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c)</font></TD>
    <TD width=88% valign=top><font size=2> It is recognized between the parties
      hereto that the system for the preparation, packaging, distribution and
      sales of the Beverages in Cans has unique </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td width=68>&nbsp;</td>
    <td width=520><font size=2>characteristics when compared with the system for
      the preparation, packaging, distribution and sales of the Beverages in other
      containers. It is further recognized and acknowledged between the parties
      hereto that the Company has a vested and legitimate interest in maintaining
      and promoting the economic and commercial viability of the system for the
      preparation, packaging, distribution and sales of the Beverages in Cans,
      on a worldwide basis. It is, therefore, agreed between the parties hereto
      that where the Bottler is authorized to prepare, package, distribute and
      sell the Beverages in Cans the Company may, in its absolute discretion,
      and at any time during the term of this Agreement, cancel its authorization
      in respect of Cans as an Authorized Container by notice in writing to the
      Bottler. The Company may determine that the Bottler has a continuing role
      with respect to preparation, and/or packaging, and/or distribution and sales
      of the Beverages in Cans in which event the Company may enter into future
      arrangements with the Bottler in relation to the toll manufacturing or contract
      packing by the Bottler of the Beverages in Cans including possible distribution
      and sales rights with respect to the Beverages in Cans. It is acknowledged
      and agreed by the Bottler that any continuing authorizations to, or arrangements
      with, the Bottler in connection with the preparation, packaging, distribution
      and/or sales of the Beverages in Cans shall be at the sole discretion of
      the Company.</font></td>
  </tr></table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> For the purposes of this Agreement,
      the term &#147;Cans&#148; shall mean and include:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=12% valign=top><font size=2> </FONT></TD>
    <TD width=6% valign=top><font size=2>(1)</font></TD>
    <TD width=82% valign=top><font size=2> any beverage container which is made
      wholly or partially of metal; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=12% valign=top><font size=2> </FONT></TD>
    <TD width=6% valign=top><font size=2>(2) </font></TD>
    <TD width=82% valign=top><font size=2> any beverage container which is sealed
      after filling by the application of a non-removable lid; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=12% valign=top>&nbsp;</TD>
    <TD width=6% valign=top><font size=2> (3) </FONT></TD>
    <TD width=82% valign=top><font size=2> any beverage container which is generally
      known and referred to as a can by the soft drink industry, the wholesale
      trade, the retail trade or by consumers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 3. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Schedules, if any, attached hereto
      identify the nature of the supplemental authorizations which may be granted
      from time to time to the Bottler pursuant to this Agreement and govern the
      particular rights and obligations of the parties in respect of the supplemental
      authorizations.</font></TD>
  </TR></TABLE><p></P>


<p>
<table width=600>
  <tr>
    <td width="36"><font size=2><B>II. </B></font></td>
    <td width="552"><font size=2><b>OBLIGATIONS OF THE COMPANY</b></font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 4. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company or Authorized Suppliers
      will sell and deliver to the Bottler such quantities of the Beverage Bases
      as may be ordered by the Bottler from time to time provided that:</font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> the Bottler will order, and the Company
      or Authorized Suppliers will sell and deliver to the Bottler, only such
      quantities of the Beverage Bases as may be necessary and sufficient to implement
      this Agreement; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> the Bottler will use the Beverage Bases
      exclusively for the preparation of the Beverages as prescribed from time
      to time by the Company, and the Bottler undertakes not to sell the Beverage
      Bases or the Syrups nor permit the same to fall into the hands of third
      parties without the prior written consent of the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>The Company shall retain the sole and exclusive
      right at any time to determine the formulae, composition or ingredients
      for the Beverages and the Beverage Bases.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 5. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company, for the term of this Agreement,
      except as provided in Clause 11, will refrain from selling or distributing
      or from authorizing third parties to sell or distribute the Beverages throughout
      the Territory in Authorized Containers reserving the rights, however, to
      prepare and package the Beverages in Authorized Containers in the Territory
      for sale outside the Territory and to prepare, package, distribute and sell
      or authorize third parties to prepare, package, distribute or sell the Beverages
      in the Territory in any other manner or form.</font></TD>
  </TR></TABLE><p></P>


<p>
<table width=600>
  <tr valign="top">
    <td width="18"><font size=2><B>III. </B></font></td>
    <td width="15">&nbsp;&nbsp;</td>
    <td width="551"><font size=2><b>OBLIGATIONS OF THE BOTTLER RELATIVE TO MARKETING
      OF THE BEVERAGES, FINANCIAL CAPACITY AND PLANNING</b></font>&nbsp;&nbsp;&nbsp;</td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 6. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall have a continuing
      obligation to develop, stimulate and satisfy fully the demand for each of
      the Beverages within the Territory. The Bottler therefore covenants and
      agrees with the Company:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> to prepare, package, distribute and
      sell such quantities of each of the Beverages as shall in all respects satisfy
      fully every demand for each of the Beverages within the Territory;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> to make every effort and to employ
      all proven, practical and approved means to develop and exploit fully the
      potential of the business of preparing, packaging, marketing and distributing
      each of the Beverages throughout the Territory by creating, stimulating
      and expanding continuously the future demand for each of the Beverages and
      by satisfying fully and in all respects the existing demand therefor;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c)</font></TD>
    <TD width=88% valign=top><font size=2> to invest all the capital and incur
      all expenses required for the organization, installation, operation, maintenance
      and replacement within the Territory of such manufacturing, warehousing,
      marketing, distribution, delivery, transportation and other facilities and
      equipment as shall be necessary to implement this Agreement;</font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> to sell and distribute the Beverages
      in Authorized Containers only to retail outlets or final consumers in the
      Territory; provided, however, that the Bottler shall be authorized to distribute
      and sell the Beverages in Authorized Containers to wholesale outlets in
      the Territory who sell only to retail outlets in the Territory. Any other
      methods of distribution shall be subject to the prior written approval of
      the Company; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(e) </font></TD>
    <TD width=88% valign=top><font size=2> to provide competent and well-trained
      management, and to recruit, train, maintain and direct all personnel required,
      sufficient in every respect to perform all of the obligations of the Bottler
      under this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 7. </FONT></TD>
    <TD width=93% valign=top><font size=2> The parties agree that, to develop
      and stimulate demand for each of the Beverages, advertising and other forms
      of marketing activities are required. The Bottler agrees, therefore, to
      spend such funds for the advertising and marketing of the Beverages as may
      be required to maintain and to increase the demand for each of the Beverages
      in the Territory. The Company may, in its sole discretion, contribute to
      such advertising and marketing expenditures. The Company may also undertake
      at its own expense any advertising or promotional activity that the Company
      deems appropriate to conduct in the Territory, but this shall in no way
      affect the obligations of the Bottler to spend funds for the advertising
      and marketing of each of the Beverages so as to stimulate and develop the
      demand for each of the Beverages in the Territory.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 8. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall submit to the Company,
      for its prior approval, all advertising and all promotions relating to the
      Trade Marks or the Beverages and shall use, publish, maintain or distribute
      only such advertising or promotional material relating to the Trade Marks
      or to the Beverages as the Company shall approve and authorize.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 9. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall maintain the consolidated
      financial capacity reasonably necessary to assure that the Bottler will
      be capable of performing its obligations under this Agreement. The Bottler
      shall maintain accurate books, accounts, and records and shall provide to
      the Company, upon the Company&#146;s request, such financial and accounting
      information as shall enable the Company to determine the Bottler&#146;s
      compliance with its obligations under this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 10. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler covenants and agrees:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> to deliver to the Company once in each
      calendar year a program (hereinafter referred to as the &#147;Annual Program&#148;)
      which shall be acceptable to the Company as to form and substance. The Annual
      Program shall include but shall not be limited to the marketing, management,
      financial, promotional and advertising plans of the Bottler showing in detail
      the activities contemplated for the ensuing twelve-month period or such
      other period as the Company may prescribe. The Bottler shall prosecute diligently
      the Annual Program and shall report quarterly or </font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr>
    <td width=67>&nbsp;</td>
    <td width=521><font size=2>at such other intervals as the Company may request
      in connection with the implementation of the Annual Program; and</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> to report on a monthly basis, or at
      such other intervals as the Company may request, to the Company, sales of
      each of the Beverages in such detail and containing such information as
      may be requested by the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 11. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler recognizes that the Company
      has entered into or may enter into agreements similar to this Agreement
      with other parties outside of the Territory and accepts the limitations
      such agreements may reasonably impose on the Bottler in the conduct of its
      business under this Agreement. The Bottler further agrees to conduct its
      business in such a manner so as to avoid conflicts with such other parties
      and, in the event of disputes nevertheless arising with such other parties,
      to make every reasonable effort to settle them amicably.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr>
    <td width=39>&nbsp;</td>
    <td width=549><font size=2>The Bottler will not oppose without valid reason
      any additional measures the adoption of which are considered by the Company
      as necessary and justified in order to protect and improve the sales and
      distribution system for the Beverages as, for instance, those which might
      be adopted concerning the supply of large and/or special buyers whose field
      of activity transcends the boundaries of the Territory, even if such measures
      should entail a restriction of the Bottler&#146;s rights or obligations
      within reasonable limits not affecting the substance of this Agreement.</font></td>
  </tr></table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 12. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> The Bottler, recognizing the important
      benefit to itself and all the other parties referred to in Clause 11 above,
      of a uniform external appearance of the distribution and other equipment
      and materials used under this Agreement, agrees to accept and apply the
      standards adopted and issued from time to time by the Company for the design
      and decoration of trucks and other delivery vehicles, cases, cartons, coolers,
      vending machines and other materials and equipment used in the distribution
      and sale of the Beverages under this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler further agrees to maintain
      and to replace such equipment at such intervals as are reasonably necessary
      and not to use such equipment to distribute or sell any products which are
      not identified by the Trade Marks without the prior written consent of the
      Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 13. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall not, without the
      prior written consent of the Company, prepare, sell or distribute or cause
      the sale or distribution in any manner whatsoever of any of the Beverages
      outside the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> In the event any of the Beverages prepared,
      packaged, distributed or sold by the Bottler are found in the territory
      of another authorized bottler of the products of the Company (hereinafter
      referred to as the &#147;Injured Bottler&#148;) then in addition to all
      other remedies available to the Company:</font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 7; page: 7" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(1)</font></TD>
    <TD width=81% valign=top><font size=2> the Company may, in its sole discretion,
      cancel forthwith the authorization for the Authorized Container(s) of the
      type which were found in the Injured Bottler&#146;s territory;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(2) </font></TD>
    <TD width=81% valign=top><font size=2> the Company may charge the Bottler
      an amount of compensation for the Beverages found in the Injured Bottler&#146;s
      territory to include all lost profits, expenses and other costs incurred
      by the Company and the Injured Bottler; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(3) </font></TD>
    <TD width=81% valign=top><font size=2> the Company may purchase any of the
      Beverages prepared, packaged, distributed or sold by the Bottler which are
      found in the Injured Bottler&#146;s territory, and the Bottler shall, in
      addition to any other obligation it may have under this Agreement, reimburse
      the Company for the Company&#146;s cost of purchasing, transporting, and/or
      destroying such Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> In the event that Beverages prepared,
      packaged, distributed or sold by the Bottler are found in the territory
      of an Injured Bottler, the Bottler shall make available to representatives
      of the Company all sales agreements and other records relating to such Beverages
      and assist the Company in all investigations relating to the sale and distribution
      of such Beverages outside the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d)</font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall immediately inform
      the Company if at any time any solicitation or offer to purchase the Beverages
      is made to the Bottler by a third party which the Bottler knows or has reason
      to believe or suspect would result in the Beverages being marketed, sold,
      resold, distributed or redistributed outside the Territory in breach of
      this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>


<p>
<table width=600>
  <tr>
    <td width="39"><font size=2><B>IV. </B></font></td>
    <td width="549"><font size=2><b>OBLIGATIONS OF THE BOTTLER RELATIVE TO THE
      TRADE MARKS</b></font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 14. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall at all times recognize
      the validity of the Trade Marks and the ownership thereof by the Company
      and will not at any time put in issue the validity or ownership of the Trade
      Marks.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 15. </FONT></TD>
    <TD width=93% valign=top><font size=2> Nothing herein shall give the Bottler
      any interest in the Trade Marks or the goodwill attaching thereto or in
      any label, design, container or other visual representations thereof or
      used in connection therewith, and the Bottler acknowledges and agrees that
      all rights and interest created through such usage of the Trade Marks, labels,
      designs, containers or other visual representations shall inure to the benefit
      and be the property of the Company. It is agreed and understood by the parties
      that there is extended to the Bottler under this Agreement a mere temporary
      permission, uncoupled with any right or interest, and without payment of
      any fee or royalty charge, to use said Trade Marks, labels, designs, containers
      or other visual representations thereof, only in connection with the </font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 8; page: 8" -->






<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>preparation, packaging, distribution and sale of
      the Beverages in Authorized Containers; said use to be in such manner and
      with the result that all goodwill relating to the same shall accrue to the
      Company as the source and origin of such Beverages, and the Company shall
      be absolutely entitled to determine in every instance the manner of presentation
      and such other steps necessary or desirable to secure compliance with this
      Clause 15.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 16. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall not adopt or use
      any name, corporate name, trading name, title of establishment or other
      commercial designation which includes the words &#147;Coca-Cola&#148;, &#147;Coca&#148;,
      &#147;Cola&#148;, &#147;Coke&#148;, or any of them, or any name that is
      confusingly similar to any of them or any graphic or visual representation
      of the Trade Marks or any other trade mark or industrial property owned
      by the Company, without the prior written consent of the Company.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 17. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler covenants and agrees with
      the Company during the term of this Agreement and in accordance with applicable
      laws:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> not to manufacture, prepare, package,
      distribute, sell, deal in or otherwise be concerned with any other non-alcoholic
      beverage products other than those prepared, packaged, distributed or sold
      by the Bottler under authority of the Company, unless prior written consent
      from the Company is obtained;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> not to manufacture, prepare, package,
      distribute, sell, deal in or otherwise be concerned with any other concentrate,
      beverage base, syrup, or beverage which is likely to be confused with or
      passed off for any of the Beverage Bases, Syrups or Beverages;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> not to manufacture, prepare, package,
      distribute, sell, deal in or otherwise be concerned with any other beverage
      product under any trade dress or in any container that is an imitation of
      a trade dress or container in which the Company claims a proprietary interest
      or which is likely to be confused or cause confusion or be perceived by
      consumers as confusingly similar to or be passed off as such trade dress
      or container;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> not to manufacture, prepare, package,
      distribute, sell, deal in or otherwise be concerned with any product under
      any trade mark or other designation that is an imitation, copy, infringement
      of, or confusingly similar to, any of the Trade Marks; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(e) </font></TD>
    <TD width=88% valign=top><font size=2> during the term of this Agreement and
      for a period of two (2) years thereafter, and in recognition of the valuable
      rights granted by the Company to the Bottler pursuant to this Agreement,
      not to manufacture, prepare, package, distribute, sell, deal in or otherwise
      be concerned with any beverage put out under the name </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 9; page: 9" -->







<p><table width=600><tr>
    <td width=67>&nbsp;</td>
    <td width=521><font size=2>&#147;Cola&#148; (whether alone or in conjunction
      with any other word or words) or any phonetic rendering of such word.</font></td>
  </tr></table><p></P>

<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>The covenants herein contained apply not only to
      the operations with which the Bottler may be directly concerned, but also
      to activities with which the Bottler may be indirectly concerned through
      ownership, control, management, partnership, contract, agreement or otherwise,
      and whether located within or outside of the Territory. The Bottler covenants
      not to acquire or hold, directly or indirectly, any ownership interest in,
      or enter into any contract or arrangement with respect to the management
      or control of any person or legal entity, within or outside of the Territory,
      that engages in any of the activities prohibited under this Clause 17.</font></td>
  </tr></table>

<p><table width=600><tr>
    <td width=35>&nbsp;</td>
    <td width=553><font size=2>Further, with respect to alcoholic beverages with
      which the Bottler may be concerned during the term of this Agreement, the
      Bottler agrees to undertake said business or any portion thereof, which
      may include manufacture, preparation, packaging, distributing, selling or
      otherwise dealing in alcoholic beverages, through a company distinct from
      and held out to the public as distinct from the Bottler&#146;s Beverage
      business as authorized herein. Accordingly, the Bottler agrees to undertake
      any alcoholic beverage business through a separate and distinct business
      operation including: (i) legal entity, (ii) physical plant or other structure,
      (iii) sales force, (iv) equipment and vehicles, and (v) all other business
      indicia, unless otherwise consented to by Company in writing.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 18. </FONT></TD>
    <TD width=93% valign=top><font size=2> This Agreement reflects the mutual
      interest of both parties and in the event that either:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top>&nbsp;</TD>
    <TD width=5% valign=top><font size=2> (a) </FONT></TD>
    <TD width=88% valign=top><font size=2> a third party which is, in the opinion
      of the Company, directly or indirectly through ownership, control, management
      or otherwise, concerned with the manufacture, preparation, packaging, distribution
      or sale of any product specified in Clause 17 hereof, shall acquire or otherwise
      obtain control or any direct or indirect influence on the management of
      the Bottler; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> any real or legal person having majority
      ownership or direct or indirect control of the Bottler or who is directly
      or indirectly controlled either by the Bottler or by any third party which
      has control or any direct or indirect influence, in the opinion of the Company,
      on the management of the Bottler, shall engage in the preparation, packaging,
      distribution or sale of any products specified in Clause 17 hereof;</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>then the Company shall have the right to terminate
      this Agreement forthwith unless the third party making such acquisition
      as specified in subclause (a) hereof or the person, entity, firm or company
      referred to in subclause (b) hereof shall, on being notified in writing
      by the Company of its intention to terminate as aforesaid, agree to discontinue,
      and shall in fact discontinue, the manufacture, preparation, packaging,
      distribution or sale of such products within a reasonable period not exceeding
      six (6) months from the date of notification.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 10; page: 10" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 19. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> If the Company, for the purposes of
      this Agreement, should require that, in accordance with applicable laws
      governing the registration and licensing of industrial property, the Bottler
      be recorded as a registered user or licensee of the Trade Marks then, at
      the request of the Company, the Bottler will execute any and all agreements
      and such other documents as may be necessary for the purpose of entering,
      varying or cancelling the recordation.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> Should the public authority having
      jurisdiction refuse any application of the Company and the Bottler for recordation
      of the Bottler as registered user or licensee of any of the Trade Marks
      in respect of any of the Beverages prepared and packaged by the Bottler
      under this Agreement, then the Company shall have the right to terminate
      this Agreement or cancel the authorization in respect of such Beverages
      forthwith.</font></TD>
  </TR>
</TABLE>
<p></P>


<p>
<table width=600>
  <tr valign="top">
    <td width="21"><font size=2><b>V. </b></font>&nbsp;&nbsp;</td>
    <td width="11">&nbsp;&nbsp;</td>
    <td width="552"><font size=2><B>OBLIGATIONS OF THE BOTTLER RELATIVE TO THE
      PREPARATION AND PACKAGING OF THE BEVERAGES</B></font></td>
  </tr>
</table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 20. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler covenants and agrees with
      the Company to use, in preparing the Syrups for each of the Beverages, only
      the Beverage Bases purchased from the Company or the Authorized Suppliers
      and to use the Syrups only for the preparation and packaging of the Beverages
      in strict adherence to and compliance with the instructions issued to the
      Bottler from time to time by the Company in writing. The Bottler further
      covenants and agrees with the Company that in preparing, packaging and distributing
      the Beverages the Bottler shall at all times conform to the manufacturing
      standards, hygienic and otherwise, established from time to time by the
      Company and comply with all legal requirements, and the Bottler shall permit
      the Company, its officers, agents and designees at all times to enter and
      inspect the plant, facilities, equipment and methods used by the Bottler
      in the preparation, packaging, storage and handling of the Beverages to
      ascertain whether the Bottler is complying with the terms of this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> The Bottler, recognizing the importance
      of identifying the source of manufacture of the Beverages in the market,
      agrees to use identification codes on all packaging materials for the Beverages,
      including Authorized Containers and non-returnable cases. The Bottler further
      agrees to install, maintain and use the necessary machinery and equipment
      required for the application of such identification codes. The Company shall
      provide the Bottler, from time to time, with necessary instructions in writing
      regarding the forms of the identification codes to be used by the Bottler
      and the production and sales records to be maintained by the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 11; page: 11" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> In the event the Company determines
      or becomes aware of the existence of any quality or other technical problems
      relating to any of the Beverages or Authorized Containers in respect of
      any of the Beverages, the Company may require the Bottler to take all necessary
      action to withdraw immediately any such Beverages from the market. The Company
      shall notify the Bottler by telephone, cable, telex, telefax or any other
      form of immediate communication of the decision by the Company to require
      the Bottler to withdraw any such Beverages from the market and the Bottler
      shall, upon receipt of such notice, immediately cease distribution of such
      Beverages and take such other action as may be required by the Company in
      connection with the withdrawal of such Beverages from the market.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> In the event the Bottler determines
      or becomes aware of the existence of quality or other technical problems
      relating to any of the Beverages or Authorized Containers in respect of
      any of the Beverages, then the Bottler shall immediately notify the Company
      by telephone, cable, telex, telefax, or any other form of immediate communication.
      This notification shall include: (1) identity and quantities of the Beverages
      involved, including the Authorized Containers, (2) coding data and (3) any
      other relevant data including data that will assist in tracing such Beverages.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 21. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall submit to the Company,
      at the Bottler&#146;s expense, samples of the Syrups, of the Beverages and
      of materials used in the preparation of the Syrups and the Beverages in
      accordance with such instructions as may be given in writing from time to
      time by the Company.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 22. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> In the packaging, distribution and
      sale of the Beverages, the Bottler shall use only such Authorized Containers,
      closures, cases, cartons, labels and other packaging materials approved
      from time to time by the Company, and the Bottler shall purchase such items
      only from manufacturers who have been authorized by the Company to manufacture
      the items to be used in connection with the Trade Marks and the Beverages.
      The Company shall use its best efforts to approve two or more manufacturers
      of such items, it being understood that said approved manufacturers may
      be located within or outside of the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall inspect such Authorized
      Containers, closures, cases, cartons, labels and other packaging materials
      and shall use only those items which comply with the standards established
      by applicable laws in the Territory in addition to the standards and specifications
      prescribed by the Company. The Bottler shall assume independent responsibility
      in connection with the use of such Authorized Containers, closures, cases,
      cartons, labels and other packaging materials which conform to such standards.</font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 12; page: 12" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall maintain at all times
      a sufficient stock of Authorized Containers, closures, labels, cases, cartons
      and other packaging materials to satisfy fully the demand for each of the
      Beverages in the Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 23. </FONT></TD>
    <TD width=93% valign=top><font size=2> (a) The Bottler recognizes that increases
      in the demand for the Beverages, as well as changes in the list of Authorized
      Containers, may from time to time require modifications or other changes
      in respect of its existing manufacturing, packaging, delivery or vending
      equipment or require the purchase of additional manufacturing, packaging,
      delivery or vending equipment. The Bottler agrees, therefore, to make such
      modifications to existing equipment and to purchase and install such additional
      equipment as necessary with sufficient lead time to enable the introduction
      of new Authorized Containers and the preparation and packaging of the Beverages
      in accordance with the continuing obligations of the Bottler to develop,
      stimulate and satisfy fully every demand for each of the Beverages in the
      Territory.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> In the event the Bottler uses refillable
      Authorized Containers in the preparation and packaging of all or any of
      the Beverages, the Bottler agrees to invest the necessary capital and to
      appropriate and expend such funds as may be required from time to time to
      establish and maintain an adequate inventory of refillable Authorized Containers.
      In order to ensure the continuing quality and appearance of the said inventory
      of refillable Authorized Containers, the Bottler further agrees to replace
      all or part of the said inventory of refillable Authorized Containers as
      may be reasonably necessary and in accordance with the obligations of the
      Bottler hereunder.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler agrees not to refill or
      otherwise reuse any non-refillable Authorized Containers that have been
      previously used.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 24. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall be solely responsible
      in the carrying out of its obligations hereunder for compliance with all
      regulations and laws applicable in the Territory and shall inform the Company
      forthwith of any such provision which would prevent or limit in any way
      the strict compliance by the Bottler with its obligations hereunder.</font></TD>
  </TR></TABLE><p></P>


<p>
<table width=600>
  <tr>
    <td width="37"><font size=2><B>VI. </B></font></td>
    <td width="551"><font size=2><b>CONDITIONS OF PURCHASE AND SALE</b></font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 25. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall, in accordance with
      the provisions of this Agreement, purchase the Beverage Bases required for
      the preparation and packaging of the Beverages only from the Company or
      Authorized Suppliers.</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=6% valign=top><font size=2> 26. </FONT></TD>
    <TD width=6% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> The Company reserves the right by giving
      notice to the Bottler to establish in its sole discretion the prices of
      the Beverage Bases, including the conditions of shipment and payment and
      the currency or currencies acceptable to the Company </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 13; page: 13" -->





<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>and its Authorized Suppliers in payment and to
      designate one or more Authorized Suppliers, the supply point and/or alternate
      supply points for each of the Beverage Bases.</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> The Company reserves the right, to
      the extent permitted by the law applicable in the Territory, to establish
      and to revise, by giving written notice to the Bottler, maximum prices at
      which each of the Beverages in Authorized Containers may be sold by the
      Bottler to retail outlets and the maximum retail prices for each of the
      Beverages. It is recognized in this regard that the Bottler may sell the
      Beverages to retail outlets and authorize the retail sales of the Beverages
      at prices which are lower than the maximum prices which have been established
      or revised by the Company pursuant to this subclause. The Bottler shall
      not, however, increase the maximum prices established and revised by the
      Company at which the Beverages in Authorized Containers may be sold to retail
      outlets nor authorize an increase in the maximum retail prices for the Beverages
      without the prior approval in writing of the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> The Company reserves the right by giving
      written notice to the Bottler, to change the Authorized Suppliers and to
      revise from time to time and at any time in its sole discretion the price
      of any of the Beverage Bases, the conditions of shipment (including the
      supply point) and the currency or currencies acceptable to the Company or
      its Authorized Suppliers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> If the Bottler is unwilling to pay
      the revised price in respect of the Beverage Base for the Beverage &#147;Coca-Cola&#148;,
      then the Bottler shall so notify the Company in writing within thirty (30)
      days from receipt of the written notice from the Company revising the aforesaid
      price. In this event, this Agreement shall terminate automatically three
      (3) calendar months after receipt of the Bottler&#146;s notification.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(e) </font></TD>
    <TD width=88% valign=top><font size=2> Except as provided in subclause (d)
      hereof in respect of the Beverage Base for the Beverage &#147;Coca-Cola,&#148;
      if the Bottler is unwilling to pay the revised price in respect of the Beverage
      Base(s) for any one or more of the other Beverages, then the Bottler shall
      so notify the Company in writing within thirty (30) days from receipt of
      the written notice from the Company revising the aforesaid price or prices.
      In this event, the Company, in its discretion and having regard to the present
      and prospective circumstances in the market, shall either (i) notify the
      Bottler in writing that the Agreement shall terminate, in which event this
      Agreement shall terminate three (3) calendar months after the date of the
      Company&#146;s notice of termination to the Bottler, or (ii) notify the
      Bottler in writing that the Bottler&#146;s authorization in respect of that
      Beverage or those Beverages for which the Bottler is unwilling to pay the
      revised price is cancelled, such cancellation to be effective three (3)
      calendar months after the date of the Company&#146;s notice of such cancellation
      of authorization(s) to the Bottler. In the </font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 14; page: 14" -->







<p><table width=600><tr>
    <td width=67>&nbsp;</td>
    <td width=521><font size=2>event of the cancellation of an authorization of
      a Beverage or Beverages pursuant to this subclause, the provisions of Clause
      30 shall apply in respect of that Beverage or those Beverages, and, notwithstanding
      any other provision of this Agreement, the Company shall have no further
      obligation to the Bottler in respect of that Beverage or those Beverages
      for which authorizations have been cancelled, and the Company shall be entitled
      to prepare, package, distribute or sell, or to grant authorizations to a
      third party to prepare, package, distribute or sell that Beverage or those
      Beverages in the Territory.</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(f) </font></TD>
    <TD width=88% valign=top><font size=2> Any failure on the part of the Bottler
      to notify the Company in respect of the revised price of any one or more
      of the Beverage Bases pursuant to subclauses (d) and (e) hereof shall be
      deemed to be acceptance by the Bottler of the revised price.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(g) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler undertakes to collect from
      or charge to retail outlets for each refillable Authorized Container and
      each returnable case delivered to the said retail outlets, such deposits
      as the Company may determine from time to time by giving written notice
      to the Bottler, and to make all reasonably diligent efforts to recover all
      empty refillable Authorized Containers and cases and, upon recovery, to
      refund or to credit the deposits for said refillable Authorized Containers
      and returnable cases returned undamaged and in good condition.</font></TD>
  </TR>
</TABLE>
<p></P>


<p>
<table width=600>
  <tr>
    <td width="38"><font size=2><B>VII. </B></font></td>
    <td width="550"><font size=2><b>DURATION AND TERMINATION OF AGREEMENT</b></font></td>
  </tr>
</table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 27. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> This Agreement shall be effective from
      ___________ and shall expire, without notice, on _____________ unless it
      has been earlier terminated as provided herein. It is recognized and agreed
      between the parties hereto that the Bottler shall have no right to claim
      a tacit renewal of this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> If the Bottler has fully complied with
      all the terms, covenants, conditions and stipulations of this Agreement
      throughout its term and the Bottler is capable of the continued promotion,
      development and exploitation of the full potential of the business in the
      preparation, packaging, distribution and sale of each of the Beverages,
      the Bottler may request an extension of this Agreement for an additional
      term of FIVE (5) years. The Bottler may request such extension by giving
      written notice to the Company at least six (6) months but not more than
      twelve (12) months prior to the expiration date of this Agreement. The request
      by the Bottler for such extension shall be supported by such documentation
      as the Company may request including documentation relating to the Bottler&#146;s
      compliance with the performance obligations under this Agreement and including
      documentation supporting the continued capability of the Bottler to develop,
      stimulate and satisfy fully the demand for each of the Beverages within
      the Territory. If the Bottler has, in the sole discretion of the Company,
      satisfied the </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 15; page: 15" -->





<p><table width=600><tr>
    <td width=68>&nbsp;</td>
    <td width=520><font size=2>conditions for the extension of this Agreement,
      then the Company may, by written notice, agree to extend this Agreement
      for such additional term.</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> At the expiration of any such additional
      term, this Agreement shall expire finally without further notice, and the
      Bottler shall have no right to claim a tacit renewal of this Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 28. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> This Agreement may be terminated by
      the Company or the Bottler forthwith and without liability for damages by
      written notice given by the party entitled to terminate to the other party:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(1) </font></TD>
    <TD width=81% valign=top><font size=2> if the Company, the Authorized Suppliers
      or the Bottler cannot legally obtain foreign exchange to remit abroad in
      payment of imports of the Beverage Bases or the ingredients or materials
      necessary for the manufacture of the Beverage Bases, the Syrups or the Beverages;
      or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(2) </font></TD>
    <TD width=81% valign=top><font size=2> if any part of this Agreement ceases
      to be in conformity with the laws or regulations applicable in the country
      in which the Territory is located and, as a result thereof, or as a result
      of any other laws affecting this Agreement, any one of the material stipulations
      herein cannot be legally performed or the Syrups cannot be prepared, or
      the Beverages cannot be prepared or sold in accordance with the instructions
      issued by the Company pursuant to Clause 20 above, or if any of the Beverage
      Bases cannot be manufactured or sold in accordance with the Company&#146;s
      formulae or with the standards prescribed by it.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=6% valign=top><font size=2> </FONT></TD>
    <TD width=6% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> This Agreement may be terminated forthwith
      by the Company without liability for damages:</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=6% valign=top><font size=2> </FONT></TD>
    <TD width=6% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(1) </font></TD>
    <TD width=81% valign=top><font size=2> if the Bottler becomes insolvent, or
      if a petition in bankruptcy is filed against or on behalf of the Bottler
      which is not stayed or dismissed within one hundred and twenty (120) days,
      or if the Bottler passes a resolution for winding up, or if a winding up
      or judicial management order is made against the Bottler, or if a receiver
      is appointed to manage the business of the Bottler, or if the Bottler enters
      into any judicial or voluntary scheme of composition with its creditors
      or concludes any similar arrangements with them or makes an assignment for
      the benefit of creditors; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top>&nbsp;</TD>
    <TD width=7% valign=top><font size=2>(2)</font></TD>
    <TD width=81% valign=top><font size=2> in the event of the Bottler&#146;s
      dissolution, nationalization or expropriation, or in the event of the confiscation
      of the production or distribution assets of the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 29. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> This Agreement may also be terminated
      by the Company or the Bottler if the other party fails to observe any one
      or more of the terms, covenants or conditions of this </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 16; page: 16" -->









<p><table width=600><tr>
    <td width=66>&nbsp;</td>
    <td width=522><font size=2>Agreement, and fails to remedy such default(s)
      within sixty (60) days after such party has been given written notice of
      such default(s).</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> In addition to all other remedies to
      which the Company may be entitled hereunder, if at any time the Bottler
      fails to follow the instructions or to maintain the standards prescribed
      by the Company or required by applicable laws in the Territory for the preparation
      of the Syrups or the Beverages, the Company shall have the right to prohibit
      the production of the Syrups or the Beverages until the default has been
      corrected to the Company&#146;s satisfaction, and the Company may demand
      the withdrawal from the trade, at the Bottler&#146;s expense, of any Beverages
      not in conformity with or not manufactured in conformity with such instructions,
      standards or requirements, and the Bottler shall promptly comply with such
      prohibition or demand. During the period of such prohibition of production,
      the Company shall be entitled to suspend deliveries of the Beverage Bases
      to the Bottler and shall also be entitled to supply, or to cause or permit
      others to supply, the Beverages in Authorized Containers in the Territory.
      No prohibition or demand shall be deemed a waiver of the rights of the Company
      to terminate this Agreement pursuant to this clause 29.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 30. </FONT></TD>
    <TD width=93% valign=top><font size=2> Upon the expiration or earlier termination
      of this Agreement or upon cancellation of the authorization for a Beverage(s)
      and then only in respect of that Beverage(s), as the case may be:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> the Bottler shall not thereafter prepare,
      package, distribute, or sell the Beverages or make any use of the Trade
      Marks, Authorized Containers, cases, closures, labels, packaging material
      or advertising material used or which are intended for use by the Bottler
      in connection with the preparation, packaging, distribution and sale of
      the Beverage(s);</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> the Bottler shall forthwith eliminate
      all references to the Company, the Beverages and the Trade Marks from the
      premises, delivery vehicles, vending and other equipment of the Bottler
      and from all business stationery and all written, graphic, electromagnetic,
      digital or other promotional or advertising material used or maintained
      by the Bottler, and the Bottler shall not thereafter hold forth in any manner
      whatsoever that the Bottler has any connection with the Company, the beverages
      or the Trade Marks;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> the Bottler shall forthwith deliver
      to the Company or a third party in accordance with such instructions as
      the Company shall give, all of the Beverage Bases, Beverages in Authorized
      Containers, usable Authorized Containers bearing the Trade Marks or any
      of them, cases, closures, labels, packaging materials and advertising material
      for the Beverages still in the Bottler&#146;s possession or under its control,
      and the Company shall, upon delivery thereof pursuant to such instructions,
      pay to the Bottler a sum equal to the reasonable market value of such </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 17; page: 17" -->









<p><table width=600><tr>
    <td width=67>&nbsp;</td>
    <td width=521><font size=2>supplies or materials, provided that the Company
      will accept and pay for only such supplies or materials as are in first-class
      and usable condition; and provided further that all Authorized Containers,
      closures, labels, packaging materials and advertising materials bearing
      the name of the Bottler and any such supplies and materials which are unfit
      for use according to the Company&#146;s standards shall be destroyed by
      the Bottler without cost to the Company; and provided further that, if this
      Agreement is terminated in accordance with the provisions of Clauses 18
      or 28(a) or as a result of any of the contingencies provided in Clause 35
      (including termination by operation of law), or if the Agreement is terminated
      by the Bottler for any reason other than in accordance with or as a result
      of the operation of Clauses 26 or 29, or upon the cancellation of the authorization
      for a Beverage(s) pursuant to Clause 26(e) or Clause 31, the Company shall
      have the option, but no obligation, to purchase from the Bottler the supplies
      and materials referred to above; and</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> all rights and obligations hereunder,
      whether specifically set out or whether accrued or accruing by use, conduct
      or otherwise, shall expire, cease and end, excepting all provisions concerning
      the obligations of the Bottler as set forth in Clauses 13(b)(2) and (b)(3),
      14, 15, 16, 17(e), 19(a), 30, 36(a), (b), (c) and (d) and 37, all of which
      shall continue in full force and effect. Provided always that this provision
      shall not affect any rights the Company may have against the Bottler in
      respect of any claim for nonpayment of any debt or account owed by the Bottler
      to the Company or its Authorized Suppliers.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 31. </FONT></TD>
    <TD width=93% valign=top><font size=2> In addition to all other remedies of
      the Company in respect of any breach by the Bottler of the terms, covenants
      and conditions of this Agreement and where such breach relates only to the
      preparation, packaging, distribution and sale by the Bottler of one or more
      but not all of the Beverages then the Company may elect to cancel the authorizations
      granted to the Bottler pursuant to this Agreement in respect only of that
      Beverage or those Beverages. In the event of the cancellation by the Company
      of authorizations to the Bottler pursuant to this Clause 31, the provisions
      of Clause 30 shall apply in respect of that Beverage or those Beverages,
      and the Company shall have no further obligations to the Bottler in respect
      of that Beverage or those Beverages in respect of which authorizations have
      been cancelled, and the Company shall be entitled to prepare, package, distribute
      or sell or to grant authorizations to a third party in connection with the
      preparation, packaging, distribution and sale of that Beverage or those
      Beverages in the Territory.</font></TD>
  </TR></TABLE><p></P>


<p>
<table width=600>
  <tr>
    <td width="36"><font size=2><B>VIII. </B></font></td>
    <td width="552"><font size=2><b>GENERAL PROVISIONS</b></font></td>
  </tr>
</table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 32. </FONT></TD>
    <TD width=93% valign=top><font size=2> It is recognized and acknowledged between
      the parties hereto that the Company has a vested and legitimate interest
      in maintaining, promoting and safeguarding the overall performance, efficiency
      and integrity of the Company&#146;s international bottling, distribution
      </font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 18; page: 18" -->






<p><table width=600><tr>
    <td width=38>&nbsp;</td>
    <td width=550><font size=2>and sales system. It is further recognized and
      acknowledged between the parties hereto that this Agreement has been entered
      into by the Company intuitu personae and in reliance upon the identity,
      character and integrity of the owners, controlling parties and managers
      of the Bottler, and the Bottler warrants having made to the Company prior
      to the execution hereof a full and complete disclosure of the owners and
      of any third parties having a right to, or power of, control or management
      of the Bottler. The Bottler, therefore, covenants and agrees with the Company:</font></td>
  </tr></table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> not to assign, transfer, pledge or
      in any way encumber this Agreement or any interest herein or rights hereunder,
      in whole or in part, to any third party or parties, without the prior written
      consent of the Company;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> not to delegate performance of this
      Agreement, in whole or in part, to any third party or parties, without the
      prior written consent of the Company;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> to notify the Company promptly in the
      event of or upon obtaining knowledge of any third party action which may
      or will result in any change in the ownership or control of the Bottler;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> to make available from time to time
      and at the request of the Company complete records of current ownership
      of the Bottler and full information concerning any third party or third
      parties by whom it is controlled directly or indirectly;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(e) </font></TD>
    <TD width=88% valign=top><font size=2> to the extent the Bottler has any legal
      control over changes in the ownership or control of the Bottler, not to
      initiate or implement, consent to or acquiesce in any such change without
      the prior written consent of the Company; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(f) </font></TD>
    <TD width=88% valign=top><font size=2> if the Bottler is organized as a partnership,
      not to change the composition of such partnership by the inclusion of any
      new partners or the release of existing partners without the prior written
      consent of the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td width=37>&nbsp;</td>
    <td width=551><font size=2>In addition to the foregoing provisions of this
      Clause 32, if a proposed change in ownership or control of the Bottler involves
      a direct or indirect transfer to or acquisition of ownership or control
      of the Bottler, in whole or in part, by a person or entity authorized or
      licensed by the Company to manufacture, sell, distribute or otherwise deal
      in any beverage products and/or any trade marks of the Company (the &#147;Acquiror
      Bottler&#148;), the Company may request any and all information it considers
      relevant from both the Bottler and the Acquiror Bottler in order to make
      its determination as to whether to consent to such change. In any such circumstances,
      the parties hereto, recognizing and acknowledging the vested and legitimate
      interest of the Company in maintaining, promoting and safeguarding the overall
      performance, efficiency and integrity of the Company&#146;s international
      bottling, distribution and sales system, expressly agree that the Company
      may consider all and any factors, and apply any criteria that it considers
      relevant in making such determination.</font></td>
  </tr></table>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 19; page: 19" -->



<p><table width=600><tr>
    <td width=37>&nbsp;</td>
    <td width=551><font size=2>It is further recognized and agreed between the
      parties hereto that the Company, in its sole discretion, may withhold consent
      to any proposed change in ownership or other transaction contemplated in
      this Clause 32, or may consent subject to such conditions as the Company,
      in its sole discretion, may determine. The parties hereto expressly stipulate
      and agree that any violation by the Bottler of the foregoing covenants contained
      in this Clause 32 shall entitle the Company to terminate this Agreement
      forthwith; and, furthermore, in view of the personal nature of this Agreement,
      that the Company shall have the right to terminate this Agreement if any
      other third party or third parties should obtain any direct or indirect
      interest in the ownership or control of the Bottler, even when the Bottler
      had no means to prevent such a change, if, in the opinion of the Company,
      such change either enables such third party or third parties to exercise
      any influence over the management of the Bottler or materially alters the
      ability of the Bottler to comply fully with the terms, obligations and conditions
      of this Agreement.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 33. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall, prior to the issue,
      offer, sale, transfer, trade or exchange of any of its shares of stock or
      other evidence of ownership, its bonds, debentures or other evidence of
      indebtedness, or the promotion of the sale of the above, or stimulation
      or solicitation of the purchase or an offer to sell thereof, obtain the
      written consent of the Company whenever the Bottler uses in this connection
      the name of the Company or the Trade Marks or any description of the business
      relationship with the Company in any prospectus, advertisement or other
      sales efforts. The Bottler shall not use the name of the Company or the
      Trade Marks or any description of the business relationship with the Company
      in any prospectus or advertisement used in connection with the Bottler&#146;s
      acquisition of any shares or other evidence of ownership in a third party
      without the Company&#146;s prior written approval.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 34. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Company may assign any of its rights
      and delegate all or any of its duties or obligations under this Agreement
      to one or more of its subsidiaries or related companies upon written notice
      to the Bottler; provided, however, that any such delegation shall not relieve
      the Company from any of its contractual obligations under this Agreement.
      In addition, the Company in its sole discretion, may through written notice
      to the Bottler, appoint a third party as its representative to ensure that
      the Bottler carries out its obligations under this Agreement, with full
      powers to oversee the Bottler&#146;s performance and to require from the
      Bottler its compliance with all the terms and conditions of this Agreement.
      The Company may change or retract such appointment at any time by written
      notice sent to the Bottler.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 35. </FONT></TD>
    <TD width=93% valign=top><font size=2> Neither the Company nor the Bottler
      shall be liable for failure to perform any of their obligations hereunder
      when such failure is caused by or results from:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> strike, blacklisting, boycott or sanctions,
      however incurred; or</font></TD>
  </TR>
</TABLE>
<p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> act of God, force majeure, public enemies,
      authority of law and/or legislative or administrative measures (including
      the withdrawal of any government authorization required by any of the parties
      to carry out the terms of this Agreement), embargo, quarantine, riot, insurrection,
      a declared or undeclared war, state of war or belligerency or hazard or
      danger incident thereto; or</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> any other cause whatsoever beyond their
      control.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr>
    <td width=39>&nbsp;</td>
    <td width=549><font size=2>In the event of the Bottler being unable to perform
      its obligations as a consequence of any of the contingencies set forth in
      this Clause 35, and for the duration of such inability, the Company and
      Authorized Suppliers shall be relieved of their obligations under Clauses
      4 and 5; and provided that, if any such failure by either party shall persist
      for a period of six (6) months or more, either of the parties hereto may
      terminate this Agreement.</font></td>
  </tr></table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 36. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> The Company reserves the sole and exclusive
      right to institute any civil, administrative or criminal proceedings or
      action, and generally to take or seek any available legal remedy it deems
      desirable, for the protection of its reputation and industrial property
      rights as well as for the protection of the Beverage Bases, the Syrups and
      the Beverages and to defend any action affecting these matters. At the request
      of the Company, the Bottler will render assistance in any such action. The
      Bottler shall not have any claim against the Company as a result of such
      proceedings or action or for any failure to institute or defend such proceedings
      or action. The Bottler shall promptly notify the Company of any litigation
      or proceedings instituted or threatened affecting these matters. The Bottler
      shall not institute any legal or administrative proceedings against any
      third party which may affect the interests of the Company without the prior
      written consent of the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> The Company has the sole and exclusive
      right and responsibility to initiate and defend all proceedings and actions
      relating to the Trade Marks. The Company may initiate or defend any such
      proceedings or actions in its own name or require the Bottler to institute
      or defend such proceedings or actions either in its own name or in the joint
      names of the Bottler and the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler agrees to consult with
      the Company on all product liability claims, proceedings or actions brought
      against the Bottler in connection with the Beverages or Authorized Containers
      and to take such action with respect to the defense of any such claim or
      lawsuit as the Company may reasonably request in order to protect the interests
      of the Company in the Beverages, the Authorized Containers or the goodwill
      associated with the Trade Marks.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(d) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall indemnify and hold
      harmless the Company, its affiliates and their respective officers, directors
      and employees from and against all costs, expenses, damages, claims, obligations
      and liabilities whatsoever arising from </font></TD>
  </TR>
</TABLE>
<p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 21; page: 21" -->








<p><table width=600><tr>
    <td width=66>&nbsp;</td>
    <td width=522><font size=2>facts or circumstances not attributable to the
      Company including, but not limited to, all costs and expenses incurred in
      settling or compromising any of the same arising out of the preparation,
      packaging, distribution, sale or promotion of the Beverages by the Bottler,
      including, but not limited to, all costs arising out of the acts or defaults,
      whether negligent or not, of the Bottler, the Bottler&#146;s distributors,
      suppliers and wholesalers.</font></td>
  </tr></table><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(e) </font></TD>
    <TD width=88% valign=top><font size=2> The Bottler shall obtain and maintain
      a policy of insurance with insurance carriers satisfactory to the Company
      giving full and comprehensive coverage both as to amount and risks covered
      in respect of matters referred to in subclause (d) above (including the
      indemnity contained therein) and shall on request produce evidence satisfactory
      to the Company of the existence of such insurance. Compliance with this
      Clause 36(e) shall not limit or relieve the Bottler from its obligations
      under Clause 36(d) hereof.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 37. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler covenants and agrees with
      the Company:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> that it will make no representations
      or disclosures to public or government authorities or to any other third
      party relating to the Beverage Bases, the Syrups or the Beverages without
      the prior written consent of the Company;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> that it will at all times, both during
      the continuance and after termination of this Agreement, keep strictly confidential
      all secret and confidential information including, without limiting the
      generality of the foregoing, mixing instructions and techniques, sales,
      marketing and distribution information and projects and plans relating to
      the subject matter of this Agreement which the Bottler may receive from
      the Company or in any other manner and to ensure that such information shall
      be made known on a need-to-know basis only to those officers, directors
      and employees bound by reasonable provisions incorporating the nondisclosure
      and secrecy obligations set out in this Clause 37; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> that upon the expiration or earlier
      termination of this Agreement the Bottler will make necessary arrangements
      to deliver to the Company in accordance with instructions as may be given
      by the Company, all written, graphic, electromagnetic, computerized, digital
      or other materials comprising or containing any information subject to the
      obligation of confidence hereunder.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 38. </FONT></TD>
    <TD width=93% valign=top><font size=2> In the event of any provisions of this
      Agreement being or becoming legally ineffective or invalid, the validity
      or effect of the remaining provisions of this Agreement shall not be affected;
      provided that the invalidity or ineffectiveness of the said provisions shall
      not prevent or unduly hamper performance hereunder or prejudice the ownership
      or validity of the Trade Marks. The right to terminate in accordance with
      Clause 28(a)(2) is not affected hereby.</font></TD>
  </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







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<!-- MARKER PAGE="sheet: 22; page: 22" -->



<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> 39. </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> As to all matters herein mentioned,
      this Agreement constitutes the only agreement between the Company and the
      Bottler, all prior agreements of any kind whatsoever between these parties
      relating to the subject matter hereof being cancelled hereby save to the
      extent that the same may comprise agreements and other documents within
      the provisions of Clause 19 hereof; provided, however, that any written
      representations made by the Bottler upon which the Company relied in entering
      into this Agreement shall remain binding upon the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> Any waiver or modification of, or alteration
      or addition to, this Agreement or any of its provisions, shall not be binding
      upon the Company or the Bottler unless the same shall be executed respectively
      by duly authorized representatives of the Company and the Bottler.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> All written notices given pursuant
      to this Agreement shall be by cable, telegram, telex, hand delivery or registered
      mail and shall be deemed to be given on the date such notice is dispatched,
      such registered letter is mailed or such hand delivery is effected. Such
      written notices shall be addressed to the last known address of the party
      concerned. Any change of address by either of the parties hereto shall be
      promptly notified in writing to the other party.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 40. </FONT></TD>
    <TD width=93% valign=top><font size=2> Failure of the Company to exercise
      promptly any right herein granted, or to require strict performance of any
      obligation undertaken herein by the Bottler, shall not be deemed to be a
      waiver of such right or of the right to demand subsequent performance of
      any and all obligations herein undertaken by the Bottler.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 41. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler is an independent contractor
      and not the agent of the Company. The Bottler agrees that it will not represent
      that it is an agent of the Company nor hold itself out as such.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 42. </FONT></TD>
    <TD width=93% valign=top><font size=2> The headings herein are solely for
      the convenience of the parties and shall not affect the interpretation of
      this Agreement.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 43. </FONT></TD>
    <TD width=93% valign=top><font size=2> This Agreement shall be interpreted,
      construed and governed by and in accordance with the laws of ____________.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 44. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Appendices and Schedules which
      are attached hereto shall, for all purposes, be deemed and by this reference
      are made a part of this Agreement and shall be executed respectively by
      duly authorized representatives of the Company and the Bottler.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td><FONT SIZE="2"><B>IN WITNESS WHEREOF,</B> the Company at Atlanta,
Georgia, U.S.A., and the Bottler at ______________, have caused these presents to be
executed in triplicate by the duly authorized person or persons on their behalf on the
dates indicated below.</FONT></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<br>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->




<p><table width=600><tr><td  align=center><font size=2><B>Appendix I</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>BEVERAGES</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location:  ________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date:  ______________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>For purposes of the  Bottler&#146;s  Agreement
entered  into between The  Coca-Cola  Company and the  undersigned  Bottler with effect
from  ______________, the Beverages referred to in recital paragraph A thereof are:</font></td></tr></table>




<p><table width=600><tr><td><font size=2>The  description of the Beverages in this
Appendix I supersedes  all prior  descriptions  and Appendices  relating to the Beverages
for  purposes of recital paragraph A of the said Bottler&#146;s Agreement.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<p><table width=600><tr><td  align=center><font size=2><B>Appendix II</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>TRADE MARKS</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location:  ________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date:  ______________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>For purposes of the Bottler&#146;s Agreement
entered into between The Coca-Cola Company  (hereinafter  referred to as the &#147;Company&#148;)
and the  undersigned Bottler with effect from ____________, the Trade Marks of the
Company referred to in recital paragraph B thereof are:</font></td></tr></table>

<p><table width=600><tr><td  align=center><FONT SIZE="2"><U>Trade Marks</U></FONT></td></tr></table>

<br>
<table width=600><tr><td><hr size=1 noshade align=CENTER width=150></td></tr></table>


<p><table width=600><tr><td><font size=2>Including all transliterations and all related
trade dress applications, registrations and copyrights.</font></td></tr></table>


<p><table width=600><tr><td><font size=2>The  description of the Trade Marks in this
Appendix II supersedes all prior  descriptions  and Appendices  relating to the Trade
Marks  for purposes of recital paragraph B of the said Bottler&#146;s Agreement.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 26; page: 26" -->




<p><table width=600><tr><td  align=center><font size=2><B>Appendix III</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>TERRITORY</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location:  ________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date:  ______________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>For purposes of the  Bottler&#146;s  Agreement
entered  into between The  Coca-Cola  Company and the  undersigned  Bottler with effect
from  ___________, the Territory referred to in Clause 1 thereof is:</font></td></tr></table>



<p><table width=600><tr><td><font size=2>The description of the Territory in this
Appendix III supersedes all prior  descriptions  and Appendices  relating to the
Territory for  purposes of Clause 1 of the said Bottler&#146;s Agreement.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 27; page: 27" -->





<p><table width=600><tr><td  align=center><font size=2><B>Appendix IV</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZED CONTAINERS</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location: __________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date: __________________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>Pursuant to the provisions of Clause 2 of the
Bottler&#146;s Agreement entered into between The Coca-Cola Company  (hereinafter
referred to  as the &#147;Company&#148;)  and the  undersigned  Bottler with effect from
__________________,  the Company  authorizes the Bottler to prepare,  distribute and sell
the Beverages in the following  containers,  which for the purposes of the said Bottler&#146;s
Agreement shall be deemed  &#147;Authorized Containers.&#148;</font></td></tr></table>


<p><table width=600><tr><td><font size=2>e.g.:</font></td></tr></table>


<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">Coca-Cola</font></td>
    <td><font size="2">Refillable Glass Bottle</font></td>
    <td><font size="2">Capacity: 6 oz</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">Fanta</font></td>
    <td><font size="2">Refillable Glass Bottle</font></td>
    <td><font size="2">Capacity: 6 oz</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size="2">Sprite</font></td>
    <td><font size="2">Refillable Glass Bottle</font></td>
    <td><font size="2">Capacity: 6 oz </font> </td>
  </tr>
</table>
<font size="2"> </font>
<p>
<table width=600><tr><td><font size=2>This  authorization  supersedes  any prior
authorizations  entered  into  between the Company and the Bottler in  connection  with
the  subject matter of this Appendix IV.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 28; page: 28" -->





<p><table width=600><tr><td  align=center><font size=2><B>Appendix V</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>OTHER BEVERAGE PRODUCTS</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Location:</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date:</font></td></tr></table>


<p><table width=600><tr><td><font size=2>In accordance with Clause 17 (a) of the Bottler&#146;s
Agreement  entered into between The Coca-Cola  Company  (hereinafter  referred to as  the
&#147;Company&#148; and the  undersigned  Bottler with effect from
_____________________,  the Company  authorizes  the Bottler to prepare,  bottle,
distribute, or sell the following beverage products and packages, other than those
prepared,  packaged,  distributed or sold by  the Bottler under authority of the Company.</font></td></tr></table>





<p><table width=600><tr><td><font size=2>This  authorization  supersedes  any prior
authorizations  entered  into  between the Company and the Bottler in  connection  with
the  subject matter of this Appendix V.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 29; page: 29" -->





<p><table width=600><tr><td  align=center><font size=2><B>Schedule A</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION IN RESPECT OF SYRUPS<BR>
FOR POST-MIX BEVERAGES</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location: __________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date: ____________________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>Pursuant to the provisions of Clause 3 of the
Bottler&#146;s Agreement entered into between The Coca-Cola Company  (hereinafter
referred to  as the &#147;Company&#148;) and the undersigned  Bottler with effect from
_________,  the Company hereby grants a non-exclusive  authorization to  the Bottler to
prepare, package, distribute and sell syrups for the following Beverages:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Coca-Cola<BR>
Fanta<BR>
Sprite</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(said syrups being  hereinafter  referred to in
this  Schedule A as &#147;Post-Mix  Syrups&#148;) to retail  dealers in the  Territory
for use in  dispensing  the  Beverages  through  Post-Mix  Dispensers  in or adjoining
the  establishments  of retail  outlets and also to operate  Post-Mix Dispensers and sell
the Beverages dispensed therefrom directly to consumers subject to the following
conditions:</font></td></tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 1. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall not sell Post-Mix
      Syrups to a retail outlet for use in any Post-Mix Dispenser, or operate
      any Post-Mix Dispenser unless:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> there is available an adequate source
      of safe, potable water;</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b)</font></TD>
    <TD width=88% valign=top><font size=2> all Post-Mix Dispensers are of a type
      approved by the Company and conform in all respects to the hygienic and
      other standards which the Company shall issue in writing to the Bottler
      in connection with the preparation, packaging and sale of the Post-Mix Syrups;
      and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> the Beverages dispensed through the
      Post-Mix Dispensers are in strict adherence to and compliance with the instructions
      for the preparation of the Beverages from Post-Mix Syrups as issued in writing
      to the Bottler from time to time by the Company.</font></TD>
  </TR>
</TABLE>
<p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 2. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall take samples of the
      Beverages dispensed through the Post-Mix Dispensers operated by retail outlets
      to whom the Bottler has supplied the Post-Mix Syrups or which are operated
      by the Bottler, in accordance with such instructions and at </font></TD>
  </TR></TABLE><p></P>


<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 30; page: 30" -->





<p><table width=600><tr>
    <td width=36>&nbsp;</td>
    <td width=552><font size=2>such intervals as may be notified by the Company
      in writing and shall submit said samples at the Bottler&#146;s expense to
      the Company for inspection.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=6% valign=top><font size=2> 3. </FONT></TD>
    <TD width=94% valign=top><font size=2> The Bottler shall on its own initiative
      and responsibility, discontinue immediately the sale of Post-Mix Syrups
      to any retail outlet which fails to comply with the standards prescribed
      by the Company.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 4. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall discontinue the sale
      of Post-Mix Syrups to any retail outlet when notified by the Company that
      any of the Beverages dispensed through a Post-Mix Dispenser located in or
      adjoining the establishment of the retail outlet do not comply with the
      standards prescribed by the Company for the Beverages or that the Post-Mix
      Dispenser is not of a type approved by the Company.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 5. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler agrees:</font></TD>
  </TR></TABLE><p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a) </font></TD>
    <TD width=88% valign=top><font size=2> to sell and distribute the Post-Mix
      Syrups only in containers of a type approved by the Company and to use on
      said containers only labels which have been approved by the Company; and</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> to exert every influence to persuade
      retail outlets to use a standard glass, paper cup or other container, approved
      by the Company and with markings approved by the Company to the end that
      the Beverages served to the customer will be appropriately identified and
      will be served in an attractive and sanitary container.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr><td><font size=2>Except as modified in this Schedule,  all of the
terms,  covenants and conditions contained in the said Bottler&#146;s Agreement shall
apply  to this  supplemental  authorization to the Bottler to prepare,  package,
distribute and sell the Post-Mix Syrups and, in this regard,  it is expressly agreed
between the parties hereto that the terms,  conditions,  duties and obligations of the
Bottler,  as set forth in  the said Bottler&#146;s  Agreement,  shall be incorporated
herein by reference and, unless the context otherwise indicates or requires,  any
reference  in the said  Bottler&#146;s  Agreement to the term  &#147;Beverages&#148; shall
be deemed to refer to the term  &#147;Post-Mix  Syrups&#148; for the  purpose of this
supplemental authorization to the Bottler.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This  authorization  may be terminated by either
party upon ninety (90) days&#146; advance written notice,  provided that it shall
terminate  automatically upon the expiration or earlier termination of the said Bottler&#146;s
Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This  authorization  supersedes  any prior
authorizations  entered  into  between the Company and the Bottler in  connection  with
the  subject matter of this Schedule A.</font></td></tr></table>


<br>
<hr size=1 noshade width=600 align=LEFT>
&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






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<!-- MARKER PAGE="sheet: 31; page: 31" -->




<p><table width=600><tr><td  align=center><font size=2><B>Schedule B</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2><B>AUTHORIZATION IN RESPECT OF<BR>
PRE-MIX BEVERAGES</B></font></td></tr></table>


<p><table width=600><tr><td  align=center><font size=2>Location: __________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date: ____________________</font></td></tr></table>



<p><table width=600><tr><td><font size=2>Pursuant to the provisions of Clause 3 of the
Bottler&#146;s Agreement entered into between The Coca-Cola Company  (hereinafter
referred to  as the  &#147;Company&#148;)  and the  undersigned  Bottler with effect from
__________________,  the Company  hereby  authorizes the Bottler to  prepare and package
the following Beverages:</font></td></tr></table>

<p><table width=600><tr><td><font size=2>eg:</font></td></tr></table>

<p><table width=600><tr><td width=30>&nbsp;</td><td width=570><font size=2>Coca-Cola<BR>
Fanta<BR>
Sprite</font></td></tr></table>

<p><table width=600><tr><td><font size=2>(said Beverages  hereinafter  referred to as
&#147;Pre-Mix Beverages&#148;) for distribution and sale in stainless steel containers or
such other  pressure vessels  (hereinafter  referred to as the &#147;Pre-Mix  Containers&#148;)
as have been approved by the Company to retail outlets in the  Territory  operating
mechanical  devices  (hereinafter  referred to as &#147;Pre-Mix  Dispensers&#148;) of a
type which has been approved by the  Company,  and also to operate said Pre-Mix
Dispensers and sell the Pre-Mix Beverages  dispensed therefrom directly to consumers
subject  to the following conditions:</font></td></tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 1. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall maintain equipment
      sufficient in all respects to satisfy fully the demand for the Pre-Mix Beverages
      in the Territory and to prepare the Pre-Mix Beverages in conformity with
      the standards, hygienic and others, set by the Company, and to comply with
      all legal requirements; and to permit the Company and its officers at all
      times to enter upon and inspect the premises, equipment and methods used
      by the Bottler in preparing the Pre-Mix Beverages and in filling and storing
      the Pre-Mix Containers, to ascertain whether the Bottler is complying with
      this authorization and the Bottler&#146;s Agreement, and especially whether
      the Bottler is complying strictly with the standards presented by the Company
      for the Pre-Mix Beverages.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 2. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall use on the Pre-Mix
      Containers only labels which have been approved from time to time by the
      Company.</font></TD>
  </TR></TABLE><p></P>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 3. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall ensure that, in maintaining
      and operating the Pre-Mix Dispensers, the retailers conform to the standards,
      hygienic and other, set by the Company and comply </font></TD>
  </TR></TABLE><p></P>



<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;







<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->





<p><table width=600><tr>
    <td width=37>&nbsp;</td>
    <td width=551><font size=2>with all legal requirements; and to this end the
      Bottler shall carry out periodic inspections to ascertain whether the retailers
      so conform and comply and the Bottler shall require the retailers to permit
      the Company to make similar inspections. The provisions of this paragraph
      shall apply to the Bottler in the maintaining and operating of Pre-Mix Dispensers
      and selling the Pre-Mix Beverages therefrom directly to consumers.</font></td>
  </tr></table>

<P><table width=600><TR>
    <TD width=7% valign=top><font size=2> 4. </FONT></TD>
    <TD width=93% valign=top><font size=2> The Bottler shall not sell the Pre-Mix
      Beverage to any retailer who fails in any way to meet the standards set
      by the Company in maintaining and operating the Pre-Mix Dispensers.</font></TD>
  </TR></TABLE><p></P>

<p><table width=600><tr><td><font size=2>Except as modified in this Schedule,  all of the
terms,  covenants and conditions contained in the said Bottler&#146;s Agreement shall
apply  to this supplemental  authorization to the Bottler to prepare, package,
distribute and sell the Pre-Mix Beverages and, in this regard,  it is expressly agreed
between the parties hereto that the terms,  conditions,  duties and obligations of the
Bottler,  as set forth in  the said Bottler&#146;s  Agreement,  shall be incorporated
herein by reference and, unless the context otherwise indicates or requires,  any
references  in the  Bottler&#146;s  Agreement  to the term  &#147;Beverages&#148; shall
be deemed to refer to the term  &#147;Pre-Mix  Beverages&#148; for the  purpose of this
supplemental authorization to the Bottler.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This  authorization  may be terminated by either
party upon ninety (90) days&#146; advance written notice,  provided that it shall
terminate  automatically upon the expiration or earlier termination of the said Bottler&#146;s
Agreement.</font></td></tr></table>

<p><table width=600><tr><td><font size=2>This  authorization  supersedes  any prior
authorizations  entered  into  between the Company and the Bottler in  connection  with
the  subject matter of this Schedule B.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600><tr><td width=60 align=left><font size=1>&nbsp;</font></td><td width=480 align=center><font size="2">
</font></td><td width=60 align=right><font size="1">&nbsp;</font></td></tr></table><p>&nbsp;<hr size=5 noshade width=600 align=LEFT><p>&nbsp;






<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 33; page: 33" -->




<p><table width=600><tr><td  align=center><font size=2><B>Schedule C</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>SUPPLEMENTAL AUTHORIZATION FOR
DISTRIBUTION</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2>Location: __________________</font></td></tr></table>

<table width=600><tr><td  align=center><font size=2>Date:</font></td></tr></table>



<p><table width=600><tr><td><font size=2>Pursuant to the provisions of Clause 3 of the
Bottler&#146;s Agreement entered into between The Coca-Cola Company  (hereinafter
referred to  as the  &#147;Company&#148;)  and the  undersigned  Bottler  with  effect
from  __________________,  the Company  hereby  grants a  supplemental  non-exclusive
authorization  to purchase from the Company or its designee the Beverages in the
following  containers  (hereinafter the  &#147;Authorized Containers&#148;) and to sell
and distribute the Beverages throughout the Territory:</font></td></tr></table>


<p><table width=600><tr>
    <td><font size=2>eg:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refillable
      Glass Bottles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330
      ml</font></td>
  </tr></table>


<p><table width=600><tr><td><font size=2>subject to the following conditions:</font></td></tr></table>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(a)</font></TD>
    <TD width=88% valign=top><font size=2> This authorization may be terminated
      by either party upon ninety (90) days advance written notice and provided
      that it shall terminate automatically upon the expiration or earlier termination
      of the said Bottler&#146;s Agreement.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(b) </font></TD>
    <TD width=88% valign=top><font size=2> Upon the termination or cancellation
      of this authorization, the Bottler shall immediately discontinue such sale
      and/or distribution of the Beverage in the Authorized Containers in the
      Territory.</font></TD>
  </TR>
</TABLE>
<p></P>

<P>
<table width=600>
  <TR>
    <TD width=7% valign=top><font size=2> </FONT></TD>
    <TD width=5% valign=top><font size=2>(c) </font></TD>
    <TD width=88% valign=top><font size=2> Except as supplemented or modified
      herein, the stipulations, covenants, agreements, terms, conditions and provisions
      of the Bottler&#146;s Agreement shall apply to and be effective for this
      supplemental authorization.</font></TD>
  </TR>
</TABLE>
<p></P>

<p><table width=600><tr><td><font size=2>This  authorization  supersedes  any prior
authorizations  entered  into  between the Company and the Bottler in  connection  with
the  subject matter of this Schedule C.</font></td></tr></table>

<br>
<hr size=1 noshade width=600 align=LEFT>
&nbsp;
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td>
      <hr noshade size="1" width="50%" align="left">
    </td>
    <td>&nbsp;</td>
    <td> <b><font size="2">THE COCA-COLA COMPANY</font></b></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">By:_________________________</font></td>
    <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td><font size="2">By:_________________________</font></td>
  </tr>
  <tr>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
    <td>&nbsp;</td>
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Representative</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size="2">Date:_______________________ </font></td>
    <td>&nbsp;</td>
    <td><font size="2">Date:_______________________</font></td>
  </tr>
</table>
<p>&nbsp;
<table width=600>
  <tr>
    <td width=60 align=left><font size=1>&nbsp;</font></td>
    <td width=480 align=center><font size="2"> </font></td>
    <td width=60 align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<p>&nbsp;
<hr size=5 noshade width=600 align=LEFT>
<p>&nbsp; <!-- *************************************************************************** -->
  <!-- MARKER PAGE="sheet: 33; page: 33" -->
<div>
  <p align=center>&nbsp;</p>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td>
        <p align=center><font size="3"><b>Schedule of Bottler&#146;s Agreements between
          Panamerican Beverages, Inc.,<br>
          and The Coca-Cola Company</b></font></p>
      </td>
    </tr>
  </table>
  <br>
  <table border=0 cellspacing=0 cellpadding=0 width="600">
    <tr valign="bottom">
      <td align="center" width=354><font size="2">Territory</font>
        <hr noshade size="1" width="15%">
      </td>
      <td width=18>&nbsp;&nbsp;</td>
      <td width=95 align="center"><font size="2">Execution Date</font>
        <hr noshade size="1">
      </td>
      <td width=19>&nbsp;&nbsp;</td>
      <td width=114 align="center"><font size="2">Termination Date</font>
        <hr size="1" noshade>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Mexico</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p align=center><font size="2"><b>&nbsp;</b></font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p align=center><font size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">
   Panamco Bajio, S.A. de C.V. </font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">July 1, 1999</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">May 31, 2005</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Panamco Golfo, S.A. de C.V.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">July 1, 1999</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">May 31, 2005</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Guatemala</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2"><b>&nbsp;</b></font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Embotelladora Central, S.A.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">March 18, 2000</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">March 17, 2005</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Nicaragua</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Panamco de Nicaragua, S.A.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">May 13, 2001</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">May 12, 2006</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Costa Rica</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">
   Embotelladora Panamco Tica, S.A. </font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">October 1, 2002</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">September 30, 2007</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Panama</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Coca-Cola de Panama, Compania Embotelladora, S.A.<sup><font size="1">1</font></sup></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Columbia</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Panamco Colombia S.A.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">July 1, 1999</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">June 30, 2004</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Venezuela</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Embotelladora Coca-Cola and Hit de Venezuela, S.A.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">August 16, 2001</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">August 16, 2006</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Embotelladora Coca-Cola, Hit de Venezuela, S.A. and
          Advantage Investments, Inc.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">August 16, 2001</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">August 16, 2006</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>&nbsp;</td>
      <td width=18>&nbsp;</td>
      <td width=95>&nbsp;</td>
      <td width=19>&nbsp;</td>
      <td width=114>&nbsp;</td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"><b>Brazil</b></font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">&nbsp;</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2"> Spal Industria Brasileira de Bebidas S.A.<br>
          </font><font size="2"> (Sao Paulo and Campinas)</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">April 16, 1999</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">April 15, 2004</font></p>
      </td>
    </tr>
    <tr valign="top">
      <td width=354>
        <p><font size="2">Refrigerantes do Oeste Ltda.</font></p>
      </td>
      <td width=18><font size="2"></font></td>
      <td width=95>
        <p><font size="2">April 16, 1999</font></p>
      </td>
      <td width=19><font size="2"></font></td>
      <td width=114>
        <p><font size="2">April 15, 2004</font></p>
      </td>
    </tr>
  </table>
  <br>
</div>
<div>
  <table width="600" border="0" cellspacing="0" cellpadding="0">
    <tr>
      <td>
        <hr noshade size="1" width="10%" align="left">
      </td>
    </tr>
    <tr>
      <td><font size="1"><sup>1</sup>&nbsp;&nbsp;Under negotiation. </font></td>
    </tr>
  </table>
  <br>
  <p>&nbsp;
  <table width=600>
    <tr>
      <td width=60 align=left><font size=1>&nbsp;</font></td>
      <td width=480 align=center><font size="2"> </font></td>
      <td width=60 align=right><font size="1">&nbsp;</font></td>
    </tr>
  </table>
  <p>&nbsp;
  <hr size=5 noshade width=600 align=LEFT>
</div>

<p>&nbsp;


</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>13
<FILENAME>e14932ex8_1.htm
<DESCRIPTION>SIGNIFICANT SUBSIDIARIES
<TEXT>
<html>
<head>
<title>Exhibit 8.1</title>
</head>
<body>








<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<p><table width=600><tr><td align=right><font size=2><B>Exhibit 8.1</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>SIGNIFICANT SUBSIDIARIES</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below
sets forth all of our direct and indirect significant  subsidiaries and the percentage of
equity of each subsidiary we owned directly  or indirectly as of December 31, 2002.</font></td></tr></table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><b><font size="2">Name of Company</font></b>
      <hr noshade size="1" width="23%" align="left">
    </td>
    <td><b><font size="2">&nbsp;&nbsp;&nbsp;</font></b></td>
    <td align="center"><b><font size="2">Percentage</font></b>
      <hr noshade size="1" width="90%">
    </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align="center">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2">Propimex, S.A. de C.V., a Mexican corporation</font></td>
    <td><font size="2"></font></td>
    <td align="center"><font size="2">99.99%</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2"> Inmuebles del Golfo, S.A. de C.V., a Mexican corporation</font></td>
    <td><font size="2"></font></td>
    <td align="center"><font size="2"> 99.99%</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2">Refrescos y Aguas Minerales, S.A. de C.V., a Mexican corporation</font></td>
    <td><font size="2"></font></td>
    <td align="center"><font size="2">99.99%</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2">Coca-Cola FEMSA de Buenos Aires S.A., an Argentine corporation</font></td>
    <td><font size="2"></font></td>
    <td align="center"><font size="2"> 99.99%</font></td>
  </tr>
  <tr valign="bottom">
    <td><font size="2"></font></td>
    <td><font size="2"></font></td>
    <td><font size="2"></font></td>
    <td align="center"><font size="2"></font></td>
  </tr>
</table>
<font size="2"> </font>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>14
<FILENAME>e14932ex12_1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<p><table width=600><tr><td align=right><font size=2><B>Exhibit 12.1</B></font></td></tr></table>

<p><table width=600><tr><td  align=center><font size=2><B>Certification<BR>
Pursuant to Section 906 of the Sarbanes-Oxley Act  of 2002<BR>
(Subsections (a) and (b) of Section 1350, Chapter 63 of  Title 18, United States Code)</B></font></td></tr></table>

<p><table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to
section 906 of the Sarbanes-Oxley Act of 2002 (subsections  (a) and (b) of section 1350,
chapter 63 of title 18, United States Code), each  of the undersigned officers of
Coca-Cola FEMSA, S.A. de C.V., a foreign  corporation (the &#147;Company&#148;), does
hereby certify, to such officer&#146;s knowledge,  that:</font></td></tr></table>

<p><table width=600><tr>
    <td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Annual Report on form 20-F
      for the year ended December 31, 2002 (the &#147;Form 20-F&#148;) of the
      Company fully complies with the requirements of section 13(a) or 15(d) of
      the Securities Exchange Act of 1934 and information contained in the Form
      20-F fairly presents, in all material respects, the financial condition
      and results of operations of the Company.</font></td>
  </tr></table>

<br>
<table width="600" border="0" cellspacing="0" cellpadding="0">
  <tr valign="bottom">
    <td valign="top" width="218"><font size="2">Dated: June 27, 2003</font></td>
    <td width="99"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width="283"><font size="2">/s/Carlos Salazar Lomelin</font>
      <hr noshade size="1" width="90%" align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="218"><font size="2"></font></td>
    <td width="99"><font size="2"></font></td>
    <td width="283"><font size="2">Carlos Salazar Lomelin</font></td>
  </tr>
  <tr valign="bottom">
    <td width="218"><font size="2"></font></td>
    <td width="99"><font size="2"></font></td>
    <td width="283"><font size="2">Chief Executive Officer</font></td>
  </tr>
  <tr valign="bottom">
    <td width="218">&nbsp;</td>
    <td width="99">&nbsp;</td>
    <td width="283">&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td width="218"><font size="2">Dated: June 27, 2003</font></td>
    <td width="99">&nbsp;</td>
    <td width="283"><font size="2">/s/ Hector Trevino Gutierrez</font>
      <hr noshade size="1" width="90%" align="left">
    </td>
  </tr>
  <tr valign="bottom">
    <td width="218">&nbsp;</td>
    <td width="99">&nbsp;</td>
    <td width="283"><font size="2">Hector Trevino Gutierrez</font> </td>
  </tr>
  <tr valign="bottom">
    <td width="218">&nbsp;</td>
    <td width="99">&nbsp;</td>
    <td width="283"><font size="2">Chief Financial Officer</font></td>
  </tr>
</table>
<br>
<p>
<table width=600><tr><td><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A signed original
of this written statement required by Section 906 has been provided to Coca-Cola  FEMSA,
S.A. de C.V. and will be retained by Coca-Cola FEMSA, S.A. de C.V. and furnished to the
Securities and  Exchange Commission or its staff upon request.</font></td></tr></table>





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